[ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield - page 335.

KimJongUn

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Quote from: IncreaseMyT on May 22, 2014, 07:52:01 PM

How exactly is that idiotic?

Fawking miners, can't live with them, can't live without them.

Jesus, I thought you weren't responding to me anymore.

OK, one more time...

The purpose of mining is to secure the blockchain. Block rewards are an incentive to encourage this.

For a PoW coin, anyone who controls 51% of your hashrate has control of the coin. They can double spend. In fact, they could just wipe out all of your coins and only leave their own. They can do pretty much whatever they want with the coin.

The only way to avoid this is to make it very difficult to accomplish a 51% attack. Bitcoin is the only coin that comes close to doing this, and even at 50 giga petahashes or whatever it is, it's still questionable. But it's the closest we've got at the moment. And yes, I'm saying that every single other coin (with the exception of those merge mined with Bitcoin, I suppose) are not secure. That's why Bitcoin is worth FAR more than ALL of the alt coins combined

A PoW coin without miners is like a bank with an open vault. People who run exchanges understand this, so they will de-list the coin. No rational exchange would touch such a coin.

That's what your "Traders Only" coin is going to get you. Enjoy.

djds

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Network hashrate is over 4 GH now. It's not the most profitable atm but the price will rise for sure.

andyatcrux

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Quote from: asnghost on May 22, 2014, 07:22:03 PM

according to current pool stats you can mine 20 NAUT a day with 1,733 KH/s

A 280X hashes at 700KH/s at roughly 250watt. Lets say 1KWh is $ 0.10, that means u pay $ 0.60 a day.

1,733/700*0.60= $ 1.49

cost of mining NAUT, only electricity included and not the equipment would be 1.49/20= $ 0.074 and current price of writing is $ 0.087

this calculation only applies at current difficulty.

So at this moment at current prices there are miners that believes in NAUT, if not they probably move on. <-- from a miners perspective.

I have tried to stay on top of these calculations too, but the difficulty is out of control swinging back and forth. One hour I am mining at a rate of 20 per day with 1700 KH and the next I am mining at a rate of 40 and the next at a rate of 10. Lol. Of course 2 days ago I was getting only about 7 per day with 1700 KH/s. If you know anyone who is open to mining something in scrypt right now, you may want to ask them to mine NAUT. The multipools appear to be raping this coin at the moment.

IncreaseMyT

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Activity: 406

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Quote from: KimJongUn on May 22, 2014, 07:14:01 PM

Quote from: PilotofBTC on May 22, 2014, 06:41:06 PM

Given your supposition that a fully mined coin is dead, isn't EVERY cryto coin headed there? Whether it is 3 months, 3 years, or 3 decades? When bitcoin is fully mined, there will be no more miners, hence no transactions, hence the coin is dead. How is that rectified?

For example, NXT is 100% in existence (I think it's 1billion). The genesis block created 100% of the coins, and NO MORE coins will ever be created. There are Zero miners. Does this mean NXT starts failed?

Crypto 101 here, I
Doing nothing and making it a "Traders Only" coin is idiotic. It is literally an invitation for anyone with a few Scrypt ASICs to come rob you blind and/or destroy your coin.

How exactly is that idiotic?

Fawking miners, can't live with them, can't live without them.

There are remedies for this problem and we all know it, the fud doesn't work with me.

But yes it would be nice to not have to worry about huge dumps like this one, it's obviously not from people trading the coin

smak

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Quote from: IncreaseMyT on May 22, 2014, 02:27:43 PM

Quote from: ?? on ??

stimulating debate is great but some prosperous prospecting would be better.. and no better place than MOOOPOOL

..--==MOOOPOOL http://Nautilus.mooo.coM MOOOPOOL==--..

i called my miner buddy in cali, he said he just pointed some rigs here

this drk crash naut rise is going to be epic

thanks, someone just got my pool account banned though

we did have some action earlier.. seems to have simmered but difficulty is still low if you want to hop on board.

asnghost

sr. member

Activity: 258

Merit: 250

according to current pool stats you can mine 20 NAUT a day with 1,733 KH/s

A 280X hashes at 700KH/s at roughly 250watt. Lets say 1KWh is $ 0.10, that means u pay $ 0.60 a day.

