Topic: [Ultracoin] [Est. Feb 2014] ~ ASIC Resistant & Ultrafast 6 Second Transactions! - page 134. (Read 381060 times)

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!

the fresh site looks great, i like the idea of a market classifieds, to trade goods for UTC.

let me know what sort of costs are involved, perhaps i can make a small contribution

Is the 'purchasing power' not reflected in the 'price'? ie how much UTC you can get for US dollars (or some other government fiat)


Right... the price of a stock does not matter... it is the MARKETCAP that really matters. Why are you comparing Ripple with Liquid? Bitcoin has a price of $230 and a coin-base currently of 14,271,475; RonPaul coin has a price of $0.024646 and a coin-base of 246,148. What is the reason for that? How do you feel about 42 coin? You are starting to get into the realm of being fooled by units.


Yes, I agree with this statement. However, it seems you want to cut down on the distribution with the upcoming fork?


You kind of just made up the 'mission' of scrypt-chacha. YAC was the first scrypt-chacha coin, and I believe it was WindMaster who coined the term. I invest in scrypt-chacha because I can't stand a lot of these ASIC companies. It just seems like a lot of the value of Bitcoin has been dumped into these scam companies, which have cost me and others a lot of money. It may be different if all 6 of my Neptunes were working as opposed to just 3 Unfortunately, I think I'm one of the lucky ones in that regard too. I think the 'mission' is different for different people.


This is good thinking. I didn't realize that you want to extend the time to reach 100M. The problem is the 'manipulation' aspect of changing the block reward and distribution time-frame. Again, as an investor, I would be scared that you will keep trying to change these things in the middle of the game. Like I asked before, if you make these changes and the marketcap drops to $10,000 will you change it again? Do you understand how that scares investors away? It seems very arbitrary, and no offense, but I don't think you are qualified to be making such decisions. I would argue that not ONE person is qualified. You should agree that prices are determined by the free exchange of people and not some central planner. I would think you would agree seeing that you claim to subscribe to Austrian Economics.


Not exactly. Do you know that the US dollar is in a period of deflation right now?

http://www.usinflationcalculator.com/inflation/current-inflation-rates/

How can that be? Quantitative Easing 3 just pumped $3.5 trillion into the economy, and interest rates are near zero? Again, google "Equation of Exchange"?


You are looking at the coin generation rate at this instantaneous moment and comparing it to price inflation of money. The long-term inflation of Bitcoin is 0%. The current inflation rate of Bitcoin is around 10%. A serious investor doesn't look at that 10% and compare it to the inflation rate of national currencies. Again, you are in an ADOPTION phase. Bitcoin 'adoption' needs to be much more than 10% for it to be accepted as a legitimate competing currency against the dollar. I personally might want that number to be higher than 10%, and I would still expect (and hope) that the price per bitcoin would rise.

YAC inflation over the last couple months has barely dipped below 50%!!! Yet the price has more than tripled http://explore.grokonet.com/?inflation=1
How is that possible under rapture333's theory?


The 'velocity' is the key to take your coin from being a speculative commodity to a currency. If more people used CoinPayments with UTC, do you expect the price of UTC to rise or fall in relation to Bitcoin? Please answer that question.


You are simply making assumption here. PoS is inflationary, but it also encourages savers. Do you assume that all coins generated through or PoS are immediately sold? If not all, what percentage of them? Assumptions are fine if you want to predict the price for yourself. If you assume that every miner is mining and dumping and that every PoS block is immediately dumped, then you should be placing some orders to buy UTC at a price where you think that would stop affecting the price.

What you should not be doing is telling people you will fork the coin based on some arbitrary assumptions that fits your theory. I say again that I would be so scared to invest in a coin that is being manipulated by someone who comes across as a business student who just read his first book by Ludwig von Mises. I'd be afraid to see what happens if you read a book by John Maynard Keynes. By the way, you should read this little piece by Mises: https://mises.org/library/problem-central-planning

I'm sorry if that comes across as harsh, but I am being honest. Please address my questions.

