Things are going well. If the coin was really in trouble we wouldn't have the activity and interest we have. Once the dev gets back on track we'll be cooking.
- We've got a casino site that may be using Catcoin in just a few days.
- A faucet has finally emerged.
- There's an online wallet and being developed
- The coin is on 3 exchanges
- Multiple bounties for further development of services
- Several key contributors in the community
- Strong and unique coin - Scrypt version of Bitcoin
- High Volume of trading
- Scarcity
- Popular
- Fantastic coin name
This coin has 100 times more things going for it than it has against it. I think you have to take it all in context.
The reason it's where it is now is because most altcoins are just pump and dump instamines. This isn't one of those coins. It's a long term coin. That's why it's where it is. It's far more profitable in the short term to coin jump every time a new crapcoin is released. Catcoin is designed to have a longterm future as a cryptocurrency. Whether that design was intentional or not I don't know, but either way It's on a lot more solid footing than 99% of the altcoins out there.
None of this matters if the network hash drops below .2GH, and it is already falling from .40GH to .38GH since my post about the block time. Can't make transactions if blocks aren't being solved.
My major question is, aren't we going to keep doing this over and over again if the code isn't fixed? In 2 months from now at this pace, when the difficulty drops, the coin will be worth whatever, but it will still be valuable at that difficulty, the pump and dumpers will come back, drive it back up to 2.5ghz, difficulty will sky rocket, and we will be back in the same place. I have 5mh/s but it is so hard to point it at cat....at this pace I could mine lot, sell it all for cat, and get 5x as much cat as I would if I just mine it straight up. I am loyal and dedicated, but there is no incentive to keep mining it really when people are going to blow it up again. I mean it just sucks with this horrible retarget, people will keep doing this over and over again if the coin is worth anything, and it crushes the small guys that are dedicated and didn't get thousands of coins on release (stupid family christmas party). I have invested a few btc and mined it as soon as I heard of it, but I don't know about the future and this crazy difficulty.
You're assuming the code is broken. It isn't. What's preventing the miners being all over this right now is the profitability, and what's preventing the profitability is the early miners who still hold a lot of coins. A lot of miners use multipools which automatically mine the most profitable coin. Because of those early miners on the coin exchanges holding down the market price, the coin's value is lower than it should be. Once the value goes back up, the profitability goes back up, and so the hashpower returns. The market manipulators can't keep it up indefinitely.
There is no inherent flaw with the coin. It's a Scrypt version of Bitcoin. The coin is brilliant and should never be changed. It's the behaviour of pump and dumpers that has put the coin in this phase. It is just a phase. As I've said and will say again, all coins go through phases, and FUD (Fear, uncertainty and doubt) is more harmful than anything else.
All coins go through ups and downs. This is a historical fact. The coin isn't even 2 weeks old yet.
The difficulty retarget will never happen if there is no hash on this coin, It's as simple as no blocks being solved = no transactions happening.
A hard fork of this code needs to happen, this clearly wasnt thought out as a coin of the current mining situation and it cannot hold itself at a difficulty retarget of 2016.
It needs to be changed to something like a 30 block retarget, as the blocks happen per 10 minutes, this would be a 5 hour retarget time.
There is a flaw in the code, and its the fact that 2016 blocks is very high for a coin of 10 minutes. (Personally I would even go as far as saying that a block time of 10 minutes is way to long of a wait in general, but you guys will freak out even more about that if you are freaking out about something as simple as a difficulty change.)
