Topic: [ANNOUNCE] Ixcoin - a new Bitcoin fork - page 23. (Read 128605 times)

Why go through all these hoops?

bitcoinx.com can do it for you, input difficulty as 4096 and hashrate, it comes out to 0.00053 @ 1024 diff thus now at 4096 you need to get atleast 0.00212 per namecoin to be even with bitcoin mining/price.

The price atm is mostly trailing around 0.002 which makes it just as profitable if not slightly less profitable considering trading fees involved to convert to BTC on the ixcoin exchange.

The previous 1024 and below were really profitable

So here's my latest bit of analysis:

We can approximate an "instantaneous" difficulty if we know the current network hashrate as follows:
Difficulty ~= Hashrate * 0.13969625
If we assume the 133,367 MH/s currently operating on the only IXC pool to be the entire (or at least the majority of) network hashrate then that gives us an estimated difficulty of ~18631 once we get past the "initial climb" difficulties. Assuming this difficulty holds (which it won't) that would require IXC to trade for about 0.005137 BTC each in order for them to be exactly as profitable as bitcoins. At current difficulty of 4096, breakeven value is around 0.001 BTC each. Given that these are the bounds between which price seems to fluctuate, I feel pretty confident in those estimations.

Realistically we won't get breakeven values under normal circumstances, but if we use NMC as an example, they tend to average around 68% of their breakeven value, so we should expect an instantaneous value for IXC somewhere around 0.0035 BTC

Of course there's a lot of assumptions there:
1. 133,367 MH/s is the total network speed - it's not, but with no better tools it's an ok guess
2. The same ratios that hold for NMC will hold for IXC - probably not true as NMC has added value
3. Price follows difficulty - it seems to be the other way 'round actually (but they ARE usefully related for "instantaneous" math)

Does anyone have anything else to add or spot any other flaws in my logic/math?

Seriously??? XD
i can't believe this got so deep with the logic a couple of you are showing.

dudes all you have to do.
you convert your "ixcoins" to "bitcoins" and THEN you can buy your drugs! XD

One of the things that made ixcoin popular (even if only briefly) is the fact that it has a GUI. Namecoin still does not have this and it does make interest harder to capture when everything is command line.

User-friendliness & Usability is one of the goals of any software project.

Ahahaha, I should've just done a inspect element.

Anyways, I've changed the references to ixcoin. nethash is currently not working...it locks up the server for some reason.

https://en.bitcoin.it/wiki/Trade

Good point. How many merchants accept bitcion currently?

Yeah the real value is businesses, of which bitcoin has relatively few.  It wouldn't be that hard for ixcoin or any other copycat currency to catch up at this point in that regard.

Metcalfe's Law is often used in a figurative sense, even though he was talking about physical boxes trading bits with each other.

The analogy is pretty easy to figure out.  The network I'm talking about here isn't just the nodes pushing blocks and transactions around, it is the network of people and businesses that grew up around the software network.

Nope.

Don't you think that designing, creating and programming bitcoin from scratch was not enough donation ?

The value here is in the size of the network of merchants that accept the currency as payment.  Although bitcoin has way more users, it has relatively few merchants anyway, although obviously more than ixcoin.  What really needs to be done is to get merchants accepting these types of currencies, instead of just creating a new one.

I like that link. Indeed, the power of any virtual currency is the network. What good is a currency (virtual or otherwise) if you can't spend it?

It might serve as an interesting test, though. I'd be interested to know precisely how many participants p (over time) BTC, NMC and IXC have and compare the exchange rates to the relative values p(B)^2, p(N)^2 and p(I)^2 expressed in Metcalfe's Law. It would at least be an interesting exercise (if I could find the data)

I'm not sure that necessarily applies in this case.

Except that Metcalfe's Law says that bitcoin is functionally vastly superior.

After thinking about it, the reality is that I have way more ixcoins than I have bitcoins.  So why should I want bitcoins to succeed over ixcoins, even if the creator of ixcoins didn't really add any value, and he reserved a huge chunk for himself?  Ixcoins are functionally no worse than bitcoins.

Perhaps then Satoshi could donate some of his stash of bitcoins to help fund bounties for bitcoin as did Thomas??

Hey

Today we have introduced ixcoins support in Coinotron.

In order to start mining ixcoins you must go to page "My account" and change worker type to IXC. That is all!    
You can switch between mining  different coin types whenever you want.

So please join Coinotron and help us solve many ixcoin blocks

It's called an iframe lol