Topic: [ANN][DIEM] CarpeDiemCoin Ҩ 8 Sec Ҩ Scrypt and SHA Multipool ARE NOW LIVE!! - page 20. (Read 42701 times)

I might be underestimating, of course, but seeing how destabilizing low network hashrate can be ...
Blockchain splits into multiple forks, exchanges start dropping the coin and it's over very fast.
Also how do you know if we are not under 51% attack already? Do we have any service to monitor and react?
Might take days to spot, and than days to rollback.

Chicken and egg problem:
You can only have lots of transactions (and big fees to secure the network) if you have a lot of demand for using DIEM.
But to build demand, we need a stable long term platform (lots of transactions and fees).
Right now we have neither. Building multipool increases both demand side and network security/fees side, but just orders of magnitude less than what is needed (viral growth).

You were very insightful posting bounties for viral videos from the start. The only coin which achieved viral growth is doge, and thats because they already reused the viral growth component - the doge meme. Other coins which did well on the demand side are all generating mainstream press articles: bitcoin, dogecoin, auroracoin.

If anyone has any ideas how to get on BBC or CNN, please come forward and claim those 500 million DIEM 

Coinex is back up.  should we do giveaways there?

Need to see numbers from the pool paying out to miners how high transaction fees need to be raised to entice SHA miners back on. If there are enough miners, I think you are underestimating how many fees will be generated by auto payouts

Thanks for the quick reply! You are indeed are very active, that was one the things that got involved me here.

Wallet needs some minor cosmetic fixes, there are still "bitcoin" mentioned in about and address send fields. Wallet startup picture seems broken too.

You are still avoiding blockchain security question - delegating the main cryptocurrency feature to third party multipool service is stupid (or malicious) and inexcusable.
Also if you are serious about long term development, and want to attract various businesses that use DIEM post a roadmap and plans to change transaction fees in advance.

1) What's wrong with it? I'm not sure why you think I have abandoned anything, I'm more active than 90% of people who launch coins
1.a) Actually, we did update it since launch. We added the networkhash. What is it missing?
2) Same guy as the pool. We actually have 2 separate people working on separate Android apps and will go with the best one
3) See #2, we are talking in email
4) I've already said multiple times we will raise the tx fee if needed. Until we see how the pool pans out, and rewards hit 0, there is no reason right now

Can't answer the paysha questions

When it's done
Not my priority until post launch. Security and legal issues come first
Maybe eventually, but its more like PayPal than what you are suggesting
Not worried about it, because we actually understand the plan they are implementing. We also verify all transaction prior to merchants being notified of a sale

Questions to dev:
1. Are you going to be developing/updating DIEM wallet? Whats the roadmap?
2. Who is making the android wallet? Can this person post a hello and status updates to this thread? When is it going to launch?
3. Who is making the multipool?  Can this person post a hello and status updates to this thread? When is it going to launch?
4. What are going to be transaction fees be, after block rewards hit 0? When are you implementing new transaction fees?

Questions to paysha:
1. When are you launching?
2. How many merchants at launch?
3. Will you provide integrations to most popular ecommerce software (wordpress prestashop opencart)?
4. Will merchants be able to autoconvert to USD?
5. How are you planning to protect your systems and merchants from DIEM double spends?

To answer #2 - Because some people aren't short sighted and would rather find ways to accumulate a rising coin without buying it, since direct mining isn't possible anymore

Transaction fees will be how SHA miners are paid for their hashpower. Yes, they will be low rewards, but that is the entire point

This will be Scrypt hashpower, but yes that is the idea. Everytime a miner is paid (in DIEM, from pool to wallet), it will create a transaction fee that the SHA miners directly mining DIEM will receive for their mining, instead of a block reward

I guess that's the open ended question. How many would mine the DIEM multipool. I personally would try mining it because I think that the price is low enough now that purchases from the multipool would significantly increase DIEMs price at first, but it is hard to say how profitable it would be. If people are getting enough DIEM to sell for .008 BTC per Mhash, then it would be considered profitable enough I think. There is also the matter of when Paysha launches, whether or not that will be popular enough to drive demand. There is appeal in being able to circumvent BTC when mining and making a purchase, even if for the convenience of it. I like that there are people who want this coin to succeed enough to hash out this stuff. I wish I had the technical skills to contribute on this end.

Yes, thats the plan being suggested right now, but network security is maintained by DIEM miners, not people mining at multipool.
I don't see how one multipool could produce enough DIEM transactions and transaction fees to pay to DIEM miners for securing the DIEM network.

