So maybe lowering the rate would not be that bad.
Let's say that the coin generates average block reward of 32896. Each block is found at every 30 seconds. That means
32896 * 2880 = 94,740,480 coins per day.
With a total of 18,406,979,840 this would mean that all coins (when measured at a constant rate) would be found in:
18,406,979,840 / 94,740,480 = 194.3 days (and yes I know that the payout is halved every 3 months)
To be more accurate:
currently available: 3,348,236,737
release date: 12-12-2013
3 months = 91 days.
Days left = 64.
64 * 94,740,480 = 6,063,390,720
3,348,236,737 + 6,127,390,720 = 9,475,627,457 (= approx 50% of all coins)
91 * (94,740,480 / 2) = 4,310,691,840
9,475,627,457 + 4,310,691,840 = 13,786,319,297
So that is 5 months from now.
*edit
Btw: 3,348,236,737 - 368,139,596 (pre-mine) = 2,980,097,140 mined so far
2,980,097,140 / 27 (days) = 110,373,968 coins per day. So that is more than I used above.
I don't think it was meant to have so many coins mined that fast. Also, I hope I made a calculation error.
(Sources are the lotto coin page and the average taken from coinwarz.)
P.s.
Let me know if you want this to be removed.
Topic: LOTTOCOIN OLD THREAD, [CLOSED] - page 125. (Read 370543 times)
That chat was just Y3804 shouting "LOT IS DESTINED TO FAIL!" 1000 different times. Annoying AF.
thats a good observation thorgrim and i would agree with the Fork idea... the problem i've noticed as well is that there are just too many coins in circulation right now so frankly speaking 20-25 range is pretty much the range.. for the coins in circulation.
An interesting consequence to a fork with a halving would be that the prices would spike as well..
but out of curiousity lets say price doubles and settles in at 50.. how are we still not susceptible to multipools? Half the rewards and double the price seems about the same to me.. it's basically the old problem of borrowing from peter to pay paul.. no difference in the ultimate outcome..
An interesting consequence to a fork with a halving would be that the prices would spike as well..
but out of curiousity lets say price doubles and settles in at 50.. how are we still not susceptible to multipools? Half the rewards and double the price seems about the same to me.. it's basically the old problem of borrowing from peter to pay paul.. no difference in the ultimate outcome..
Well I both agree and disagree with you.
If the price doubles, which it might not. It might just go back up to the mid 30's. But if it doubles the BTC value sold would be the same but the # LOT sold would not.
It is the rate of increase in the coin that is hurting LOT badly. It is a supply and demand issue. IF the block reward halves you are selling half as many LOT into the total supply everyday as you are now. So you are diluting existing holders value at half the rate. That is my concern.
Then on the back end you can lengthen the block reward scheme so that hashing power is maintained to give the coin more time to grow. We don't want to halve down to lets say 1/16th the coin production as now a year from now and end up with 1/16th the hash-rate. We need years to get the demand and price of the coin up to support the hashrate when we have lower block rewards.
It seems to be a delicate balance. Too much mining reward and you risk killing the coin by destroying the price. Too little reward and you become susceptible to 51% and weakened network.
Whats happening with LottoCoin is exactly the same as whats going on with Doge. Infact i posted about it yesterday in that thread relating to dozens of sell orders pouring in for 1000-5000 doge every single second.
It seems these new coins with high volumes and low values are just easy meat for whatever automated system choses to target them. None will ever manage to get a foothold if this continues, and no matter what new coin you support (Lotto/Doge/EAC) all are going to continue to be plagued by this BS situation. It wont matter long term if one of these cryptos gets the most amazing support from shops and systems using the coin because if they all drop to such a low level in price now, people can simply drop 1BTC and harvest masses of them that will just lead to mass dumps at the slighest hint of a price hike.
I dont see anyway out of this cycle unless the exchanges start enforcing limits on their API calls because whilst its all cash to them right now, if it continues it will ultimately reduce their income long term as all the Alts are hammered away at to be worth the same as each other - ie zero.
It seems these new coins with high volumes and low values are just easy meat for whatever automated system choses to target them. None will ever manage to get a foothold if this continues, and no matter what new coin you support (Lotto/Doge/EAC) all are going to continue to be plagued by this BS situation. It wont matter long term if one of these cryptos gets the most amazing support from shops and systems using the coin because if they all drop to such a low level in price now, people can simply drop 1BTC and harvest masses of them that will just lead to mass dumps at the slighest hint of a price hike.
