Topic: [ANN] Elacoin | Released | Fair Elastic Scrypt Mining | No Premine - page 11. (Read 133887 times)

elacoin charts now on cryptocoincharts.info

Last Active:    25-05-2013, 09:41:53
https://bitcointalksearch.org/user/milkshake-81730

I think that rules can not changed without developer,...,
Similar thing (fast retarget) could happen with Chncoin, and other coins under "miners attack", but, Anyone knows if miners, exchanges,... will use the forked client? What about blockchain?, if not.

since noone is trying to, i'll change it. I am increasing block reward to
int64 nSubsidy = ((25 + (diff / 24)) * COIN) / (1 + (nHeight / 194400)); // 25 ELC per block

from

int64 nSubsidy = ((1 + (diff / 24)) * COIN) / (1 + (nHeight / 194400));


and retarget to

static const int64 nTargetTimespan = 1 * 1 * 60 * 60; // Elacoin: 1 hour
static const int64 nTargetSpacing = 2 * 60; // Elacoin: 2 minutes
static const int64 nInterval = nTargetTimespan / nTargetSpacing;

from

static const int64 nTargetTimespan = 3 * 24 * 60 * 60; // Elacoin: 3 days
static const int64 nTargetSpacing = 2 * 60; // Elacoin: 2.5 minutes
static const int64 nInterval = nTargetTimespan / nTargetSpacing;

any ideas of anything else i should change? Any objections?
i've been studying the code and i think i've got the idea

if i get 10 votes up i will do this, the overall net hash rate is 3.5mh/s and if we don't do this quick, this coin will die. Votes please

edit, ten votes coz i can only see 4 people mining @ the pool.

Not much to read about TRC (terracoin) - it had a 2 min block (sha256) with a 30 block retarg window, retargetting EVERY block. This made bigrig farms jump in and out constantly, messing the difficulty (way up to 300 or 600k or even 1M), then dropping it on the floor again. Insanity ruled. So they changed the averaging to a sliding 24 hr window about 1.5 months ago, still hasnt helped -
people still pump the difficulty up , then drop it.

Not sure that's bad, it's been the most interesting coin i think in terms of behaviour. THre are opportunities for those who know how to read hashing rates and xchg rates but its not as simple as jumping in with diff is low (unless you have a big rig and can shut out other legit miners with orphan chains, then you get a reward bigger than your actual contribution- course, the whole
TRC market is dominated by one 80% hashrate pool which does this naturally at all times- coinotron. Luckily, he's mostly benign.)

Funny thing is, TRC doesnt HAVE to be this way, there's nothing in the protocol that suggests that this should continue happening, I think its a hangover from historical abuses, and people just havent detuned their scripts to stay off TRC. It has NOT stabilized at any particular difficulty.

Im not sure we should avoid emulating it specifically, but Im not sure we should have a fluctuating difficulty either.

At any rate, with Elacoin it doesnt matter since the proportionality of reward to difficulty ensures that however many hashes you put in, you get rewarded. This suggests that the value of the coin is contingent on MINING it instead of HOLDING it, which is an interesting idea, like the derivative (calculus we're talking here) of other coins' values (bitcoins value is increased by holding it longer due to deflation). So I have no idea what will happen.

Almost doesnt matter, because none of these currencies operate with much friction at all - there's exchanges for every coin into every other now for minimal fees. So it's all fungible and all coins are equivalent to eachother with some fluctuating constant C = exchange rate. The only difference will be how their practicality in the world expresses itself. WDC is ridiculous - 4 block confirmation? How about just orphan chain attacking any transaction you dont like with a bigrig that you isolate til it has its 4 blocks to slam into the network? Derp derp!

Orphan chain attacks are interesting. seems something should be done about them. this isnt the thread for that as elacoin never purported to do that.

question is - do we increase difficulty to parity (1:1, diff 4 = 4 elc?) or do we make it diff 4 = 1 coin like it almost is now? Holders ofthe coin will be disadvantaged by the former, but its better than having no value in the coins we hold I guess.

What do you people think?

With terracoin... is that not ummm SHA or whatever that is? The same as Bitcoin? Makes me wonder how well that would work in scrypt. I have to admit I need to read up on terracoin though that was way before my time .

Unfortunately this seems to be the only answer, but it has its own disadvantages. see: terracoin :-/

as long as your coin has enough hash power to maintain the proper block speed, you're good. The market will take care of the rest.

Well, one thing I had thought of that could help with that problem is to "back reward"... so, if you win blocks when the difficulty is low and it goes up, you get a cut of the reward at the new higher difficulty.

ex: diff=1 reward  3 coins - all goes to current miners

     diff=2 reward  6 coins - 2 go to the diff=1 block winners(divided amongst them in some equitable and non-exploitable way) and 4 go to the new  high diff miners


or something like that.

The biggest issue I can think of with that is how to handle pools. It works OK if everyone solo mines, and in fact it might could be tweaked to encourage solo mining when diff is low.