1,733/700*0.60= $ 1.49

cost of mining NAUT, only electricity included and not the equipment would be 1.49/20= $ 0.074 and current price of writing is $ 0.087

this calculation only applies at current difficulty.

So at this moment at current prices there are miners that believes in NAUT, if not they probably move on. <-- from a miners perspective.

KimJongUn

member

Activity: 98

Merit: 10

Quote from: PilotofBTC on May 22, 2014, 06:41:06 PM

Given your supposition that a fully mined coin is dead, isn't EVERY cryto coin headed there? Whether it is 3 months, 3 years, or 3 decades? When bitcoin is fully mined, there will be no more miners, hence no transactions, hence the coin is dead. How is that rectified?

For example, NXT is 100% in existence (I think it's 1billion). The genesis block created 100% of the coins, and NO MORE coins will ever be created. There are Zero miners. Does this mean NXT starts failed?

Crypto 101 here, I guess....

NXT uses Proof of Stakes. This is another valid way to secure a blockchain.

By the time Bitcoin is mined out, the amount that miners will get from transactions will likely be many times the block reward. If not, then Bitcoin will need to find another solution to secure the blockchain. But Bitcoin won't be mined out for many decades. The time it takes to mine out a coin isn't just a wild guess or a matter of opinion. It's just math. Shouting louder and more insanely doesn't change it.

Doing nothing and making it a "Traders Only" coin is idiotic. It is literally an invitation for anyone with a few Scrypt ASICs to come rob you blind and/or destroy your coin.

asnghost

sr. member

Activity: 258

Merit: 250

Quote from: PilotofBTC on May 22, 2014, 06:41:06 PM

Quote from: KimJongUn on May 22, 2014, 05:14:35 PM

Quote from: IncreaseMyT on May 22, 2014, 04:06:01 PM

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

The purpose of mining is to secure the blockchain. Clearly you do not even have a concept of what that means.

It blows my mind that someone can be so ignorant and so arrogant at the same time.

Given your supposition that a fully mined coin is dead, isn't EVERY cryto coin headed there? Whether it is 3 months, 3 years, or 3 decades? When bitcoin is fully mined, there will be no more miners, hence no transactions, hence the coin is dead. How is that rectified?

For example, NXT is 100% in existence (I think it's 1billion). The genesis block created 100% of the coins, and NO MORE coins will ever be created. There are Zero miners. Does this mean NXT starts failed?

When BTC if fully mined, there are transactions fees that will reward miners. They equation is simple, as long the rewards are > than the cost there always be miners.

Either way with pow u need to reward the miners to secure the blockchain.

PilotofBTC

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Activity: 1736

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Quote from: KimJongUn on May 22, 2014, 05:14:35 PM

Quote from: IncreaseMyT on May 22, 2014, 04:06:01 PM

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

The purpose of mining is to secure the blockchain. Clearly you do not even have a concept of what that means.

It blows my mind that someone can be so ignorant and so arrogant at the same time.

Given your supposition that a fully mined coin is dead, isn't EVERY cryto coin headed there? Whether it is 3 months, 3 years, or 3 decades? When bitcoin is fully mined, there will be no more miners, hence no transactions, hence the coin is dead. How is that rectified?

For example, NXT is 100% in existence (I think it's 1billion). The genesis block created 100% of the coins, and NO MORE coins will ever be created. There are Zero miners. Does this mean NXT starts failed?

andyatcrux

legendary

Activity: 938

Merit: 1000

Quote from: CrowdWhale on May 22, 2014, 05:45:17 PM

Naut isn't on CoinWarz. How might I go about calculating the price point?

Here is something that will give you an idea. https://ipominer.com/

CrowdWhale

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Twitter: @CrowdWhale

Naut isn't on CoinWarz. How might I go about calculating the price point?

IncreaseMyT

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Activity: 406

Merit: 250

Quote from: KimJongUn on May 22, 2014, 05:14:35 PM

Quote from: IncreaseMyT on May 22, 2014, 04:06:01 PM

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

The purpose of mining is to secure the blockchain. Clearly you do not even have a concept of what that means.

It blows my mind that someone can be so ignorant and so arrogant at the same time.

For the 8th millionth time I understand why miners mine

For the money

In the process of mining the block chain is secured and transactions are confirmed

This is not why a miner does it, the miner does it in an attempt to make money, due to the reward.

