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Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 344. (Read 920138 times)

member
Activity: 60
Merit: 10
An ASIC online at http://pot.criptoe.com?


What would you do with your prototypes? Obviously point them at the main scrypt coin that has potential! Cheesy  Though if I was selling the 25mhz ones and had a batch, you would find me on multiple coins for diversification...take a look around and confirm Smiley However, it could be someone at the fab with the balls to sneak one out and not the companies selling them.

I can't confirm whether or not this is an ASIC, but I can tell you this....

It's one worker  Shocked.

So it just might be.  Or it could be someone intelligent enough to try to trick everyone by setting up a stratum proxy(look it up) and using a single user.

-Fuse

you know you can have multiple workers using the same login name.  so that user could have 50 cards running under the same worker name
full member
Activity: 196
Merit: 100
we have arrived in stratosphere

POT Hashrate :2.47 Ghash/s

POT Diff :25.57728545
legendary
Activity: 1582
Merit: 1002
HODL for life.
An ASIC online at http://pot.criptoe.com?


What would you do with your prototypes? Obviously point them at the main scrypt coin that has potential! Cheesy  Though if I was selling the 25mhz ones and had a batch, you would find me on multiple coins for diversification...take a look around and confirm Smiley However, it could be someone at the fab with the balls to sneak one out and not the companies selling them.

I can't confirm whether or not this is an ASIC, but I can tell you this....

It's one worker  Shocked.

So it just might be.  Or it could be someone intelligent enough to try to trick everyone by setting up a stratum proxy(look it up) and using a single user.

-Fuse
newbie
Activity: 59
Merit: 0
What would you do with your prototypes? Obviously point them at the main scrypt coin that has potential! Cheesy  Though if I was selling the 25mhz ones and had a batch, you would find me on multiple coins for diversification...take a look around and confirm Smiley However, it could be someone at the fab with the balls to sneak one out and not the companies selling them.
hero member
Activity: 486
Merit: 500
newbie
Activity: 59
Merit: 0
Man there are people hashing at 35,000 kh/s what is going on here... smells like asic script mining

yesterday I said that someone was hashing at 35,000 today I wake up and now we have anonimous hashing at 85,382 KH/S.. Do you guys know how much power consumption that would be if it was a farm.  To me this is beyond a farm it has to be asic script mining. Even wit the best cards running each at 1300 Kh/s that would mean 70 + cards 15 motherboards who knows how many power supplies and lets talk power 290 per card thats like 20,500 Watts.  Freaking Cops are going to flyover thinking is a weed house LOL. This is insane

Scrypt asic are in production, though not for sale, yet.  I absolutely would be mining with my first test batches.  Run dummy tests, or make some money testing them?  In addition server farms that are meant to have graphics capabilities and are aware of crypto should definitely be pointing their machines at new coins.  I forget the name of the sites, but there are multiple where you can buy games to stream to your computer that can't handle high end games on ultra.  Have 1k computers, and only 700 of them in use?  What to do with the other 300?   Turn them off or make money?  People love to argue electricity costs but profit per day does not compute when considering new coins at low difficulty.  I've been paying my rent solely on that idea.  My avg coinwarz per day is $20 but playing the volume/new coin game I pass $1k a week often--sometimes much more, sometimes get stuck with worthless crap.  Can't imagine what I could do if I had a server farm that had graphics cards meant for streaming ultra setting games and was making money off both--and considering the hardware a business expense lol.
full member
Activity: 140
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Man there are people hashing at 35,000 kh/s what is going on here... smells like asic script mining

yesterday I said that someone was hashing at 35,000 today I wake up and now we have anonimous hashing at 85,382 KH/S.. Do you guys know how much power consumption that would be if it was a farm.  To me this is beyond a farm it has to be asic script mining. Even wit the best cards running each at 1300 Kh/s that would mean 70 + cards 15 motherboards who knows how many power supplies and lets talk power 290 per card thats like 20,500 Watts.  Freaking Cops are going to flyover thinking is a weed house LOL. This is insane

