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Author Topic: [ANN][XCN] Cryptonite | 1st mini-blockchain coin | M7 PoW | No Premine  (Read 578429 times)
Majormax
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August 04, 2014, 11:39:37 PM
 #1021

Reduce the amount of coins or this will end up like Dogecoin.

Like Dogecoin : so price will go up 100x more to be equal to Dogecoin  marketcap ? 
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Majormax
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August 04, 2014, 11:40:53 PM
 #1022

You should make the coin distribution more clear to understand. Most people seem to think that all 1.8billion coins will exist in the next couple weeks or so when that is not true.

That would be their error in not reading properly.
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August 04, 2014, 11:42:06 PM
 #1023

What people don't understand is that the total number of coins is actually irreverent. (except when its unlimited)

It doesn't matter if there are 10 coins or 10 billion coins. What really matter is the PERCENTAGE of coins you own relative to everyone else. If there's only 10 coins but I own 1 coin, I'd own 10% of the entire supply. If there are 10 billion coins but I own 10 million coins, then I'd only have 0.1% of the entire supply. The number of coins is nothing but a shift in the decimal place, but don't really affect what's really important, and that is the relative amount you own as a percentage of the total supply.

Yes, but this has to be made more obvious to 95% of the crypto community because everyone is looking for short term PoW coins to pump and dump.

That is good for XCN then. Offputting to the speculators, as designed.
TooDumbForBitcoin
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August 04, 2014, 11:46:07 PM
 #1024

Quote
What people don't understand is that the total number of coins is actually irreverent.

This is only true for SARCASM coin, JESTER coin, and STEVENCOLBERT coin.








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|   NO ICO. NO PREMINE. 
   X16RT GPU Mining. Fair distribution.  
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sbgyuff520
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August 05, 2014, 12:36:23 AM
 #1025

Who can give me a GPU tool? I want to SOLO
wyj1888
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August 05, 2014, 01:01:20 AM
 #1026

Any pools not listed?
1GH seems to be the only one running right now.
And there is a problem with 1GH. When I put on it 400KH - it shows 400KH, but when I put on it 12 Mh it shows 6Mh. Where is 50 of power?
Please append some unique ids to your mining addresses, like ADDRESS.SERVER1, ADDRESS.SERVER2 and so on to get better vardiff and hashrate utilizaition.

1G pool steals something from all mininers in 1G...YOU know!!
ReRunRod
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August 05, 2014, 01:06:35 AM
 #1027

Who has a working cryptonite.conf file? I need to sync my wallet but 0 connections.
Code:
addnode=108.61.198.119
addnode=108.61.199.81
addnode=108.61.199.112
addnode=49.69.151.15:8253
addnode=91.147.186.68:8253
addnode=183.129.171.156:8253
addnode=210.64.51.11:8253
addnode=125.115.65.192:8253
addnode=83.212.114.217:8253
addnode=58.220.3.208:8253
addnode=106.120.221.254:8253

Thank you!
kov
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August 05, 2014, 01:06:50 AM
 #1028

Who has a working cryptonite.conf file? I need to sync my wallet but 0 connections.
Code:
addnode=108.61.198.119
addnode=108.61.199.81
addnode=108.61.199.112
addnode=49.69.151.15:8253
addnode=91.147.186.68:8253
addnode=183.129.171.156:8253
addnode=210.64.51.11:8253
addnode=125.115.65.192:8253
addnode=83.212.114.217:8253
addnode=58.220.3.208:8253
addnode=106.120.221.254:8253


Thank you for this. Wallet running and synced on win8.1 - QT v. 14080401

ReRunRod
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August 05, 2014, 01:09:52 AM
 #1029

Who has a working cryptonite.conf file? I need to sync my wallet but 0 connections.
enter 'addnode seed.gpile.it onetry' in console several times.

+1 now it works! Smiley
smooth
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August 05, 2014, 01:13:49 AM
 #1030

This coin wasted itself in first 4 hours of existence. It's a GPU ambush. Pretty common scam nowdays, release a "cpu" coin, with a gpu miner ready at launch. Nice idea about minichains though. Wait for a clean release of it.

^^^ This.

+1000

Even if it isn't a GPU ambush, which no one on the outside can ever know, it looks the same as one. If you want to avoid scams you pretty much have to avoid this coin (too?).

A fork of this coin with a clean launch and a mature PoW has a real shot.

q327K091
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August 05, 2014, 01:48:10 AM
 #1031

Miners dream, investors nightmare, too many inflation, i´m out and wait for the miners dumps.


