rpietila Altcoin Observer - page 111.

rpietila

donator

Activity: 1722

Merit: 1036

Quote from: iCEBREAKER on August 03, 2014, 03:50:51 PM

Quote from: rpietila on August 03, 2014, 03:26:25 PM

What is the fully diluted market cap at present?

(18.4 billion * coin price)

It's 1.84 billion total. Half mined after 10 years. I don't feel including the 2nd half is important, but understand you may be thinking very long-term.

BTC0.0000668 * 1840000000 XCN = BTC122,912

Okay even if we include the 10 years only, BTC60k sounds a little steep, about the price of Monero.

digicoin

legendary

Activity: 1106

Merit: 1000

Cryptonite whitepaper was discussed here https://bitcointalksearch.org/topic/white-paper-purely-p2p-crypto-currency-with-finite-mini-blockchain-195275

binaryFate

legendary

Activity: 1512

Merit: 1012

Still wild and free

Quote from: iCEBREAKER on August 03, 2014, 03:50:51 PM

Quote from: rpietila on August 03, 2014, 03:26:25 PM

What is the fully diluted market cap at present?

(18.4 billion * coin price)

It's 1.84 billion total. Half mined after 10 years. I don't feel including the 2nd half is important, but understand you may be thinking very long-term.

BTC0.0000668 * 1840000000 XCN = BTC122,912

Largely overvalued because the importance of the issue it mitigates is overestimated.

illodin

hero member

Activity: 966

Merit: 1003

Quote from: Este Nuno on August 03, 2014, 03:36:12 PM

If the general consensus is that blockchain size is basically a non-issue, why should we think this is anything other than a typical over exuberant run up over novel tech that doesn't really solve any real problems?

This is what I was wondering myself as well. Roll Eyes

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote from: rpietila on August 03, 2014, 03:26:25 PM

What is the fully diluted market cap at present?

(18.4 billion * coin price)

It's 1.84 billion total. Half mined after 10 years. I don't feel including the 2nd half is important, but understand you may be thinking very long-term.

BTC0.0000668 * 1840000000 XCN = BTC122,912

Este Nuno

legendary

Activity: 826

Merit: 1002

amarha

If the general consensus is that blockchain size is basically a non-issue, why should we think this is anything other than a typical over exuberant run up over novel tech that doesn't really solve any real problems?

rpietila

donator

Activity: 1722

Merit: 1036

What is the fully diluted market cap at present?

(18.4 billion * coin price)

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote from: rpietila on August 03, 2014, 02:53:25 PM

- How many devs? Who?
- When launched?
- How exactly is emission schedule?
- What algo?
- Quotes from AnonyMint posts?

-catia is main XCN dev; s/he was up to the hard work of implementing mini-blockchains and still cranking out new builds
-launched July 27, testnetted for a month before that
-emission

Quote from: AnonyMint on July 15, 2014, 11:31:45 PM

Scaling up to 6 billion people and micro transactions (more frequent transactions) might present a scaling problem. I've looked at Lamport signatures schemes that can verify 100,000+ transactions per second on a single i7 cpu. Since verifying nodes tend to be pools with considerably more resources (amortized over a large amount of hashrate), then a 10 - 100 cpu farm (or a Tilera 64 core cpu) is not unfathomable without destroying decentralization of pools.

Long-term the solution is simple. An ASIC for verification will scale sufficiently to 6 billion and micro transactions.

In short, no problem! Mini-block chain addresses the problem of block chain size and its impact on decentralization of mining. Cryptonite does not include anonymity however.

Quote from: AnonyMint on July 26, 2014, 12:26:07 AM

I like the mini-block chain design in Cryptonite (not Cryptonote). I helped analyze and comment on it, so I've been following it for some months. Their effort lacks anonymity and other things I like. One-time ring signatures appear to be fundamentally incompatible with it.

dga

hero member

Activity: 737

Merit: 511

Quote from: iCEBREAKER on August 03, 2014, 02:23:13 PM

8 ) innovative proof-of-work seems GPU and ASIC resistant

Let's just quietly remove that one from the list before the post looks foolish in a few months. I haven't paid enough attention to the rest of the currency to comment, so I'll keep my mouth shut there.

I guarantee you: This is not a "resistant" algorithm. It has some speedbumps, and they're relatively nice speedbumps, but there's nothing harder in there than there is for designing custom hardware for attacking RSA or other large-number systems.

