New England New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/ NewEnglandcoin Symbol: NENG NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones. Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt. 1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377 NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number Bitcoin Fork - Suitable for Home Hobbyists NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs. The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity. MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018) https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software. Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%. NENG v1.4.0 release enabled CPU mining inside android phones. Youtube Video Tutorial How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG. We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange. Twitter Airdrop Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners Graphic Redesign Bounty Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form. Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues. Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1 Milestones
Sep 3, 2018 - Genesis block was mined, NewEnglandcoin created
Sep 8, 2018 - github source uploaded, Window wallet development work started
Sep 11,2018 - Window Qt Graphic wallet completed
Sep 12,2018 - NewEnglandcoin Launched in both Bitcointalk forum and Marinecoin forum
Sep 14,2018 - NewEnglandcoin is listed at ShorelineCrypto Exchange
Sep 17,2018 - Block Explorer is up
Nov 23,2018 - New Source/Wallet Release v1.1.1 - Enabled Dynamic Addjustment on Mining Hashing Difficulty
Nov 28,2018 - NewEnglandcoin became CPU minable coin
Nov 30,2018 - First Retail Real Life usage for NewEnglandcoin Announced
Dec 28,2018 - Cheetah_Cpuminer under Linux is released
Dec 31,2018 - NENG Technical Whitepaper is released
Jan 2,2019 - Cheetah_Cpuminer under Windows is released
Jan 12,2019 - NENG v1.1.2 is released to support MacOS GUI CLI Wallet
Jan 13,2019 - Cheetah_CpuMiner under Mac is released
Feb 11,2019 - NewEnglandcoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork
Mar 16,2019 - NewEnglandcoin v18.104.22.168 Released - Ubuntu 18.04 Wallet Binary Files
Apr 7, 2019 - NENG Report on Security, Decentralization, Valuation
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto
Sep 1, 2019 - Shoreline Tradingbot project is Launched by ShorelineCrypto
Dec 19, 2019 - Shoreline Tradingbot v1.0 is Released by ShorelineCrypto
Jan 30, 2020 - Scrypt RandomSpike - NENG v1.3.0 Hardfork Proposed
Feb 24, 2020 - Scrypt RandomSpike - NENG core v1.3.0 Released
Jun 19, 2020 - Linux scripts for Futurebit Moonlander2 USB ASIC on solo mining Released
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining and Ubuntu 20.04 support
Jul 21, 2020 - NENG v22.214.171.124 Released for MacOS Wallet Upgrade with Catalina
Jul 30, 2020 - NENG v126.96.36.199 Released for Linux Wallet Upgrade with 8 Distros
Aug 11, 2020 - NENG v188.8.131.52 Released for Android arm64 Upgrade, Chromebook Support
Aug 30, 2020 - NENG v184.108.40.206 Released for Android/Chromebook with armhf, better hardware support
2018 Q3 - Birth of NewEnglandcoin, window/linux wallet - Done
2018 Q4 - Decentralization Phase I
Blockchain Upgrade - Dynamic hashing algorithm I - Done
Cheetah Version I- CPU Mining Automation Tool on Linux - Done
2019 Q1 - Decentralization Phase II
Cheetah Version II- CPU Mining Automation Tool on Window/Linux - Done
Blockchain Upgrade Dynamic hashing algorithm II - Done
2019 Q2 - Fiat Phase I
Assessment of Risk of 51% Attack on NENG - done
Launch of Fiat USD/NENG offering for U.S. residents - done
Initiation of Mobile Miner Project - Done
2019 Q3 - Shoreline Tradingbot, Mobile Project
Evaluation and planning of Mobile Miner Project - on Hold
Initiation of Trading Bot Project - Done
2019 Q4 - Shoreline Tradingbot
Shoreline tradingbot Release v1.0 - Done
2020 Q1 - Evaluate NENG core, Mobile Wallet Phase I
NENG core Decentralization Security Evaluation for v1.3.x - Done
Light Mobile Wallet Project Initiation, Evaluation
2020 Q2 - NENG Core, Mobile Wallet Phase II
NENG core Decentralization Security Hardfork on v1.3.x - Scrypt RandomSpike
Light Mobile Wallet Project Design, Coding
2020 Q3 - NENG core, NENG Mobile Wallet Phase II
Review on results of v1.3.x, NENG core Dev Decision on v1.4.x, Hardfork If needed
Light Mobile Wallet Project testing, alpha Release
2020 Q4 - Mobile Wallet Phase III
Light Mobile Wallet Project Beta Release
Light Mobile Wallet Server Deployment Evaluation and Decision
Why Verge Needs DigiShield NOW! And Why DigiByte Is SAFE!
Hello everyone, I’m back! Someone asked a question recently on what exactly happened to XVG – Verge and if this could be a problem for DGB – DigiByte - Here: DigiByte vs Verge It was a great question and there have been people stating that this cannot be a problem for us because of DigiShield etc… with not much explanation after that. I was curious and did a bit more investigating to figure out what happened and why exactly it is that we are safe. So take a read.
Some Information on Verge
Verge was founded in 2014 with code based on DogeCoin, it was initially named DogeCoinDark, it later was renamed Verge XVG in 2016. Verge has 5 mining algorithms as does DigiByte. Those being:
However, unlike DigiByte those algorithms do not run side by side. On Verge one block can only be mined by a single algorithm at any time. This means that each algorithm takes turns mining the chain.
Prior to the latest fork there was not a single line of code that forced any algo rotation. They all run in parallel but of course in the end only one block can be accepted at given height which is obvious. After the fork algo rotation is forced so only 6 blocks with the same algo out of any 10 blocks can be accepted. - srgn_
Mining Verge and The Exploit
What happened then was not a 51% attack per say, but the attacker did end up mining 99% of all new blocks so in fact he did have power of over 51% of the chain. The way that Verge is mined allowed for a timestamp exploit. Every block that is mined is dependent on the previous blocks for determining the algorithm to be used (this is part of the exploit). Also, their mining difficulty is adjusted every block (which last 30 seconds also part of the exploit). Algorithms are not picked but in fact as stated previously compete with one another. As for difficulty:
Difficulty is calculated by a version of DGW which is based on timestamps of last 12 blocks mined by the same algo. - srgn_
This kind of bug is very serious and at the foundation of Verge’s codebase. In fact, in order to fix it a fork is needed, either hard fork or soft fork! What happened was that the hacker managed to change the time stamps on his blocks. He introduced a pair of false blocks. One which showed that the scrypt mining algorithm had been previously used, about 26 mins before, and then a second block which was mined with scrypt. The chain is set up so that it goes through the 5 different algorithms. So, the first false block shows the chain that the scrypt algorithm had been used in the recent past. This tricks it into thinking that the next algorithm to be used is scrypt. In this way, he was essentially able to mine 99% of all blocks.
Pairs of blocks are used to lower the difficulty but they need to be mined in certain order so they can pass the check of median timestamp of last 11 blocks which is performed in CBlock::AcceptBlock(). There is no tricking anything into thinking that the next algo should be x because there is no algo picking. They all just run and mine blocks constantly. There is only lowering the difficulty, passing the checks so the chain is valid and accepting this chain over chains mined by other algos. - segn_
Here is a snippet of code for what the time stamps on the blocks would look like:
SetBestChain: new best=00000000049c2d3329a3 height=2009406 trust=2009407 date=04/04/18 13:50:09 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=000000000a307b54dfcf height=2009407 trust=2009408 date=04/04/18 12:16:51 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=00000000196f03f5727e height=2009408 trust=2009409 date=04/04/18 13:50:10 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=0000000010b42973b6ec height=2009409 trust=2009410 date=04/04/18 12:16:52 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=000000000e0655294c73 height=2009410 trust=2009411 date=04/04/18 12:16:53 ProcessBlock: ACCEPTED (scrypt)
Here’s the first falsified block that was introduced into the XVG chain – Verge-Blockchain.info As you can see there is the first fake block with a time stamp of 13:50:09 for example and the next is set to 12:15:51, the following two blocks are also a fraudulent pair and note that the next block is set to 12:16:52. So essentially, he was able to mine whole blocks - 1 second per block!
This exploit was brought to public attention by ocminer on the bitcointalk forums. It seems the person was a mining pool administrator and noticed the problem after miners on the pool started to complain about a potential bug. What happened next was that Verge developers pushed out a “fix” but in fact did not really fix the issue. What they did was simply diminish the time frame in which the blocks can be mined. The attack still was exploitable and the attacker even went on to try it again! “The background is that the "fix" promoted by the devs simply won't fix the problem. It will just make the timeframe smaller in which the blocks can be mined / spoofed and the attack will still work, just be a bit slower.” - ocminer Ocminer then cited DigiShield as a real fix to the issue! Stating that the fix should also stipulate that a single algo can only be used X amount of times and not be dependent on when the algo was last used. He even said that DigiByte and Myriad had the same problems and we fixed them! He cited this github repo for DigiByte:
It seems that the reason that this exploit was so lucrative was because the difficulty adjustment parameters were not enough to reduce the rewards the attacker recieved. Had the rewards per block adjusted at reasonable rate like we do in DGB then at least the rewards would have dropped significantly per block. The attacker was able to make off with around 60 million Verge which equals about 3.6 million dollars per today’s prices. The exploit used by the attacker depended on the fact that time stamps could be falsified firstly and secondly that the difficulty retargeting parameters were inadequate. Let’s cover how DigiShield works more in detail. One of the DigiByte devs gave us this post about 4 years ago now, and the topic deserves revisiting and updates! I had a hard time finding good new resources and information on the details of DigiShield so I hope you’ll appreciate this review! This is everything I found for now that I could understand hopefully I get more information later and I’ll update this post. Let’s go over some stuff on difficulty first then I’ll try giving you a way to visualise the way these systems work. First you have to understand that mining difficulty changes over time; it has to! Look at Bitcoin’s difficulty for example – Bitcoin difficulty over the past five months. As I covered in another post (An Introduction to DigiByte Difficulty in Bitcoin is readjusted every 2016 blocks which each last about 10 mins each. This can play out over a span of 2 weeks, and that’s why you see Bitcoin’s difficulty graph as a step graph. In general, the hash power in the network increases over time as more people want to mine Bitcoin and thus the difficulty must also increase so that rewards are proportional. The problem with non-dynamic difficulty adjustment is that it allows for pools of miners and or single entities to come into smaller coins and mine them continuously, they essentially get “free” or easily mined coins as the difficulty has not had time to adjust. This is not really a problem for Bitcoin or other large coins as they always have a lot of miners running on their chains but for smaller coins and a few years ago in crypto basically any coin other than Bitcoin was vulnerable. Once the miners had gotten their “free coins” they could then dump the chain and go mine something else – because the difficulty had adjusted. Often chains were left frozen or with very high fees and slow processing times as there was not enough hash power to mine the transactions. This was a big problem in the beginning with DigiByte and almost even killed DogeCoin. This is where our brilliant developers came in and created DigiShield (first known as MultiShield). These three articles are where most of my information came from for DigiShield I had to reread a the first one a few times to understand so please correct me if I make any mistakes! They are in order from most recent to oldest and also in order of relevance.