I dont see anyway out of this cycle unless the exchanges start enforcing limits on their API calls because whilst its all cash to them right now, if it continues it will ultimately reduce their income long term as all the Alts are hammered away at to be worth the same as each other - ie zero.
nah not rly doge aint like lot
doge cant be used for anything the only reason for it price whas a hype ( compare it to dutch tulps) theres a insane amount of doge coins out there aswel (to much suply/demand)
any coin wich will be released now a days will have problems with multipools the coin just has to survive till some other coin gets created and get bombed with multipool.
But the point is its not even about what it can or cant be used for at the moment. Nothing can make a stride to even becoming a real currency, because theyre all driven down to a level price by these systems.
its a fact that LOT defeats any coin in the market on gamble/gaming sites ( except bitcoin)
Im telling you this conversation always happens when it dips below 20, then it jumps back up to 25-30 and everyone is happy again. Its normal fluctuation, let's just relax a little. But I do agree the fork needs to happen sooner or later.
I really wish mrlotto was more active in this thread.
I really wish mrlotto was more active in this thread.
http://chat.rapidballs.eu/index.php
Everyone come join the chat room! Important issues are discussed there.
Login as guest, choose from dropdown:
Room: Lottocoin
Pass: LottoCoin
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Room: Lottocoin
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Whats happening with LottoCoin is exactly the same as whats going on with Doge. Infact i posted about it yesterday in that thread relating to dozens of sell orders pouring in for 1000-5000 doge every single second.
It seems these new coins with high volumes and low values are just easy meat for whatever automated system choses to target them. None will ever manage to get a foothold if this continues, and no matter what new coin you support (Lotto/Doge/EAC) all are going to continue to be plagued by this BS situation. It wont matter long term if one of these cryptos gets the most amazing support from shops and systems using the coin because if they all drop to such a low level in price now, people can simply drop 1BTC and harvest masses of them that will just lead to mass dumps at the slighest hint of a price hike.
I dont see anyway out of this cycle unless the exchanges start enforcing limits on their API calls because whilst its all cash to them right now, if it continues it will ultimately reduce their income long term as all the Alts are hammered away at to be worth the same as each other - ie zero.
It seems these new coins with high volumes and low values are just easy meat for whatever automated system choses to target them. None will ever manage to get a foothold if this continues, and no matter what new coin you support (Lotto/Doge/EAC) all are going to continue to be plagued by this BS situation. It wont matter long term if one of these cryptos gets the most amazing support from shops and systems using the coin because if they all drop to such a low level in price now, people can simply drop 1BTC and harvest masses of them that will just lead to mass dumps at the slighest hint of a price hike.
I dont see anyway out of this cycle unless the exchanges start enforcing limits on their API calls because whilst its all cash to them right now, if it continues it will ultimately reduce their income long term as all the Alts are hammered away at to be worth the same as each other - ie zero.
nah not rly doge aint like lot
doge cant be used for anything the only reason for it price whas a hype ( compare it to dutch tulps) theres a insane amount of doge coins out there aswel (to much suply/demand)
any coin wich will be released now a days will have problems with multipools the coin just has to survive till some other coin gets created and get bombed with multipool.
But the point is its not even about what it can or cant be used for at the moment. Nothing can make a stride to even becoming a real currency, because theyre all driven down to a level price by these systems.
These same conversations aboutt he coin dying happen whenever the price drops a little. CHILL THE FUCK OUT PEOPLE. hold.
It's not just a little. Look at the graph over the past week.
Also, it's not just a matter of people holding..I don't think anyone on this thread is selling, or at least not for anything less than 25 anyway. The issue is cryptsy autosells.
Personally, I agree with the fork idea. I'm not so sure the price will immediately double though. In any case, we need to do something before we hit single digits..hard to come back from there.
They make money off of each sell/ buy so I doubt anything can be done about that.
im not sure lot will survive being above 10 satoshi in the next 3 days with this rate of auto sale....it doesnt matter whether you hold or anything.....the auto sale is just too much for the demand.....either we ask cryptsy to stop the autosell or we die aong with the other alt coins...
