Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 216. (Read 920138 times)

Nobody said it was a solution.

They are halving the coin because it needs to be done. All 420 million coins mined in a year of existence is too fast.

Somewhere along the line people got it mixed it up that halving the coin was about the price and manipulating the market

Because halving is not a solution to the problem POT is having.  It's a blind attempt at trying to control the coin's dynamics.  And with who's suggestion?  I see a lot of people here stating that they aren't for the block halving, especially not 4 times a year.  Most of these people senior members who have been around since well before the alt explosion of '13.  People who have seen changes like this destroy better coins.  You don't change horses midstream.

Halving the coin 4 times a year is going to drive miners away unless you have an equally proportionate rise in coin price.  The fact that the dev himself said "there aren't enough uses for the coin" just proves my comment of backwards thinking.  Stop trying to manipulate supply and demand.  Just create demand.  Honest demand, not manipulated demand.

-Fuse

Pains me to say it but it was not "near-failed" it was a failure. I am sorry. I am sure the devs did a lot, but i was expecting more second coming type shit the way they were talking. Like Potcoin blowing the fuckin lid off the crypto thing, replacing all bitcoin likenesses with that of the Potcoin emblem. Of course not, but i did expect a lot more than an interview with a super burnt out guy talking about trademarking and shit.

Come to think of it, i think that has a lot of to do with the current state of things. Dude talks a big game about everything and a lot of "just waits" and "have faiths" which everyone involved with this crap has heard a million times. Okay, cool, there is a radio add, good step in the right direction. But what was all the hype about 4/20 about? They set up a booth and did some promoting, and then went to the cannabis cup and "did so many dabs" In all honesty, the news of the investor and the anticipation of the news that was to happen on 4/20 was 100 times better than any of the shit that ACTUALLY happened.

I think some of that investor money should have spent on some public relations or hiring someone that is a little better at communicating with the public  

How can you say 1.5 th/s of scrypt mining power is NOT asics? Well by using the timewarp thing and claiming it is like an accumulation, just a fault in reporting because of how the time warp fucks things up, that does explain how it might not be asics. But 1.5 th/s, how many cards are needed for that, if it isn't asics. I do think it is some type of attack, but if it isn't an error in reporting and it isn't asics, holy shit.


That is what i am wondering. It is a very aggressive approach to burn the candle at both ends so to say. You decrease supply by halving while in the meantime constantly work at gaining acceptance and utility for the coin.

No its parallel thinking. Why can't you increase exposure/usage while halving? They are two unrelated items. The block halving requires little to no focus, just some minor code changes. I can guarantee the dev's aren't sitting there thinking about halving the coin all day long like we are.

Right, except of focusing on increasing use, we're saying let's limit supply.  Without use, there is no demand.  Reducing supply when there is no demand is pointless.

Again... backwards thinking.

-Fuse

I'm not really sure why people are upset about a halving...increasing scarcity is important for the value of a coin. If it never becomes harder to obtain, it'll never really gain significant value. I'm assuming there's a healthy split here between people who are speculating and want the value to go up, and people who want the coin to achieve widespread use in the medicinal marijuana community. Both should want the value to increase. Overabundance of supply and lack of demand will cause the value to slide downward.

When less new coin is mined and dumped on the markets, there will be less available to trade and the value of what IS being traded will rise, IF demand increases beyond the new supply. That demand is largely up to users to create. I see a lot of folks in this thread talking about how the developer needs to do this or that. No...it's up to you to request it and promote it. Ask your dispensaries if they'd consider taking it as payment. Educate them about it. Don't leave it all up to the devs...they have enough on their plate.

I'll buy that...casinocoin is in the same situation. Their dev is MIA.

That's right about the hashing power.  There is no way anyone is throwing 1.5TH at anything.

I'm going to say that while this might not be a direct result of the halving news, it's a opportune time for it.  The people that launch these exploits tend to do them while there is community strife.  A great example is TAG.  Another is AUR.  Wait until the community is already agitated and then hit the coin with all you have.  Weak hands shake really quick.

-Fuse

I would just like to add that I do not believe there is anywhere near 1.5 Th of hashing power attacking this coin. The reported hashrate is a result of the exploit not the cause. It is not "real" in my opinion. I am not familiar with the mechanics of the attack so I can't speak to how it's done but if they had that kind of hashing power they would be more inclined to double spend than stall the blockchain.

...don't want people to start blaming ASICs as I don't believe they have anything to do with it.