DigiShield is a system whereby the difficulty for mining DigiByte is adjusted dynamically. Every single block each at 15 seconds has difficulty adjusted for the available hashing power. This means that difficulty in DigiByte is as close as we can get to real time! There are other methods for adjusting difficulty, the first being the Bitcoin/Litecoin method (a moving average calculated every X number of blocks) then the Kimoto Gravity Well is another. The reason that DigiShield is so great is because the parameters are just right for the difficulty to be able to rise and fall in proportion to the amount of hash power available. Note that Verge used a difficulty adjustment protocol more similar to that of DigiByte than Bitcoin. Difficulty was adjusted every block at 30 seconds. So why was Verge vulnerable to this attack? As I stated before Verge had a bug that allowed for firstly the manipulation of time stamps, and secondly did not adjust difficulty ideally. You have to try to imagine that difficulty adjustment chases hashing power. This is because the hashing power on a chain can be seen as the “input” and the difficulty adjustment as the corresponding output. The adjustment or output created is thus dependent on the amount of hashing power input. DigiShield was designed so that increases in mining difficulty are slightly harder to result than decreases in mining difficulty. This asymmetrical approach allows for mining to be more stable on DigiByte than other coins who use a symmetrical approach. It is a very delicate balancing act which requires the right approach or else the system breaks! Either the chain may freeze if hash power increases and then dumps or mining rewards are too high because the difficulty is not set high enough! If you’ve ever taken any physics courses maybe one way you can understand DigiShield is if I were to define it as a dynamic asymmetrical oscillation dampener. What does this mean? Let’s cover it in simple terms, it’s difficult to understand and for me it was easier to visualise. Imagine something like this, click on it it’s a video: Caravan Weight Distribution – made easy. This is not a perfect analogy to what DigiShield does but I’ll explain my idea. The input (hashing power) and the output (difficulty adjustment) both result in oscillations of the mining reward. These two variables are what controls mining rewards! So that caravan shaking violently back and forth imagine those are mining rewards, the weights are the parameters used for difficulty adjustment and the man’s hand pushing on the system is the hashing power. Mining rewards move back and forth (up and down) depending on the weight distribution (difficulty adjustment parameters) and the strength of the push (the amount of hashing power input to the system). Here is a quote from the dev’s article. “The secret to DigiShield is an asymmetrical approach to difficulty re-targeting. With DigiShield, the difficulty is allowed to decrease in larger movements than it is allowed to increase from block to block. This keeps a blockchain from getting "stuck" i.e., not finding the next block for several hours following a major drop in the net hash of coin. It is all a balancing act. You need to allow the difficulty to increase enough between blocks to catch up to a sudden spike in net hash, but not enough to accidentally send the difficulty sky high when two miners get lucky and find blocks back to back.” AND to top it all off the solution to Verge’s time stamp manipulation bug is RIGHT HERE in DigiShield again! This was patched and in Digishield v3 problems #7 Here’s a direct quote: “Most DigiShield v3 implementations do not get data from the most recent blocks, but begin the averaging at the MTP, which is typically 6 blocks in the past. This is ostensibly done to prevent timestamp manipulation of the difficulty.” Moreover, DigiShield does not allow for one algorithm to mine more than 5 blocks in a row. If the next block comes in on the same algorithm then it would be blocked and would be handed off to the next algorithm. DigiShield is a beautiful delicate yet robust system designed to prevent abuse and allow stability in mining! Many coins have adopted out technology!
Verge Needs DigiShield NOW!
The attacker has been identified as IDCToken on the bitcointalk forums. He posted recently that there are two more exploits still available in Verge which would allow for similar attacks! He said this: “Can confirm it is still exploitable, will not abuse it futher myself but fix this problem immediately I'll give Verge some hours to solve this otherwise I'll make this public and another unpatchable problem.” - IDCToken DigiShield could have stopped the time stamp manipulation exploit, and stopped the attacker from getting unjust rewards! Maybe a look at Verge’s difficulty chart might give a good idea of what 1 single person was able to do to a coin worth about 1 billion dollars.
Edit - Made a few mistakes in understanding how Verge is mined I've updated the post and left the mistakes visible. Nothing else is changed and my point still stands Verge could stand to gain something from adopting DigiShield! Hi, I hope you’ve enjoyed my article! I tried to learn as much as I could on DigiShield because I thought it was an interesting question and to help put together our DGB paper! hopefully I made no mistakes and if I did please let me know. -Dereck de Mézquita I'm a student typing this stuff on my free time, help me pay for school? Thank you! D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g https://digiexplorer.info/address/D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g
Dogecoin (DOGE): The Shiba Inu Meme That Turned Into A Major Cryptocurrency
https://preview.redd.it/nn02rwgxta221.png?width=660&format=png&auto=webp&s=eb7066777df5f7e7f1b680da2af1691008afff11 https://cryptoiq.co/dogecoin-doge-the-shiba-inu-meme-that-turned-into-a-major-cryptocurrency/ Atsuko Sato adopted a Shiba Inu from an animal shelter, and eventually took the famous Doge picture in 2010. The picture itself is entrancing, something like a hybrid between the Mona Lisa and a disturbed Shiba Inu. It is impossible to tell what exactly the shibe is thinking, leaving people open to interpret its thoughts. Someone on the internet posted the shibe’s possible thoughts all over the image in pastel colors (below image), and the Doge meme was born, and soon proliferated across the internet. This is ultimately what led to the creation of Dogecoin, a cryptocurrency ranked #21 on CoinMarketCap with a market cap of USD 279 million. Although Dogecoin started with just a meme, it now has one of the most active communities in the crypto space, and will likely be a major cryptocurrency long term. https://preview.redd.it/qs7prtlzta221.png?width=369&format=png&auto=webp&s=19cf1de4d845864c6923fc350971832a12b06d4f Billy Markus and Jackson Palmer were cryptocurrency enthusiasts who also loved the Doge meme, and that led them to launch Dogecoin on 6 December 2013. There were only 59 cryptocurrencies on CoinMarketCap when Dogecoin was listed, and Dogecoin was certainly the first memecoin. Dogecoin rapidly became successful, with the first Dogecoin rally on 19 December 2013. Dogecoin’s early success led to numerous other crypto enthusiasts launching meme and joke coins, but none of them succeeded in the long run. Dogecoin is the only memecoin that has become a major cryptocurrency, most of the others have totally failed. Practically all of the cryptocurrencies that have launched in 2017 and 2018 utilized initial coin offerings (ICOs), making them impossible to obtain without buying them. Dogecoin on the other hand had a humble and fair launch, with zero premine, and profitable mining from the beginning. Dogecoin uses the Scrypt Proof of Work algorithm, and back when Dogecoin launched it was easy to earn significant amounts of Dogecoin with a personal or gaming computer. This made Dogecoin very attractive to crypto miners, since miners could earn numerous coins even with the cheapest mining setup, versus Litecoin mining where it took weeks or months to earn an entire Litecoin. There is definitely a psychological boost when miners receive entire coins rapidly, versus small fractions of a coin. To this day Dogecoin continues to be a #1 choice for people mining via Scrypt Proof of Work on personal computers, which causes a continuous flow of new users into the Dogecoin community. This gives Dogecoin a competitive edge over many of the newer cryptocurrencies. What makes Dogecoin truly unique is its active and friendly community. There are many Dogecoin forums and chats, but the dogecoin subreddit is the central nerve of the Dogecoin world. Back in 2014 and 2015 Dogecoin tips were raining down from the sky in dogecoin, which caused many people that never used cryptocurrency before to begin using Dogecoin, since they would get some Dogecoins for free, and then begin using and talking about Dogecoin. This made dogecoin and Dogecoin itself fun, if not addicting. Tipping continues to this day on dogecoin. The atmosphere of tipping and friendliness made dogecoin the perfect environment for crypto newcomers. New crypto users learned about creating their first wallet, mining cryptocurrency, trading cryptocurrency, developing crypto apps, and how to objectively analyze ongoing events in the crypto space, and were rewarded throughout the process. Compare this to the central nerve of the Bitcoin community, which is Bitcoin and Bitcointalk, which has very useful information, but a more aggressive community and barely any tipping. Fundamentally this is because the Bitcoin community is focused on making money, while the Dogecoin community is focused on giving away money to build a better world. Dogecoin continues to onboard many new crypto users, and numerous veteran crypto users like Dogecoin and continue to buy it and use it, since that is where they started. Just like people grow up in a certain place and like to stay there or visit, many crypto users grew up in the Dogecoin community and never stop coming back. Essentially, Dogecoin is the gateway to the crypto space, and will probably hold that position long term. There is no other crypto community that is so focused on helping others, since most crypto communities are focused on competitive money making. Therefore, Dogecoin appears to have the right stuff to stay near the top of the CoinMarketCap rankings for the foreseeable future.
