Topic: [OLD][CSC]CasinoCoin ♠ A Digital Currency For The Regulated Online Gaming Sector - page 73. (Read 343078 times)

I really appreciate your comments! But i think we need to keep the blockchain clean and independent of whatever is out there. I certainly do not like PoS as it dilutes the coin, i do see its benefit as well but hesitate to implement it. Do you really think its an issue if miners bail out? I think that the ones that bail out are the auto-sell dudes. Those that mine CSC to get more coins and keep them will benefit. If you make a living of a percentage of the total coins mined at your pool you get less, ... yes that is true. I run the MegaMineros pool with a continuous loss for two years now, that will get worse unless we increase the mining fees. So Yeah i know that cutting the reward is not good for pool operators but please consider that our goal is not the current price level. Casinos are on the verge to step in so i would prefer to make the changes before that rather than having to do a fork after they start using it. If things work out over the next 1 to 2 year then the price will rice and profits will return, also to pool operators. If not, hey then we are screwed anyway

I was already typing a response to a previous post of yours when i read your new one:

Yes you are right but it is all relative, if somebody out there with a lot of Scrypt hashing power decides to redirect 500 Ghash from LTC to CSC he could take over the network. The only thing to prevent that is to add an equal amount to balance that. If miners leave and we drop from 2 Ghash to 200 Mhash but with still a good amount of nodes i do not see the issue as the total amount of scrypt power available on the market these days is sooooo much higher than both.
Your input and comments are always appreciated. I just took over most of the development as there was nobody left to do it, but i am still learning and progressing on blockchain technology. I am not saying i am totally against AuxPOW and will look at its implementation and discuss it with GoldSeal and other interested parties .... i am just cautious and do not want to risk any mayor issues on the verge of the CSC breakthrough ......

So is the whole affiliate program thing a write off then? I havent heard anything at all about it.

I feel I need to refute a number of statements made by ajochems. If not for the devs at least for others that may stumble upon this thread so they are not misguided by what is said....even though it is way past my bed time.  

First, as is commonly known a blockchain is secured with a disparate amount of hashrate. If it is too low it can be forked to allow double spends. Basic concept in crypto. I won't bother to explain or defend further. A coin absolutely needs a high hash rate to stay secure.

This is not needed if there is sufficient hash on the coin.

With AuxPOW you are free to mine independent of any other coin. It does not tie one coin to another. It allows you to mine any POW coin and also mine an AuxPOW coin at the same time. If one wanted to mine an AuxPOW coin directly like it was a regular POW coin you could although it would be a waste to do so as you could also be mining another POW coin in addition to the AuxPOW coin. In other words if CSC was an AuxPOW coin you could choose to mine it independent of any other coin just as if it was a regular POW coin. AuxPOW allows a coin to gain a massive amount of hashrate to secure it's blockchain and avoid forks and double spends.

I would believe any casino would be happier with a coin that had a massive amount of hash power securing it's blockchain than one that could be easily taken over. Currently CSC only has about 3 Gh/s. This is very low and I would venture to guess it would be cut down dramatically once/if the block reward is reduced putting it in an even greater risk.

All right...off to sleep. My comments are meant just to inform not dictate any direction or another.......I stopped caring long ago.  
I also won't bother debating or educating further...people can do their own research....hehe I must be getting a bit grumpy these days..already exerted too much effort in typing up this post.

Yeah i agree, i see no added value for increasing the block time. On all other things mentioned a small summary:

- I see no use in halving CSC block reward in the way bitcoin does it. Our market is still pretty small and reducing the reward to 1 CSC gets it over with. Will stay like that for about the next 30 years when it drops to 0.
- Please no other algorithms, .... what for? I said it before and will do so again. For network stability we better have 20 miners with 10 MHash each (200 MHash) than 5 miners with 200 MHash each (1000 MHash). The difficulty will be lower but network stability will be better. If we just make sure there are like minimum 5-10 geographically dispersed miners with 1Mhash each we are ok. We do not need high hashing rates, we need more nodes. The diff takes care of that.
- If we want to prevent the block chain to come to a full stop we could better build in something that allows the seeds to solve a block in case it get stuck for say more than an hour, .... coins being mined like that could go into a Casinocoin foundation, .... not sure how to implement something like that but could be a consideration.
- We want the csc blockchain clean and independent of others, thats how casinos would like it to be so in my opinion no merged mining.
- I am also working on porting the Insight API over to CSC. That would allow exchanges, merchants or casinos to check an addresses balance so the 6 confirmations would not be necessary any more in my opinion, 1 or 2 would be sufficient as the existence of the coins could be verified.

