Bitcoin Halving 2020: Some FAQs on What It Is and Why It ...

[ANN][ANDROID MINING][AIRDROP] NewEnglandcoin: Scrypt RandomSpike

New England
New England 6 States Songs:
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)
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 How to CPU Mine NewEnglandcoin (NENG) in Windows 10 Part 2
How to CPU Mine NewEnglandcoin (NENG) in macOS
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:
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:
NENG v1.4.0 Android Mining, randomSpike Evaluation
RandomSpike - NENG core v1.3.0 Hardfork Upgrade Proposal
NENG Security, Decentralization & Valuation
Whitepaper v1.0
Step by step guide on how to setup an explorer:
Android with UserLand App (arm64/armhf), Chromebook (x64/arm64/armhf):
Linux Wallet (Ubuntu/Linux Mint, Debian/MX Linux, Arch/Manjaro, Fedora, openSUSE):
MacOS Wallet (10.11 El Capitan or higher):
Android with GNUroot on 32 bits old Phones (alpha release) wallet:
Windows wallet:
addnode ip address for the wallet to sync faster, frequently updated conf file:
How to Sync Full Node Desktop Wallet
Cheetah CPU Miner Software
Solo Mining with GPU or ASIC
How to Run Two Full Node in Same Desktop PC
ASIC/GPU Mining Pools Warning to Big ASIC Miners Due to DynDiff Algo on top of Scrypt, solo mining is recommended for ASIC/GPU miners. Further more, even for mining pools, small mining pool will generate better performance than big NENG mining pool because of new algo v1.2.x post hard fork.
The set up configuration of NENG for scrypt pool mining is same as a typical normal scrypt coin. In other word, DynDiff on Scrypt algo is backward compatible with Scrypt algo. Because ASIC/GPU miners rely on CPU miners for smooth blockchain movement, checkout bottom of "Latest News" section for A WARNING to All ASIC miners before you decide to dump big ASIC hash rate into NENG mining.
(1) Original DynDiff Warning: (2) New Warning on RandomSpike Spike difficulty (244k) introduced in RandomSpike served as roadblocks to instant mining and provide security against 51% attack risk. However, this spike difficulty like a roadblock that makes big ASIC mining less profitable. In case of spike block to be mined, the spike difficulty immediately serve as base difficulty, which will block GPU/ASIC miners effectively and leave CPU cheetah solo miners dominating mining almost 100% until next base difficulty reset.
Cminors' Pool
Features: anonymous sign up and trading. No restriction or limit on deposit or withdraw.
The trading pairs available: NewEnglandcoin (NENG) / Dogecoin (DOGE)
Trading commission: A round trip trading will incur 0.10% trading fees in average. Fees are paid only on buyer side. buy fee: 0.2% / sell fee: 0% Deposit fees: free for all coins Withdraw fees: ZERO per withdraw. Mining fees are appointed by each coin blockchain. To cover the blockchain mining fees, there is minimum balance per coin per account: * Dogecoin 2 DOGE * NewEnglandcoin 1 NENG
Latest News Aug 30, 2020 - NENG v1.4.0.5 Released for Android/Chromebook Upgrade with armhf, better hardware support
Aug 11, 2020 - NENG v1.4.0.4 Released for Android arm64 Upgrade / Chromebook Support
Jul 30, 2020 - NENG v1.4.0.3 Released for Linux Wallet Upgrade with 8 Distros
Jul 21, 2020 - NENG v1.4.0.2 Released for MacOS Upgrade with Catalina
Jul 19, 2020 - NENG v1.4.0.1 Released for MacOS Wallet Upgrade
Jul 15, 2020 - NENG v1.4.0 Released for Android Mining, Ubuntu 20.04 support
Jul 11, 2020 - NENG v1.4.0 Android Mining, randomSpike Evaluation
Jun 27, 2020 - Pre-Announce: NENG v1.4.0 Proposal for Mobile Miner Upgrade, Android Mining Start in July 2020
Jun 19, 2020 - Best Practice for Futurebit Moonlander2 USB ASIC on solo mining mode
Mar 15, 2020 - Scrypt RandomSpike - NENG v1.3.0.1 Released for better wallet syncing
Feb 23, 2020 - Scrypt RandomSpike - NENG Core v1.3.0 Relased, Hardfork on Mar 1
Feb 1, 2020 - Scrypt RandomSpike Proposal Published- NENG 1.3.0 Hardfork
Jan 15, 2020 - NewEnglandcoin Dev Team Expanded with New Kickoff
Jan 12, 2020 - Explanation of Base Diff Reset and Effect of Supply
Dec 19, 2019 - Shoreline_tradingbot version 1.0 is released
Sept 1, 2019 - NewEnglandcoin (NENG) is Selected as Shoreline Tradingbot First Supported Coin
Aug 15, 2019 - Mining Update on Effect of Base Difficulty Reset, GPU vs ASIC
Jul 7, 2019 - CPU Mining on macOS Mojave is supported under latest Cheetah_Cpuminer Release
Jun 1, 2019 - NENG Fiat project is stopped by Square, Inc
Apr 21, 2019 - NENG Fiat Project is Launched by ShorelineCrypto
Apr 7, 2019 - Announcement of Fiat Project for all U.S. Residents & Mobile Miner Project Initiation
Apr 1, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange
Mar 27, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange
Mar 17, 2019 - Disclosure on Large Buying on NENG at ShorelineCrypto Exchange
Feb 26, 2019 - Community Project - NewEnglandcoin Graphic Redesign Bounty Initiated
Feb 22, 2019 - Dev Policy on Checkpoints on NewEnglandcoin
Feb 20, 2019 - NewEnglandCoin v1.2.1 Released to Secure the Hard Kork
Feb 11, 2019 - NewEnglandCoin v1.2.0 Released, Anti-51% Attack, Anti-instant Mining after Hard Fork
Jan 13, 2019 - Cheetah_CpuMiner added support for CPU Mining on Mac
Jan 12, 2019 - NENG Core v1.1.2 Released to support MacOS OSX Wallet
Jan 2, 2019 - Cheetah_Cpuminer v1.1.0 is released for both Linux and Windows
Dec 31, 2018 - Technical Whitepaper is Released
Dec 28, 2018 - Cheetah_Cpuminer v1.0.0 is released for Linux
Update on Dec 14, 2018 - NENG Blockchain Stuck Issue
Nov 27, 2018 - Exclusive for PC CPU Miners - How to Steal a Block from ASIC Miners
Nov 28, 2018 - How to CPU Mine a NENG block with window/linux PC
Nov 29, 2018 - A Warning to ASIC Miners
Disclosure: Dev Team Came from ShorelineCrypto, a US based Informatics Service Business offering Fee for service for Coin Creation, Coin Exchange Listing, Blockchain Consulting, etc.
submitted by honglu69 to NewEnglandCoin [link] [comments]

LOEx Market Research Report on July 10: Fluctuation continues, hot topics are frequent

LOEx Market Research Report on July 10: Fluctuation continues, hot topics are frequent
[Today's Hot Tips]
1. [BTT is reported at 0.000422 USDT, a new high since the end of February]
According to the LOEx market, BTT fell continuously this morning after reaching a maximum of 0.00045 USDT. It is now reported at 0.000422 USDT, a 24.7% increase of 24.77%. Sun Yuchen said in a personal Chinese Twitter yesterday that BTT will conduct viral marketing on TikTok. In addition, the total pledge of DLive BTT Staking has exceeded 20 billion. DLive donates and subscribes 25% of the total revenue for BTT staking rewards. This feature is a unique feature of DLive and aims to give back to the community by inspiring people to participate in the overall development of the platform.
2. [Russian encryption law takes effect early next year, Coinbase begins preparations for listing]
Foreign media: The Russian encryption law will take effect on January 1, 2021.
3. [Central Bank of Lithuania began pre-sale of digital currency LBCoin, which will be officially released on July 23]
According to the news of the Science and Technology Board Daily on July 10, on July 9, the digital currency LBCoin issued by the Central Bank of Lithuanian began to register for pre-sale on the website, and will be officially sold on July 23. On the 2nd of this month, the Central Bank of Lithuania announced that it will issue digital currency LBcoin. The digital currency is produced based on blockchain technology and is also part of digital currency and blockchain technology projects of Lithuania’s pilot with a state-backed background. LBCoin will consist of 6 digital currencies and 1 physical silver coin at a price of 99 Euros. 24,000 digital currencies and 4000 silver coins will be issued. It can be directly exchanged with the central bank and the dedicated blockchain network.
[Today's market analysis]
Bitcoin (BTC)In the early hours of this morning, BTC continued to fluctuate within a narrow range of 9300 USDT and is now adjusted around 9220 USDT. Mainstream currencies fell. BTC is now reported at 9223 USDT on LOEx Global, a 0.05% increase in 24h.
The currency circle has been more popular this year than it was in previous years. After experiencing the desperation of 312 in the epidemic, the halving of the market once every four years will quickly adjust the market back. The halving of Bitcoin, the big hot spot, is still in accordance with historical laws, which has caused a wave of bull markets in the entire market, prices have stabilized, and there has been no temporary decline in the short term.
In the follow-up, we encountered the overseas vibrato version, TikTok, and began to call out the phenomenon of single Dogecoin. A big V blogger made a video calling everyone to buy Dogecoin, which continued to bring heat to the market.
As soon as the market heats up, market sentiment will become more and more fanatical, and the market will naturally rise steadily. New hotspots have appeared frequently these days. It's a bit of a concept of the theme of speculation. Yesterday, I said that the market will continue to fluctuate here, so we adapt to speculation hotspots and fast in and out in the short term.
Operation suggestions:
Support level: the first support level is 9200 points, the second support level is 9000 integers;
Resistance level: the first resistance level is 9400 points, the second resistance level is 9500 points.
LOEx is registered in Seychelles. It is a global one-stop digital asset service platform with business distribution nodes in 20 regions around the world. It has been exempted from Seychelles and Singapore Monetary Authority (MAS) digital currency trading services. Provide services and secure encrypted digital currency trading environment for 2 million community members in 24 hours.
submitted by LOEXCHANGE to u/LOEXCHANGE [link] [comments]

Bitcoin halving and its affect on Dogecoin

The Bitcoin block mining reward halving is estimated for May 12th of this year. The last halving was in 2016 and we saw Bitcoin climb to almost $20,000 at the end of 2017. Dogecoin also climbed to a peak of $0.02.
My question to you all is, what do you expect after this next halving? It took 1.5 years for the climb to reach its peak after last halving. Will it be a quicker climb to the peak and drop off? What do you realistically anticipate Dogecoin to hit? $0.01, $0.04, $0.10, $0.50, or even $1?!?!
submitted by rmahan91 to dogecoin [link] [comments]

Mining: Weird Time to Start, a Good Time to Think

Mining: Weird Time to Start, a Good Time to Think
Well, it’s supposed to be an optimistic article about most promising mining cryptos, but then something happened. No one was too naive to believe that the events unfolded around the COVID-19 pandemic will not affect global markets, but the turbulence that occurred was very significant and, what is most sad, it is still very difficult to say how soon the situation will stabilize.
Many people were already bothered that crypto mining is becoming less profitable in 2020 and will be meaningless very soon, but even though big companies having bigger resources took over most of the industry, cryptocurrency mining using video cards remains available to common users and still has potential.
Despite, the volatility of the cryptocurrency market hashrate of the Bitcoin blockchain network yet remains almost at the same level and that is a quite positive sign. At the moment, the most reliable option seems to be to leave mining to large ASIC-farms and return when the stock panic subsides and the prospects will be clearer.
Although Bitcoin is still the most popular cryptocurrency on the market, every year the complexity of operations necessary for its production increases, and rewards fall (after halving in May 2020, we will talk about 6.25 BTC per block). For mining many altcoins, the threshold for entry is much lower, therefore it makes sense to look for a more profitable option among them.
But first, let’s try to understand a little what conditions we need for profitable mining.
There are several crucial aspects that determine how profitable mining will be. These are such obvious things as the price of the currency or the amount of reward for the generated block.
And this is the reason it is now very difficult to calculate the possible income. One way or another, the market price of altcoins depends on the position of bitcoin, which is experiencing bad times. For several months, the world of crypto mining has been preparing for the May halving, because the reduced supply led to a significant increase in prices. This time should not have been an exception, but now when bitcoin does not rise above $5500 and risks falling below $3500, we can only make vague guesses about its potential price in May. Many analysts tend to believe that closer to the middle of April, the negative effect of the crisis should be reduced, and positive expectations from halving and a large amount of cash from investors should have a positive impact on the price of bitcoin. Altcoins, as a rule, repeat the dynamics of the first cryptocurrency and will also continue their growth to historical highs in the year’s future.
Next, you should also pay attention to the complexity of mining because it affects the time and energy spent on generating the block. Do not forget about the cost of electricity in your region, as one extra-large bill can negate all your efforts to earn money on currency mining.
Do not forget about expenses on a mining rig and it’s amortisation.
In addition to the above, you should find out how practical the chosen currency is: whether it can be exchanged for fiat or more popular coins, what fees are charged by exchanges that work with it, and what reputation it has in general.
In order to avoid unpleasant mistakes, it is easier and more reliable to check the possible profit in one of the many calculators.