Although be it that I don't have a complete mastery of the concept either, I will do my best to use my limited knowledge to explain what exactly the heck is going on with this mystical "Litecoin Mining" and the disappearance of AMD GPUs worldwide. What exactly is Litecoin mining? Litecoin mining, or cryptocurrency mining in general, is the use of processors to hash out a value and submit this work in something called "Proof of Work" that is mutually recognized. To put this in an analogy, think of a 3rd grade math classroom. The teacher writes a math problem on the board, say "2+3", and she tells the class to find the answer. Quickly, each student begins to work out the problem, and when a student thinks they've found the answer, they raise their hand and respond, "The answer is 5!". The teacher will then tell the student whether they are right or wrong, and the rest of the class will listen and understand that the one student got the answer right. Then they clap for him, recognizing his achievement and work needed to arrive to the answer. Now, in terms of mining, this difficulty is scaled to immense amounts, but the basic principle is the same. You, the miner, are the student trying to find the answer. The Litecoin master algorithm is the confirming teacher. And the rest of the miners are the other students in the classroom, recognizing your work. Litecoin itself is a derivative of Bitcoin, which is basically another cryptocurrency. Sources: Litecoin Website and Bitcoin (something like Litecoin) So what is so important about this answer? In reality, nothing. It just solves a math problem. But that's all the reason. When the Litecoin algorithm sees you've found the right answer and everybody agrees you found it (so no cheating!), then it will give you a "block reward". Like the teacher handing you a piece of candy for getting the right answer. This block reward contains an amount of Litecoins. What is a "Litecoin"? A Litecoin is a medal or proof of work done, and it is given through the reward system aforementioned. Litecoins are just numerical values stored inside of the "blockchain", which you can think of as the classroom. All of the players of this litecoin mining are located within this classroom, located within the blockchain. When everyone recognizes your work, you are given litecoins, which can only be accessed within wallets. You may think of litecoins as a currency, like pennies or nickels. They are something that we give value, yet do not have inherent value themselves. A paper bill is just paper unless we give it value. So what is a wallet? Wallets are where litecoins are stored, using a private key and a public key. This private key is a hash of base 58 that is completely randomized, such that only knowing both the private and public keys allows access to this wallet. The public key is shared with others who want to send you litecoins, while you keep the private key to yourself, which allows you to spend those litecoins. Now, the ultimate question: Why are they taking our graphics cards?! Ah yes. Now to talk about AMD GPUs. Litecoins use the scrypt algorithm, a memory and computation intensive algorithm that requires many cores and lots of fast RAM. Graphics cards fit both of these profiles perfectly. A graphics card has hundreds or thousands of computation cores, as well as lightning fast GDDR5 memory. As such, graphics cards are snatched up by miners wanting to create money out of thin air, which is basically what they're doing. But why AMD? Why not NVIDIA? AMD graphics cards are more efficient at moving bits than NVIDIA graphics cards, further explained here. All you really have to know if that the AMD architecture is much more efficient for cryptocurrency mining. But why NOW? Bitcoin/Litecoin has been around for awhile. Why are miners stealing our graphics cards NOW? Well, to put it bluntly, it's because people want to get rich. Recently, as further adoption by companies and the media coverage of cryptocurrencies, Litecoin price has skyrocketed. I'm talking magnitudes of 100 fold. Due to this rapid increase in value, miners have been rushing for more graphics card to make more money. If you take a look at this source, you can see that cryptocurrency mining profitability is insanely high compared to Bitcoin, which is Litecoin's main competitor. Look at the right column in the table that says "Profit Ratio vs. BTC". See the numbers in the 3000% range. Yeah, that's a lot of profitability that can be taken advantage of. Will we ever get our beloved 7950s back here in /buildapc? Q_Q Maybe. Delving deeper into what is litecoin, I'll now explain difficulty. As you find more of these answers, with more students working to find the answer to a math problem, the teacher must create more and more difficult math problems for the students to solve, else these little 3rd graders will solve them faster than the teacher has enough candy for. In litecoin mining, this equates to difficulty level. As the difficulty increase, litecoins are harder to hash out, and the rewards diminish. As more students/miners join the blockchain, mining will start to get less and less profitable. HOWEVER. If the price of litecoin skyrockets again, mining will be able to sustain profitability, and we may be out of AMD graphics card for a LONG, LONG TIME. Not to mention, once litecoin becomes unprofitable, if it indeed does, miners will move to other derivatives of cryptocurrencies, restarting the cycle and continuing to snatch up graphics cards. It is unlikely that this trend continues, but if it does, NVIDIA may be the only option for new gamers. Give me a TL;DR summary! I'll try my best. Poor people are sitting in a basement making money of out thin air using our graphics cards. They are making $12 a day per graphics card by basically only paying for electricity. This trend will continue for quite some time, meaning no more AMD graphics cards for a while. If you're a gamer, look towards NVIDIA, or be prepared to throw down a lot of cash. I obviously did not cover EVERYTHING in this post, but the main principles are there. If you want to delve deeper into this, I'd suggest doing your research and looking on the Bitcoin Forum. EDIT: Please check out /litecoin and /litecoinmining as well. Lots of good information.
how to shibecoin v rich in minutes much instruct so simple any doge can do
UPDATE 1/21/14: I'm not updating this guide anymore. Most of the steps should still work though. See the wiki or check the sidebar for updated instructions. Before you do anything else, you need to get a wallet. Until there's a secure online wallet, this means you need to download the dogecoin client. Now open the client you just downloaded. You'll be given a default address automatically, and it should connect to peers and start downloading the dogechain (aka blockchain in formal speak). You'll know because there will be a progress bar at the bottom and at the lower right there should be a signal strength icon (TODO: add screenshots). If you've waited 2 or 3 minutes and nothing is happening, copy this:
And paste it into a new text file called dogecoin.conf, which you then place into the dogecoin app directory.
On Windows this is C:\Users\[YOUR_USER]\AppData\Roaming\DogeCoin
On Macs it's ~/Library/Application Support/DogeCoin
Now restart your qt client and the blockchain should start downloading in about 1-2 minutes. Once it finished downloading, you're ready to send and receive Dogecoins!
Decide how you want to get Dogecoin. Your options are:
I'll go into detail about each of these. I'm currently writing this out. I'll make edits as I add sections. Suggestions are welcome.
Mining is how new dogecoins are created. If you're new to crypto currencies, read this. To mine (also called "digging"), a computer with a decent GPU (graphics card) is recommended. You can also mine with your CPU, but it's not as efficient.
These instructions cover only Windows for now. To mine, you'll need to figure out what GPU you have. It'll be either AMD/ATI or Nvidia. The setup for both is approximately the same.
Step One: Choose a pool
There's a list of pools on the wiki. For now it doesn't really matter which one you choose. You can easily switch later. NOTE: Youcanmineintwoways.Solominingiswhereyouminebyyourself.Whenyoufindablockyougetallthereward.Poolminingiswhenyouteamupwithotherminerstoworkonthesameblocktogether.Thismakesitmorelikelythatyou'llfindablock,butyouwon'tgetallofit,you'llhavetosplititupwithothersaccordingtoyourshareofthework.Poolminingisrecommendedbecauseitgivesyoufrequentpayouts,becauseyoufindmoreblocks.Thelargerthepoolyoujoin,themorefrequentthepayouts,butthesmallertherewardyouget. Overalongperiodoftimethedifferencebetweenpoolandsolomininggoesaway,butifyousolomineitmightbemonthsbeforeyougetanycoins.
Step two: Set up pool account
The pool you chose should have a getting started page. Read it and follow the instructions. Instructions vary but the general idea is:
Create an account
Create a worker under the account
Grab the mining URL (usually on the getting started page)
Setup your cash out options in your account settings by entering one of your wallet's receiving addresses
When you're done with this, you'll need to know:
Your account, worker name, and worker password
The mining (stratum) URL (usually the pool's URL followed by a port)
Step three: Download mining software
For best performance you'll need the right mining software.
Create a text file in the same folder as your miner application. Inside, put the command you'll be running (remove brackets). For AMD it's cgminer.exe --scrypt -o stratum+tcp://: -u -p For Nvidia it's cudaminer.exe -o stratum+tcp://: -O : Substitute the right stuff in for the placeholders. Then on the next line of the text file type pause. This will let you see any errors that you get. Then save the file with any name you want, as long as the file extension is .bat. For example mine_serverName.bat.
Step five: Launch your miner
Just open the .bat file and a command line window should pop up, letting you know that the miner is starting. Once it starts, it should print out your hash rate. If you now go to the pool website, the dashboard should start showing your hashrate. At first it'll be lower than what it says in the miner, but that's because the dashboard is taking a 5 minute average. It'll catch up soon enough. NOTE: Anormalhashrateisbetween50Kh/suptoeven1Mh/sdependingonyourGPU.
You're now mining Dogecoins
That's it, nothing more to it.
CPU mining isn't really recommended, because you'll be spending a lot on more on power than you'd make from mining Dogecoin. You could better spend that money on buying Dogecoin by trading. But if you have free electricity and want to try it out, check out this informative forum post.
