Topic: [Ultracoin] [Est. Feb 2014] ~ ASIC Resistant & Ultrafast 6 Second Transactions! - page 150. (Read 381060 times)

This, +1.  If you lock the NFactor, you would avoid people having to change their settings... however...

NEW CPU's will be competitive again at NF=17 or 18.  Already at NF=16 for YAC they're in spitting range of a 4 GB R7 240 on a performance per watt standpoint (looking at the lower wattage/laptop CPU parts). 
OLD CPU's and high wattage desktop CPUs probably won't ever get there on a performance per watt standpoint, so don't hold your breath that your 3770K is going to become a juggernaut UTC miner anytime soon...

As for keeping miners vs going POS - unless a miner has cheap electricity (<$.10 KW/h), or they are investing their electricity cost into UTC, it's barely above break-even currently, even on the efficient rigs.

I think it would be bad to move away from scrypt-jane (scrypt-chacha).  I think it is great that at high Nfactors (>=14) bottom end GPUs like the R7-240 get as good or better hash rates than cards 5-10x their price AND that they use a fraction of the wattage to do so. 

It is going to be interesting to see what happens when YAC hits NF17...will CPUs start getting back in the game?  Scrypt-jane is the main reason I like YAC & UTC.

Also changing algo is just waxing the fruit and doesn't change the challenges that UTC and every altcoin faces of actual usage and adoption.  I liked the energy I was seeing in this coin in the fall, its what pulled me from primarily YAC to primarily UTC.  Hope that energy comes back.

 

Hello gents,

@King_Pin I have been loyal to Ultracoin since the very beginning, we have no reason to fake accounts to bring up ideas to the community, if you remembered, in the beginning I was a strong opponent to going full POS. Leave the agent provocateurs to politics.

@barabbas Ultracoin, despite our dip, still has potential to push forward. We are still in the ring, and despite the recent fall out, we still have enough leverage to keep us in the fight. It is to my knowledge that there are several large investors and groups of investors that spent a significant amount of capital investing in Ultracoin. I have no way of knowing for sure, but it is possible that these investors have liquidated their bags. A few large whales can make quite the impact on the market. I for one have never sold any Ultracoin, and all the Ultracoin I have acquired has been through mining and purchasing off the open market. I have no plans on selling, and morally and philosophically I could never sell my holdings. I want to see Ultracoin succeed, and I believe in what we are doing.

@Vlad2Vlad Inflation will definitely affect the price, and I am afraid that at the rate we are going we can see substantial inflation every year. 33% per year or higher just based upon the expansion of our money supply. If crypto is meant to be the future of money, and POW/POS is the distribution system, we may need to lower this inflation rate substantially in order to let newcomers enter. The USD has the Federal Reserve, US Government and the member banks to issue its currency, we have our computers. The problem with POW coins is that I believe the inflation is far too high. I do not believe that full POS is a good idea as that will simply benefit those who are holding and not those who are interested in joining the community from the outside, I believe this centralizes capital too much and isn't the best idea, at least not at this stage.

@Valpe & Usukan Thank you for your continued support, it can be very disheartening at times to hear all the negativity on the forums, but from a dev teams point of view we do all we can to serve the community and it is nice to see support back. In the beginning of the year I said that the communities efforts will be a determining factor to see where Ultracoin heads in the future. There have been several community members that have been extremely positive and helpful while providing feedback that has helped us get closer to our goals. We are all a team, and we have to work together to make Ultracoin a success.

I am interested in starting an open discussion concerning lowering inflation while still rewarding miners for supporting the network, Kracko had also suggested suspending Ultracoin at our current N-Factor. This would set us a part from the rest of the Scrypt-ChaCha pack, while remaining ASIC resistant we can still attract GPU miners while remaining extremely energy efficient. One major concern with Scrypt-ChaCha has always been block size, and I do not believe any Scrypt-ChaCha coin has considered the logical conclusion of higher N-Factors and their effect on blockchain load time. One issue with our 30 second blocktime was the amount of time the headers took to load the blockchain on a fresh installation. Years from now, the blockchain bloat would be enormous, especially considering the blocktime, this played a major factor into the change to a 60 second blocktime. If we suspended at N15 with a lower inflation rate (translated lower block reward), we could potentially decrease supply, thus raising price while simultaneously making us unique by not having the ever increasing N-Factors which would result in less block chain bloat and GPU tweaking. We would still be in a favorable position to receive miners from other coins with increased ASIC presence while giving our current miners a break from tweaking miner settings.

