New England New England 6 States Songs: https://www.reddit.com/newengland/comments/er8wxd/new_england_6_states_songs/ NewEnglandcoin Symbol: NENG NewEnglandcoin is a clone of Bitcoin using scrypt as a proof-of-work algorithm with enhanced features to protect against 51% attack and decentralize on mining to allow diversified mining rigs across CPUs, GPUs, ASICs and Android phones. Mining Algorithm: Scrypt with RandomSpike. RandomSpike is 3rd generation of Dynamic Difficulty (DynDiff) algorithm on top of scrypt. 1 minute block targets base difficulty reset: every 1440 blocks subsidy halves in 2.1m blocks (~ 2 to 4 years) 84,000,000,000 total maximum NENG 20000 NENG per block Pre-mine: 1% - reserved for dev fund ICO: None RPCPort: 6376 Port: 6377 NewEnglandcoin has dogecoin like supply at 84 billion maximum NENG. This huge supply insures that NENG is suitable for retail transactions and daily use. The inflation schedule of NengEnglandcoin is actually identical to that of Litecoin. Bitcoin and Litecoin are already proven to be great long term store of value. The Litecoin-like NENG inflation schedule will make NewEnglandcoin ideal for long term investment appreciation as the supply is limited and capped at a fixed number Bitcoin Fork - Suitable for Home Hobbyists NewEnglandcoin core wallet continues to maintain version tag of "Satoshi v0.8.7.5" because NewEnglandcoin is very much an exact clone of bitcoin plus some mining feature changes with DynDiff algorithm. NewEnglandcoin is very suitable as lite version of bitcoin for educational purpose on desktop mining, full node running and bitcoin programming using bitcoin-json APIs. The NewEnglandcoin (NENG) mining algorithm original upgrade ideas were mainly designed for decentralization of mining rigs on scrypt, which is same algo as litecoin/dogecoin. The way it is going now is that NENG is very suitable for bitcoin/litecoin/dogecoin hobbyists who can not , will not spend huge money to run noisy ASIC/GPU mining equipments, but still want to mine NENG at home with quiet simple CPU/GPU or with a cheap ASIC like FutureBit Moonlander 2 USB or Apollo pod on solo mining setup to obtain very decent profitable results. NENG allows bitcoin litecoin hobbyists to experience full node running, solo mining, CPU/GPU/ASIC for a fun experience at home at cheap cost without breaking bank on equipment or electricity. MIT Free Course - 23 lectures about Bitcoin, Blockchain and Finance (Fall,2018) https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn CPU Minable Coin Because of dynamic difficulty algorithm on top of scrypt, NewEnglandcoin is CPU Minable. Users can easily set up full node for mining at Home PC or Mac using our dedicated cheetah software. Research on the first forked 50 blocks on v1.2.0 core confirmed that ASIC/GPU miners mined 66% of 50 blocks, CPU miners mined the remaining 34%. NENG v1.4.0 release enabled CPU mining inside android phones. Youtube Video Tutorial How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 1 https://www.youtube.com/watch?v=sdOoPvAjzlE How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2 https://www.youtube.com/watch?v=nHnRJvJRzZg How to CPU Mine NewEnglandcoin (NENG) in macOS https://www.youtube.com/watch?v=Zj7NLMeNSOQ Decentralization and Community Driven NewEnglandcoin is a decentralized coin just like bitcoin. There is no boss on NewEnglandcoin. Nobody nor the dev owns NENG. We know a coin is worth nothing if there is no backing from community. Therefore, we as dev do not intend to make decision on this coin solely by ourselves. It is our expectation that NewEnglandcoin community will make majority of decisions on direction of this coin from now on. We as dev merely view our-self as coin creater and technical support of this coin while providing NENG a permanent home at ShorelineCrypto Exchange. Twitter Airdrop Follow NENG twitter and receive 100,000 NENG on Twitter Airdrop to up to 1000 winners Graphic Redesign Bounty Top one award: 90.9 million NENG Top 10 Winners: 500,000 NENG / person Event Timing: March 25, 2019 - Present Event Address: NewEnglandcoin DISCORD at: https://discord.gg/UPeBwgs Please complete above Twitter Bounty requirement first. Then follow Below Steps to qualify for the Bounty: (1) Required: submit your own designed NENG logo picture in gif, png jpg or any other common graphic file format into DISCORD "bounty-submission" board (2) Optional: submit a second graphic for logo or any other marketing purposes into "bounty-submission" board. (3) Complete below form. Please limit your submission to no more than two total. Delete any wrongly submitted or undesired graphics in the board. Contact DISCORD u/honglu69#5911 or u/krypton#6139 if you have any issues. Twitter Airdrop/Graphic Redesign bounty sign up: https://goo.gl/forms/L0vcwmVi8c76cR7m1 Milestones
Sep 3, 2018 - Genesis block was mined, NewEnglandcoin created
Sep 8, 2018 - github source uploaded, Window wallet development work started
Sep 11,2018 - Window Qt Graphic wallet completed
Sep 12,2018 - NewEnglandcoin Launched in both Bitcointalk forum and Marinecoin forum
Sep 14,2018 - NewEnglandcoin is listed at ShorelineCrypto Exchange
Sep 17,2018 - Block Explorer is up
Nov 23,2018 - New Source/Wallet Release v1.1.1 - Enabled Dynamic Addjustment on Mining Hashing Difficulty
Nov 28,2018 - NewEnglandcoin became CPU minable coin
Nov 30,2018 - First Retail Real Life usage for NewEnglandcoin Announced
Dec 28,2018 - Cheetah_Cpuminer under Linux is released
Dec 31,2018 - NENG Technical Whitepaper is released
Jan 2,2019 - Cheetah_Cpuminer under Windows is released
Jan 12,2019 - NENG v1.1.2 is released to support MacOS GUI CLI Wallet
Jan 13,2019 - Cheetah_CpuMiner under Mac is released
Feb 11,2019 - NewEnglandcoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork
Mar 16,2019 - NewEnglandcoin v18.104.22.168 Released - Ubuntu 18.04 Wallet Binary Files
Apr 7, 2019 - NENG Report on Security, Decentralization, Valuation
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto
Sep 1, 2019 - Shoreline Tradingbot project is Launched by ShorelineCrypto
Dec 19, 2019 - Shoreline Tradingbot v1.0 is Released by ShorelineCrypto
Jan 30, 2020 - Scrypt RandomSpike - NENG v1.3.0 Hardfork Proposed
Feb 24, 2020 - Scrypt RandomSpike - NENG core v1.3.0 Released
Jun 19, 2020 - Linux scripts for Futurebit Moonlander2 USB ASIC on solo mining Released
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining and Ubuntu 20.04 support
Jul 21, 2020 - NENG v22.214.171.124 Released for MacOS Wallet Upgrade with Catalina
Jul 30, 2020 - NENG v126.96.36.199 Released for Linux Wallet Upgrade with 8 Distros
Aug 11, 2020 - NENG v188.8.131.52 Released for Android arm64 Upgrade, Chromebook Support
Aug 30, 2020 - NENG v184.108.40.206 Released for Android/Chromebook with armhf, better hardware support
2018 Q3 - Birth of NewEnglandcoin, window/linux wallet - Done
2018 Q4 - Decentralization Phase I
Blockchain Upgrade - Dynamic hashing algorithm I - Done
Cheetah Version I- CPU Mining Automation Tool on Linux - Done
2019 Q1 - Decentralization Phase II
Cheetah Version II- CPU Mining Automation Tool on Window/Linux - Done
Blockchain Upgrade Dynamic hashing algorithm II - Done
2019 Q2 - Fiat Phase I
Assessment of Risk of 51% Attack on NENG - done
Launch of Fiat USD/NENG offering for U.S. residents - done
Initiation of Mobile Miner Project - Done
2019 Q3 - Shoreline Tradingbot, Mobile Project
Evaluation and planning of Mobile Miner Project - on Hold
Initiation of Trading Bot Project - Done
2019 Q4 - Shoreline Tradingbot
Shoreline tradingbot Release v1.0 - Done
2020 Q1 - Evaluate NENG core, Mobile Wallet Phase I
NENG core Decentralization Security Evaluation for v1.3.x - Done
Light Mobile Wallet Project Initiation, Evaluation
2020 Q2 - NENG Core, Mobile Wallet Phase II
NENG core Decentralization Security Hardfork on v1.3.x - Scrypt RandomSpike
Light Mobile Wallet Project Design, Coding
2020 Q3 - NENG core, NENG Mobile Wallet Phase II
Review on results of v1.3.x, NENG core Dev Decision on v1.4.x, Hardfork If needed
Light Mobile Wallet Project testing, alpha Release
2020 Q4 - Mobile Wallet Phase III
Light Mobile Wallet Project Beta Release
Light Mobile Wallet Server Deployment Evaluation and Decision
Why Verge Needs DigiShield NOW! And Why DigiByte Is SAFE!
Hello everyone, I’m back! Someone asked a question recently on what exactly happened to XVG – Verge and if this could be a problem for DGB – DigiByte - Here: DigiByte vs Verge It was a great question and there have been people stating that this cannot be a problem for us because of DigiShield etc… with not much explanation after that. I was curious and did a bit more investigating to figure out what happened and why exactly it is that we are safe. So take a read.
Some Information on Verge
Verge was founded in 2014 with code based on DogeCoin, it was initially named DogeCoinDark, it later was renamed Verge XVG in 2016. Verge has 5 mining algorithms as does DigiByte. Those being:
However, unlike DigiByte those algorithms do not run side by side. On Verge one block can only be mined by a single algorithm at any time. This means that each algorithm takes turns mining the chain.
