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Topic: [ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!! - page 315. (Read 946654 times)
March 25, 2014, 12:05:42 PM
March 25, 2014, 11:35:43 AM
News like to have very extreme information like, someone commited suicide because of loosing 1 000 000 utc or something xd but making fake news will not bring fame
March 25, 2014, 10:49:34 AM
Decreasing reward only benefits the people who mined/bought UTC before the fork.
It does not really benefit the coin itself nor for the new miners / investors.
Don't just think that reducing the block reward is the answer. It's not.
Doesn't matter what the block reward is, if people want it, demand will increase.
Ultracoin is in a situation like many other generic altcoins.
It needs something to make it really stand out from the crowd.
Speed is great but it's not enough to create any buzz.
We need bigger scale (expensive unfortunately) marketing technique that creates global news headlines.
Something of a very big scale.
Some wild examples:
1. Ultracoin ATMs (buy Ultracoins using BTC/LTC/FIAT, withdraw only cash)
2. Major partnership with a global payment processing company. (e.g. Paypal)
3. Creation of an Ultracoin payment processing company. (ala Bitpay)
4. Celebrity endorsement. Send them like 20000+ Ultracoins. =p
5. Multipool that mines Scrypt and exchanges for BTC to but UTC. (Like Blackcoin)
But yeah, Ultracoin still needs a stronger foundation of apps/services around it.
More mobile apps, games, sites, better desktop app, p2p pools etc etc etc.
My 2 cents...
It does not really benefit the coin itself nor for the new miners / investors.
Don't just think that reducing the block reward is the answer. It's not.
Doesn't matter what the block reward is, if people want it, demand will increase.
Ultracoin is in a situation like many other generic altcoins.
It needs something to make it really stand out from the crowd.
Speed is great but it's not enough to create any buzz.
We need bigger scale (expensive unfortunately) marketing technique that creates global news headlines.
Something of a very big scale.
Some wild examples:
1. Ultracoin ATMs (buy Ultracoins using BTC/LTC/FIAT, withdraw only cash)
2. Major partnership with a global payment processing company. (e.g. Paypal)
3. Creation of an Ultracoin payment processing company. (ala Bitpay)
4. Celebrity endorsement. Send them like 20000+ Ultracoins. =p
5. Multipool that mines Scrypt and exchanges for BTC to but UTC. (Like Blackcoin)
But yeah, Ultracoin still needs a stronger foundation of apps/services around it.
More mobile apps, games, sites, better desktop app, p2p pools etc etc etc.
My 2 cents...
You guys need to listen to this advice.
1. Great job on the charts btw dcgirl.
2. UTC already has a bad rep because of premine, dev using btc-e to promote, blah blah blah, etc. While this reputation is associated with the ignorant, why would we fuel the fire by altering to the coin to benefit current holders? This is such a bad idea its not even funny. Just imagine the BS that would be spammed in the forums and the trollboxes.
3. Just want to say that NOTHING demonstrates the community's confidence in UTC and the dev team like voting to make serious changes to the coin itself. Ultracoin is Ultracoin. If you want it to be something different, go make your own coin! ...or invest elsewhere.
4. Can we agree that Promotion (marketing) is the key here. All of the "good idea fairies" flapping around on the forum are much appreciated but "we need to promote" has been said again and again -and people continue to try and come up with other ideas second class. Promote. Stop thinking and start "doing".
5. And get off of the UTC prices already. Holy crap. If the prices was .00035, everyone would be wishing they bought at .00020. The price is where you want it to be! Stop complaining and buy it up. If your not confident enough to do that, then what are you doing here?... Unless you are already all in UTC or have a tremendous desire to keep buying crypto at the top
Bonus: UTC has to be promoted where our target traffic is present. The people that don't know about it are the target audience. So, searchable UTC anything is irrelevant. Try bitcoin, litecoin videos with UTC hype, etc. Promote where the ignorant are sure to see it, grab their attention, appeal to their curiosity, fuel their greed if need be. Introduce UTC to crypto newbies. Let them get a taste of transaction speeds. UTC is coming. Hide your kids, hide your wife.
March 25, 2014, 09:28:37 AM
Ah, still it's there. You can easily tell a miner from a holder.
The miners, seem concerned about dropping reward to 10 and they should be. Dropping that dramatically, one single aspect, is likely to forever drive miners away.
