Mining Honey Cryptocurrency - Honey Coin mining guide

[OWL WATCH] Waiting for "IOTA TIME" 27;

Disclaimer: This is my editing, so there could be always some misunderstandings and exaggerations, plus many convos are from 'spec channel', so take it with a grain of salt, pls.
+ I added some recent convos afterward.
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Luigi Vigneri [IF]어제 오후 8:26
Giving the opportunity to everybody to set up/run nodes is one of IOTA's priority. A minimum amount of resources is obviously required to prevent easy attacks, but we are making sure that being active part of the IOTA network can be possible without crazy investments.
we are building our solution in such a way that the protocol is fair and lightweight.

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Hans Moog [IF]어제 오후 11:24
IOTA is not "free to use" but it's - fee-less
you have tokens? you can send them around for free
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Hans Moog [IF]어제 오후 11:25
you have no tokens? you have to pay to use the network
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lekanovic어제 오후 11:25
I think it is a smart way to avoid the spamming network problem
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Hans Moog [IF]어제 오후 11:26
owning tokens is essentially like owning a share of the actual network
and the throughput it can process
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Hans Moog [IF]어제 오후 11:26****​
if you don't need all of that yourself, you can rent it out to people and earn money
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Hans Moog [IF]어제 오후 11:27
mana = tokens * time since you own them
simplified
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Hans Moog [IF]어제 오후 11:27
the longer you hold your tokens and the more you have, the more mana you have
but every now and then you have to move them to "realize" that mana
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lekanovic어제 오후 11:28
Is there any other project that is using a Mana solution to the network fee problem ?
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Hans Moog [IF]어제 오후 11:28
nah
the problem with current protocol is that they are leader based
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Hans Moog [IF]어제 오후 11:29
you need absolute consensus on who the current leaders are and what their influence in the network is
that's how blockchains works
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Hans Moog [IF]어제 오후 11:29
if two block producers produce 2 blocks at the same time, then you have to choose which one wins
and where everybody attaches their next block to
IOTA works differently and doesn't need to choose a single leader
we therefore have a much bigger flexibility of designing our sybil protection mechanisms
in a way, mana is also supposed to solve the problem of "rewarding" the infrastructure instead of the validators
in blockchain only the miners get all the money
running a node and even if it's one that is used by a lot of people will only cost
you won't get anything back
no fees, nothing
the miners get it all
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Hans Moog [IF]어제 오후 11:31
in IOTA, the node operators receive the mana
which gives them a share of the network throughput
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Hans Moog [IF]어제 오후 11:32
because in blockchain you need to decide whose txs become part of the blocks
and it's not really based on networking protocols like AIMD
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lekanovic어제 오후 11:33
And the more Mana your node have, the more trust your node has and you have more to say in the FPC, is that correct?
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Hans Moog [IF]어제 오후 11:33
yeah
a node that has processed a lot of txs of its users will have more mana than other nodes
and therefore a bigger say in deciding conflicts
its a direct measure of "trust" by its users
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lekanovic어제 오후 11:34
And choosing committee for dRNG would be done on L1 protocol level?
Everything regarding Mana will be L1 level, right?
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Hans Moog [IF]어제 오후 11:35
Yeah
Mana is layer1, but will also be used as weight in L2 solutions like smart contracts
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lekanovic어제 오후 11:35
And you are not dependant on using SC to implement this
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Hans Moog [IF]어제 오후 11:35
No, you don't need smart contracts
That's all the base layer
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Hans Moog [IF]어제 오후 11:37
'Time' actually takes into account things like decay
So it doesn't just increase forever
It's close to "Demurrage" in monetary theory
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lekanovic어제 오후 11:36
For projects to be able to connect to Polkadot or Cosmos, you need to get the state of the ledger.
Will it be possible to get the Tangle state?
If this would be possible, then I think it would be SUPER good for IOTA
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Hans Moog [IF]어제 오후 11:38
Yeah but polkadot is not connecting other dlts
Just inhouse stuff
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Hyperware어제 오후 11:39
Is there still a cap on mana so that the rich don't get richer?
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Hans Moog [IF]어제 오후 11:39
Yes mana is capped
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TangleAccountant어제 오후 11:39
u/Hans Moog [IF] My first thought is that the evolution of this renting system will lead to several big mana renting companies that pool together tons of token holders mana. That way businesses looking to rent mana just need to deal with a reliable mana renting company for years instead of a new individual every couple of months (because life happens and you don't know if that individual will need to sell their IOTAs due to personal reasons). Any thoughts on this?
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Hans Moog [IF]어제 오후 11:41
u/TangleAccountant yes that is likely - but also not a bad thing - token holders will have a place to get their monthly payout and the companies that want to use the tangle without having tokens have a place to pay
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TangleAccountant어제 오후 11:42
Oh I completely agree. That's really cool. I'll take a stab at creating one of those companies in the US.
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Hans Moog [IF]어제 오후 11:42
And everybody who wants to run a node themselves or has tokens and wants use the tangle for free can do so
But "leachers" that would want to use the network for free won't be able to do so
I mean ultimately there will always be "fees", as there is no "free lunch".
You have a certain amount of resources that a network can process and you have a certain demand.
And that will naturally result in fees based on supply / demand
what you can do however is to build a system where the actual users of that system that legitimately want to use it can do so for free,
just because they already "invest" enough by having tokens
or running infrastructure
they are already contributing to the well-being of the network through these two aspects alone
it would be stupid to ask those guys for additional fees
and mana essentially tries to be such a measure of honesty among the users
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Hyperware어제 오후 11:47
It's interesting from an investment perspective that having tokens/mana is like owning a portion of the network.
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Hans Moog [IF]어제 오후 11:48
Yeah, you are owning a certain % of the throughput and whatever the price will ultimately be to execute on this network - you will earn proportionally
but you have to keep in mind that we are trying to build the most efficient DLT that you could possibly ever build
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semibaron어제 오후 11:48
The whole mana (tokens) = share of network throuput sounds very much like EOS tbh
Just that EOS uses DPoS
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Hans Moog [IF]어제 오후 11:50
yeah i mean there is really not too many new things under the sun - you can just tweak a few things here and there, when it comes to distributing resources
DPoS is simply not very nice from a centralization aspect
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Hans Moog [IF]어제 오후 11:50
at least not the way EOS does it
delegating weights is 1 thing
but assuming that the weight will always be in a way that 21 "identities" run the whole network is bad
in the current world you see a centralization of power
but ultimately we want to build a future where the wealth is more evenly distributed
and the same goes for voting power
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Hans Moog [IF]어제 오후 11:52
blockchain needs leader selection
it only works with such a centralizing component
IOTA doesn't need that
it's delusional to say that IOTA wouldn't have any such centralization
but maybe we get better than just a handselected nodes 📷
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Phantom3D어제 오후 11:52
How would this affect a regular hodler without a node. Should i keep my tokens elsewere to generate mana and put the tokens to use?
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Hans Moog [IF]어제 오후 11:53
you can do whatever you want with your mana
just make an account at a node you regularly use and use it to build up a reputation with that node
to be able to use your funds for free
or run a node yourself
or rent it out to companies if you just hodl
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semibaron어제 오후 11:54
Will there be a build-in function into the node software / wallet to delegate ("sell") my mana?
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Hans Moog [IF]어제 오후 11:55
u/semibaron not from the start - that would happen on a 2nd layer
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dom어제 오후 9:49
suddenly be incentive to hold iota?
to generate Mana
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Hyperware오늘 오전 4:21
The only thing I can really do, is believe that the IF have smart answers and are still building the best solutions they can for the sake of the vision
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dom오늘 오전 4:43
100% - which is why we're spending so much effort to communicate it more clearly now
we'll do an AMA on this topic very soon
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M [s2]오늘 오전 4:54
u/dom​ please accept my question for the AMA: will IOTA remain a permissionless system and if so, how?
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dom오늘 오전 4:57
of course it remains permissionless
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dom오늘 오전 5:20
what is permissioned about it?
is ETH or Bitcoin permissioned because you have to pay a transaction fee in their native token?
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Gerrit오늘 오전 5:24
How did your industry partners think about the mana solution and the fact they need to hold the token to ensure network throughput?
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dom오늘 오전 5:26
u/Gerrit considering how the infrastructure, legal and regulatory frameworks are improving around the adoption and usage of crypto-currencies within large companies, I really think that we are introducing this concept exactly at the right time. It should make enterprise partners comfortable in using the permissionless network without much of a hurdle. They can always launch their own network if they want to ...
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Gerrit오늘 오전 5:27
Launching their own network can’t be what you want
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dom오늘 오전 5:27
exactly
but that is what's happening with Ethereum and all the other networks
they don't hold Ether tokens either.
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Gerrit오늘 오전 5:32
Will be very exciting to see if ongoing regulation will „allow“ companies to invest and hold the tokens. With upcoming custody solutions that would be a fantastic play.
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Hans Moog [IF]오늘 오전 5:34
It's still possible to send transactions even without mana - mana is only used in times of congestion to give the people that have more mana more priority
there will still be sharding to keep the network free most of the time
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Hans Moog [IF]오늘 오전 5:35
but without a protection mechanism, somebody could just spam a lot of bullshit and you could break the network(수정됨)
you need some form of protection from this
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M [s2]오늘 오전 5:36
u/Hans Moog [IF] so when I have 0 Mana, I can still send transactions? This is actually the point where it got strange...
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Hans Moog [IF]오늘 오전 5:37
yes you can
unless the network is close to its processing capabilities / being attacked by spammers
then the nodes will favor the mana holders
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Hans Moog [IF]오늘 오전 5:37
but having mana is not a requirement for many years to come
currently even people having fpgas can't spam that many tps
and we will also have sharding implemented by then
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M [s2]오늘 오전 5:39
Thank you u/Hans Moog [IF] ! This is the actually important piece of info!
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Basha오늘 오전 5:38
ok, i thought it was communicated that you need at least 1 mana to process a transaction.
from the blogpost: "... a node with 0 mana can issue no transactions."
maybe they meant during the congestion**, but if that's the case maybe you should add that**
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Hans Moog [IF]오늘 오전 5:42
its under the point "Congestion control:"
yeah this only applies to spam attacks
network not overloaded = no mana needed
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Hans Moog [IF]오늘 오전 5:43
if congested => favor txs from people who have the most skin in the game
but sharding will try to keep the network non-congested most of the time - but there might be short periods of time where an attacker might bring the network close to its limits
and of course its going to take a while to add this, so we need a protection mechanism till sharding is supported(수정됨)
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Hans Moog [IF]오늘 오전 6:36
I don't have a particular problem with EOS or their amount of validators - the reason why I think blockchain is inferior has really nothing to do with the way you do sybil protection
and with validators I mean "voting nodes"
I mean even bitcoin has less mining pools
and you could compare mining pools to dpos in some sense
where people assign their weight (in that case hashing power) to the corresponding mining pools
so EOS is definitely not less decentralized than any other tech
but having more identities having weight in the decision process definitely makes it harder to corrupt a reasonable fraction of the system and makes it easier to shard
so its desirable to have this property(수정됨)

