[ANN][XCN] Cryptonite | 1st mini-blockchain coin | M7 PoW | No Premine

[catia]

We had statically linked binaries for awhile in the testing thread. It breaks address space layout randomization and you have to build with --disable-hardening. Ended up moving away from that for release and the dynamic binaries were available for testing. If  you follow the instructions for building bitcoin, like adding PPA, or using oldstable on debian, then the needed libraries are only an apt-get away. Of course doesn't work on different distro or different release.

For some reason the uploaded source would not compile. Afaict there is nothing missing, but alas it didn't work. I was in the process of cloning github and trying to build when it really hit the fan on windows. Things were hectic to say the least. Network hashrate during the storm was similar to what we have now, so it's not clear that the mined blocks in that period had significantly reduced difficulty in spite of various problems.


Standalone miner is something I'm working on now. We have setup thousands of nodes of seed capacity and it's not enough. Seems all the cloud miners are not accepting incoming connection and only about 1% of seed peers are reachable. Since all the miners are essentially locked down we need to get them off the network.

[smooth]

i dont want to jump to any conclusions, but it seems like the early mining might not have been distributed that well.  one of the things i liked about this coin i show the launch seemed like it was going to spread the coins out more than IPO launches.  but i wonder if it did the opposite.  some people with massive CPU farms or botnets?

Theres no way to prevent that, theres always someone with more resources like you and well everyone can use for example cloudmining.

Since this happens on almost every single new coin it is worth pointing out that there is a way to prevent these kinds of very early mining issues when you are ramping up hash rate and difficulty from zero (with literally no chain history over which to run a difficulty retarget, so this is not exactly the same as a growing nethash later). You have the reward slowly ramp up over some time period (days to weeks) to avoid the extreme hash rate traffic jam at the beginning.

This also reduces the cost to people who can't mine at the very beginning due to various launch issues (builds that don't work on certain operating systems, etc.).

Too late for this coin but any future coins that want to avoid intentional or unintentional instamine issues at the very beginning should do this.

EDIT: credit to gmaxwell for the idea

[Amph]

how come this is already on exchange so fast, fishy coin we have here

remember the exchanges can do whatever the heck they want and list or delist anything at any time.  nothing to do with the devs.

yeah and they picked exactly this 

[Primitive]

has anyone does an analysis of where XCN should be in terms of exchange price?

[Burninj]

0.1 btc  

it should even replace btc...

[Primitive]

0.1 btc  

it should even replace btc...

ha. ok maybe some day.  but today, in terms of coin supply, and the coins specs etc....  what would be a fair price to sell for at BTER?

[smooth]

0.1 btc  

it should even replace btc...

ha. ok maybe some day.  but today, in terms of coin supply, and the coins specs etc....  what would be a fair price to sell for at BTER?

Parity with BTC given coin supply is about 0.01. Insert your judgement and price accordingly.

[shojayxt]

You're actually mining this shit?

Yes, I actually like this "shit".  Unlike other new coins, devs are not hiding behind newbie accounts and they're genuinely helpful.

Had some luck and mined a few blocks last night, but I doubt I'll get anything today. Like many people here, sure I had problems with wallet, with linux source, etc... finally got it compiled in the end.

The thing I don't understand from the devs is why the precompiled linux binaries weren't statically linked so that people can grab and start mining right away?

Because they didn't want everyone to be able to mine until they got all the low difficulty coins.  It's just another way to instamine/premine while looking like you're not.

[provenceday]

hard to mine this coin!

[exciter0]

Because they didn't want everyone to be able to mine until they got all the low difficulty coins.  It's just another way to instamine/premine while looking like you're not.

I don't think that was their intentions, on the contrary, I think catia offered an honest explanation already.
Wallet mining sucks, and you probably should stop mining (if not already) and channel your energy into buying some coins from an exchange.
Ask yourself this, how many new coins has gained this much interest from Monero devs? I think Cryptonite has a bright future.

