Topic: [Ultracoin] [Est. Feb 2014] ~ ASIC Resistant & Ultrafast 6 Second Transactions! - page 134. (Read 381018 times)

Just a newbish question, can i stake on an android wallet and is it up to date?

+1

Lets hope UTC and YAC can see there asap.

Dev contact https://chainz.cryptoid.info/ so they can add UTC there. Its cheap and reliable. I wont invest in this coin until it has working block explorer.

Guys you seriously need to read this thread more! Seriously . . . "what happened to Bumface" lol - why not message him on here Instead of trying to get people to bite your hook

I thought you guys were gonna kill the max cap supply?

What are you waiting for, the second crypto boom to come and be gone?  It has already begun so let's get it done!

As many other peoples also I wonder why?
Perhaps someones do not know what to do but they think something need do or something is nice to do. Unbelievable mistake.  Just like kids start repair something and adjust "everything" and just hope miracle.

But, most important works are still waiting. Lot of disinformation, lot of broken links, Block explorer works sometimes or not...  Even some pools use still 30s block time in block display... perhaps just for fun. Unbelievable high amount of orphans etc.

YAC is now N=16 and going to N=17 just after some days (23th Jun)  and UTC is N=16 and UTC  "dev team" have made decision to return back to N=15 and also reduce block reward from 30 to 10.  

This smells like...  

Also it is not good to forget history... and what happend to "bumface" and some others...

https://bitcointalk.org/index.php?topic=413978.17300

Why change the NFactor?

@rapture333
When can we expect new block reward system, new website and working block explorer?

Thanks

You compared Ripple to Liquid to make a point that the amount of 'coins' in existence matters...


I'm happy we agree on this issue! When it comes to distribution, I think slow and steady wins the race. Mainly, I believe these schemes where 90% of the total coins are distributed in the first year or two are absurd. I recognize though that this position is still theory. It will continue to be theory because there are a lot of other variables. In time, it might be determined that your distribution model isn't spread out enough. Will the coin be looking at another fork then?


Yes! And unlike gold or silver, anyone can just take the code and replicate it to create a different coin with the same functions. I would rather do that than buy from a coin that, for example, is 90% owned by 10 people. Bitcoin does benefit from having such deep market penetration. I think good behavior from stakeholders is encouraged as cryptocoins should always be in competition. It's good to see that you think in terms of competing with Bitcoin. It is lofty, but one should NOT claim success at being the #10 or so cryptocoin!


Your numbers are still arbitrary. Having a theory behind it doesn't negate that fact. Of course, there is an arbitrary element in choosing the distribution rate. That is why it shouldn't be changed... otherwise, what is to stop people from changing it continuously until getting the arbitrary 'right' results.


Right, but answer in terms of the context... stop confusing short-term 'inflation' with long-term. I think you are starting to understand better. Do you understand the equation of exchange or no? If I have a printing press in my room and print $1M dollars and just stick it in my mattress for eternity, the effects will not be felt by the economy at all. Also, the long-term inflation of Bitcoin and UTC is 0%, right?

^^^This... what is this? You are assuming that if I spend UTC, I will trade more dollars in to 'replenish my coffers'? Speculation further drives up prices? Speculation can also drive prices down...


No, you can't guarantee that. Did Bitcoin go up when Dell accepted it? How about when Microsoft did through the XBox?

Yes!


You need to reattack your way of thinking here...
http://cointelegraph.com/news/113987/bitpay-reveals-the-good-reason-why-bitcoin-price-is-down

If I spend Bitcoins to buy a computer from newegg, those Bitcoins are immediately SOLD! That means the price will decrease in relation to USD. It is the same when using CoinPayments. Your assumption that I will buy Bitcoin to 'replenish the coffers' is strange to say the least. I would have to buy the exact same amount right away just to meet my own supply and demand... why would I do that? If I think the price of Bitcoin is going to go up, I wouldn't buy anything with my Bitcoins, would I? I would only buy something when I think the price of Bitcoin will go down, and 'replenish my coffers' when the price drops to what I believe is a low point.


My man... that is what the people want to hear! Believing you is another thing...


Gold and silver are created by the Earth? No, the Earth does not create gold and silver... :/


Some feedback for you: I personally question your background and your credentials. Most importantly however, I am scared as hell at your willingness to change the rules in the middle of the game, and I'm not sure how you have that authority. I think you are young with a lot to learn, but you crave exercising control--brutally honest.

With that said, for what it is worth, I am personally looking forward to the changes your propose for UTC. NFactor15 bodes well for my blockchain transaction processing hardware, which may otherwise become obsolete with higher NFactors. A part of me likes the idea of having friendly competition between YACoin and UltraCoin, but there are benefits of having a less crowded playing field for YACoin as well.