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Antonio Nardella [IF]오늘 오전 3:36
https://twitter.com/cmcanalytics/status/1310866311929647104?s=19
u/C3PO [92% Cooless] They could also add more git repos instead of the wallet one, and we would probably be #1 there too..
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Disclaimer:
I'm sorry, maybe I'm fueling some confusion through posting this mana-thing too soon,
but, instead of erasing this posting, I'm adding recent convos.
Certain things about mana seem to be not clear, yet.
It would be better to wait for some official clarification.
But, I hope the community gives its full support to IF, 'cause
there could be always some bumps along the untouched, unchartered way.
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Recent Addition;

Billy Sanders [IF]오늘 오후 1:36

It's still possible to send transactions even without mana - mana is only used in times of congestion to give the people that have more mana more priority
u/Hans Moog [IF] Im sorry Hans, but this is false in the current congestion control algorithm. No mana = no transactions. To be honest, we havent really tried to make it work so that you can sent transactions with no mana during ties with no congestion, but I dont see how you can enable this and still maintain the sybil protection required. u/Luigi Vigneri [IF] What do you think?📷

Dave [EF]오늘 오후 2:19

Suggestion: Sidebar, then get back to us with the verdict.(수정됨)📷2📷

dom오늘 오후 2:27

No Mana no tx will definitely not be the case(수정됨)📷5📷7***[오후 2:28]***Billy probably means the previous rate control paper as it was written by Luigi. I'll clarify with them📷

Hans Moog [IF]오늘 오후 2:29

When was this decided u/Billy Sanders [IF] and by whom? Was this discussed at last resum when I wasnt there? The last info that I had was that the congestion control should only kick in when there is congestion?!?***[오후 2:29]***📷 📷 📷📷

Navin Ramachandran [IF]오늘 오후 2:30

Let's sidebar this discussion and return when we have agreement. Dave has the right idea

submitted by btlkhs to Iota [link] [comments]