Prior to the latest fork there was not a single line of code that forced any algo rotation. They all run in parallel but of course in the end only one block can be accepted at given height which is obvious. After the fork algo rotation is forced so only 6 blocks with the same algo out of any 10 blocks can be accepted. - srgn_
Mining Verge and The Exploit
What happened then was not a 51% attack per say, but the attacker did end up mining 99% of all new blocks so in fact he did have power of over 51% of the chain. The way that Verge is mined allowed for a timestamp exploit. Every block that is mined is dependent on the previous blocks for determining the algorithm to be used (this is part of the exploit). Also, their mining difficulty is adjusted every block (which last 30 seconds also part of the exploit). Algorithms are not picked but in fact as stated previously compete with one another. As for difficulty:
Difficulty is calculated by a version of DGW which is based on timestamps of last 12 blocks mined by the same algo. - srgn_
This kind of bug is very serious and at the foundation of Verge’s codebase. In fact, in order to fix it a fork is needed, either hard fork or soft fork! What happened was that the hacker managed to change the time stamps on his blocks. He introduced a pair of false blocks. One which showed that the scrypt mining algorithm had been previously used, about 26 mins before, and then a second block which was mined with scrypt. The chain is set up so that it goes through the 5 different algorithms. So, the first false block shows the chain that the scrypt algorithm had been used in the recent past. This tricks it into thinking that the next algorithm to be used is scrypt. In this way, he was essentially able to mine 99% of all blocks.
Pairs of blocks are used to lower the difficulty but they need to be mined in certain order so they can pass the check of median timestamp of last 11 blocks which is performed in CBlock::AcceptBlock(). There is no tricking anything into thinking that the next algo should be x because there is no algo picking. They all just run and mine blocks constantly. There is only lowering the difficulty, passing the checks so the chain is valid and accepting this chain over chains mined by other algos. - segn_
Here is a snippet of code for what the time stamps on the blocks would look like:
SetBestChain: new best=00000000049c2d3329a3 height=2009406 trust=2009407 date=04/04/18 13:50:09 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=000000000a307b54dfcf height=2009407 trust=2009408 date=04/04/18 12:16:51 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=00000000196f03f5727e height=2009408 trust=2009409 date=04/04/18 13:50:10 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=0000000010b42973b6ec height=2009409 trust=2009410 date=04/04/18 12:16:52 ProcessBlock: ACCEPTED (scrypt) SetBestChain: new best=000000000e0655294c73 height=2009410 trust=2009411 date=04/04/18 12:16:53 ProcessBlock: ACCEPTED (scrypt)
Here’s the first falsified block that was introduced into the XVG chain – Verge-Blockchain.info As you can see there is the first fake block with a time stamp of 13:50:09 for example and the next is set to 12:15:51, the following two blocks are also a fraudulent pair and note that the next block is set to 12:16:52. So essentially, he was able to mine whole blocks - 1 second per block!
This exploit was brought to public attention by ocminer on the bitcointalk forums. It seems the person was a mining pool administrator and noticed the problem after miners on the pool started to complain about a potential bug. What happened next was that Verge developers pushed out a “fix” but in fact did not really fix the issue. What they did was simply diminish the time frame in which the blocks can be mined. The attack still was exploitable and the attacker even went on to try it again! “The background is that the "fix" promoted by the devs simply won't fix the problem. It will just make the timeframe smaller in which the blocks can be mined / spoofed and the attack will still work, just be a bit slower.” - ocminer Ocminer then cited DigiShield as a real fix to the issue! Stating that the fix should also stipulate that a single algo can only be used X amount of times and not be dependent on when the algo was last used. He even said that DigiByte and Myriad had the same problems and we fixed them! He cited this github repo for DigiByte:
It seems that the reason that this exploit was so lucrative was because the difficulty adjustment parameters were not enough to reduce the rewards the attacker recieved. Had the rewards per block adjusted at reasonable rate like we do in DGB then at least the rewards would have dropped significantly per block. The attacker was able to make off with around 60 million Verge which equals about 3.6 million dollars per today’s prices. The exploit used by the attacker depended on the fact that time stamps could be falsified firstly and secondly that the difficulty retargeting parameters were inadequate. Let’s cover how DigiShield works more in detail. One of the DigiByte devs gave us this post about 4 years ago now, and the topic deserves revisiting and updates! I had a hard time finding good new resources and information on the details of DigiShield so I hope you’ll appreciate this review! This is everything I found for now that I could understand hopefully I get more information later and I’ll update this post. Let’s go over some stuff on difficulty first then I’ll try giving you a way to visualise the way these systems work. First you have to understand that mining difficulty changes over time; it has to! Look at Bitcoin’s difficulty for example – Bitcoin difficulty over the past five months. As I covered in another post (An Introduction to DigiByte Difficulty in Bitcoin is readjusted every 2016 blocks which each last about 10 mins each. This can play out over a span of 2 weeks, and that’s why you see Bitcoin’s difficulty graph as a step graph. In general, the hash power in the network increases over time as more people want to mine Bitcoin and thus the difficulty must also increase so that rewards are proportional. The problem with non-dynamic difficulty adjustment is that it allows for pools of miners and or single entities to come into smaller coins and mine them continuously, they essentially get “free” or easily mined coins as the difficulty has not had time to adjust. This is not really a problem for Bitcoin or other large coins as they always have a lot of miners running on their chains but for smaller coins and a few years ago in crypto basically any coin other than Bitcoin was vulnerable. Once the miners had gotten their “free coins” they could then dump the chain and go mine something else – because the difficulty had adjusted. Often chains were left frozen or with very high fees and slow processing times as there was not enough hash power to mine the transactions. This was a big problem in the beginning with DigiByte and almost even killed DogeCoin. This is where our brilliant developers came in and created DigiShield (first known as MultiShield). These three articles are where most of my information came from for DigiShield I had to reread a the first one a few times to understand so please correct me if I make any mistakes! They are in order from most recent to oldest and also in order of relevance.
DigiShield is a system whereby the difficulty for mining DigiByte is adjusted dynamically. Every single block each at 15 seconds has difficulty adjusted for the available hashing power. This means that difficulty in DigiByte is as close as we can get to real time! There are other methods for adjusting difficulty, the first being the Bitcoin/Litecoin method (a moving average calculated every X number of blocks) then the Kimoto Gravity Well is another. The reason that DigiShield is so great is because the parameters are just right for the difficulty to be able to rise and fall in proportion to the amount of hash power available. Note that Verge used a difficulty adjustment protocol more similar to that of DigiByte than Bitcoin. Difficulty was adjusted every block at 30 seconds. So why was Verge vulnerable to this attack? As I stated before Verge had a bug that allowed for firstly the manipulation of time stamps, and secondly did not adjust difficulty ideally. You have to try to imagine that difficulty adjustment chases hashing power. This is because the hashing power on a chain can be seen as the “input” and the difficulty adjustment as the corresponding output. The adjustment or output created is thus dependent on the amount of hashing power input. DigiShield was designed so that increases in mining difficulty are slightly harder to result than decreases in mining difficulty. This asymmetrical approach allows for mining to be more stable on DigiByte than other coins who use a symmetrical approach. It is a very delicate balancing act which requires the right approach or else the system breaks! Either the chain may freeze if hash power increases and then dumps or mining rewards are too high because the difficulty is not set high enough! If you’ve ever taken any physics courses maybe one way you can understand DigiShield is if I were to define it as a dynamic asymmetrical oscillation dampener. What does this mean? Let’s cover it in simple terms, it’s difficult to understand and for me it was easier to visualise. Imagine something like this, click on it it’s a video: Caravan Weight Distribution – made easy. This is not a perfect analogy to what DigiShield does but I’ll explain my idea. The input (hashing power) and the output (difficulty adjustment) both result in oscillations of the mining reward. These two variables are what controls mining rewards! So that caravan shaking violently back and forth imagine those are mining rewards, the weights are the parameters used for difficulty adjustment and the man’s hand pushing on the system is the hashing power. Mining rewards move back and forth (up and down) depending on the weight distribution (difficulty adjustment parameters) and the strength of the push (the amount of hashing power input to the system). Here is a quote from the dev’s article. “The secret to DigiShield is an asymmetrical approach to difficulty re-targeting. With DigiShield, the difficulty is allowed to decrease in larger movements than it is allowed to increase from block to block. This keeps a blockchain from getting "stuck" i.e., not finding the next block for several hours following a major drop in the net hash of coin. It is all a balancing act. You need to allow the difficulty to increase enough between blocks to catch up to a sudden spike in net hash, but not enough to accidentally send the difficulty sky high when two miners get lucky and find blocks back to back.” AND to top it all off the solution to Verge’s time stamp manipulation bug is RIGHT HERE in DigiShield again! This was patched and in Digishield v3 problems #7 Here’s a direct quote: “Most DigiShield v3 implementations do not get data from the most recent blocks, but begin the averaging at the MTP, which is typically 6 blocks in the past. This is ostensibly done to prevent timestamp manipulation of the difficulty.” Moreover, DigiShield does not allow for one algorithm to mine more than 5 blocks in a row. If the next block comes in on the same algorithm then it would be blocked and would be handed off to the next algorithm. DigiShield is a beautiful delicate yet robust system designed to prevent abuse and allow stability in mining! Many coins have adopted out technology!
Verge Needs DigiShield NOW!
The attacker has been identified as IDCToken on the bitcointalk forums. He posted recently that there are two more exploits still available in Verge which would allow for similar attacks! He said this: “Can confirm it is still exploitable, will not abuse it futher myself but fix this problem immediately I'll give Verge some hours to solve this otherwise I'll make this public and another unpatchable problem.” - IDCToken DigiShield could have stopped the time stamp manipulation exploit, and stopped the attacker from getting unjust rewards! Maybe a look at Verge’s difficulty chart might give a good idea of what 1 single person was able to do to a coin worth about 1 billion dollars.