@MightSellIt

I am looking into the block explorer issue, it was working fine a few days ago.

@NineEleven

We have a professionally designed mockup for the new website, but it is difficult to find web designers that are willing to build it for free. When I have extra funds I may pay for one to professionally build it out of pocket; if you are a webdesigner and are interested in taking on the project, please contact me and we can talk pricing. To those interested, a mock-up of the design can be found here: http://ultracointalk.org/rapture333/UTCdraft.jpg

Sincerely,

Steven "Rapture"
Management Director
[email protected]
Ultracoin

To clarify,

I am not proposing these changes for the sake of increasing the price, but rather, to decrease the rate of inflation that will inevitably effect the purchasing power of the coin. Whenever you raise the amount of money in existence, it decreases the overall value of that currency, however that may be offset by demand so as the price appears relatively stable. However, the effects of inflation can always be felt when the money supply is increased. There is a reason why Ripple, with a coinbase of 31,908,551,587, is only worth $0.008080, and Liquid has a coinbase of 96,000 and it worth $3.72. Take a look for yourself, you will notice that currencies with a smaller coinbase have a higher dollar value, while coins with a much higher coinbase have a lower dollar value: http://coinmarketcap.com/ (click on the Available Supply column). It is not that one currency is particularly more valuable dollar for dollar compared to the other, however, the inflation rate has an effect on price, which in turn has a direct effect on savings.

Inflation hurts savings, and I am not sure of many investors that want to invest in a currency that has a high inflation rate. While I agree that this may be beneficial for early adopters, I also believe it will also be beneficial for late adopters, and here's why. If the total amount of Ultracoin is completely mined by 2022, that means that any new adopters will either have to buy the mined coin from current holders, or they will have to offer products & services that users can buy in exchange for Ultracoin. Either way, we would be keeping the Ultracoin economy small by doing so. Cryptocurrencies still have a long way to go for adoption, and while I believe Bitcoin will be going mainstream in the next few years as larger companies are working with Bitpay and Coinbase on mass adoption, and most business are taking the step towards digital point of sale, I still do not see the adoption of cryptocurrencies being complete by 2022. Ultracoin is indeed going through a phase of distribution, and there is no reason for this phase of distribution to be cut short before crypto has the chance to go mainstream. Bitcoin has the benefit of being widely adopted by a large and enthusiastic group of miners, entrepreneurs and investors. Alternative currencies do not have the same popularity as Bitcoin, thus, we will still need more time to distribute the coins as widely as possible.

The mission behind Scrypt-ChaCha is to allow mass distribution of Ultracoin to the maximum number of people possible. With advanced GPU technology becoming so mainstream, nearly everybody with a capable computer, electricity, and an internet connection is able to mine Ultracoin. Following this conclusion to it's logical end, even if the current amount of Ultracoin is distributed to 100,000 people, that is only 1/700th of a percent of the global population. Time will allow for more fair adoption, not necessarily because the block reward has changed, but because the total time to reach the 100 million mark has increased.

One of my favorite charts on inflation, the price of a McDonalds Big Mac versus CPI. What causes price inflation across nearly every product? The better question is, what devalues the currency? The simple answer is inflation of the money supply.



Here is a chart that represents the purchasing power of the dollar compared to the money supply:



The purchasing power of the USD does not stand without the caveats of inflation:



This is a Zimbabwean dollar, they hyper inflated their currency to keep the price stable. This failed, and ultimately the Zimbabweans abandoned their own currency and began accepting foreign currencies. The purpose of this example is to illustrate supply's effect on price. Of course with cryptocurrency, once the supply ceiling has been reached more cannot be created:



At our current rate, the coin supply will increase as follows (this figure takes into account block halving):

4/21/2015 = 29,326,754 UTC
1/1/2017 = 54,572,294 UTC
10/1/2020 = 84,572,294 UTC
7/1/2022 = 100,000,000 UTC

With the proposed update, the schedule will look like this:

