Topic: [ANN][THC] The Hempcoin (THC) - page 91. (Read 389163 times)

Any news? I hope there is 

Yes, it is cheaper. You don't have to buy 6 most powerful cards on market, that was your choice. When I was mining, I was mining on 2 used 5850 cards and one new 280x.

And you really can mine on GPU in your computer if you want. That's not possible with ASIC algorithm.

Gpu's are cheaper? If i bought 6 r9 290x's 8 months ago when I bought my Asic, it would have cost a little less for the gpu's plus rig components. By the way my asic is fried so I'm not mining at the moment.

Falcon = $4200 - $850 store credit
6 r9 290x = $3600 + mobo and chip @ $100 and ram $40 and psu x 2 @ $150+

Not exactly. ASICs cost lots of money. GPUs are much cheaper and everyone probably has one. Neoscrypt can be mined even on CPU. This allows everyone to start mining. I think that's great.

Yes, fixing POS is not too exciting, but it certainly has to be done.

I agree that HEMP needs connection to hemp and merchant adoption, however, I'm just developer of wallet, this is work for other people.

Algo change doesn't matter, in my opinion. Instead of asics, it's gpu farms. same problem, smaller scale.

Neoscrypt has done nothing to help the price except a quick few day jump for FTC, PXC or UFO.

On the flipside:
NLG is still on scrypt, embracing the ASICs, but they have an executable plan for everything and is why they are succeeding.

ASICS or gpu farms, doesn't matter. End result is people will end up buying what miners are dumping. THC needs more than just an algo change or fixed PoS. Fixing PoS is only giving people what they were promised, so that's not, in my opinion, anything exciting. THC needs adoption and the establishment of the connection of THC to hemp; and/or merchant adoption.

Just take that into consideration.

No

I also agree that neoscrypt is a good move.  My guess is that most people mining Hempcoin right now are renting anyways.

As for the reward schedule, I like the idea of fartbags proposal:

"
assuming 500,000 POW blocks a year I like:

5 years at 10 coins = 25,000,000
+
10 years at 5 coins = 25,000,000
+
20 years at 2.5 coins = 25,000,000
+
that leaves 70 more years at 1 coin block reward.
"

I agree this will take away from mining incentives for the short term, but it is a much better long term solution in my opinion.  To help the short term mining, maybe if we gradually lowered the reward over the next 3-6 months from current 125 down to 10 coins this would still leave some time for early adopters to grab come coins. 

1 month @ 75, 1 month @ 50, 1 month at 25, then onto 10 coins for 5 years and so on...

The coin amounts fartbags mentoined above are assuming all blocks are POW.... which will not be the case.  so we can take a quess and cut the coin amounts in half.

Heres' a schedule based on 50/50 POW/POS split block generation. ie 720 POW blocks a day.

1 month @ 75 coins = 1,620,000
+
1 month @ 50 coins = 1,080,000
+
1 month @ 25 coins = 540,000
+
5 years @ 10 coins = 13,140,000
+
10 years @ 5 coins = 13,140,000
+
20 years @ 2.5 conis = 13,140,000
=
42,660,000 POW coins over the next 35 years and 3 months.

Add this to the current supply of 151,190,000, we will have 193,850,000 coins.

This would then leave about 213 years of 1 coin reward blocks.  If we change the first 3 intervals to be 2 months each, 1 coin rewards would last 200 years....

Just brainstorming out loud here, but I like where we are going here.

And I completely forgot about the bonus blocks..... OOPS.
Factoring in the bonus blocks (mulitply by 1.68); 71,668,800 POW coins over the next 35 years and 3 months.  That leave about 103 years of 1 coin block rewards.

Thoughts, praise, criticism are greatly appreciated.

Thanks.

I like that idea also. Will this require a new block chain?

I decided that best will be to port THC to NeoScrypt code.

http://9gag.com/gag/aYp2mo2


any progress?

Yes, it's enough for wallet, however for compiling you will have to create swap and compiling will take long time (30 mins I would guess).

As for OS, I would recommend Ubuntu 14.04 64bit

has this vps enough power to handle a hempcoin wallet?
on vps.me they offer this one for free.
I have not searched for hidden costs.
*there are no hidden costs 

 CPU:
0.6 Ghz
   
RAM:
384 MB
   
Disk space:
5 GB
   
Bandwidth:
10 GB


if this is enough for the wallet, which OS template should i choose?
   

Volume is indeed not high enough. Someone should buy or sell some THC.

has anyone contacted bittrex?
i dont think volume is enough

I'm sure this will happen one day. It might take years.... might happen tomorrow.

That means we need to compliment the reward schedule with a reason (like investing in actual tangible hemp or futures) for the price to be competing for the MP's attention. That's when you know the coin is popular and stable enough.

This might have a negative effect on the short time mining over the next year though. The mining difficulty of 3 might drop to 0.3. There would need to be POS blocks confirming that the POW blocks are not trying to do one of those 51% attacks.

I like that, the long term block rewards make sense to me.

THC is a valuable thing. We have to be smart about planning a 5 year, 10 year, 20 year, 50 year mining payment schedule.

I think there's something like 110,000,000 coins left to be mined. The non competitive low mining difficulty is already a large early adopter bonus.

assuming 500,000 POW blocks a year I like:

5 years at 10 coins = 25,000,000
+
10 years at 5 coins = 25,000,000
+
20 years at 2.5 coins = 25,000,000
+
that leaves 70 more years at 1 coin block reward.

Yes I think have it more evenly spread because once crypto is mainstream there will be no mining left for THC.