Best altcoins to mine in 2020

Monero is the currency with the highest anonymity rates, which stays attractive to many users and remains one of the strongest altcoins. The specific proof-of-work hashing algorithm does not allow ASIC-miners, so it is relatively easy to mine using personal computer’s processors and graphics cards. AMD graphic cards are preferable for this task, but NVidia suits as well. The current block reward is 2.47 XMR.
Litecoin is one of the oldest Bitcoin forks, but unlike it uses a different “Script” PoW algorithm which allows less powerful GPUs to mine coins. Litecoin is on the most popular, and successful Bitcoin forks and considered one of the most stable cryptocurrencies. Block mining reward is 12.5 LTC.
Ravencoin is another Bitcoin hardfork, and like Monero’s its X16R algorithm is practically unavailable for ASIC machines. Raven keeps gaining popularity for many reasons – it has faster block time, higher mining reward (5,000 RVN at the moment) and secure messaging system.
Dogecoin is not a joke anymore. Hard to believe, but this currency once made for fun, became one of the most valuable ones. Like Litecoin it uses Scrypt algorithm and great for mining with GPUs.
One more Bitcoin fork Bitcoin Gold was made specifically to kick out ASICs and clear the road for GPUs. It may not be the fastest-growing currency, but it is definitely one of the most stable.
That’s all for today. Stay safe, cause health is our most important asset.
Follow us on Medium, Twitter, Facebook, and Reddit to get updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected])
submitted by Stealthex_io to StealthEX [link] [comments]

Dogecoin is so strong right now and nobody here seems to realize it.

Everyone is acting as if Litecoin is so strong with it's 160ghash, and Dogecoin is so weak with its 70ghash.
I'm sorry but our hashrate is still huge compared with any of the other Scrypt coins. Any pool or entity approaching damaging amounts of hashpower against Doge, is also approaching damaging levels of hashpower against even Litecoin. Also let's not ignore we have exceeded Litecoins hashrate in the past. At the last halving infact... if only a halving was just around the corner...
This is generally a Scrypt dilemma, not a Dogecoin dilemma. But it's one that was also faced by Bitcoin and SHA.
The fact is most small altcoins are still standing, even though Wafflepool and other multis frequently mine them, sometimes at 90-95% of the total hashrate of these very small coins.
The problem right now is not even Multipools like Waffle. It is the miner who is using Wafflepool and as a single entity controls 26ghash of Scrypt power. The fact is the elephant in the room is not multipools but the fact that ASICs have arrived, and 1 entity controls them all. Soons ASICS will be widespread, and more balanced. But for this short time it isn't, and we have to weather the storm.
This single mining entity at Wafflepool, since they started, has mined, and then dumped. 1.1 billion Dogecoin for BTC. And during this time? Dogecoin has remained at the 100sat level. This miner needs to dump for BTC and then Fiat to recover ASIC development costs and make it's investors huge profits. They do not care about the future of Dogecoin, or any other Crypto. Mining operations exist as a business, to make money.
Meanwhile, the price is holding at 100sat. This is because Dogecoin investors have bought up all 1.1billion dumped Doges at 100sat, and their appetite at this price is still not quenched, the buy orders are reposted every few hours of every day.
Multipools/ASICs are all profit Miners and don't care about Doge or any Crypto, they are trying to make money. Buyers on the market are Doge investors, and are seeing huge potential in Doge.
Multipools/ASICs are just profit miners and a symptom of Dogecoin being successful. Once we were big enough this was always going to happen, mining would be taken away from us as a community.
Dogecoin is so strong right now and poised for price jumps in the upcoming halvings. All the FUD being spread right now is to make you dump your coins now while the value is still lower than it should be, and it seems to be working. There is a new consensus that the halvings are a "bad thing", when in the run up to the last they were seen as a "good thing". FUD is making you dump you coins before a halving!
Dogecoin is so strong, don't let anyone scare you with 51% attack threats, multipools, ASICs or anything else. All of this happened to SHA and Bitcoin and is happening to us. All this same panic happened as well.
At our next halving, if the price doesn't go up, Wafflepool and Multipool will leave us alone. Their hashrate is too large, they will instantly drive difficulty so high when they jump on it won't be worth mining us. People seem to want this scenario but it means we have failed. If multipools aren't mining us, it means we aren't a profitable coin to mine, and are failing. I strongly believe the price will increase at the next halving, and maintain a new high (after falling from an exaggerated pump based high).
And multipools will continue to mine us out, because we are profitable, successful, and people want to buy our coin (the coin they are mining to sell). Business has arrived, and it is a good thing. Mining has moved on to commercial operations, and Dogecoin must now be obtained by actually using the coin (buying/selling/trading). A bit like another successful coin. This is all good news, very good news.
TL:DR: Multipools/ASICS mine to make money. It is purely business. They mine the most profitable coin. The most profitable coin is the one people are buying. Doge is maintaining a stable 100sat price. This means people are buying. Dogecoin is the most profitable coin therefore strong. Halvening is coming. Don't worry, be happy.
Let's turn those negative tides back to the positive ones we know and love in Dogecoin.
submitted by Sku to dogecoin [link] [comments]

Of Wolves and Weasels - Day 24 - 100 BILLION coins (MwaHaHa!)

Hey all, GoodShibe here!
So... yesterday was, uh, interesting. To say the least. In a good way! For those who don't know, I had a huge outpouring of support from some very generous tippers and now, yeah... I'm still kind of wrapping my head around it. Let's just say that I immediately made tracks over to find mumzie and give her 100K DOGE for all the incredible work she does around here. Seriously, if you haven't been to /dogeducation, you should check it out - especially if you're a new-shibe!
So today we're going to chat about a somewhat interesting topic - one that's going to have long ranging effects on Dogecoin as we move forward; especially since - time and time again - we're showing the world that our founding may have been a 'joke' but we've grown far beyond that.
However, and ummjackson and billyM2K please correct me if I'm wrong, because we weren't created as a 'serious' coin, there's one potential issue coming down the pipe -- that the devs have been debating, pretty much since it went live -- which will need to be addressed.
We were created with a promise, that there will only ever be 100 Billion Dogecoins. The idea was that we, like Bitcoin, would be a deflationary currency. What 'Deflationary' means is that, over time, coins would become more valuable simply because, over time, people would lose their coins -- passwords forgotten, harddrives not backed up, etc -- and that planned-for loss of coins circulating in the economy would help ensure the continued value and rise of the ones still in circulation.
With Dogecoin that was the plan -- and that's what a number of the first users/miners bought into. A sort of Bitcoin-lite with a much lower-value individual coin, but a much higher potential marketcap. The problem is that the way Dogecoin is released, 1 block per minute, it basically means that in around 1 year, a large majority of Dogecoins will have been mined.
And how do you sustain a network when you have no more coins to mine and no incentive for people to keep mining (burning electricity at cost to keep nodes running)? And when the entire life of your coin relies on having a strong, stable network, this becomes that sort of looming cloud on the horizon.
Unlike Bitcoin, our transaction fees are incredibly low and, due to the nature of Dogecoin, the amount we'd have to raise transaction fees to make it profitable for miners, long term, is an amount that would (barring a significant increase of value for Dogecoin) have a noticeable impact on end users (us).
And so the idea was put forward that, instead of becoming a Deflationary currency, we change that initial promise and become an Inflationary currency.
What that means is that, like the USD and other common currencies, Dogecoin would add a stable number of coins each year to the market, enough to be an incentive for miners to continue mining and maintain our network. We wouldn't be a FIAT currency, per se - whereas 'fiat' means we would, like the USD, make more money 'on demand' (by 'fiat') the idea would be, instead, to put in place a long term inflation plan that lead to a stable number of coins being added over a very long period of time (100+years). The idea being that this would buy us all a very, very long time to see how/if we grow, and figure out what to do next.
Remember that even 5 years in 'technology time' is a significant span (that's like 5 whole new iPhone models away).
Now, those who are against this idea note that it's the 'deflationary' part of the currency that helps it have, maintain and grow value over time. It helps make it a reliable store of wealth. There will only ever be 21 Million Bitcoins. If 1 Million are lost, there will only ever be 20 Million Bitcoins. Etc.
Once we start adding Dogecoins beyond the planned 100 Billion, those new coins start to push down the value of the coins you have. Meaning, slowly, over time, the buying power -- how much you can 'buy' for $1, for example, decreases.
Now, for those of us who've taken up Dogecoin as a common currency, with the idea that it will be great for small, day-to-day transactions -- tipping friends, thanking artists, buying music tracks or armor for your 'toon, stuff like that -- it won't have a HUGE impact on us. But for people who bought into Dogecoin as an investment, as a store of wealth, with the idea of amassing a large number of coins, sitting on them until they become worth a significant amount, this is a problem.
But, to be fair, it's the same problem that those rich in USD are facing as well. (Granted, as a counterpoint, those that bought in were probably doing that to avoid exactly those sorts of issues).
Luckily, because our devs control the currency they have the ability to be much more agile than much larger, more lumbering economies. And, if you read that linked conversation above, you'll realize that there's a lot of fantastic, passionate minds putting real thought into this problem, they truly care about figuring out the best balance for all of us.
One possible solution, which would allow for us to possibly maintain the 'deflationary' nature of the currency is to, over time, as more and more coins get mined, move the running of the network over to the QT wallet. So that each user of the currency also becomes a node, helping to keep the whole network running. There's a ton of technical hurdles to pulling that off, and it'd be difficult, but it's one -- of many -- possibilities.
The benefit of making the coin Inflationary, over a long stretch of time, is that it helps keep Doge... humble. It means that our coin will, most likely, never be worth thousands or hundreds (or possibly even $1) each -- depending on adoption, the DOGEconomy, etc -- but it will mean that our DOGEs stay perfect as your nickles and quarters sort of thing (which is still a massive increase from current valuation).
As a community, as the people who've taken up the coin as our own, we should work towards a solution the benefits us all. Those who believed in DOGE from the beginning (you know, 7 weeks ago), who had foresight and treated DOGE as an investment, deserve to be rewarded for their faith (DOGE could've just as easily gone the other way and they would've lost it all).
I hope we can all remember that many of our 'rich shibes' are active, contributing members of our community who were lured here by the same principles of friendship and kindness, compassion and camaraderie that brought the rest of us.
There's room for all of us to have fun and play... and profit too.
And that's why I think that the more minds on the problem, the better. How would you like to see your coin grow over time? What do you hope the future of Dogecoin looks like?
How can we make sure our Dogecoins live on for future generations to enjoy?
It's a complex question and there are good people working on the solution. Right now the plan seems to be to wait and see how the Halving goes. How it effects our currency, and where we go from there. But keep on thinking, keep on dreaming.
Because we're all strapped in together and the moon is thattaway.
We'll get there, my friends.
It's 8:45AM EST and we're at 40.14% of DOGEs found. Our Global Hashrate is rising slightly from ~90 to ~91 Gigahashes per second and our Difficulty is holding steady at around ~1269.
The Halving is officially 2 weeks away, today.
Also, this is your 2 week Valentines Day warning for those of you who might've forgotten. Hint: Nothing says love like a new Mining Rig :D)
As always, I appreciate your support!
EDIT: For those 'worried':
It's a coin that was created as a 'joke', how much long-term planning were you expecting people to put into it?
No one expected it to blow up like it did.
Hindsight is 20/20 -- and there's still lots of time to work out a solution, together.
submitted by GoodShibe to dogecoin [link] [comments]

Dogecoin is still the strongest altcoin behind Bitcoin, and here is why.