4/21/2015 = ~29,326,754 UTC @ 30 UTC per block - 1,137,000
[Change to 10 UTC per block pending new update]
9/1/2020 = ~58,185,544 UTC @ 10 UTC per block - 4,000,000
5/1/2024 = ~68,185,544 UTC @ 5 UTC per block - 6,000,000
1/1/2028 = ~73,188,544 UTC @ 2.5 UTC per block - 8,000,000
9/1/2051 = ~87,188,544 UTC @ 1.25 UTC per block - 20,000,000
3/1/2063 = ~92,188,544 UTC @ 1 UTC per block - 25,000,000
9/1/2072 = ~94,688,544 UTC @ .5 UTC per block - 30,000,000
10/1/2091 = ~97,188,544 UTC @ .25 UTC per block - 40,000,000
11/1/2110 = ~98,418,544 UTC @ .125 UTC per block - 50,000,000
11/1/2506 = ~100,000,000 UTC @ .01 UTC per block - 208,145,600

I am partial to the Autrian School of economic theory, I studied business in college, but I passionately studied Austrian theory on my own time. Even Nobel Prize winning Keynesian economist Paul Krugman understands the relationship between the lowering of purchasing power and expansion of the money supply, he calls it the "inflation tax". I believe it's very fitting, it is the reason why politicians would rather borrow money from a central bank rather than raise taxes. This is because the cost of the borrowing isn't directly incurred by the tax payer through a tax hike, instead, it is felt through the effects of price increases. The fact that most people are ignorant of this facet of economics is favorable to the government. Luckily with cryptocurrencies, once the total supply has been reached, no new coins will be minted, thus the inflation rate becomes 0, and will become deflationary as coins are lost or saved up.

The velocity of money is important as well, however, I would argue that the velocity of money for crypto is rather low, most enthusiasts save, this has a deflationary effect on CPI. This simply means that if the velocity of money is high enough, that goods and services will rise in price.

So what does this mean for Ultracoin? If we expect the price to rise, it will need to be done through adoption and use of the currency, this means an organic increase in demand. Inflation always has a negative impact on purchasing power over time despite demand, this is always detrimental to savings and investor outlook (it also makes it more profitable to dump). The lowered block reward will help stretch the amount of time where Ultracoin is mineable, giving new users the ability to accumulate the newly minted coin, or buy it from those who mine for profit on the open market. For current users, the inflation is still inevitable, however this will allow demand to catch-up and offset the amount of inflation being experienced in a short period of time; the end will still be a 100MM Ultracoin cap and most likely followed by a deflationary period. Stretching this period should be most beneficial, forking the coin now to allow for these changes, as well as the change in N-Factor and some technical changes early in the game means we won't have to do it again later on. This is a long term strategy that should have been implemented on day one, but taking the plunge now will be much better than later on when a fork is too inconvenient to be done, as is the case with Bitcoin, Litecoin and others which would cause a catastrophic disruption if done. Speculation will raise and lower a coin's value, but sound monetary policy and forethought will provide a solid foundation to carry us into the future without need for any further changes. I believe an open discussion on this topic is healthy and should provide insight into the subject.
Sincerely,

Steven "Rapture"
Management Director
[email protected]
Ultracoin

And we are talking about price increase by manipulating block rewards.

No.

The 'price' is not determined by mining/POS vs adoption/spending. It IS more complicated than that. You cannot assume all UTC that is sold on a given day is directly from mining/PoS produced that day, and you cannot assume all UTC that is mined/PoS on a given day is sold immediately. Google "Equation of Exchange".

Also, if someone went on a bitcoin spending spree online right now and bought $1M worth of goods, do you think that would help or hurt the price of bitcoin?

Quoting someone from an old discussion in a different thread...

Is there a working blockexplorer?

You are so right. 
I see something very nice here.