Topic: [ANN] Elacoin | Released | Fair Elastic Scrypt Mining | No Premine - page 13. (Read 133952 times)

That's the only thing I won't do is send them to somebody for free.  Even if they are only worth 0.0000001 I will still trying to sell them.

Send a couple to me for free? Would like to add to my collection.

ELJYEP5rpRiUWgoFfRNyEnwLhvFHzigpvq

Where can I sell my 99 worthless Elacoins?  Google doc exchange didn't look like it had any action on it.  Don't trust p2p trades, never done one, don't want to do the web of trust thing, etc.

Still no official windows elacoin wallet?

ELACOIN was supposed to do that - make mining proportional to the diff, so any particular miner's power nets him the same amount of coins ongoing. This would inflate the currency as a whole, but then again the incredible DEFLATION of bitcoin may be too strong a factor for it to be useful except as a store of value (that people trace LTC against, and LTC that people trade ALT-C's against, it seems).

Inflation or increase of the money supply may devalue the coin, but there IS no value to the coin at all if there are no users or miners of it. Having the reward track the difficulty roughly approximates the # of contributors active. (Though that makes it interesting - those who arent mining but using the coin otherwise, how can we track that? Perhaps days-destroyed based block reward

(Save that for destroycoin! lol.)

Shit I gave up on the BTC and LTC the first week I came to the site and life of crypto coins.
What is discoraging is not getting on the new coins is when the dif get too high ( im my case usually anything over 1.5...thank you nvidia ) I get such lower payouts to the point where I am only getting a fraction of a coin per share... now that does not sound too horrible... but when its like .000xxx per it gets rather sicking.

This does tackle the issue of dwindling reward per miner as mining power increases - consider bitcoin. Early adopters are now millionaires. This rubs many the wrong way. Miners are the biggest proponents of any coin's usage, so having an attractive and fair coin will encourage them to hang onto it and continue mining. Ill stop mining BTC soon because there's almost no point for the rewards - of course the market rate will determine if it covers my power cost, but its sitting stable at 100-115, and wont increase as fast as ASICs come out and increase difficulty.

With ELACOIN, however, reward increases with difficulty, which encourages miners to continue mining and reduces the benefits of early miners.

Production of coins should take place on the verge of profitability, where the most important factor should be the price of energy. In the case of FRC appeared ASICs, the price is more dependent on the scale of investment than used energy. There is a risk that someone who has extensive resources will invest in mining farm and issue empty coins.

Buying currency at the exchange should be as profitable as its production.

Bounties, including reward fix, are now listed on the main site.

Why not FRC?

I always say to others I am up for any alt coin that honestly tries to tackle a problem and propose a solution, This doesn't, But it confuses me as well and that is why I am interested in it and mining it at the moment.

Bounties will be up soon. Also for those who are a little new to linux, and want some help setting stuff up here is a nice little bash script that will go from a clean Debian 6 (x32) install to running. Note this will take a few mins to run:


You can then use commands:

Mat5X - Thank you for your comprehensive answer! :-)

PS. I think that the most important problem to resolve now is to find an idea how to create a market where new altcoin can be exchanged for services and other benefits. It is possible - on forum there are a lot of announcements like 'looking for programmer' or 'need help for create an new service' etc., but the market needs a little bit less anonymity and more trust. But how to fulfil these expectations in cryptocoins world?

Dont need him apparently, and AWOL. Probably floating around these fora building a new identity.


What's 'official'? Any scam coin can release a virus/worm/steal your coins client and call it official. Official is what  the community decides. Maybe you audited the code for us (but do we trust you?)
So far so good, according to users of the WinQT binary.

The coin itself is also not described to be fit for any purpose, express or implied, in case you didnt read the disclaimer on the back of each coin.


Ask the Argentinians. Again. They do this every decade.

No im not advocating exponential rewards. Your hyperbole isn't that useful here. I detect you do have some useful comments but they're always cloaked in overstatement. Can we try a little?


How did TRC fix their retarg inteval? How is FRC fixing their diff recalculator and retarg now? This isnt to steal coins or 'mid'premine, there's a way to do this without ripping every one off. It's been done before.


Someone with a serious unsarcastic idea actually discussing things. Thank you!

Yes, this is a pretty good idea. Wasnt sure rewards could be non integer. Apparently they can. Why not 1/24ths instead of 1/23rds? Diff 24 = 1 + 24/24ths = 2  and so on?


Not sure people dig demurrage. Maybe the economists over in #FRC will win Forbes mag's 'best alt coin of the decade' award after it's chosen for use, but right now the market of miners are speaking and it's consistently seen as 'unprofitable to mine': http://www.coinchoose.com/

I think there's room in the world to get one demurrage'd coin going and entertaining all the economist wonks out there, but you arent going to attract enough of an ideological splitter crowd from it, or hold regular miners to it. Yes, the masses are stupid, we have to move them incrementally towads the light. I agree demurrage is a great idea, but none of these coins will go anywhere if the hashrate goes to and stays at 0. People need to perceive they're at least paying their power costs.


Technological improvements can cause massive jumps in efficiency. It's very hard to lock the coin to the cost of power (and if you somehow managed to do that, you should call it PowerCoin, oh, already taken). Sides, barring any other fundamental in any of these coins (ie no proven usefulness, except perhaps a shred of it in BTC as a value store that authorities have trouble getting at for Cypriots and Argentines?), they are all running on hope * cost of power as a valuator. Cost of power is always seen as a base hard fundamental, naturally occurring with each coin, depending on the tech of the day (ASICs for BTC are shaking up the fundamentals - as BFL 'actually' ships (?), we'll see the value of BTC rise slower than the difficulty. Already happening. 10% diff+ /2wks isnt being tracked by the value in lockstep.)


You had me til 'fucking colossal'. Save it for the 'epic fail' early launch posts.

I agree with the smooth block reward increases, great idea. However, changing the fundamental valuation "isnt fair" as WindMaster suggests to those who joined the coin precalculating their reward at diff 2400 / block 5,000,000 being X. If we pull the rug out from their long-term-planning feet now, who are they to ever trust again? Yes a bit of facetiousness on my part there, but he's suggesting optics of sticking to the original premise are worth a huge amount, and Im inclined to agree (though less forcefully).

The smooth transition valuation is great, from Hercules, though Im hearing that not having an exponential decline leads to rampant inflation. Is it dangerous to have a linear relation of reward:diff? Remember we're slowly reducing the reward as block height (~time) increases too, by / (height/194400). Do we need it to be sqrt(diff) or faster reduction?

Thanks for the ideas guys, I think we have a chance of making something of this coin with this idea, which is namely to benefit later miners to maintain a hashrate, without causing exponential rewards for early miners like any altcoin or even bitcoin and its new millionaires.

Right. I should be more precise. 

Hi Aditer,

Demurrage does not decrease the value of currency and it does not reduce the purchasing power - it reduces the amount of currency you hold.

Kind regards
Mike

Sqrt(diff), log(diff), or whatever function that provides a non-linear increasing reward is mandatory.  And also no need to round down to the nearest integer.  Fractional rewards must be given.  If this is not done then this is not a colossal fail, it is a fucking colossal fail.

There is no official windows client.  Therefore there is no windows wallet.

So you didnt read... there is a windows wallet

It should be smooth transition between block reward changes, for example:

sbr - starting block reward
br - block reward

diff < 1 : br = sbr

diff = 1 : br = sbr*√1
diff = 2 : br = sbr*√2
diff = 3 : br = sbr*√3
.
.
.
diff = x : br = sbr*√x