I have just witnessed a very special week on /Dogecoin. A few things seem to have happened in the past 7 days.
-Positivity coming back into the subreddit.
-Higher level of activity in the subreddit, more posts, more comments.
-People starting to act, rather than just talk. What can we do to make Dogecoin better?
-Prices stabilizing at a level that allows people to buy back in at a sensible and realistic price, outside of the influence of a pump and dump.
-An end in sight to the drama. In the past week, drama started to disappear.
In all honesty, there was one blip yesterday with regards to drama, but then I saw something beautiful happen, that I have not seen for weeks in the Dogecoin community. The tide turned. Yesterdays drama post went from 300 uprockets early in the day, all the way down to just 100 by the evening. People were finally done with it, and we could begin to move on. People finally decided it was no longer relevant, and we no longer wanted it on our front page. People voted with their voting buttons, and started to vote that toxic content downward and away. Subsequent follow up posts to said drama also struggled to make it onto the front page and faced a barrage of downvotes. People remembered that Reddit is a democracy, and when content is no longer wanted, it can be voted on as such.
Let me also address the FUD. A lot of the FUD being posted by trolls seems to suggest that Dogecoin has nothing going for it apart from community. That we have no innovation, or commerce, or starts ups. This is simply not true. We have more start ups, more acceptance, more popularity, and are more well known that practically every other altcoin. We have a larger community, that every other altcoin, and whenever I see a new place is accepting altcoins, it almost always shows "We accept Bitcoin and Dogecoin", or "We accept Bitcoin, Litecoin and Dogecoin". We are still a top 3 crypto, even if our price doesn't reflect that right now.
Our price has decreased yes. But we are still so very strong. We were hit very hard by a pump and dump, and yes, we did all buy into the hype. But now our price actually better reflects where we are right now. Before the pump started we were at 25sat, and now we seem to be stabilizing at 35sat. This means we survived a pump and dump, and came out 10sat higher in price. I think considering the amount of new coins produced since January, a 10sat increase in price is stable, and most accurately reflects the work the community has done right now.
I always felt bad after I bought in at 25sat, that so many people shortly afterwards got ripped off, and bought at an inflated price. And they must feel quite stung right now. But now is a great time to buy back in. Finally, people can buy back in at a sensible price, a price which is not the result of a pump and dump, but most likely, is the current value of our coin. By buying in, you are making a confidence vote that Dogecoin does have a future.
There are a lot of indicators to suggest the price is now very strong at 35sat. We have large buy walls consistently reposted on Cryptsy, which means big investors seem to be looking at our coin again. Everytime the price falls by a single satoshi, people rush to get their buy orders in as quick as possible, suggesting that we have reached the bottom, our true base price.
The buy walls are interesting, because in BTC, they appear to be the same sized walls we had at 100sat, which fell. But it is wrong to look at the size of the buywalls in BTC. At this price, the same amount of BTC is buying 3 times as much Dogecoin as it did at 100sat. And the walls are holding much firmer. People are not as willing to sell at this price, and people are scrambling to buy. And when someone does sell, new buyers scramble to get the 1sat discounted prices.
Also we cannot ignore BTC38, our main Chinese exchange. The buy demand, and size of the buy walls there has been insane this past week.
Now we have reached our base price, I think something magical might happen. And that is a halving in a few days time. I hear the FUD posters cry "Halvings never made the price go up before". But this time is different. This time our price is not already overinflated, but just right. Our price didn't go up before, because it was already too high. A halving will cut new supply in half, as the name suggests, and the current supply seems to only just be meeting a recently increased level of buyer demand. It might take a few days, but what we might see, is actual natural, stable increased price, which is not the result of a pump. A pump may follow this good news, as it always does in Crypto, but the underlying dynamics are solid.
And there are a lot of people interested in Dogecoin. Sure, activity has dropped off in this subreddit, but most of the subscribers are hanging in the background. There are lots of quiet holders who don't check the sub anymore, but still subscribe. They see our most popular posts on our front page. And some sold out completely, but are waiting on the sidelines with BTC ready to see what we do next. You only have to look at the vote counts of the most popular posts in /dogecoin to see that most people are still around. They are just participating less during this lull, and only really see our most popular daily threads.
I am very much looking forward to the next few months, as I think Dogecoin is really reaching an age of maturity. The level of interest in Dogecoin is still insane compared to every other coin, apart from of course Bitcoin. We have survived a pump and dump, survived drama, and proven we are still here, and we are still a powerful force in Crypto.
submitted by Sku to dogecoin [link] [comments]

[Info] Clearing up missinformation about our inflation rate

I keep seeing posts saying that we have a crazy inflation rate of 5% annually, that Bitcoin/Litecoin have no inflation rate, that inflation rate kills currencys and all this information. I need to straighten some information out.
We have a 5 billion coin inflation rate, and that happens to be 5% for the first year once we hit 100 billion. After a year, that 5% will not be 5%. It will be 5/105=4.7%. In the year 2019 we will be at 4%. The reason is because our 5 billion is a constant. It is NOT a compounding 5% like most fiat currencys have. This is NOT the same as compound interest where it will sky rocket out of control. This is a set amount. A constant. Remember that.
I am in search of the chart showing it, but there was a chart talking about the inflation of Bitcoin/Litecoin/Dogeocin. Basically, Bitcoin will have a higher then 30% inflation rate annually next year. That means that, while we are at 5% that year, Bitcoin will be MORE inflationary then Dogecoin. More supply entering the economy.
Likewise, Litecoin will not reach the halvings needed to be down to 5% inflation until the year 2019. But wait? Dogecoin wont even be at 5% in that year. We will be at 4%, meaning even after 5 years we will still have a lower inflation rate then Litecoin.
Deflationary currencys only become deflationary once they are mined out. Until then, those currencys are and will stay inflationary.
People keep saying that inflation makes a currency useless. I keep seeing posts in /new claiming that having a inflationary currency encourages hoarding or people just selling since it is a useless investment. Not only will the other currencys be MORE inflationary then us come that 600,000th block(the 100 billion 'cap' that got 'changed'), but inflation actually does the opposite.
The point of inflation is it makes you THINK you money will be worth less tomorrow then today, so because of that fact it is better to spend your money today to buy that good instead of tomorrow. This makes hoarding a bad idea and essentially encourages trading/buying/selling. That, in turn, strengthens the economy and raises the value of our currency due to having a stronger economy. That is the whole point of inflation - to strengthen a economy by encouraging people to use the money now instead of hoarding it. If our growth exceed 5% annually( or 4.5% ofrwhatever it is for that year), then we just beat the inflation. Why did our growth go up? Because people were not hoarding DUE TO THE INFLATION. As long as we continue to grow our economy, which inflation will help, we will raise in value and beat that inflation.
A lot of people keep acting like we have 5% compound inflation instead of constant and seem to think no new Bitcoins/Litecoins are entering the economy and thus giving them inflation for the new few years. I just hope this clears up some information.
submitted by SunliMin to dogecoin [link] [comments]

Suicidal over Dogecoin - Please help shibes

I know I'm stupid, that I shouldn't have risked more than I could afford and everything, but at the time I really believed in this coin. Also I'm kind of in a pretty dark place right now so even though it's probably deserved just like to let you know I already know I'm an idiot so please try to go easy on me.
I got in to Dogecoin at the pump in January. Put all the savings I had into it. I thought it was taking off because it was going to be the new Bitcoin. Like many in here whether we admit it or not I was frustrated that I wasn't in on the Bitcoin gravy train and hoped that Dogecoin would be the next big thing. A lot of shibes on here would probably scoff at that and say it's unshibe like, including one of the founders IIRC, but not everyone has comfortable jobs and high income. A lot of us work really hard for near minimum wage and there's nothing wrong with wanting a better future for yourself and your family.
I was planning to buy a house with my fiancee but now pretty much 80% of our savings have been wiped out. I told her and she went on a rant about my stupid ideas, it was pretty humiliating because I had been going on to her about how cool Dogecoin was and how it can grow in value but also that it does loads of cool things other than just being a currency. I always had a funny feeling that she was a bit meh about the fact that I was a nerd, and she is quite popular, I often wondered why she was with me but up to now I managed to put those thoughts aside and get on with my work. But in the argument she finally said it, how I was like a little kid and not a "real man" whatever that means, and how she hates me for blowing our savings and how I can never provide for us properly. I work nights in a warehouse and she is a waitress, but there's always this pressure for me as the man to succeed. We were planning on having kids once we were stable in our new place. To cut a long story short she left me, there's no reconciliation, she left me the engagement ring, it was about 2 weeks ago now, she's cold/distant and to be honest pretty indifferent. I feel awful but also numb, kind of like in shock.
This isn't just about a breakup though, we all have them. I'm 32 and still living with my parents, we've always been lower middle class, barely able to get by since I was young, didn't starve but never enough to make any savings. I was really proud of our savings account because I was doing something that was never really in our family, it was always sort of getting by hand to mouth without anything left over. I saw Doge as something to grow that massively within a short space of time and make my parents proud. They're getting sick of me even though I have a job, kind of embarrassing with a 30 something still living at home. They told me they are embarrassed when family friends come around and still see me there. I always told my parents about my savings and how me and my fiancee were going to move out soon and even though we had low paying jobs we were going to work hard to keep saving even with expenses of buying a home.
I just feel like I'm a complete idiot and a failure. I don't know where to turn because all I see in here is joke posts about the moon and how we shouldn't care about price and how people who want the price to go up are greedy, but I was just a regular guy hoping for a better life. I can't be the only one in this situation. I have been kind of obsessed about the price for the last week now, I even saw this one pic (not sure if it's real) of that chinese whale's computer desk filled with money, I just punched the wall and ended up with bleeding knuckles. I feel like there is nothing left for me now, I've lost everything. My partner, my hope for a future life and family, the respect of my family, I am a laughing stock because I've blown everything.
The few friends I have, I can't even face them because I went on and on about Doge for weeks from January to March. I can't talk to anyone about this or have them understand why I feel the way I do. Even when the price dropped quite a bit below my buy in price (which was around 250 on average) from March to April, I still had faith that this was a temporary retrace, but this price drop is so long and it just keeps dropping like there is no floor. Who knows where the bottom is, 10 satoshi, 1 satoshi? Going down to litoshi? I've tried to comfort myself with examples of Bitcoin's drops from $30 to $1 before but this doesn't mean it's going to happen again especially because of Doge's very different properties (large amount of coins, worries about quick halving, starting out as a joke etc.). I should have read more about the technical aspects of Doge before I invested but like a lot of people here I had so much faith that the community could conquer these things. But it seems that community means nothing when it comes to the success of Doge, the price is being driven and manipulated by the big money, the chinese whales and big money speculators who see the unregulated crypto markets as a great opportunity for a quick killing. I wish I had known this 6 months ago but I was caught up in the whole feel good vibes of this place. Don't get me wrong I still think this community is great, much better than the cold, harsh and formal bitcoin crowd, but I also think people are blinded to the realities of a lot of things. Looking back I can't believe people actually thought donating to a zillion charities or NASCAR would catapult Doge to the moon. Sort of like: 1. put Doge on car 2. ??? 3. Moon... But I guess it's easy to stay positive when you only have 5 bucks invested or have just posted to collect tips. I blew tens of thousands of dollars on Doge. It hurts.
I don't have any funds for psychiatric treatment and being pumped full of zombie pills won't help me anyway. There is no solution and I don't deserve to be given one. Since there are a lot of minors on this sub I will stop there. But I do think I am also not the only one. I don't think I can be saved but others might be, so a sticky about it might be a good idea. Anyway if you got down to here thanks for listening. Any kind words would be nice. Goodbye everyone, this is a great community. I hope it can somehow survive even if the coin itself doesn't.
EDIT: Please no more tips. I have sent back the ones already sent to me. Any new tips sent will be returned. A lot more people are hurting with this other than me, the price hasn't just dropped for me and not for anyone else. I posted here because I am in a dark place atm not for tips. I'm overwhelmed by the replies so far, thank you so much.
submitted by richardtheawakening to dogecoin [link] [comments]

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 ummjackson dropped 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 /Dogecoin through 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.
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:
News of note:
New businesses now accepting Dogecoin (show them some love):
Finally, to spotlight a few shibes for great community actions:
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!
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
submitted by GoodShibe to dogecoin [link] [comments]