The traders, seem excited about dropping reward to 10 and they should be. Everyone whom held X amount of coins based on current mint rate / would "hypothetically" have 5 times more "weight".
I had posted on the UTC forum; a hopeful compromise to accomplish nearly the same thing without such a large miner shock. In the end, it's rather semantics as to which method would be preferred.
I had suggested:
-Shortening the Time for POS to 6 or 3 months,
-Increasing the time between N targets by 2 at minimum,
-Increasing block time to 45 seconds
-Dropping reward to 25 slowly in 5 coin increments over a few days each.
This could all be done in one single fork and changed in a systematic fashion for subtle adjustment. If POS, N factor and block time were all changed at once to start (while coding coin drop) there would be no need to fork again later. As well, lengthening the N targets and shortening stake reward will help to attract miners / holders; offsetting some of the "shock" from the change. In a few days to week, the coin per block could drop at set intervals, allowing the market to adjust. There are tangible, viable reasons to extend block time slightly which were provided on the forum. UTC is not currently the fastest, nor would it be over a longer period of time; this should not be held onto as some "unique" concept to UTC.
I only point this out here, so possibly those who don't see the forum can give their take on this. Personally I would have a very hard time mining if it was 10 per block. There is almost no chance I would mine after next N change in less than 2 weeks. There's a snowball chance in heck, that I (nor most) would mine after December when reward would go to 5.
If both variations of these suggestions were released as a new coin; I doubt there would be much question which people would mine.
Coin A:
-100 million total coins
-Fast N targeting scrypt-jane
-POS 20% in 12 months
-10 coin reward
-Halving in 11 months
-30 second blocks
Coin B:
-100 Million total coins
-Slow N targeting scrypt-chacha
-POS 5% in 3 months
-25 coin reward
-Halving in 11 months
-45 second blocks
With the multipool Idea, I'm completely against it in any forms. (though I may be the only one)
There are 2 main precepts for "what makes a crypto, crypto".
1. A decentralized network of peers with no connection or trust to each other.
2. A system of verifying and validating transactions, safely and securely.
Ancillary to this, is the coin reward. Satoshi understood and commented that there has to be a reason / incentive for the network to get support and security without any underlying current value. The coin reward is the way he accomplished this. The reason block rewards drop when they do; is because the network was intended be large enough by each drop to warrant continued mining. When rewards stop, the only way people would still mine; is if there was large / global adoption and transaction fees (by that time) would nearly equal (or be greater to) the rewards from the last blocks. If BTC is not used in any great degree nor has any great value by the time coin reward ends; then BTC would be dead, as 1. and 2. above cannot occur.
https://bitcointalksearch.org/topic/m.329
The main point here, is that you are essentially bypassing the core aspects of crypto entirely (1 and 2 above) and could never have security. In fact, the multipool is quite detrimental to a coin; as if it ever gains any "real" value, it would cost almost nothing to break with such low hash rate. Also, the mulitpool does not solve our low difficutly / miners currently; nor would it have any affect on it. Whenever you stop the multipool, then you are stuck back at the same place we are now; and thus would "solve" nothing. Well, I guess, most technically you would have helped the security and value of whatever coins you mined instead of UTC.
The only reason BC has gotten away with it, is because there are no more miners and it would be dead otherwise. However, again this just serves the traders / stake holders and they would be happy to run this as long as there are fools greater to keep it going. Again though; there can be NO long term viability for the coin as it does not promote, encourage, or have the core crypto concepts.
These are just thoughts and I'm not saying "it must be this way".
Whatever is chosen, please, first consider that you are trying to Encourage network size (strength) for long-term growth and viability. This should be the most important aspect, if we truly want the coin to survive many years to come.
The miners, seem concerned about dropping reward to 10 and they should be. Dropping that dramatically, one single aspect, is likely to forever drive miners away.
The traders, seem excited about dropping reward to 10 and they should be. Everyone whom held X amount of coins based on current mint rate / would "hypothetically" have 5 times more "weight".
I had posted on the UTC forum; a hopeful compromise to accomplish nearly the same thing without such a large miner shock. In the end, it's rather semantics as to which method would be preferred.
I had suggested:
-Shortening the Time for POS to 6 or 3 months,
-Increasing the time between N targets by 2 at minimum,
-Increasing block time to 45 seconds
-Dropping reward to 25 slowly in 5 coin increments over a few days each.