Could you all find yourselves in my comments and opinions?

I asked Ajochems on skype about it. I was trying to see what he thinks about it. For me, I think it would cut the number of new coins to less than 1440/day, which is interesting. However, one of the main strengths of CSC is the ability to enable payments impulse gambling. Doubling that target would take the confirmation period (6 confirms) from an average of 6 - 8 minutes to about 12 - 16 minutes. Maybe pushing that target out might make sense once the casinos come online and tell us whether it's ok to push it out.

It 100% does, the rich get richer in a POS scenario.

Did AuxPOW benefit Doge significantly I never really followed it ?


The Casinocoin network is stronger than ever and i'm sure a lot of people will stay mining as they see the true value.
So I agree it should be reduced to 1 from 10, but what do you think about the re-target time changing to one minute?
and any different input on AuxPOW / merged mining or is your stance the same as before ?

I don't think we should do PoS. PoW is gives advantages to miners in 3rd world countries where electricity is generally cheaper and they can get started without a large upfront investment. With PoS, miners in more expensive countries who can afford to buy a large number of coins have an advantage. So, I'm not too keen on supporting PoS.

As for the reward cut, we're thinking of reducing it to 1 coin per block from 10. Back when we cut from 50 to 10, we wanted to go deeper, but we decided to reduce 80% since altcoins at the time were in danger of losing all their miners. At this point, we can probably go to 1 and we'll achieve some significant protection for coin holders by reducing this relentless autosell behavior while still maintaining some decent hash power. It should also send alot of coin hoppers packing in the near term.

Andre and I are looking at possibly adding some code from Digibyte to smooth out the diff calc over 10 blocks to avoid individual high spikes in the diff. We will likely be able to release a 3.x client very soon.

BTW, please make sure you join the mailing lists so you get the proper announcements.

Do you think POS incentivizes hoarding? I am inclined to believe so...

Currently the 30 second block time is doing nothing but bloating the blockchain with empty blocks. Even with a 1 minute block time most would be still be empty but I think it is a good compromise. Like @casinocoin said, services do not have to wait for a transaction to be fully verified before allowing use. Transactions can be seen in the mempool without even one verified block as is common with BTC services.

What do people think about AuxPOW? It will dramatically increase the hashrate in turn securing the blockchain. That combined with a 1 CSC reward and a 1 minute block time sounds like a good combination/viable solution.

The argument against AuxPOW is that miners get CSC for free and will immediately sell....but if they are only getting 1 CSC per minute max it does not do as much damage?

One of my old favorite coins, but with Cryptsy coin, i totally forgot it

You make a very good point about the additional time it takes to process the minimal 6 confirmations on the network to be accepted, but what I have been doing with CSCity/Poker and the new CSCGaming is if there is one confirmation your balance becomes valid and you can play BUT you may not withdrawal until there is a total of 10 confirmations which is currently 5 minutes.
I do believe a IRL casino would be able to implement something like this. If the transaction is proven to be fraudulent and not accepted by the network once this person has tried to withdrawal there is barriers in place to prevent them from doing so.

I have not touched on the subject of cutting the blocks in half because it will double the waiting time between confirmations.

I think that somewhat limits the objective of the CSC use as a deposit at the casinos. nobody wants to wait 6 minutes when you can take only 3 minutes ...

about POS, I am not a fan ... POS for me, only reward those who joined early, and I think that the money should be attractive by buying, mining, trade, etc .. to please, to a range extended from interested

In fact, I'm not recall any currency that is only POS, and be a success (unless it has to have been made with millions of USD even before being launched ...)

At best a POW system + POS ... but I like the "honest" way of this coin: without pre-mining and a lot of work (POW)

In another line of thought, I think there should be a way to compensate developers / responsible for the hard work ... maybe a percentage, from the mining ...

They are just ideas .... waiting for community ideas ....

Glad you posted,

I do like the idea of dropping down the reward to extend the mining time, but in turn will this push current or future miners away like you mentioned ?
Should an immediate drop or a gradual drop instead of halving be implemented?

