[ANN] Woodcoin [LOG] Pure Skein POW, Logarithmic Release, No Premine nor ICO

[funkenstein]

Here comes another lumberjack!
Hi everybody! I really like this coin and this funny and ironic community!
 

Voted on bter by the way.

Very nice... 

Welcome Acquafredda!  Thanks for the vote and grab a hatchet over here if you need one   You picked an opportune moment to start woodcutting, it seems some of the big axes have taken a break for the moment so the difficulty is down again.  If you need any help with your chopping let us know.

Also if you see any roving bands of orcish altcoin promoters do be cautious and let us know what they are up to.   

[billotronic]

damn I should say so....

Code:

{
"blocks" : 27680,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 0.33600972,
"errors" : "",
"generate" : true,
"genproclimit" : -1,
"hashespersec" : 7068056,
"networkhashps" : 9576722,
"pooledtx" : 0,
"testnet" : false
}

[acquafredda]

Here comes another lumberjack!
Hi everybody! I really like this coin and this funny and ironic community!
 

Voted on bter by the way.

Very nice... 

Welcome Acquafredda!  Thanks for the vote and grab a hatchet over here if you need one   You picked an opportune moment to start woodcutting, it seems some of the big axes have taken a break for the moment so the difficulty is down again.  If you need any help with your chopping let us know.

Also if you see any roving bands of orcish altcoin promoters do be cautious and let us know what they are up to.   

D
Thank you pal!
I've started chopping already

[SalimNagamato]

because i can mine with my laptop only at night
tonight made ~0.5$ in auto sell mode

damn I should say so....

Code:

{
"blocks" : 27680,
"currentblocksize" : 1000,
"currentblocktx" : 0,
"difficulty" : 0.33600972,
"errors" : "",
"generate" : true,
"genproclimit" : -1,
"hashespersec" : 7068056,
"networkhashps" : 9576722,
"pooledtx" : 0,
"testnet" : false
}

[funkenstein]

wow!  You got a lot more than 51% of the logs there.  Doesn't take much power to chop trees today does it.  Enjoy it while it lasts!    

I came across  an interesting blog post that highlights some of the design considerations of woodcoin:

http://blog.melotic.com/2014/10/15/why-market-prices-do-not-double-with-a-block-reward-halving/  

Expect any coin that mines out its coin supply too fast, to collapse. I think even Bitcoin is going to be too fast in the long run; there’ll come a point when its double-value time is slower than its block-reward halving time and alts will start sucking up the hashing power making bitcoin vulnerable to attacks.

- Attributed to Ray Dillinger.  

This is the problem that woodcoin attempts to solve, by dragging out the reward schedule longer and longer.  The halving time with woodcoin from any block height is twice the current block height.  In other words, we are at block ~30000 now.  When we hit block 60000, the reward will be one half its current value.  100 years from now, the chopping reward will be twice as many LOG as it will be in 200 years.   

[SalimNagamato]

Linear reduce is better.. some coins do that (the ones i know have premine. so not good)
with logarithmic reduce, early adopters have too much ?

[SalimNagamato]

"difficulty" : 5.78312256

?
yesterday it was more fun to chop

[funkenstein]

Linear reduce is better.. some coins do that (the ones i know have premine. so not good)
with logarithmic reduce, early adopters have too much ?

Thanks for your comment Salim, it gives us a chance to step back and compare mainnet bitcoin and woodcoin release functions.  

It may seem like logarithmic is too fast for the very first part of the curve.  That's why we have a forest.  However very quickly you will see that the logarithmic curve is the slower release.  Remember we reach half of our total supply after well over a hundred years.  Bitcoin released half the supply in four years.  

Right now we are at about 34 LOG per block, and our two minute target means 30 block an hour or 720 blocks per day.  Thats close to 25,000 LOG per day.  Note that Bitcoin is at about 3600 BTC per day released at the moment.  Yes we are faster now.  

When we hit block 200k, we will have a reward of 5 LOG per block and our units per day release will exactly equal BTC.  This will happen in about 9 months from now.  At this point, new LOGs will start entering the system more slowly than new BTCs.  

However sometime in 2016 mainnet bitcoin will reach block 420,000 and the reward will drop in half, so only 1800 BTC per day.  At this point, the newly chopped LOG supply will again be larger than newly chopped BTC.  

Then when woodcoin reaches block 400k, we will be at 2.5LOG per block and again we will be releasing newly chopped LOG slower than BTC.

In 2020 sometime, BTC will reach block 630,000 and the reward will drop to 6.25 BTC per block or 900 BTC per day.  This is about 1.5 million LOG blocks away from now.  At this point, newly chopped LOG will be coming in more slowly than newly mined BTC.  

This kind of behavior will continue until about 2032.  At this point, the coinbase reward for BTC mining will be in total 112.5 BTC per day, to be shared by all miners.  There will still be more than 150 fresh LOG released per day at that point.  From there on into the future, there will always be more newly released LOG than BTC.  