Trading has been difficult so far, but Dogecoin just got added to a few new exchanges. If you don't have a giant mining rig, this is probably the best way to get 100k or more dogecoins at the moment. I'll write up a more complete guide, but for now check out these sites:
Faucets are sites that give out free coins. Usually a site will give out somewhere between 1 and 100 Dogecoin. Every site has its own time limits, but usually you can only receive coins once every few hours, or in some cases, days. It's a great way to get started. All you do is copy your address from the receive section of your wallet and enter it on some faucet sites. Check out /dogecoinfaucets for more. If you go to each site on there you might end up with a couple hundred Dogecoin!
This method is pretty straightforward. Post your receiving address, and ask for some coins. Such poor shibe. The only catch is, don't do it here! Please go to /dogecoinbeg.
Other redditors can give you Dogecoin by summoning the tip bot, something like this: +dogetipbot 5 doge This might happen if you make a good post, or someone just wants to give out some coins. Once you receive a tip you have to accept it in a few days or else it'll get returned. Do this by following the instructions on the message you receive in your inbox. You reply to the bot with "+accept". Commands go in the message body. Once you do that, the bot will create a tipping address for you, and you can use the links in the message you receive to see your info, withdraw coins to your dogecoin-qt wallet, see your history, and a bunch of other stuff. As a bonus, so_doge_tip has a feature where you can get some Dogecoins to start with in exchange for how much karma you have. To do this, send the message "+redeem DOGE" to so_doge_tip. You'll need to create a tipping account if you don't have one. If you want to create a tipping account without ever being tipped first, message either of the bots with "+register" and an address will be created for you.
1/21/14 - Added note about this thread no longer being updated
1/21/14 - Changed wallet links to official site
12/27/13 - Added 1.3 wallet-qt links
12/21/13 - Added new windows 1.2 wallet link
12/20/13 - Fixed +redeem text
12/18/13 - Added short blurb on trading.
12/18/13 - Updated cudaminer to new version (cudaminer-2013-12-18.zip).
Why are the Litecoin devs keeping quiet about the impending ASIC crisis? Many people are asking for the Scrypt algorithm in Litecoin to require more memory to keep Litecoin ASIC free - are they not even going to respond?
This topic here, 351 voted and the majority wanted the proof of work function in Litecoin to be modified - https://bitcointalk.org/index.php?topic=359323.0 Here on the Litecoin forum itself another poll is on the front page, 169 votes and the majority want the proof of work function enhanced to use more memory - https://litecointalk.org/index.php?topic=11864.0 My topic here last month got 50 upvotes and reached the top of the page on reddit, still no response from litecoin devs - http://www.reddit.com/litecoin/comments/1sxsa2/changing_the_litecoin_proof_of_work_function_to/ I've seen a handful of reddit topics more recently on the issue - still no response?? Are Litecoin devs just going to stick their heads in the sand and hope for the best? At least post a written response on the issue? Do they have any plan? It's too late to implement these things when half of the mining community have invested money into ASICs, the time is to do it now before they become entrenched and the centralisation of mining power begins. ASIC resistance is supposed to be Litecoins unique selling point, I really don't see why anyone would be opposed to trivially modifying the Scrypt algorithm to use more memory... (apart from people who have ordered ASICs), the same amount of coins per day will still be created no-one will be worse off. All I see looking to the future is disadvantages:
Litecoin loses it's unique selling point over Bitcoin
Mining becomes increasingly centralised
The everyday miner with GPUs will end up getting forced out. It may take 5 times longer than with Bitcoin but it will happen imo
Looks bad from a marketing perspective that Litecoin advertises itself as ASIC resistant for years and suddenly ASICs are popping up etc.
I see no solid reasons why not to change the memory requirement of Scrypt.
Of Wolves and Weasels - Day 189 - The State of Dogecoin
Hey all! GoodShibe... on Vacation! Please enjoy this post by Guest Writer thistime1 and tip them well ;D) Note: To tip them directly: +dogetipbot @thistime1 xxx doge verify I have collected as much data as I could possibly find and contacted as many major players in the Dogecoin community as I could. I hope you all find this synthesis of information informative and worthy of discussion. Anything that was announced in the few days before this was posted may not be included here, due to me working on this for the last 2 weeks! Sorry if I missed you. I hope to do this again, maybe even as a quarterly report. Please take all the information presented to you here and make your own conclusions about how important each piece of data is to YOUR view of Dogecoin. Price 1 Doge = $0.00029 USD Price would have to increase ~750% to be back at peak value ($0.0022/dogecoin). COMPARED TO LITECOIN 1 LTC = $7.60 USD Price would have to increase ~650% to be back at peak value ($48/litecoin). Market Capitalization 7th of all digital currencies, ~$23 Million USD Our market cap has been declining the last few months, most coin’s have. I am excited to know what our year-to-year price change will be as that is a better measure of change than the last 30 days. For the past few days I have been trying to find a graph of the TOTAL market cap of all coins together over time. I have a theory that not a lot of money is being put into cryptocurrencies at the moment, and the coins that go up in value are taking away value from others. What do you think? I want to know if this is true, or if I am crazy. If that is somewhat true, there is a limit to how many coins will make it big. I'd love to just see the total ALTCOIN market cap over time as well. Hashrate/Halving Hashrate = ~50GH/s Oddly, this is about the same hashrate we had after the last halving! ASICs inbound… I could not find what proportion of the SCRYPT hashrate we have over time, as that is the best measure of hashrate in relation to other coins. I do have this though. Litecoin’s hashrate is about 10 times larger than ours now. The current block reward (recent halving) will create 90 Million Dogecoins/day or 38.7BTC at current prices. This means that if ALL mined Dogecoins are sold every day they would only make up 3.8-7.5% off all transaction volume per day, which is around 500-1000BTC/day. When the price stays the same, we can assume 250-500BTC of Dogecoins are bought or sold in that day. Therefore miners do not make up a large portion of the selling anymore, and they haven't for a while. Another BIG assumption you have to make is that 38.7BTC cannot move markets. From my personally observations, the Cryptsy DOGE/BTC market controls the price of Dogecoin. I have watched the Chinese markets (BTC100, BTC38, BTER) respond to changes in price after they happen on Cryptsy. ~38BTC can have a HUGE impact on price if buy/sell walls are not there to support it. We need more demand, but it is nice to have less pressure from miners anyways. Liquidity is still much much higher with Litecoin though! Transactions per Day Dogecoin has more transactions per day Litecoin, and all other altcoins. Sent from addresses Dogecoin has more unique addresses sending coins per day than Litecoin, and all other altcoins. Average Transaction Value Average Litecoin transaction value for today was $9,380 USD. Average Dogecoin transaction value for today was $122 USD. Average Bitcoin transaction value for today was $3,250 USD. http://bitinfocharts.com/comparison/transactionvalue-btc-ltc-doge.html Dogecoin is potentially being used exactly as intended. Lots of people sending small amounts of money to each other or things. I am stunned that the AVERAGE person sending Litecoins that day, sent almost $10K. That is 3x higher than Bitcoin. In fact, oddly, Litecoin always has a higher average transaction value than Bitcoin since the Bitcoin bubble in late 2013. Anybody know why? We usually DO NOT have higher transaction volumes than Litecoin, but we do consistently have ~500-1000BTC/day that is transacted, putting Dogecoin in the top 5 most traded coins. Dogecoin Address Growth Dogecoin has also GAINED 14,653 positive addresses in the month of June, where Litecoin has LOST 33,875. (info from bitinfocharts and currency4world) Wikipedia Statistics (http://stats.grok.se/) Bitcoin traffic – Average ~9000 views in the last 90 days (highest 18614 views/day) – total views/90 days 819,193 Litecoin traffic – Average ~380 views in the last 90 days (highest 998 views/day) – total views/90 days 40,036 Dogecoin traffic – Average ~1200 views in the last 90 days (highest 8629 views/day) – total views/90 days 154,415 Circlejerking Statistics Bitcoin recently surpassed 1 Yottahash, I believe we are up to almost 1 Yottajerk of circlejerking power. I am excited for a few years from now, when the QuantumJerk ASICs are released. Every time I read someone calling /dogecoin a circlejerk I laugh, not because they are wrong, but because they are just stating the obvious. Do you think there is someone in the corner of the room at NASA who just comments about how all they talk about is rockets and space? If dreaming big and congratulating ourselves on our achievements is a circlejerk, then I guess it’s human to circlejerk. Every subreddit is a circlejerk, the only difference in /dogecoin is that you can get tips from circlejerking. (Is that prostitution?) The main point of this section was to see how many times I could type circlejerk. Foundation The new Dogecoin Foundation is now a legal enitiy and will have a road map of working projects Personally I would love to see someone from the Chinese Dogecoin community represented on the Foundation. They buy and sell a lot of Dogecoins Maybe just a liason position or something. At the very least, during fundraisers, the Chinese community should be contacted to see if they want to help out! Development Dogecoin is the ONLY altcoin with the Core/Wallet/qt based off of Bitcoin 0.9. Dogecoin Core will be kept up to date and features from the Bitcoin Core will be adopted quickly. The devs are doing great so far, especially against coins with full-time PAID developers! CrytoSaga Unprecedented cryptocurrency modeling software will be written to test possible outcomes to changes in Dogecoin’s algorithm. Main candidates are PoS 2.0, Tendermint, and SIMD. To my knowledge, this has never been created before in all of cryptocurrency, and will definitely further highlight the abilities of Dogecoin’s development team. A payment protocol is also being worked on. Cryptiv
Cryptiv is considering integrating tipping on Wordpress websites and would love to hear the community’s feedback on this next potential platform or if they have any other suggestions?
We will be making some improvements to the site and to the tipping experience on Twitter, Twitch.tv and Youtube based on feedback received from our users and hope to implement and announce these improvements very soon!
