Topic: Terracoin is ALLIIIIIVEEEE - page 6. (Read 22849 times)

+1.  TRC is an excellent coin, and once this little hiccup gets sorted out, I expect more adoption. 

The market takes care of most things. Even if transactions stay very slow until the problem is fixed and prevented, high difficulty might support terracoin's price, because it obviously will limit the money supply. Lets remember that there are only about 2,032,260 terracoins (it's not like litecoin that has about 16,490,000 or PPcoin with more than 27,000,000; make no confusion, I like these coins very much too). The price went up too much for high difficulty to be a serious threat. Right now, slowness of transfers is even supporting the price, because is preventing traders to sell at btc-e the coins bought at vircurex. No doubt, when they all arrive, that will put pressure on the price. But many (including yours truly) are waiting that to buy thousands of cheap terracoins.
Will the high difficulty drive away some miners? Perhaps. But I doubt that, because scarcity and its consequences on expectations of future prices will have their weight. The fact that many terracoin miners have many terracoins will also force them to keep mining to support the coin. Namecoin has much more serious problems of revenue, but despite that it is still kicking. Most people will support terracoin because of its value even if for more than a reason the slowness of transfers last or kept occurring.
If this price lasts, you will see places accepting terracoin popping up, including, for the best or the worst, a "Terramit" and a "Terra Road". At 0.008 btcs, one terracoin has more value than the green bag (1.38 USDs, with BTC at 173 usd).

Magic Eight Ball says "Hell no". Over eight hours to find a block on Coinotron... Unless something magical happens.

So in summary what is the consensus, will the stalled coins be confirmed anytime soon?

Everyone mine TRC!

It is on BTC-e now and has a good exchange rate - and is normally a lightning fast coin!

Keep in mind I mean this respectfully since obviously you've done more then 99.999% of people here for crypto currency, regardless if I disagree.

The problem is definitely the algo. I know you eventually want ASIC's but you need to build up the network hash rate to a point where it doesn't massively change it. That's why CPU > GPU > FPGA > ASIC works well as it's a gradual increase. It's also the natural progression of $ investment. I assure you, you can use the most obscure algorithm and people will build ASICs for it once the dollar value makes sense for doing so. The thing is - this will only occur when the network and corresponding hashrate is sufficiently mature.  Jumping on the SHA256 bandwagon means that more cost effective powerful technologies (ASICs) can dump on your chain whenever it's profitable killing you because you haven't had time to mature the coin yet.

Secondly, you shouldn't be counting on the same algo as a method of enticing people into your coin, simply because it's a 'coin aware' environment. You should be focusing on some actual significant differences in the coin, with better features etc. If there is no difference between say BTC and altcoinX why the hell should there be another one? It just dilutes the cryptocoin market for no gain. If your coin is actually superior, with better features, people will come regardless of the algorithm. There is zero reason to use SHA256.

I'm over it

Considering the rounds are taking seven+ hours to complete, yeah... I don't think anyone will see TRC soon.

Can someone (or a lot of people) please mine TRC I've had a deposit into BTC-e hung up on 4 confirms for 10 hours...

No, testnet does it already, it just assumes the difficulty is 1 if there has being no new blocks found in the past 24 hours or so (iirc)

So I'm clear can someone explain the TRC "ASIC incident" to which so many of you refer.

Thanks,

the problem isn't the algo, sha256 or Scrypt, the problem in this case is figuring out how to start a new coin in a 'coin aware' environment. Bitcoin started before anyone understood it, Litecoin in a sense too entered into a much quieter crypto market. Enterning now takes a heck of a lot more. Give it time. These things work themselves out.

Not quite true for Scypt, or NovaCoin would be dead.

I agree.  History has now shown that starting an alt coin that uses the same hashing algorithm as an existing, strong, coin is a bad choice.  We now have had several examples of this.

The first was Namecoin, where the difficulty went way up then mining power left and it was stuck for several months at super-high difficulty.

The next was CoildCoin (CLC).  It had merged-mining right from the start in an attempt to have a higher hashrate. However, Luke-Jr (who controled the Elgius pool at the time) set the pool to merge-mine it and not allow anyone elses blocks or allow any transactions in his blocks.  Since Elgius had a much higher hashrate then the rest of the network, he was successful and the network stalled.

For Terracoin (TRC) a single person with a bitcoin ASIC starts mining and causes the difficulty to fluctuate wildly (first difficulty calculation method) or causes it to go up and stay up (second difficulty calculation method).  That person had over 50% of the hashpower and could have done much more damage (and still can if they want to).  They could mine their blocks exclusively, ignoreing any blocks found by anyone else, thus getting all the block rewards, excluding others transactions, and doing double spends at will.

re-using the same hashing algorithm sounds like a good idea, it takes less effort, you don't have to worry about introducing new bugs, and you can take advantage of all the optimized software/hardware to get your hashrate up.  However, an attacker has access to the same software/hardware that you do, may already have a lot of it, and, often has a vested interest in a different coin succeeding so have a reason to use those resources to attack a new chain.

This is certainly true for sha256 and is mostly likely true for scrypt now (if not, certainly when scrypt fpga's come out it will by).

come find new blocks... I've been stuck since 7 hours waiting for confirmations

Yeah but there would have been another update when bitcoin gets updated anyway, so relax. Bitcoin isn't even 1.0 version yet. It's annoying, yes, no doubt, but it's a work in progress.

So this means that there is going to be another mandatory update sometime in the near future with yet another difficulty adjustment algorithm?

Too much risk for me.

Ah, but the speculative profit potential is linked to the inherent risk, no?

And after the price drops about 25% . Still made a handsome profit though.