[Very long, very serious] Development summary week ending 18th April 2014

When I got my first full time job, I used to try implementing requests from everyone as they came in, and for a while people really loved that I listened to their requests. Over time, however, things started to go wrong. I’d apply a change someone asked for, and in doing so would break something elsewhere in the code, in some subtle way that was missed in short-term testing. I’d fix that second bug and reveal a third. I’d fix that just in time for a new request to come in, and the process repeat. This led to the term “Bug whack-a-mole”, wherein I was spending time mostly fixing bugs introduced to live systems through rushing through earlier bug fixes.
So this week, we’ve had a lot of people asking about changes to proof-of-work, especially X11, or even moving to proof of stake, primarily in an attempt to address risk of a 51% attack. A 51% attack is where one actor (person, group, organisation, whatever) gains control of enough resources to be able to create their own blockchain, isolated from the main blockchain, at a rate at least as quickly as the main blockchain is being created. They can then spend Dogecoins on the main blockchain, before releasing their fake blockchain; if their fake blockchain is longer than the existing blockchain, nodes will switch to the new blockchain (as they would when repairing a fork), and essentially the spent Dogecoin on the main blockchain are reversed and can be spent again. This is mostly of consequence to exchanges and payment processors (such as Moolah), who are most likely to end up holding the loss from the double-spend.
The concern about a 51% attack stems from a couple of weeks ago now, when Wafflepool was around 50% of the network hashrate (mining power). It’s still high (at the time of wring about 32GH/s out of almost 74GH/s, or about 43%), but it is diminishing as a proportion.
Lets talk about proof of stake first, as this one’s simpler. Proof of stake has been suggested as a way of avoiding the risk of Wafflepool having control of too many mining resources by itself, by changing from securing the blockchain through computational resources (work), to using number of Dogecoin held. The theory is that those with most Dogecoins have most to lose, and will act in their own interests. Major examples of proof of stake coins include Peercoin, Mintcoin and more recently Blackcoin.
However, this essentially means we take control from Wafflepool, and hand it to Cryptsy (who are considered most likely to be the holder of some of the huge Dogecoin wallets out there). I by no means expect either organisation to attempt a 51% attack, but hopefully it’s clear that simply switching risks isn’t actually improving things. I’ve also had significant concerns raised from the merchant/payment processor community about potential impact of proof of stake, and that it may encourage hoarding (as coins are awarded for holding coins, rather than for mining). The price instability of Mintcoin and Blackcoin (and that Peercoin appears to only avoid this through very high transaction fees to keep the entire network inert) does not encourage confidence, either. For now, proof of stake remains something we’re keeping in mind, primarily in case price does not react as anticipated to mining reward decreases over time, but certainly we’re not eager to rush into such a change.
Before I get into a discussion on proof of work, let me summarise this quickly; right now, uncertainty about changes is holding back our community from adopting ASICs. It’s high risk to spend hundreds, thousands or in some cases significantly more on ASIC hardware which could be left useless if we move. Those who have already purchased ASICs to support the Dogecoin hashrate would most likely have to mine Litecoin to recover sunk costs, if we did move. ASICs are virtually inevitable, and in our assessment we are better off pushing for rapid adoption, rather than expending resources delaying a problem which will re-occur later.
At the time of writing the development team has no plans to change proof of work algorithm outside of the eventuality of a major security break to Scrypt. We are focusing on mitigation approaches in case of a 51% attack, and adoption of the coin as the most sustainable approaches to dealing with this risk.
The X11 algorithm has been proposed as an alternative proof of work algorithm. X11, for those unaware, was introduced with Darkcoin. It’s a combination of 11 different SHA-3 candidate algorithms, using multiple rounds of hashing. The main advantage championed for Darkcoin is that current implementations run cooler on GPU hardware. Beyond that, there’s a lot of confusion over what it does and does not do. As I’m neither an algorithms or electronics specialist, I recruited a colleague who previously worked on the CERN computing grid to assist, and the following is primarily his analysis. A full technical report is coming for anyone who really likes detail, this is just a summary:
A lot of people presume X11 is ASIC resistant; it’s not. Candidate algorithms for SHA-3 were assessed on a number of criteria, including simplicity to implement in hardware. All 11 algorithms have been implemented in FPGA hardware, and several in ASIC hardware already. The use of multiple algorithms does significantly complicate ASIC development, as it means the resulting chip would likely be extremely large. This has consequences for production, as the area of a chip is the main determining factor for likelihood of an error in the chip.
The short version being that while yes it would take significant resources to make an efficient ASIC for X11, for a long time Scrypt was considered infeasible to adapt to ASICs. As stated earlier, any move would most likely be nothing more than an extremely expensive and risky delaying manoeuvre. ASIC efficiency would also depend heavily on ability to optimise the combination of the algorithms; a naive implementation would run at around the rate of the slowest hashing algorithm, however if any common elements could be found amongst the algorithms, it may be that this could be improved upon significantly
There are also significant areas of concern with regards to X11. The “thermal efficiency” is most likely a result of the algorithm being a poor fit for GPU hardware. This means that GPU mining is closer to CPU mining (the X11 Wiki article suggests a ratio of 3:1 for GPU/CPU mining performance), however it also means that if a way of was found to improve performance there could be significantly faster software miners, leading to an ASIC-like edge without any of the hardware development costs. The component algorithms are all relatively new, and several were rejected during the SHA-3 competition for security concerns (see for full details). Security criteria for SHA-3 algorithms was also focused on ability to generate collisions, rather than on producing hashes with specific criteria (such as number of leading 0s, which is how proof of work is usually assessed).
X11 is a fascinating algorithm for new coins, however I would consider it exceptionally high risk for any existing coin to adopt.
Beyond algorithm analysis, this week has been mostly about testing 1.7. Last weekend Patrick raised the issue that we had been incorrectly running the automated tests, which had led to several automated test failures being missed earlier. This led to other tasks being dropped as we quickly reworked the tests to match Dogecoin parameters instead of Bitcoin. So far, all tests have passed successfully once updated to match Dogecoin, however this work continues. On the bright side, it turns out we have a lot more automated tests than we realised, which is very useful for later development.
The source code repository for Dogecoin now also uses Travis CI, which sanity-checks patches submitted to the project, to help us catch any potential problems earlier, thanks to Tazz for leading the charge on that. This is particularly important as of course we’re developing on different platforms (Windows, OS X, Linux) and what works on one, may not work on others. Over time, this should be a significant time saver for the developers. For anyone wanting to help push Dogecoin forward, right now the most productive thing to be doing is testing either Dogecoin, or helping Bitcoin Core test pull requests. Feel free to drop by our Freenode channel for guidance on getting started with either.
Right now, I’m working on the full technical report on X11, and will then be back working on the payment protocol for Dogecoin. I’ve approached a few virus scanning software companies about offering their products for Dogecoin, with so far no response, but will update you all if I hear more.
Lastly, the next halvening (mining reward halving) is currently expected late on the 27th or early on the 28th, both times GMT. Given that it was initially expected on the 25th, we’re obviously seeing some slippage in estimates, and a total off the top of my head guess would be that we’ll see it around 0500 GMT on the 28th at this rate. I have taken the 28th off from the day job, and will be around both before and after in case of any problems (love you guys, not getting up at 5am to check on the blockchain, though!)
submitted by rnicoll to dogecoin [link] [comments]

Of Wolves and Weasels - Day 28 - Fun but not for all

Hey all, GoodShibe here!
One of the hardest parts of being an altcoin is living under Uncle Bitcoin's shadow. He's big, he's successful and it's kind of fun to poke at him from time to time because, hey, we want our time to shine too.
I remember Uncle Bitcoin when he was much more fun, much more laid back, but it's easy to forget the incredibly hard life he's had to get where he is now.
Years and years of struggle and strife - so when he sees us having fun, partying it up -- even if, somewhere, he's happy for us, it's hard to not feel a bit of resentment.
And I think that's fair.
You see, Uncle Bitcoin started from scraps, just like us - being spit on and laughed at, called a joke and a 'scam'. Worse, he started all alone, with no support system to call his own. The internet was a very different place then, and it's easy to forget how hard he had it.
But, luckily, there was something about him, his persistent, easy-going nature, that had inspired a small but dedicated group of friends and, together, they helped him through a really rough patch.
Imagine having these brief moments where everyone suddenly likes you and then hates you and then one minute you're worth something and then the next minute you're back in the dirt again. How hard would it be to keep on standing there? To keep on picking yourself back up? First they raise you, then they crash you. But each time he stood up, dusted himself off, and came away that much stronger for the experience. He toughened up. Grew a thicker skin.
Uncle Bitcoin persevered. He dug in his heels and refused to take no for an answer. He stood up for what he believed was right and it didn't matter that there were WAY, WAY bigger kids in the yard, Uncle Bitcoin made sure he was there, putting himself in harm's way for the little guy. Stepping full-on into problems that, well, staying out of probably would've made his life easier. But he cared and he did it anyway, because it was the right thing to do. It earned him some well-deserved praise, but even the most ardent praise fades in time.
You see, for all the bumps in the road, on his climb up, it turned out that his biggest challenge would be those incredible long stretches where nothing happens. Sitting alone, with yourself, in silence, can sometimes be the cruelest punishment of all. His entire life had been this crazy rollercoaster, how the heck was he going to sit through months and months of quiet?
It's a hard thing to feel under-appreciated. Worse, it sneaks up on you. One minute you're laughing it up, the next it hits you like a ton of bricks. You realize that, even when you're surrounded by this great group of friends, you start to feel like you're all alone.
And sometimes, you start to feel like you need to 'change', to break out of a 'rut'; you find yourself hanging out with the wrong crowd. It's understandble, heck, even normal -- you're young, you've been kicked your whole life, why not have some fun, right? And so, it may be easy to stand back and judge, but when he started experimenting with drugs, hanging with unsavory characters... it kind of made sense. It's tough being young and alone. Full of great ideas and good intentions in a world that thinks you're worthless.
But these people make you feel good and appreciated for the first time in a long while. They give you a purpose. And, heck, after all that you've been through... isn't it nice just to have a purpose? Sure, all those people who already hated you continue to deride you, but so what? They never cared anyway.
And so, yes, Uncle Bitcoin spent a good deal of time figuring out who he was, trying to get his head together -- soul searching. But, thankfully, his friends never gave up on him -- continually working on his behalf, cheering him on to friends and their parents, trying to help him find new places and better people to associate with. And when that time did come, when he realized that, while fun, these places, these people weren't really helping him, he started to move on. And those who waited for him welcomed him back with open arms.
They had done amazing things for their friend while he was away - their own passion and fervor inspiring others to come see what all the fuss was about. The amazing talks about how Uncle Bitcoin could really, actually, change the world were gaining steam. People were talking about him, in a good way, because of his friends. And that's when the phone calls started to come. People patting him on the back, random people sending emails and offering him Dollars. In fact, they started throwing money at him like crazy. Out of nowhere, it suddenly seemed like everyone was his friend - can you imagine what that must've felt like? To have been spit on, alone, for all this time and then suddenly, 'hey, here's a million dollars!'. People telling Uncle Bitcoin their hopes and dreams, asking him to call their friends in China or Russia. People offering connections and opportunities and vast riches.
But he didn't want to forget his friends, those who never gave up on him - who'd been with him from the beginning. So he brought them all with him. Let them feel the joy, the success of all their hard work. For a moment he'd started to really feel like he'd arrived.
And then that phone call came - a friend of a friend, asking if he wouldn't mind hopping over to China to meet some associates. They were very interested in what he could do for them... and why wouldn't he? And so he travelled to China and, man, for a kid from the streets to see the Middle Kingdom in full effect... there's nothing like it. And they wowed him, hit him with the full grandeur. Everyone wanted to meet him, everyone wanted to touch him. Can you blame him if he got a bit caught up in it? And still, he brought his friends with him. Together they stood in awe of the multitudes who wanted his help, who believed in what he could do for them. And those few weeks were amazing, a party every night -- the finest dishes, the prettiest ladies, fireworks, the whole shebang.
But there's always a bigger fish. And when these big boys stomped onto the scene, people scattered. They didn't mind Uncle Bitcoin showing up unannounced, but they were really pissed they weren't getting a cut of the action. So they started laying down the law, telling him how it was going to be in their house. And, well, these big boys have big voices and when they yell, people scatter. And scatter they did, fleeing into the wind, leaving him standing alone once again -- a party crashing to a halt right before his eyes, unable to do anything about it. His protests drowned out by screams of panic.
And so he finds himself back on a plane, heading home - thoughts running amok in his head, wondering where it all went wrong, what did he do to deserve this? As if that wasn't enough of a kick, he barely drags himself back home, desperate to throw himself on the bed when some very scary men show up at his door - dragging him before the US Senate.
So many questions -- a few DO see the good in him, but some... some wonder aloud if he's not some sort of terrorist. He's got that dark past, remember? He could've made some REALLY wrong friends. Uncle Bitcoin stands there in shock, watching these people talk about him like he's not even there - glossing over all the good he's done, focusing on how scary he can -- or could be.
Imagine all that, imagine the years of hard work and suffering and strife... and then one day you get a knock at the door. Such wow! Your cousin (very, very far removed) prances up to the door, chatting on his cellphone about his sudden burst of popularity - he's a fun kid and you're happy that he's doing well, you can appreciate the kindness in his eyes, the great group of friends he's managed to pull together in such a short amount of time. But his words can't help but sting when he calls you 'stuck up' or tosses his money in your face while complaining that you're such a cheapskate.
You can't blame them, they're young, they don't know, but it hurts in a way you've never felt before. Watching them dance down a road you've forged is both entrancing and maddening at the same time -- pride and joy mixing with a sudden, violent need to kick a dog in the ass.
So maybe Uncle Bitcoin seems a bit tough and stodgy sometimes, maybe it's easy to laugh and point and say 'hey, c'mon, don't be such a stick in the mud'. But, my friends, he's fought very hard to get where he is. Suffered lots of indignities along the way - and still has a fight ahead of him (as we do, in our own way).
I ask you to cut our Uncle some slack. It's easy to say 'yeah, we couldn't be here without him' but to understand it, to really get it, we need to give him some room, not be all up in his face.
It's 8:49AM EST and we're at 43% of DOGEs found. Our Global Hashrate has taken a dive from ~91 to ~79 in the last hour and our Difficulty is also falling from ~1387 to ~1282. Today's a great day to hit the mines people! Let's bring it home!
The halving is only 10 Days away.
As always, I appreciate your support!
TL;DR: Let's give Uncle Bitcoin some space, okay?
EDIT: sorryyousuck's 'Shibe-onomics Vol 2' is up! Go give it a read! It's long, but worth the time investment!
EDIT 2: If you're feeling bored today, Tezcatlipokemon has proposed an adventure. Take a look!
submitted by GoodShibe to dogecoin [link] [comments]