Edit - Made a few mistakes in understanding how Verge is mined I've updated the post and left the mistakes visible. Nothing else is changed and my point still stands Verge could stand to gain something from adopting DigiShield! Hi, I hope you’ve enjoyed my article! I tried to learn as much as I could on DigiShield because I thought it was an interesting question and to help put together our DGB paper! hopefully I made no mistakes and if I did please let me know. -Dereck de Mézquita I'm a student typing this stuff on my free time, help me pay for school? Thank you! D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g https://digiexplorer.info/address/D64fAFQvJMhrBUNYpqUKQjqKrMLu76j24g
[FULOOSCOIN] Welcome to our Community and everything you need to know in a few minutes.
What is Fuloos Coin and why should we use it?
Fuloos Coin is an open-source digital currency, allowing merchants and users across the globe to send transactions fast and with low fees. We officially released Fuloos Coin on December 1st, 2017. We are the next digital currency that uses the Scrypt Algorithm to allow users to transact their funds fast and with low fees across the world without delays with the ability to stake your coins to earn interest on your funds. Fuloos Coin has grown a lot since we started in 2017, reaching other 20,000+ members supporting the community and the development team for the future of the Fuloos making us the most affordable cryptocurrencie for merchants and users around the world making it easier to pay for services, friends or employees with almost instant transactions. Our main infrastructure is backed by multiple dedicated nodes to insure our network never goes down and allowing users to use Fuloos Coin any time of the day providing a secure and reliable environment for merchants with no downtime what's so ever.
Where can I buy Fuloos Coins?
Here's a list of the current exchange platforms that allow you to trade FLS with different cryptocurrencies:
We are hoping to be listed on many more exchanges over the coming weeks to improve the accessibility of purchasing coins and daily trading for Fuloos. Any other questions regarding this? Please, contact one of the team members in one of the social chats we provide.
What is staking?
Staking also known as Proof-of-Stake or POS, is the ability for Fuloos Coin holders to earn interest on their funds with our inbuilt stake-miner into our desktop wallets which allows our network to run smoothly with our community support by validating transactions or by mining blocks just by keeping your wallet open. For example, if I had 1000 Fuloos Coin's and if the transaction's dates have been longer than seven days, I could potentially earn 0.85 Fuloos Coin's every 10 minutes. Technical Specifications:
Minimum Stake Age : 24 Hour
Maximum Stake Age : 7 Days
If you would like to know more information about staking your funds, you can use our own calculator to find out how much you can earn. Proof-of-Stake Calculator
Where can I store my coins?
There are several options on places to store your coins, starting from the exchange platforms which have inner wallets like Stocks.Exchange. However, the most secure way to store your coins is to keep it in outside wallets. Here’s a list of wallet options to store your coins:
Official Web-Wallet (Coming soon, beta version released)
Official Mobile Wallets (Coming very soon, still in development)
Official Merchant Platform (Will be released within the coming weeks)
Choose the best option that is suitable for you and don’t feel shy to ask us for help when setting up your wallet. Please, understand that your wallet is a source where you store your funds. Take it seriously, use all the available protection methods (backups, 2FA, complicated passwords).
Are there any local communities presented in my native language?
Definitely, Fuloos Coin is a cryptocurrencie with supporters all over the world. Be the first one to hear news in your native language and meet other users in our community! You can see our community managers via our official team page on our website and also can ask questions in our chats to speak one of the community managers directly, if you have any suggestions for the Fuloos Team or your local community.
Can I use Fuloos Coin as a payment method? Is it possible to spend the coins in a store, shop, hotel, etc.?
Of course, you can purchase items or buy goods/services using Fuloos. We are currently working on our new merchant platform which will allow online store owners to accept Fuloos easily using a created plugin by our development team. Popular E-commerce Platforms will be supported:
And many more...
If you are a developer and would like to help create service or integrate Fuloos into your own website, you can use the created PHP Class created by LiteSpeed to make it easier to install and use, there will also be a c++ version released soon for programs integration. https://github.com/LiteSpeedDev/FuloosRPC/
Social Links & Community Chats.
Following our social media and joining our community chats will allow you to keep up to date with the Fuloos Development and News relating to Fuloos Partners and Announcements.
The Fuloos team is glad to welcome every new user into our community. Join our family to be a part of one of the most prospective cryptocurrencies and enjoy it! Yours truly, LiteSpeed, CryptoKnight & the Fuloos Team.
Dogecoin (DOGE): The Shiba Inu Meme That Turned Into A Major Cryptocurrency
https://preview.redd.it/nn02rwgxta221.png?width=660&format=png&auto=webp&s=eb7066777df5f7e7f1b680da2af1691008afff11 https://cryptoiq.co/dogecoin-doge-the-shiba-inu-meme-that-turned-into-a-major-cryptocurrency/ Atsuko Sato adopted a Shiba Inu from an animal shelter, and eventually took the famous Doge picture in 2010. The picture itself is entrancing, something like a hybrid between the Mona Lisa and a disturbed Shiba Inu. It is impossible to tell what exactly the shibe is thinking, leaving people open to interpret its thoughts. Someone on the internet posted the shibe’s possible thoughts all over the image in pastel colors (below image), and the Doge meme was born, and soon proliferated across the internet. This is ultimately what led to the creation of Dogecoin, a cryptocurrency ranked #21 on CoinMarketCap with a market cap of USD 279 million. Although Dogecoin started with just a meme, it now has one of the most active communities in the crypto space, and will likely be a major cryptocurrency long term. https://preview.redd.it/qs7prtlzta221.png?width=369&format=png&auto=webp&s=19cf1de4d845864c6923fc350971832a12b06d4f Billy Markus and Jackson Palmer were cryptocurrency enthusiasts who also loved the Doge meme, and that led them to launch Dogecoin on 6 December 2013. There were only 59 cryptocurrencies on CoinMarketCap when Dogecoin was listed, and Dogecoin was certainly the first memecoin. Dogecoin rapidly became successful, with the first Dogecoin rally on 19 December 2013. Dogecoin’s early success led to numerous other crypto enthusiasts launching meme and joke coins, but none of them succeeded in the long run. Dogecoin is the only memecoin that has become a major cryptocurrency, most of the others have totally failed. Practically all of the cryptocurrencies that have launched in 2017 and 2018 utilized initial coin offerings (ICOs), making them impossible to obtain without buying them. Dogecoin on the other hand had a humble and fair launch, with zero premine, and profitable mining from the beginning. Dogecoin uses the Scrypt Proof of Work algorithm, and back when Dogecoin launched it was easy to earn significant amounts of Dogecoin with a personal or gaming computer. This made Dogecoin very attractive to crypto miners, since miners could earn numerous coins even with the cheapest mining setup, versus Litecoin mining where it took weeks or months to earn an entire Litecoin. There is definitely a psychological boost when miners receive entire coins rapidly, versus small fractions of a coin. To this day Dogecoin continues to be a #1 choice for people mining via Scrypt Proof of Work on personal computers, which causes a continuous flow of new users into the Dogecoin community. This gives Dogecoin a competitive edge over many of the newer cryptocurrencies. What makes Dogecoin truly unique is its active and friendly community. There are many Dogecoin forums and chats, but the dogecoin subreddit is the central nerve of the Dogecoin world. Back in 2014 and 2015 Dogecoin tips were raining down from the sky in dogecoin, which caused many people that never used cryptocurrency before to begin using Dogecoin, since they would get some Dogecoins for free, and then begin using and talking about Dogecoin. This made dogecoin and Dogecoin itself fun, if not addicting. Tipping continues to this day on dogecoin. The atmosphere of tipping and friendliness made dogecoin the perfect environment for crypto newcomers. New crypto users learned about creating their first wallet, mining cryptocurrency, trading cryptocurrency, developing crypto apps, and how to objectively analyze ongoing events in the crypto space, and were rewarded throughout the process. Compare this to the central nerve of the Bitcoin community, which is Bitcoin and Bitcointalk, which has very useful information, but a more aggressive community and barely any tipping. Fundamentally this is because the Bitcoin community is focused on making money, while the Dogecoin community is focused on giving away money to build a better world. Dogecoin continues to onboard many new crypto users, and numerous veteran crypto users like Dogecoin and continue to buy it and use it, since that is where they started. Just like people grow up in a certain place and like to stay there or visit, many crypto users grew up in the Dogecoin community and never stop coming back. Essentially, Dogecoin is the gateway to the crypto space, and will probably hold that position long term. There is no other crypto community that is so focused on helping others, since most crypto communities are focused on competitive money making. Therefore, Dogecoin appears to have the right stuff to stay near the top of the CoinMarketCap rankings for the foreseeable future.
