Topic: [GLC] Globalcoin | 4 Year Anniversary 1.5.4! | NO IPO, NO PREMINE | [SCRYPT] - page 47. (Read 225832 times)

Just no Embrace asics, leave it as scrypt. Globalcoin doesn't need anonymity, I don't really think that's what its for.

My .02

Hello SistaFista sorry to hear about your grandfather condolences to you and family.

Just like to say regarding Globalcoin as DigitalHoldings has pointed out it has nothing unique to offer, although it has its unique and great name and fast transaction time, its not enough. I really think that implementing the best of other coins is the best way to go and adding its own unique combination of the best things that are MOST DESIRABLE in a crypto coin. Darkcoin has really given what people want, as with CASH you can exchange with anonymity, whether people like it or not any crypto with this as part of its makeup will always move ahead of the rest and be amongst the most desirable coins. Can you please let me know if it is technically possible to make this a part of the make up of Globalcoin. As has been mentioned there are many things that can be considered. I just think that this is just one standout possibility.

Thanks SistaFista for the work you are doing with this coin. Are you the only developer? I hope you have others working with you, and /or other developers may join in to assist your work with this coin. 

Yes, I was assuming if we were to change hashing algorithm that the difficulty adjustment algorithm would also be updated along with the qt clients code base.

So my argument for changing the hashing algorithm is yes in large part for GPU miners here's why:

1. GPU miners are already well established and looking for alternatives since the arrival of ASICS.
2. GPU miners are more decentralized than ASICS (be it initially) based on pricing points alone - $200 gets you mining with a GPU vs thousands$$ for an ASIC
3. The general public can easily obtain GPU's where as ASICS have often had much annoyance with preorders, late delivery etc
4. GPU have other uses, you have options to exit and get some value back (gamers, graphic design etc). ASICS once they're unprofitable they're effectively paperweights no one wants (well in comparison to pricing on 2nd hand GPU market).

There is also the fact that globalcoin doesn't really have anything unique to offer among the now hundreds of scrypt coins. As mentioned before the only thing I see as a positive in technical retrospect for globalcoin is its age of nearly 1 year and 0 premine.

Regardless of whether or not the hashing algorithm is changed the following development wise needs to happen:

1. Update code base to litecoin v0.8.7.1 for better stability, better handling of dust transactions, optimized database and many other general fixes.
2. Update the difficulty adjustment algorithm as the current one is susceptible to timewarp attacks. I believe DarkGravityWave V3 by DarkCoin's dev Evan Duffield is the best of the fixes - here's an overview of DGWv3
3. A functioning block explorer, paper wallet generator and a site that shows current network information is a must

Obviously there needs to be a huge push with marketing and adoption but get the coin technically sound before that.

Aren't difficulty adjustment and algo two different things? Can't the same attack be done with a different algo if the diff adj is not fixed?

First of all @SistaFista I am very sorry to hear of your grandfathers passing, my condolences to you and your family.

Now I'd like to point out that globalcoin is under a timewarp attack and although not as effective as such attacks on the initial kimoto gravity well difficulty algorithm, GLC difficulty (based on initial peercoin algo?) is still dropping while network speed increases. Currently the difficulty is 0.65 when it should be 1+ with the 100 Mhs network. This is done by indecent miners posting invalid block times on the blocks they find to fool the algorithm into rewinding the difficulty, as you can see below:

Block Height: 442550 Block Time: May 24, 2014, 00:09:28 Block Difficulty 0.65236218
Block Height: 442549 Block Time: May 24, 2014, 00:08:37 Block Difficulty 0.64382552 << block timestamp is behind previous block below
Block Height: 442548 Block Time: May 24, 2014, 00:09:55 Block Difficulty 0.64839275
Block Height: 442547 Block Time: May 24, 2014, 00:08:11 Block Difficulty 0.65442726
Block Height: 442546 Block Time: May 24, 2014, 00:06:07 Block Difficulty 0.65442726
Block Height: 442545 Block Time: May 24, 2014, 00:05:27 Block Difficulty 0.65521896
Block Height: 442544 Block Time: May 24, 2014, 00:04:36 Block Difficulty 0.65368963
Block Height: 442543 Block Time: May 24, 2014, 00:04:17 Block Difficulty 0.65444033
Block Height: 442542 Block Time: May 24, 2014, 00:01:34 Block Difficulty 0.6522583 << block timestamp is behind previous block below
Block Height: 442541 Block Time: May 24, 2014, 00:02:45 Block Difficulty 0.6522583
Block Height: 442540 Block Time: May 24, 2014, 00:02:35 Block Difficulty 0.65153202

There's only small amount of hash attempting this attack. These attacks have been on and off for the past few weeks. They attempted a 300+mhs attack around a month ago but abandoned after a few hours.

http://www.coinwarz.com/difficulty-charts/globalcoin-difficulty-chart

Anyone with a large enough hashrate and bad intentions can harm this coin, that is why I posted about making changes. Devs need to atleast upgrade the difficulty algorithm to the likes of digi shield or dark gravity wave v3 to combat such timewarp attacks, along with the clients code base to the latest litecoin which has many improvements.

I have more to say on why switching algos is an option to strongly consider but have to post that later as I have a function to attend shortly.

MinerMike disappeared and took bopbop.me with him.  What happened to him?

Sorry to hear that Mr. Fista.


