Topic: Ixcoin TODO - page 159. (Read 631747 times)

Quote from: FrictionlessCoin on May 30, 2014, 10:28:58 AM

So in about five months (near end October) the network stops giving bribes of 96 or 48 shitcoins when reward goes to zero. What's then to keep people mining (or even merge-mining) it?

Transaction fees are gonna go through the roof (at 2 txns per block, perhaps 25 IXC per txn fee needed?) or merge mining is gonna be dropped.

What happens to shitcoin then? Best get out before everyone else figures it out.

The date has now moved to August, so terminal mining is 2-3 months away.

It's 96 coins now, BTW.

The largest merge mining pool on earth, CEX.io (Ghash.io) with over 40% of the total global Bitcoin mining power is sitting on our board.

So, my question to you, good sir, is: Can you add?

Nope it's October. Can you add?

Yeah, can you?

21,000,000 coins total
205799 blocks now = 19,756,754 coins
difference of 1,243,246 coins = 12,950 blocks @ 144 blocks per day = August 26th.

In reality it will end up being closer to Late July - Early August since we're dealing with a moving target.

Now show me your math, genius.

Interesting enough, the rate will drop at 210000. That is 3890 blocks from now. So by aroung 6/28 the blockrate will be cut in half to 48!

The hard limit of zero subsidy is at block 227499. 148 days from now. Around 5 months from now. 10/30 is the approximate date.

These numbers are taken from the source code:

Code:

int64 nSubsidy = 96 * COIN; //ixcoin
// Subsidy is cut in half every 4 years
nSubsidy >>= (nHeight / 210000);
//Hard limit to 21M Ixcoins
if (nHeight >= 227499)
nSubsidy = 0;

zebedee is actually setting you up for a loss. He likely read the code prior to the bet.

I had no idea the subsidy for iXcoin was actually getting cut in half.

Everything I ever read said constant 96 coins until terminal mining.

If that's the case then yeah, it won't be July-Aug but you can't predict the exact date since the block time is almost never 10 minutes, it's closer to 8 minutes and it fluctuates.

Well, the code does not lie. It will halve in about a month's time! So if it behaves similar to Bitcoin, the price may just jump after the halving event.

Vlad2Vlad

legendary

Activity: 3052

Merit: 1534

www.ixcoin.net

So in about five months (near end October) the network stops giving bribes of 96 or 48 shitcoins when reward goes to zero. What's then to keep people mining (or even merge-mining) it?

Transaction fees are gonna go through the roof (at 2 txns per block, perhaps 25 IXC per txn fee needed?) or merge mining is gonna be dropped.

What happens to shitcoin then? Best get out before everyone else figures it out.

The date has now moved to August, so terminal mining is 2-3 months away.

It's 96 coins now, BTW.

The largest merge mining pool on earth, CEX.io (Ghash.io) with over 40% of the total global Bitcoin mining power is sitting on our board.

So, my question to you, good sir, is: Can you add?

Nope it's October. Can you add?

Yeah, can you?

21,000,000 coins total
205799 blocks now = 19,756,754 coins
difference of 1,243,246 coins = 12,950 blocks @ 144 blocks per day = August 26th.

In reality it will end up being closer to Late July - Early August since we're dealing with a moving target.

Now show me your math, genius.

Interesting enough, the rate will drop at 210000. That is 3890 blocks from now. So by aroung 6/28 the blockrate will be cut in half to 48!

The hard limit of zero subsidy is at block 227499. 148 days from now. Around 5 months from now. 10/30 is the approximate date.

These numbers are taken from the source code:

Code:

int64 nSubsidy = 96 * COIN; //ixcoin
// Subsidy is cut in half every 4 years
nSubsidy >>= (nHeight / 210000);
//Hard limit to 21M Ixcoins
if (nHeight >= 227499)
nSubsidy = 0;

zebedee is actually setting you up for a loss. He likely read the code prior to the bet.

I had no idea the subsidy for iXcoin was actually getting cut in half.

Everything I ever read said constant 96 coins until terminal mining.

If that's the case then yeah, it won't be July-Aug but you can't predict the exact date since the block time is almost never 10 minutes, it's closer to 8 minutes and it fluctuates.

Vlad2Vlad

legendary

Activity: 3052

Merit: 1534

www.ixcoin.net

Quote from: ?? on ??

So, it's a block every 10 minutes ~ 144 blocks/day

3890/144 =~ 27 days
From 210000 to 227449-> 17449 blocks
17449/144=~ 122 days

Total period =~ 149 days

So profitable minting will approximately end on October 25th.

http://www.timeanddate.com/date/durationresult.html?d1=30&m1=5&y1=2014&d2=25&m2=10&y2=2014&ti=on

Am I right?

No, it's a moving target. It's almost never every 10 minutes due to the fact the hash rate moves up much faster than the difficulty rate which is always lagging behind by 2 weeks.

So the average block time then is closer to 8 minutes but it's impossible to know exactly as the hash rate increase is not constant.

This is why I estimated July-Aug.

If that newbie thought my math was wrong cause I didn't use 10 minutes then he really doesn't understand even the basic thing about Bitcoin.

FrictionlessCoin

legendary

Activity: 868

Merit: 1000

Cryptotalk.org - Get paid for every post!

Quote from: ?? on ??

So, it's a block every 10 minutes ~ 144 blocks/day

3890/144 =~ 27 days
From 210000 to 227449-> 17449 blocks
17449/144=~ 122 days

Total period =~ 149 days

So profitable minting will approximately end on October 25th.

http://www.timeanddate.com/date/durationresult.html?d1=30&m1=5&y1=2014&d2=25&m2=10&y2=2014&ti=on

Am I right?

