Cryptocoin Mining?

[KlokWyze]

Looks like all the doge pools are back up. Got my miners pointed @ netcodepool and back up pool pointed to wemineltc.

Ive got 2 different revisions of the gigabyte windforce 3 7950's. The one in slot 0 is WAY hotter. Like 83C and slot 0 is like 63C. I will probably experiment with the different f/w versions and see if i can get them to mine more efficiently.

My sapphire 7970 is hot as balls too.

Need to read up on NXT now!

 

[gbeirn]

NXT is mooning again, well, it didn't take long. I kind of like the concept, no need for a gpu or extra hardware, so green, my electricity bill approves

So, the more you have coins, the more you gain coins or what ? Seems a bit unfair for latecomers. But it's the same with any coins out there anyway with diff rising up.

Yes, the more you have, the more you are like to forge. However, since I was one of the original 73 people who donated BTC to get the first NXT coins, I have an incentive to give away as many as possible to make the currency viable. If I hold them and no one uses them, they are worthless. The more people who are aware of NXT, have some and use it, the more they are all worth for everyone.

The transparent mining implementation that is coming will help.

Also we've gone from 73 accounts to 3012 in less than a month, distribution is getting better.

 

[xodusgenesis]

Mind sending some NXT to me?
Address: 9240064138074340262

 

[Kallogan]

Ok, i'll go long term on this one then. And maybe donate at some point.

 

[f1sherman]

NXT is mooning again, well, it didn't take long. I kind of like the concept, no need for a gpu or extra hardware, so green

Yes. When you think of SHA256/Scrypt mining it's pretty freaking crazy.
You invest in HW (mining gear) so you can have a shot at getting coins via resolving otherwise totaly useless algorithm. Admittedly part of computational power is dedicated to security, but that's also a weakness (51%)

I'm not sure I agree with the whole NXT model (particularly starting investors holding all coins :hmm,
but I do like the part of this model because you invest directly into the system, vs other coins where your investment goes to HW vendor and to electric power distributors.

So, the more you have coins, the more you gain coins or what ?

yup pretty much

 

[jimhsu]

Yes, the more you have, the more you are like to forge. However, since I was one of the original 73 people who donated BTC to get the first NXT coins, I have an incentive to give away as many as possible to make the currency viable. If I hold them and no one uses them, they are worthless. The more people who are aware of NXT, have some and use it, the more they are all worth for everyone.

The transparent mining implementation that is coming will help.

Also we've gone from 73 accounts to 3012 in less than a month, distribution is getting better.

Can you make sense of this?

http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=10785309834834600386

I seem to have received it, but my "balance" shows 0.

 

[gbeirn]

Ok, i'll go long term on this one then. And maybe donate at some point.

That's the only way to go on this. I can see this being the only currency used in the future especially with the gratuitous use of resources (energy) proof of work currencies are using (BTC/LTC/etc.) The sad part about bitcoin is it will be become more centralized as more ASICs come online and less and less of your 'average joe' can afford them. Only the big players will have bitcoins or the ability to mine them and the whole purpose of bitcoin is defeated. It's a run-away greed train where you have to pay to play.

 

[f1sherman]

^^ same

I take it takes 24h to get confirmed?

 

[hondaf17]

Your LTC will stay in your WeMineLTC account until you transfer it to your wallet.

Thanks. What is the best to do? Transfer to wallet or just stay at WeMineLTC? What is safest/secure?

 

[gbeirn]

Can you make sense of this?

http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=10785309834834600386

I seem to have received it, but my "balance" shows 0.

It only has 40 confirmations at this point, I'm not sure how many that blockchain explorer requires to show as an actual balance. Best to wait for 720+ to make sure that is actually accepted by the network.

 

[gbeirn]

^^ same

I take it takes 24h to get confirmed?

There are a lot of forks going on at this point due to the DDOSing of the NXT network/nodes. I am fairly certain I am on the longest (correct) chain but if not, I will resend all in the next couple of days as we get more nodes online and secure the network.

 

[Kallogan]

Yes. When you think of SHA256/Scrypt mining it's pretty freaking crazy.
You invest in HW (mining gear) so you can have a shot at getting coins via resolving otherwise totaly useless algorithm. Admittedly part of computational power is dedicated to security, but that's also a weakness (51%)

I'm not sure I agree with the whole NXT model (particularly starting investors holding all coins :hmm,
but I do like the part of this model because you invest directly into the system, vs other coins where your investment goes to HW vendor and to electric power distributors.

Yep that part is appealing since everybody even with a crappy computer can enter the dance. That seems like a strong feature.

As for investors holding a huge part or all those premine polemics, i'm not among those shocked by this. I mean, when you create something, it's kind of normal to be rewarded. Those who cry about it can always make their own coins...for free.

 

[Kallogan]

That's the only way to go on this. I can see this being the only currency used in the future especially with the gratuitous use of resources (energy) proof of work currencies are using (BTC/LTC/etc.) The sad part about bitcoin is it will be become more centralized as more ASICs come online and less and less of your 'average joe' can afford them. Only the big players will have bitcoins or the ability to mine them and the whole purpose of bitcoin is defeated. It's a run-away greed train where you have to pay to play.

Things remaning now is to make a more welcoming exchange platform and client to make it truly universal. This java stuff will be a pain for the average joe. Cause there are already copycats ready to jump it seems like Skycoin...

 

[gbeirn]

Things remaning now is to make a more welcoming exchange platform and client to make it truly universal. This java stuff will be a pain for the average joe. Cause there are already copycats ready to jump it seems like Skycoin...

I agree, but remember this is still way early on, once the source code is released on Jan 3rd the community is going to take this and run with it. I see big potential here.

 

[IEC]

I would like to try my hand at forging NXT:

2562879883192629610

 

[Kallogan]

Well, let's try to forge the future then

Doge pump lol cheap amounts pump ! On coined up it's so obvious haha.

 

[SithSolo1]

Doge is swinging back upward on Vircurex.

 

[Kallogan]

Ok, forget it. I'm done making predictions

Seems like dumping as soon as the value takes 20 %

 

[Kenmitch]

Thanks. What is the best to do? Transfer to wallet or just stay at WeMineLTC? What is safest/secure?

I just keep mine in my WeMineLTC account for now. I guess the wallet would be more secure if password protected and on a secured rig.

 

[SimianR]

Anyone see that the LTC mining difficulty dropped and its supposed to drop again in 3 days to 2887. Noticed there's quite a few used R9 290's on ebay as well

 

[IEC]

Anyone see that the LTC mining difficulty dropped and its supposed to drop again in 3 days to 2887. Noticed there's quite a few used R9 290's on ebay as well

GOOD. It's about time Radeons dropped back to a sane price.

 

[geokilla]

I think difficulty is dropping because of the ice storm here in Eastern Canada and New England. Can't wait to get back to mining DOGE.

 

[taq8ojh]

I approve of the thread name change

 

[x3sphere]

I'm very skeptical of NXT, be cautious with that coin. It's still closed source too. Supposedly they are releasing the code on Jan 3, I'll wait till then to decide whether to invest.

According to the blockchain explorer there are only ~3,100 accounts? Hard to believe a coin with such low adoption actually has a market cap of $ 26,136,939. Screams manipulation to me, price will likely go down.

 

[Grooveriding]

I think difficulty is dropping because of the ice storm here in Eastern Canada and New England. Can't wait to get back to mining DOGE.

Interesting thought. A few hundred thousand are still without power in Toronto.