Although be it that I don't have a complete mastery of the concept either, I will do my best to use my limited knowledge to explain what exactly the heck is going on with this mystical "Litecoin Mining" and the disappearance of AMD GPUs worldwide. What exactly is Litecoin mining? Litecoin mining, or cryptocurrency mining in general, is the use of processors to hash out a value and submit this work in something called "Proof of Work" that is mutually recognized. To put this in an analogy, think of a 3rd grade math classroom. The teacher writes a math problem on the board, say "2+3", and she tells the class to find the answer. Quickly, each student begins to work out the problem, and when a student thinks they've found the answer, they raise their hand and respond, "The answer is 5!". The teacher will then tell the student whether they are right or wrong, and the rest of the class will listen and understand that the one student got the answer right. Then they clap for him, recognizing his achievement and work needed to arrive to the answer. Now, in terms of mining, this difficulty is scaled to immense amounts, but the basic principle is the same. You, the miner, are the student trying to find the answer. The Litecoin master algorithm is the confirming teacher. And the rest of the miners are the other students in the classroom, recognizing your work. Litecoin itself is a derivative of Bitcoin, which is basically another cryptocurrency. Sources: Litecoin Website and Bitcoin (something like Litecoin) So what is so important about this answer? In reality, nothing. It just solves a math problem. But that's all the reason. When the Litecoin algorithm sees you've found the right answer and everybody agrees you found it (so no cheating!), then it will give you a "block reward". Like the teacher handing you a piece of candy for getting the right answer. This block reward contains an amount of Litecoins. What is a "Litecoin"? A Litecoin is a medal or proof of work done, and it is given through the reward system aforementioned. Litecoins are just numerical values stored inside of the "blockchain", which you can think of as the classroom. All of the players of this litecoin mining are located within this classroom, located within the blockchain. When everyone recognizes your work, you are given litecoins, which can only be accessed within wallets. You may think of litecoins as a currency, like pennies or nickels. They are something that we give value, yet do not have inherent value themselves. A paper bill is just paper unless we give it value. So what is a wallet? Wallets are where litecoins are stored, using a private key and a public key. This private key is a hash of base 58 that is completely randomized, such that only knowing both the private and public keys allows access to this wallet. The public key is shared with others who want to send you litecoins, while you keep the private key to yourself, which allows you to spend those litecoins. Now, the ultimate question: Why are they taking our graphics cards?! Ah yes. Now to talk about AMD GPUs. Litecoins use the scrypt algorithm, a memory and computation intensive algorithm that requires many cores and lots of fast RAM. Graphics cards fit both of these profiles perfectly. A graphics card has hundreds or thousands of computation cores, as well as lightning fast GDDR5 memory. As such, graphics cards are snatched up by miners wanting to create money out of thin air, which is basically what they're doing. But why AMD? Why not NVIDIA? AMD graphics cards are more efficient at moving bits than NVIDIA graphics cards, further explained here. All you really have to know if that the AMD architecture is much more efficient for cryptocurrency mining. But why NOW? Bitcoin/Litecoin has been around for awhile. Why are miners stealing our graphics cards NOW? Well, to put it bluntly, it's because people want to get rich. Recently, as further adoption by companies and the media coverage of cryptocurrencies, Litecoin price has skyrocketed. I'm talking magnitudes of 100 fold. Due to this rapid increase in value, miners have been rushing for more graphics card to make more money. If you take a look at this source, you can see that cryptocurrency mining profitability is insanely high compared to Bitcoin, which is Litecoin's main competitor. Look at the right column in the table that says "Profit Ratio vs. BTC". See the numbers in the 3000% range. Yeah, that's a lot of profitability that can be taken advantage of. Will we ever get our beloved 7950s back here in /buildapc? Q_Q Maybe. Delving deeper into what is litecoin, I'll now explain difficulty. As you find more of these answers, with more students working to find the answer to a math problem, the teacher must create more and more difficult math problems for the students to solve, else these little 3rd graders will solve them faster than the teacher has enough candy for. In litecoin mining, this equates to difficulty level. As the difficulty increase, litecoins are harder to hash out, and the rewards diminish. As more students/miners join the blockchain, mining will start to get less and less profitable. HOWEVER. If the price of litecoin skyrockets again, mining will be able to sustain profitability, and we may be out of AMD graphics card for a LONG, LONG TIME. Not to mention, once litecoin becomes unprofitable, if it indeed does, miners will move to other derivatives of cryptocurrencies, restarting the cycle and continuing to snatch up graphics cards. It is unlikely that this trend continues, but if it does, NVIDIA may be the only option for new gamers. Give me a TL;DR summary! I'll try my best. Poor people are sitting in a basement making money of out thin air using our graphics cards. They are making $12 a day per graphics card by basically only paying for electricity. This trend will continue for quite some time, meaning no more AMD graphics cards for a while. If you're a gamer, look towards NVIDIA, or be prepared to throw down a lot of cash. I obviously did not cover EVERYTHING in this post, but the main principles are there. If you want to delve deeper into this, I'd suggest doing your research and looking on the Bitcoin Forum. EDIT: Please check out /litecoin and /litecoinmining as well. Lots of good information.
A New York Coin Development Vision: How BTC could be 'powered by NYC' via Lightning Network
Preface Lightning network offers slow congested chains, like Bitcoin, some scaling relief, so it's become known as a scaling solution. It may end up becoming far more famous as the best supported atomic swap technology to come into being. A big chain like Bitcoin has little incentive to help its users move to smaller faster chains smoothly, so Lightning is almost a trojan horse that can dramatically improve accessibility of all altcoins that also implement lightning networks. Atomic swaps will let you trade from one chain, say bitcoin, to another with lightning network, let's say litecoin, without using any centralized repository like an exchange full of arbitrary rules and limits and fees that capture your money in their insecure coffers that are a big centralized target for hackers. But atomic swaps won't always be just a less frustrating way to move between chains, as they streamline, they'll transform the way we think about chains and shrink the space between them. Imagine pre-exchange crypto as pre oceanic shipping earth. Different chains might as well be different continents, only occasionally connected by land bridges. Then came sailing (exchanges). You could move back and forth, but it was slow, restrictive and expensive, and sunken ships took a lot of gold to the bottom of the ocean (mt.gox, nicehack). Imagine atomic swaps, be they Lightning network swaps or some other solution like blocksnet or barterdex, as mail and parcel delivery by air and rail, time and costs shrink again. My vision is of a later version of Lightning network that's basically the internet itself. You don't even need to package your letter, you can communicate right to the computer in someone's pocket a world away. The ease of moving between chains will increase dramatically, and the first chain to position to take advantage of that, to not merely be exchanged through swaps, but to power another chain using them, will prosper enormously. Vision Once upon a time around the late '90s or early '00s, there was dominate search directory called Yahoo!, recently defunct, that was most people's first stop when looking for new websites. Yahoo! decided to outsource their site's search engine to an unknown little company named Google, and many people's first experience with Google in those days was a little tagline by the Yahoo! search box that read: 'powered by Google'. In just a few years, everyone's first stop to the internet was Google itself. Powering Yahoo! was Google's platform to a direct connection with web users, and they used that platform to take over the world. New York Coin can power Bitcoin with the same intent, using an ever more streamlined Lightning Network, and essentially operating as a lightning network and scaling solution for Bitcoin by pitching to payment processors and large retailers to move their received bitcoin transactions through lightning channels out onto the NYC chain. Rather than off chain transactions that traditional LN scaling offers, we'd be offering cross chain transactions that retain the benefits of the public ledger. Off bitcoin's chain, on ours. As payment processors and retailers began to use us, our accessibility and visibility to ordinary users would grow just as Google's did, as those payment processors would already be primed and ready to receive NYC directly, rather than trading to it only in the background. The whole vision dovetails nicely with NYC's local penetration as well, as you can ask local retailers whether they want to accept BTC at great cost and slow speed, or cut out the middle man and use the coin that powers the fastest BTC transactions directly: NYC. The vision also works with NYC's branding. The way New York City powers the world's economy, New York Coin can power the world's blockchains. A nimble, low maintenance blockchain like NYC can take BTC's overflow and fee avoidance traffic and use it to grow into a serious competitor in its own right. Step 1 We probably need to deal with NYC coin supply issues. First bitcointalk thread says max supply = 10B, first github says it's 100B, and current supply according to website is 130+B, so something is amiss. A fork has already been imagined to deal with this, and it's probably an important step. Step 2 Segwit and Lightning. I would personally donate 50,000NYC to a credible developer who could update NYC to support the lightning network, test it on a testnet and implement it as Lightning develops further. I know that isn't much, but I'll also do all I can to encourage others to donate and I expect the value of NYC to rise greatly not merely on implementing the tech, but doing so with a vision of how to use it, so a dev that hodls could do quite well. As long as we'd be getting segwit addresses and need a new prefix, may I recommend 'NYC' as the prefix instead of 'R'? It's an opportunity to extend the branding. Step 3 Support as many decentralized exchanges as possible. I know blocksnet requires OP_CHECKLOCKTIMEVERIFY and I don't know if NYC has that. I don't know what Barterdex will require. These solutions seem to require using a 3rd blockchain as intermediary, which is not ideal, but right now NYC can build a brand of accessibility while waiting for Lightning Network to develop into a more universal atomic swap option, and early adopters at the new decentralized exchanges can build brand awareness by showing up before there are too many coins there. Step 4 Increase NYC security. We'll get more miner simply by having some success and growing in price, but you want to be at the top of your algorithm or else you are vulnerable to attack. One tiny litecoin pool could 51% attack NYC right now, and fairly recently Bitconnect coin on Scrypt was successfully attacked on scrypt while it held an enormous hashrate, so only the top dog per algorithm is secure if you only use one algorithm. Digibyte has a 5 algorithm solution that requires 51% of 4, and 93% of a 5th in order to pull off the same attack, and so they're able to get a lot more security per hash than most coins. If payment processors, large retailers, maybe even banks are going to rely on us, we can't get taken down by attacks like that. We should seriously consider importing digibyte's multi algoritm security. Step 5 Be an early leader in Bitcoin fee avoidance. People already avoid fees by moving to litecoin in exchanges, sending litecoin to new location and then sometimes even converting back to bitcoin. Early lightning network won't be much less inconvenient than exchanges are now, but the more we brand NYC as a faster alternative, and to avoid fees in between various stops, the easier it is to position it once moving from one chain to another is more like changing lanes on the interstate than parking at an airport getting on a plane and flying over an ocean. We should also invest as much as possible, in the far future (late 2018, 2019) in helping to smooth out how easily lightning channels let users go back and forth between congested chains like BTC and NYC. Conclusion I've pitched this before, to Digibyte, both because they're a fast nimble chain, and because of their 5 algorithm security. But they want to do digusign and Internet of Things. NYC seems like a coin in need of a long term mission, and I believe acting as Bitcoin's backbone can provide that purpose while complementing NYC's more short term goals of local New York adoption. Given New York City's status as backbone of the world financial system, NYC's branding is compatible with being Bitcoin's backbone. So I offer this vision to you. I'm willing to donate to a credible developer who shares this vision and seems capable of implementing segwit and lightning, I'm also willing to try to persuade other users to donate as well and help them understand the importance, for whatever that's worth. I don't really expect you guys to adopt this, or probably even read my wall of text, but I wanted to take a shot. I've encouraged others to contribute as they can, and this idea is the most valuable contribution I can make. It's a good idea and someone is going to do it. Might as well be us. TL;DR As lightning network develops and atomic swaps get smoother, it could become smooth enough so that one chain like NYC could power another slower more congested chain like Bitcoin, and we could grab their overflow very smoothly while building our own profile greatly. Bitcoin wants Lightning Network for scaling, we could use it to have easier accessibility to Bitcoin users and payment processors and retailers. All bitcoin's successes could become partly ours as well. There's no sense in refighting every battle bitcoin has already fought when we could use lightning atomic swaps to reach everyone they can reach instantly. Update: Segwit/lightning have been added to the NY Coin roadmap here: https://nycoin.community/roadmap.html Donation Pledges To the New York Coin Community Development Team to support implementation of segwit and lightning, send to RGpAYLk2CtsLvBQBENQyNUhJyF8QH2zC53