Transcript of Proof of Stake & Name Discussion in Slack

Discussion starts off around Tone Vays’ Decred segment
sambiohazard: he is generally pessimistic about altcoins
praxis: Yes, he's a notorious Bitcoin maximalist.
simmysong: what’d he say about decred?
ty13r: weren't you watching the show? @jimmysong I saw your name in the chat
jimmysong: I popped in just now but then he wasn’t talking decred anymore so i left I also didn’t say anything
ty13r: @jimmysong good to know :slightly_smiling_face:
jrick: oh i found my next avatar
ty13r: @jimmysong he talked about the chart for a minute. I'm not sure what else he said prior. not sure what he said after either lol
go1dfish: sounds like he’s fundamentally opposed to proof of stake
sambiohazard: he just said there is probably downside on price, and maybe its warranted for goo future growth he hadnt researched/read about fundamentals so pure TA
ty13r: sounds like he won't like decred because it's has a form of proof of stake built into the protocol sounds like he hates all ideas related to proof of stake
pvtwarren: he hates all ideas that are not bitcoin pretty much
ty13r: except monero and ethereum i guess
pvtwarren: he doesn't hate ethereum?
ty13r: apparently monero and ethereum deserve to be #2 and #3 not sure I don't see why he wouldn't
pvtwarren: back in January I remember he was still calling it a scam maybe I remember incorrectly
cryptocasca: His problem with PoS guys is the "rich people control the blockchain" problem He told me himself
go1dfish: since when is mining cheap?
cryptocasca: He just needs to hear how our devs got around that I'm not agreeing. Obviously. I'm just saying he thinks of PoS is a system where it's the rich people who control the direction of the coin and proletariat eat the crumbs
dustinb: Congrats on the news y'all - what do you think this trend means for the industry at large?
ty13r: Well I'm not exactly sure we really differ. People who hold a lot of decred and stake it, directly control the future of the blockchain.
cryptocasca: I'm not agreeing. Obviously. I'm just saying he thinks of PoS is a system where it's the rich people who control the direction of the coin and proletariat eat the crumbs The more decred you stake the more say you have.
cryptocasca: There's a cap though @ty13r on the ticket amount that can exist
ty13r: No That's what the sdiff algo does
cryptocasca: Well not a hard one Right
ty13r: I think that's nice though Anyone can participate at any time With enough funds of course
cryptocasca: That's not how he spins it. And we need to combat that mentality. He thinks if you're just a mega whale and buy a bunch of coins that you control the show. That essentially DCR is a system run by whales not people
davecgh: So, regardless of the specifics here, I think this is very likely going to be one of those cases where there will simply be a fundamental difference of opinion on the topic. While a lot of people love to rail on the rich as being evil (while simultaneously wanting to be rich -- the hypocrisy there is quite amusing), the fact of the matter is people with more skin in the game have more incentive to keep their stake more valuable. Loving it or hating it won't change the facts.
cryptocasca: Yes. I agree.
ty13r: Yep.
cryptocasca: I think the staking aspect is important here.
ty13r: But same can be said for PoW mining
cryptocasca: The locking up for 28+ days
ty13r: Buy more miners, you have more say. Well also just like PoW mining anyone can participate at any given time. And people are getting paid for putting skin in the game 142 days is a long time in crypto land Which is the period it takes for a ticket to expire.
dustinb: The problem isn't just that the rich have control, it's that the rich get richer. PoS is similar to compound interest.
go1dfish: the power over traditional bitcoins is in the mining hardware and that is not specific to the currency they back, which is why you have worries about bitcoin forks attacking each other
coin_artist: But also earlier contributors who earned decred build the grassroots community
go1dfish: @dustinb I think that’s a large aspecting driving anti-pos perception but it applies similarly to mining hardware
dustinb: Ya @go1dfish - the combination of long term staking + PoW changes things, I need to think more on it. Tendermint's solution has always been the credible threat of hard fork if anyone's stake gets too big.
go1dfish: but mining also ends up specifically favoring some people due to external factors like power pricing
davecgh: The other thing here is something which doesn't exist yet, so it's completely understandable why it's not considered, but there is a huge difference between hard-fork voting and proposal voting.
dustinb: Proposal wouldn't solve it. The non-majority would have to hf.
ty13r: I believe this is another reason why 60% of the reward goes to PoW
davecgh: Hard fork voting is changing the rules. It's the kind of thing where you could destroy the currency if you aren't careful. That, in my opinion, should consequently very much have a high barrier to entry. Proposals, on the other hand, should definitely have a lower barrier to entry and thus would be much more inclusive.
dustinb: Ya - that's the exact reason I like decred, save the hfs for the big stuff.
davecgh: These things are not the same and they shouldn't be treated as such. Again, this is my own opinion. I'm sure not everyone agrees.
ty13r: @davecgh but how will you differentiate them economically?
davecgh: e.g. you wouldn't need a full ticket to vote on proposals, but you would for HFV.
ty13r: You might split tickets 32 times, but 1 ticket is still worth 32 votes.
davecgh: On the HFV side, yes. However, you can count them however you want on the proposal side. It's l2. You don't need to weight them the same.
ty13r: So a split ticket weight might have the same weight as non-split ticket? But if that's the case couldn't someone stake their funds with splits to get more votes? Without some sort of identity system it seems difficult to prevent Sybil attacks in that case.
davecgh: I'm spitballing here, so don't take this as gospel or anything, but you could definitely look at the snapshotting tickets and see there are 40960 tickets in total and those tickets are split up such that there are 163,840 participants. So, when you do the proposal system vote, the majority is required to be X% of 163,840. Meanwhile, the on-chain HFV is still 1 ticket = 1 vote.
dustinb: I like making it difficult to hf, but is the goal to make it impossible? Not only does that goal technically seem unlikely but aren't there some advantages to hf when we have very serious disagreements within a network about how to proceed?
davecgh: It's not impossible at all. There is a very nice distribution of holders.
ty13r: We're referring to the proposal system vote right now
dustinb: ah.
ty13r: Basically the signaling mechanism for work and spending funds.
davecgh : The other thing to keep in mind is that the l2 system can be wildly different if we so choose. You can create HLTCs to locked up funds for "layer 2" tickets that can potentially have arbitrary division. You don't have all of the limitations as the on-chain system.
ty13r: The HF vote makes it real. @dustinb we just had what should have been a contentious vote that passed with ease surprisingly.
davecgh: Then, you still have demonstrable skin in the game, just much much less for participating in the lead-up to a hard fork. However, the actual hard fork vote, a.ka. the thing that actually changes the rules, will, necessarily, use the on-chain system. Again, I totally get this is rather abstract right now since it isn't fully built out and mostly just still in our heads.
ty13r: But doesn't attacking the l2 system pose a larger risk? Definitely :slightly_smiling_face: It's like controlling the seeds And the hf vote is like controlling when to harvest If the seeds never get planted there will never be anything to harvest I'm all in favor of lowering the barrier to entry, but increasing the favor of Sybil attacks seems tough to juggle if tickets can have a different weight on the l2 system.
davecgh: Well, people with more skin in the game will still have more influence. So, the majority would still win in that case. It just means it allows more inclusivity, which I think we all desire.
ty13r: Yeah I think that's fair. @davecgh so could the proposal system have completely separate tickets not related to the HF tickets? For example...
davecgh: If we so desire, absolutely.
ty13r: I have a bunch of decred that I'm not HF staking But there's a proposal vote going on that I want to vote for I lock up tickets in the l2 vote for a week (no reward) and get my funds back after the vote has concluded
davecgh: You'd need to think through the adversarial cases as we've done with the on-chain system in order to prevent the case where you vote, all of your locked funds immediately unlock, and then you dump. So, you'd want some type of randomness factor in there to prevent gaming of it.
ty13r: People HF staking still got to vote as well, but so did I without having to lockup my funds for a longer, unknown period of time. What do you mean by dump?
davecgh: However, from a pure perspective of whether or not it's possible, you can definitely have a different ruleset. For example, one of the biggest differences, everything else aside, is that the voting period duration will be much faster. Rather than taking a full month, only having 5 votes per block, etc, in the proposal system, the vote would go on for, say a week, and so long as you own a ticket, you can vote whenever you want within that period. Notice how that ruleset is entirely different already. I personally can envision a need for differing voting periods too. There will very likely be time-sensitive things that need to be voted on more or less immediately and maybe they are only 2 days. On the end of the spectrum, perhaps there are things that need longer than a week.
moo31337: murmurs something about how not interesting ticket splitting is
davecgh: By dump I mean something like "Lock up a bunch of coins, vote down some proposal, all of my coins immediately unlock, sell all of my coins". If you can do that, you no longer necessarily have any incentive to vote according to increasing your holding's values.
moo31337: you really dont want my raw opinion on it
davecgh: That doesn't apply to the on-chain system because you can't snap vote. Your coins are locked, potentially for months, and you can't influence when they unlock at all. So, if you try vote in a way that would decrease your holding's value, you would be doing so to your own detriment.
ty13r: Let's hear it @moo31337
Davecgh: I can sum it up easily!
ty13r: That's what she said
moo31337: @davecgh nailed it
ty13r: Yeah splitting seems like it has a lot of obstacles
moo31337: I super dont want to write that code
ty13r: @moo31337 assuming increasing the ticket pool size was easy (which I know it's not and could hurt the network) would you be in favor of that? Also increasing votes per block proportionately of course
jy-p: I wouldn't from a on-chain footprint perspective having a "ticket split" similar to a stock split would be a ton of work even having 32 split would lead to a massive footprint for offchain votes in the proposal system let's say you have 100 B for each vote in the proposal system, then take 100 B x 40,960 = ~4 MB for the proposal vote multiply that by 32 to get ~128 MB of offchain data to track for proposals this is one proposal too we'll be experimenting with ways to shrink this footprint soon, so this constraint may improve substantially with time
ty13r: Yeah and on chain votes are even bigger
jy-p: exactly imo, the real solution to the ticket price barrier is to allow tickets to be purchased via a variation on LN
davecgh: Agreed, and that's why I was talking about l2 tickets above.
ty13r: how do you keep people from getting more voting rights though?
davecgh: You don't. Just like in the on-chain system. If you're willing to lock up more funds, you get more influence. However, it allows "smaller fish" to participate too. They just have influence proportional to their stake.
ty13r: But if you own 51% of a ticket you can vote it however you want So you could turn 100 tickets into more tickets
davecgh: Oh, I see your confusion. Yeah, your talking about buying partial tickets. We're talking about just having more tickets period.
ty13r: Ahhh ok sorry So more tickets...but anchored through the LN
davecgh: No worries! Like I said, abstract stuff is always fun to discuss for this reason! Right.
ty13r: I like it.
jy-p: there are a variety of approaches we could take, e.g. fractional voting that is tallied via L2 and rolled into a single ticket we'll start with the simple stuff and see what we can get done first
davecgh: Yeah, one of things you guys might have noticed is we're pretty keen on taking things one step at a time. Trying to do everything half-assed at once is a recipe for failure, imo.
ty13r: So for example you'd have maybe 5 tickets vote directly on chain and 5 tickets vote via LN? Definitely agree with that
davecgh: It might look great on paper when you can tout via marketing that you have X, Y, Z, and a BBQ too! The reality is that if all of those systems are poorly implemented though, it isn't going to make it long term.
moo31337: 40k tickets ought to be enough for everyone one ticket one vote!!!
ty13r: Another reason why I advocate for this project is you guys spend the painstaking time to do things right. So I definitely appreciate the non rush to the finish line mentality.
moo31337: oh there is a rush we just tend not to compromise when it matters I think we need a code is boss meme
davecgh: Right. We do have quite aggressive timelines. However, as @moo31337 said, if we have to bump an estimated release date to make sure something is right, that's what we'll do.
jy-p: speaking of which, i think we're nearing time for 1.1.0 release. that will include the proposal system backend
moo31337: you don’t want my working hours and certainly not @davecgh hours; i dont think anyone understands how @davecgh puts 28 hours in a day
ty13r: I know you guys work your asses off. Feels weird when dave goes offline for a few hours honestly lol Feels like he's been gone for days :joy:
reddit thread suggesting name change appears
ay-p: Ahhh that daily "let's change the name" thread
jy-p: I'm 100% sick of these posts
ty13r: lol I was about to say the same thing
jy-p: "I know you're named john, but i think you'd sound much more attractive if you were named " look at the names of these other major projects - they are beyond retarded
go1dfish: you just know it’s going to be a popular proposal when that system is ready.
davecgh: I'm actually looking forward to that proposal. It will be voted down once and for all. Then, in the future we'll just be able to link to the failed proposal. No fuss.
davecgh: I'm never going to shop at Amazon because it has too much to do with rivers and jungles and women warriors!
jy-p: the word Amazon triggers me b/c of the systematic destruction of the rainforest there
moo31337: see my turquoise was dead on! colors are hip for branding these days and it has to be calming
go1dfish: I like the name I think where the branders can win the fight is in suggesting good unit names decred works as a project name, but it seems a bit clunky as a unit name.
davecgh: Well, we probably shouldn't be so dismissive, but after seeing the same thing so many times, it's kind of comical. What is especially funny is that if you actually followed some of the others that people now claim are "good" names, there were the exact same threads about them not being good names too. Now, they are magically good names though because they're popular.
submitted by Pvtwarren to decred [link] [comments]