It's GPUable - again, with difficulty, and the speedbumps are enough to keep a run-of-the-mill developer out of it for a while - but someone like Claymore or C&C could take this one apart in a few weeks.

cf my posts in that thread:
https://bitcointalksearch.org/topic/m.8159131
https://bitcointalksearch.org/topic/m.8159722

(I'm not convinced this should be a major selling point in the first place, though, so perhaps it's better to find a good point to replace it.

umairsaleem010

full member

Activity: 224

Merit: 100

i dont own a single btc ripetile you own btc since 2011 its the born year.i think of btc.. so how much btc you have..?and you feel lucky your self to own that btc..

canonsburg

full member

Activity: 133

Merit: 100

Quote from: rpietila on August 03, 2014, 02:53:25 PM

Quote from: iCEBREAKER on August 03, 2014, 02:23:13 PM

Quote from: rpietila on August 03, 2014, 01:55:48 PM

How about a 10-line summary on why cryptonite is good and why I should buy it?

CHALLANGE EXCEPTED!

1) Hero Member BitFreak is project lead and provides active support in [ANN] thread
2) well planned R&D plus month-long testnet phases ensured fairly smooth launch
3) 100% open source available since testnet began
4) 0% premine

5) builds on proven standard BTC client with technology suggested by BTC core devs (gmaxwell)
6) mini-blockchain radically improves BTC scalability (Holy Grail of pruning)
7) mini-blockchain minimizes full node footprint to point of being able to run on smartphones (with more entropy/security than PoS or SPV)
Cool

innovative proof-of-work seems GPU and ASIC resistant
9) sane emission rate strikes excellent balance between rewarding/incentivizing early adopters and encouraging widespread distribution
10) reviewed positively by cypto-guru AnonyMint and immediately trading on bter (thanks to thorough testnet phase)

- How many devs? Who?
- When launched?
- How exactly is emission schedule?
- What algo?
- Quotes from AnonyMint posts?

I think there is only one real dev (name is catia : https://bitcointalksearch.org/user/catia-340555)

Launched July 28.

Emission is 1.84 Billion total coins with half life of 10 years.

The algo is something called M7 (http://cryptonite.info/wiki/index.php?title=M7_PoW); chain of 7 popular hash functions (multiplied together) then final SHA-256 of everything.
Not really a "CPU only" since its not memory hard but the multiplication step, especially with large bit size is suppose to be hard for GPU to handle.

Although it's a neat coin with innovative concept, I think its massively overpriced.

But this coin isn't a "competitor" to XMR, since as AnonyMint mentioned, XCN and XMR are fundamentally incompatible, thus they are fill non-interesting niches.

rpietila

donator

Activity: 1722

Merit: 1036

Quote from: iCEBREAKER on August 03, 2014, 02:23:13 PM

Quote from: rpietila on August 03, 2014, 01:55:48 PM

How about a 10-line summary on why cryptonite is good and why I should buy it?

CHALLANGE EXCEPTED!

1) Hero Member BitFreak is project lead and provides active support in [ANN] thread
2) well planned R&D plus month-long testnet phases ensured fairly smooth launch
3) 100% open source available since testnet began
4) 0% premine

5) builds on proven standard BTC client with technology suggested by BTC core devs (gmaxwell)
6) mini-blockchain radically improves BTC scalability (Holy Grail of pruning)
7) mini-blockchain minimizes full node footprint to point of being able to run on smartphones (with more entropy/security than PoS or SPV)
Cool

innovative proof-of-work seems GPU and ASIC resistant
9) sane emission rate strikes excellent balance between rewarding/incentivizing early adopters and encouraging widespread distribution
10) reviewed positively by cypto-guru AnonyMint and immediately trading on bter (thanks to thorough testnet phase)

- How many devs? Who?
- When launched?
- How exactly is emission schedule?
- What algo?
- Quotes from AnonyMint posts?

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote from: rpietila on August 03, 2014, 01:55:48 PM

How about a 10-line summary on why cryptonite is good and why I should buy it?

CHALLANGE EXCEPTED!

1) Hero Member BitFreak is project lead and provides active support in [ANN] thread
2) well planned R&D plus month-long testnet phases ensured fairly smooth launch
3) 100% open source available since testnet began
4) 0% premine

5) builds on proven standard BTC client with technology suggested by BTC core devs (gmaxwell)
6) mini-blockchain radically improves BTC scalability (Holy Grail of pruning)
7) mini-blockchain minimizes full node footprint to point of being able to run on smartphones (with more entropy/security than PoS or SPV)
Cool

innovative proof-of-work seems GPU and ASIC resistant
9) sane emission rate strikes excellent balance between rewarding/incentivizing early adopters and encouraging widespread distribution
10) reviewed positively by cypto-guru AnonyMint and immediately trading on bter (thanks to thorough testnet phase)

illodin

hero member

Activity: 966

Merit: 1003

Quote from: rpietila on August 03, 2014, 01:55:48 PM

How about a 10-line summary on why cryptonite is good and why I should buy it?