Of Wolves and Weasels - Day 26 - Ch-ch-chaaanges... or not
Hey all, GoodShibe here! There's really no need to waste any time on this one, the news dropped early this morning, around 2AM EST on my watch, that our Dogecoin devs have, very quickly - as some have demanded - made a decision on how Dogecoin will change in light of the revelation that our coin is not actually hard-capped at 100 Billion coins. That decision is... to change nothing. Dogecoin co-founder ummjacksondropped the news on Github, where a lively discussion was already underway. "Thanks for contributing to this discussion. Based on everyone’s feedback, we’ve decided to leave the Dogecoin code base as it was originally released, and not implement a change. The goal for the currency is to keep approximately 100 billion coins in circulation - thus after 100 billion Dogecoins are created, rewards will continue at 10k each block. This will help maintain mining and stabilize the number of coins in circulation (considering lost wallets and various other ways coins may be destroyed) at 100 billion." The decision was shared on /Dogecointhrough this thread and while the overall reaction seemed very positive, some were not convinced: "Itt: poor shibes who want all shibes to be poor." wrote luvasugirls "I have a feeling many investors will be pulling out now, hope the coin doesn't die cause of this" wrote noelrojo "What a joke. This is unfortunate. I know a couple people who just invested thousands into this and they are pulling out now. Dogecoin may have just messed up." wrote Chase_Bristow One thing's for sure, this decision officially puts Dogecoin on the record as the first scrypt-based Cryptocurrency to eschew a hard-cap limit -- Zetacoin, a SHA-256-based coin, has no hard cap -- and thus turn from the 'norm' of enticing users by making the coin a deflationary commodity. (thanks to toddlersnake for the Zetacoin tip) What this will hold for the future of Dogecoin, no one knows. But with Bitcoin still over a century away from being fully mined - with some saying that Bitcoin may never actually be fully mined - and Litecoin not scheduled to reach it's first halving until October 2015, it will still be quite some time before we get to measure the real-world effects of a successful 'Deflationary' cryptocurrency. Hard-break. Okay, 'news article' aside, for my money - whatever I have 'invested' in Dogecoin - I personally feel encouraged by this response. My personal long-view for the currency has always been that DOGE is fantastic for small-to-medium sized online transactions - a currency to be used and mined and shared by everyone. Does this mean that those who've heavily invested in Dogecoin in the early days won't see a profit? Well, they now have a year and Five Halvings to make their decision on whether Dogecoin will offer a significant, continued ROI (return on investment) as compared to what ever 'inflation' that adding extra coins to the supply might bring. Personally, I suspect that much of the hullabaloo is, in fact, smoke and mirrors and that, if there is some secret contingent of massive investors willing to pull out now - before even the first halving - then I welcome them to do exactly that. You see, from what I've been reading, there are lots of poor and middle-class shibes who've been pooling their assets, just waiting in the wings for an opportunity to snap up some cheap coins. I've long said, and I believe it to be true, that the true strength and 'value' of Dogecoin is not in the coin, but the community - and this decision, how it effects us moving forward, will be entirely decided by how - or not - our Community decides to react to the news. Should we begin spreading FUD (fear, uncertainty and doubt) about our future, then that's what will propagate. But, you know, my grandpa taught me a simple lesson long ago: 'Do something well, do it consistently, and they will find you'. All we have to do is keep being an awesome community. Keep working on the outreach, keep making it easier for people to get, share and use their coins. Keep opening up new avenues for people to join in. Keep tipping. Keep on having fun. And they'll find us. If you're looking for some DOGE-related things to keep you busy and/or interested -- because, let's be honest, the other parts of Reddit fell away a long time ago (I've gotten to the point now where, when all the links on /Dogecoin are spent it's like 'man, nothing new on Reddit' sad face) -- take a look at today's events:
dogedoughdoe would like you to know that /Dogetales is having its first voting session on its very first short-story contest. Pop on over there for some good reads and help decide their first winner!
I've got a contest thread up, right now, looking for help designing a new logo for my website GoodShibe.com -- if you're interested, please pop over there and take a look. Deadline for entry is 11:59 PM EST, Monday, February 3rd, 2014
If you've got an event going on today and want it shared here, please post in the comments and I'll put it up.
If you have anything you'd like to see added to the above segments - especially if you know of a shibe who deserves the spotlight for their actions - please let me know in the comments below. It's 9:08AM EST and we're at 41.56% of DOGEs found. Our Global Hashrate is spiking from ~88 to ~99 Gigahashes per second but our Difficulty is holding steady at ~1178 after a massive drop from ~1460 about an hour or so ago. Keep hitting those mines, my friends - we've got less than 2 weeks until our first Halving. As always, I appreciate your support! GoodShibe TL;DR: Dogecoin will not become a 'Deflationary' Currency. Some are not happy about this. Many are. EDIT: For those worrying about the daily price of DOGE, unless you're looking to buy, don't worry about it too much until after the Halvening. I've been predicting for a while now that in the run-up to the Halvening there'd be a massive push to bring DOGE down so that people can do one last buy-in before it halves. This is, mostly, what's going on. If you're looking to buy, keep an eye on the markets - these next two weeks are going to be hell for day-traders. EDIT 2: For those looking for a crash-course in Shibe-onomics - what all this means anyway - check out sorryyousuck's excellent primer, HERE
Auroracoin (AUR) — Briefly the Number Two Cryptocurrency — Destroyed On Airdrop Impact
https://preview.redd.it/1933h2tyz3421.png?width=300&format=png&auto=webp&s=cda131cfb1ee9c33faa00f3c053d30c6507fb836 https://cryptoiq.co/auroracoin-aur-briefly-the-number-two-cryptocurrency-destroyed-on-airdrop-impact/ The War On Shitcoins Episode 3: Auroracoin (AUR). The war on shitcoins is a Crypto.IQ series that targets and shoots down cryptocurrencies that are not worth investing in either due to their being scams, having serious design flaws, being centralized, or in general just being worthless copies of other cryptocurrencies. There are thousands of shitcoins that are ruining the markets, and Crypto.IQ intends to expose all of them. The crypto space needs an exorcism, and we are happy to provide it. Back in the early days of crypto when there were less than 140 cryptocurrencies listed on CoinMarketCap versus nearly 2,100 cryptocurrencies today, Auroracoin (AUR) briefly became the second most valuable cryptocurrency on March 4, 2014, when its price peaked at $98. This corresponded to a market cap in excess of $1 billion at a time when Bitcoin’s (BTC) market cap was only $7 billion. But this ended up being one of the most vicious pump and dumps in the early days of altcoins since a mere two days later AUR’s price was already more than 80 percent lower. The reason AUR gained such a high market cap, if only briefly, is that it brought forth the original concept of national airdrops. It could also be considered the first attempt at a national cryptocurrency. The idea was that AUR would be distributed for free to all citizens of Iceland who signed up and that this would drastically increase cryptocurrency adoption in Iceland. AUR was mineable via Scrypt Proof of Work (PoW), and the mining community believed in AUR’s potential for becoming the national cryptocurrency of Iceland. Also, AUR was very scarce before the airdrop. Only 2.5 AUR were being distributed per minute via mining, and this scarcity automatically increased its value. There was a time when AUR was increasing beyond anyone’s expectations just before the airdrop, and numerous speculators jumped into the market only to experience catastrophic losses. But the extremely rapid price peak and subsequent crash is an excellent example of a pump and dump. Ultimately the citizens of Iceland who signed up likely dumped their AUR immediately for cash profits versus using or adopting AUR. Thus, the original purpose for which Auroracoin was built ended up being its biggest weakness, making Auroracoin a prime example of why national airdrops — and perhaps airdrops in general — do not work. At the point the airdrop occurs, the market becomes saturated, creating strong selling pressure. The Auroracoin airdrop occurred in 3 phases. On March 24, 2014, 31.8 AUR were given to each Icelandic citizen who signed up. Right before the airdrop started, the Auroracoin market cap was $163 million, and less than a week later it had crashed to $20 million. The earliest Icelanders who received their share of 31.8 AUR got an impressive $400, which explains why they immediately cashed out. By the time phase 1 of the airdrop ended in late July, 1.127 million AUR had been distributed across Iceland, and AUR’s market cap had been completely plundered to less than $170,000. Phase 2 of the airdrop immediately began when phase 1 ended, and the share per citizen drastically increased to 318 AUR to account for the fall in price. This amounted to about $30, however. By the time phase 2 ended, 1.6 million AUR were distributed, and AUR’s market cap was solidly less than $100,000. Phase 3 of the airdrop then began, and the reward was doubled to 636 AUR per citizen. 1.7 million AUR were distributed by the time the airdrop ended in late March 2015, and the AUR market cap had declined to less than $40,000. Essentially, speculators and miners worldwide invested heavily into AUR during early 2014 in the hopes that a national airdrop would make AUR a strong cryptocurrency long term. In the end, the airdrop sucked all of the money out of the AUR market. This represented a redistribution of wealth from people in the crypto space who cared about Auroracoin to about 45,000 citizens in Iceland who didn’t. With the airdrop completed and no more purpose left for Auroracoin, the developers pulled one final trick in April 2015 and burned 5.3 million unclaimed AUR. This led to a speculative rally that increased the Auroracoin market cap back to $450,000. Shockingly, in March 2018, AUR’s market cap increased to $20 million on strong buying pressure. This showed the tremendous disconnect between the crypto rally and reality. AUR had already been proven to be a failure more than three years earlier. Currently, Auroracoin has a market cap of $1.6 million despite the fact that AUR has practically no community and no purpose. The trading volume is less than 0.2 Bitcoins (BTC) per day, and confined to the small exchanges Cryptopia and YoBit. This shows how shitcoins with no real trading activity or value can have a market cap in excess of $1 million, proving how meaningless market cap can be at measuring a cryptocurrency’s investment worthiness.