These same conversations aboutt he coin dying happen whenever the price drops a little. CHILL THE FUCK OUT PEOPLE. hold.
It's not just a little. Look at the graph over the past week.
Also, it's not just a matter of people holding..I don't think anyone on this thread is selling, or at least not for anything less than 25 anyway. The issue is cryptsy autosells.
Personally, I agree with the fork idea. I'm not so sure the price will immediately double though. In any case, we need to do something before we hit single digits..hard to come back from there.
They make money off of each sell/ buy so I doubt anything can be done about that.
yeah, i agree, they'll never shut down that system. The only thing I can see is to make it less attractive to mine..not that that is much of a solution of course.
These same conversations aboutt he coin dying happen whenever the price drops a little. CHILL THE FUCK OUT PEOPLE. hold.
It's not just a little. Look at the graph over the past week.
Also, it's not just a matter of people holding..I don't think anyone on this thread is selling, or at least not for anything less than 25 anyway. The issue is cryptsy autosells.
Personally, I agree with the fork idea. I'm not so sure the price will immediately double though. In any case, we need to do something before we hit single digits..hard to come back from there.
They make money off of each sell/ buy so I doubt anything can be done about that.
These same conversations aboutt he coin dying happen whenever the price drops a little. CHILL THE FUCK OUT PEOPLE. hold.
It's not just a little. Look at the graph over the past week.
Also, it's not just a matter of people holding..I don't think anyone on this thread is selling, or at least not for anything less than 25 anyway. The issue is cryptsy autosells.
Personally, I agree with the fork idea. I'm not so sure the price will immediately double though. In any case, we need to do something before we hit single digits..hard to come back from there.
tbh if i look at our buy order right now its looking strong every single satosi got 1.5+ btc ( 2 of them) most 3+ so no huge gaps and huge drops just basic market movement
You would think so but 4 btc just got eaten through at 17 in the past 45 minutes. The difficulty has dropped for mining so even though the price is down, lottocoin is still number 1 on coinwarz as most profitable. The autoselling isn't going to stop anytime soon. The further the price drops so does the difficulty. Also doesn't help having 20-25 loaded up with over 25 btc in sell orders.
true but the buy order used to be alot weaker with big gaps
tbh if i look at our buy order right now its looking strong every single satosi got 1.5+ btc ( 2 of them) most 3+ so no huge gaps and huge drops just basic market movement
You would think so but 4 btc just got eaten through at 17 in the past 45 minutes. The difficulty has dropped for mining so even though the price is down, lottocoin is still number 1 on coinwarz as most profitable. The autoselling isn't going to stop anytime soon. The further the price drops so does the difficulty. Also doesn't help having 20-25 loaded up with over 25 btc in sell orders.
why do people keep talking about
yea this **** coin died etc?
who cares? it aint lot
LOT cant be compared to these coins ( cage/doge/cent)
i mean look at that voting page at the amount of votes we got man our cominity is fking huge
we have alot of uses for instance games ( mainly gamble) with alot more incoming
since when do people think a coin shud gain with 10% everyday?
look at litecoin it used to be stuck on 3 dollar for months ( and drop to 2 dollar plenty of times)
same with nmc PPC etc its beter for us to build a eco system for this coin before it getting huge else we probly flop later on
yea this **** coin died etc?
who cares? it aint lot
LOT cant be compared to these coins ( cage/doge/cent)
i mean look at that voting page at the amount of votes we got man our cominity is fking huge
we have alot of uses for instance games ( mainly gamble) with alot more incoming
since when do people think a coin shud gain with 10% everyday?
look at litecoin it used to be stuck on 3 dollar for months ( and drop to 2 dollar plenty of times)
same with nmc PPC etc its beter for us to build a eco system for this coin before it getting huge else we probly flop later on
oh no way i dont think LOT will be dying we've got a long long way to go.. however what i think is that the level 20-30 is pretty much the range for the coins currently in circulation... if we increase the number of games etc further.. then the circulation path increases and the value increases.. though i guess the new worry at that point would be game operators dumping..and then we will have some people asking Lotto coiners to stop gambling with LOT as it decreases its value.. if that happens i think i will be packing up on LOT's future
tbh if i look at our buy order right now its looking strong every single satosi got 1.5+ btc ( 2 of them) most 3+ so no huge gaps and huge drops just basic market movement
by the way does anyone know about the scrypt from multipools.. Are we sure they use the autosell function of cryptsy..
i remember posts about using the API to monitor volume of buy and price.. and then the corresponding sell order was made to fill up the orders according to price and then volume.. so that sell orders would be alot quicker.. come to think of it.. I think there is a thread called C.A.T which does that..