This could all be done in one single fork and changed in a systematic fashion for subtle adjustment. If POS, N factor and block time were all changed at once to start (while coding coin drop) there would be no need to fork again later. As well, lengthening the N targets and shortening stake reward will help to attract miners / holders; offsetting some of the "shock" from the change. In a few days to week, the coin per block could drop at set intervals, allowing the market to adjust. There are tangible, viable reasons to extend block time slightly which were provided on the forum. UTC is not currently the fastest, nor would it be over a longer period of time; this should not be held onto as some "unique" concept to UTC.
I only point this out here, so possibly those who don't see the forum can give their take on this. Personally I would have a very hard time mining if it was 10 per block. There is almost no chance I would mine after next N change in less than 2 weeks. There's a snowball chance in heck, that I (nor most) would mine after December when reward would go to 5.
If both variations of these suggestions were released as a new coin; I doubt there would be much question which people would mine.
Coin A:
-100 million total coins
-Fast N targeting scrypt-jane
-POS 20% in 12 months
-10 coin reward
-Halving in 11 months
-30 second blocks
Coin B:
-100 Million total coins
-Slow N targeting scrypt-chacha
-POS 5% in 3 months
-25 coin reward
-Halving in 11 months
-45 second blocks
With the multipool Idea, I'm completely against it in any forms. (though I may be the only one)
There are 2 main precepts for "what makes a crypto, crypto".
1. A decentralized network of peers with no connection or trust to each other.
2. A system of verifying and validating transactions, safely and securely.
Ancillary to this, is the coin reward. Satoshi understood and commented that there has to be a reason / incentive for the network to get support and security without any underlying current value. The coin reward is the way he accomplished this. The reason block rewards drop when they do; is because the network was intended be large enough by each drop to warrant continued mining. When rewards stop, the only way people would still mine; is if there was large / global adoption and transaction fees (by that time) would nearly equal (or be greater to) the rewards from the last blocks. If BTC is not used in any great degree nor has any great value by the time coin reward ends; then BTC would be dead, as 1. and 2. above cannot occur.
https://bitcointalksearch.org/topic/m.329
Right. Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating. In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I'm sure that in 20 years there will either be very large transaction volume or no volume.
The main point here, is that you are essentially bypassing the core aspects of crypto entirely (1 and 2 above) and could never have security. In fact, the multipool is quite detrimental to a coin; as if it ever gains any "real" value, it would cost almost nothing to break with such low hash rate. Also, the mulitpool does not solve our low difficutly / miners currently; nor would it have any affect on it. Whenever you stop the multipool, then you are stuck back at the same place we are now; and thus would "solve" nothing. Well, I guess, most technically you would have helped the security and value of whatever coins you mined instead of UTC.
The only reason BC has gotten away with it, is because there are no more miners and it would be dead otherwise. However, again this just serves the traders / stake holders and they would be happy to run this as long as there are fools greater to keep it going. Again though; there can be NO long term viability for the coin as it does not promote, encourage, or have the core crypto concepts.
These are just thoughts and I'm not saying "it must be this way".
Whatever is chosen, please, first consider that you are trying to Encourage network size (strength) for long-term growth and viability. This should be the most important aspect, if we truly want the coin to survive many years to come.
March 25, 2014, 09:20:41 AM
I've gone through lots of N changes with YAC and until the coin goes past n factor 12, gpu miners will rape since it's easy to setup.
Once we get past that threshold, it'll get harder and harder to tweak and better for the small guy.
I think that's a big selling point, n factor changes alone introduce better coin distribution, avoiding multipool dumps, big centralization of coins in small groups, and gradually equalize the mining power of cpu and gpus, even within high and low end gpu owners.
That in itself is huge, say you have an R7 240 2gb like I do, and you want to mine YAC right now. You'll get 2.5kh/s out of it if you know how to tweak it, while some guy with an R9 270 2gb will only get 2.7kh/s out of it, and a guy with a GTX 780 will get 7kh/s.
Compare the cost of those cards, and the coins mined per day, it makes the coin way GREENER and easily distributable amongst people of varying wallet sizes :p, no need to own a farm to mine some UTC after N 12. Anyone can, and it'll be way more efficient if you use lower end gear like an integrated gpu inside your AMD apu or an R7 240 2gb or similar card that draws only 25w whilst mining.
