[ANN][SHA-256D] PETRODOLLAR (P$): BIG OIL COMES TO CRYPTO - page 33.

raskul

sr. member

Activity: 434

Merit: 250

Quote from: crackfoo on March 09, 2014, 01:38:03 PM

Quote from: raskul on March 09, 2014, 05:17:42 AM

Quote from: coinweaver on March 08, 2014, 09:24:27 PM

That is correct.

To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.

looks OK to me, however - to be the harbinger of doom and gloom yet again, it's gonna take some dedicated miners to keep this coin active, I hope the hash-rates we are currently seeing at pool are going to continue after block 43200 for the good of P$. This is one coin that can succeed, but it's going to take dedication. I'm putting all I can into it, which is currently a 50GH/s BFL (the rest of my rig is all old getwork hardware and I can't get my proxy pointing at any of the P$ pools to hash correctly.)

My bfg proxy point to my P$ pool just fine... What seems to be the problem?

i'm not sure... proxy works for all other pools when i'm mining BTC, but not for alt coins. bearing in mind the blades are all 130nm and edging close to being a loss leader... thinking of selling them on ebay.

crackfoo

legendary

Activity: 3486

Merit: 1126

Quote from: raskul on March 09, 2014, 05:17:42 AM

Quote from: coinweaver on March 08, 2014, 09:24:27 PM

That is correct.

To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.

looks OK to me, however - to be the harbinger of doom and gloom yet again, it's gonna take some dedicated miners to keep this coin active, I hope the hash-rates we are currently seeing at pool are going to continue after block 43200 for the good of P$. This is one coin that can succeed, but it's going to take dedication. I'm putting all I can into it, which is currently a 50GH/s BFL (the rest of my rig is all old getwork hardware and I can't get my proxy pointing at any of the P$ pools to hash correctly.)

My bfg proxy point to my P$ pool just fine... What seems to be the problem?

raskul

sr. member

Activity: 434

Merit: 250

Quote from: neuroMode on March 09, 2014, 12:38:56 PM

Quote from: raskul on March 09, 2014, 05:17:42 AM

Quote from: coinweaver on March 08, 2014, 09:24:27 PM

That is correct.

To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.

looks OK to me, however - to be the harbinger of doom and gloom yet again, it's gonna take some dedicated miners to keep this coin active, I hope the hash-rates we are currently seeing at pool are going to continue after block 43200 for the good of P$. This is one coin that can succeed, but it's going to take dedication. I'm putting all I can into it, which is currently a 50GH/s BFL (the rest of my rig is all old getwork hardware and I can't get my proxy pointing at any of the P$ pools to hash correctly.)

Well, the model foreshadows a price increase at block 43200. If the price doesn't increase this coin will surely lose miners because the block rewards drop drastically. You might have a few that will set a few GH/s out of novelty/interest sake but if it remains less profitable than bitcoin to mine it'll be hard to survive. However, something tells me that there will be enough miners around that deem it worthy.

agreed, and I am content to keep mining this, however, can we clarify what it is that will drive up the price? The reason I ask is because as is so inherent with so many other coins, price is solely dependent on the sell price on the exchanges of folk who have the coin in possession. I see no method on any of the ALT/BTC exchanges which will drive up the price. Is there any kind of price driver, aside from the price one is willing to sell at, on exchanges such as cryptorush? (I dismay at the low price that folks are currently willing to sell P$ at). If I had enough BTC, I would buy up the lot and hold onto it... perhaps what we need is a big whale to sweep the low sell orders out and mark up the price to something a bit more respectable? I know, it's early days, but I would like to see some kind of method in which the ability for a coin to rise in value will follow, apart from the dumpers sell price. Are we solely relying that someone will come along and buy up all the coins at a cheap price?

neuroMode

sr. member

Activity: 448

Merit: 250

I just started an IRC for P$. Join me on Freenode #petro.dollar

I would have chosen #petrodollar but someone appears to be squatting on it.

neuroMode

sr. member

Activity: 448

Merit: 250

Quote from: raskul on March 09, 2014, 05:17:42 AM

Quote from: coinweaver on March 08, 2014, 09:24:27 PM

That is correct.

To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.

looks OK to me, however - to be the harbinger of doom and gloom yet again, it's gonna take some dedicated miners to keep this coin active, I hope the hash-rates we are currently seeing at pool are going to continue after block 43200 for the good of P$. This is one coin that can succeed, but it's going to take dedication. I'm putting all I can into it, which is currently a 50GH/s BFL (the rest of my rig is all old getwork hardware and I can't get my proxy pointing at any of the P$ pools to hash correctly.)

Well, the model foreshadows a price increase at block 43200. If the price doesn't increase this coin will surely lose miners because the block rewards drop drastically. You might have a few that will set a few GH/s out of novelty/interest sake but if it remains less profitable than bitcoin to mine it'll be hard to survive. However, something tells me that there will be enough miners around that deem it worthy.

raskul

sr. member

Activity: 434

Merit: 250

Quote from: coinweaver on March 08, 2014, 09:24:27 PM

That is correct.

To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.

looks OK to me, however - to be the harbinger of doom and gloom yet again, it's gonna take some dedicated miners to keep this coin active, I hope the hash-rates we are currently seeing at pool are going to continue after block 43200 for the good of P$. This is one coin that can succeed, but it's going to take dedication. I'm putting all I can into it, which is currently a 50GH/s BFL (the rest of my rig is all old getwork hardware and I can't get my proxy pointing at any of the P$ pools to hash correctly.)

coinweaver

full member

Activity: 176

Merit: 100

That is correct.