Of Wolves And Weasels - Day 34 - Our Crypto-Family

Hey all! GoodShibe here!
There's a saying out there, some think it's hooey, some live their lives by it...
"We are all connected"
And, yes, we could get into the nature of gluons and talk about 'energy' that can neither be created nor destroyed. We can get deep and spiritual or straight-up scientific about just how 'connected' we are or aren't out here in the 'real world'.
But that's out there.
In here, online. It's actually quite true. We ARE all connected.
And cryptocurrencies are a very real representation of that -- in fact, they're entirely built upon THAT promise.
It's because we are all connected that they can even hope to work. That we can bypass the middlemen and communicate and share, directly, with one another.
And that's how our Crypto-Family was born.
Each successful coin taking for itself a fraction of that communication and making a home, a niche, within it. Whether it being to provide us with an 'internet of money' like Bitcoin, or protect us from internet censorship, like Namecoin, or make our communication more energy and network efficient, like Peercoin - each of these cryptos have been spawned and accepted because they add something to the overall experience.
Litecoin, our father, worked to ensure that the power of the network would remain in the hands of the individual user - that we wouldn't be overtaken by specialized machines. And it held true, for a very long time.
With Dogecoin we've found our niche in being the 'friendly' coin. Of being the 'my first crypto' of digital currencies. Through tipping and community outreach, we've lowered the entry ramp, made it easier for people who may not be all that technically-minded to come, learn about how cryptocurrency works -- learn how finance and money works -- in a safe and encouraging environment. Shibes can come, get their hands dirty, play with the coin, without a possibility of losing their shirts (unless they REALLY dive in head-first).
Sure, it may seem like our crypto-family is a bit dysfunctional sometimes. From those on the outside looking in, it would appear that we're all just a bunch of random coins, thrown together, each trying to grab a slice of Bitcoin's 'riches' for ourselves.
But those of us on the inside know that it's not that simple.
We share a common heritage, yes, but we are all, in fact, bound by our common need to communicate with one another.
Some focus on the technical aspects, some focus on the social, some take entirely different approaches... but it's all built toward the same goal.
That same oh so very Human need.
To reach out. To meet. To gather and share.
One of my very proudest moments as a Shibe happened a mere two days ago, as I watched this community rally together to answer a cry for help from our brothers, FedoraCoin. You can check out that thread here, but, essentially, they had gotten themselves into a bind -- a bind that we, ourselves, could have very well found ourselves in when we were younger.
Basically, the multipools had hopped onto their network and managed to grind their entire network to a halt -- had raised the difficulty so high that it was taking hours to find a single block, and, once the multipool left, there simply wasn't enough network power to overcome the difficulty left in their wake. The devs had created a fix and were prepping for a hard fork, but they just needed the network power to get them there.
It was a horrible situation for anyone to be stuck in -- imagine being stranded in the middle of nowhere, on a hill, when your engine dies. You've got the parking brake on, and you can feel the whole thing starting to slide backward...
They asked us to hop on and give them a boost, help them make it to the next service station.
There are so many ways that could've gone wrong. We could've laughed in their face, watched them struggle and fall.
They're just 'competition', right?
No. They're family.
And I'm so proud that our shibes jumped right in to help. Communicating with one another, like brothers, like friends. Making it right simply because it needed to be made right.
And we cared about making it right.
That's how it's supposed to be.
Sure we have our petty squabbles and our nips and such... all families have that. But we also have something no one can touch.
A Connection.
And as long as we remember that. As long as we continue to hold that in our hearts, we're ALL going to the moon.
It's 8:57AM EST and we're at 47.36% of DOGEs found. Our Global Hashrate is on the rise from ~102 to ~112 gigahashes per second and our Difficulty has hit a high plateau at ~1573.
The halving is just about 3 days away, folks. Plan accordingly!
As always, I appreciate your support!
TL;DR: We're more than just a collection of coins. We share a common connection, bonded by our need to communicate with one another. We're a crypto-family.
submitted by GoodShibe to dogecoin [link] [comments]

Of Wolves and Weasels - Day 187 - Guest Post: Confessions of a Bitcoiner

Hey all! GoodShibe... on Summer Vacation!
Please enjoy this post by Guest Writer Justlite and tip them well ;D)
Note: To tip them directly:
+dogetipbot @Justlite xxx doge verify
I've been part of this Dogecoin community since early January and I have to say the people here constantly amaze me. For me Dogecoin and this community is the future of cryptocurrency and I'm speaking as a long time Bitcoiner. Over a month ago I explained in a previous post why I believe Dogecoin price will rise again and correctly predicted Bitcoin to rise substantially shortly after my post against in the face of several counter arguments late last year. My thoughts have not changed on Dogecoin but I feel it's worth giving my experience on cryptocurrencies as a Bitcoiner in the early days of 2010-13 and how that compares with Dogecoin.
I bought Bitcoin and Litecoin in the early days and I can tell you the Bitcoin community back then was hopeful, cheerful and very welcoming...forgive us right now we are at the fighting stage with the established status quo wants to knock Bitcoin down.
In the early days we were only known for CPU/GPU mining discussions and tipping one another after each comment. In fact Bitcoin was only ever used to tip and trade but not to buy anything since we didn't have anything available for Bitcoin. We were very brave I mean wiring money to a company in Japan and getting these online things called Bitcoin which doesn't buy anything?!
Back then Bitcoin fans were seen as weird and Bitcoin as a complete joke we were idealist and we still are. Many of the people that fought us then were actually the libertarian precious metals community and because gold and silver were tangible and has been money for 5000 years Bitcoin wasn't and was barely a year old. It's hard to argue with them, after all some guy that called himself Satoshi Nakamoto, the Japanese equivalent of Jack Smith, created it but left after a year and no one saw how he looks like.
We could understand their concerns, a lot of early Bitcoiners like me also have gold and silver in the belief it will protect our wealth from the next financial collapse. But Bitcoin was created for this purpose too, no more will the 1% have economic power over the 99%, "1 CPU - 1 vote" said Satoshi in his white paper. We are also in the digital era and with all the success the internet is nowadays there still was no internet currency without the excessive charges of credit card companies.
Bitcoin changed all that it wasn't just an internet currency it was hoping to be money on every platform in every country, person to person, in at least 10 minutes between any country in any amount for free! Fast forward to present day and we are starting to see that.
Of course we have had many setbacks on the way, such as exchanges being hacked, wallets stolen. We weren't so security conscious back then and we learned the hard way.
Then we grew in price and popularity and quite recently the government fought us when our dark market Silk Road was shut down by the Feds. We have had 4 price bubbles a lot of sleepless nights I've personally ploughed in tens of thousands of dollars lost a lot of Bitcoins on the way (and also lost 15000 Litecoins) and forced to read articles with declarations of "Bitcoin is dead" after each major price drop.
Sound familiar?
"History doesn't repeat it self but it does rhyme" Mark Twain
That's all part of the growing pains of a disruptive idea.
Dogecoin, by comparison, has a whole economy after just 7 months of inception! It's remarkable as I am also a big Litecoin fan and even that community isn't as productive as this. People talk about Dogecoin's PR as it being behind its popularity but I honestly believe there is no intentional PR, I mean where is the PR team?
I believe it was a combination of a friendly meme encouraging positive kind people, a internet currency that's easily explainable to anyone, a very mineable coin using your PC/laptop so everyone can get involved in and great online platform such as Reddit to connect like minded users together and everything just snowballed from there.
Now Dogecoin is one of the most productive coins out there with several client and core devs, hundreds of retailers, apps, doge specific websites, blogs and charity fundraisers. That's why I believe Dogecoin is undervalued right now.
This doesn't mean you should put your life savings into Dogecoin or other cryptocurrencies as they are still a risk and early stage technology. Just buy with what you can afford to lose!
So where is Dogecoin heading? - The analysis
As long as we still use doge for goods and services and keep the positivity going then I can only see the price of doge going higher and reaching all time highs without the need for manipulation. Over what time frame?
Like Bitcoin it won't be overnight and granted there's no supply limit so it will never reach tens or hundreds of dollars but we don't need it to. I honestly want Dogecoin to be a currency and I personally like having whole doges. Ideally I would hope that 1 or even 10 doge will buy 1 loaf of bread or 1 litre of milk at my local grocery store some day.
Supply vs Demand
As I mentioned before the supply coming to the exchanges from multipools has been immense - it is thought about 160 million doge a day is being mined and sold on exchanges just from miners. This not only exerts a lot of selling pressure but it also encourages weak hands to sell forcing the price down further it's a downward spiral which we have been seeing.
Any other coin would have collapsed long ago but doge is no ordinary coin. After the next two halvings in October time it will be down to 40 million a day and low enough to allow for natural demand to outpace the supply causing the price to increase steadily which will give momentum and may then lead to a new all time high and the second bubble.
Network Hashrate
I'm of the belief that ASICs are a necessary evolution in cryptocurrencies by making a coin secure which will attract investment/adoption and environmentally friendly. With scrypt ASICs large and small coming online the network hashrate has more than doubled in the last 2 months from 40 GH/s to 90 GH/s and while we tend to see a jump in hashrate just before a halvening I attribute this rise to small miners also buying ASICs and a lack of more profitable altcoins. Again that's great for the stability of our coin and this will provide further confidence that Dogecoin is a good crypto to buy/adopt/invest.
Deflationary Inflation
Sounds confusing so let me explain unlike Bitcoin where there will only be 21 million coins mined, Dogecoin will reach 100 billion coins mined after block 600k and then see 5.25 billion coins mined each year forever which works out as 5.25% inflation in the first year and then 4.99% in the second year and so on.
While this may seem a lot I have come to the conclusion that it may be a blessing for Dogecoin as it is thought that 5 billion coins per year would be lost permanently anyway so this will 5.25billion coins would replace the lost coins. The extra 5.25 billion coins per year would be enough to incentivise miners to continue mining doge (which would hopefully be at a high enough price after the 600k block reward) and securing our network.
Because Bitcoin has a cap it is seen as a store of value like gold whereas Dogecoin has a infinite supply but at a predictably low yearly increase in fact from 2015 to 2020 Dogecoin will have less yearly inflation than Bitcoin. This can actually encourage people to treat Dogecoin as a true currency to buy everyday items with than as a store of value. I believe that is what Satoshi envisioned Bitcoin to be.
What are the whales doing?
The top 20 dogecoin addresses which account for 40% of all mined Dogecoin out there haven't sold any of their DOGEs.
The whales with large wallets have not sold their DOGE over the course of the last 4 months but the smaller wallets have! Why? The whales are happy to see their DOGE go to zero if they thought it was dying or they have been there and done that and know that perhaps Dogecoin is heading up? I can tell you I have no intention of selling my DOGEs as I believe interesting times are ahead.
The Bitcoin Effect
Bitcoin has paved the way for a crypto to go from $0.0001 to $1000+ and brought technological development, liberty and a sense of community all in a 5 year timespan.
While only $0.00023 Dogecoin has got an ecosystem, a following, funded several charity efforts and a burgeoning economy after only 7 months thanks in part to the network effect of Bitcoin and the rest down to you.
All I can say to you all is well done to all of you for being such a positive and productive community. Keep using Dogecoin and check the links at the side bar such as and so that you can spend, buy, tip and mine doge and spread the word.
Now let's go to the moon!
TL;DR - Bitcoin had it's ups and downs and not short of haters over the years. Dogecoin is following the same path but in a shorter time frame. After the next 2 halvings Dogecoin price should be rising and adoption will speed up again which will make it a true currency so keep buying using and tipping doge wherever you can.
It's 8:09AM EST and we've found 87.24% of our initial 100 Billion DOGEs -- only 12.76% remains until our period of Hyper-inflation ends! Our Global Hashrate is up from ~76 to ~92 Gigahashes per second and our Difficulty is up from ~1196 to ~1351.
I Hope you enjoyed today's Guest Post by Justlite!
Note: To tip them directly:
+dogetipbot @Justlite xxx doge verify
submitted by GoodShibe to dogecoin [link] [comments]

