Topic: Ethereum: 2nd gen cryptocurrency with contract programming, "dagger" hashing - page 13. (Read 84330 times)

what you're mining is local - from what I can see in the network code it's not acquiring peers. So think of it as your very own local testnet that indeed will disappear into the Ether.

They plan to release mining in 3 stages: centralized testnet will be first. Should be there in 1/2 months. Main net is 'months' away.

Ok, thanks to ursium I'm now mining.

I've not created a 'wallet' yet... how do I link to anything I happen to mine? Pardon the pun, but does my work simply disappear into the ether?

Thank you.

By CPU what shall I understand, ususal laptop/PC will be enough for maximum speed, or bitcoin miners will perform faster?

The secret is out friend and the IPO will be heavily diluted. 

Cloud mining runs on centralized facilities, so it creates vulnerable areas for attack. It also concentrates distribution, wastes electricity, and results in instamined coin. This happened with Protoshares, which was supposed to be highly decentralized CPU mining on individual PCs, with mining slowly ramping up.

As to if its possible - good question. Maybe if there is a way to detect and penalize clustered CPUs and verify diverse geographic location.

Another option is if mining is tied to useful activity like providing bandwidth, general purpose processing power, memory, and storage to the network, using the coin to optimize resource allocation with market driven supply and demand. In this case, the more mining power, the better, regardless of source, since everybody benefits from lower cost, higher capacity, and ubiquity.

I really don't like altcoins, and think all of them so far, including Litecoin, are useless, but I agree with FT, this is the only one, besides Bitcoin, I would acquire and support. I've known about this for a while, and have read the whitepaper, but didn't realize the secret was out already...

And just why should cloud mining be excluded and is that even possible as long as you make the coin possible to mine with CPU?

+100 , exclude cloud mining as well, maybe a way to insure geographic separation of miners.

Agree, PoW should evolve to CPU+GPU to exclude CPU botnets and ASICs (temporarily)
Following this

CPU bound? Then the big issue won't be ASCI's. It will be botnets. Read the Qubit coin thread if you want to see how botnets affect CPU bound algorithms.

It will be favorable to CPUs, GPUs might come in later if people develop for it but will only be a small percentage faster as Dagger is intended to be sequential memory hard. They also just announced they might organize a contest to determine the best ASIC-proof mining algorithm should Dagger not perform as intended. They could even go hybrid with PoS through Slasher.

Can we mine with litecoin rigs (GPU) ? Which is optimal?

Another way to fix this is to just run a centralized node for the first few hundred blocks that calibrates the difficulty of the network based on the orphan rate it encounters and pushes it to clients via an ECDSA signed packet; I haven't seen this implemented yet, but it really should be.

As GHOST is okay with orphans (it includes their work in the tree generated), this should not really be an issue with ethereum

Modern Scrypt mining by far has the most decentralized/fair distribution of coins, lowest barrier to entry, and most resistant to ASIC-esque centralization currenly.  (Modified scrypt algos look very promising in this regard to keep it essentially GPU only)

Since it's resistant to botnets and it doesn't have miner manufacturers with a vested interest in fucking over their customers and mining themselves (i.e. ASICs).  It also has the longest history in cyrptocurrency and is well known by anyone even remotely familar, be they bitcoin GPU miners from the past, or scrypt miners currently on anything from the well established coins like litecoin to multipools/middlecoin that exchange to btc, to newer 'scam'coins.

Basically the only way it can be exploited is insta-mining where a coin launches with a far too low diff, and even this can be combated by anticipating it and setting the starting diff higher, or low block rewards early.  and even this 'insta-mining' is only really centralized/unfair for a few days, within a few weeks the overall mining reward has diluted the first instamining

I'm not sure how a fixed algo, no matter what, will be resistant to ASICs.  It sounds like needing a bunch of RAM is just going to make it just like the other CPU coins, botnets and cloud mining.

I guess cloud mining could be sort of democratic, but you don't actually own the hardware, and it's very foreign compared to traditional mining.  Also you're essentially centralizing all the hashing at amazon / digital ocean/ etc.

Ethereum is PoW only (so far)
Bitcoin was mined in huge quantities by Satoshi early on


Litecoin was mined in huge quantities by me and others when it was first released (unfortunately I sold most of mine while they were a few cents each because I was paying for my undergraduate education).  I was running a series of AMD 6-core servers on the network right after introduction.  When GPU miners came out I had several MH/s on it as well.

I think pretty much everything results in a tiny group at the start having everything, and the matter of distribution is whether or not that tiny group decides to sell to others or not

Of course everyone is being vague in this thread, that's to be expected with these things.  But i've gathered that the algo is going to be a """CPU"" only one, and it's going to be heavily premined / IPO'd aka buy in now or never make anything style

Why always botnet (""CPU"" aka cloud services) mining?

Why always Premining and Proof of Stake?


Bitcoin started out very decentralized and then because of SHA256 became extremely centralized

Scrypt GPU era started out very decentralized and stayed like that, but now with ASICs on the horizon is about to go the way of bitcoin (albeit not as dramatic) if they stay on the same algo

CPU coins are never actually decentralized, they're always taken over by botnets and cloud mining.  CPU mining with computers is almost never ever reasonable

Proof of stake, just results in a tiny group at the start having everything.

All you need is a mining algorithm that changes slightly either automatically or by some other method -- no problem for GPU/CPU miners, but makes ASIC'ing impossible

Is there anywhere on the Internet a reply of Ethereum devs on http://bitslog.wordpress.com/2014/01/17/ethereum-dagger-pow-is-flawed/ ?

Edit: I have just noticed the date of the blog post, never mind.

U confused non-obfuscated Nxt binaries with obfuscated eMunie ones. Any Java dev can prove that Java byte-code is easily decompiled into a good-readable source code.

Fundraiser is rumored to last 60 days.

Development (and therefore main net mining) could last 'months'.

So the IPO will last 3 months?  or 3 months until a working client is available?