So no one has issues with this coin being funneled into the mouths of a handful of people? Botnets and AWS, it's the same shit. Whole reason I've been bringing it up over the last couple weeks. Why would developers pick a random version of Lyra, even if there going to eventually switch?
Worse, why would they have the rows increase with every block?
That's what I meant, it's not Lyra2 or Lyra2v2, it's a weird ass version I guess that doesn't have mature CPU or GPU mining software out for. Obscurity? They don't plan on keeping it either, which makes it all the weirder.
So no one has issues with this coin being funneled into the mouths of a handful of people? Botnets and AWS, it's the same shit. Whole reason I've been bringing it up over the last couple weeks. Why would developers pick a random version of Lyra, even if there going to eventually switch?
Well a lot of these miners/botnets are dumping these mined coins on the exchanges which also allows distribution
With the early stages of any coin, it is always a handful of people who benefit (those who figure out how to get a miner working for the coin and get in early enough).
The whole point of this weird Lyra version was to make it CPU limited until they figured out an ideal algo (which they thought would be MTP). You would think that CPU mined algos would be the best in ensuring a fair distribution but due to AWS and botnets, maybe GPU friendly algos are better. But making it GPU friendly does it make it less asic resistant? Granted, the algo right now is in urgent need of replacement and I know that the devs are currently deliberating their options and were actively soliciting opinions on slack.
You could do that with a normal algo if it's just a placeholder. There was no reason to make it a weird version of Lyra unless they wanted to keep it in the handful of peoples hands.
Lyra2 is a CPU algo, they could've used Cryptonote, m7m, yescrypt... There are other choices.
This goes back to the first point, why would you make it a CPU algo which is heavily dominated by botnets and AWS instances? A more uniform distribution would go to GPU miners. They could've just made it a ASIC algo like x11 or sha-256 and it would've accomplished the same thing.
There are plenty of GPU algos that are ASIC resistant and going round about to a handful of people getting the majority of the distribution, both of which you don't want. AWS users and botnets.
It's already hypothesized that the devs are dumping coins... What are also the chances they made this into a coin they could easily mine that others don't have much experience in on purpose? Just happened that this shitcoin got off the ground... somehow. They don't even have a timeline for their new 'real' algo, probably due to the amount of money they're making.
just favours a different crowd; everyone will have a whinge if x mining method isn't within their grasp.
Oh yeah? So you think ASICs are good too? You want a bunch of coins going to a handful of people, right? And people will whine if they are making buttloads of money and don't think other people should too.
ASICs actually ARE good from a network security standpoint. But that's neither here nor there - most people can take the time to learn how to utilize AWS, don't blame others for your laziness.
Yeah, but that's definitely not the only point of mining. The point is the distribution model is messed up, it's not about 'taking the time to do something', its' about making a method that most people don't know how to do and making them waste time figuring it out, while in the mean time the coins are unfairly distributed to those who already have experience. It's no different then ASICs. Anyone can go and buy ASICs. Putting aside private ones, they're on the market and do exist. They're being funneled into the hands of a handful of people.
It wouldn't surprise me if the devs already had a prviate GPU miner already primed for this coin before it came out or AWS/botnet. There is literally absolutely no reason for it to be a messed up version of Lyra, that is neither the CPU version (Lyra2, which has a GPU miner) or the GPU version (Lyra2v2, which also has a CPU miner).
Going back to talking about 'security' of a coin, how 'secure' is a coin where almost all coins are in the hands of a handful of people? What happens when they decide to dump. While it might be technologically 'secure', it's definitely not 'secure' from a economical standpoint.
ASICs actually ARE good from a network security standpoint. But that's neither here nor there - most people can take the time to learn how to utilize AWS, don't blame others for your laziness.
The thing that gets lost in all of this is mining SHOULD be hard, it's not easy to mine gold, why should crypto mining be the same? To me the more difficult to accomplish such a task, the more value it gives to it.
I work hard at my dayjob to accumulate extra funds to buy crypto, likewise why shouldn't a miner have to put in a little work to get their share as well?
Why should it be hard and what constitutes being 'hard'? It could be economically 'hard', meaning if you don't have money, you can't mine. Is that what you're looking for? Or are you looking for a obscure method that no one knows about except you, so while they're busy figuring it out you make a lot of money? Is that hard for you?
I assume you're not the only one that has to make money to mine. Get off your high horse. No one gets free hardware, software, and time. Most miners aren't well off and many have loans.
That's completely putting aside it's unhealthy to funnel all the mined coins into a handful of accounts that can be dumped and overlooking that statement coming from someone who is make a inordinate amount of money and doesn't want anyone else taking part in it... IE greed.
Continuing on the trend of something being 'hard'. Lets say someone has spent years acquiring hardware and spent a lot of time building a GPU farm. You are new to the game and you don't have any funds, hardware, and all you have is time. Do you think their 'hard work' has no value because you don't have the same 'hard work' they do (GPUs)? When do you get to decide that their 'hard work' is now worthless because you don't like the fact they can earn more money then you?
Oh and something being 'hard to mine' doesn't serve to the greater good of a coin. Market value has nothing to do with how hard something is to mine... Contrary to that, if there are a handful of people who are mining, it makes a coin economically very insecure (IE they can dump and destroy the market).
. I think there will be a future for both however there is trust issues with ZCash, its all dependent if people can trust the ZCash devs. ZCoin on the other hand has a RSA setup however the Zcoin mint process takes ages to get onto the block chain it took me 12+ hours to be able to spend minted Zcoins.
