Topic: [BTE] If we are going to make to the next retarget we must be zelots - page 3. (Read 2705 times)

if we got 1 asic pointed at this thing consistently we would get past this next re-target no problem at all. you arnt by any chance in avalon batch 2?

I heard PPCoin has a way to do proof-of-stake so it's possible to avoid this difficulty issues. Can we evaluate going that route? 

Note I'm all for a hard fork, if needed can throw a couple GH/s at this.  Once I get my ASICs it'll be more than just a "couple"

Cheers,
Mark

I am already mining worthless BTE on a single GPU (2011 of course  ). How long do we have to mine to get to a normal difficulty again?

I was afraid of this, but I think it is a temporary setback.  During that temporary setback, there might be all kinds of price fluctuations as the market probably did not factor in the thought of this happening into the price.

People who are committed to altcoins need to provide a decent amount of hashing power to get their coins to succeed.  There is just no way around it.  Mining at its core is really about securing the network.

I believe that long term, a fork of Bitcoin's blockchain like this is needed.  I think Bytecoin may have to weather some interesting times until it gets enough hashing power to be that fork.

Keep hashing!

Also make sure everyone you know who is involved in bytecoin reads this very important post

Unfortunately mining isnt going to be profitable until the next re-target, thats right every second you spend mining bytecoin instead of bitcoin is time spent losing money. But you should do it anyway, and ill explain why.

We are in very dangerous territory right now. Bytecoin was a 1:1 copy of bitcoin which means it was released with a difficulty target of 1 just like bitcoin was. This made sense when bitcoin was released since there were very few miners using very primitive mining hardware. These days with asic this is no longer the case, so releasing bytecoin with a dificulty target of 1 was a huge mistake (hindsight is always 20/20). This incentivized massive amounts of mining power to enter into the market in an attempt to capitalize on blocks that were coming in so fast they were limited only by the latency in the network (as it turns out this is about 1 minute). The problem is that the bytecoin network interpreted this as meaning that there was far more hashing power legitimately interested in bytecoin than there actually was. After the retarget those looking for quick profits left the network and caused the re-target to massively over compensate.

This presents a very serious risk of creating a destructive feedback loop. Miners abandon the bytecoin network because blocks are coming in to slowly and this causes blocks to come in more slowly which causes more miners to abandon which causes blocks to come in more slowly until we never see another block again.

So then the question is why should you mine at a loss? The answer is that if you are holding bytecoin and we do not make it to the next retarget than your bytecoin will be worthless. If you are holding bytecoin and we do make it to the next re-target than they will almost certainly have a very bright future and be outrageously undervalued at current prices. So it is in your interest, if you are holding bytecoin, atleast for the time being, to mine at a loss. If we make it to the next re-target than it will be smooth sailing from there on, we know this because bytecoin is just bitcoin2 and we know bitcoin works.

If we ever get to the point where a single block takes more than 24 hours we will know that bytecoin as we know it is dead but this is not necessarily the end of the story. If we do encounter this feedback loop of death we can potentially hard fork. In this fork we would need to manually set the difficulty to where it should have always been. I think this is possible because there are so few of us. In fact i think i know almost everyone involved in bytecoin and i could send each person a personal message so hard forking should be very possible.

With that being said it would still be best to avoid this entirely by sticking with our resolve to mine even at a loss, because the rewards will be great if we can only be patient.

thanks for taking a look! anon136 signing out.