[Serious, long] My thoughts on what next for Dogecoin
There’s been a lot of discussion in recent days about the decreasing price of Dogecoin, as well as the risk of a 51% attack from Wafflepool or similar. I wanted to do a wrap-up of the discussions happening amongst the developers of the last few weeks, partly to illustrate that we are looking at options, but mostly to talk about what is happening. Please note that this is all rapidly changing. Dogecoin is actually moving at breakneck speed for a project of its size, especially as we still have a relatively limited core team. This is part of why we don’t write posts very often, as they become out of date so quickly as new arguments and facts are presented. Lets talk about 51% attacks first. The theory is that if anyone has over 51% of the total hashing power of the network, they can form a blockchain of their own which is considered “more valid” than the blockchain most users are on. This is because cryptocurrency blockchains are secured through proof of work, and therefore more work on a chain makes it, in essence, more valid. This risks an attacker spending coins on one chain, then releasing their own private, longer, blockchain. That latter blockchain replaces the original blockchain, and the coins they spent on the original blockchain are effectively returned to them as if the transactions never happened. It’s important to understand this because I hear suggestions that Wafflepool shouldn’t accept over 51% of the network hashrate, and unfortunately all this would do is hide the risk. Having one pool own over 51% of the network hashrate is not a problem if it’s actually being used to mine, but instead if it’s used to create a personal blockchain. The other issue raised is one of price; we’ve been steadily dropping since around early February. The core of my answers here is that you need to consider demand vs supply. What happened back in February was that we saw a surge in demand beyond sustainable levels, likely in a form of tulip mania. As supply continued (mining), and demand dropped-off, our price has dropped. This has been worsened by a succession of bad news affecting Bitcoin (MtGox and other exchanges struggling, uncertainty of China and Russia, etc.), which both directly brings down our price, as well as undermining confidence in the entire cryptocurrency ecosystem. It has been suggested (and I can believe this, but have not done my own analysis) that as multipools continue to dominate Dogecoin mining, and they tend to sell coins directly, that they are further reducing the price. Specifically, given that while there is demand for further coins from miners, as they have already expended resources on mining hardware they cannot then purchase the cheap coins the mining pools are producing. Lastly, there’s the question of ASICs; these are specialised mining devices which are significantly faster than CPU/GPU mining hardware, and typically cheaper to run due to reduced power and space requirements. Their introduction into mining at the moment leaves vastly disproportionate mining power in the hands of a few (there’s one individual with a hashrate of around 20GH/s, for example), and in time is likely to make mining on commodity hardware infeasible. We’ve had a lot of suggestions for what to do; change proof of work algorithm, add multiple proof of work algorithms, move to proof of stake, merge-mine with Litecoin, have DigiShield merge-mine with us. We’ve considered everything, and then some; I’m not sure how much discussion has happened in total, but I’ve spent over a dozen hours looking at these issues on IRC. In virtually all cases, the majority of people with the skills to implement these changes have rejected them as too high risk and/or having other significant drawbacks. In summary:
Changing proof of work introduces a number of risks; potential for a bug in the change to cause serious consequences (see recent the issue withCleanWaterCoin for examples),that we don’t manage to get a majority updated before fork and end up effectively 51% attacking our own blockchain (not to mention that at least one exchange frequently misses these updates and causes problems as a result), that the algorithm itself has problems (see the long term issues of multipools managing to exploit “random” block rewards), or we simply lose users/merchants who are fed up constantly updating software.
As a less technical concern; personally I’m uncomfortable knowingly make changes which intentionally introduce unneeded inefficiencies, which mean consumption of vastly more resources (electricity, and by proxy fossil/nuclear fuels). I imagine I’ll be swamped by shibes running geothermal mining facilities at the end of this post…
Changing to proof of stake (and this is particularly relevant in context of my previous comment) is interesting, however right now I don’t feel I personally know enough to make a judgement on how to make the jump safely and efficiently. Statistician/economist shibes, I’d love to hear more from you.
While I don’t like the idea of changing proof of work, I’m also pragmatic about these things; I am trying to find time to read up on Myriadcoin‘s multiple-PoW support, and in particular considering whether it could be hooked into the code without necessarily enabling it right now, as a harness for potential future changes.
Merged mining with Litecoin (and thanks to Charlie Lee for the invitation, of course) would likely help us mitigate 51% attack risks, by merging our mining power together, however it would introduce what have so far been considered undue issues for our mining community. Specifically, merged mining would require significant changes to mining infrastructure, adopting either p2pool or a mining proxy. Many have raised concerns that LTC miners would simply dump DOGE; personally I believe we could have an LTC/DOGE swap doing in the p2pool layer to give each miner whichever coin they prefer, to mitigate this, so this is not a risk I consider a major issue. There are also concerns that we would always be the secondary coin to LTC; personally I’d have considered a pre-defined block at which we de-merge a requirement, but again this isn’t a route we’re taking, I am just going through the evaluation I have done for reference.
Having smaller coins merge with us is interesting, however given our size in proportion to those coins, and that they are likely to be reluctant to merge with us (as we are reluctant to merge with Litecoin), I’m not expecting to see much progress in this area. We have made the invitation to DigiByte however.
The best suggestion we have so far is to out-do the multipools directly, by working on open source multipool software which is more DOGE-friendly. As I understand it two key approaches are being considered for improving DOGE-friendliness; either by directly exchanging other coins to DOGE, or through improved trading algorithms which result in less sharp shocks to the price. For very large mining farms such as SFire’s, it’s hoped this will cause them to separate from the mining pools (which they pay fees to) and go solo. This reduces fees for the miner, as well as reducing the ability for DDoS attacks to be targeted at them, and for us it reduces risk of a 51% attack, improves confidence in the coin security, and enables us to better mitigate impact of people mining huge quantities to sell. Meanwhile, the main focus is on making Dogecoin (and cryptocurrencies in general) a viable way of moving value around. The 1.7 client (beta release is imminent, and in fact if you’re comfortable compiling it yourself, the code is available from https://github.com/dogecoin/dogecoin/tree/v1.7.0-Beta-1 ) is a major re-write of Dogecoin Core to base it on the Bitcoin Core 0.9 client (with Scrypt added in, of course). This gives us significant performance improvements, as well as a better underlying architecture. To repeat; this will not be a required update, although it will be strongly encouraged as it’s a huge leap forward technologically. One of the features which is currently not working in 1.7, but will be for release, is the Bitcoin payment protocol, which massively improves the payment request/receiving process for merchants. Fundamentally 1.7 is intended to prove we have the technical skills to maintain a stable, useful coin, and help drive/support adoption. Once 1.7 is done, my immediate priority is technical documentation; we have a security specialist currently working on a guide to cryptocurrency security (setup, risks, best practices, etc.), to help give merchants and exchanges an in-depth understanding of how to securely use cryptocurrency. I’ll be addressing the need for formal standards in Dogecoin, and preparing RFCs for the “dogecoin:” URI and relay network protocol for submission to the IETF (and IANA for the URI). Lastly; there was a post recently about the need for multi-signature addresses; I’d like to add my own “hell yes!” to that, although obviously I have to prioritise. If anyone else can look at these, that would be fantastic. For anyone wanting a more permanent link, there's a copy of this on my blog ( http://jrn.me.uk/wp/what-next-for-dogecoin-mid-april-2014/ ), however posting as full text here as probably easier for most people, and I'm not sure my server would survive a reddit hug! Edit: It's been pointed out that there's no verification of the problems with Blackcoin, and the source alleging problems has a serious credibility issue. Have removed the reference now.