AuxPOW would be a good solution as the merged mining would bring in additional miners, but do we want merged mining with Casinocoin as we discussed before?

One minute is still a sufficient retarget time but I wish we had something like this to evaluate the data: https://blockchain.info/charts/median-confirmation-time.

I'm all for dropping the reward to 1 CSC and retarget to 1 minute BUT if we are going to be hard forking we should take advantage of some of the technologies that are available to make the network stronger and more resilient for the future.

Since people are entertaining a fork.....

You could also consider raising the block target time from 30 seconds to 1 minute.

1 minute is more than adequate and would cut the total coins produced per day in half without decreasing the block reward. A gradual block reduction could be done rather than the proposed reducing to 1 CSC immediately (https://github.com/casinocoin/casinocoin/issues/18). That would keep some of the hashrate on the coin but I can see the appeal of coding to 1 CSC instead of messing with block halfing.

If CSC was immediately cut to 1 CSC I fear miners will bail. I haven't been keeping up with the latest developments in blockchains but last I looked POSv was nice. If done right it would eliminate the need for miners completely while still allowing the blockchain to continue. I also like AuxPOW though.

So I possibly think....AuxPOW with a 1 minute blocktime and 1 CSC reward.

Anyway, just some thoughts since that box Pandora owns was opened.  

the original plan suggests cutting the reward for half every three years. by my count in July 2016 will be 38.965.475CSC

   Nº CSC NOW   37993475      
            
                      Number CSC Total  number of days   block/day   reward/block
Until 18 jul 2016        38965475                     45             2160         10
Until 18 jul 2019        50791475                   1095             2160         5
Until 18 jul 2022        56704475                   1095             2160        2,5
Until 18 jul 2025        59660975                   1095            2160        1,25
Until 18 jul 2028        60843575                   1095             2160         0,625
Until 18 jul 2031        62026175                   1095             2160         0,5
Until 18 jul 2034        63208775                   1095             2160         0,5


However, these numbers only seem well on the assumption that the currency will reach values above $ 0.10USD until the date of the cut for half the reward.

If on the contrary, there is not a value of rise and cut in half, will stop mining and the network will become more fragile, right?

Ajochems and I have been discussing the next wallet release and how would people feel about lowering the block reward? At the current rate, all coins will be minted in +3.2 - 3.8 years. We're thinking it might be beneficial to make that period longer. Any thoughts?

So what is the best site to buy on atm?

Glad to see the update of the new launching date for the site. I have the feeling that this summer will be really hood for CSC. Everything comes together nice and smoothly. By the way, I was thinking if maybe CSC could become a hybrid coin the near future. This is up to the development team to decide, but I guess that it would be very beneficial to be able to mine and stake your CSC at the same time. 

http://casinocoinsites.com/

Nice words mate! I think that CSC is the best alt coin out there to be used for gambling and soon people will realize that for it to become the most popular form of payment to be used in online and real casinos worldwide. Being said, I will try my best to promote this coin and drive its interest into gamblers all the way to the top. Let's hope for this summer to be good one for CSC!   

Yeah, news has been slow, that does not mean nothing is happening. I continue development on various items as much as i can. However the general opinion has become kind of negative in here so i decided to reduce my postings here. In general i always respond to personal questions via PM or on casinocoin.slack.com. If anybody needs help with development of any kind of CSC related material you can always contact me as well.

Whenever there is something to announce GoldSeal or myself will do so. We can not speak on behalf of Prypto and all its related projects but they are moving forward as well. You guys should read up a bit on the latest news about gambling and crypto on the Internet and you'll be suprised .....

If you lost faith in CSC there are various people that want your coins, and you can always contact GC and ask if he makes you a good offer for large quantities. Otherwise contact GoldSeal or myself, i saw Gravitate making a good offer. Or maybe you better invest in SoonCoin or NineElevenTruthCoin, .... maybe they have a more bright future than CSC 

That being said, ... to all others that continue to believe in CSC, just hang in there, try to find ways to help yourself. There is so much that can be done and all CSC owners will benefit from that. News can be created by everybody and does not need to come from only us! Make correlations with market news and inform the public out there that CSC exists via forums and social media!! That will really help! Long term is still looking good but you all know there are zero guarantees but a billion possibilities.