Topic: A Coin Made Especially for Miners. - page 3. (Read 3610 times)

...since I wasn't allowed to edit my earlier message due to a ddos... ( I think)...

Swiping out 25% is a huge blow. If you take out more than 15% the Miners are going to strike and its Scargill all over again. If you take out less than 5% it's defeats the whole purpose of the exercise. Now instead of voting, it should be done automatically to everyone. So everyone gets a share. Take the split for instance like this. 1%-10%-89%. 1% goes to the developers. 10% gets distributed to all miners and 89% goes back to the original minerThis would feel like a reward to everyone because the chunk is reasonably small than it wouldn't feel like anything to bigger miners yet would feel like a lot to smaller miners especially those that can't mine a lot.

LOL at the economist knock.

But this is exactly why I'm saying merge mining is the way to go.

Run that calculation again with me merge mining Bitcoin, PPcoin, ixCoin and Devcoin.

I've read of some pools merge mining 5 coins not 4.  And I've read that you get the same Bitcoins while at the same time your rig will also mine the other merge mined coins.

All of a sudden with a SHA256 coin you can make much more while with scrypt, I've never seen merge mining.  Maybe I've missed it or maybe people focus too much on merge mining with Bitcoin, but this merge mining will get bigger and bigger.

Tell me why I can't be merge mining 10 or 20 coins by next year?  This is the biggest reason I put money in ASICS - not so much Bitcoin as much as the potential of merge mining later on especially if they make one mergeCoin to mine them all which I've read they're working on and I bet it's a SHA256 coin.

You can get a decent Gigabyte 7850 for $189. 

You should be able to push approx.  800 kHash from the 2 mining a scrypt coin using commands like this:


setx GPU_MAX_ALLOC_PERCENT 100
cgminer.exe --scrypt -o poolIP:port -u Username -p password --no-submit-stale --gpu-engine 1150,1150 --gpu-memclock 1250,1250 --thread-concurrency 10048,10048 --intensity 17,17 --worksize 256,256 -g 1 -g 1



Using the Burnside LTC calculator:

800 KHash/s with current difficulty, assuming 400W for your Video cards and a LTC price of $2.75, you should make $2.53 a day, with $1.34 of that going for electricity assuming $0.14/kw/h

Put that vs BTC right now

I will give you 800 MHash/s from the 2 cards.  Assuming 400W and a BTC price of $82.36 (Current Price)  You should make $1.27 a day mining BTC, with $1.34 going for electricity which will give you a grand total of losing 8 cents a day mining. 

Doesn't take an economist to see which one people mining with GPU's will turn towards.

My post count just dropped from 702 to 594.  Somebody is messing with my account.

Looks like hackers aren't waiting for the 51%.

LOL.

That's the beauty of my protocol - it rewards all miners equally while on a (% "relative" basis) the smaller the miner the greater the reward, once again, relatively speaking.

I realize that sounds impossible but it's not.  This is not going to enrich the small guy to the detriment of the big guy but it will provide a nice surprise mining factor which would help out and give hope to the small guy and if all coins were to implement this then it would in fact be a really big deal on a cumulative basis.

And this is wrong, because...?

A coin designed for miners is the equivalent of cryptocurrency masturbation.

yes that was one of the same comments that was left on my original post too.Im not trying to take from the large bigger miners, i just something to try and encourage more then smaller miners which i believe is the majority, not all of us can afford expansion and new computer hardware. And with any computer or computer part--the actual day it comes out, its already outdated.But i would love a coin or a sytem that would equally award "ALL" miners regardless of hardware  or software.

Man, that was a cool idea.

Only problem there is that it's too easy for anyone to make their huge network look like 10 or 1,000 small ones and then the big guy would steal from the little guy.

My feature can't be abused or circumvented but it would not be as leveling as your plan would have been since your plan would have actively excluded the big miners which would obviously have had bigger benefits but also some big problems.  

i came up with something similar back on June 10th of this year:

 Implementing a tier based bonus system
« on: June 10, 2013, 07:06:08 pm »

    Quote
    Modify

Hello,
1)How difficult would it be to implement into either existing or creating a new software mining package with a tier based reward bonus system mainly focused on the middle or lower end miner hash tiers.(example:0-300 k hashes) Keep in mind that this would be bonus and would not be taking away from rewards that higher end tiers get now. 2)Also would this same piece of software be able to be used for a solo miner?
post your thoughts and suggestions and even feedback if you think this would be a negative action for mining in general.

Thanks,
Goldbit89

ASIC's aren't the best way to go since it basically centralizes the power in the hands of the big players, and flushes the little guys out.  This actually makes your coin less secure.  Even if eventually 5 Ghash/s ASIC's are available to miners for $300 in the future, you can bet that there will be 1 Thash/s miners available at that time for the big guys.