Edit: Day 19 facepaw Hey all, GoodShibe here! Before we begin today, I wanted to share a bit of good news: I've started goodshibe.com - right now it's an archive of these posts that I've made on Reddit, and it's very, very basic. We'll see what the community wants and we'll grow from there. (There was mention of a podcast a while back, don't know if that's do-able, or wanted, but it's something to consider). Just to be clear: there's no plans to move my posts off of Reddit to there -- heck, you guys are the reason I do all this -- but at least this way, it gives me some room to play (if I manage to keep on putting out quality material that you enjoy) :D) Moving on! So... that was an interesting night, huh? For those who might've missed the fireworks, our Difficulty spiked to just over ~1771 last night from a lull of ~1018. A ramp up that took about an hour to kick in and held for about a solid 2 and a half hours before dropping back down to a more normalized (I can't believe I just said that) ~1233. Yesterday was also the second time, in under 24 hours that our global hashrate spiked to over 100 Gigahashes per second. The first one, early Friday morning, made the bigger impact at ~114 Gigahashes while the second, just under 24 hours apart, near the same time period this Saturday, hit with slightly less force at 103 Gigahashes. What's interesting is that the earlier spike - lasting just barely over an hour - had no discernible effect on overall difficulty, whereas this second spike seems to correlate strongly with a massive spike in difficulty. (There's usually somewhat of a delay between a GHs spike and a spike in difficulty -- usually from pools already being mid-block, etc). Now if you watch the global hashrate long enough you'll see that spikes are pretty common - we're not all sure where they come from, but they do happen somewhat regularly. What was interesting about last night's was how it got sold to the Dogecoin crowd: Watch out: 'The Litecoiners are pissed and they're coming to ruin your currency'. Which is pretty much the most ridiculous thing I've ever heard. The main reason for this breaks down to simple Greed: Dogecoin is a freaking Goldmine to the Litecoin crowd right now - that's one major reason why our Global Hashrate jumped the way it did about a week or so ago. DOGE blocks come fast and even at our 'high' difficulty, it's really simple for them to make $10-15 per night off of the rigs they've built to handle Litecoin's difficulty (which, for comparison, has dropped to ~3130 from a high of ~3998). Trading DOGE to LTC seems to be quite a profitable endeavor. Now, yes, there may be Litecoiners who are super-patriotic and only want to see DOGE crash and burn -- but I think, for the long haul, the majority of those same people will pooh-pooh us in public then secretly point their monster rigs at DOGE when no one's looking. And, short of some sudden community desire to derail their own gravy train, this is pretty much guaranteed to continue until the halving, at the very least. I mean, to look at this positively, most of the Litecoiners I've actually met are smart folks - they understand that a cryptocurrency that brings new people into the fold, and makes it easier for others to get into (and understand) the game, only helps everyone. More money in the system makes cryptocurrency, as a whole, more robust. People invested in the concept of cryptos (miners) are not going to go out of their way to tear down a system, let alone a profitable system. There's also an idea that the Litecoiners would move all their hashes to DOGE in the hopes of causing a 51% attack. Which, again, derailing the gravy train seems like a dumb idea -- but I can see where that worry stems from as there is some data to show that there's been a significant migration away from LTC since January 19th: LTC Global Hashrates are down over 79 GHs -- from a high of 143.6 GHs on Jan 19th to 64.4 GHs as of today. On January 19th, I noted that our Global Hashrate was ~55 GHs and our difficulty was ~682. We're currently sitting at ~99 GHs and our difficulty is still at ~1233. So either Litecoiners are making up ~80% of our current Global Hashrate anyway, or, more likely, that large hashrate has become fragmented as miners move on to other profitable scrypt coins as well. There has also been some talk about Botnets coming online - that maybe these spikes are from some massive botnet being pointed at our direction. Which... well, that has more of an air of possibility to it. Bitcoin is famous for its botnet miners - back in December ESEA, a gaming company, was slapped with a $350,000 fine for sneaking a trojan into their client-side software that essentially turned their users into one big Bitcoin-Mining Botnet. Could that happen with LTC? Some say it's already underway. I've yet to see any solid data to support it - but if it were true, it'd be quite easy to point that thing our way. What would that mean for us? Short term, a huge spike in difficulty, a spike in hashrates and a bunch of DOGE that the user could hold or sell off at their whim. Would it be enough to cause damage to our market? Not really, considering these spikes have been, at most, an hour or two in length. But it is something to think about and be aware of, especially as we move forward toward The Halving on February 14th. It's 9:02 AM EST, we're at 36.55% of coins mined (compared to yesterday's 35.91%) and our Global Hashrate is on the up swing from 95 to 101 Gigahashes per second. Our Difficulty is holding steady at ~1233. DOGEs are also on an upswing after a pretty big dip to ~190 earlier this morning, currently ranging from 194 to 211, depending on where you look. As always, I appreciate your support! GoodShibe
The pools are all reporting the wrong network data (I hope its this - but the rate of discovery of blocks by pools would suggest otherwise)”
(https://bitcointalk.org/index.php?topic=583449.msg6782852#msg6782852) -2192: “New source (0.8.8.1) is up with optimizations in the hashing. Hashrate should go up ~4x or so, but may have CPU architecture dependence. Windows binaries are up as well for both 64-bit and 32-bit." (https://bitcointalk.org/index.php?topic=583449.msg6788812#msg6788812) [eizh makes official announce of last miner optimization, it is may 17th] -2219: (https://bitcointalk.org/index.php?topic=583449.msg6792038#msg6792038) [wolf0 is part of the monero community for a while, discussing several topics as botnet mining and miner optimizations. Now spots security flaws in the just launched pools] -2301: "5x optimized miner released, network hashrate decreases by 10% Make your own conclusions. :|" (https://bitcointalk.org/index.php?topic=583449.msg6806946#msg6806946) -2323: "Monero is on Poloniex https://poloniex.com/exchange/btc_mro" (https://bitcointalk.org/index.php?topic=583449.msg6808548#msg6808548) -2747: "Monero is holding a $500 logo contest on 99designs.com now: https://99designs.com/logo-design/contests/monero-mro-cryptocurrency-logo-design-contest-382486" (https://bitcointalk.org/index.php?topic=583449.msg6829109#msg6829109) -2756: “So... ALL Pools have 50KH/s COMBINED. Yet, network hash is 20x more. Am i the only one who thinks that some people are insta mining with prepared faster miners?” (https://bitcointalk.org/index.php?topic=583449.msg6829977#msg6829977) -2757: “Pools aren't stable yet. They are more inefficient than solo mining at the moment. They were just released. 10x optimizations have already been released since launch, I doubt there is much more optimization left.” (https://bitcointalk.org/index.php?topic=583449.msg6830012#msg6830012) -2765: “Penalty for too large block size is disastrous in the long run. Once MRO value increases a lot, block penalties will become more critical of an issue. Pools will fix this issue by placing a limit on number and size of transactions. Transaction fees will go up, because the pools will naturally accept the most profitable transactions. It will become very expensive to send with more than 0 mixin. Anonymity benefits of ring signatures are lost, and the currency becomes unusable for normal transactions.” (https://bitcointalk.org/index.php?topic=583449.msg6830475#msg6830475) -2773: "The CryptoNote developers didn't want blocks getting very large without genuine need for it because it permits a malicious attack. So miners out of self-interest would deliberately restrict the size, forcing the network to operate at the edge of the penalty-free size limit but not exceed it. The maximum block size is a moving average so over time it would grow to accommodate organic volume increase and the issue goes away. This system is most broken when volume suddenly spikes." (https://bitcointalk.org/index.php?topic=583449.msg6830710#msg6830710) -3035: "We've contributed a massive amount to the infrastructure of the coin so far, enough to get recognition from cryptonote, including optimizing their hashing algorithm by an order of magnitude, creating open source pool software, and pushing several commits correcting issues with the coin that eventually were merged into the ByteCoin master. We also assisted some exchange operators in helping to support the coin. To say that has no value is a bit silly... We've been working alongside the ByteCoin devs to improve both coins substantially." (https://bitcointalk.org/index.php?topic=583449.msg6845545#msg6845545) [tacotime defends the Monero team and community of accusations of just “ripping-off” others hard-work and “steal” their project] -3044: "image" (https://bitcointalk.org/index.php?topic=583449.msg6845986#msg6845986) [Monero added to coinmarketcap may 21st 2014] -3059: "You have no idea how influential you have been to the success of this coin. You are a great ambassador for MRO and one of the reasons why I chose to mine MRO during the early days (and I still do, but alas no soup for about 5 days now)." (https://bitcointalk.org/index.php?topic=583449.msg6846509#msg6846509) [random user thanks smooth CONSTANT presence, and collaboration. It is not all FUD ;)] -3068: "You are a little too caught up in the mindset of altcoin marketing wars about "unique features" and "the team" behind the latest pump and dump scam. In fact this coin is really little more than BCN without the premine. "The team" is anyone who contributes code, which includes anyone contributing code to the BCN repository, because that will get merged as well (and vice-versa). Focus on the technology (by all accounts amazing) and the fact that it was launched in a clean way without 80% of the total world supply of the coin getting hidden away "somewhere." That is the unique proposition here. There also happens to be a very good team behind the coin, but anyone trying too hard to market on the basis of some "special" features, team, or developer is selling you something. Hold on to your wallet." (https://bitcointalk.org/index.php?topic=583449.msg6846638#msg6846638) [An answer to those trolls saying Monero has no innovation/unique feature] -3070: "Personally I found it refreshing that Monero took off WITHOUT a logo or a gui wallet, it means the team wasn't hyping a slick marketing package and is concentrating on the coin/note itself." (https://bitcointalk.org/index.php?topic=583449.msg6846676#msg6846676) -3119: “image” [included for the lulz] -3101: "[…]The main developers are tacotime, smooth, NoodleDoodle. Some needs are being contracted out, including zone117x, LucasJones, and archit for the pool, another person for a Qt GUI, and another person independently looking at the code for bugs." (https://bitcointalk.org/index.php?topic=583449.msg6848006#msg6848006) [the initial "core team" so far, eizh post] -3123: (https://bitcointalk.org/index.php?topic=583449.msg6850085#msg6850085) [fluffy steps-in with an interesting dense post. Don’t dare to skip it, worthwhile reading] -3127: (https://bitcointalk.org/index.php?topic=583449.msg6850526#msg6850526) [fluffy again, worth to read it too, so follow link, don’t be lazy] -3194: "Hi guys - thanks to lots of hard work we have added AES-NI support to the slow_hash