Coin-a-Year: Nyancoin

Hello cryptocurrency lovers! Welcome to Coin-a-Year, the laziest series yet in the Coin-a-Day publishing empire. This year's coin is Nyancoin (NYAN). I originally covered Nyancoin in an article here in /cryptocurrency published January 4th, 2015.
Without (much) further ado, I'm going to include the original report next, unmodified. This is unlike my Coin-a-Week series, where I use strikeout and update in-text. Because this is going to be a longer update, I'll just make all further comments and updates below, just realize that all information below is as of January 4th, 2015 and thus is more than a year out of date as of posting now, at the end of February 2016.
Since I use horizontal rules as internal dividers in the original post, I'll use a double horizontal rule to divide the original text from this prelude and the following update.
Coin-a-Day Jan 4th
Welcome to the fourth installment of Coin-a-Day! To see convenient links to the introduction and the previous entries, please see /coinaday. Today's coin is Nyancoin (NYAN).
Summary
• ~173.6 million available currently [1]; 337 million limit [2]
• All-time high: ~0.000024 BTC on February 16, 2014 [1]
• Current price: ~3 satoshi [1]
• Current market cap: ~$1,275 [1]
• Block rate (average): 1 minute [1] [3]
• Transaction rate: ~25? / last 24 hours; estimated $3-4 [4]
• Transaction limit: 70 / second [5]
• Transaction cost: 0 for most transactions [6]
• Rich list: ??? [7]
• Exchanges: Cryptsy [8]
• Processing method: Mining [10]
• Distribution method: proof-of-work block rewards and 1% premine for "bounties, giveaways & dev support" [2] [10]
• Community: Comatose [9]
• Code/development: https://github.com/nyancoin-release/nyancoin ; there hasn't been a released code change in 10 months. The new developer has talked about some changes, but has not made a new release. He has given advice about how to keep the network running and operate the client. [10]
• Innovation or special feature: First officially licensed cryptocurrency (from Nyancat) [2]; "zombie"-coin [11]
Description / Community:
So you're probably wondering why in the world we're talking about a coin which has been declared dead and already written off. I actually first selected this coin to illustrate a "deadcoin", but the more I dug into it, the more I was amazed at the shambles I discovered. I am combining the description and community sections for this coin, because the community (or lack thereof) is the central issue for Nyancoin.
Substantially all, if not literally all, of the original infrastructure is gone. From the announcement post, the original website has expired. The nyan.cat site itself survives, but has no reference to the coin. The github repo remains, but then there was never much changed from the bitcoin/litecoin original. In fact, the COPYING file doesn't even list "Nyancoin Developers". None of the original nodes seem to be running anymore. @Nyan_Coin hasn't tweeted since July 6th. And that was just to announce posting an admittedly cute picture to facebook which makes a claim for a future which seems never to have developed. Of the original 15 pools, I think all are dead except p2pool, for which at least one node still supports NYAN. The original blockchain explorer, nyancha.in, is still running. The faucet is dead or broken. The original exchanges no longer list it (two of the three having died; SwissCEX having ended its trading as of the first of this year). And so forth.
And yet:

I'm not dead! I'm getting better!