Optional multi factor authentication. Will start with Google Authenticator and possibly one other for of authentication. This allows a users account to stay safe even if the users password is compromised.
Site moved to 100% SSL encryption. That means that all communication with www.SuchList.com will use HTTPS. Not only when logged in. This makes sure user data and cookies etc stay safe.
Added more user validators (used to validate user provided data). Such as Etsy and LinkedIn.
Adding auction style listings so that someone posting can select that it's an auction and set things like start price, buy now price, end time etc.
More than 750 MILLION Dogecoins sold since opening in late April
More than 3500 transactions to more than 2600 Shibes in 66 countries
OKPay/PerfectMoney for non-US based transactions coming soon
Onarbor The biggest new Onarbor feature announcement is ability to back and re-back works and reviews. This was the top request so we're glad to finally implement it. Coming soon will be more tailored feeds where we will allow people to follow creators that interest them (will allow TwitteFB/linkedin auth to find friends/colleagues). What can Dogecoin do better? Marketing For a coin that has done some of the best marketing out there, we suck at getting major announcements across on multiple platforms. I am hoping /dogecoin_pr will bring this up to par. EXAMPLE: 51.54% of Dogecoin users are on Dogecoin Core 1.6.( http://bitinfocharts.com/dogecoin/) Maybe merchants and such are not to keen on updating if it is not required, but maybe they just do not know about 1.7. When 1.8 comes out, I would love to see a sticky thread on the subreddit, an announcement on the official Dogecoin Twitter and Facebook pages, an announcement on the front of the BitcoinTalk forum, as well as contacting cryptonews websites. Dogecoin has a large social media presence and should be taking advantage of THAT! Tipping I am concerned that there are not that many external deposits made to everyone’s dogetipbot accounts. Until there are more tipping users, I fear that we may be only be tipping coins that were tipped to us in the first place. That is not the best way to build demand. I am hoping mohland has some data on this. I strongly believe in the tipping economy and culture of Dogecoin, and personally, that is how I think we can best build demand. Until we have more tipping users, it is up to us to build that demand, and the work could pay off. Dogecoin.com I know you powerlemons is working on updating this, but the website is COMPLETELY MISSING a section on how to accept Dogecoin. This should be just as big as the other coloured sections! ALSO This should be added to the “Get Dogecoin” section at the bottom of the page. I have tried to keep it updated as much as possible, but would love the community to notify me of any changes COMMENTS Josh Wise “I have said this to a few people in the community but my two cents on this is to keep it fun, charitable, and stick to the fundamentals that made the community grow so much initially. My personal opinion (and I really have no clue what I am talking about) is that this community grew so fast because it was so much fun, anything seemed possible, everything seemed worth trying and there were not many negative undertones with anything. It seems like people are really getting wrapped up in a lot of negatives right now and that is never productive. The law of attraction will rule in the end and as long as people are positive- no matter the circumstance- the circumstance will become positive. I love this place and wish only the best for dogecoin and the community, and like I said, I have no clue as to all of the intricacies and the many moving parts past and present. Only my two cents on what I see (: As far as upcoming projects- I am still working on some new shirts by popular demand. I would really love to either race the Dogecoin car in a few Superspeedway races next year, or try to raise money so that we can run the rear bumper all season. I am super thankful for all that has come of this and want to continue to help build the brand and awareness in any ways possible. A lot of that is really up to the community though and not me.” Co-founder (BillyM2K aka Shibetoshi Nakamoto) “A community that is having fun, building cool things, and coming together for great causes and fun causes alike is exceptionally more valuable than one that is trying desperately to create value by finger pointing, complaining, witch hunting, attempting to market useless features, and ultimately eating itself.” thistime1 - High Anxiety Shibe I hope you all learned something today. I tried really hard to make sure that was the case. Who do I love? It's 7:41AM EST and we've found 87.49% of our initial 100 Billion DOGEs -- only 12.51% remains until our period of Hyper-inflation ends! Our Global Hashrate is up from ~44 to ~47 Gigahashes per second and our Difficulty is up from ~708 to ~724. I Hope you enjoyed today's Guest Post by thistime1! Note: To tip them directly: +dogetipbot @thistime1 xxx doge verify GoodShibe
The pools are all reporting the wrong network data (I hope its this - but the rate of discovery of blocks by pools would suggest otherwise)”
(https://bitcointalk.org/index.php?topic=583449.msg6782852#msg6782852) -2192: “New source (0.8.8.1) is up with optimizations in the hashing. Hashrate should go up ~4x or so, but may have CPU architecture dependence. Windows binaries are up as well for both 64-bit and 32-bit." (https://bitcointalk.org/index.php?topic=583449.msg6788812#msg6788812) [eizh makes official announce of last miner optimization, it is may 17th] -2219: (https://bitcointalk.org/index.php?topic=583449.msg6792038#msg6792038) [wolf0 is part of the monero community for a while, discussing several topics as botnet mining and miner optimizations. Now spots security flaws in the just launched pools] -2301: "5x optimized miner released, network hashrate decreases by 10% Make your own conclusions. :|" (https://bitcointalk.org/index.php?topic=583449.msg6806946#msg6806946) -2323: "Monero is on Poloniex https://poloniex.com/exchange/btc_mro" (https://bitcointalk.org/index.php?topic=583449.msg6808548#msg6808548) -2747: "Monero is holding a $500 logo contest on 99designs.com now: https://99designs.com/logo-design/contests/monero-mro-cryptocurrency-logo-design-contest-382486" (https://bitcointalk.org/index.php?topic=583449.msg6829109#msg6829109) -2756: “So... ALL Pools have 50KH/s COMBINED. Yet, network hash is 20x more. Am i the only one who thinks that some people are insta mining with prepared faster miners?” (https://bitcointalk.org/index.php?topic=583449.msg6829977#msg6829977) -2757: “Pools aren't stable yet. They are more inefficient than solo mining at the moment. They were just released. 10x optimizations have already been released since launch, I doubt there is much more optimization left.” (https://bitcointalk.org/index.php?topic=583449.msg6830012#msg6830012) -2765: “Penalty for too large block size is disastrous in the long run. Once MRO value increases a lot, block penalties will become more critical of an issue. Pools will fix this issue by placing a limit on number and size of transactions. Transaction fees will go up, because the pools will naturally accept the most profitable transactions. It will become very expensive to send with more than 0 mixin. Anonymity benefits of ring signatures are lost, and the currency becomes unusable for normal transactions.” (https://bitcointalk.org/index.php?topic=583449.msg6830475#msg6830475) -2773: "The CryptoNote developers didn't want blocks getting very large without genuine need for it because it permits a malicious attack. So miners out of self-interest would deliberately restrict the size, forcing the network to operate at the edge of the penalty-free size limit but not exceed it. The maximum block size is a moving average so over time it would grow to accommodate organic volume increase and the issue goes away. This system is most broken when volume suddenly spikes." (https://bitcointalk.org/index.php?topic=583449.msg6830710#msg6830710) -3035: "We've contributed a massive amount to the infrastructure of the coin so far, enough to get recognition from cryptonote, including optimizing their hashing algorithm by an order of magnitude, creating open source pool software, and pushing several commits correcting issues with the coin that eventually were merged into the ByteCoin master. We also assisted some exchange operators in helping to support the coin. To say that has no value is a bit silly... We've been working alongside the ByteCoin devs to improve both coins substantially." (https://bitcointalk.org/index.php?topic=583449.msg6845545#msg6845545) [tacotime defends the Monero team and community of accusations of just “ripping-off” others hard-work and “steal” their project] -3044: "image" (https://bitcointalk.org/index.php?topic=583449.msg6845986#msg6845986) [Monero added to coinmarketcap may 21st 2014] -3059: "You have no idea how influential you have been to the success of this coin. You are a great ambassador for MRO and one of the reasons why I chose to mine MRO during the early days (and I still do, but alas no soup for about 5 days now)." (https://bitcointalk.org/index.php?topic=583449.msg6846509#msg6846509) [random user thanks smooth CONSTANT presence, and collaboration. It is not all FUD ;)] -3068: "You are a little too caught up in the mindset of altcoin marketing wars about "unique features" and "the team" behind the latest pump and dump scam. In fact this coin is really little more than BCN without the premine. "The team" is anyone who contributes code, which includes anyone contributing code to the BCN repository, because that will get merged as well (and vice-versa). Focus on the technology (by all accounts amazing) and the fact that it was launched in a clean way without 80% of the total world supply of the coin getting hidden away "somewhere." That is the unique proposition here. There also happens to be a very good team behind the coin, but anyone trying too hard to market on the basis of some "special" features, team, or developer is selling you something. Hold on to your wallet." (https://bitcointalk.org/index.php?topic=583449.msg6846638#msg6846638) [An answer to those trolls saying Monero has no innovation/unique feature] -3070: "Personally I found it refreshing that Monero took off WITHOUT a logo or a gui wallet, it means the team wasn't hyping a slick marketing package and is