And an estimate on when to buy would be appreciated as well. I would guess some time after public GPU miner or fully optimized CPU miner is released which forces private mining group to dump.

digicoin

legendary

Activity: 1106

Merit: 1000

Bitfreak says it is not feasible for Bitcoin to implement Cryptonite's mini-blockchain. Is it correct technically and politically? Cryptonite sacrifices scripting features for mini-blockchain. Bitcoin can not do it, can it?

rpietila

donator

Activity: 1722

Merit: 1036

How about a 10-line summary on why cryptonite is good and why I should buy it?

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote from: digicoin on August 03, 2014, 10:47:25 AM

Guys, what do you think about Cryptonite? Paper-wise, this coin is excellent for micro-transactions

Cryptonite is awesome. It is the third leg in the Bitcoin (security), Monero (privacy), and Cryptonite (scalability) stool:

Quote from: nakaone on August 02, 2014, 06:00:51 AM

Quote from: dEBRUYNE on August 02, 2014, 05:39:13 AM

Quote from: iCEBREAKER on August 01, 2014, 07:06:52 PM

Quote from: illodin on August 01, 2014, 11:53:58 AM

Opinions on Cryptonite, the first coin implementing mini-blockchain? Whitepaper here.

Interesting that someone is trying to create something new for a change, but I feel like the PoW algo selection will make it BCN2 or BBR2 as there is/will be a private mining group with GPU miners whereas there's no hope of mining with a high-end desktop CPU. Maybe this won't be an issue as only half of the coins will be mined within the first 10 years, and you can't really mine with a 1 video card desktop anything anyway these days? Another coin forking from Cryptonite with an established PoW algo and miners and pools ready at launch could steal its thunder though, similar to BCN vs XMR.

Who happens to mine these fungible coins is irrelevant. If other people want them, they simply buy them from those who specialize in optimizing and running miners, or trading.

Cryptonite is a Very Big Deal, representing the third great innovation in cryptocash (minichains) after Bitcoin's blockchain and CryptoNote's ring signatures. Vertcoin's private addresses come close to making the list, in a distant fourth place. Proof-of-work may have been a candidate for fifth, but is made obsolete by minichains, so it loses to Primecoin's cool/trippy factor.

Forget those other trash coins. All that matter right now are Bitcoin, Monero, and Cryptonite.

(Litecoin is also valuable as a hot-swappable replacement in case Bitcoin breaks, ditto Namecoin and DNS.)

It's fascinating how Monero and Cryptonite are fundamentally incompatible and splitting Bitcoin into private Monero and public Cryptonite niches, like a speciation event!

Economically it makes perfect sense to remove Bitcoin's blockchain bloat to be more efficient for public transactions, while simultaneously putting other bloat to work by ensuring privacy for Monero.

As I finish this post CN is nearing an ATH. Nice.

Now just wait until all the kids realize they've been conned by their closed source and/or kludgey CLOAK/DARK/BLACK/XC FailCoins. See ya'll on the moon...

Any other opinions on cryptonite?

I have to admit that I share icebreakers point of view - that said, xcn is very young, buggy, quite expensive already. compared to other coins it offers something new which indeed has value and potential, but I also think that bitcoin can simply clone miniblockchains once they are proven (non-technical perspective). this is the beauty of xmr, there is quite a big niche which probably will never be filled by bitcoin.

TooDumbForBitcoin

legendary

Activity: 1638

Merit: 1001

Quote

Roads on the island are maintained by tolls and memberships

Tolls or trolls?

iCEBREAKER

legendary

Activity: 2156

Merit: 1072

Crypto is the separation of Power and State.

Quote from: r0ach on August 03, 2014, 01:04:16 PM

Quote from: TooDumbForBitcoin on August 02, 2014, 08:26:41 PM

Quote

On the island of Libertopia we buy real estate with Bitcoin, lattes with Cryptonite, and party supplies with Monero. Cool

Where do you get your electricity?

How do you get there without roads

It's an island, so roads don't really work for entrance/egress. There are harbors/docks for boats/ships and airports for planes. Roads on the island are maintained by tolls and memberships. Freight is moved by Taggart Transcontinental railroads.

rpietila

donator

Activity: 1722

Merit: 1036

Quote from: r0ach on August 03, 2014, 01:04:16 PM

Quote from: TooDumbForBitcoin on August 02, 2014, 08:26:41 PM

Quote

On the island of Libertopia we buy real estate with Bitcoin, lattes with Cryptonite, and party supplies with Monero. Cool

Where do you get your electricity?

How do you get there without roads

One possible way to see how electricity, heating, food etc. can be produced locally, is to observe the rise of Malla Castle.

I am just having a project of the main building completely direct wood heated. During the heat wave (34C) I realized that inside it kept 24C. Many things actually can be produced without government Wink

Topic: rpietila Altcoin Observer - page 111. (Read 387493 times)