No you're not, you'll be stone dead in a moment.
[Of course, that scene finishes with knocking out the "recovering" patient so he can be taken away...not to mention the absurdity of including Monty Python in a financial article, but moving right along.]
There is still just enough left to Nyancoin to keep it twitching, even if it is on life-support. Whether it's an individual node or whether it's a pool, there are blocks being produced at a steady rate as intended. Transactions are being processed. There is still a market. There is still a block explorer. And there is a dev. It is like a case study in the absolute minimum necessary to keep a coin alive. The most likely outcome is almost certainly a final collapse when one critical piece or another of the infrastructure goes away. And yet in the meantime, a person can own a million NYAN for $8 [12], and then move this coin quickly and easy, albeit with no particular external demand. It's like the world's most hyped testnet.
I think this case presents an interesting example of what happens to an altcoin when its initial support dries up. NYAN coin is more fortunate than some, actually, as there are some where there are no longer any nodes running it nor the original announcement thread (in fact, there was actually a second Nyancoin launched around the same time. But it died hard and its original announcement thread was deleted and at this point I would have no idea how to access it; so "Nyancoin" thus illustrates how hard a coin can die (Nyancoin 2) as well as how it can hang around despite being proclaimed dead, with far more justification behind that pronouncement than there has been for bitcoin (NYAN) ).
Footnotes
[1] http://coinmarketcap.com/currencies/nyancoin/
[2] https://bitcointalk.org/index.php?topic=402085.0 Regarding the premine, it's unclear to me where this money is now, since the original poster hasn't been active on BCT since May and the original site is down. However, given that it's only 1%, and about $25 in value right now, there seem to be more significant concerns for NYAN.
[3] http://nyancha.in/chain/Nyancoin - Nyan blockchain explorer; blocks are somewhat inconsistent but somewhere around the 1 minute average
[4] There doesn't seem to be anything automatically doing these stats, so I did visual inspection on about 1500 blocks (about one day) excluding the block generation reward (~250k/day). Most blocks are otherwise empty. I counted about 24 transactions or so scrolling through, with an outlier around 300k NYAN and another around 100k NYAN. In total, about 500k NYAN, excluding the block rewards. This is very approximately $3-4.
[5] Nyancoin is a basically unmodified, slightly out-of-date bitcoin as far as code goes, and ignoring the change in block rate and total coin supply, as well as the difficulty retarget after every block. So for purposes of estimating maximum possible transaction throughput, I start with bitcoin's estimated 7 transactions per second, and multiply by 10 for having a block on average every minute rather than every 10 minutes. In any event, this limit is not likely to be reached in the foreseeable future.
[6] Like bitcoin, transaction fees appear to be optional in Nyancoin. Unlike bitcoin, there is almost no transaction volume, and coins tend to sit for a relatively long time before being moved. So zero-fee transactions appear to be the norm from looking at a couple transactions on the block explorer.
[7] I couldn't find one. See the disclosure section of this article: your humble correspondent is likely represented in some way on a top 100 if one were to be made or if one exists, despite not holding it directly, depending on how the exchange holds it.
[8] I could not find any other exchanges still listing Nyancoin. SwissCex appears to have disabled it as of a couple days ago. Cryptsy has a notice that the NYAN/BTC market will be closing, but its NYAN/LTC market appears strong.
[9] Essentially all of the original sites, pools, faucets, etc. are dead and there has been very little to replace it. There is basically a single node, or perhaps a very few, which are running the blockchain. However, there is a developer still trying to hold things together, maxvall_dev, maxvall on BCT. He is the last hope for the NYAN.
[10] https://bitcointalk.org/index.php?topic=597877.0 This is the thread where maxvall took over as dev, and it also discusses switching to PoS, which hasn't happened as far as I know.
[11] "zombie"-coin: Not to be confused with ZMB (my god, does it ever end?). This is my term to describe a coin which is "undead": by rights it should be dead. And yet it's still walking around and acting like it's alive. What is it? What's going on? It's quite debatable whether this gives it any special value, but I find it an interesting state, and it's why this was chosen for early coverage. There are plenty of actually popular and successful coins, and we will go onto covering more normal selections; we're looking for variety rather than repetition. But I think this is an interesting example for what can go wrong, and yet in the midst of that, how little it takes for a coin to survive. In fact, it's almost like an alternate history bitcoin to me; this shows the concept that "it was run on one computer before; it can be run on one computer again" to some extent. And there are even some strange pragmatic benefits as well, like having no competition for getting a transaction into a block and thus zero transaction fees.
[12] And, in fact, the author chose to do so today, spending about 0.03 BTC for about 1 million NYAN.
Additional Reading
/nyancoins - Like NYAN: mostly dead, but not quite
http://nyan-coin.org/ - new official website
BCT thread listing nodes, xpool (p2pool), for mining information.
americanpegasus predicting in February that NYAN will hit $1; always an entertaining read
Giveaway
Instead of a challenge today, since NYAN has enough challenges, I decided I would give away 10,000 NYAN to at least the first ten people who ask for it. This still remains at my discretion, but honestly, if you really want, say, 50,000 NYAN and create four new accounts to do so, I'll probably be too amused to say no. I don't expect to get ten requests. If I get more, I'll probably still fulfill them, but as with everything else, this is left to my whim.
Donations and Disclosure
Okay, this is an important one today because of the tiny market here. I actually hold less USD value in NYAN than in BTC, DOGE, and PPC (although my value in PPC might be about equivalent actually), but I hold more of the total market in NYAN than any of those three. And I'll probably be buying more. So I have a conflict of interest in writing this article.
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
I personally hold just over 1 million NYAN on Cryptsy right now.
Perhaps it would be better if I didn't write any articles about anything I were invested inspeculating on, but I started this series for my own education to further my speculation, so unfortunately, dear reader, your needs come second to my own. tanstaafl; you get what you pay for, and I'm giving you my thoughts.
If by some strange quirk of fate you actually own NYAN and enjoyed this article and wished to donate some to me, K7Ho9HghBF6xWwS6JsepE6RAEPyAXbsQCV is mine (first non-empty account I've posted; transferred 1000 NYAN into here earlier from Cryptsy to test that the network and my wallet were actually working).
Thank you all for reading and commenting! I've already learned a lot from this process and I look forward to more!
Upcoming coins:
• January 5th: Nxt
• January 6th: Darkcoin
• January 7th: Namecoin
I'll use alphabetic labeling for footnotes in the updates to avoid any confusion with the footnotes in the original. For simplicity, unchanged items, like the 337 million limit and the 1 minute will not be mentioned, and we'll start with the summary changes.
Updates:
Summary
  • ~263.7 million NYAN currently exist [a]
  • Current price: ~7 satoshi [b]
  • Current market cap: ~$8,000 [c]
  • Transaction rate: ~185 / last 24 hours; ~3,300,000 NYAN (~$100) [d]
  • Exchanges: Cryptopia [e]
  • Community: We're not quite dead yet; in fact, I think we're getting better! [f]
  • Code/Development: I have an early draft of NYAN2, but I'm about six months past my initial goal for having it available to use. Life/work/lack of build machine/procrastination. NYAN2 will be a rebase onto a modern LTC codebase which will soft fork to fix a current vulnerability to a fork bug. For now, the network still runs on the same code that it did when I wrote the first article.
Discussion
I'm going to consider the community first, since I pointed it out as the weakness and central topic in the last one, then talk about the technical situation briefly, and then review the financial results.
The community has been excellent, if I do say so myself. We've got working infrastructure going thanks to the contributions of many Nekonauts (see [f]). Some original Nekonauts have returned or at least popped in from time to time, and new ones like myself have found Nyancoin (I would say given what I wrote in the original, I was still a skeptic of it at that point. Not that skeptics can't be Nekonauts, but I think I'd put my conversion to the cult of nyan shortly after writing that, even though I was already a nillionaire then for the heck of it.)
While I do look forward to seeing the community continue to grow in future years and consider that important, I don't think the community is our weakest point any longer; I think it's now our strongest point. I've tried to encourage the community's revival as best I could, including giving away tens of nillions in total, and lots of long rambling articles on my views on ethics and philosophy and frankly it's worked better than I would've really expected (or at least it has coincided with an effective recovery of the community). The community also helped me through at least a couple hard times personally in there as well.
