Wow.
Just finished reading from page 120 up to current, and WOW.
This coin is incredible. Solving the crypto community's problem of ASICs vs GPU vs CPU in a single coin is just amazing to me. Three weeks ago I was contemplating selling all my GPUs; game over with the announcement of KNC's Titan scrypt ASIC miner, or so I thought. Vert coin put my selling action on pause and gave me small hope for mining at profit for the near future. But if what you guys have done here holds up to intelligent critiques from people like gatra and notsoshifty, (which it seems it now will thanks to gatra helping out, friggin awesome), then it appears GPU mining is here to stay indefinitely. Once the word of this coin gets out, (and it obviously is if I know about it, I'm just regular Jon and here I am) I would imagine most coins created going forward will incorporate this sort of solution. I'll definitely be pointing all my cards at it in the coming days and hopefully can find a useful place within the community.
I write code for PLC's for a living, so I don't have any skills to hunt down those bounties, but I speak well and plan to talk about this coin A LOT!
When I initially began reading the thread, I thought to myself, "That's a great coin, from a technical standpoint, but end users don't know or care about the technical aspects. A coin needs to fill some sort of niche for people outside of mining to care about it." In my humble opinion, the few alt coins that will survive the test of time have each filled a unique social niche by implementing an innovation.
- Litecoin is a success because it fills the niche of existing as a silver to the gold standard of Bitcoin. The innovation implemented to achieve this was obviously the scrypt algorithm, which has allowed myself and countless others who arrived to cryptos after BTC had left the harbor to mine and enter the crypto world.
- Doge is a success because it fills the niche of social media integration and personifies as well as enables the emerging gift-economy. The innovations implemented to achieve this were three fold; first the reddit tip bot (and hopefully the Facebook tipping app). Secondly the implementation of having an infinite supply of coins, which was less an innovation as it was a break from the established norm (by BTC and LTC, the only two coins at the time with name recognition) that all cryptos should have a fixed supply. Thirdly the high profile gifting to the Jamaican bobsled team.
- Aurora is a success because it created a how-to guide for countries to follow that wish to directly confront central banks and debt based monetary systems. This is more than a niche, but a fundamental ideal of all crypto currencies. Aurora brought to a spearhead Satoshi's disdain for the current monetary system and pointed it right at the central banks in a manner that allows the entire world to hold and utilize that spear. The innovation implemented here was solving the problem of how to empower the citizens of a country with a crypto currency; ie, the legitimization of a premine via Airdrop.
- Einsteinium is a success because the innovation of mandating 2% of all mined coins go to a single social project each month solved the problem of relying on end users to actively and coordinately donate the coin to have real social impact. Similarly, 0.5% of all mined coins go towards maintaining the Einsteinium Foundation (pending official NPO status), so the developers can quit their day jobs and focus on sustaining the coin. Some people refer to this coin as Doge 2.0, but the niche filled here is funding science, not full integration into social media.
I am well aware that all of these coins can be argued to have succeeded for different reasons or to have already failed for other reasons, and my intent is to not incite those discussions, but rather to help me in my own my mind create a framework with which to compare coins to as a means of deciding whether or not they are viable long term investments. So when I first began reading the threads for this coin and comparing it to my framework, it immediately satisfied the requirement of possessing a high quality innovation, but it seemed to fail the social niche criteria. This was at page 129 of the thread and around 1:30AM a few days ago, so I slept on it. I picked the reading back up the next night and right away I came across iamphoenix's comment
myriad has significant first mover advantage IMO if one of the algos becomes popular or is useful the best move would be for Myriad to ABSORB the algo into its own arsenal. and it planted the seed that maybe the social niche for this coin wouldn't be necessary. I kept reading and by the time I finished the technical discussions between foodies, 8bitcoder, gatra, notsoshifty, Ahmed and others, I had a strong feeling that the technical innovation of this coin would indeed be enough to place it among the ranks of alt coins that survive and thrive. But was that feeling truth or did it stem from being hopeful that maybe I'll get to continue mining with a few GPU rigs forever?? To answer this question, I started writing this post, and I'm still struggling to find an answer. I know that end users do not care how a coin is mined, none of my friends that have a Coinbase account know what a 51% attack is, what SHA-256 or scrypt is, or even what a hash is. They just know what Bitcoin is because it's in the news. The other coins I listed were also in the news, so this makes me want to get in on the discussion started recently on this thread about some much needed publicity.
In my head, this coin would benefit from filling a social niche and then generating some publicity about it. Getting a group of people to decide on what niche to fill is very near impossible once a coin has been launched, but luckily the name of this coin contains the solution; it can fill a myriad of social niches
Everyone from artists on Etsy accepting it to jailbreak app coders. From students trapped in debt accepting it on crowd funding sites to millionaire venture capitalists investing in it. From the development of iPhone apps to the manufacturing of bluetooth cold storage vaults. I know that every coin has these same aspirations, and even Litecoin has yet to achieve most of them, but from what I've seen so far in the crypto world, coins live and die by the strength of their communities and communities always start with the devs and miners. Devs get wore out because of the sheer magnitude of work they undertake and the marginal gains they realize after a few months. Miners are fleeting because we're always one step behind the newest technology and forced to try and get one step ahead of the next hot coin. Myriad offers a solution to the constant running away from ASICs for GPU miners, and thus offers a home for some us to stay, be profitable and remain part of the supporting community. I myself would much rather let those stupid GPUs in the garage hash on one coin so I can sit and think about solving real world issues, and that is exactly what I intend to do.
The technical superiority of this coin is undeniable, but just like Linux is far superior to Windows, that's not a guarantee of widespread public adoption. The focus for me to help this coin survive will be to think about solving the problems of getting it integrated into society. I don't know what those solutions will be, but I know that they will take A LOT of work by a lot of high caliber people. So before I go throwing out ideas and floundering about, I would like to know if there is going to be some organizing of community effort. Are there plans for the devs to create a foundation or structure for groups of people to meet and work together to implement the ideas and proposed solutions that get tossed around on this forum? Is there anyone who is working on these solutions now who needs a helping hand?
I got into mining because I wanted to help develop the long term social benefits I feel are possible with cryptos. I don't know if myriad is where my efforts will take root, but I'm willing to find out.