Once we get past that threshold, it'll get harder and harder to tweak and better for the small guy.
I think that's a big selling point, n factor changes alone introduce better coin distribution, avoiding multipool dumps, big centralization of coins in small groups, and gradually equalize the mining power of cpu and gpus, even within high and low end gpu owners.
That in itself is huge, say you have an R7 240 2gb like I do, and you want to mine YAC right now. You'll get 2.5kh/s out of it if you know how to tweak it, while some guy with an R9 270 2gb will only get 2.7kh/s out of it, and a guy with a GTX 780 will get 7kh/s.
Compare the cost of those cards, and the coins mined per day, it makes the coin way GREENER and easily distributable amongst people of varying wallet sizes :p, no need to own a farm to mine some UTC after N 12. Anyone can, and it'll be way more efficient if you use lower end gear like an integrated gpu inside your AMD apu or an R7 240 2gb or similar card that draws only 25w whilst mining.
March 25, 2014, 08:28:45 AM
Okay, I think we will have a public bounty up within this week. (Maybe even tomorrow)
xwebnetwork is all over it and wants it up on the ultracoin.net & facebook TODAY.
http://forum.ultracoin.net/viewtopic.php?f=7&t=485&p=1099#p1099
Our priority would be multipool (much like BC) & tipper bots (reddit, youtube, twitter etc) I think.
xwebnetwork is all over it and wants it up on the ultracoin.net & facebook TODAY.
http://forum.ultracoin.net/viewtopic.php?f=7&t=485&p=1099#p1099
Our priority would be multipool (much like BC) & tipper bots (reddit, youtube, twitter etc) I think.
Great!!
March 25, 2014, 08:13:06 AM
Could someone please send a nitro.org invite to me? I would really appreciate it. Email: [email protected]
Cheers
Cheers
It's closed for a reason. If you want Nitro, sign up and mine at http://ultra2.nitro.org which is just as efficient.
March 25, 2014, 08:08:29 AM
Could someone please send a nitro.org invite to me? I would really appreciate it. Email: [email protected]
Cheers
Cheers
March 25, 2014, 08:07:47 AM
Best bet would be a multi-pool to increase volume.
March 25, 2014, 08:03:41 AM
Okay, I think we will have a public bounty up within this week. (Maybe even tomorrow)
xwebnetwork is all over it and wants it up on the ultracoin.net & facebook TODAY.
http://forum.ultracoin.net/viewtopic.php?f=7&t=485&p=1099#p1099
Our priority would be multipool (much like BC) & tipper bots (reddit, youtube, twitter etc) I think.
xwebnetwork is all over it and wants it up on the ultracoin.net & facebook TODAY.
http://forum.ultracoin.net/viewtopic.php?f=7&t=485&p=1099#p1099
Our priority would be multipool (much like BC) & tipper bots (reddit, youtube, twitter etc) I think.
March 25, 2014, 07:52:54 AM
Isn't the next N-factor shift going to take care of the problem anyway?
Unless diff drops dramatically and/or cpu-miners get in massively
Unless diff drops dramatically and/or cpu-miners get in massively
March 25, 2014, 07:42:13 AM
Do you get the whole 50 UTC when you find a block?
No. Unless you solo mine or you get super lucky mining in a pool where you have the only accepted share/s for that block.
March 25, 2014, 07:31:23 AM
Do you get the whole 50 UTC when you find a block?
March 25, 2014, 07:25:45 AM
maybe produce a coin that has waves of larger supply. creates its own hype too. 1 month of 25,000/day then 3 months of 10,000/day then repeat.
sounds not goodlol, spice things up. ya never know til ya try. wasn't talking about for utc, btw.
March 25, 2014, 07:22:29 AM
maybe produce a coin that has waves of larger supply. creates its own hype too. 1 month of 25,000/day then 3 months of 10,000/day then repeat.
sounds not good March 25, 2014, 07:18:09 AM
I personally don't like the sound of a hard fork and completely changing the initial coin's specification.
Sorta against it just patching things up. But yeah, if it's something very unique and innovative, I'm in.
Sorta against it just patching things up. But yeah, if it's something very unique and innovative, I'm in.
March 25, 2014, 07:09:36 AM
maybe produce a coin that has waves of larger supply. creates its own hype too. 1 month of 25,000/day then 3 months of 10,000/day then repeat.