If anyone wants to buy CAT for 0.1BTC cheaper, tell to Sampley that I sent Youi remember posts about using the API to monitor volume of buy and price.. and then the corresponding sell order was made to fill up the orders according to price and then volume.. so that sell orders would be alot quicker.. come to think of it.. I think there is a thread called C.A.T which does that..
LOL... i read that wrong the first time..
do you use it keyser? if you do how is the C.A.Trader?
why do people keep talking about
yea this **** coin died etc?
who cares? it aint lot
LOT cant be compared to these coins ( cage/doge/cent)
i mean look at that voting page at the amount of votes we got man our cominity is fking huge
we have alot of uses for instance games ( mainly gamble) with alot more incoming
since when do people think a coin shud gain with 10% everyday?
look at litecoin it used to be stuck on 3 dollar for months ( and drop to 2 dollar plenty of times)
same with nmc PPC etc its beter for us to build a eco system for this coin before it getting huge else we probly flop later on
yea this **** coin died etc?
who cares? it aint lot
LOT cant be compared to these coins ( cage/doge/cent)
i mean look at that voting page at the amount of votes we got man our cominity is fking huge
we have alot of uses for instance games ( mainly gamble) with alot more incoming
since when do people think a coin shud gain with 10% everyday?
look at litecoin it used to be stuck on 3 dollar for months ( and drop to 2 dollar plenty of times)
same with nmc PPC etc its beter for us to build a eco system for this coin before it getting huge else we probly flop later on
by the way does anyone know about the scrypt from multipools.. Are we sure they use the autosell function of cryptsy..
i remember posts about using the API to monitor volume of buy and price.. and then the corresponding sell order was made to fill up the orders according to price and then volume.. so that sell orders would be alot quicker.. come to think of it.. I think there is a thread called C.A.T which does that..
If anyone wants to buy CAT for 0.1BTC cheaper, tell to Sampley that I sent You i remember posts about using the API to monitor volume of buy and price.. and then the corresponding sell order was made to fill up the orders according to price and then volume.. so that sell orders would be alot quicker.. come to think of it.. I think there is a thread called C.A.T which does that..
These same conversations aboutt he coin dying happen whenever the price drops a little. CHILL THE FUCK OUT PEOPLE. hold.
With the autosell turned off, wouldn't it be really easy to create a pool that does the same? Make all users mine to one cryptsy account, write an autosell scrypt and pay users in bitcoin.
Right?
Right?
thats along the lines of me telling everyone to send LOT to my cryptsy account and i will pay you back in btc.. anyone interested ??
LOL..
Yeah just like pool mining: hey send me some of your khashes and I will send you some btc.. anyone interested??
Kinda like the same thing. When pool mining you see how much coins are being added to your account, could be done exactly the same with my autosell bot pool
Not at all with a pool you get to see your hash performance and general overview of your returns.. the only pool that actually succeded with your suggested model was middlecoin.. he doesnt tell you what he is mining.. and charges you 4%..3.88% for the purists.. in some cases he trades coins into ltc and then into btc
Theres a lot of complaints about it for its lack of transparency.. but it work..
as for disabling auto-sell it would be pointless.. just create a macro to record clicks and refresh page every 5 minutes and sell everything at current highest buy price.
Well, when I have a pool running with some miners I should be able to estimate how much btc someone would make every hour/day, and I could give it a nice layout like all the other pools. Could even tell what someone is mining at that minute and tell em what they mined that day or something, but I guess that would be rather useless when I'm trading everything directly into BTC anyway.
But that really wasn't my point, point was more that autosell isn't more then a prebuilt program you would have to use the API for if it wasn't there. So only thing that removing autosell would accomplish is that it's harder for normal miners to autosell, as they would have to learn to program first. And because it would be harder I think people would want there to be some auto selling pool.
Only thing I tried to say is I think disabling autosell wouldn't change anything.
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