Cryptocoin Mining?

[Kallogan]

NXT to the moon ! Hope you guys did not miss the train !

 

[taq8ojh]

Not sure what del *.bin does

Have you seriously NEVER seen command line or DOS commands?

 

[nwo]

Have you seriously NEVER seen command line or DOS commands?

I was too young when DOS was around and being phased out by win 95. I haven't really used command line much since then, so yes, I am a complete command line and DOS command newb.

 

[Mark R]

Unfortunately, there have been many scam coins. Some have been heavily pre-mined, but users got wise to that. So increasingly, there have been cases of "instamining" (The difficulty is set to 0.000001 at startup), and the first person to start mining (i.e. the developer) can end-up mining several blocks per second before anyone else gets a chance to join.

The hallmark of these is a very rapidly tapering mining reward. This ensures that the early adopters get big rewards, and everyone else gets nothing (Quark is a good example of this, where a new cryptographic protocol was introduced).

There have been some genuine innovations in the alt coins:
1. alternatives to proof-of-work
2. Alternative proof-of-work techniques (e.g. quark). However, most coins today are still SHA-256 based, either directly or in multi-iteration form (scrypt). SHA256 is not a good choice these days, although the nature of scrypt means that it is resistant to the currently known attacks.
3. 51% attack mitigation techniques
4. Experiments in different block times and difficulty tuning
5. Changes to economic behaviour. Permanent inflation, interest payments, deflationary, etc.

So far, these have not produced sufficiently compelling advantages to overcome the primacy advantages of bitcoin and litecoin.

P.S. I've got a number of ideas which as yet have not been attempted in a new cryptocurrency. However, I lack the time and expertise to implement all of them myself. If any capable people are genuinely interested, PM me.

 

[IEC]

BIL looks like another pump and dump scamcoin. Already tanking massively as soon as it was listed on CoinedUp.

 

[taq8ojh]

I regret wasting over a week on DOGE now - or not blindly jumping onto the mining train when people started speaking about it for the first time.
http://www.cryptocoincharts.info/v2/coins/show/doge
It's going downhill, people seem to be massively stopping mining (makes sense).
Coinedup rate to BTC is steadily falling.

Bleh.

 

[Kallogan]

BIL looks like another pump and dump scamcoin. Already tanking massively as soon as it was listed on CoinedUp.

Will sell as soon as the first pump occurs when it'll hit cryptsy in a few days (already confirmed). Learnt my lesson on doge and the way to go with joke coins.

 

[ultimatebob]

I regret wasting over a week on DOGE now - or not blindly jumping onto the mining train when people started speaking about it for the first time.
http://www.cryptocoincharts.info/v2/coins/show/doge
It's going downhill, people seem to be massively stopping mining (makes sense).
Coinedup rate to BTC is steadily falling.

Bleh.

Yeah, you gotta get in early with these new pump and dump coins to make a real profit.

 

[Kosmic1]

Hopefully this early phase of "oh snap, I gotta mine this scam coin and make a quick profit" will pass soon. Too many people are looking at this as a way to basically STEAL money from somebody else. I realize that is the "capitalist way" but we need to get beyond that infantile mentality if we are going to actually create our own currencies that are free from central bank debt and inflation.

Think. Long. Term.

 

[ultimatebob]

Hopefully this early phase of "oh snap, I gotta mine this scam coin and make a quick profit" will pass soon. Too many people are looking at this as a way to basically STEAL money from somebody else. I realize that is the "capitalist way" but we need to get beyond that infantile mentality if we are going to actually create our own currencies that are free from central bank debt and inflation.

Think. Long. Term.

Well.... it will help when someone creates a cryptocurrency that is a major improvement to Bitcoin, and not just another Litecoin clone based off a stupid Reddit meme.

 

[Kosmic1]

Well.... it will help when someone creates a cryptocurrency that is a major improvement to Bitcoin, and not just another Litecoin clone based off a stupid Reddit meme.

Absolutely. I appreciated Mark's earlier post about what needs to go into a good new cryptocurrency. It needs to improve upon what we already have in BTC & LTC, and not just be a copy/paste pre-mined pump & dump.

We need a third stable coin for the every day person. A coin that isn't set up to be pre-mined, where the difficulty starts off somewhat high, but still allows people with 1-3 GPUs to mine it effectively, with slow difficulty increases so that mining can continue on the coin for years and be worth it for the casual miner.

Maybe that's too much to ask, but it would be a great development in the crypto currency world.

 

[Kallogan]

This thing is hilarious :

https://bitcointalk.org/index.php?topic=375010.0

more miners = more coins haha

 

[IEC]

This thing is hilarious :

https://bitcointalk.org/index.php?topic=375010.0

more miners = more coins haha

Haha. Tongue firmly in cheek.

 

[24601]

Hopefully this early phase of "oh snap, I gotta mine this scam coin and make a quick profit" will pass soon. Too many people are looking at this as a way to basically STEAL money from somebody else. I realize that is the "capitalist way" but we need to get beyond that infantile mentality if we are going to actually create our own currencies that are free from central bank debt and inflation.