March 25, 2014, 06:55:39 AM
As I said, reducing block reward now will only make bag holders happy for the short term.
There is no guarantee that it will do much benefit in the long term. Really. It's all theory.
Lots of coin is also better if UTC is going to be targeted for transactions anyways.
There are only a handful of guys & 1 girl (=p) working to improve UTC infra.
We definitely do need an involved & dedicated coin developer also.
Seeing as we don't have enough people putting their hand up, why don't we go with public bounty?
https://bitcointalksearch.org/topic/m.5851600
It seems MANY liked this idea including dcgirl & xwebnetwork. We know it works also.
So I don't understand why this isn't being looked into? What do you think Bumface?
I hope you like this idea as you are the only one who can start it right now.
(or announce that someone else such as myself can run it. You can PM me.)
There is no guarantee that it will do much benefit in the long term. Really. It's all theory.
Lots of coin is also better if UTC is going to be targeted for transactions anyways.
There are only a handful of guys & 1 girl (=p) working to improve UTC infra.
We definitely do need an involved & dedicated coin developer also.
Seeing as we don't have enough people putting their hand up, why don't we go with public bounty?
https://bitcointalksearch.org/topic/m.5851600
It seems MANY liked this idea including dcgirl & xwebnetwork. We know it works also.
So I don't understand why this isn't being looked into? What do you think Bumface?
I hope you like this idea as you are the only one who can start it right now.
(or announce that someone else such as myself can run it. You can PM me.)
March 25, 2014, 06:49:57 AM
Stop focusing soo much on the price.
Start focusing on giving people a reason to use the coin.
The coin is 1000% faster than bitcoin for starters, there is your selling point.
Start making banners and pasting them everywhere "Ultra Coin 1000% faster than bitcoin".
Start making Point of Sales platforms to make easy adoption by outlets and online stores possible.
Then you wont have to worry about the price.
Artificially boosting price up by reducing miner reward to zero will not push the price up so much as it would push miners out making an already one-sided network even more one-sided.
UTC Mining will naturally taper off in ~15 or so days when N-Factor increases and people realize they need to invest 2000$ in system ram to continue mining, at which point many miners will fall off and price will start to climb as the amount of sellers decreases.
I am holding UTC for atleast another 2.5 weeks
Start focusing on giving people a reason to use the coin.
The coin is 1000% faster than bitcoin for starters, there is your selling point.
Start making banners and pasting them everywhere "Ultra Coin 1000% faster than bitcoin".
Start making Point of Sales platforms to make easy adoption by outlets and online stores possible.
Then you wont have to worry about the price.
Artificially boosting price up by reducing miner reward to zero will not push the price up so much as it would push miners out making an already one-sided network even more one-sided.
UTC Mining will naturally taper off in ~15 or so days when N-Factor increases and people realize they need to invest 2000$ in system ram to continue mining, at which point many miners will fall off and price will start to climb as the amount of sellers decreases.
I am holding UTC for atleast another 2.5 weeks
March 25, 2014, 06:36:22 AM
I'm trying to get my head around why reducing block reward will make Ultracoin better.
If we reduce the block count and if market cap remain the same, then we will have 3-4x less coins that are worth 60cents each.
Many people who has a lot of coins bought or mined cheap will just dump. Newcomers will lose out.
You have to realize that # of coins don't matter too much as we have 8 decimal places to work with in the crypto world.
People will still sell in smaller amounts. But at the end, it will be the same in worth. (Except current bag holders. =p)
Unless UTC increase demand through improvements / marketing, it won't grow in market cap meaning still just as not good for the coin.
Instead of trying to tighten the supply in hope to increase price, let's think of ways and "do" in order to increase UTC's market cap.
I voted for 10 still as I hold enough coins which will make it worth while. (If I sell some of it)
But it also means many others like me who hold lots of UTC will think the same. (sell for profit)
That's actually not good for the coin. You want people to hold their coins longer knowing that it will increase more.
But if demand doesn't increase, bag holders will dump and and we'll be back to where we are now. (or worse)
reward decrease will only decrease the amount of coins mined per day. nothing else.
that is good for the coin in the long term not short term. people will hold their utc because they know there is not as many coins that are made each day to be dumped. also more people would buy it for the same reason.
the amount of coins you have wont change, the amount of total coins wont change.
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