Other problems with this approach:
1. Centralization, network depends on one multipool.
2. Multipool does not solve DIEM demand problem. Why should miners mine at DIEM multipool and not other multipools who pay BTC?
Why should people mine at this multipool and hold/use DIEM? There are plenty of multipools who pay with BTC.

https://bitcointalksearch.org/topic/scrypt-best-multipool-with-profitability-coin-switch-check-out-the-list-424541

3. Who is making the pool? When is it going to launch?

Maybe I am misinformed. Wouldn't this multipool mine other coins unseen to the miner and then sell the said coins automatically to then purchase DIEM at asking price and pay this DIEM out to the miners? If it is not being done this way it should. To the miner, they only see DIEM. If purchasing are being made at asking price that should drive the value up, right? If transactions are occurring at a very high rate wouldn't this be what is securing and maintaining the network? Or is it a case of thinking there will not be enough activity?

I have explained everything in the above post pretty clearly. DIEM is not secure enough to use, and it's getting worse.

Multipool is not a magic bullet, and claiming that it will magically fix the problem with "massive transactions" is deception.

"The ones that use the pool first will get paid the most DIEM. Its like a second launch".

what? thats not how mining works.

The ones that use the pool first will get paid the most DIEM. Its like a second launch. I really think you don't understand the point of the pool

I'm referring to miners being paid giving more fees on the network. I hope you know exchange fees don't go to miners...

I think you are misinformed as to what this does and why they are doing it

One multipool buying and selling on exchange will bring "massive transactions"? Sounds unlikely, sorry.

So if this one multipool goes down, there are no more transactions and DIEM dies?

Who is making the multipool and when is it launching?

If they make a multi pool that pays out DIEM there are going to be massive transactions. I believe this is the plan

Hello everyone,

Since the DEV is not even considering the security (mining) problem of DIEM network, i'm making a bounty to try and fix it.

500 million DIEM BOUNTY to implement any solution, that increases DIEM security significantly and allows building long term infrastructure and trust for coin holders traders and merchants

My general ideas, what could be done:
1. Implement POS
2. Add another algo for mining like myriadcoin.
3. Implement rewards and market DIEM to miners who no longer can mine btc, but posses old ASICS.
4. Check block history before creating new blocks https://bitcointalksearch.org/topic/m.105218
5. from Gavin: check priorities and transactions http://gavintech.blogspot.no/2012/05/neutralizing-51-attack.html
6. http://bitcoin.stackexchange.com/questions/1037/what-can-xxxcoin-do-to-stop-the-impending-51-attack

Any other proposals are welcome!

Explanation:

Basic premise off all POW (proof-of-work) cryptocoins is that miners are producing blocks (blockchain), which are securing the network and making transactions. No miners - no security - no new transactions - coin is dead. If you are in doubt go ahead and read the original satoshi bitcoin whitepaper https://bitcoin.org/bitcoin.pdf.

Here is a list of coins who got attacked by 51% attack:
Terracoin      Date: July 24, 2013 https://bitcointalksearch.org/topic/terracoin-attack-over-12th-attack-confirmd-261986
Coiledcoin    Date: Jan 5, 2012 https://bitcointalksearch.org/topic/m.675166
Worldcoin    Date: Nov 01, 2013 http://worldcoinforum.org/topic/456-confirmed-51-attack-double-spend-attack-on-worldcoin/
Feathercoin http://imgur.com/a/fTye4#10

Situation right now:
1. Total network hashrate less than 0.3 TH/s . Last time i posted this warning network hashrate was 2 TH/s. The trend is obvious. Block reward will be less than 1 DIEM in 4 days (2014 04 03).

2. DEV is refusing to acknowledge the problem:
"DIEM doesn't need a large hashrate. There is no real point to mining since rewards are so low. Attacking is pointless, we just fork it back"
No problem, we just fork it back, while all the coins on the exchanges/wallets are stolen using double spend attacks, and the network is unavailable for days.

3. DEV is promoting and supporting misguided solutions to this problem: "multipool mining scrypt coins and pay DIEM". Why would a miner want to get paid in DIEM, and risk his coin value if at any time this coin can be killed for less than 1000$ ? Why would a miner even use such a pool?

4. DIEM wallet has not been updated since launch: https://github.com/CarpeDiemCoin/CarpeDiemLaunch/commits/master

5. Block rewards will be less than 1 DIEM in less than 3 days.
There is no plan or discussion about increasing network fees to support mining/security.


DIEM pros:
1. 8 second transactions are AWESOME
2. No premine
3. SHA256
4. Good launch
5. Semi recognizable name
6. Might succeed transitioning to transaction fee powered mining. No block rewards.
7. Active DEV and good community

DIEM cons:
1. Instamining on launch (50% coin mined the first day, 25% second day).
2. Chicken and egg problem, no mining incentives - network is not secure.
3. DEV is avoiding hard problems, wallet development has stopped.

Until situation changes, i don't recommend anyone to buy and/or hold DIEM or using it for any kind of real world purchases.