The dev team will be holding a meeting this week on our plans moving forward, I believe that more frequent updates will be necessary. The truth is, Kracko has a lot of work on his hands and things have been progressing slower than previously planned, but they are progressing. With the impending release of the one click miner along with other updates, we are continuing our work on the development side of Ultracoin. I do ask the community to help step up to the plate with any ideas, suggestions and concerns. We are a small development team but we are doing everything we can to put the communities needs first, however we do ask for the community to become an active participant in the process as other great cryptocurrency communities have. Ultracoin can be a success, if you want it.

Sincerely,

Steven "Rapture"
Management Director
[email protected]
Ultracoin

wow - I never read a more entertaining thread - well worth a read for the entertainment value.  They just had a meltdown and the story is interesting to say the least..................

https://bitcointalksearch.org/topic/ann-ecash-probably-going-to-die-really-really-soon-with-no-hosting-nodes-983694

Sorry to hear that but this coin is not dying. I see this as new good opportunity. This will lead to new begin for community and UTC. UTC have good dev team and something nice is coming .
This community will work harder.

Succeed is near. We need hard work and positive thinking.  

Ultracoin devs,

Are you guys considering significantly cutting back the inflation and max dilution?  It would be a big deal once demand picks up.  Other top coins like DarkCoin have done it with great success.  It's the exact equivalent of a corporation doing a stock BuyBack only Crypto Currencies don't have to spend billions per year on buy-backs - with a simple code update they accomplish exactly the same goal.

I'm frankly shocked that not all alt-coins are doing this.  It shows that techies know little about economics and finance.

At any rate, I hope you guys seriously consider this option which would add massive real  future value and help all current and future UltraCoin holders.  Cheers!

Sorry to hear that. Unfortunately, the truth is that this coin is dying. It only had speed going for it, to begin with, and now speed is simply irrelevant, therefore there's no reason for it to survive. No one wants it and everyone that had (cheap or free -via mining-) coins, wants out. Therefore, what you call "IMPLOSION". iT IS MORE THAN ANYTHING LIQUIDATION, PEOPLE GETTING OUT AT ANY PRICE THEY CAN GET. I believe it is over for UTC and price will continue sliding down, with a remote possibility of maybe a hic up or two on way to oblivion.

Like NAUT.

Someone explain this to me.  Nearly 30 million ultra coins out, which is a lot in my book.  Huge inflation [i think it should be cut back [ASAP], by a lot, a la darkcoin and many other successful alts].

Yet, when the price was around 3,000 sat about a month ago I could hardly find any Ultra coins to buy.

The supply was so tight, I actually had to pay 3,000 sat for about 25,000 coins, just to diversify, cause I liked some of what I was seeing in the dev team.

And I watched the coin for a couple weeks and it was rock solid.  All this huge inflation wasn't pushing the coin down at all, no coins for sale in any large blocks.

Then all of a sudden, about 2 weeks ago:  IMPLOSION!

So what happened there?  Did some insider call it quits and dump a few million ultra coins? Has there been a material change within the dev team and future plans?

Is this just more crypto manipulation so insiders can buy it all up before they pump huge amounts of resources, time and money into Ultra?

Why is Ultra so cheap all of a sudden and also tons of huge blocks for sale?  Any insight would be much appreciated!

Cheers!

Agree that we have to get the community working together again - its a bit thin on the ground lately.

When I say "community" I mean the general UTC holders, management team and devs.

Communication needs to ramp up a bit - we are all in the dark and its unnerving for most - one reason for the abysmal price slide.