In regard to the algo switch.  Should wholly unnecessary.  Is there are reason to switch other than to show people that the coin is alive?  The algo is not compromised so what is the point?

When the subsidies drop and traders do not have to worry about huge supply coming onto the exchanges, the price should increase.


No reason to chase the hot coin of the month, it will get GLC nowhere in the long run.  If we did that religiously, we would have 90+ billions coins from the Doge pop and now be implementing all the dark attributes.

Globalcoin has what it takes to be successful.  We just need to work on the marketing.


Maybe to can get someone from the community to run it as a semi-full-time job with old timers throwing in some coin for their work?

Please make sure you are doing an algo switch for the right reasons. I don't think scrypt asics are a bad thing as they help secure the blockchain with higher hash rates. I suspect the call to switch algo's is more for the GPU miners benefit than anything else.

Maybe I don't understand the reason to switch but I would think that higher hashrates are more desirable than allowing GPU miners to continue being useful.

I don't know how effective a 51% attack is with the newer difficulty adjustment algorithms. Wouldn't buy into it being a reason to switch algos.

I'm sorry to hear about your personal situation. That kind of stuff is hard to deal with but should always take precedence over this or any other type of work. Since they happen to everyone consider expanding your dev team so that 1 or 2 can take time off without there being the perception of "lack of interest". I have noticed a recurring trend that individuals in crypto are less forgiving of outside life issues.

Please.... May 11 was my last post (13 days ago) And my grandfather passed away last week and have been a bit busy as you can imagine. I have committed all my spare time to Global Coin (for free) since it was released. Behind the scenes I am talking with many company's about integrating GlobalCoin into there existing payment gateways. As for the website, its pretty much there but has been put on the shelf for the last few weeks due to the above reasons. As for an Algo switch yeah i'm down if the community demands it... will check it out and will update in the next few days on how it is going, I have an idea that could make the switch real easy

No feedback from devs in over 20 days?

The live network stats website and block explorer have been down for over two weeks

Many of the pools listed are no longer working

coinmarketcap.com is showing stale count for the GLC supply as no website for current coin supply is online for them to use

The websites all have wrong information like 180 million coins when there's 70 million, a new homepage was promised wheres that?

Have devs have abandoned the coin? nothing has been done for months, it's a pivotal time right now with large hashrate ASIC miners just coming onto the scene. In my opinion GLC needs to be among the first coins to swap algorithms over to ASIC resistant GPU friendly proof of work like X11 or groestl otherwise it'll be drowned out among the now hundreds of other scrypt coins and possibly killed off with its currently low hashrate being susceptible to 51% or other attacks. The only thing GLC has going for it now is its age and 0 premine, something needs to be done and soon.

+1 from me!

Hi all globalcoiners,

My first post.

I think something needs to be done with respect to this coin if it is to have a good future. I understand that there are people working on it however things seem to be going very slowly, any updates to what is happening with it would be appreciated from time to time.

I consider that the coins name is one of its best assets, one of the best named coins available, and its transaction time is very fast.

The developers and the community that use the coins are the key to its success at the moment, but especially the developers and the engineering that they place within a coin which gives the coin its uniqueness and demand.

Dark coin as people can see has great demand because it included something new. I was wondering if the attributes that it has can be coded into globalcoin, or similar.
I have no experience in the coding of these coins so I hope this isn't to much of a silly question.(It maybe that darkcoins attributes are so different that a coin would have to be created that way from its inception)

If developers got serious with this coin I think it can go a long way.

Build on the best things available what people want and what is in demand within a coin. The Groestl hashing algorithm mentioned by DigitalHoldings sounds good.

Anyway please any developers out there that are involved with this coin let us know what your thoughts are and what is being done.

Globalcoin is a great name and can be built on in a big way.

Any thoughts on scrypt ASIC devices and possibly hard forking Globalcoin's hashing algorithm to retain GPU miners? As one of the oldest and 0 premine altcoins I think changing to the likes of X11 or Groestl could potentially give Globalcoin the revival it deserves.

I've found the Groestl hashing algorithm to be incredibly well fitting towards the "Global" symbolization:

1) There's no huge leaps in terms of mining advantage from CPU to GPU mining, GPU hashes 5-10 times faster than average CPU for example:
Intel Core2Quad = 1 Mh/s
Radeon R9 280X = 6 Mh/s
Radeon R9 290 = 9 Mh/s

2) Extremely energy efficient, with roughly 10 times scrypt hashing power at 30% reduction in power usage when GPU mining.

3) ASIC resistant.

All of this means everyone has the opportunity to mine without large costs of ASICS and therefore a more Global or decentralized network

it all, 20 btc.

How much did you lost on Gox  ?.... sorry for bringing this up!

 

i do not know how all this works really and just do it for fun ,but can you tell me is the number of coins produced each day a fixed number no matter how much hash is thrown at it. the coins i mine are not sold i'm keeping them in hope of better days.

I think your hash comprises ~1/5 - 1/4 of the network at the moment.  If you leave, then smaller guys will not notice the difference in their personal reward, and the network will move forward.

Now, if the price continues to drop in concert with the subsidy dropping, then Globalcoin goes he way of teh dinosaur.   If the price begins to appreciate, then, the network will stay at the same level or increase in size.


It is all about the market dynamics at that time, which no one an appreciatively predict.

If I still had my Gox money,  would be buying it all.