function. If you're using an AES-NI processor you should see a speed-up of about 30%.” (https://bitcointalk.org/index.php?topic=583449.msg6857197#msg6857197) [flufflypony is now pretty active in the xmr topic and announces a new optimization to the crippled miner] -3202: "Whether using pools or not, this coin has a lot of orphaned blocks. When the original fork was done, several of us advised against 60 second blocks, but the warnings were not heeded. I'm hopeful we can eventually make a change to more sane 2- or 2.5-minute blocks which should drastically reduce orphans, but that will require a hard fork, so not that easy." (https://bitcointalk.org/index.php?topic=583449.msg6857796#msg6857796) [smooth takes the opportunity to remember the need of bigger target block] -3227: “Okay, optimized miner seems to be working: https://bitcointalk.org/index.php?topic=619373” [wolf0 makes public his open source optimized miner] -3235: "Smooth, I agree block time needs to go back to 2 minutes or higher. I think this and other changes discussed (https://bitcointalk.org/index.php?topic=597878.msg6701490#msg6701490) should be rolled into a single hard fork and bundled with a beautiful GUI wallet and mining tools." (https://bitcointalk.org/index.php?topic=583449.msg6861193#msg6861193) [tail emission, block target and block size are discussed in the next few messages among smooth, johnny and others. If you want to know further about their opinions/reasonings go and read it] -3268: (https://bitcointalk.org/index.php?topic=583449.msg6862693#msg6862693) [fluffy dares another user to bet 5 btc that in one year monero will be over dash in market cap. A bet that he would have lost as you can see here https://coinmarketcap.com/historical/20150524/ even excluding the 2M “instamined” coins] -3283: "Most of the previous "CPU only" coins are really scams and the developers already have GPU miner or know how to write one. There are a very few exceptions, almost certainly including this one. I don't expect a really dominant GPU miner any time soon, maybe ever. GPUs are just computers though, so it is certainly possible to mine this on a GPU, and there probably will be a some GPU miner, but won't be so much faster as to put small scale CPU miners out of business (probably -- absent some unknown algorithmic flaw). Everyone focuses on botnets because it has been so long since regular users were able to effectively mine a coin (due to every coin rapidly going high end GPU and ASIC) that the idea that "users" could vastly outnumber "miners" (botnet or otherwise) isn't even on the radar. The vision here is a wallet that asks you when you want to install: "Do you want to devote some of you CPU power to help secure the network. You will be eligible to receive free coins as a reward (recommended) [check box]." Get millions of users doing that and it will drive down the value of mining to where neither botnets nor professional/industrial miners will bother, and Satoshi's original vision of a true p2p currency will be realized. That's what cryptonote wants to accomplish with this whole "egalitarian mining" concept. Whether it succeeds I don't know but we should give it a chance. Those cryptonote guys seem pretty smart. They've probably thought this through better than any of us have." (https://bitcointalk.org/index.php?topic=583449.msg6863720#msg6863720) [smooth vision of a true p2p currency] -3318: "I have a screen shot that was PMed to me by someone who paid a lot of money for a lot of servers to mine this coin. He won't be outed by me ever but he does in fact exist. Truth." (https://bitcointalk.org/index.php?topic=583449.msg6865061#msg6865061) [smooth somehow implies it is not botnets but an individual or a group of them renting huge cloud instances] -3442: "I'm happy to report we've successfully cracked Darkcoin's network with our new quantum computers that just arrived from BFL, a mere two weeks after we ordered them." [fluffy-troll] -3481: “Their slogan is, "Orphaned Blocks, Bloated Blockchain, that's how we do"" (https://bitcointalk.org/index.php?topic=583449.msg6878244#msg6878244) [Major FUD troll in the topic. One of the hardest I’ve ever seen] -3571: "Tacotime wanted the thread name and OP to use the word privacy instead of anonymity, but I made the change for marketing reasons. Other coins do use the word anonymous improperly, so we too have to play the marketing game. Most users will not bother looking at details to see which actually has more privacy; they'll assume anonymity > privacy. In a world with finite population, there's no such thing as anonymity. You're always "1 of N" possible participants. Zero knowledge gives N -> everyone using the currency, ring signatures give N -> your choice, and CoinJoin gives N -> people who happen to be spending around the same amount of money as you at around the same time. This is actually the critical weakness of CoinJoin: the anonymity set is small and it's fairly susceptible to blockchain analysis. Its main advantage is that you can stick to Bitcoin without hard forking. Another calculated marketing decision: I made most of the OP about ring signatures. In reality, stealth addressing (i.e. one-time public keys) already provides you with 90% of the privacy you need. Ring signatures are more of a trump card that cannot be broken. But Bitcoin already has manual stealth addressing so the distinguishing technological factor in CryptoNote is the use of ring signatures. This is why I think having a coin based on CoinJoin is silly: Bitcoin already has some privacy if you care enough. A separate currency needs to go way beyond mediocre privacy improvements and provide true indistinguishably. This is true thanks to ring signatures: you can never break the 1/N probability of guessing correctly. There's no additional circumstantial evidence like with CoinJoin (save for IP addresses, but that's a problem independent of cryptocurrencies)." (https://bitcointalk.org/index.php?topic=583449.msg6883525#msg6883525) [Anonymity discussions, specially comparing Monero with Darkcoin and its coinjoin-based solution, keep going on] -3593: "Transaction fees should be a fixed percentage of the block reward, or at the very least not be controllable by the payer. If payers can optionally pay more then it opens the door for miner discrimination and tx fee bidding wars." (https://bitcointalk.org/index.php?topic=583449.msg6886770#msg6886770) [Johnny Mnemonic is a firm defender of fixed fees and tail emission: he see the “fee market” as big danger to the usability of cryptocurrencies] -3986: (https://bitcointalk.org/index.php?topic=583449.msg6930412#msg6930412) [partnership with i2p] -4373: “Way, way faster version of cpuminer: https://bitcointalk.org/index.php?topic=619373” (https://bitcointalk.org/index.php?topic=583449.msg6993812#msg6993812) [super-optimized miner is finally leaked to the public. Now the hashrate is 100 times bigger than originally with crippled miner. The next hedge for "cloud farmers" is GPU mining] -4877: “1. We have a logo! If you use Monero in any of your projects, you can grab a branding pack here. You can also see it in all its glory right here: logo […] 4. In order to maintain ISO 4217 compliance, we are changing our ticker symbol from MRO to XMR effective immediately." (https://bitcointalk.org/index.php?topic=583449.msg7098497#msg7098497) [Jun 2nd 2014] -5079: “First GPU miner: https://bitcointalk.org/index.php?topic=638915.0” (https://bitcointalk.org/index.php?topic=583449.msg7130160#msg7130160) [4th June: Claymore has developed the first CryptoNight open source and publicly available GPU miner] -5454: "New update to my miner - up to 25% hash increase. Comment and tell me how much of an increase you got from it: https://bitcointalk.org/index.php?topic=632724" (https://bitcointalk.org/index.php?topic=583449.msg7198061#msg7198061) [miner optimization is an endless task] -5464: "I have posted a proposal for fixed subsidy: https://bitcointalk.org/index.php?topic=597878.msg7202538#msg7202538" (https://bitcointalk.org/index.php?topic=583449.msg7202776#msg7202776) [Nice charts and discussion proposed by tacotime, worth reading it] -5658: "- New seed nodes added. - Electrum-style deterministic wallets have been added to help in the recovery of your wallet should you ever need to. It is enabled by default." (https://bitcointalk.org/index.php?topic=583449.msg7234475#msg7234475) [Now you can recover your wallet with a 24 word seed] -5726: (https://bitcointalk.org/index.php?topic=583449.msg7240623#msg7240623) [Bitcoin Pizza in monero version: a 2500 XMR picture sale (today worth ~$20k)] -6905: (https://bitcointalk.org/index.php?topic=583449.msg7386715#msg7386715) [Monero missives: CryptoNote peer review starts whitepaper reviewed)] -7328: (https://bitcointalk.org/index.php?topic=583449.msg7438333#msg7438333) [android monero widget built] This is a dense digest of the first several thousand messages on the definitive Monero thread. A lot of things happened in this stressful days and most are recorded here. It can be summarized in this:
28th April: Othe and zone117x assume the GUI wallet and CN pools tasks.
30th April: First NoodleDoodle's miner optimization.
11th May: First Monero exchanger
13th May: Open source pool code is ready.
16th May: First pool mined block.
19th May: Monero in poloniex
20th May: Monero +1100 bitcoin 24h trading volume in Poloniex.
21st May: New official miner optimization x4 speed (accumulated optimization x12-x16). Open source wolf0's CPU miner released.
25th May: partnership with i2p
28th May: The legendary super-optimized miner is leaked. Currently running x90 original speed. Hedge of the "cloud farmers" is over in the cpu mining.
2nd June: Monero at last has a logo. Ticker symbol changes to the definitive XMR (former MRO)
4th June: Claymore's open source GPU miner.
10th June: Monero's "10,000 bitcoin pizza" (2500 XMR paintig). Deterministic seed-based wallets (recover wallet with a 24 word seed)
March 2015 – tail emission added to code
March 2016 – monero hard forks to 2 min block and doubles block reward
There basically two things in here that can be used to attack Monero:
Crippled miner Gave unfair advantage to those brave enough to risk money and time to optimize and mine Monero.
Fast curve emission non-bitcoin-like curve as initially advertised and as it was widely accepted as suitable
Though we have to say two things to support current Monero community and devs:
The crippled miner was coded either by Bytecoin or CryptoNote, and 100% solved within a month by Monero community
The fast curve emission was a TFT miscalculation. He forgot to consider that as he was halving the block target he was unintentionally doubling the emission rate.
Bitcoin Discussion General discussion about the Bitcoin ecosystem that doesn't fit better elsewhere. News, the Bitcoin community, innovations, the general environment, etc. Discussion of specific Bitcoin-related services usually belongs in other sections. When Bitcoin was first created it was mined using just a cpu and only used as a mess about hacking currency but also just to see if we could do it in the first place. Then can the greed came in, which moved it onto GPUs which is fair enough, just like the internet, it spread and became more or le... Payments with BTC or transactions of any kind are looked down upon. BCH is a Bitcoin-based network who believes blocks should be slightly larger, but they also have developers in charge of the rules just like BTC, and they believe that Bitcoin should be pigeon-holed into only being used for retail business, but nothing more. The network changes rules every six months. Any non-retail ... See our list of new cryptocurrencies added and tracked recently. We list brand new mineable coins, ERC-20 tokens, DeFi tokens and more Bitcoin BTC Scrypt Exchange Sign in to follow this . Followers 20. Bitcoin BTC Scrypt Exchange. By Jimmy, September 11, 2013 in CRYPTOCURRENCY ECONOMICS. bitcoin; btc; scrypt; exchange; cryptocoin; cryptocurrency; crypto-currency ...
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