concentrating on the coin/note itself." (https://bitcointalk.org/index.php?topic=583449.msg6846676#msg6846676) -3119: “image” [included for the lulz] -3101: "[…]The main developers are tacotime, smooth, NoodleDoodle. Some needs are being contracted out, including zone117x, LucasJones, and archit for the pool, another person for a Qt GUI, and another person independently looking at the code for bugs." (https://bitcointalk.org/index.php?topic=583449.msg6848006#msg6848006) [the initial "core team" so far, eizh post] -3123: (https://bitcointalk.org/index.php?topic=583449.msg6850085#msg6850085) [fluffy steps-in with an interesting dense post. Don’t dare to skip it, worthwhile reading] -3127: (https://bitcointalk.org/index.php?topic=583449.msg6850526#msg6850526) [fluffy again, worth to read it too, so follow link, don’t be lazy] -3194: "Hi guys - thanks to lots of hard work we have added AES-NI support to the slow_hash function. If you're using an AES-NI processor you should see a speed-up of about 30%.” (https://bitcointalk.org/index.php?topic=583449.msg6857197#msg6857197) [flufflypony is now pretty active in the xmr topic and announces a new optimization to the crippled miner] -3202: "Whether using pools or not, this coin has a lot of orphaned blocks. When the original fork was done, several of us advised against 60 second blocks, but the warnings were not heeded. I'm hopeful we can eventually make a change to more sane 2- or 2.5-minute blocks which should drastically reduce orphans, but that will require a hard fork, so not that easy." (https://bitcointalk.org/index.php?topic=583449.msg6857796#msg6857796) [smooth takes the opportunity to remember the need of bigger target block] -3227: “Okay, optimized miner seems to be working: https://bitcointalk.org/index.php?topic=619373” [wolf0 makes public his open source optimized miner] -3235: "Smooth, I agree block time needs to go back to 2 minutes or higher. I think this and other changes discussed (https://bitcointalk.org/index.php?topic=597878.msg6701490#msg6701490) should be rolled into a single hard fork and bundled with a beautiful GUI wallet and mining tools." (https://bitcointalk.org/index.php?topic=583449.msg6861193#msg6861193) [tail emission, block target and block size are discussed in the next few messages among smooth, johnny and others. If you want to know further about their opinions/reasonings go and read it] -3268: (https://bitcointalk.org/index.php?topic=583449.msg6862693#msg6862693) [fluffy dares another user to bet 5 btc that in one year monero will be over dash in market cap. A bet that he would have lost as you can see here https://coinmarketcap.com/historical/20150524/ even excluding the 2M “instamined” coins] -3283: "Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one. I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw). Everyone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar. The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended) [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized. That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have." (https://bitcointalk.org/index.php?topic=583449.msg6863720#msg6863720) [smooth vision of a true p2p currency] -3318: "I have a screen shot that was PMed to me by someone who paid a lot of money for a lot of servers to mine this coin. He won't be outed by me ever but he does in fact exist. Truth." (https://bitcointalk.org/index.php?topic=583449.msg6865061#msg6865061) [smooth somehow implies it is not botnets but an individual or a group of them renting huge cloud instances] -3442: "I'm happy to report we've successfully cracked Darkcoin's network with our new quantum computers that just arrived from BFL, a mere two weeks after we ordered them." [fluffy-troll] -3481: “Their slogan is, "Orphaned Blocks, Bloated Blockchain, that's how we do"" (https://bitcointalk.org/index.php?topic=583449.msg6878244#msg6878244) [Major FUD troll in the topic. One of the hardest I’ve ever seen] -3571: "Tacotime wanted the thread name and OP to use the word privacy instead of anonymity, but I made the change for marketing reasons. Other coins do use the word anonymous improperly, so we too have to play the marketing game. Most users will not bother looking at details to see which actually has more privacy; they'll assume anonymity > privacy. In a world with finite population, there's no such thing as anonymity. You're always "1 of N" possible participants. Zero knowledge gives N -> everyone using the currency, ring signatures give N -> your choice, and CoinJoin gives N -> people who happen to be spending around the same amount of money as you at around the same time. This is actually the critical weakness of CoinJoin: the anonymity set is small and it's fairly susceptible to blockchain analysis. Its main advantage is that you can stick to Bitcoin without hard forking. Another calculated marketing decision: I made most of the OP about ring signatures. In reality, stealth addressing (i.e. one-time public keys) already provides you with 90% of the privacy you need. Ring signatures are more of a trump card that cannot be broken. But Bitcoin already has manual stealth addressing so the distinguishing technological factor in CryptoNote is the use of ring signatures. This is why I think having a coin based on CoinJoin is silly: Bitcoin already has some privacy if you care enough. A separate currency needs to go way beyond mediocre privacy improvements and provide true indistinguishably. This is true thanks to ring signatures: you can never break the 1/N probability of guessing correctly. There's no additional circumstantial evidence like with CoinJoin (save for IP addresses, but that's a problem independent of cryptocurrencies)." (https://bitcointalk.org/index.php?topic=583449.msg6883525#msg6883525) [Anonymity discussions, specially comparing Monero with Darkcoin and its coinjoin-based solution, keep going on] -3593: "Transaction fees should be a fixed percentage of the block reward, or at the very least not be controllable by the payer. If payers can optionally pay more then it opens the door for miner discrimination and tx fee bidding wars." (https://bitcointalk.org/index.php?topic=583449.msg6886770#msg6886770) [Johnny Mnemonic is a firm defender of fixed fees and tail emission: he see the “fee market” as big danger to the usability of cryptocurrencies] -3986: (https://bitcointalk.org/index.php?topic=583449.msg6930412#msg6930412) [partnership with i2p] -4373: “Way, way faster version of cpuminer: https://bitcointalk.org/index.php?topic=619373” (https://bitcointalk.org/index.php?topic=583449.msg6993812#msg6993812) [super-optimized miner is finally leaked to the public. Now the hashrate is 100 times bigger than originally with crippled miner. The next hedge for "cloud farmers" is GPU mining] -4877: “1. We have a logo! If you use Monero in any of your projects, you can grab a branding pack here. You can also see it in all its glory right here: logo […] 4. In order to maintain ISO 4217 compliance, we are changing our ticker symbol from MRO to XMR effective immediately." (https://bitcointalk.org/index.php?topic=583449.msg7098497#msg7098497) [Jun 2nd 2014] -5079: “First GPU miner: https://bitcointalk.org/index.php?topic=638915.0” (https://bitcointalk.org/index.php?topic=583449.msg7130160#msg7130160) [4th June: Claymore has developed the first CryptoNight open source and publicly available GPU miner] -5454: "New update to my miner - up to 25% hash increase. Comment and tell me how much of an increase you got from it: https://bitcointalk.org/index.php?topic=632724" (https://bitcointalk.org/index.php?topic=583449.msg7198061#msg7198061) [miner optimization is an endless task] -5464: "I have posted a proposal for fixed subsidy: https://bitcointalk.org/index.php?topic=597878.msg7202538#msg7202538" (https://bitcointalk.org/index.php?topic=583449.msg7202776#msg7202776) [Nice charts and discussion proposed by tacotime, worth reading it] -5658: "- New seed nodes added. - Electrum-style deterministic wallets have been added to help in the recovery of your wallet should you ever need to. It is enabled by default." (https://bitcointalk.org/index.php?topic=583449.msg7234475#msg7234475) [Now you can recover your wallet with a 24 word seed] -5726: (https://bitcointalk.org/index.php?topic=583449.msg7240623#msg7240623) [Bitcoin Pizza in monero version: a 2500 XMR picture sale (today worth ~$20k)] -6905: (https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715) [Monero missives: CryptoNote peer review starts whitepaper reviewed)] -7328: (https://bitcointalk.org/index.php?topic=583449.msg7438333#msg7438333) [android monero widget built] This is a dense digest of the first several thousand messages on the definitive Monero thread. A lot of things happened in this stressful days and most are recorded here. It can be summarized in this:
28th April: Othe and zone117x assume the GUI wallet and CN pools tasks.
30th April: First NoodleDoodle's miner optimization.
11th May: First Monero exchanger
13th May: Open source pool code is ready.
16th May: First pool mined block.
19th May: Monero in poloniex
20th May: Monero +1100 bitcoin 24h trading volume in Poloniex.
21st May: New official miner optimization x4 speed (accumulated optimization x12-x16). Open source wolf0's CPU miner released.
25th May: partnership with i2p
28th May: The legendary super-optimized miner is leaked. Currently running x90 original speed. Hedge of the "cloud farmers" is over in the cpu mining.
2nd June: Monero at last has a logo. Ticker symbol changes to the definitive XMR (former MRO)
4th June: Claymore's open source GPU miner.
10th June: Monero's "10,000 bitcoin pizza" (2500 XMR paintig). Deterministic seed-based wallets (recover wallet with a 24 word seed)
March 2015 – tail emission added to code
March 2016 – monero hard forks to 2 min block and doubles block reward
There basically two things in here that can be used to attack Monero:
Crippled miner Gave unfair advantage to those brave enough to risk money and time to optimize and mine Monero.
Fast curve emission non-bitcoin-like curve as initially advertised and as it was widely accepted as suitable
Though we have to say two things to support current Monero community and devs:
The crippled miner was coded either by Bytecoin or CryptoNote, and 100% solved within a month by Monero community
The fast curve emission was a TFT miscalculation. He forgot to consider that as he was halving the block target he was unintentionally doubling the emission rate.