Sorry for who bought at 14k.
Nastradamus mode ON Grin
Nosferatu mode ON  Grin
Cayce mode ON Grin

I predict GPU miner will show up from the darknet first then 5% to the developer then go git

but so far CPU, so ok, 10 years is a long time I also predict that coin will be forgotten then remembered again but 10 years is a long time so it will come in waves.. this is actually cool

glory to thee who mine this non stop for a year, while 1000's of coins with interesting algo float around , and every day someone comes out with some permutation of blockchain parameters, I say next thing is coin that has blockchain build into TV snow.. and use cosmic rays for random seed

meantime I am mining this no idea why but I am
truckythin
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August 05, 2014, 02:40:11 AM
 #1032

Wolf` super miner watching mode ON lol
Superxfast
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August 05, 2014, 04:15:19 AM
Last edit: August 05, 2014, 05:08:34 AM by Superxfast
 #1033

Hi all,

I am using the lastest wallet.

It is in downloading blocks, 3860 block behind. It stucks here several days, can't not sync.

Please help!
bitfreak! (OP)
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August 05, 2014, 04:42:54 AM
Last edit: August 05, 2014, 05:29:09 AM by bitfreak!
 #1034

This coin wasted itself in first 4 hours of existence. It's a GPU ambush. Pretty common scam nowdays, release a "cpu" coin, with a gpu miner ready at launch. Nice idea about minichains though. Wait for a clean release of it.

^^^ This.

+1000

Even if it isn't a GPU ambush, which no one on the outside can ever know, it looks the same as one. If you want to avoid scams you pretty much have to avoid this coin (too?).

A fork of this coin with a clean launch and a mature PoW has a real shot.
Right... go ahead, reduce the coins to 2 million, have them all mined within a week, premine it to the shit, but it's not a scam because you have a GPU miner available at launch. If we wanted to make a nice healthy return on the immense amount of effort we put into this coin we would have simply premined it, and it was a very hard decision to go with no premine because I've spent a lot of money out of my own pocket on this coin. In all honestly we could have done a rather large premine like MOST coins do and people wouldn't be complaining as much as they are about having no GPU miner at launch. Whoever has that huge amount of hashing power might have created their own private GPU miner but we have no damn GPU miner, but catia has been working on one for the last few days and it should be available soon. You guys have no appreciation of anything we've done here and I'm sick of it. Go create your own fork of Cryptonite because I can't stand to listen to your whining any more.

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smooth
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August 05, 2014, 04:58:36 AM
Last edit: August 05, 2014, 05:11:36 AM by smooth
 #1035

Right... go ahead, reduce the coins to 2 million, have them all mined within a week, premine it to the shit, but it's not a scam because you have a GPU miner available at launch.

Actually I have a better idea.

Let's keep everything the same and substitute a mature PoW that won't get scammed by the first guy who can compile a better miner for an algorithm that has never been examined or optimized by anyone before. It is possible that first guy might well not be the developers, but how does anyone tell the difference? You have never answered that question and you continue to ignore that avoiding conflicts of interest in a non-transparent trust-free environment includes avoiding, structurally, the possibility or appearance of same.

Seriously, what were you thinking? You have all these great ideas for mini-blockchain, scalability, microtransactions, etc., and then you mess it up by trying to play PoW cryptographer, for part of the coin that adds no real value over 100 other PoW algorithms. Why?

Oh, and since you have no premine or other scammy incentive to want to stay on this fork, you might as well just develop right on the other fork instead, and save someone the trouble of merging your changes. Why not?


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August 05, 2014, 05:00:22 AM
 #1036

Here's Coins Source's Latest Article Featuring Cryptonite:

http://www.coinssource.com/cryptonite-the-first-mini-blockchain/

bitfreak! (OP)
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August 05, 2014, 05:23:50 AM
 #1037

It is possible that first guy might well not be the developers, but how does anyone tell the difference? You have never answered that question and you continue to ignore that avoiding conflicts of interest in a non-transparent trust-free environment includes avoiding, structurally, the possibility or appearance of same.
Obviously there is no easy way to prove it's not us, but if you've been following development of the GPU miner on IRC and other threads here, it's pretty damn obvious we don't have one. I bought the majority of my coins on Bter in fact. And lets just assume that's not true, in reality it doesn't matter much at all because we're only a week into mining and it takes 10 years for half of all coins to be mined. Only a very small fraction of all coins have been mined so far, and the GPU miner should be ready very soon. There is more than enough time for more people to start mining and offset this one large miner.