The technical situation in Nyancoin is mostly unchanged but slightly improved, although with two additional known vulnerabilities. It's unchanged in that it's the same client. It's improved in that we have an active nyanchain explorer host (nyan.space), and we have a public draft of a plan for a soft forking security fix update in the near future (hopefully by the end of March (although I've slipped these deadlines before and may well miss March for release by a bit, I do think I'm inching closer now and then)).
The most serious vulnerability is to forking. This is the bug which hit Peercoin if I recall correctly. NYAN2 is intended to solve this through its soft fork from the LTC fix upstream (from the BTC fix upstream). In the meantime, we've been lucky we haven't been attacked. The tiny marketcap probably helps with not being a particularly attractive attack target. We're not exactly about to pay ransom to move faucet outputs. But that's no excuse; we want this fixed and should have it finally done "soon" (tm).
The less serious vulnerability is to a time warp attack in the difficulty function (Kimoto Gravity Well), which relates to general weaknesses it has and issues we've had with large gaps in the block chain because of spikes in the difficulty function causing it to be unprofitable and driving away most of the hash, and then low difficulty and price rise making it attractive to more hash, creating a spike and causing it again. While this is irritating, the chain still works, even if there are fits and starts at times. An important part of the reason I can get away with this is because there is at least one Nekonaut-supporting miner, CartmanSPC, who rescues us from time to time, and did so during the course of this article being written. We have a bunch of pools, but sometimes the hash just isn't there to get us unstuck when the difficulty goes high enough. Another part of the reason I consider it not an especially serious issue is because there's a workaround which works for me (classic bad developer logic): I use a large transaction fee (generally 337 NYAN, although I might have halved it after the most recent halving, I'll probably use 337 again) on my personal wallet by default. If necessary, I use a couple of them. It can make NYAN profitable to mine again despite the higher difficulty and "unstick" the chain. The difficulty function can go back down again in the next block if the gap has been long enough, so that can be enough to keep it going again for a while (although it can also get stuck again irritatingly fast at times). A fix for this will be putting in a better difficulty function for NYAN3, which will require a hard fork. This is tentatively scheduled for feature freeze around the middle of this year, coding to follow, activation sometime early 2017.
Financial has been our most disappointing performance. A graph of the 1 year performance right now on coinmarketcap looks pretty sad, showing our fall from a little over 60 satoshi down to around 7 satoshi now.
We rose too high, too fast, and I didn't stick with the safe high paying job like a sane person. Instead I hit the road, went to jail, and worked minimum wage. That doesn't sound like a sentence from a cryptocurrency financial review, does it? But the performance of NYAN since the article has been the story of my personal finances, which is the story of my life since then.
So, autobiographical coinaday interlude, trying to keep it generally to the most salient points. Well, in 2014 I had been on my way home to Minnesota from California when I was pulled over leaving Eureka, Nevada for speeding (got sloppy and went 45 approaching the 45 sign and thus technically still in the 35; bored cop seeing out-of-state plates). My vehicle reeked of weed, what with having been in Mendocino County previously with no intention of traveling out of the county much less state anytime soon but family emergency brought me back, and the end result was a citation for possession of cannabis and paraphernalia along with the speeding.
Fast forward to the beginning of 2015, I'm settled into a good software position and start looking more at cryptocurrency in my spare time. I write the coin-a-day series for a bit and then got annoyed and quit after a while when trying to do one a day on top of an actual job was too much for me (along with some annoyance over criticism; I can be rather thin-skinned at times). But I had gotten interested in Nyancoin, and started buying it up more and more with extra money I was making.
And then comes the crash. I had to stop putting as much in as I realized that where I was living and what I was working on wasn't going to work out for me and I needed to figure something else out. So, as I seem wont to do, I went on a roadtrip. I quit my job. And I went back for the court date for my citations and refused to pay, instead spending 10 days in jail rather than pay ~$1400 (I actually had the money in cash available to me if I chose to pay as a backup if I chickened out, but the judge annoyed me enough that I really preferred to be jailed instead of paying, as stupid as that sounds since I'm quite sure the judge didn't care in the least one way or another).
After that, I went back to roadtrip lifestyle for a while. It was a nice period. A lot of beautiful scenery; a lot of reading. Eventually, I busted up my car pretty badly...a couple times actually, the second time for good. Fast forwarding through the rest of the year, I worked a couple minimum wage jobs to pay bills and avoid cubicle life and kill some time until I figured out what I was going to do next. Just recently I quit as delivery boy after getting a speeding ticket (I swear, I'm not as horrible of a driver as this makes me sounds, although I have had a bad tendency to speed in the past, which I really have curbed to almost nothing; but I'm clearly not good enough) and am currently writing a Coin-a-Year article with a friend's incentive and applying to do documentation and development with the Nu project.
Okay, so what did any of that have to do with NYAN? Well, it's the mess of a life that has led to the fall of the price from 60 satoshi to 7 satoshi. If instead my life history for the time since the article had been simply "I was happily employed writing software", then I don't believe we would have dropped below 20 satoshi. It's easy to see in hindsight. If anyone can lend me a time machine, I'm sure I can get some condensed instructions which should improve performance significantly. Otherwise, just going to have more chalked up for the "character building" tally.
So, lessons learned if you are the major buy support for your coin: you need long-term reserves. Whatever you put in bids can be taken out in a moment by a dump for no apparent reason. This is particularly true if you may be quitting your cushy, high-paying job and wandering around without income for an extended period of time. Rather obvious, but hey, maybe someone else can learn from my mistakes. If I'd been bidding as cautiously as I am now from the beginning, I think the price would probably be somewhere from 10-20 satoshi now instead of around 7 satoshi.
It's especially unfortunate given that I wanted to be able to demonstrate the more consistent growth possible building a stable store of value, as opposed to the pump and dumps common in altcoins. And instead we had a pump-and-dump looking graph ourselves after I bid up higher than I was able to sustain, and a large (10+ nillion) instadump crashed the market all the way back down to 1 satoshi momentarily. We've had a few large (2+ nillion) dumps since, but nothing that large. We haven't generally had that large of bids though either.
It's hard to know when I've exhausted the supply at a price level, when it sometimes waits for a couple weeks or even more and then fills all the bids at once. But I want to maximize the minimum price paid because I think that's important for building confidence in a store of value long-term, which is one of my core goals for NYAN.
At the same time, we're still up from the lowest parts of the floor and where I found it. Since I own about 30% [g], the very cheapest supply has been taken off the market. I plan to keep on buying up "cheap NYAN" as much as I can. I've bought up to 60 satoshi before, I'll probably buy up that high this time around. I've got a token 100,000 NYAN ask at 300 satoshi; I hope never to sell lower.
Conclusions
Now I try to wrap it all together as if I saw this all coming and am the wise expert, despite having had about 90% drop in price in the last year after bidding too high. My original concept was taking the "minimum viable coin" and reviving it to a powerhouse as a textbook example in how to do it.
Part of my core concept in this is the arbitrariness of value: throughout history, humans have chosen any number of things as a store of value for the time: salt, large rocks, certain metals, disks, marked sticks, and so forth. While there has generally been a certain logic in the choice, in that there is a locally restricted supply in one way or another, and so forth, from the perspective of other centuries or cultures the choices can seem quite strange. Growing up, I was always struck by how strange the notion of salt being limited and valuable seemed in a world where people were trying to reduce intake and large amounts could be bought for trivial sums. And yet, a key nutrient necessary for life fundamentally makes more sense as being valuable than notched sticks or printed paper or a piece of plastic with some encoded information.