Why Reddcoin is going to the top, part 3 (conclusion)
Why Reddcoin is going to the top, part 3 (conclusion) Firstly, my apologies to everyone who read the first two parts to this article... 1) http://www.reddit.com/reddCoin/comments/2bspjm/why_reddcoin_is_going_to_the_top_part_1/ 2) http://www.reddit.com/reddCoin/comments/2buwvt/why_reddcoin_is_going_to_the_top_part_2/ … because at the end of part 2 I promised the final part the very next day. Life and work took over ‒ I'm sure many of you can sympathise ‒ but sorry for this late last instalment anyway. ;) So... In part 1, I separated the top 20 altcoins on coinmarketcap into three groups: - Currency coins- Anon currency coins- Decentralised something-or-other coins ... and provided some argument as to why all the coins in the group “Decentralised something-or-other coins” are going to grow slower than Reddcoin. Part 2 focussed on anon currencies, and listed multiple obstacles that this type of cryptocurrency will face, which Reddcoin neatly sidesteps. For the final part of this article, part 3, I am going to look at the “Currency coins” that share several of the top 20 places on coinmarketcap with Reddcoin, and then finish with a few thoughts about Reddcoin itself. Blackcoin, Vericoin and Quark You may wonder why I have grouped these three coins together under one sub-heading. Indeed, some readers may find this grouping offensive! I have grouped these three projects together as they have all suffered from the same terminal problem: a severe breakdown within the community and nasty infighting. Quarkcoin is the oldest of the three projects, and the least convincing in my opinion. When Quark was created it had little in the way of innovation, but one thing that did stand out was the way the dev launched into very aggressive attacks on other projects and on other people personally. It was extremely off-putting and embarrassing to watch. Quark did however manage to garner some support, in my view mainly due to mentions on the Keiser Report and other such broadcasts, but this is of course not what will bring a project lasting success. Blackcoin appears to be a project with much more behind it than Quark. It has a range of activities on the go and a good dev team. But Blackcoin has suffered from some particularly unpleasant community infighting. Aside from this unfortunate development, it is also the case that the team has put work into seemingly clever features, such as Blackhalo, that may in fact be far from the “killer apps” that will really convince people to invest in the Blackcoin project in particular. And just like Darkwallet renders a core premise of the anon currency projects obsolete, Blackhalo shares exactly the same smart contract functionality as Bithalo, meaning that holders of Bitcoin looking for this functionality alone have no need to look elsewhere. The Vericoin team looked like they had the communication aspect well-managed when they launched a series of Google hangouts to explain their project. While this caused a spike of interest it also sadly seemed to attract a range of dubious attention, leading to all kinds of controversy playing out on that most entertaining of forums, Bitcointalk. And then, of course, there was the Mintpal hack and the blockchain roll-back, and since that time, whether fair or not, it has been impossible for Vericoin to claw back its reputation. (As a side note, I for one applaud the devs in their decision to roll back the blockchain after the theft of 1/3 of all Vericoins in existence. I believe that in principle being able to thwart theft in this way is a positive thing, and that given the technology the possibility of a case serious enough to warrant action will always exist.) Litecoin and Peercoin While Peercoin pioneered Proof-of-Stake, something we are of course extremely grateful for, the project appears to have made little headway in terms of continuing ground-breaking achievements following its launch 2 years ago. This distinct lack of development has resulted in a steady decline in price since the beginning of 2014. Litecoin suffers from the same stagnation as Peercoin. Of course Litecoin ushered in the era of scrypt mining, again a ground-breaking advance in its day, but while cryptocurrency enthusiasts are now practically unanimous in agreeing that a successful cryptocurrency project cannot be based on scrypt mining alone (due to the advent of scrypt ASICS and the fact that the Proof-of-Work algorithm wastes immense amounts of energy) the Litecoin project has not adapted in any way to accommodate this advance in understanding. Recently cracks have appeared in the market; investors have been taking flight from Litecoin and the process shows no signs of abating. Dogecoin Last but not least, let's look at the coin that gets compared most often to Reddcoin – Dogecoin! I believe Dogecoin had perhaps the biggest chance to win the ultimate altcoin prize: to make it into mainstream use. This is what all altcoins aspire to, and through a combination of creative, gung-ho marketing and a healthy dose of right-place/right-time luck, Dogecoin was propelled close to a point where it could have escaped the gravity that seems to pull on all cryptocurrency... But alas Doge has not been able to achieve orbit, a necessary stage before Moon travel is possible! And I have a theory as to why this is the case. When I first heard about Dogecoin there were several times when I was close to becoming a “shibe”, but I never quite managed to become involved. I couldn't get around the whole joke part of it, and the fact that people didn't just buy and use the coin; they also adopted shibe personalities and philosophies. Each to their own, live and let live, but for me this was a red flag. I always had the feeling Doge was a flash in the pan, a kind of craze... It is true that there were and still are associations with charities and events, and all this kind of activity is of course laudable, but ironically the strain of virality that made Dogecoin soar is the strain fuelled by pure satire, humour, “jokiness”... but facetiousness is quite clearly the antithesis of money. I see money itself as quite straight and boring – it is simply a tool – and I believe that deep down, people won't trust any digital money that looks too wacky or exotic. The network has to be serious and straight enough that you could imagine everyone using it. No-one really wants "funny money"! Which brings me to Reddcoin! So why do I think Reddcoin has the best chance of success? For me to be able to explain my ideas fully will require another article at least as long as this one! But I will put some of the core reasons down here as bullet points:
Reddcoin has a fantastic and devoted team of developers. Someone pointed out the other day that if you look at the activity on Github you can see that there are more commits for the Reddcoin project than there are for the top 10 altcoins combined!
Reddcoin is all about a stream of innovation. Core dev laudney has made it clear in his posts that he views this project as a gigantic puzzle with many pieces. It is this determination to push ahead with innovation with utter disregard for the emotional highs and lows that have derailed so many other projects, that will not fail to bear fruit.
Reddcoin is right up with the most professional cryptocurrency projects out there. But not only that: the Reddcoin team members appear to be having genuine fun with it! The way they support and point to each other’s work with features, flyers, campaigns, etc. really shows that they have their fingers on the pulse of the project and the community.
At the core of the Reddcoin project is the leveraging of social media, something unique among cryptocurrencies. Other projects plan to leverage the worlds of business and investment in some way, but as soon as you begin to analyse these projects it becomes apparent that what they are hoping for is a very long way off and in many cases purely theoretical. The Reddcoin devs have already managed to integrate the project with some social media platforms, and we are a whisker away from new, significant advances in this respect.
But although significant advances are being made, the fact is there is an immense space – absolutely immense – in which Reddcoin can grow. The devs are very clearly aware of this and are pulling out all the stops to continue building the infrastructure to make this growth happen. It is the products and services around the core currency that will make Reddcoin great and bring huge value to the network.
Conclusion I will finish off this article with a promise of more to come. I believe it would be extremely beneficial to the community to have an understanding of what is really being created, of the network that is coming into existence. In my view what is really happening, above and beyond the adoption of a new currency, is the natural founding of a unique organisation – a kind of open-source company – with a community of ultra-early adopters and alpha-testers, who are also still currently going through a phase of awakening and of vision-forming: learning to see the real potential of the project. But as a last word I would like to repeat how impressed I am with the Reddcoin team. The devs and the moderators continue to make relevant, enthusiastic and intelligent contributions to the forum on a daily basis, and I have yet to read any of them latching on to price movements as if they make an important topic of discussion. I cannot stress how reassuring this is. I have seen so many other devs that at first appear devoted to building interesting technology, lose their cool and stress out about price movements like they are the thing that will make or break a project. When devs start obsessing with price it guts the very soul of a project. So continue just as you are, devs: obsessed with innovation and building a great and powerful network over and above all else! (Every idea expressed in the above article is my own, and I am not expressing any kind of official viewpoint or speaking directly for the core Reddcoin team. I am interested in cryptocurrency generally and I apologise for any offence I may cause when discussing other projects. This article is short and necessarily limited to an overview, an overview that I claim entirely as my own.)
August 9th, 2014: With the amount of projects that have been in constant development, this FAQ is somewhat out of date. While information about fundamentals of the coin remains the same and can be found here, there is much that has changed since then. In the meanwhile, please see the projects list here for a taste of the enormous development efforts of the BlackCoin community, and feel free to follow the subreddit to keep on track with new updates: http://www.reddit.com/blackcoin/comments/27lz3h/blackcoin_projects_overview/ I created this as an initial draft of a FAQ for newcomers, feel free to recommend additions, corrections, removals, or changes. TL/DR version at the end for those short on time.
Sections: (Ctrl + F to jump)
What is BlackCoin? [A] What separates BlackCoin from other cryptocurrencies? [B] Why Proof of Stake? [C] What other reasons are there to pick up some BlackCoin? [D] How to obtain BlackCoin? [E] Why BlackCoin instead of competing Proof of Stake coins? [F] Where can I talk to others about BlackCoin? [G] TL/DR Version: [H]
What is BlackCoin? [A]
BlackCoin is a cryptocurrency based on many of the ideas contained within the original Bitcoin protocol, but with a few very important changes. Being only a couple of months old, it is a relatively new currency, but has been experiencing rapid growth. It is already in the top 10 cryptocurrencies by market cap.
What separates BlackCoin from other cryptocurrencies? [B]
There are a few main advantages to BlackCoin that separate it from most other cryptocurrencies. To ensure a fair distribution of coins, BlackCoin was initially distributed through a Proof of Work phase, the same method that Bitcoin uses to generate coins and secure the network. That period is now over, and BlackCoin has transitioned entirely to PoS, or Proof of Stake. This allows lightning fast confirmation times, which can average as fast as 10 seconds each. In comparison, bitcoin averages 10 minutes per confirmation and litecoin clocks in at 2.5 minutes. These faster confirmation times can provide an extraordinary advantage for merchant adoption, as well as greatly improving the user experience.
