Topic: [XPM] [ANN] Primecoin Release - First Scientific Computing Cryptocurrency - page 82. (Read 688824 times)

I am so happy at the acknowledgement of primecoin in the market.

Primecoin is hugging its elder brother ppcoin now at #5 in market cap ranking, only 11th day of its release

It reached 0.019 on mcxnow

Holly hell. XPM hit 0.015 on mcxnow.

 

But no massive ponzi-level "interest" on one's balance...

(Is NoVaCoin the only one so far that massively raised the "interest rate" to make proof of stake "more interesting" and also, probably not incidentally, more promoting of an "upper class" whose stake makes more stake extra-fast so as to make sure they are all way way up there before the unwashed masses come aboard?)

-MarkM-


EDIT: is there anyone who imagines NoVaCoin isn't going to turn down that ponzi-level interest rate once its upper class old boy's club has multipled their stake, so the unwashed who come aboard later won't get such rates? It is the whole centrally managed gang of crooks in charge of the money supply all over again...

Well, that's it: $1 / XPM.

It looks more like a new Novacoin, amazingly high price and no use

Go ahead and dump while you can then, afterall you can easily mine some more, right?

-MarkM-

 

A high rise in price like what is happening now won't be good for the coin. Its going to pop very soon.

Yeah, I had kind of imagined the way to use primes for work would be your job is to prove that numbers that look darn likely to be primes are NOT primes.

-MarkM-

Would not surprise me if a GPU miner exists. I imagine it would not take very long to create one. Or just hire conman.

Otherwise congrats on this new coin. Looks to have lots of interests. I can just see all the math enthusiasts getting excited over something like this.

My only concern is verifiability of very large prime numbers requires tons of computation and is not a trivial process like SHA256 is.

Bitcoin was similar before mining pools. Mining calculators will hopefully come around for Primecoin, but currently the ways to benchmark prime-chain finding aren't well understood; the primespersecond value that primecoin shows isn't very useful for predicting progress.

Right, which probably means there could easily be plenty-enough CPU miners already to easily account for current difficulty without even starting to think about botnets and GPU miners.

Not to mention, but I'll mention it anyway, that in some other thread, about using GPUs, it was recently suggested only two times speedup might be obtained using GPUs.

Which contrasts a lot with earlier posts implying this particular application might get 1000 times speedup using GPUs. i wonder what the real speedup will turn out to be...

If its only twice as fast then using two or four CPU motherboards might be better than diverting GPUs from other things that GPUs are much better at than CPUs.

-MarkM-

Whoa Whoa whoa. What if... WHAT IF... Primecoin is the new Litecoin?

Duuude.

1 US penny Costs $1.99 to make.  http://coincollectingenterprises.com/information/cost-to-make-a-penny

1 US penny metal melt value is 1982 and later is $0.0048917  http://www.coinflation.com/coins/1982-2007-Lincoln-Cent-Penny-Value.html

1 US penny metal melt value pre 1982 is $0.0206746  http://www.coinflation.com/coins/1909-1982-Lincoln-Cent-Penny-Value.html

SO what is the value of a penny?

Its the free market stupid.  XPM value is what people pay for it.  If nothing changes, and the scientific value of the coin creation process is upheld, I see them going to $2 -$5 in the near future.  

My street smarts tells me you are right. I have not hit a block in 5 days although not running anything too ecxciting (no huge virtual machines or servers) just a few i7's. Thanks  to the members of this forum who took the time to work on and compile the optimized builds.  Once I get things running again here I will send tips.

Love or hate primecoin you have to at least respect the amount of attention it was able to get in a very short time.
First few days were fun and of course the heavy hitters stepped in which is all part of this !

Amazing how 'forced' solo mining has made people step back a little bit and think to earlier times. 

For newer people to the scene a new experience. 

If people collect coins in the future like they do old silver and gold dollars now having coins from an early block may actually mean something.

 

Maybe, if you only count the extra CPU-usage, that is, if you already have the motherboard and internet connection and whatever else you leave attached (disk? mouse? keyboard? whatever) running 24/7 anyway.

However a lot of "normal people" seem not to normally leave their machines on 24/7, so for them it might be more like "a normal PC uses 200 watts, which is one kilowatt-hour per five hours, which comes close to five kilowatt-hours per day, assuming your machine really does not go over 200 watts at the wall when cranking all its cores full blast".

I used to figure turning on a machine cost about $30/month at $0.14 to $0.15 per kilowatt-hour until I got a kill-a-watt meter and learned my box with a 5870 in it was eating 240 to 250 watts before even firing up a miner to mine with that GPU, and more like 340 to (once warmed up) 370 with it mining. Admittedly that was before taking it in to have massive amounts of dust removed from inside and new thermal paste for its CPU heatsink so its CPU would not keep throttling from overheating and its fan control wouldn't keep blasting the fans as loud as they would go.

So when its a matter of whether to plug in or turn on yet another of the machines the air conditioner is trying to make you willing to put up with the noise and heat of, I think your "at most 2.5 kwh/day" is somewhat optimistic.

I have a 12000 BTU air conditioner outside in the minivan waiting for the guy who is making us new windows to come by and install because the 8700 BTU unit currently in my current window cannot handle the heat if I turn on (in addition to what I have on 24/7 already) the four Dell Optiplex 755 boxes. So depending on the season/weather even just the turning on another computer estimate is a little low...

(Not to mention, oh heck with it lets mention it, that I also had to provide an air conditioner (I got a 6000 BTU) at the other end of the apartment so others here don't get too overheated.)

-MarkM-

The price would have to go a lot lower for mining on CPUs to not be able to pay for electricity. A CPU might use at most 2.5 KWH per day which would cost around $0.30 per day to run. At a price of .007 BTC/XPM and 12 XPM per block, it would be profitable to mine even if you only received one block every 20 days.

Maybe there are just too many regular CPUs all fighting for a piece of the same pie?

Pools maybe help miners figure out faster whether they are losing money, whereas with solo mining high variance could easily lead to people hanging on a few more days, lucking into maybe even a few blocks one day so hanging on for even more days before lucking into another block which might make them wait longer hoping that was the first block of a lucky burst of blocks and so on.

Intermittent reinforcement is illegal as a pay method in some jurisdictions, and even illegal in the form of slot machines (aka gambling) in some jurisdictions, because it is pretty much the best reinforcement schedule to use when you want to wean the workers out of being paid without having them quit...

So it could very easily be that too many people are running too many ordinary CPUs on this with too many of them thinking that if they hold out a little longer while others quit they will start getting lucky again. Meanwhile how many more thousands of new people are starting up, taking a few days to see for themselves whether maybe their build and/or their CPU might be a little luckier than average, and so on... all the usual stories gamblers tell themselves to convince themselves to put in another slug and pull the lever once again... maybe just once... well maybe just once more... well heck its got to work this next time... etc

And of course all along more and more people who have some amount of electricity they consider basically "free" (already part of rent, whatever) are probably getting involved, they can keep going "forever"...

(I have servers out on the net I already paid for by the year in advance, got anything better for me to have their CPUs work on 24/7?)

-MarkM-