If you convince people that you won't propose any more mid-game changes, and if you become more active, I think UTC can perform well in the future!

awww man - I was so excited about $14/day from my GPU (1000mhz + UTC price a few days back) that I jumped in full. With the corrections, it's now 0.14c/day. Not worth risking/degrading my GPU for :|

Thanks for the help on the strings ... I had a ton of them working months back for CINNI, DOGE and others - which are all at -0.30c/day now.

Thanks again!

Using the startup string above for the 750ti I am getting ~0.35-0.41 khash/s (EVGA 750ti SC with +35Mhz Core and +600Mhz Mem).

One thing to note is that if you are using whattomine as a "calculator":
The button on the website to use values for a 750ti inputs 1000kh/s for scrypt, THEN it adjusts the other algos against that scrypt value. My own 750ti scrypt testing gave me ~270kh/s so I put that value in the calculator and the other algos adjusted to be a very close match to what my own tests have shown.

sambio: what hash rate do you get on your 750ti? The 'calculator' reports an expected 1200h/s, however, I'm getting 0.22kh/s, or 1/4th.  thx

I dare to point out that there appears to be a positive correlation between Steven being active with feedback here - and the price of UTC.

Beyond all the economic positioning for the long term - this it seems is immediately effective.

But correlation is not cause - maybe the new ideas have been favourably received by the investors.  Highly likely.

Perhaps both

Well done Steven

Cheers

Wow! Home run right there!

@Beave


Of course, purchasing power is comparable to other currencies and commodities.


I was only making a general comparison, of course, money is more complex than that. I understand that purchasing power and number of units are not always inextricably related. I was just illustrating the concept of inflation. Bitcoin has had inflation, of course, but it also has a ton of use, acceptance, speculation, adoption and difficulty in acquiring, which all make it more valuable than say Ron Paul coin.



Yes, more time is necessary for distribution. As cryptocurrencies become more popular, alternative currencies will too. In a world of 7 billion people, the more time for these currencies to be mined/staked, the better. If all the currency is already mined, that means when crypto does become popular, the only way to acquire it is from current holders. I don't believe that is entirely fair for when the mainstream arrives.


Your right, the mission of scrypt-chacha, as well as the mission of crypto, is different for every individual. For me, the idea of fair distribution has always seemed incredibly important. More so for alternative currencies than for big coins like Bitcoin, however, it will be interesting to see what happens when 98% of Bitcoin is mined in just a few short years. Who would want to get into a coin where 90% of the currency has already been mined by a group of several thousand? There are already 3.5 million Bitcoin wallets in existence, of that, perhaps 1 or 2 million actual Bitcoin users? Surely this will grow exponentially, but it still took several years to take off. Alternative currencies need more time as well.


I don't believe anyone is qualified to make macroeconomic decisions, and I would hate to think of myself as a central planner, however, all cryptocurrencies have a foundation that resembles a monetary policy. Bitcoin has a block reward schedule and a supply ceiling, all crypto has a certain structural framework to the way coins are distributed, and I believe it's mostly arbitrary. When I was in the meeting with DCgirl and Bumface discussing the percentage rate for proof of stake, they wanted 20%, I recommended 5.6% and we went with it. The reasoning behind it was to slow distribution and be fair to miners and small investors. It's like making the minimum wage $15 an hour, in my company if I paid employee's $15 an hour we would go out of business; every economic decision is going to have it's consequences, so it is best to think ahead. Ultimately the price of Ultracoin is going to be based on whatever the free-market deems it to be, however, if we are going to have an monetary framework, it might as well be built out of reason? That is why I am proposing these changes, I wish they would have been made day 1, but I believe most cryptocurrencies are arbitrarily put together, we should be a little different.


The dollar goes into periods of inflation and deflation, but historically the dollar has been an inflationary currency. That's why so many people invest in gold and silver, as a hedge against inflation, or they put their savings on the money market instead of sitting in a low interest bank account to wither away, an unfortunate reality of government backed fiat. By the way, it seems that the Federal Reserve is running out of "tricks" to keep the economy in balance, it is going to have to use some new, untested methods bring back a "balance". Personally, I believe the failure of central banking should bring a boost to cryptocurrencies, especially in the coming years.