Think. Long. Term.

Capitalism is not a long term self sustaining phenomenon. Be less delusional. As long as it is Capitalistic, such will happen as a matter of course.

 

[IEC]

Hopefully this early phase of "oh snap, I gotta mine this scam coin and make a quick profit" will pass soon. Too many people are looking at this as a way to basically STEAL money from somebody else. I realize that is the "capitalist way" but we need to get beyond that infantile mentality if we are going to actually create our own currencies that are free from central bank debt and inflation.

Think. Long. Term.

Lol. Yes, let's convince a lot of people to embrace irrational behavior by telling them it's the rational thing to do.

Capitalism is not a long term self sustaining phenomenon. Be less delusional. As long as it is Capitalistic, such will happen as a matter of course.

Lol. Reading comprehension fail.

 

[Kallogan]

Well.... it will help when someone creates a cryptocurrency that is a major improvement to Bitcoin, and not just another Litecoin clone based off a stupid Reddit meme.

Well, that's supposed to be the point with NXT, a bitcoin evolved, people are buying the concept right now. We'll see how it turns out.

Coined up is officially the place for sharks to buy a new coin as low as possible to speculate as soon as it hits Cryptsy

 

[MangoX]

Hi guys!

Okay, so I've been mining for just over 2 weeks now with my lowly 6850. Not 24/7 mind you but whenever I'm not using my computer. So I've accumulated about 2 LTC and I'm trying to figure out how to cash out? Well I've read around and someone mentioned BTC-E and so I went into my pool and paid out to BTC-E. Now, how do you withdraw the money? Is it to my bank account, paypal?

This is where I'm totally confused! Please help a noob out!

 

[daxzy]

BTC-E can have a paypal withdraw option, but they take 7% off (with an additional ~4% Paypal fees). The whole process took about 3 business days for me. I think it's the way to go if you're doing small transactions. Other than that, use Money Wire if you're doing large (>2K USD).

 

[Attic]

Hi guys!

Okay, so I've been mining for just over 2 weeks now with my lowly 6850. Not 24/7 mind you but whenever I'm not using my computer. So I've accumulated about 2 LTC and I'm trying to figure out how to cash out? Well I've read around and someone mentioned BTC-E and so I went into my pool and paid out to BTC-E. Now, how do you withdraw the money? Is it to my bank account, paypal?

This is where I'm totally confused! Please help a noob out!

Convert (trade) to bitcoin at BTC-E.

Then figure out a place to transfer the bitcoin to where you can trade the btc for dollars and not get raped by fees.

The paypal fees at BTC-E are outrageous.

 

[AnonymouseUser]

Hi guys!

Okay, so I've been mining for just over 2 weeks now with my lowly 6850. Not 24/7 mind you but whenever I'm not using my computer. So I've accumulated about 2 LTC and I'm trying to figure out how to cash out? Well I've read around and someone mentioned BTC-E and so I went into my pool and paid out to BTC-E. Now, how do you withdraw the money? Is it to my bank account, paypal?

This is where I'm totally confused! Please help a noob out!

If you're in the US:

Transfer LTC to BTC-e.com (or any other exchange dealing with LTC)
Trade LTC for BTC
Create account @ Coinbase.com and link bank account
Transfer BTC to Coinbase.com
Sell BTC @ Coinbase
Receive USD in bank account in 3-4 days

For Canadians:

Transfer and sell BTC @ Bitcoins Canada
or
CaVirtEx

 

[UNhooked]

Any know of a good sha 256 multipool like middlecoin

Sent from my Lumia 900 using Board Express

 

[AnonymouseUser]

Any know of a good sha 256 multipool like middlecoin

Bitparking, though it's merged mining, not most profitable coin.

EDIT>> Multipool.us is similar, but requires more registration and setup.

 

[Mark R]

Well, that's supposed to be the point with NXT, a bitcoin evolved, people are buying the concept right now. We'll see how it turns out.

Coined up is officially the place for sharks to buy a new coin as low as possible to speculate as soon as it hits Cryptsy

NXT is certainly novel, but it lacks the equity that some type of currency needs.
Effectively, the entire circulation of NXT was instantaneously minted at the time of release and delivered into the hands of the developers!

I talked about scam coins having large initial rewards for the developers and a few lucky early adopters to syphon off. NXT takes this to a new level.

 

[blastingcap]

Well.... it will help when someone creates a cryptocurrency that is a major improvement to Bitcoin, and not just another Litecoin clone based off a stupid Reddit meme.

Even if they did, the network effect is powerful for bitcoin, less so for Litecoin, and the others will have such little hashing power that a 51% attack is actually possible. Luke Jr. actually diverted some hashing power from a medium-sized bitcoin pool back in the day to nuke two emerging coins into oblivion via 51% attack, IIRC.

 

[taltamir]

Feathercoin got 51% attacked