Topic: [ANN] Elacoin | Released | Fair Elastic Scrypt Mining | No Premine - page 12. (Read 133887 times)

I get what you are saying, we aren't looking for band-aids, we want super max glue. The trade offs are clumsy and unsure since we can't predict the future, but what i am saying is based on two polls i made just to see what really drives people to pick particular coins. I understand the laws of supply and demand, scarcity pushes up the price, but at the current pace we would be attempting to challenge something like BTB with a 1:2 ratio with bitcoin, i find this unrealistic considering what this coin has gone through. I would like this coin to be a mid-range coin. Target value being .01~.008 stable. This can only be acheived by hyping the revamp and satisfying miners, in a market economy, we are like a factory, selling at wholesale prices , and as the word wholesale suggests, quantity is an issue, if you look on cryptsy and compare volumes you can see clearly that people dont understand the current reward system this coin uses, they want to buy a hundred thousand, yet if i am correct, there are only ~20000 out there.
In order to breathe life into this project we need to make people aware that there is activity here and that the results of the activity is aimed at improvements that will engage their desires. Soon a large crowd would be watching this debate and eagerly awaiting to see what we come up with. If  truth be told, i would say let's scrap this coin and begin a new fork and employ some real innovative ideas, i know you said you did not really mess with the internals, but the more i look at the requirements to revive this coin, it becomes darker and darker. In the end we could come up with the greatest ideas known to cryptos but they would all fall to dust or be abused before they make a difference, unless we get interest in this project to grow exponentially.

Your thoughts mat5x?

the actual # of coins is arbitrary, the market will value it higher. we COULD use an alt coin that isnt traded at 0.0000008 btc, dont you think? (exchanges have had to order extra decimal places from suppliers overseas to meet the demands!) (hell, I think BTC-E's limit to 5 decimals is hurting some coins trading markets lol.)

yes, the diff adjustment algo is as per above => reward = diff/4, basically.

coins are 'worth' mining by their value on the market. it will reestablish its value based on its merits. we could increase the reward to attract miners, i suppose, but its all
arbitrary - diff/4, or just diff for reward? (the latter might be better to attract miners, actually, because right now the 2 hr blocktimes are certainly not worth the trading value). not sure how
to get the market to trade it at a higher value. ithink its biggest devaluation right now is that it looks dead not that its not a good idea.

if you set diff retarg too short, you get TRC issues. Check it out, it has a sliding window retarg now set to avg last 24 hrs, but STILL fluxes all over the place in difficulty in a day (check coinchoose.com). So that's a danger too.

PreMade services? We have an exchange, we have a pool and a fountain. No ElaDice or the like yet, however...

The attraction is that as diff increases so does reward, so basically difficulty is moot for the coin - you put in hashing power X, you get X coins/time constantly (modulo the 9 months halving). Not sure if 9 months is too quick... but changing that would be a major change too.

nice initiative  but, block rewards need to go up, i think 20~50 coins,people seem to love to see large numbers in their wallets  . I think this coin can regain life if this is implemented and it has a different difficulty adjustment algo. If you know how to, reset the difficulty to attract miners, then with the new algos in place it will be worthwhile to mine, at that point even if miners jump ship, the algo will adjust to the change, say in 20 blocks? This essentially avoids the CNC FTC disease while satisfying both short and long haul miners. Also implementing ideas like pre-made services will raise the value of the coin rapidly and it will enjoy more wide spread acceptance.

possible reward mod:

    //orig elacoin diff/24 but floor()'d by implicit int math makes diff 24 = 1coin, diff 25=2.
    // want smooth progression of reward - mat5x
    //orig:
    //int64 nSubsidy = ((1 + (diff / 24)) * COIN) / (1 + (nHeight / 194400));

    // Elacoin: 194k blocks in ~9 months
    //do our multiplication by elatoshi's COIN base first to avoid int() flooring
    // have to divide by reward halving interval (194400) first tho to avoid overflowing int64 too
    // still gives relatively smooth scaling for diffs > 0.1 - mat5x
    int64 nSubsidy = (diff*COIN)/4;
    nSubsidy       = nSubsidy / (194400 + nHeight);
    nSubsidy       = nSubsidy * 194400;
    return nSubsidy + nFees;
 

curr diff is 4.35, cur block ~17460 giving 1 ELC/blk. The adjustment above will continue to give about 1 coin (slightly under, due to the 194400blk/ 9-month halving interval, which is smoothed by the careful math steps above, vs implicit flooring by putting it all in one line of code).