Humans have perpetually come up with stranger and stranger ways of storing and transferring value. Each new step, as always, comes with its own disadvantages and, frankly, has generally appeared nonsensical at best and fraudulent at worst to the status quo. Which doesn't mean that each new attempt is valuable. The gold bugs always like to point out that every fiat currency ultimately returns to its true value of zero. And the skeptics of cryptocurrency argue that all cryptocurrencies will eventually return to their true value of zero.
It's certainly possible. And it's possible the USD will hyperinflate someday. I tend to try the moderate view for a plausible guess of the future. By that type of logic, I would guess that over the course of decades, USD will in general lose value, and cryptocurrency will tend to slowly gain value. That might not seem the moderate view, but USD not losing value over decades would be truly shocking. And hyperinflation has been predicted since the USD went off the gold standard, or before. So some amount of inflation less than hyperinflation seems like the safe guess (but then, the Titanic arriving would also have seemed like the safe guess to me). And with cryptocurrency, I think it's clear by now the technology will continue to survive. So my first question is with what overall value as a market? It could go down, of course, but that seems unlikely in an already small, young market. Even if all the current crop die off and are replaced, whatever cryptocurrencies are around should be able to do better than a handful of billion in market cap in my view.
I believe that cryptocurrency has a bright future ahead of it. The best coins should ultimately survive and thrive. But I've been wrong on most of my major calls so far, like for instance when I thought BTC was over-priced around $5-$10.
I think Nyancoin can have an important role to play in the future of cryptocurrency in the years and decades to come, but it's a massively speculative long-shot. See also Nyancoin risks document. But like Linus Torvalds' autobiography, I try to keep "Just for Fun" as a core motto and principle. It's makes for a good hobby project because there will always be more to work on, with a core community motto of
TO INFINITY AND BEYOND!
Disclaimers / Sponsorship:
As I said before:
I am not providing financial advice and I do not make any recommendations of any sort on any matters. Make your own decisions; do your own research. Please, I do not want to hear about anyone doing anything "on my advice." I am not offering advice.
And I'll reiterate that I own about 30% [g] of the current supply of NYAN, which makes me by definition maximally biased.
Also, I'm not sure what's up with the address from the first post. It doesn't show up in my current wallet as a recognized address. So, anyhow, don't send there. :-) If you'd like to donate, please consider sponsoring a coin-a-day or coin-a-week article.
This is the first sponsored article. This Coin-a-Year article has been brought to you by spydud22 's generous patronage. I'd been meaning to do a Coin-a-Week article on Nyancoin for a while, but between wanting to "wait until the price recovered a bit" and general procrastination, then it seemed like it would make a good Coin-a-Year article, and then I wanted to wait until the price recovered a bit more...anyhow, so thank you spydud22, for causing me to finally do this. :-)
Footnotes
  • [a] nyan.space/chain/Nyancoin ; as of block 1091430, 263738786.71890615 NYAN outstanding. This is slightly over 50% more than the last report, which is what we would expect, since it had existed for about a year then, and has approximately annual halvings. The first year generated about 50% of total supply; the second year generated about 25% of total supply. We should expect in a year to have about 17% (one-sixth) more than we have now.
  • [b] https://www.cryptopia.co.nz/Exchange?market=NYAN_BTC ; this is the only market reflected in coinmarketcap and it is the primary one on which I trade. Cryptopia also has other base pairs which operate at significantly higher spreads (lower bids; higher asks) and have minimal volume. In the time since the last report, NYAN has traded as high as 60 satoshi (and briefly a little higher at times), but over the last almost twelve months since a peak about a year ago, the price has been generally declining overall, as a gross oversimplification of a lot of movements. This has been an effect of me not being able to keep buying as much and there being large dumps I wasn't expecting from time-to-time. Now I'm taking the approach of building large (one or more nillion (million NYAN)) bids on each price as I slowly work my way back up again in order to be able to handle possible dumps with less price shock.
  • [c] coinmarketcap.com/currencies/nyancoin/ ; as noted in [b], this only reflects the /BTC basepair on Cryptopia but that's where most of the volume is anyhow. Of course, the market is also not particularly liquid since I'm the primary buyer and have rather limited means currently.
  • [d] I haven't setup a script to count this yet, among many things on my to-do list for someday, so I went through by hand from what was the then-latest block of 1091430 on nyan.space back to 1089766 which was the first block generated less than 24 hours before. There was actually a three and a half hour block gap at that point, such that the next prior block was about 24 hours and 15 minutes before 1091430 while 1089766 was only about 20 hours and 45 minutes prior, and has a disproportionate number of transactions and value compared to a typical block (8 and ~313,000 NYAN respectively) from the build-up during the gap. But since that gap conveniently started right about at the start of the 24 hour period, doesn't really skew our results here.
Note that there are often times where the UTXO created during one transaction during the day is spent during a later transaction in the day. This can be considered the "same" Nyancoin being "spent" twice in the same day in our total. But in practice, I believe what's happening here is the faucet is breaking off small (10-50 NYAN) pieces from a larger (~40,000 NYAN) chunk, and so that pops up a bunch of times. So the total NYAN blockchain volume as counted for this topline number should not be interpreted as "NYAN spent in the day" but "NYAN moved on the chain", where the "same coin" can move many times. So it's a very easily gamed metric and not a strong / resistant metric like the market price tends to be (at least relatively speaking), but it's a fun number to calculate and provides a little bit of information.
The transaction count can also be easily inflated and certainly, for instance, having the faucet does generate transactions which are a very common transaction.
And this is also just an arbitrary 24 hour period compared to a previous arbitrary 24 hour period. Nonetheless, I do think there's clearly a bit more activity on the Nyanchain, even though the typical block is still empty and the number of transactions and volume is still tiny compared to the major cryptocurrencies.
Here's an arbitrary example of the faucet transactions Note the zero transaction fee, which I love that the miners support (the defaults are all quite low as well).
Here's an example of what may be the smallest transaction by NYAN volume of the day; but no, I followed its small, spent output, and it led to this gem which also links to this. I have no idea what's going on here, but it's hilarious and I love it. How's that for microtransaction support? :-)
  • [e] Obviously Cryptsy went down. We had had more than enough red flags with Cryptsy (including one time where I was able to withdraw 6 nillion more than I had in my balance) and got onto Cryptopia. spydud22 basically accomplished that for us, although I helped out in the tail end of the campaigning.
  • [f] Our community is still small (I wish there were literally dozens of us!) but we've had valuable activity from multiple people, including, just as highlights, vmp32k who hosts nyan.space, a clone of the original nyancha.in, jwflame who created the excellent nyancoin.info intro site, with the awesome status page (which currently notes that "the last 500 blocks actually took 111 minutes, which is approaching the speed of light, causing the universe to become unstable"), KojoSlayer who runs the faucet and dice, spydud22 who got us on Cryptopia, and many other Nekonauts have made worthy contributions, and the Nekonauts mentioned have done more than just that listed. So while we are small, we are active at least from time to time and technically capable.
Even though our posting rate is still around 1 post a day or so on average, and so still a relatively quiet subreddit (and it is our main (only?) hub), it's still a very noticeable and significant difference from how /nyancoins looked when I was reviewing it for the original piece here. Here's an attempt to approximate what was there using Reddit search ; archive.org has a snapshot on January 19th, 2015, which is well into the early revival mania and one from August 14th, 2014, before four and a half months of little to no activity. Apparently archive.org unsubscribed to /nyancoins in that interval itself...
  • [g] Maybe up to around 35% by now; maybe still around 30%. I haven't updated hodling report lately; it was 30% last time I recall, but I've bought more and more has been made since.
submitted by coinaday to CryptoCurrency [link] [comments]