And just so you know.  An sha256 ASIC miner can't mine a scrypt based coin.  It can't do anything else either.  It either hashes sha256, or it does nothing.

And as for the edge, small miners would have an edge with this VGB feature.  And there's no way around it but since this feature is fully inclusive, the edge or benefits to the small miner, although real, are only on a % basis which means relative.  That's better than what any other coin out there offers right now but it's still not quite enough to really level things out.

And excluding certain miners would simply not be a good idea.  Any solution would have to be a win-win for everyone.

ASICS will be available to the small guy by next year for the price of a GPU while mining 20 times faster for 1/10th the energy cost.  All these scrypt coins will need a hard fork.

A 5GH BFL Miner eating 50 watts, is $300, what I paid for 1 GPU which was doing about 300MH while eating 250 watts.  And this is ASICS 1.0, 2.0 ASICS coming out next year will eat half as much while mining much faster and will cost even less.

GPU's are gonna be history.  Numerous good ASIC builders are coming online in mass volume already.  If the reason for Scrypt is to run from ASICS that's not the best way since ASICS are the way to go.  BTW, I paid $1700 for the whole new computer with an 8 core CPU and other high end hardware.

But if most people here prefer scrypt then so be it.  I'm sure a hard fork can switch it to SHA256 next year if I'm right.

First of all, if you paid $1700 for 2 - 7850's then you got taken right there.  After that, to mine scrypt, you need to tweak the .bat files a bit so you can get the most out of your miners.  From your other posts here, I am doubting you had your batch file set up correctly.

A small miner is not going to have an ASIC sitting in their house.  They will be mining with GPU's.  SHA256 is a dead place for GPU's now.  And after the difficulty jump today for BTC, it's way worse.  Merge mining with obsolete equipment still = a dead loss for money made.  The reason Scrypt was put in Cryptocurrency in the first place was to keep the game for the small miners alive.  

And I doubt you will figure out a way to make it easy for the little guys.  Whatever you try to do, there will be 1000 ways to get around it.  Don't worry about spending the entire programming cost on trying to make it a coin for small miners.  Your only going to make the big miners that much richer.

But it's your coin.  Do what your ideas tell you to do.


Edit:  Just read the rest of the posts.  Keep it simple.  And get to know your audiences ect before you start getting other ideas in your head.  If a coin (even Bitcoin) takes off, the masses aren't going to buy miners, and start learning how to properly set up batch files to get the most out of their equipment.  They are going to purchase the currency, and run with it.  If you can make 50% a year or whatever the rate will be, why would you bother coming down to the miners (ie geek level).  The difficulty level is going to be so high the best bet would always be to buy it straight out.  Not sure of your aware of this, but as time goes on, the mining rewards actually drop, so having 2 billion people buying $3000 machines to fight for 1 bitcoin isn't going to happen.

Also if you want a coin that is "For the miners", then you have what a large % of the coins out there do.  Give 100% to the miners.  And no pre-mine.   By taking a % for yourself, and then thinking about voting in 4 anonymous people to hand out the other 24% is the exact opposite of making the coin for the miners.

BTW.  Everything here is open source.  Meaning everything you think of can be copied by anyone else (IE how you will get your coin for virtually nothing).  You can share all of your ideas.  Don't think your getting anywhere hiding them, or hanging on to them for your coin.  Just share all your ideas and we will let you know the good from the bad.

This was simply a strategic idea but if you guys think its lame or open for abuse then it's no big deal, it's gone.

I just wanted a way to level the playing field a bit more. Cause you can't code something which alienates any large portion of the network, like the big miner, that wouldn't work, but I thought this would.

But the feature I have in mind would have a leveling effect but since it won't specifically exclude big miners that effect would be limited.

You guys have to realize, once ASICS take off and the masses come in, the control you have now to launch a coin and have an active hand in its success will be gone.

This is a once in a lifetime opportunity and soon the bankers will come in and the pro developers and millions of people with ASICS and the voice you have now will be completely drowned out in that ocean of noise.  Create the best coin to benefit the miners while you can and that's what this thread is for - figuring out how to get an edge that works long-term.

Ok, how do you suggest leveling the playing field a bit more without targeting people or specific miners such as large miners?

If you guys think its a bad idea, great, it's gone.  It makes no difference to me personally.

Hm... I actually think you're overdoing it there. I'm no fan at all of republics and this 25% distributed to whatever cause is a bad idea. Basically its very open to abuse.

Ok -- I gotta tell you that this is enough to make me lose interest. --- Thanks for the interesting thread up to now.

~nh

Ooh a trekkie. Lemme just break out my stock of Dilithium crystals to trade with XD

I would call it Gold-Pressed Latinum (GPL)