Perhaps too much reward will inflate the coin. But itll be worth what work people put into it to mine it. 10 miners at x Mh/s diff=10 gives 2.5 coins or .25 coins/miner/block, 50 miners x1Mh/s @diff=50 gives gives 12.5 or .25 coins/miner/block. Equiv fair scaling. The 9 month halving is a powerful anti inflationary force (is it too deflationary though?)

Was trying not to mess with the coin's internals that it was launched with but keep the spirit of the original release, which I think is a great idea (or at least interesting!)

Remember: all coins are fungible, minus some minimal exchange fee reduction in your ASIC hashing power. No coin operates in a vacuum anymore, so motivations of coin usage/scaling/anything are totally up for guessing wtf will actually happen when miniBFL'ers spend $ on $NewCoinOfDayC or BTC-E trollboxers pumpdump it...

Comments?

well, there you go, i dont know if thats good or bad. he didnt get a premine because we gen'd block 0 together all at once on irc and launched. i cant think of a more public and open coin launch!

its trading on cryptsy.com, so... we shall see.

we're in #elacoin if anyone cares.

yeah the hashrate is a bit slow. i put my miners back on it. we're trying to fix things up, since the release was botched.

whatever the hashrate is of course, miners will be rewarded proportionally as per the premise of the coin.

This gave me an idea - posted here:
https://bitcointalksearch.org/topic/m.2210590

Me too... But you will need a couple of month to get the ELA to the exchange with the actual confirmation-rate...

The developer has something like 10. Yes, really, he said that on irc.

I have a couple hundred

Hard to say since its very difficult to mine now...

what will be the going rate for Ela? lol

Its about to be traded on an exchange so its very alive

Does anyone know when the next difficulty retarget will be (block?)

I left a few khash @ this coin because I really like the style.

It will be @ https://www.cryptsy.com/markets/view/12 in 2 hours...

It's not dead. A few of us who put our big rigs against it early on would like to keep it alive, as we think its a good idea. In fact, for all the talk from WindMaster, one thing is a bit odd - his claim that we're going to modify the reward TO BENEFIT OURSELVES, is wrong.

Think about it - why would we INCREASE block rewards for miners? Its not like its private mining, it's public. Anyone can join. So if the block reward goes up, it DISADVANTAGES early miners more than any other coin why have a constant reward for increasing diff (meaning fewer coins per miner). (!)

And we're willing to do that to keep the concept alive, because we think it's good. Do you think it's good? Then mine, even with just 1 of your 5 GPUs on the pool. (elacoinpool.com is still up
but we have a bit more involvement/control with http://zeropool.net)

We need some time to get our ducks in a row and fix this up properly, but it's not dead. A fountain is being setup very soon by Super3, stick around to see. (Who doesnt like free coins eh? greed sells :/ )

As for the HacksHardGamig.net pool, if you want your coins ask DeviantTwo on freenode in #elacoin, he'll set you up with your balance. We're not crooks or scammers, and the stemmer wasnt either (just a bit out of his depth...). Our commitment to this coin I think will speak volumes more than mere hype of othercoins. Watch us in the long term - reducing our own benefit for the good of the coin. Stay tuned.

Yeah I would not trust that pool. ELC has its problems, but I wouldn't call it a deadcoin. While the founder has seemed to abandon ship, the concept remains solid. Some devs are talking about and trying to find a solution for the coins problems in IRC. Even if the hashrate dies off keep a hold of your wallets. I could make system to autotrade ELCv2 for ELCv1 at a fixed rate, just to keep people happy.

I also lost my account. I'm afraid that this pool was hacked or admin took ELC for himself. ;-)

Do you know if ELC is deadcoin?

Does anyone knows what's going on with the first pool
http://elc.hackshardgaming.net/index

I successfully submitted some shares in the beginning, but I can't even log in to the website now. Have I been scammed? 

Yeah I usually dump hour 1 when they hit the first real exchange.  I guess I am impatient this time.

Will wait till it hits 0.0000001 then

Seriously, with 99 blocks you are a big holder - should be taking the lead in getting it to exchanges and all. Good luck!!