#Metahash Forging  Forging Vs Mining  Learn the Basics  Blockchain 4.0 Explained [Eng] Crainer - YouTube KUCOIN POOL-X STAKING: OVERVIEW, TUTORIAL & STRATEGY IN HINDI How to mine bitcoins? What is Cryptomining? solo mining -pool Mining EXPLAINED! #AXT How Much Can You Make Mining Bitcoin With 6X 1080 Ti ...

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#Metahash Forging Forging Vs Mining Learn the Basics Blockchain 4.0 Explained [Eng]

THIS CHALLENGE WENT ON FOREVER!! Get Honey for FREE and start saving money today https://joinhoney.com/mrbeast My fans have already saved $3.2 million on sit... The total size of forging pool is 4,600,000,000 MetaHashCoins (MHC) unevenly distributed within the first 10 years of network operation16. Rewards are paid every 24 hours. Here is 3 type of the ... Some Helpful Links: • Buy Parts for a Mining Rig: http://amzn.to/2jSSsCz • Download NiceHash Miner: https://www.nicehash.com/?p=nhmintro • Choose a Wallet: h... In this video we discuss the business models between Proof of Work and Proof of Stake. We also go into some of the operational costs involved with each busin... I am a Bitcoin and Cryptocurrency Investor, Trader and Entrepreneur though I am not a licensed financial advisor and you should always do your own research and based any actions you take in the ...

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