Of Wolves and Weasels - Day 189 - The State of Dogecoin

Hey all! GoodShibe... on Vacation!
Please enjoy this post by Guest Writer thistime1 and tip them well ;D)
Note: To tip them directly: +dogetipbot @thistime1 xxx doge verify
I have collected as much data as I could possibly find and contacted as many major players in the Dogecoin community as I could. I hope you all find this synthesis of information informative and worthy of discussion.
Anything that was announced in the few days before this was posted may not be included here, due to me working on this for the last 2 weeks! Sorry if I missed you.
I hope to do this again, maybe even as a quarterly report.
Please take all the information presented to you here and make your own conclusions about how important each piece of data is to YOUR view of Dogecoin.
1 Doge = $0.00029 USD
Price would have to increase ~750% to be back at peak value ($0.0022/dogecoin).
1 LTC = $7.60 USD
Price would have to increase ~650% to be back at peak value ($48/litecoin).
Market Capitalization
7th of all digital currencies, ~$23 Million USD
Our market cap has been declining the last few months, most coin’s have. I am excited to know what our year-to-year price change will be as that is a better measure of change than the last 30 days.
For the past few days I have been trying to find a graph of the TOTAL market cap of all coins together over time.
I have a theory that not a lot of money is being put into cryptocurrencies at the moment, and the coins that go up in value are taking away value from others. What do you think?
I want to know if this is true, or if I am crazy. If that is somewhat true, there is a limit to how many coins will make it big.
I'd love to just see the total ALTCOIN market cap over time as well.
Hashrate = ~50GH/s
Oddly, this is about the same hashrate we had after the last halving! ASICs inbound…
I could not find what proportion of the SCRYPT hashrate we have over time, as that is the best measure of hashrate in relation to other coins.
I do have this though.
Litecoin’s hashrate is about 10 times larger than ours now.
The current block reward (recent halving) will create 90 Million Dogecoins/day or 38.7BTC at current prices.
This means that if ALL mined Dogecoins are sold every day they would only make up 3.8-7.5% off all transaction volume per day, which is around 500-1000BTC/day.
When the price stays the same, we can assume 250-500BTC of Dogecoins are bought or sold in that day. Therefore miners do not make up a large portion of the selling anymore, and they haven't for a while.
Another BIG assumption you have to make is that 38.7BTC cannot move markets. From my personally observations, the Cryptsy DOGE/BTC market controls the price of Dogecoin. I have watched the Chinese markets (BTC100, BTC38, BTER) respond to changes in price after they happen on Cryptsy. ~38BTC can have a HUGE impact on price if buy/sell walls are not there to support it.
We need more demand, but it is nice to have less pressure from miners anyways.
Liquidity is still much much higher with Litecoin though!
Transactions per Day
Dogecoin has more transactions per day Litecoin, and all other altcoins.
Sent from addresses
Dogecoin has more unique addresses sending coins per day than Litecoin, and all other altcoins.
Average Transaction Value
Average Litecoin transaction value for today was $9,380 USD.
Average Dogecoin transaction value for today was $122 USD.
Average Bitcoin transaction value for today was $3,250 USD. Dogecoin is potentially being used exactly as intended. Lots of people sending small amounts of money to each other or things.
I am stunned that the AVERAGE person sending Litecoins that day, sent almost $10K.
That is 3x higher than Bitcoin. In fact, oddly, Litecoin always has a higher average transaction value than Bitcoin since the Bitcoin bubble in late 2013. Anybody know why?
We usually DO NOT have higher transaction volumes than Litecoin, but we do consistently have ~500-1000BTC/day that is transacted, putting Dogecoin in the top 5 most traded coins.
Dogecoin Address Growth
Dogecoin has also GAINED 14,653 positive addresses in the month of June, where Litecoin has LOST 33,875. (info from bitinfocharts and currency4world)
Wikipedia Statistics (
Bitcoin traffic – Average ~9000 views in the last 90 days (highest 18614 views/day) – total views/90 days 819,193
Litecoin traffic – Average ~380 views in the last 90 days (highest 998 views/day) – total views/90 days 40,036
Dogecoin traffic – Average ~1200 views in the last 90 days (highest 8629 views/day) – total views/90 days 154,415
Circlejerking Statistics
Bitcoin recently surpassed 1 Yottahash, I believe we are up to almost 1 Yottajerk of circlejerking power. I am excited for a few years from now, when the QuantumJerk ASICs are released.
Every time I read someone calling /dogecoin a circlejerk I laugh, not because they are wrong, but because they are just stating the obvious.
Do you think there is someone in the corner of the room at NASA who just comments about how all they talk about is rockets and space?
If dreaming big and congratulating ourselves on our achievements is a circlejerk, then I guess it’s human to circlejerk. Every subreddit is a circlejerk, the only difference in /dogecoin is that you can get tips from circlejerking. (Is that prostitution?)
The main point of this section was to see how many times I could type circlejerk.
The new Dogecoin Foundation is now a legal enitiy and will have a road map of working projects
Personally I would love to see someone from the Chinese Dogecoin community represented on the Foundation. They buy and sell a lot of Dogecoins Maybe just a liason position or something.
At the very least, during fundraisers, the Chinese community should be contacted to see if they want to help out!
Dogecoin is the ONLY altcoin with the Core/Wallet/qt based off of Bitcoin 0.9. Dogecoin Core will be kept up to date and features from the Bitcoin Core will be adopted quickly. The devs are doing great so far, especially against coins with full-time PAID developers!
Unprecedented cryptocurrency modeling software will be written to test possible outcomes to changes in Dogecoin’s algorithm. Main candidates are PoS 2.0, Tendermint, and SIMD. To my knowledge, this has never been created before in all of cryptocurrency, and will definitely further highlight the abilities of Dogecoin’s development team.
A payment protocol is also being worked on.
Twitch tipping with dogetipbot will go live soon! You can sign up to be invited to the beta, here.
After Twitch tipping goes live, there will be a huge announcement
I have followed what mohland and dvorwak have said about it, here.
Price might not be so encouraging at the moment, but stay faithful. Keep up the good work. Encourage more people to join. The community is something special. I have strong faith that it will be heading to the moon!
Buy ANYTHING in Dogecoins that is for sale online. Available in over 50 countries. Only BTC, LTC, DOGE, and XRP are supported.
The biggest new Onarbor feature announcement is ability to back and re-back works and reviews. This was the top request so we're glad to finally implement it. Coming soon will be more tailored feeds where we will allow people to follow creators that interest them (will allow TwitteFB/linkedin auth to find friends/colleagues).
What can Dogecoin do better?
For a coin that has done some of the best marketing out there, we suck at getting major announcements across on multiple platforms.
I am hoping /dogecoin_pr will bring this up to par.
51.54% of Dogecoin users are on Dogecoin Core 1.6.(
Maybe merchants and such are not to keen on updating if it is not required, but maybe they just do not know about 1.7.
When 1.8 comes out, I would love to see a sticky thread on the subreddit, an announcement on the official Dogecoin Twitter and Facebook pages, an announcement on the front of the BitcoinTalk forum, as well as contacting cryptonews websites.
Dogecoin has a large social media presence and should be taking advantage of THAT!
I am concerned that there are not that many external deposits made to everyone’s dogetipbot accounts. Until there are more tipping users, I fear that we may be only be tipping coins that were tipped to us in the first place. That is not the best way to build demand. I am hoping mohland has some data on this.
I strongly believe in the tipping economy and culture of Dogecoin, and personally, that is how I think we can best build demand. Until we have more tipping users, it is up to us to build that demand, and the work could pay off.
I know you powerlemons is working on updating this, but the website is COMPLETELY MISSING a section on how to accept Dogecoin. This should be just as big as the other coloured sections!
This should be added to the “Get Dogecoin” section at the bottom of the page.
I have tried to keep it updated as much as possible, but would love the community to notify me of any changes
Josh Wise
“I have said this to a few people in the community but my two cents on this is to keep it fun, charitable, and stick to the fundamentals that made the community grow so much initially. My personal opinion (and I really have no clue what I am talking about) is that this community grew so fast because it was so much fun, anything seemed possible, everything seemed worth trying and there were not many negative undertones with anything. It seems like people are really getting wrapped up in a lot of negatives right now and that is never productive. The law of attraction will rule in the end and as long as people are positive- no matter the circumstance- the circumstance will become positive. I love this place and wish only the best for dogecoin and the community, and like I said, I have no clue as to all of the intricacies and the many moving parts past and present. Only my two cents on what I see (:
As far as upcoming projects- I am still working on some new shirts by popular demand. I would really love to either race the Dogecoin car in a few Superspeedway races next year, or try to raise money so that we can run the rear bumper all season. I am super thankful for all that has come of this and want to continue to help build the brand and awareness in any ways possible. A lot of that is really up to the community though and not me.”
Co-founder (BillyM2K aka Shibetoshi Nakamoto)
“A community that is having fun, building cool things, and coming together for great causes and fun causes alike is exceptionally more valuable than one that is trying desperately to create value by finger pointing, complaining, witch hunting, attempting to market useless features, and ultimately eating itself.”
thistime1 - High Anxiety Shibe
I hope you all learned something today. I tried really hard to make sure that was the case.
Who do I love?
It's 7:41AM EST and we've found 87.49% of our initial 100 Billion DOGEs -- only 12.51% remains until our period of Hyper-inflation ends! Our Global Hashrate is up from ~44 to ~47 Gigahashes per second and our Difficulty is up from ~708 to ~724.
I Hope you enjoyed today's Guest Post by thistime1!
Note: To tip them directly:
+dogetipbot @thistime1 xxx doge verify
submitted by GoodShibe to dogecoin [link] [comments]

[Reddcoin-Treasure-Hunt] Day 1 Riddle - 150,000 RDD Prize - Official Thread

Ladies and Gentleman, thank you for joining me today for Day #1 of the Reddcoin-Treasure-Hunt!
Official Treasure Hunt Annoucement Here

Today's grand prize: 150,000 RDD.

Before we get started, I'd like to take a few moments to offer a few thoughts on recent progress in Reddcoin. Then, RIDDLES!
Now, we all know that the final Reddcoin block halving before PoSV occurred over the weekend. That means we have less than 5 weeks before we permanently leave Proof of Work behind, and switch to a new Proof of Stake Velocity algorithm. What that also means is that Reddcoin will be receiving A LOT of attention over the next month (and yes, this competition might bring some added attention as well).
I want those of you who have been around cryptocurrencies a while to consider what made you interested. For some of you it was probably a chance at some added income. And yes, there is that. But what made you become invested in the communities associated with the altcoins? For many of you, it was probably someone or maybe a few people that peaked your interest and made you feel welcome. To all my fellow shibes from /Dogecoin, I know that community has been a HUGE part of what has made Dogecoin so successful, and believe me when I say that I wear my DogeCar t-shirt around with pride!
And so, everyone, while you seek out the solutions to my riddles this week to win some pretty substantial prize money, I call on you to double down on being a welcoming, all inclusive community. I urge you all to become positive forces for Reddcoin, Cryptocurrencies, and reddit in general. When new arrivals come to our sub, greet them with open arms! When someone says they like Dogecoin or Litecoin or Bitcoin or whatever the best, tell them that's awesome, and ask them if they'd like to get involved with Reddcoin too! We can all look at every single large crypto community and learn something that can make our community better, and can maybe join other communities and make them better too. It's a big world out there - we can welcome everyone and all views!
You Reddheads are great! Just remember that Shibes are great too, as are all the fans of BTC, LTC, PPC, BC, and so on.
Now, the exciting part!

The Reddcoin-Treasure-Hunt Riddle of the Day

To recap the announcement post, each day there is a new riddle. If today's riddle is not solved, tomorrow's riddle will be a second clue to help solve today's riddle. In that scenario, today's prize carries over and is added to tomorrow's prize.
And so without further ado, here is the first Reddcoin-Treasure-Hunt riddle:
what backs bitcoin, someone might ask well i wouldn't blame you, if you can't answer fast but reddcoin is different, i tell you it's so if you can quote laudney, your wallet might grow 
If you think you know the answer to the riddle, reply here as such: Reddcoin-Treasure-Hunt
The bigreddgumbot is listening :)
A winner has been found. See below.

Some (potentially) helpful resources:

Hint: riddle answers will never include quotation marks unless those marks are symbols from a PoSV resource. Answers will always quote a core PoSV resource.
Note: I am running this competition as a way of promoting Reddcoin and encouraging increased attention to PoSV details. I am trying to run the competition in the fairest way possible, and am running the event without bias. All awards are final and not up for debate. Should an issue occur with the bot monitoring the event, I will step in and try to correct the issue. I cannot guarantee anything more.
No winners yet, but the bigreddgumbot did tell us this...
And this...
What does that mean??
AND WE HAVE A WINNER! Congrats to XTornado, the FIRST Reddcoin-Treasure-Hunt winner!
Today's riddle took 51 minutes. I'll see what I can do tomorrow to make it harder. Look for the riddle to be posted a little later tomorrow than it was today. Trying to give all time zones a chance.
For those of you wondering, the answer was from Section 3.3 of the PoSV Paper.
submitted by bigreddmachine to reddCoin [link] [comments]

My prediction 26 days ago...

26 days ago... I called it
Like I've said before in this post. This market is heavily manipulated. Some people have hundreds of bitcoins and it isn't difficult to move the market when you have that kind of purchasing power.
This current downtrend was due to the following chain of events: 1.) No major news for dogecoin. 2.) Multipools cheating out other pools by snagging high value blocks. 3.) AuroraCoin stealing some of our thunder Another predicton of mine when it was at $20 and climbed to $93/AUR.
With no major news events, new members dropped. Keep in mind there isn't anything to base a currency on other than news articles and membership! That's even true for bitcoin! So in this bizzaro world, No News is Bad News. Secondly we had multipools gaming the system to obtain more dogecoins. This in turn lead miners to leaving the game because it's not fair, or rigged. This leads to a drop in hashrate which many speculators see as a trend in how valuable a coin is. Put this all together and you get a perfect storm for whales to create a dump.
But a funny thing happened. The price hit 103 satoshi's and 20 to 30 bitcoins were dropped like a hat causing the price to rise. It's now almost at 120 satoshi's (THAT'S A 20 FREAK'n PERCENT PROFIT PEOPLE!).
But why? What changed?
The Mods announced a fix to the problem and the whales took that as good news. They easily dropped a substancial amount of bitcoin buying up while everyone else was panic selling.
So what's my next prediction?
Either doge will drop under 100, or it'll remain in the low 100's until the next big news comes along (expect a pump a couple weeks prior to the halving). Either way it's sticking around. 70,000 shibes don't go quietly into the night my friend. They bark loudly and wake up the neighbors who have to wake up early to take their kids to school the next day.
Stand tuff doges.
submitted by Pickle_ninja to dogecoin [link] [comments]

[Shibenomics 101] Market Cap? GDP? PPP? Moon???