[Primitive]

not much action in the sales thread so wanted to inquire here if anyone is selling.  prices seem outrageous over at BTER.  so if any miners want to do bulk deals, please send me a PM thanks

[earnabit]

not much action in the sales thread so wanted to inquire here if anyone is selling.  prices seem outrageous over at BTER.  so if any miners want to do bulk deals, please send me a PM thanks

The prices are high because this isn't a typical pump and dump. Welcome to auto adjusting difficulties

[Primitive]

not much action in the sales thread so wanted to inquire here if anyone is selling.  prices seem outrageous over at BTER.  so if any miners want to do bulk deals, please send me a PM thanks

The prices are high because this isn't a typical pump and dump. Welcome to auto adjusting difficulties

only a select few can mine successfully.  and now they will control the market.  not sure if that's a good thing or a bad thing?

regular folks dont stand a chance of mining with their "CPU"

not going to stop me from buying, but this is almost less democratic than an IPO

[othe]

proof of work means, you do work and the more work you do the more you get paid. if someone does more work than you he gets paid more.
Nothing unfair about that.

[Primitive]

proof of work means, you do work and the more work you do the more you get paid. if someone does more work than you he gets paid more.
Nothing unfair about that.

of course technically you are right but...

come on... its a land grab and we all know it.  the only "work" being recognized is from the privileged few who got organized with giant rigs, or aws, to get early coins.  its not like they are securing a super active blockchain full of non-mining transactions.  they are just mining the sh*t out of it, to sell it on exchanges to people like me who are going to mine 1 block every 2 weeks.

[bitfreak!]

proof of work means, you do work and the more work you do the more you get paid. if someone does more work than you he gets paid more.
Nothing unfair about that.

of course technically you are right but...

come on... its a land grab and we all know it.  the only "work" being recognized is from the privileged few who got organized with giant rigs, or aws, to get early coins.  its not like they are securing a super active blockchain full of non-mining transactions.  they are just mining the sh*t out of it, to sell it on exchanges to people like me who are going to mine 1 block every 2 weeks.

Everything in life is a fight over resources. And I'm in exactly the same boat as you, I only have a crappy laptop and a gaming pc. Granted the gaming setup is a bit of a beast, but since I can only CPU mine there's not much point trying with such a high difficulty. I either have to rent out mining rigs or buy XCN directly. In fact I'm looking to buy about 1 or 2 thousand XCN if anyone is selling. I might try out Bter, looks like a decent exchange. And for those people who think there's something suspicious about Bter adding XCN to their exchange, I didn't even know about it until just now. I've been asleep for the last 9 hours and when I returned I had multiple PM's from Bter saying they had added XCN to their exchange.

[CrazyLeoW]

WTS  10K=1BTC  PM ME

wenjiannin fucked his/her mother with mechanical tools.
Liar, shame on you.

[smooth]

Everything in life is a fight over resources.

Yes but the extreme chaos of launches is easily avoided using the approach gmaxwell suggested to me (and I paraphrased above).

Slowly ramp up the rewards. The first day is always a cluster fuck. At best it is an honest cluster fuck, at worst we have some well known instamine scam coins.

Far better to simply reduce the value and significance of everything that happens very early.

[coinfusion]

Since Shinycoin started with only wallet mining, it had this exact same problem at launch: all the seed nodes were flooded with connections from AWS instances at the very start, so it was extremely difficult for anyone coming in late to sync up.  I'm running the cryptonite dameon right now and ~80% of my connections are used up by Amazon addresses!!  I'm going to modify my dameon to block EC2 network ranges right now.  It would be interesting if a "CPU only" coin would launch with them blocked in the official verison............

edit: just firewalled it.  Also noticed quite a few connections from okeanos.grnet.gr -- Academic research at its finest?

[escapeX]

nice coin with high price....but i can mine nothing...