You are right about that, as a coin is being adopted, business starts being conducted, people are buying more coins off the market to replenish their coffers and speculation further drives up prices (as well as other factors). If Bitcoin suddenly was adopted by Wal-Mart today, I guarantee you the price will go up as soon as the news hits the headlines and more people are using Bitcoin to buy products at Wal-Mart. (If the whole vertical supply chain began accepting Bitcoin, from the gathering of resources all the way to retail, that would be true acceptance, at that point I believe crypto has finally gone mainstream). Even if the inflation of the money supply wen't up, you wouldn't even be able to tell thanks to the price increase. However, all cryptocurrencies will suffer a price decrease or a deceleration in price increase because of inflation. Ironically, having the coins increase can create speculation, which would raise the price further had the inflation been lower otherwise. However, I don't see this as being as organic or beneficial as the alternative, which is a longer distribution and demand based upon healthy economic activity rather than speculative trading or hoarding.


Although I refer to all cryptocurrencies as currencies, whether they are accepted or not is a different question. Seashells can be a currency, but they won't pay the power bills, which is unfortunate seeing as I live in Florida and that would be great. I completely agree that velocity is crucially important in creating an accepted currency. The demand for Ultracoin would rise, meaning more people will be using Ultracoin economically which leads to more people accepting it, buying it off the open market, etc. The price increase of Ultracoin will be greater than the price inflation from Ultracoin flooding the market.


I have read both much of Keynes and the Austrian school, have been following economic trends for years and have a historical understanding of how money works, I would hate to say I am playing central planner. I don't believe anyone should be manipulating the currency and in fact I detest all central planning, but the truth is that these variables for block reward and interest percentage do matter.

If the proposed updates were put into place, I would never want make any further changes ever again, despite the outcome. Unfortunately, unlike gold & silver which are created in finite amounts by the Earth, cryptocurrencies must be programmed. The vast majority of crypocurrency creators have technical backgrounds, nothing in economics. I propose changing some of the variables of this monetary policy for maximum benefit of the community and for the long term future of the coin. This would amount to a longer period of distribution so the maximum amount of people can fairly acquire Ultracoin, the secondary effect of this is a less intense inflationary period. The coin will be forked for the N-Factor 15 update regardless, thus this seemed like a good opportunity to make these changes. I just wish this was the foundation we had on day 1, but it was not. Changing the rules now might not seem like a good idea, but the truth is we are still very early in the game, and changing the rules later will be impossible. If we must have a monetary structure, let it be the best structure possible. I am open to hearing all of your thoughts on this discussion.

P.S. http://ultrabex.tumblingblock.com/ is up again and Kracko continues to keep ironing out e-mail issues.

Sincerely,

Steven "Rapture"
Management Director
[email protected]
Ultracoin

thanks, will do.

750ti works. running the 2nd one, separately, on my gtx670 seems to blow up the drivers - will need to try new drivers. thanks!

We are currently on n-factor 16 not 14. Search this thread for right config for your card. Here are configs for 970

cudaminer.exe -d gtx970 -q --algo=scrypt-jane:16 -L 8 -i 1 -l t32x4 -C 1 -b 65536

and 750ti

cudaminer.exe -d gtx750ti -q --algo=scrypt-jane:16 -H 2 -L 8 -i 0 -l t64x1 -b 4096 -m 1

This is what i use, if you find anything better please do share here.

Yes the new site looks good

but need to add the UltraCoin girls

http://www.bitcointrading.com/forum/bitcoin-events/bitcoin-kickboxing-event-muay-thai-nights-6-sponsored-by-havelock-investments/

add a faucet

and get that block explorer reliable

And for anybody that might mine - rather than stake or buy - seems we need a few pools that work.



Cheers

really trying to get a good cudaminer command line - only getting booos...

does this look right?

cudaminer.exe -a scrypt-jane:14 -L 4 -o stratum+tcp://stratum.tumblingblock.com:3333 -u -p

thx!

I think emails from ultrablockparty are still not going out. To be honest, i think the site is just not being able to send emails, it hungs up a good time before returning a white screen, then if you click reload and tell the browser to resend the form the site responds saying that an email has already being sent, but there's nothing in the inbox, nor in the spam folder where it would arrive if the problem would be from gmail itself treating the emails as forged or nontrustworthy.

The reductions are very interesting, but in reality, i would not mine ultracoins at a rate lower than the one i currently have. Maybe i'd move to another coins, as all this sudden changes from the planned behavior of the coin (changing what the stakeholders would have expected and trusted in) is exactly the behavior that the crypto wanted to avoid: a central organization twisting their currency. Anything may go high and up, but if the currency is solid in its behavior, with time it will settle. Now i don't want to have a central bank with the name "ultracoin dev team" changing things around as they see fit, no matter what.

Also, seeing that the problems on the pools are not being solved at all and however announced as solved, obviously sets my trust apart.

I would stick to the original plan, it has come along well up until now, it should go well in the future also.

Best regards!