Probably BCX having some fun, he has over 500 mh/s at his disposal at any given time.
newbie
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Freaking Cops are going to flyover thinking is a weed house LOL. This is insane
it IS a grow house, for POT  Grin
hero member
Activity: 686
Merit: 503
Man there are people hashing at 35,000 kh/s what is going on here... smells like asic script mining

yesterday I said that someone was hashing at 35,000 today I wake up and now we have anonimous hashing at 85,382 KH/S.. Do you guys know how much power consumption that would be if it was a farm.  To me this is beyond a farm it has to be asic script mining. Even wit the best cards running each at 1300 Kh/s that would mean 70 + cards 15 motherboards who knows how many power supplies and lets talk power 290 per card thats like 20,500 Watts.  Freaking Cops are going to flyover thinking is a weed house LOL. This is insane
newbie
Activity: 59
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 many people do not want transactions with known retailers on their records.


http://www.nytimes.com/2014/02/02/technology/when-no-one-is-just-a-face-in-the-crowd.html?_r=0

We are all going to be Very Important People soon!
This is the beauty of crypto.  A face walking into a retailer on a traffic cam is proof that I went there.  But when you can link my bank account to thousands of dollars in purchases with a picture of me walking in, I could be in trouble if my government changes their stance--if all you have is me browsing a store, I'm somewhat fine.  While I don't think that will happen outright, lots and lots of people are going to want as much anonymity as possible.  This coin and bitcoin have huge potential in the next 50 years of our lives.  If you've spent a couple+ decades alive you've seen the evolution of technology.  Imagine the future.  We aren't talking flying cars, but we are talking HUGE technological changes to our daily lives.  Crypto is here to stay, in some evolved form, in my humble opinion--whether it is to fight for our rights against that technology or embrace it.  

If you consider regular credit card companies, the idea of a crypto network that is decentralized (even if controlled by them) provides a huge advancement in security.  Imagine visa processing transactions via crypto, with miners getting a percentage of their fee(or their own giant asic network Sad).  Private keys protecting customers rather than a string of 16 digits anyone swiping your card at a retailer can steal.  It would decrease their bottom line by reducing chargebacks, fraud, theft, etc.  The possibilities are huge for us or 'them'.
legendary
Activity: 966
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CryptoTalk.Org - Get Paid for every Post!

 many people do not want transactions with known retailers on their records.


http://www.nytimes.com/2014/02/02/technology/when-no-one-is-just-a-face-in-the-crowd.html?_r=0

We are all going to be Very Important People soon!


 


https://www.youtube.com/watch?v=ktvTqknDobU

I'm waking up, I feel it in my bones
Enough to make my systems blow
Welcome to the new age, to the new age

full member
Activity: 140
Merit: 100
looks like hash cows are focusing on pot, could the devs give any indication what happens if they take 51% of the hashrate? looks like its getting there
newbie
Activity: 59
Merit: 0
Dude I seriously doubt any credible business is accepting cryptocoins with the intention of holding them as an investment. You are missing the bigger point here. They can accept crypto and save HUGE on transaction fees. A lot of businesses pay a few % of the transaction toward visa/mc/amex etc when a customer uses a credit card. With crypto, they could pay almost nothing (just what it costs them to exchange the currency to fiat, which should be a lot less than their credit card fees.) Also they can potentially increase their sales by accepting any additional payment method...that is why businesses take credit cards, food stamps, etc rather than only accepting cash.
At least in the US the power I see in this is not transaction fees.  With it still being federally illegal and the standpoint possibly changing with the next president many people do not want transactions with known retailers on their records.  They would prefer to deal in cash--which supports the idea of crypto.  Going to an ATM before a shop is not an out of the way transaction.  This is a risk to the seller as they have not only product to be taken, but large amounts of cash(say in a coordinated robbery).  But with that cash you are considering crypto fees vs no fees as well.

