Topic: The YACoin Superfun Premine Thread - page 3. (Read 8971 times)

If I fired up a server farm right at the moment the coin was released and mined 6 figures worth of coins, I probably would indeed be keeping a low profile.  But I started 8 hours after launch, and made about as much YAC as, apparently, other posters in this thread who just had a single PC running right from the start.  It's not like someone is going to point the "ohh, that evil person was premining the heck out of Yacoin" finger at me for starting 8 hours in.

To be clear, I mined this coin for fun and entertainment and to make 1600 Xeon processors feel less bored for a while.  8 hours in before starting to mine, it's pretty obvious this wasn't going to be a get-rich-quick opportunity.  I had a data point that pointed toward the network hash rate being a particular number at a certain point in time (when difficulty reached 0.1), and it clearly didn't jive with only CPU power being at play, so I shared that data point.  Looking at the exchange rates in the Google Docs spreadsheet doesn't suggest that the YAC I hold is worth all that much at the immediate moment.  Now, if it hits an exchange and things get more interesting, who knows, maybe I'll sell some.  If I were at risk of, say, paying off my house with the mined YAC, while everyone else just got orphaned blocks, then sure, I might not be particularly vocal about it in the forums.  That doesn't appear to be what's going to happen here though.

I still have all the coins I mined, to answer the private message you sent.


Or, I stepped away for a bit to tend to business (people with >800 blade servers might be a bit busy from time to time, no?) and only then checked my Email when I returned, finding the notification of your private message.  Doesn't take long to spark a conspiracy theory, eh?  What possible motives could I have for taking 3 hours before noticing you sent a private message, I must totally not be legit!

To be clear, your private message didn't actually ask a question, unless you were just asking if I sold off my mined YAC already.  What was the response you were seeking?

Can we close this thread?

MODS!!!

...not sure if serious.

I could mine a block at N=2^20 and diff 1 right now, it'd just take a little while to calculate.

I'm still trying to find a point why would someone who apparently mined loads of coins on paid cluster service spend so much energy talking about it in the thread that pretty much has a tone of devaluing coin itself.

Shouldn't such guy have interest in maintaining a low profile, both personal and coinwise to bank most from his effort. Unless he already dumped his mined coins but I haven't see close to that volume being traded here.

Lot of stuff being talked here is legit and I don't have illusion that someone makes a coin without having intention to bank from it on one or other way, that's pretty Mr. Obvious  but I can't see logic in windmaster's contribution to it and asked him about it privately but from some reason he decided to ignore me.

Minor nitpick, but since it appears to be based on my report of the hash rate contribution from my 1560 server mining farm experience, it was quite a few more cores than 6000.  800 of the servers were IBM HS21 blade servers containing two Xeon E5450 processors which each have 4 cores, so each server had 8 cores, so 6400 cores for the main server farm.  A Xeon E5450 is pretty similar to a Core2 Quad but with significantly more cache memory tacked on.  The Amazon c1.xlarge instances have 8 cores worth of Xeon E5-2650's, though are shared servers.  Generally the 760 c1.xlarge instances performed at about 2/3 the hash rate of the dual E5450 servers, so we can probably call those equivalent to 2/3 of a dual E5450 server.

So, more accurate estimate would be that around 10450 cores (equivalent to Xeon E5450 cores) constituted about 15% of the hash rate at the time that I stopped mining when difficulty reached 0.1.

I see a lot of crying unfair in this thread.

I think a l lot of it has to do with the fact that many people have not solo mined before especially within wallet style.
I got in maybe an hour after launch and got plenty of coins.
I had no special inside info.
I just used what was available to me in the initial thread.
 tl:dr solo mining a fast moving new chain is hard!

Unfair is when you intentionally compile a windows client with variables or 'features' that only hinder performance. A similar instance can be seen with intel compilers and their odd performance characteristics when you spoof a "GenuineIntel" vendor ID string....

I honestly believe the dev went out of his way to make the windows version less than optimal and github should be able to provide the necessary evidence.

Your definition of fairness is socialism: making as much as everybody else, adjusted for effort. Oh, and of course making as much as everyone else at the cost of someone buying all these coins. Hmm, not quite socialism then.

I'll give it another twist: it is unfair by your definition that you have mined LTC a long time ago where difficulty was low, stashed it away and then sold it for a much higher value than anybody else who sold it after mining it? FRC with demurrage would be more fair by that definition. However, I believe what most people mean by "fair" is that it should make everybody equally rich, quickly and easily.

And here is a last twist: you speak of people seeing or not seeing the value of a crypto. Again, what is the value of a crypto? I'll offer some ideas:
- entertainment (hobby and way to spend time)
- educational (learning about computers, crypto and programs)
- whatever the other guy is willing to pay $$$ (covers speculation and investment)
- a tax efficient way for gambling (BTC trading is the cheapest "lottery" I know of)
- payment processing (yawn, boring)

So instead of safely and securely mining the 5% yearly PoS, they would spend a lot of money in energy and hardware and hope the god of the random numbers doesn't yield a wooping total of zero profit. Risk has to be priced in too.

It won't be zero, just really really slow -- so diff 1 or 2.  At difficultly 1, every other hash you make gets a block statistically.  Increasing the amount of resources required to mine (and thus decreasing the difficulty required to solve a block out of necessity) is completely counterintuitive to the energy efficiency model proposed by PPC and later by NVC in their reward adjustment algorithm.

If electric and hardware cost is higher than PoW/day reward at that point, then PoW dies regardless of the difficulty and block reward and all mining happens by PoS. Ultimately, reward could be infinite and difficulty zero, if my hashing rate is zero I won't get any coins.

This!.. Add cheap transactions to that one as well.. Sick of Visa/Mastercards/Banks eating the few profits I have on my online store.

I don't believe Artforz didn't know about TMTO. It's like having driving license without knowledge what a break for. Anyway, end of the discussion.

No, he's wrong as tacotime made very clear to you.... 'U' should 'ur'..something? There have been false accusations made against both ArtForz and coblee. Every single accusation is based only on circumstantial 'evidence' that is demonstrably false.

You've made far too many posts to be so uninformed and apparently disinterested in facts.

He is right. U should follow ur own advice.

"Through disagreement, we approach consensus". Yes, a zen-like thing to say, but that in a nutshell is how markets work.

May the best cryptocurrency win. Or all of them can fail.

Who's left holding the bag at the end?

Time has proven that Artforz wasn't aware of the TMTO tradeoff that he later tried to address with TMTO defeaters that weren't released to public (because he eventually defeated them again himself, at which point he gave up).

There is not a simple, magical solution to this problem and it remains at the forefront of crypto research.

Now you're just arguing on the internet...

Hah, I love looking at your uninformed posts. Truly hilarious. Post less, read more.

I don't think the Dev has a GPU miner nor do I think he has a server farm, if he did no one else would've won any blocks when the binaries were posted. However if 6000 cores only constitutes 15% of the hash then something is fishy, the alts forum doesn't have 20,000 people reading it. Regardless the coin was doomed from the start, six second block times are fine if you're the Visa network paying for your storage, but at 35mb a day you can't very well tell gramma to send you money but "oh, it'll take you a week to download the block chain".

I already turned mine off. 500 watts an hour isn't worth it for 16 cents worth of coin.