So there's been an unbelievable multitude of threads ranging from "Shibes, is Ð1 = $1 possible?" to "Shibes, Ð1 can never be $1, stop dreaming."
first of all, never tell a shibe not to dream.
second of all, much much more than the ratio of dogecoins to bitcoins to dollars determines the exchange rate of a currency, and that is the subject of today's shibenomics lesson.
Everyshibe has probably heard of GDP, but to define it very quickly - the gross domestic product is the value of all goods and services produced in an economy over a period of time. Normally, GDP is calculated per year, but for the analysis in this article and dogecoin in general, i find it more constructive to think of GDP per day.
Now, how can we possibly find out what the GDP of dogecoin is? The USD has a whole bureau of economic analysis to do that and they still get it wrong half the time...
Herein lies one of the many beauties of the blockchain. The block chain is like a public ledger of every transaction in dogecoin, EVER - which means we can just find the last block with a transaction on Wednesday, January 15th, and the last block with a transaction on Thursday, January 16th, and every transaction in between is part of the GDP for Jan 16th.
note: shibes already versed in economics will point out that some of these transactions may not be for goods and services, but rather conversions from USD or BTC, and some of them may be double counted because they are buying an ingredient for something they plan to sell later for more dogecoins - these objections are somewhat correct, but systematically overestimating GDP means you can still measure GDP change over time, which is what we're really concerned about, and conversions from other currencies are our equivalent of exports
So, as of now, our GDP on January 16th was a whopping 46,793,497,531 DOGE ($18,078,761 USD). Before you object about pay-it-forward threads and tipping and such, let me remind you - tips are a micro-transaction for a service (the service of making you smile :) ) and pay-it-forward threads are the shibe version of state-sanctioned lottery - which is the service of gambling. Now, gambling and entertainment an economy do not make, but 18 million dollars is a pretty big deal. Only bitcoin, litecoin, and quarkcoin have higher GDPs per day than dogecoin, and among those only dogecoin has a reasonably sustainable average transaction value (~$200 vs >$8000).
Ok, so now we know dogecoin has a GDP, and that shibes can feel pretty good about it. Even more impressive, dogecoin GDP has grown from $6.74 million on December 18th to $18 million today - 3.22% per day - at current growth rates, our GDP this time next year would be $1.78 TRILLION (11% of the US economy). Now this is probably unsustainable, but even growing at 20% of our current growth rate for a year would leave us only behind bitcoin in GDP per day.
Now let's consider market cap - the first thing that is striking about dogecoin isn't that its 6th most valuable in terms of market cap - its that dogecoin is the only crypto who's GDP exceeds its market cap, and that too by a whopping 62%. This means that for every 1 dogecoin you spent today, 61.7% of that dogecoin was passed on, and then passed on again, and so on. The velocity of money in the doge economy is ludicrous, and it confers a high degree of stability unto our economy, so kudos all around! A fast velocity of money not only helps fight changes in prices, it also makes it possible to post very high GDP numbers without having a large monetary base.
Apart from this, its also worthwhile to note that our market cap in USD has grown by around 3.6% per day, while the number of dogecoins added to circulation grows by around 2% per day - so despite all the mining, dogecoin has been appreciating in value quite rapidly in value.
On a more theoretical note, it is worth spending a moment to consider PPP (purchasing power parity). In high school economics, PPP means that a big mac in the United States should cost the same amount of real value as a big mac in China, and that the exchange rates will move to reflect that reality. In reality, PPP is more of a goal than a law - it's pretty hard to buy a big mac in China and bring it to the United States so that you get your food cheaper at lunch. In cryptoworld, however, PPP is the law - a bitcoin must cost the same amount in litecoins, dollars, and dogecoins, and the exchange rates will change to reflect that. PPP has so far been strongly determined by the BTC, LTC, DOGE triangle, as there is still not a large volume USD/DOGE exchange to allow arbitrage between the USD/BTC/DOGE (arbitrage is the force that makes PPP a law). Thankfully, a DOGE/USD exchange is probably just around the corner, and so soon we should see DOGE/USD and DOGE/BTC stabilize a bit because of this.
PPP also extends to the world of mining - a kh/s mined on one currency will try to be worth as much as a kh/s mined on another currency - the best example of this is multipool. Right now, it is highly profitable to mine dogecoins because of the strong economy & exchange rate and the low block difficulty, compared to other alt coins relatively weak exchange rates and higher difficulties. Each coin has a predetermined global hash rate it will support based on its coin reward and target block time, and uses the difficulty to keep the reward & timing schedule intact.
What this means is that as more miners work on dogecoin, it becomes less profitable to mine doge unless its value relative to the other cryptos goes up - and this is the cause for the cycles of highs and lows we see in DOGE/BTC. These cycles will probably not stop after the February 14th block halving, but they will be occuring at higher and higher valuations.
It's a point of shibe pride to mention that of all the cryptos, dogecoin probably has the least wealth concentration - the top 100 transactions in dogecoin are only 3.15% of the daily transaction value, whereas for other currencies that number can reach near 50%.
In conclusion, it'll probably be disappointing to hear that I have no clue where DOGE/USD or DOGE/BTC will be in a week, much less when it will hit 1 dogecoin per 1 USD. What I can say, and what should be evident from the numbers, is that dogecoin is developing a strong economic foundation unlike any of the other altcoins, and is much less seedy than bitcoin's early economy. Some of the core difficulties of dogecoin going forward are going to be maintaining our ludicrous velocity of money, which means finding and developing new markets for tipping, diversifying our economy away from mainly tipping while keeping a focus on micro-transactions, and creating a more effective store of value besides hoarding coins in a wallet or giving them away in PIF threads and waiting for them to come back.
statistics used in this article are available on:
submitted by kwickymartkidd to dogecoin [link] [comments]

