Topic: [ANN][Exchange] Latest Cryptsy Additions, News and announcements. - page 111. (Read 199385 times)

I'm not sure I see how it was isntamined by the devs? The release was announced days ago and could have been mined by anyone with the right resources ready to go. The little guy might have gotten pushed out. As far as the concept of dumping your instamine....There is no market if there is not a buyer to take it. So since their is a WILLING buyer how is this an issue?

this coin has no premine, that is true, but it is clearly designed to be hugely instamined by the devs, and it's a shame both exchanges provide the facilities for them to dump at a higher price, because there are not many coins mined by the outsiders. The promotion is the same style as for ARG/SBC (both heavily premined) which apparently done by the same team. Now no premine, but heavily instamined.

I think many underestimate the effect XPM has had on the CPU coin world. Most people now know how to spin up VPS or launch large groups of machines with little effort. Combined with the fact this can be mined with a well established miner that is nearly double the speed of the wallet miner I am not too surprised at the rate coins were mined. It would take someone <10 minutes to have this running on 200+ machines should they wish to gamble the money.

cryptsy transactions occur off chain by leveraging databases with usernames, addresses for the username, amount deposited etc. when a transaction occurs, the coins are simply moving in the database from user to user while the coins remain in the same addresses until point of withdrawal from the exchange.

just for a little example, say user A buys 5 yac from user B. supposed that user C originally deposited the YAC with the exchange, and later sold them to User B. say that user A withdraws the 5 yac from the exchange, by sending them to an online dice game and wonders why he never got anything back. In reality, the gambling winnings would post to user C's account as this would be the originating address to which the coins were deposited and withdrawn from the exchange.

Cryptsy could be part of the solution by including the transaction fees needed to support the miners in the exchange fees. Or, it opens up the realm of miners for hire to facilitate transactions. Either way, it's an interesting proposition.

well its pretty common knowledge that baritus has quite the gpu farm. i'm not accusing him of having a gpu miner, but its highly likely that that was the delay in release as there are only 10 lines of code difference between SRC and QRK, sans the block hashes etc which are also different.

equally troubling, is the fact that starting diff is unaltered from the normal value of 20, so there is the obvious instamining problem. In summation, i see SRC as a clone of QRK with a superior development team, marketing strategy, and economic model, HOWEVER, on the same token its flaws are equally important and shed light on the fact that the supposed alignment with bitcoins original 50 coins per 10 minute economic strategy is nothing more than hyperbole, and this is solely due to the poorly thought out difficulty schematic.

Other coin developers in the future will benefit from taking the 1-9 days to hash a genesis block at higher difficulty (30 should be the bare minimum for scrypt, jane, or permutated multiple hashing algorithms(as in the case of SIF, QRK, SRC) with 40 being the bare minimum for SHA 256 based coins. For script coins, coupling a a high starting difficulty with a modern, 5-30 block retarget will yield resillience to insta mining while alleviating problems with stranding at higher difficulties, respectively, where as longer retargets are more desireable for SHA 256 based currencies, reason being that SHA is more efficient and thus results in higher hashing rates meaning that there is less of a stranding effect at higher difficulties than the problem that persists in scrypt due to it being nearly 1000 percent less efficient than sha 256 based algorithms.

Sure is but our goal is to be fully compliant and its looking up

Must be a right pain to set up just watching some of the Gox stories unfold!

When we are fully licensed (Got some recent good news but not ready to put it out in public just yet)

When will the USD Markets be in place?

That is one perspective or it gives traders a chance to buy early would be another. Either way to dump you have to have a buyer.....

Any news regarding Paycoin ? 

agreed, I don't see the logics of exchanges rush to list this coin. I mined one hr with 4xi7 and get 0 (actual 5 orphans), and within 30 mins after I started mining (not even from the start) there were 1000+ blocks mined (from block 2600 to 3700+ , the spec says one block per minute, so should be only 30 blocks in 30 mins). My impression is that altho it is said to be CPU mining, someone may have a secret GPU miner and mining it, this is a common trick for CPU coins and a reason I don't usually mine CPU coins.

Bter/cryptsy list this coin just a few hrs after it is launched, only to give instamining people a chance to dump.

Really?
I can do simple mathematics.
Odd thing to leave out of a standard query don't you think?
Brings the cynic out in me.

+1 for EXC

Multiply the blocks times the block size. Would show you that roughly

interesting that getinfo wont tell you money supply

We still think its a quality coin with a solid developer have had it listed as #2 since its announcement. Baritus is a good coin developer so we are speculating it will be a great success. Id agree that as with many new releases in the CPU coin arena early mining is sometimes very painful.

Amazing.

myself and 99% of the people here cant even mine this coin and its listed within hours of launch...

orbitcoin for cryptsy - it has good volume at coins-e

put it in LTC - and watch the scramble