There needs to be some updates on progress and regular communications again.  If Steven is too busy perhaps someone else in the management team give us updates for a while?

Sure we need use in commerce - but thats far off in the future at present - not many alts have this.  To get use we need useful and attractive features - and a reasonable price or we need to trade a mil to but a Vape kit on CoinPayments. We need to position UTC for future use - choose some target market uses - sell the vision and deliver.  Regular updates are required to keep the followers glued to the coin, the roadmap and the vision.

The dump of more than 2 mill has almost brought most holders to desperation stage - which I tend to think the reason for the dumps were. 

Somebody wants to destroy the price to own UTC.

The dumps are deliberate and staged. The visits from our favourite little voodoo dolls imply a rehearsed strategy to break the price.  They are not IMO someone trying to get BTC recovered (if they had that many UTC they would be a little smarter hopefully and extract BTC with a better strategy) - they are designed just to take the price down in steps. The dolls FUD just adds to the effect of the dumps.

Still consider one likely scenario - the dumper/s sold to themselves !! It happened before when the price was flying high.

I am never selling - and still buying on each step down. Hope some of you others are?  We might end up being the new "owners" if we are not too careful. Not all that bad.

So please keep the dumps up.  Its like an early Xmas.

But at some stage - one way or another - the phoenix will rise again.

Id like to know who had $2million Ultracoin which was dumped at the start of March? I find this rather alarming and it coincide with the last time the Ultracoin Team tweeted. Was it a member of the 'management team'? Who would own sooo much UTC? I own a lot but 2 million is am alarming number!!


Is there any good news coming soon or updates? Last year i spend 2 hours a night on Cryptsy for 3 months telling people about UTC and because of me and others doing this people became aware of UTC and joined the community and bought it! If we could coincide doing this again with some positive news we can attract new buyers easily. It just takes a little involvement and organisation.

For miners the price decline has been pretty fairly counterbalanced by the fact you mine many more coins per day.  I used to mine 100-150/day a few months back and nowadays with one less system and not running at night I still mine 1000-1200/day (24hr mining would be ~1500-1800).  Being in low half of the zeros5 territory does suck though, much lower and the miners are not profitable.  Once scrypt-jane is no longer profitable there is nothing left to mine with GPUs 

Last resort for a dying coin is to go POS, cause devs.  have tons of coins, and all they care is making a bit more before the coin get delisted from exchanges.
But I don't think that it can get any worse, so do whatever, I got out when the price was 16 times higher

So you think POS would make it worse?
Why?

hah, I was waiting to see when someone from the dev. team using a different nick will suggest going full POS.
I guess now what the coin is officially dead we can make a POS funeral so that at least the dev. team suck on the UTC tit just a little longer.

I thought about that ECASH/EMoney:

https://bitcointalksearch.org/topic/ann-ecash-probably-going-to-die-really-really-soon-with-no-hosting-nodes-983694

I think there are already more coins with that name

Thanks for your contribution. I agree on POS exclusive - should be the way forward.

This ECash website is a bit short on details except "from 1995" which is pre-history for crypto - so very interesting indeed. Published in 1983 - revolutionary! - contact for beta they say - so is it working? are you using it? Staking so I guess so. Can you send a link to the specific coin/curreny you are staking - There seem to be many ECash on search.

The history is here but it may need updating?
http://en.wikipedia.org/wiki/Ecash

To the pros/cons of POS:


Personally, I like full POS coins, most of them didn't have that much inflation of PoW coins, what makes it a bit easier to
sustain hard times.

The other side is PoW creates awareness at leased from miners (I'm almost mining UTC since beginning, with some breaks).

To be honest, I don't see much more advantages of PoW, except this and if you want a coin to mine and dump.

About speed, as example ECASH has 8sec blocktime I think. That makes some orphans while staking, but seems to work.

In my opinion, UTC could switch to full PoS (with of cause lower interest rates than Ecash) and lower blocktimes to be state of the art again.