The Strange Birth & History of Monero, Part III: Decentralized team

You can read here part I (by americanpegaus). This is the post that motivated me to make the part II. Now i'm doing a third part, and there'll be a final 4th part. This is probably too much but i wasn't able to make it shorter. Some will be interested in going through all them, and maybe someone is even willing to make a summary of the whole serie :D.
Monero - an anonymous coin based on CryptoNote technology
Comentarios de interés:
-4: "No change, this is just a renaming. In the future, the binaries will have to be changed, as well as some URL, but that's all. By the way, this very account (monero) is shared by several user and is meant to make it easier to change the OP in case of vacancy of the OP. This idea of a shared OP comes from Karmacoin.
Some more things to come:
-5: “Before this thread is too big, I would like to state that a bug has been identified in the emission curve and we are currently in the process of fixing it (me, TFT, and smooth). Currently coins are emitted at double the rate that was intended. We will correct this in the future, likely by bitshifting values of outputs before a certain height, and then correcting 1 min blocks to 2 min blocks. The changes proposed will be published to a Monero Improvement Protocol on github.”
[tacotime make public the bug in the emission curve: token creation is currently 2 times what was intended to be, see this chart BTC vs the actual XMR curve, as it was and it is now, vs the curve that was initially planned in yellow see chart]
-14: “Moving discussion to more relevant thread, previous found here:
I have to say that I am surprised that such an idea [halving current balances and then changing block target to 2 min with same block reward to solve the emission curve issue] is even being countenanced - there are several obvious arguments against it.
Perception - what kind of uproar would happen if this was tried on a more established coin? How can users be expected to trust a coin where it is perceived that the devs are able and willing to "dip" into people's wallets to solve problems?
Technically - people are trying to suggest that this will make no difference since it applies to reward and supply, which might be fair enough if the cap was halved also, but it isn't. People's holdings in the coin are being halved, however it is dressed up.
Market price - How can introducing uncertainty in the contents of people's wallets possibly help market price? I may well be making a fool of myself here, but I have never heard of such a fix before, unless you had savings in a Cypriot bank - has this ever been done for another coin?”
-15: “You make good points but unfortunately conflicting statements were made and it isn't possible to stick to them all. It was said that this coin had a mining reward schedule similar to bitcoin. In fact it is twice as fast as intended, even even a bit more than twice as fast as bitcoin.
If you acquired your coins on the basis of the advertised reward schedule, you would be disappointed, and rightfully so, as more coins come to into existence more quickly than you were led to believe.
To simply ignore that aspect of the bug is highly problematic. Every solution may be highly problematic, but the one being proposed was agreed as being the least bad by most of the major stakeholders. Maybe it will still not work, this coin will collapse, and there will need to be a relaunch, in which case all your coins will likely be worthless. I hope that doesn't happen.”
[smooth tries to justify his proposal to solve the emission curve issue: halve every current balance and change block target to 2 min with same block reward]
-16: “This coin wasn't working as advertised. It was supposed to be mined slowly like BTC but under the current emission schedule, 39% would be mined by the first year and 86% by the fourth year. Those targets have been moved out by a factor of 2, i.e. 86% mined by year 8, which is more like BTC's 75% by year 8. So the cap has been moved out much further into the future, constraining present and near-term supply, which is what determines the price.”
[eizh supports smooth’s plan]
-20: “So long as the process is fair and transparent it makes no difference what the number is... n or n/2 is the same relative value so long as the /2 is applied to everyone. Correcting this now will avoid people accusing the coin of a favourable premine for people who mined in the first week.”
[random user supporting smooth’s idea]
-21: “Why not a reduction in block reward of slightly more than half to bring it into line with the proposed graph? That would avoid all sorts of perceptual problems, would not upset present coin holders and be barely noticeable to future miners since less than one percent of coins have been mined so far, the alteration would be very small?”
-22: “Because that still turns into a pre-mine or instamine where a few people got twice as many coins as everyone else in the first week.
This was always a bug, and should be treated as such.”
[smooth wants to be sure they can’t be stigmatized as “premine”]
-23: “No, not true [answering to "it makes no difference what the number is... n or n/2 is the same relative value so long as the /2 is applied to everyone"]. Your share of the 18,000,000 coins is being halved - rightly or wrongly.”
[good point made by a user that is battling “hard” with smooth and his proposal]
-28: “+1 for halving all coins in circulation. Would they completely disappear? What would the process be?”
-31: “I will wait for the next coin based on CryptoNote. Many people, including myself, avoided BMR because TFT released without accepting input from anyone (afaik). I pm'ed TFT 8 days before launch to help and didn't get response until after launch. Based on posting within the thread, I bet there were other people. Now the broken code gets "fixed" by taking away coins.”
-32: “What you say is true, and I can't blame anyone from simply dropping this coin and wanting a complete fresh start instead. On the other hand, this coin is still gaining in popularity and is already getting close to bytecoin in hash rate, while avoiding its ninja premine. There is a lot done right here, and definitely a few mistakes.”
[smooth stands for the project legitimacy despite the bugs]
-37: “Since everything is scaled and retroactive, the only person to be affected is... me. Tongue Because I bought BMR with BTC, priced it with incorrect information, and my share relative to the eventual maximum has been halved. Oh well. The rest merely mined coins that never should have been mined. The "taking away coins" isn't a symptom of the fix: it's the fundamental thing that needed fixing. The result is more egalitarian and follows the original intention. Software is always a work-in-progress. Waiting for something ideal at launch is pretty hopeless. edit: Let me point out that most top cryptocurrencies today were released before KGW and other new difficulty retargeting algorithms became widespread. Consequently they had massive instamines on the first day, even favorites in good standing like LTC. Here the early miners are voluntarily reducing their eventual stake for the sake of fairness. How cool is that?”
[this is eizh supporting the project too]
-43: “I'm baffled that people are arguing about us making the emission schedule more fair. I'm an early adopter. This halves my money, and it's what I want to do. There's another change that needs to be talked about too: we don't believe that microscopic levels of inflation achieved at 9 or 10 years will secure a proof-of-work network. In fact, there's a vast amount of evidence from DogeCoin and InfiniteCoin that it will not. So, we'd like to fix reward when it goes between 0.25 - 1.00 coins. To do so, we need to further bitshift values to decrease the supply under 264-1 atomic units to accommodate this. Again, this hurts early adopters (like me), but is designed to ensure the correct operation of the chain in the long run. It's less than a week old, and if we're going to hardfork in economic changes that make sense we should do it now. We're real devs turning monero into the coin it should have been, and our active commitment should be nothing but good news. Fuck the pump and dumps, we're here to create something with value that people can use.”
[tacotime brings to the public for first time the tail emission proposal and writes what is my favourite sentence of the whole monero history: “Fuck the pump and dumps, we're here to create something with value that people can use”]
-51: “I think this is the right attitude. Like you I stand to "lose" from this decision in having my early mining halved, but I welcome it. Given how scammy the average coin launch is, I think maximizing fairness for everyone is the right move. Combining a fair distribution with the innovation of Cryptonote tech could be what differentiates Monero from other coins.”
-59: “Hello! It is very good that you've created this thread. I'm ok about renaming. But I can't agree with any protocol changes based only on decisions made by people. This is because not all miners are continiously reading forum. Any decision about protocol changes are to be made by hashpower-based voting. From my side I will agree on such a decision only if more than 50% of miners will agree. Without even such a simple majority from miners such changes are meaningless. In case of hardfork that isn't supported by majority of miners the network will split into two nets with low-power fork and high-power not-forking branches. I don't think that this will be good for anybody. Such a voting is easy to be implemented by setting minor_version of blocks to a specific value and counting decisions made after 1000 of blocks. Do you agree with such a procedure?”
[TFT appears after a couple days of inactivity]
-63: “In few days I will publish a code with merged mining support. This code will be turned ON only by voting process from miners. What does it mean:
The same procedure is suitable for all other protocol changes.”
[And now he is back, TFT is all about merged mining]
-67: “We don't agree that a reverse split amounts to "taking" coins. I also wouldn't agree that a regular forward split would be "giving" coins. It's an exchange of old coins with new coins, with very nearly the exact same value. There is a very slight difference in value due to the way the reward schedule is capped, but that won't be relevant for years or decades. Such a change is entirely reasonable to fix an error in a in coin that has only existed for a week.”
-68: “There were no error made in this coin but now there is an initiative to make some changes. Changes are always bad and changes destroy participant confidence even in case these changes are looking as useful. We have to be very careful before making any changes in coins”
[TFT does not accept the unexpected emission curve as a bug]
-72: “You are wrong TFT. The original announcement described the coin as having a reward curve "close to Bitcoin's original curve" (those are your exact words). The code as implemented has a reward curve that is nothing like bitcoin. It will be 86% mined in 4 years. It will be 98% mined in 8 years. Bitcoin is 50% mined in 4 years, and 75% in 8 years.
With respect TFT, you did the original fork, and you deserve credit for that. But this coin has now gone beyond your initial vision. It isn't just a question of whether miners are on bitcointalk or not.
There is a great team of people who are working hard to make this coin a success, and this team is collaborating regularly through forum posts, IRC, PM and email. And beyond that a community of users who by and large have been very supportive of the efforts we've taken to move this forward.
Also, miners aren't the only stakeholders, and while a miner voting process is great, it isn't the answer to every question. Though I do agree that miners need to be on board with any hard fork to avoid a harmful split.”
[smooth breaks out publicily for first time against TFT]
-75: “I suppose that merged mining as a possible option is a good idea as soon as nobody is forced to use it. MM is a possibility to accept PoW calculated for some other network. It helps to increase a security of both networks and makes it possible for miners not to choose between two networks if they want both:
Important things to know about MM:
Actually the only change that goes with MM is that we are able to accept PoW from some other net with same hash-function. Each miner can decide his own other net he will merge mine BMR with.
And this is still very secure.
This way I don't see any disadvantage in merged mining. What disadvantages do you see in MM?”
[TFT stands for merged mining]
-77: “Merged mining essentially forces people to merge both coins because that is the only economically rational decision. I do not want to support the ninja-premined coin with our hash rate.
Merged mining makes perfect sense for a coin with a very low hash rate, otherwise unable to secure itself effectively. That is the case with coins that merge mine with bitcoin. This coin already has 60% of the hash rate of bytecoin, and has no need to attach itself to another coin and encourage sharing of hash rate between the two. It stands well on its own and will likely eclipse bytecoin very soon.
I want people to make a clear choice between the fair launched coin and the ninja-premine that was already 80% mined before it was made public. Given such a choice I believe most will just choose this coin. Letting them choose both allows bytecoin to free ride on what we are doing here. Let the ninja-preminers go their own way.”
[smooth again]
-85: “One of you is saying that there was no mistake in the emission formula, while the other is. I'm not asking which I should believe . . I'm asking for a way to verify this”
[those that have not been paying attention to the soap opera since the beginning do not understand anything at all]
-86: “The quote I posted "close to Bitcoin's original curve" is from the original announcement here:
I think there was also some discussion on the thread about it being desirable to do that.
At one point in that discussion, I suggested increasing the denominator by a factor of 4, which is what ended up being done, but I also suggested retaining the block target at 2 minutes, which was not done. The effect of making one change without the other is to double the emission rate from something close to bitcoin to something much faster (see chart a few pages back on this thread).”
[smooth answers just a few minutes later]
-92: “I'm happy the Bitmonero attracts so much interest.
I'm not happy that some people want to destroy it.
Here is a simple a clear statement about plans:
We have two kind of stakeholders we have respect: miders and coin owners.
Before any protocol changes we will ask miners for agreement. No changes without explicit agreement of miners is possible.
We will never take away or discount any coins that are already emitted. This is the way we respect coin owners.
All other issues can be discussed, proposed and voted for. I understand that there are other opinions. All decisions that aren't supported in this coin can be introduced in any new coin. It's ok to start a new fork. It's not ok to try to destroy an existsing network.”
[TFT is kinda upset – he can see how the community is “somehow” taking over]
-94: “Sounds like there's probably going to be another fork then. Sigh.
I guess it will take a few tries to get this coin right.
The problem with not adjusting existing coins is that it make this a premine/instamine. If the emission schedule is changed but not as a bug fix, then earlier miners got an unfair advantage over everyone else. Certainly there are coins with premines and instamines, but there's a huge stigma and such a coin will never achieve the level of success we see for this coin. This was carefully discussed during the team meeting, which was announced a day ahead of time, and everyone with any visible involvement with the coin, you included, was invited. It is unfortunate you couldn't make it to that meeting TFT.”
[smooth is desperate due to TFT lack of interest in collaboration, and he publicly speaks about an scission for first time]
-115: “Very rough website online, (in case you asked, the domain name was voted on IRC, like the crypto name and its code). Webdesigner, webmaster, writers... wanted.”
[Even though the lack of consensus and the obvious chaos, the community keeps going on: Monero already has his own site]
-152: “Here's one idea on fixing the emissions without adjusting coin balances.
We temporarily reduce the emission rate to half of the new target for as long as it takes for the total emission from 0 to match the new curve. Thus there will be a temporary period when mining is very slow, and during that period there was a premine.
But once that period is compete, from the perspective of new adopters, there was no premine -- the total amount of coins emitted is exactly what the slow curve says it should be (and the average rate since genesis is almost the same as the rate at which they are mining, for the first year or so at least).
This means the mining rewards will be very low for a while (if done now then roughly two weeks), and may not attract many new miners. However, I think there enough of us early adopters (and even some new adopters who are willing to make a temporary sacrifice) who want to see this coin succeed to carry it through this period.
The sooner this is done the shorter the catch up period needs to be.”
[smooth makes a proposal to solve the “emission curve bug” without changing users balances and without favoring the early miners]
-182: “We have added a poll in the freenode IRC room "Poll #2: "Emission future of Monero, please vote!!" started by stickh3ad. Options: #1: "Keep emission like now"; #2: "Keep emission but change blocktime and final reward"; #3: "Keep emission but change blocktime"; #4: "Keep emission but change final reward"; #5: "Change emission"; #6: "Change emission and block time"; #7: "Change emission and block time and final reward"
Right now everyone is voting for #4, including me.”
[tacotime announces an ongoing votation on IRC]
-184: “ change emission: need to bitshift old values on the network or double values after a certain block. controversial. not sure if necessary. can be difficult to implement. keep emission: straightforward, we don't keep change emission or block time. change final reward is simple. if (blockSubsidy < finalSubsidy) return finalSubsidy; else return blockSubsidy;”
-188: “Yeah, well. We need to change the front page to reflect this if we can all agree on it.
We should post the emissions curve and the height and value that subsidy will be locked in to.
In my opinion this is the least disruptive thing we can do at the moment, and should ensure that the fork continues to be mineable and secure in about 8 years time without relying on fees to secure it (which I think you agree is a bad idea).”
-190: “I don't think the proposed reward curve is bad by any means. I do think it is bad to change the overall intent of a coin's structure and being close to bitcoins reward curve was a bit part of the intent of this coin. It was launched in response to the observation that bytecoin was 80% mined in less than two years (too fast) and also that it was ninja premined, with a stated goal that the new coin have a reward curve close to bitcoin.
At this point I'm pretty much willing to throw in the towel on this launch:
  1. No GUI
  2. No web site
  3. Botched reward curve (at least botched relative to stated intent)
  4. No pool (and people who are enthusiastically trying to mine having trouble getting any blocks; some of them have probably given up and moved on).
  5. No effective team behind it at launch
  6. No Mac binaries (I don't think this is all that big a deal, but its another nail)
I thought this could be fixed but with all the confusion and lack of clear direction or any consistent vision, now I'm not so sure.
I also believe that merged mining is basically a disaster for this coin, and is probably being quietly promoted by the ninjas holding 80% of bytecoin, because they know it keeps their coin from being left behind, and by virtue of first mover advantage, probably relegates any successors to effective irrelevance (like namecoin, etc.).
We can do better. It's probably time to just do better.”
[smooth is disappointed]
-191: “The website does exist now, it's just not particularly informative yet. :) But, I agree that thankful_for_today has severely mislead everyone by stating the emission was "close to Bitcoin's" (if he's denying that /2 rather than /4 emission schedule was unintentional, as he seems to be). I'm also against BCN merge mining. It works against the goal of overtaking BCN and if that's not a goal, I don't know what we're even doing here. I'll dedicate my meagre mining to voting against that.
That said, you yourself have previously outlined why relaunches and further clones fail. I'd rather stick with this one and fix it.”
[eizh tries to keep smooth on board]
-196: “BCN is still growing as well. It is up to 1.2 million now. If merged mining happens, (almost) everyone will just mine both. The difficulty on this coin will jump up to match BCN (in fact both will likely go higher since the hash rate will be combined) and again it is an instamine situation. (Those here the first week get the benefit of easy non-merged mining, everyone else does not.) Comments were made on this thread about this not being yet another pump-and-dump alt. I think that could have been the case, but sadly, I don't really believe that it is.”
-198: “There's no point in fragmenting talent. If you don't think merge mining is a good idea, I'd prefer we just not add it to the code.
Bitcoin had no web site or GUI either initially. Bitcoin-QT was the third Bitcoin client.
If people want a pool, they can make one. There's no point in centralizing the network when it's just began, though. Surely you must feel this way.”
[tacotime also wants smooth on board]
-201: “My personal opinion is that I will abandon the fork if merge mining is added. And then we can discuss a new fork. Until then I don't think Monero will be taken over by another fork.”
[tacotime opens the season: if merged mining is implemented, he will leave the ship]
-203: “Ditto on this. If the intention wasn't to provide a clearweb launched alternative to BCN, then I don't see a reason for this fork to exist. BCN is competition and miners should make a choice.”
[eizh supports tacotime]
-204: “+1 Even at the expense of how much I already "invested" in this coin.”
[NoodleDoodle is also against merged mining]
This is basically everything worth reading in this thread. This thread was created in the wrong category, and its short life of about 2 days was pretty interesting. Merged mining was rejected and it ended up with the inactivity of TFT for +7 days and the creation of a new github repo the 30th of April. It is only 12 days since launch and a decentralized team is being built.
Basically the community had forked (but not the chain) and it was evolving and moving forward to its still unclear future.
These are the main takeaways of this thread:
  • The legitimacy of the "leaders" of the community is proven when they proposed and supported the idea of halving the balances for the greater good to solve the emission curve issue without any possible instamine accusation. Also their long-term goals and values rejecting merged-mining with a "primined scam"
  • It is decided that, as for now, it is “too late” to change the emission curve, and finally monero will mint 50% of its coin in ~1.3 years (bitcoin did it after 3.66 years) and 86% of its coins in 4 years (bitcoin does it in ~11 years) (was also voted here) (see also this chart)
  • It is decided that a “minimum subsidy” or “tail emission” to incentivize miners “forever” and avoid scaling fees will be added (it will be finally added to the code march 2015)
  • Merged mining is plainly rejected by the future “core team” and soon rejected by "everyone". This will trigger TFT inactivity.
  • The future “core team” is somehow being formed in a decentralized way: tacotime, eizh, NoodleDoodle, smooth and many others
And the most important. All this (and what is coming soon) is a proof of the decentralization of Monero. Probably comparable to Bitcoin first days. This is not a company building a for-profit project (even if on the paper it is not for-profit), this a group of disconnected individuals sharing a goal and working together to reach it.
Soon will be following a final part where i'll collect the bitcointalk logs in the current official announcement threads. There you'll be able to follow the decentralized first steps of develoment (open source pool, miner optimizations and exchanges, all surrounded by fud trolls, lots of excitmen and a rapidly growing collaborative community.
submitted by el_hispano to Monero [link] [comments]

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The Bitcoin Halving 2020: You MUST WATCH MASSIVE SUPPLY ...

#Gocoin #Dogecoin is relatively new in the crypto currency world. Just like Litecoin, it is one of those many variations or ‘clones’ of the Bitcoin source code that uses Scrypt. Dogecoin has ... This video is unavailable. Watch Queue Queue. Watch Queue Queue The Best Explanation You Will Get About The Bitcoin Halving***** Fed Printing INFINITE Money👉 https://www.thefundamentalsecrets.... The Bitcoin halving is around 250 days away.....what can we expect in terms of price movement in advance of the halving and after the halving? Let's explore! sources ... Today I am talking about the Bitcoin Halving and what it means for people in crypto currency and if you should be worried about it! Coin Market Cap - https:/...