Quote
Seriously, what were you thinking? You have all these great ideas for mini-blockchain, scalability, microtransactions, etc., and then you mess it up by trying to play PoW cryptographer, for part of the coin that adds no real value over 100 other PoW algorithms. Why?
There were several good reasons actually. We started off by looking at existing PoW algorithms and we thought about using a PoS hybrid or a memory hard algorithm but ultimately decided to just stick with the multi-hash approach used by Quark and similar coins because we felt that was more in line with the original ideals of Bitcoin and it was much easier to implement with the limited time we had. However we didn't feel like the existing multi-hash PoW algorithms were great, they used unknown and even obsolete hashing functions just so they could claim to use a greater number of hashing functions. We wanted something which placed emphasis on quality of hash functions and not quantity, and something that could not instantly be adapted to GPU miners so that average desktop users had a chance to mine the coin before the big GPU miners began to dominate everything.

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CryptoClub
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August 05, 2014, 05:30:04 AM
 #1038

It is possible that first guy might well not be the developers, but how does anyone tell the difference? You have never answered that question and you continue to ignore that avoiding conflicts of interest in a non-transparent trust-free environment includes avoiding, structurally, the possibility or appearance of same.
Obviously there is no easy way to prove it's not us, but if you've been following development of the GPU miner on IRC and other threads here, it's pretty damn obvious we don't have one. I bought the majority of my coins on Bter in fact. And lets just assume that's not true, in reality it doesn't matter much at all because we're only a week into mining and it takes 10 years for half of all coins to be mined. Only a very small fraction of all coins have been mined so far, and the GPU miner should be ready very soon. There is more than enough time for more people to start mining and offset this one large miner.

Quote
Seriously, what were you thinking? You have all these great ideas for mini-blockchain, scalability, microtransactions, etc., and then you mess it up by trying to play PoW cryptographer, for part of the coin that adds no real value over 100 other PoW algorithms. Why?
There were several good reasons actually. We started off by looking at existing PoW algorithms and we thought about using a PoS hybrid or a memory hard algorithm but ultimately decided to just stick with the multi-hash approach used by Quark and similar coins because we felt that was more in line with the original ideals of Bitcoin and it was much easier to implement with the limited time we had. However we didn't feel like the existing multi-hash PoW algorithms were great, they used unknown and even obsolete hashing functions just so they could claim to use a greater number of hashing functions. We wanted something which placed emphasis on quality of hash functions and not quantity, and something that could not instantly be adapted to GPU miners so that average desktop users had a chance to mine the coin before the big GPU miners began to dominate everything.

I appreciate quality coins myself. Best of luck. Smiley

...
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August 05, 2014, 05:34:16 AM
 #1039

start mining and offset this one large miner.

Correction, we don't know there is "one" large miner, we just know of one. Not the same thing at all.

Moreover, we don't know that releasing one GPU miner will create any kind of parity. There may still be highly optimized miners lurking, since the algorithm has gotten so little scrutiny. Several of the developer's statements about it have been contradicted by dga, who is clearly expert on the subject.

You have your arguments for existing PoWs not being very good, and you might be right, I take no position on that really. If you had/have ideas for PoW, then publish them and get peer review, or push them out on an otherwise uninteresting coin and let the world take a whack at breaking it.

I do take issue with muddying the waters on an otherwise interesting and innovative coin by throwing in an unproven and immature PoW. PoW is cryptography. Cryptography is hard. This was a blunder.

Quote
Don't roll your own crypto
http://security.stackexchange.com/questions/2202/lessons-learned-and-misconceptions-regarding-encryption-and-cryptology/2210#2210
bitfreak! (OP)
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August 05, 2014, 05:43:35 AM
 #1040

I do take issue with muddying the waters on an otherwise interesting and innovative coin by throwing in an unproven and immature PoW. PoW is cryptography. Cryptography is hard. This was a blunder.
LOL everything about this coin is unproven and highly experimental. We designed an entire CRYPTO-currency here, the PoW algorithm should be the least of your worries, it's probably the most trustworthy aspect of the coin compared to all the other new ideas implemented in this coin.

XCN: CYsvPpb2YuyAib5ay9GJXU8j3nwohbttTz | BTC: 18MWPVJA9mFLPFT3zht5twuNQmZBDzHoWF
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