Since when was mining IXC profitable?

FrictionlessCoin

legendary

Activity: 868

Merit: 1000

Cryptotalk.org - Get paid for every post!

Quote from: zebedee on May 30, 2014, 05:06:11 AM

So in about five months (near end October) the network stops giving bribes of 96 or 48 shitcoins when reward goes to zero. What's then to keep people mining (or even merge-mining) it?

Transaction fees are gonna go through the roof (at 2 txns per block, perhaps 25 IXC per txn fee needed?) or merge mining is gonna be dropped.

What happens to shitcoin then? Best get out before everyone else figures it out.

The date has now moved to August, so terminal mining is 2-3 months away.

It's 96 coins now, BTW.

The largest merge mining pool on earth, CEX.io (Ghash.io) with over 40% of the total global Bitcoin mining power is sitting on our board.

So, my question to you, good sir, is: Can you add?

Nope it's October. Can you add?

Yeah, can you?

21,000,000 coins total
205799 blocks now = 19,756,754 coins
difference of 1,243,246 coins = 12,950 blocks @ 144 blocks per day = August 26th.

In reality it will end up being closer to Late July - Early August since we're dealing with a moving target.

Now show me your math, genius.

Interesting enough, the rate will drop at 210000. That is 3890 blocks from now. So by aroung 6/28 the blockrate will be cut in half to 48!

The hard limit of zero subsidy is at block 227499. 148 days from now. Around 5 months from now. 10/30 is the approximate date.

These numbers are taken from the source code:

Code:

int64 nSubsidy = 96 * COIN; //ixcoin
// Subsidy is cut in half every 4 years
nSubsidy >>= (nHeight / 210000);
//Hard limit to 21M Ixcoins
if (nHeight >= 227499)
nSubsidy = 0;

zebedee is actually setting you up for a loss. He likely read the code prior to the bet.

FrictionlessCoin

legendary

Activity: 868

Merit: 1000

Cryptotalk.org - Get paid for every post!

Can someone take out all those low ask-prices on Vircurex?

FrictionlessCoin

legendary

Activity: 868

Merit: 1000

Cryptotalk.org - Get paid for every post!

Quote from: ?? on ??

Holy price jumps Batman. IX is on the up.

And if that isn't enough to convince you then the fact that trolls are coming out to play should be an indication that ix is getting new attention.

There's serious money in CEX.IO. Considering only 3 other currencies are traded there LTC, NMC and IXC there is a significant amount of BTC that can easily push IXC to the stratosphere.

zebedee

donator

Activity: 668

Merit: 500

Sounds like a shut-up. If you decide to have the courage of your convictions, set up a private bet on BitBet and I'll match your bet up to 10 BTC. Since they require yes or no, we'd need to split the date, so on or before 15 Sep you win, otherwise I win.

I'm not expecting you to man up, of course.

Vlad2Vlad

legendary

Activity: 3052

Merit: 1534

www.ixcoin.net

So Vlad2Vlad, let's bet 10 bitcoins on August vs October. If coin issuance stops in August I pay you 10 BTC. If coin issuance stops in October you pay me 10 BTC. Any other month nothing changes hands.

Put up or shut up.

Last year, at $130, I bet 2 guys that Bitcoin was gonna match gold within 12 months. 2 Bitcoins.

They laughed, called me insane and after they lost they vanished.

The terminal mining date is a moving target [hence, my math is an estimate - July-Aug] and frankly, it's irrelevant if it's in July, Aug or Oct given I got CEX.io to join our board. Some things are worth betting on, this is a waste of words.

If you have something to add [or correct] then do so, if you're here to instigate a ShitFight, then keep walking.

Regards,

zebedee

donator

Activity: 668

Merit: 500

So Vlad2Vlad, let's bet 10 bitcoins on August vs October. If coin issuance stops in August I pay you 10 BTC. If coin issuance stops in October you pay me 10 BTC. Any other month nothing changes hands.

Put up or shut up.

Vlad2Vlad

legendary

Activity: 3052

Merit: 1534

www.ixcoin.net

Quote from: zebedee on May 29, 2014, 09:12:27 PM

So in about five months (near end October) the network stops giving bribes of 96 or 48 shitcoins when reward goes to zero. What's then to keep people mining (or even merge-mining) it?

Transaction fees are gonna go through the roof (at 2 txns per block, perhaps 25 IXC per txn fee needed?) or merge mining is gonna be dropped.

What happens to shitcoin then? Best get out before everyone else figures it out.

The date has now moved to August, so terminal mining is 2-3 months away.

It's 96 coins now, BTW.

The largest merge mining pool on earth, CEX.io (Ghash.io) with over 40% of the total global Bitcoin mining power is sitting on our board.

So, my question to you, good sir, is: Can you add?

Nope it's October. Can you add?

Yeah, can you?

21,000,000 coins total
205799 blocks now = 19,756,754 coins
difference of 1,243,246 coins = 12,950 blocks @ 144 blocks per day = August 26th.

In reality it will end up being closer to Late July - Early August since we're dealing with a moving target.

Now show me your math, genius.

Thanks for making my point. I'll let you find the error.

And if you can't even get the basic facts right, what weight does all the guff you spew get?

Ahahaaa.

So generous of you.

Why show me your genius addition skills and risk looking like a fool again.

I'll let your find the meaning in that cause if you can't even add then why are you even spewing "CO2"?

See, now you made me be mean which I hate to do, you shmuck.

zebedee

donator

Activity: 668

Merit: 500