The other side of that is, these are budding businesses, just opening with huge investments that are nowhere near paid off.  To take something that could plummet in value tomorrow is dangerous.  Also, the volume is not moving greatly because it has not been adopted widely.  Even $1,000(30,000 coins-ish) worth a day would be a risk--and an expense in the terms of the time of having someone monitor markets and making sure you could drop it for what you charged.  If I was doing 20-30k a day, I wouldn't dare take half of that in coins I might not be able to sell unless I was hoping for future gain (and mind you 30k a day is not profit, its revenue-there are employees, rent, utilities, production, transport, etc, to pay).  The only way I would ever accept it when my future as a business was in question would be as a portion of profit only.  By putting faith in the system, and being one of the first to take it, I would have to assume that it is viable, and my competitors have to eventually take it as well.  Hence, investment.  It would be a short sell, but still, if I would consider it worth the risk of accepting at all, it would mean I put some faith behind it.  Faith in its adoption would mean I would want to consider how much I could take to ride out for a week or two, or more, without endangering my business.

It is also worth mentioning that I work with a single business that spends tens of thousands on transaction fees(on a corp level it would be tens of millions for our multi billion dollar corp) as a credit card merchant.  As easy as it is to talk about, with crypto, you pay a trade fee, and then when you withdraw in fiat. Unless you take more risky low currency value measures, you also pay a fee to withdraw and in some cases another fee to take from the party you withdrew to, to your bank account.  While you can find ways to do it to lower fees, its difficult in large volumes, and with a large daily revenue business you are talking about large sums of money are that are not easy to transfer through lesser exchanges with lower fees.  I've been able to transfer out 1,000 without fees, and by other means I've seen 1,000 turn into 900 (a huge 10% between selling, transferring out of exchange and then transferring from that party to the bank).  The grass is only partially greener.  In a large business having someone handle this day to day while accounting for prices charged vs prices sold at and market fluctuations, you have to consider actually paying someone to do that.  A whole different discussion is crypto developers streamlining that to make it not an accounting nightmare, but currently, there is a cost to that.  You could argue that a wonderful program could be created to do that by the company--exploiting the best lines into fiat, profit vs flux, when to hold, when to sell, monitoring fraud, etc--but since it does not currently exist, the development costs alone for a multimillion dollar business would not offset the merchant fees.  

So yes, as a business considering the value of accepting the coin outright vs a smart idea to increase my PROFIT some, there is a lot to consider.  No business, starting with investors--whether their own money or others, is going to risk going red on revenue (or more red as many business do not make profit for years), to grab a few more customers(and yes, us cryptos are still a small minority in the world view of customers or even in the Colorado view of customers).  To take a cut of profit and gamble that it becomes more profit is a risk a CEO and CFO can get behind.  While you might not be thinking on a corp level, even small pot shops have people behind them trying to make money with business minds and in many cases educations.  These are serious considerations.

In the long term you are completely right.  In the short term, and getting people to start with it, I disagree.  If you are considering countries that it is completely legitimate in, that is a completely different question.  I was just suggesting an idea, that might get more people on board.  Not trying to discredit the idea of it as a 100% pay currency.  It is perfect for this emerging industry, but the implications are very different depending what country and economic impact you are considering.  Selling the idea to Amsterdam with long established businesses vs Colorado with weeks to months old businesses are completely different playing fields.  Both may be interested and stand to profit, but how you sell it to an invested party in different markets will make or break their interest. I want this to succeed, so yes, I submit an idea beyond  'possibly' saving on credit card fees for another path for the dev's to market toward potential businesses.

member
Activity: 83
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Is the difficulty really at 16!