At that point and forever into the future, it will be clear that BTC is the coin that more heavily favors the early adopters.  


---

So why do we mine or chop?  Of course we want to support the network, to help each other transact.  But also we are doing so because we think that the LOG we are chopping (or BTC we are mining) will be more valuable in the future.  We seek an early mover advantage.  Network participation is incentivised by the chance to be an early adopter.  

It is not clear what will happen when that incentive is removed.  In 2016, with 3/4 of the BTC supply released, will miners still consider themselves early adopters?  How about in 2030?  How about in 2130 when there is zero coinbase reward?  

With woodcoin, there is ALWAYS the early adopter advantage.  Even a thousand years from now, new choppers will come across woodcoin and say:   tomorrow's choppers won't be able to get as many LOG as I can.  

Conclusions:  Get chopping!    

  

  
    
  

[SalimNagamato]

if bitcoin will be widely used
the total fees to a block finder should grow, maybe even in some point pass the block's reward

edit: slow is good
(as long as its not dead, slow != stopped)

[funkenstein]

Yes fees are scheduled to become larger than coinbase, but we sure are a long way off from there now.  Time will tell.  Should be an exciting ride!

In the meantime stack safely: 

[funkenstein]

Good morning woodcutters!

Todays topic:  GPU chainsaws. 

I expected these to be out already but it looks like I am going to have to do it myself.  I am planning to fork this project to get the job done:

https://github.com/prettyhatemachine/sph-sgminer


Unfortunately I don't own any GPUs.  If any of you have some AMD GPUs on an old box somewhere please let me know and I can get you the test version of the miner before we release. 

Thanks!    Happy chopping --   

[billotronic]

awww why?

If you insist, I have a 270x I could test on.

[funkenstein]

awww why?

If you insist, I have a 270x I could test on.

Lol, okay no hurry, I will keep it on the back burner.  It is bound to come sooner or later though.  

I have done some more searching, the closest thing to pure skein mining I have found active is the myriad branch.  

If you want to try out the miner with your gpu check it out here:  https://github.com/reorder/cgminer_skein

Edit:  forked and in progress for woodcoin:    https://github.com/funkshelper/cgminer_doubleskein

You will need to point it to your woodcoin instance w/ rpc for solo chopping, as there are no pools that I know of at the moment.  

---

In other news, I am looking for some nice backgrounds for paper wallets.

Take a look at http://logaddress.org

  I will give 10k log bounty for a nice paper wallet background!  Thanks  

[billotronic]

I have not tried that one but I did try the one ocminer did with no luck. Will let you know.

[billotronic]

tried your fork and no dice:

Code:

 [18:38:21] Selecting skein kernel
 [18:38:21] Error -11: Building Program (clBuildProgram)
 [18:38:21] "/tmp/OCL5507T5.cl", line 246: warning: shift count is too large
  rolhackr(33)
  ^

"/tmp/OCL5507T5.cl", line 246: warning: shift count is negative
  rolhackr(33)
  ^

"/tmp/OCL5507T5.cl", line 246: warning: shift count is too large
  rolhackr(33)
  ^

"
 [18:38:21] Failed to init GPU thread 0, disabling device 0
 [18:38:21] Restarting the GPU from the menu will not fix this.

[MakingMoneyHoney]

In other news, I am looking for some nice backgrounds for paper wallets.

Take a look at http://logaddress.org

  I will give 10k log bounty for a nice paper wallet background!  Thanks  

Sounds very generous...I will get working on it!   

[garthkiser]

I have been chopping on a Digital Ocean $5/month VPS for the past month and accumulated about 35k woodcoins. So, working out well for me.

[MakingMoneyHoney]

In other news, I am looking for some nice backgrounds for paper wallets.

Take a look at http://logaddress.org

  I will give 10k log bounty for a nice paper wallet background!  Thanks  

I took the bitcoin paper wallet template files into photoshop and worked on them. So the files are quite large, but here are some smaller preview pics:

Front and Back: http://makingmoneyhoney.com/woodcoin.html

Front small sample:




I took the bit about block explorer leading bitcoiners to blockchain.info and wrote this: "Verify your balance by searching for the public
address using a service such as Coinmine.tk’s Block Explorer". Other than that, I just changed any reference from bitcoin to woodcoin.

Let me know if you like them, or would want any tweaks to the design/font/text.

[elbandi]

Hi,

Here is a pool: http://coinspool.cu.cc/info_woodcoin

./minerd -a skein -o stratum+tcp://stratum.coinspool.cu.cc:3035 -u address -p x -t 6 ...
or
cgminer --skein -o stratum+tcp://stratum.coinspool.cu.cc:3035 -u address -p x ...

Feel free to use it

Elbandi

[funkenstein]

 

Looks great, thanks!

Is WQd6aKS9MKX4UHL6HaypYqG4SWX7x44McD an address you control then?