Why Proof of Stake? [C]
Proof of Work was a fantastic innovation that formed the backbone of the original Bitcoin protocol. The idea is that by solving a computationally intensive math problem, one can prove the effort they've done to secure the protocol. This is how a blockchain is generated, and the effort that is required to perform this computations contribute to a coin's scarcity and value. However, proof of work eventually becomes an extraordinarily expensive system. To secure the bitcoin network at the current market value costs about $1.8 million dollars, every single day. Most of this money is leaving the system to pay for energy costs and specialized computer equipment, much of which is done by huge computer farms. Even worse, when the value of a bitcoin increases, so does this cost. The hypothetical "$10,000 bitcoin" would cost $13 billion per year to maintain. While some of this may be mitigated by a reward "halving" or two in 3-7 years time, decreasing this reward too substantially creates a potential security risk. Proof of Stake solves this issue in a very elegant way. Rather than using computer power as a scarce resource to generate security, Proof of Stake uses the scarcity of the coin itself. A user may choose to "stake" his coins to generate the next block in the chain, and his chance of doing so is basically proportional to the weight of his own coins. With Proof of Work, a user can attack a network if he holds 51% of the current computer power, but to do so with Proof of Stake, that user would need a large shares of the overall coins. Acquiring this number of coins would be very difficult and expensive, and such an individual would have little incentive to attack the network as this would hurt the value of his own coins. As such, a Proof of Stake system is secured through basic economic facts rather than mass computing power. While this is still a very contentious issue, the superior environmental and economic efficients of Proof of Stake lead many here to believe that it could be the future of cryptocurrency.
What other reasons are there to pick up some BlackCoin? [D]
There are many interesting coins out there, but BlackCoin strives to be superior in all areas. The combination of Proof of Stake and fast transaction times allow BlackCoin to excel both as a long-term store of value and for day-to-day transactions, a rare combination. But the coin also has a strong community and a rapidly developing infrastructure. The coin's original developer has continued to work on the coin and make sure new applications are secure, even going so far as to point out a potential vulnerability in a competing coin. There is a dedicated community manager and many others who have been helping BlackCoin to grow and thrive. Further, there are many new and exciting projects going on with BlackCoin, and it can even be difficult to keep track of it all. The most famous of these projects is the Blackcoin mining pool (http://blackcoinpool.com/), which allows miners to group together to mine other Proof of Work coins and use the profits to purchase BlackCoin, allowing this value to be absorbed into the BlackCoin economy. But don't be confused - the coin wasn't built around the idea of the mining pool, it's just one of the many great community developments that have sprung up to support it. There have been other major developments recently as well. BlackCoin was recently accepted to be part of CoinKite's point of sale system, a huge step which will make it easy for both physical and online merchants to accept BlackCoin. The Black Coin Card (www.blackcoincard.com) is another effort which will make it very simple for anyone to get started using BlackCoin. Even a press release was sent out today to spread the word about BlackCoin: http://www.prweb.com/releases/2014/04/prweb11772516.htm. The community brings more and more ideas each day to support and promote BlackCoin.
How to obtain BlackCoin? [E]
Just like any cryptocurrency at the moment, it can take a little effort to get started, but once you have some cryptocurrency to your name, it isn't too hard. The best way at the moment to acquire BlackCoin would be to buy Bitcoin and send those to an exchange to convert to BlackCoin. BitStamp.net is one of the largest exchanges between USD and Bitcoin, while CoinBase is also an option for U.S. customers. Once you have bitcoin in your possession, you can convert them to BlackCoin pretty quickly. Just send them to an exchange like MintPal and you can buy them at the present market rate. Unfortunately, it can be a bit slow to get Bitcoin with the above method, but it's probably the best. If you want greater speed, you could try localbitcoins.com or finding someone directly to trade with (perhaps another reddit user). However, you may pay a significant premium over the market rate this way (15%+) and have to be careful of scams. For the miners out there, you can't mine BlackCoin directly, but you can join the BlackCoin pool which mines the most profitable coins and uses them to purchase BlackCoin. Another user made a video explaining how to get started here: http://www.reddit.com/blackcoin/comments/23dy88/a_video_on_how_to_get_set_up_for_new_members/ (But make sure you are pointed at the updated address, stratum+tcp://useast.blackcoinpool.com:3333 for scrypt as I write this, stratum+tcp://useast.blackcoinpool.com:4444 for SHA).
Why BlackCoin instead of competing Proof of Stake coins? [F]
Some way wonder why they should obtain BlackCoin when coins like NXT and Peercoin have been around longer. Of course, this is always up to an individual to decide, but I feel there are strong reasons to support BlackCoin instead. I think PeerCoin was a great idea for a coin and was the original pioneer of the Proof of Stake/Proof of Work concept. It is still in a combination phase between the two, slowly transitioning to a pure proof of stake coin. But it is different in its goals from BlackCoin. Peercoin was designed to be the sort of coin that you use as a store of value, but is also specifically designed not to be used for day to day transactions. It uses a slow transaction confirmation time of 10 minutes per block and a very high fixed fee rate for transactions at .01 PPC per kilobyte. It is intended to be more of a complementary coin to something like Bitcoin rather than a day to day currency. NXT is another coin which is operating as completely Proof of Stake, but there are some important differences between the two coins. BlackCoin is currently about twice as fast as NXT in terms of average confirmation speed and was based on the original Bitcoin Protocol. In comparison, NXT was instead built on its own code base. This may allow some potential positive changes, but also means that NXT is more likely to introduce new bugs or exploits that were not a part of its tried-and-true predecessors. But one of the biggest differences can be found in the initial coin distribution. BlackCoin was launched with a brief initial Proof of Work phase and no pre-mine. Although this phase is much shorter than the one implemented by Peercoin, it was announced a week in advance to give all miners and buyers an equal and fair opportunity to claim the coin. In contrast to this method, NXT was distributed based on Bitcoin payments to an account set up by the developer. The period for purchasing NXT was prematurely cut off 6 weeks early without any warning. See here for more information: https://bitcointalk.org/index.php?topic=303898.msg3620944#msg3620944 Another important component of any cryptocurrency that truly cannot be understated is the community that supports, builds infrastructure for, and spreads awareness of the coin to increase both its utility and adoption rate. It is this very factor that I feel has played a major role in bringing Bitcoin to where it is today, with a multi-billion dollar market cap. While this is a largely subjective area, I feel that BlackCoin has one of the strongest communities, especially for a very young coin, with several new projects springing up every few days. Contrastingly, it appears that NXT has some schisms within the community as can be seen here, splitting into two different forums: https://nextcoin.org/index.php/topic,4621.0.html However, bear in mind that this is my own view on the situation as an outsider with limited involvement, and it is always best to do your own research if time permits.
Where can I talk to others about BlackCoin? [G]
There are a few places to talk about BlackCoin, news, and upcoming developments. First, where you are now, the reddit community has been growing very quickly: http://www.reddit.com/blackcoin/ Make sure to check the sidebar for many more websites. https://bitcointalk.org/index.php?topic=469640.0 This is the bitcointalk thread. This thread has historically had the most information of any forum, but it's quite a slog to read through. Worth checking up on if you don't want to miss anything though. http://blackcointalk.com/ The "official" forums.
TL/DR Version: [H]
Blackcoin is a cryptocurrency. It's pretty new, but it's pretty great. It uses Proof of Stake, so it's efficient. It's also lightning fast. Bitcoin is slow and expensive to secure. Proof of Stake = the future. BlackCoin = the future. The community here is amazing. BlackCoinPool. BlackCoinCard. Press. Hype. CoinKite. New projects all the time. Don't get left in the dust. Blackcoin is the best in all areas. Speed, store of value, economics, efficiency, community, developers, got it all. Buy some.
Bitcoin mining . Discuss here everything related to Bitcoin mining - pools, software (miners), hardware, etc. Download links are not allowed in this section. For more informations, see item "5. No Suspicious download links" in the Forum Rules. All others go to Altcoin mining section. 3470 Posts 1400 Topics New BitcoinTalk - no ads, no smm, no other spammers. New BitcoinTalk Home Bitcoin; Bitcoin. General discussion about the Bitcoin. Moderator: Admin. Forum. Mining Bitcoin Discussions about Bitcoin mining and hardware Moderator: Admin. 26 Posts Last post Roller Coin by RollerBitcoin Tue Aug 13, 2019 8:44 am Bitcoin Technical Support Questions regarding issues with Bitcoin Core, nodes, the ... Home Forums Top Cryptocurrency Forums Litecoin (LTC) Forum. Litecoin (LTC) vs Bitcoin (BTC) Discussion in 'Litecoin (LTC) Forum' started by Set, Nov 22, 2017. Tags: litecoin vs bitecoin; ltc; ltc discussion; ltc forums ; ltc vs btc; Set Moderator Staff Member. Moderator Joined: Nov 18, 2017 Messages: 9 Likes Received: 6 Gender: Male. Guide to Key Differences. At-a-glance differences bitcoin ... Bitcoin uses a scripting system for transactions. Forth-like, Script is simple, stack-based, and processed from left to right. It is intentionally not Turing-complete, with no loops. A script is essentially a list of instructions recorded with each transaction that describe how the next person wanting to spend the Bitcoins being transferred can gain access to them. The script for a typical ... BTCS FORUM. Sign in to follow this . Followers 3. Bitcoin-sCrypt is a scrypt based cryptocurrency with 21 million coins and a 3 minute transaction blocks. Hide Thumbnail ...
How to Crypto: Guide to BitcoinTalk for ICOs - YouTube
How to Crypto: Guide to BitcoinTalk for ICOs Cointelegraph launches a series of guides to different useful tools for the crypto community. Newbies, experienced adherents and even gurus could find ... Video was taken by bitcointalk.org member "Klintay" during visiting our scrypt farm in Hong Kong after we have setup our first rig. Our Scrypt hash team is going deploy a 1Gh/s scrypt farm using ... The GAW Miners Fury is a 1.3 Mh/s @ 45W Scrypt ASIC Miner that is used to mine scrypt based crypto-currencies such as Litecoin. To purchase the GAW Miners Fu... A brief introduction of the bitcointalk.org forum. Hope you enjoy it! Donation address: 1PgAdNGw6h9GfUWoRUdZuQBhHxBpeDHk7u Subscribe == https://bit.ly/2MjhXFM == With the crypto bull market making its way, you may want to look for some underdog cryptocurrencies. Using bitcointalk forum and coinmarketcap you can browse ...