So as far as me understanding mining it seems I understand it better than you.

If there was no reward there would be no miners. Unless the transaction fee was enough of the coin to sell and still turn a profit.

BTW you still haven't responded to me as to why you were pimping Korea coin, but have a problem with this one?

Obviously I was wrong about the price and am buried now, so I need to log off and come back in a few days, the dumping is ugly.

Busy as for understanding mining and the coin, why you think anyone does anything for free nowadays is beyond me, mining is about money.

Doging

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Quote from: andyatcrux on May 22, 2014, 05:13:37 PM

Miners have jumped off of this and difficulty has dropped significantly. It is "profitable" to sell at .0002 because you can get nearly 16 NAUT per MH/s daily. Many miners see earning .003 BTC per MH/s daily as enough to clear costs. Many of them are flat out wrong. Even with an ASIC and low electricity costs every miner dumping at the price point will likely never see a ROI of their mining equipment. There are many people who put this stuff on a credit card and have not really thought ahead. Sad but true.

And many hobby miners think they have to "dump" before everyone else rather than sell in increments to allow for price to rise and profit more.

If they knew the stability fund buys at any price it might encourage them to hold.

andyatcrux

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Quote from: KimJongUn on May 22, 2014, 05:14:35 PM

Quote from: IncreaseMyT on May 22, 2014, 04:06:01 PM

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

The purpose of mining is to secure the blockchain. Clearly you do not even have a concept of what that means.

It blows my mind that someone can be so ignorant and so arrogant at the same time.

The direct incentive is profit.

The purpose is to secure the blockchain and for miners who also hold some this is another incentive for them.

It seems the two of you are not really disagreeing on this. Undecided

KimJongUn

member

Activity: 98

Merit: 10

Quote from: IncreaseMyT on May 22, 2014, 04:06:01 PM

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

The purpose of mining is to secure the blockchain. Clearly you do not even have a concept of what that means.

It blows my mind that someone can be so ignorant and so arrogant at the same time.

andyatcrux

legendary

Activity: 938

Merit: 1000

Miners have jumped off of this and difficulty has dropped significantly. It is "profitable" to sell at .0002 because you can get nearly 16 NAUT per MH/s daily. Many miners see earning .003 BTC per MH/s daily as enough to clear costs. Many of them are flat out wrong. Even with an ASIC and low electricity costs every miner dumping at the price point will likely never see a ROI of their mining equipment. There are many people who put this stuff on a credit card and have not really thought ahead. Sad but true.

And many hobby miners think they have to "dump" before everyone else rather than sell in increments to allow for price to rise and profit more.

Doging

hero member

Activity: 1036

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What about reducing block reward?

CrowdWhale

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Twitter: @CrowdWhale

Starting to look like the bottom is 10k. What's with the block explorer?

Alphi

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Quote from: IncreaseMyT on May 22, 2014, 04:13:47 PM

again I understand very clearly how it works. If naut went straight to cash or was able to be used to buy something (besides dirac) then there will be transactions, and a fixed price miners could calculate for.

Isnt it pretty cheap to mine this coin?

awww man your making me think twice, maybe we should all dump our coins now so we can buy them back double?

cause thats about what the real spread is on this thing

I don't know how easy the coin is to mine there is no mining calculator that I could find.
chances are the coin price will rise if there is more hype on tv.
or if the stabilization fund managed to dump a whole bunch of coins at the top of the rally and then has enough funds to buy up huge amounts of coin now.

the problem is that this coins big selling point was its stabilization fund which doesn't appear to have done anything yet for the stability of the price.
first off they will have to use their 1% premined coins to trade for a greater share of coins.. and then if that succeeds then maybe they will have enough power to smooth out the bumps..
but if you ask me.. given the volatility of crypto coins.. you'd have to be Moses to hold back those waves.

I think we are looking at another maxcoin here but the difference being that this max is actively trading the coin on a daily basis.
so depending on how good he is.. that will determine the longevity of the coin...

PilotofBTC

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Also, there was talk of moving this to a PoS system as well. So, that gives incentive for people to maintain the network.

Hey, what ever happens, happens. I've realized profit cause I bought LOW and sold some HIGH.

It's a fun past time no matter what happens. 100% of cryto coins are still a huge experiment.

Topic: [ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield - page 335. (Read 901829 times)