I also do not think it is a result of the proposed halving of the coin....but I could be wrong on that

I'm going to say this isn't random.  Someone isn't happy about the news you're putting out.


I'm guessing you mean 1.5GH.  Litecoin only has 150-160GH.  No one is throwing 1.5TH at anything.

Who says this is ASICs?  I know of a person/group that has had this kind of power at their fingertips months before ASICs.  This person likes to "test" coin networks for fun, or out of anger if they are rubbed the wrong way.  Who's to say this isn't a situation like that?  Hell, I was pretty ticked off at the halving.

Just please don't try to push an agenda of a new algorithm now too because of ASICs.


I would beg to differ.  I've seen this happen before, and go on for longer than you could imagine.  The people that do this know what they are doing and do it well.  I wouldn't be surprised if this went on longer than you expect.  I also wouldn't be surprised once this was all over if you see a massive dump in price due to a large sellout.

I'm popping a bag of popcorn right now.

-Fuse

Due to these random anonymous attacks we have decided to look into a few solutions against them, we will run some test on the test net to see what works best.

Potcoin Halving at block will be postoned - ASIC attacks this morning of 1.5 T/h   We would like to add the next wallet update instead of doing 2 updates so thats why we are taking the time now to do it.  We are sorry for the delay but its the best time to implement a fix like this since we are already halving the block.

This has been happening to other coins all over the place and we want to find out what other coins have experienced also, this is a matter we are taking very seriously.

We know these people dont have the resources to keep doing these attacks but we are going to take the correct measures.

thanks for understanding

smoke

http://delphiweb.louisville.edu/theteachingpractice/wp-content/uploads/2014/02/Bueller.jpg

Not a word on this?
Maybe you could put down the bong for a minute!

Nothing really adds up anymore, sorry to say.
Your skills and communications are not what it takes to build a foundation for a currency.
I just dumped it all. The upside potential here is marginal, atm.
If they are gonna come up with something real, and I doubt it in the meantime, I'd buy back in.
Aloha

Potcoin p2pool is going nuts

Finding blocks in different chains...

+1, Dean.

Well this attack is pretty fun 

Funny how the announcement for halving was released and someone decided to go thermonuclear on POT.  I'm guessing when Potcoin said the community wants this, he meant everyone minus the guy that could obliterate POT like it's his job and the handful of us that are all pitchforks and torches.

Square away your coin, Potcoin.  You're going to lose your miners to this mess.

-Fuse

I think the potcoin p2pool is on a different block chain now

http://xpool.net:9420/static/lastblocks.html

Is different than:

Dean, well said on all points.

And as to those noticing forks:

As a miner of POT from day one, a holder of a chunk of POT and a poster of some issues and solutions, I unfortunately agree.  You have to be careful building hype and then not delivering.  

I still believe that there will be a coin that will be used in the marijuana industry and be used in dispensaries, grow shops, online smoke shops, etc. There are multiple contenders POT, CCN, DOPE (I own some CCN and POT) ....  one will likely win.  


IMO (as of right now) :
DOPE
is targeting the wrong segment of the market and I believe has a limited lifespan because DRK is a better alternative for the underground market


CCN (Cannacoin)
has solid industry connections and leadership and was designed and built by a real player in the Seattle scene.  This is the real deal.  It is still immature and new, but they seem to be taking things slow and allowing it to build without forcing it.  This is high on my watchlist and I continue to accumulate this coin.

POT
over hyped itself by saying ""the coin of the industry" and made lots of references to Denver and outcomes and has not lived up to the expectations that were set.  They have tried to run it like a business which is commendable, however, it has been at the expense of the community. AS a result, there is been very little focus on community building.

ALL coins succeed through adoption -- a major part of adoption for POT is by enabling and championing the community to spread the word about POT, how to obtain it, and why its better than alternatives. Sure you can put ATMs all over Denver, but if you don't know what POT is, its pointless. So, my point is this --- There is little chance that POT will succeed without a very strong, widespread and vocal community of champions shouting the accolades of POT from the hilltops.

There are some very strong and vocal people here (I am excluding my own opinions from this group - there are more qualified and connected people), that have made some very cogent points and provided some very good and clear ideas ... The group in charge of POT needs to listen to the community and enable some of these people to help with damage control and set this coin back on the track it was 6 weeks ago.



I am willing and eager to pitch in and help .... someone just needs to contact me and let's see if the visions match.

looks like we may switch digi shield, we are going to run some tests on the test net...

thanks for the info

Hey, haven't you fixed the KGW time warp yet? POT is now stuck at diff 12816.283503124 !