****!! Its was at 10.5 yesterday! ~

Yes that is crazy! I guess i will stop mining now ;(

Kimoto's Gravity Well?
full member
Activity: 182
Merit: 100
For the devs I would also considering when approaching business to consider their profit margin.  If its a 10% margin (usually it is less for many businesses but just as an example) if they considered accepting 5% of the sale in coin and the rest in fiat then it would be an investment for them.  If the price rises considerably, like some guess (say .00004 to .001,.01, etc), their profit margin on those sales would increase substantially.  

This would allow them to try it, without going into red revenue, while still being able to embrace the idea and possibly profit greatly from being an early adopter.  From a business standpoint the idea of accepting it outright is a tough decision when many of these businesses are not making giant profits.  Another idea, would be accepting a certain amount per day so someone didn't jump on their website and drop 2mil coins, leaving the risk in their hands.

If any of them are following crypto closely they are aware of the fluctuations and the (sometimes) difficulty and volatility of dropping a large number of coins on the market to cash out.  Giving them ideas in this regard may take some from strict 'no way's to 'hmm, we can find a way to work with this'.

Them working with it gives it substance, and eventually stability in comparison to bitcoin and the other altcoins.  I would never accept a large volume of volatile currency when considering the underlying cost of my business, but supporting it as an investment that did not impact my ability to operate would be a completely different idea.  As stability comes I would be able to rely on it more and more and I know my customers would love it--it would even become a selling point which would cause others to have to use it as a selling point.

Dude I seriously doubt any credible business is accepting cryptocoins with the intention of holding them as an investment. You are missing the bigger point here. They can accept crypto and save HUGE on transaction fees. A lot of businesses pay a few % of the transaction toward visa/mc/amex etc when a customer uses a credit card. With crypto, they could pay almost nothing (just what it costs them to exchange the currency to fiat, which should be a lot less than their credit card fees.) Also they can potentially increase their sales by accepting any additional payment method...that is why businesses take credit cards, food stamps, etc rather than only accepting cash.
legendary
Activity: 966
Merit: 1004
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Is the difficulty really at 16!

****!! Its was at 10.5 yesterday! ~
newbie
Activity: 59
Merit: 0
For the devs I would also considering when approaching business to consider their profit margin.  If its a 10% margin (usually it is less for many businesses but just as an example) if they considered accepting 5% of the sale in coin and the rest in fiat then it would be an investment for them.  If the price rises considerably, like some guess (say .00004 to .001,.01, etc), their profit margin on those sales would increase substantially.  

This would allow them to try it, without going into red revenue, while still being able to embrace the idea and possibly profit greatly from being an early adopter.  From a business standpoint the idea of accepting it outright is a tough decision when many of these businesses are not making giant profits.  Another idea, would be accepting a certain amount per day so someone didn't jump on their website and drop 2mil coins, leaving the risk in their hands.

If any of them are following crypto closely they are aware of the fluctuations and the (sometimes) difficulty and volatility of dropping a large number of coins on the market to cash out.  Giving them ideas in this regard may take some from strict 'no way's to 'hmm, we can find a way to work with this'.

Them working with it gives it substance, and eventually stability in comparison to bitcoin and the other altcoins.  I would never accept a large volume of volatile currency when considering the underlying cost of my business, but supporting it as an investment that did not impact my ability to operate would be a completely different idea.  As stability comes I would be able to rely on it more and more and I know my customers would love it--it would even become a selling point which would cause others to have to use it as a selling point.
member
Activity: 83
Merit: 10
Maybe devs should think about adding Kimotos Gravity? Anyone with thoughts and insights
about pros and cons of this?
newbie
Activity: 26
Merit: 0
Im on pot.hashfast.de from the first day.

No problems. Very stable. Nice and instand support on IRC!!
Recommend this pool for all new miners!

Same here! 4 professional admins. Nice DDOS protection. Only working pool for me during the attacks.

This pool is constantly working.

+1

I love this pool. Works well. No downtimes. Stable mining without pain!

pot.hashfast.de
member
Activity: 83
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hashco.ws has added POT. Huge sign for breakthrough!
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