Topic: [XPM] [ANN] Primecoin Release - First Scientific Computing Cryptocurrency - page 101. (Read 688812 times)

$ ./primecoind getdifficulty
8.30140966

So we crossed it and this means that network powering up since block interval ~10 seconds

I don't think so.  See this chart - http://imgur.com/a/85G2t

We are nearing a difficulty of 8.3 less than 3 hours after the difficulty crossed above 8...
So less 7 hours until we cross above 9?

Gold's "inherit store of value" is no different than any of the cryptocurrency.  It has longer history, more fans, but essentially the same kind of value.  You can't produce gold at will, it almost never changes.  These are exactly the reason people trust gold to be a proof of value.  For a well designed cryptocurrency, as long as you can't produce or replicate it at will, it could serve the same purpose.

It's an odd compairson, Just because bitcoin was first doesn't mean it's the way every crypto has too play out, the landscape has changed quite alot since bitcoin started, and alot of the bitcoin camp seem too think they should. But really your in it for the money not the science, if monetary value is your only concern.

Gold has an inherit store of value.

Bitcoins have value because you can buy stuff with them and they now have a track record of enabling both on and off the record 'fiscal' transactions.

Finding cunningham chains for fun while generating primecoins as a by product does not produce a *demand* to purchase coins- which is what is required to drive price - but merely increases *supply*.

Just in case you asked this question not sarcastically

I don't know? Why do people want to have gold?
The only things you _really_ need are air to breathe, something to drink and something to eat.
All other things are just wanted beause they make life more comfortable, interesting, enduring, more fun, whatever.
Some people play raffle, others gather cryto coins; some people participate in seti@home or folding@home, others might join primecoin
So some might want primecoins just because they want the coins, others might want to find cunningham chains and the primecoins are a kind of fall-out for them...

Yeah he's on my ignored troll list too  

Pretty much sums them up.

Why would they want that?

at this point people are going to mine to the point of zero profit and stop. OR at least sell until they have covered their costs

Banned from cryptsy chat, welcome to ignore list here. 

thanks will do

...that's how crypto coins start.


Back in May 2011 I was able to make 0.8 BTC per day (with two Radeon 5850), when I stopped because the price was so low that it merely
compensated the electricity costs (difficulty started to rise from ~300.000 to 800.000 in a short time).


...and then people might become interested in it and the difficulty starts to rise and so is the price if the coin sustains.

Just like I tried to explain in my post https://bitcointalksearch.org/topic/m.2727287

Try a

You have to stop primecoind first
because there should be a lock otherwise.

where/how do you delete the block chain from, i think I am on a fork?

I am running ubuntu

...maybe it is - maybe it is not.
But I believe in crypto coins in general and in primecoin especially as I find it hugely attractive to have a crypto coin that does not only transform electric energy to thermal energy but that generates scientific knowledge as well

So basically I want to agree to the statement "XPM MINERS STOP SELLING YOUR COINS FOR CHEAP!"

Here is the explanation of the "technical part" of my statement:
This brand new Proof-of-Work concept will attract lots more miners (at least I think so). And most of them will be interested in the idea of generating fiscal value (coins) or generating scientific value (cunningham chains) - where some might be more interested in the fiscal value, some more in the scientific value.
An increasing number of miners and upcoming optimizations in code and optimized mining platforms (GPU/FPGA/ACIS)?) will lead to a contiuous increase of difficulty.
A rising difficulty lowers the chance for successfully generating new coins by a given person - what we expected already in the first days ot primecoin.

Here is the explanation of the "economical" part of my view:
In the long-term view this should push the price much higher.
If you want to have some (more) coins it will continuously be more attractive to pay a higher price at an exchange than to try mine some on your own.
This mechanism could have been seen on lots of coins, especially well at Bitcoin and Litecoin.
...although most time it needs an amount of time for the priece to follow the raised difficulty.
AND there are lots of other aspects that have to be taken into consideration.
But if you limit the view to the relation between difficulty and price, you might come to the conclusion that rising difficulties lead to rising prieces.
...given that people want to have some coins

I don't want to name a price that will be reached by coin x at point of time y, but I believe that at some point of time in the future the price of 1 XPM will be higher than it is now
And who knows whether the price will be named related to BTC, LTC, USD, EUR or whatever :p

For the record: actual XPM price (2013-07-14, 13:27 UTC+2 at http://www.coins-e.com/exchange/XPM_BTC/) is ~ 0.003 BTC = 0.00008835 LTC = 0.285 USD = 0.22 EUR
Let's have a look at that in the far future.

Well, GMP is licensed under the LGPL. AFAIK, that usually means you are free to link with the library without any restrictions. Then again my Windows builds use static linking. I'm not sure whether that is strictly allowed or not. Maybe it's better to keep the GMP code in my tree until the licensing situation has been reviewed.

Yes, that's scary. I assume every miner adopts the HP client, which 7x-10x the 0.1.1 PPS.

difficulty = 8.09213769.  ~10% of an integer already.

Will length=7 chains be abundoned from now on?

The block rate is ~ 4 sec/block  after a PPS drop by 30%.  Looks scary