To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.

neuroMode

sr. member

Activity: 448

Merit: 250

Quote from: coinweaver on March 07, 2014, 10:04:45 PM

Quote from: neuroMode on March 07, 2014, 07:48:34 PM

I have one question that I'm confused about because things weren't fully labeled in the main post:

Are the parts I've put in bold below the BLOCK REWARDS? I underlined the block reward for the first 43200 blocks, but do the values in body below it represent the deflationary block rewards?

Quote

BLOCK REWARDS
43200 blocks (150 days): 50% payout (p$61,037,314) or block reward of 1412.90078704
Year 1-5 (blocks 43201-568800): 3170769.55844155 (30.16333293)
Year 5-10 (blocks 568801-1094400): 1585384.77922077 (15.08166646)
Year 10-15 (blocks 1094401-1620000): 792692.38961038 (7.54083323)
Year 15-20 (blocks 1620001-2145600): 396346.19480510 (3.77041661)
Year 25-30 (blocks 2145601-2671200): 198173.09740250 (1.88520830)
Year 35- (blocks 2671201- ): 99086.54870120 (0.94260415)

There's no such thing as a deflationary block reward. It is impossible to give someone something and deflate the total in circulation.

Transaction fees are destructive at rate of ~1.5% per transaction and increase parabolically over 35 years starting at block 43200.

Image courtesy of PennyAlts

Ok, my apologies, but just to officially clarify if the numbers I put in bold were the block rewards: Block reward decreases are in this order? 1412.90078704-->30.16333293-->15.08166646-->7.54083323-->3.77041661-->1.88520830-->0.94260415 ad infinitum

cris1987

full member

Activity: 120

Merit: 100

WTB, if someone want to sell, send PM

koby

full member

Activity: 168

Merit: 100

Where can I find the Market cap of PetrolDollar?
I think Dubai People should know about this coin, it will go to the Moon

coinweaver

full member

Activity: 176

Merit: 100

Quote from: neuroMode on March 07, 2014, 07:48:34 PM

I have one question that I'm confused about because things weren't fully labeled in the main post:

Are the parts I've put in bold below the BLOCK REWARDS? I underlined the block reward for the first 43200 blocks, but do the values in body below it represent the deflationary block rewards?

Quote

BLOCK REWARDS
43200 blocks (150 days): 50% payout (p$61,037,314) or block reward of 1412.90078704
Year 1-5 (blocks 43201-568800): 3170769.55844155 (30.16333293)
Year 5-10 (blocks 568801-1094400): 1585384.77922077 (15.08166646)
Year 10-15 (blocks 1094401-1620000): 792692.38961038 (7.54083323)
Year 15-20 (blocks 1620001-2145600): 396346.19480510 (3.77041661)
Year 25-30 (blocks 2145601-2671200): 198173.09740250 (1.88520830)
Year 35- (blocks 2671201- ): 99086.54870120 (0.94260415)

There's no such thing as a deflationary block reward. It is impossible to give someone something and deflate the total in circulation.

Transaction fees are destructive at rate of ~1.5% per transaction and increase parabolically over 35 years starting at block 43200.

Image courtesy of PennyAlts

crackfoo

legendary

Activity: 3486

Merit: 1126

Thanks all you Oil tycoons! Mining up a lot of P$! Tongue

Hasher Pool:

http://petro.hasher.ca

Happy Hashing!

neuroMode

sr. member

Activity: 448

Merit: 250

I have one question that I'm confused about because things weren't fully labeled in the main post:

Are the parts I've put in bold below the BLOCK REWARDS? I underlined the block reward for the first 43200 blocks, but do the values in body below it represent the deflationary block rewards?

Quote

BLOCK REWARDS
43200 blocks (150 days): 50% payout (p$61,037,314) or block reward of 1412.90078704
Year 1-5 (blocks 43201-568800): 3170769.55844155 (30.16333293)
Year 5-10 (blocks 568801-1094400): 1585384.77922077 (15.08166646)
Year 10-15 (blocks 1094401-1620000): 792692.38961038 (7.54083323)
Year 15-20 (blocks 1620001-2145600): 396346.19480510 (3.77041661)
Year 25-30 (blocks 2145601-2671200): 198173.09740250 (1.88520830)
Year 35- (blocks 2671201- ): 99086.54870120 (0.94260415)

RobRoy

hero member

Activity: 518

Merit: 500

Quote from: RobRoy on March 06, 2014, 01:14:08 PM

Quote from: RobRoy on February 19, 2014, 07:44:33 AM

Hi all!

p2pool : http://coinminer.net:20002/static/

fee: 0.5%

please try!

Happy mining!

atchoum6760

legendary

Activity: 1904

Merit: 1063

Quote from: neuroMode on March 07, 2014, 12:22:42 AM

Is there an IRC for P$?

http://petro.hashfast.de/

neuroMode

sr. member

Activity: 448

Merit: 250

Is there an IRC for P$?

coinweaver

full member

Activity: 176

Merit: 100

PennyAlts added to list of exchanges.

http://penny-alts.co.uk/

koby

full member

Activity: 168

Merit: 100

If I can not make millions why people are keep creating shitcoin, I'm not judging any coin but if your coin can't make money What's the point to create Banana coins? People STOP creating coins if I can't make money!! Find I different hobby,Nerd.

RobRoy

hero member

Activity: 518

Merit: 500

Quote from: RobRoy on February 19, 2014, 07:44:33 AM

Hi all!

p2pool : http://coinminer.net:20002/static/

fee: 0.5%

please try!

Happy mining!

raskul

sr. member

Activity: 434

Merit: 250

i think P$ would be best suited to a DGM pool.. anyone?

Topic: [ANN][SHA-256D] PETRODOLLAR (P$): BIG OIL COMES TO CRYPTO - page 33. (Read 127156 times)