I think the only real way is to change the re-target time. Then have a sweet spot for dif= coins... what I mean is the amount of coins mined is better when the difficulty  is within a certain difficulty range. Low difficulty = lower amount of coins high difficulty = lower amount of coins. In the middle the sweet spot bigger rewards. This would in my eyes make it more work so to say for the big hashers to jump coin to coin because if they stick on the coin too long it screws them over due to even less of a reward for driving up the difficulty.

yeah and the worst is: they dump all their coins immediatelly and destroy the value of the coin at the same time... The poor ones are these guys who continued mining the coin even it wasn't the most profitable one and bring the coin to the adjustment...

Unfortunately I don't see a way to change it...

I see the same going on with nibble right now... Its the most profitable coin now... At least I hold 10% of all coins ever made because I stood with it the whole time from the beginning.

Ehhh big hash miners are like locusts....they go and ruin every coin they touch. Very good recent examples are RYC and just very recently WDC.... the dif finally settles... the people who stuck with it and the low hash all breath a sign of relief seeing the difficulty finally fall in line with those that stuck it out... only to get mass hash raped again and in a matter of minutes/few hours the difficulty rises again.... and then the big hashers leave... leaving the coin again at a high difficulty, no hash, no return.

difficulty adjustment is at 19440. Unfortunately, unless the network gets more hashing power, you'll be a long time waiting. With adequate hashing power, it'd only take a day or two.

>_> I hate to pitch the coin, but at the current difficulty, the coin should be worth about 0.0086 btc give or take if it were just as profitable to mine as litecoin. proof:

elapoolmath is mining at a rate of 1,829 kh/s and getting 8.5 elc/day. that's about 215.02 khash/sec per elacoin. I go to dustcoin(http://dustcoin.com/mining) and plug in 215.02 kh/s for scrypt. Litecoin puts out a value of about 0.0086 btc/day. IOW, if elacoin were just as profitable as LTC to mine, 1 elacoin would be worth about 0.0086 BTC.


 However, the network is sluggish right now and elacoin isn't as profitable to mine as bitcoin. So, what the network really needs is people mining who like the coin for what it is(every bit counts, I'm mining 3 kh/s ) or for the value of the coin to go up so people will mine of their own volition. If you believe that elacoin is a worthwhile venture and will recover/become viable, prices like 0.0011 btc/elc are pretty good. It's all risk/reward. It could just as easily never take off again.

One more thing I'd like to point out: elacoin has only ever put out 1 coin per block so far. That means there are only 17,695 coins in the network. The ceiling is much higher than that(lol I don't even know what the ceiling is, or if there is one), but the coin was designed to keep the coin value more stable(not going from$10 to $100 in a matter of a few months), although I'm not really sure how well it will work. I do think it would work better in the long run, though it hasn't done so hot in the short term. I think some of this can be associated to the rocky launch though. The point is(that I deviated from, lol), it wouldn't take a ton of activity at the current prices to make the coin profitable to mine again.

disclosure: I have 41.4444 elc

i dont know, i've been waiting too. any idea on GLD too?

How many Blocks left untill the next difficulty adjustment?

hehehe, people are silently mining and then goin to sell on cryptsy

like BBQ and IXcoin. and devcoin.

im pretty sure you didnt mine any of it is what you are saying.

I'm pretty sure, this coin is done

sure. the linux d and qt compiles are dead simple. solomining is dead simple. bfg and cgminer are dead simple.

im not a windows guy, but im sure there out there, we have some coins for a bounty as well.

we're working on it.

If anyone has a comment please theorize why an entirely NEW coin with no history is better than an established coin with an established block chain that does NOT have a pumpdump superlow diff. other than the early wins for rigfarmers (which I think most of the community does NOT own, and does NOT like to see win an unfair exponential share of early coins due to orphan chains).

i think a real dev and support team is the first thing on the list. anyone willing?

People are only thrilled with a new coin with zero background because they think they can get in early on the easy diff mining and score a mint. In fact, it's counterintuitive to think they want in on coins with initial high difficulty, because there's no benefit, but everyone likes sometihng new. Not sure why, because there's no indication that a coins early life is indicative of its later life -
see the value of BTC in 2009 for a comparison.

ELC has most of the necessary infrastructure, including a core team of 'adopters' who have taken up retaining life in the coin, running pools, getting it onto an exchange, wiki, etc.

I dont see the benefit of any other new coin other than as a pump and dump (WDC? CNC?)

I still think the parity reward system is an interesting feature to investigate - all other coins are inherently deflationary due to their static issuance rate over time despite more effort/power being put into them./ Useful at the start to move coins from 0.0000001$USD per, but ridiculous as a practicality (see BTC, ever try to price out real world services/goods with a BTC? "1BTC today, 0.8 or 1.3 tomorrow, please wait to find out." (yes its been stable for 2 weeks, but it was stable at 12-15 for months before the explosion).

true it is for all intent a dead coin, but the thing is, it has support structures in place already, which gives it a higher probabilty of success than the coin that comes out today. i think that rather than minting 5 new coins a day, let's try fixing our version 0.01 then if we reach the best we can do, we get a new coin where we place all the cool new ideas that can't be worked into the current one. I believe that is how a development cycle works.

How much effort do you guys want to pump into a coin that has been trading at a profit 94% lower than Bitcoin the last couple days?  I'm sorry, but this is the first of the 127 new altcoins that I gambled on and lost.  If you are a talented programmer/developer I urge you to focus your time on more important projects.