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Cryptocoin Mining?

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x3sphere said:
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.
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Everybody is skeptical when it's not called litecoin or bitcoin. I will not cry if my easy earned fraction of BTC by mining scamcoin at low diff during 72h is wasted. I hope these kind of new gen coins will succeed cause once Asic is released for script in March, we're done.
 
Looks like NXT has a massive following despite its being new, and it promises advanced features that bitcoin can't offer. I wonder if it will kill bitcoin/litecoin/all the other alt-coins the same way that Facebook killed Friendster/Myspace/all the other social networks. NXT's mining is weird... I guess they call it "forging" and even the crappiest CPU does as well as the most expensive CPU. GPUs aren't even needed. This makes NXT mining way more democratic. This is a mortal threat to bitcoin/litecoin/etc. If it does take off, video card prices will crash in value, which is good for gamers. 🙂

Btw this thread name changed, I wonder why it did not also move to Distributed Computing because some coins and NXT can only be mined via CPU?
 
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yep, asic and gpu mining are not sustainable in the long term, it's such a waste of energy when you think about it. Luckily enough only geeks know about it so electricity supply is still operationnal, no blackout yet 😉 Better start looking elsewhere.
 
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blastingcap said:
Looks like NXT has a massive following despite its being new, and it promises advanced features that bitcoin can't offer. I wonder if it will kill bitcoin/litecoin/all the other alt-coins the same way that Facebook killed Friendster/Myspace/all the other social networks. NXT's mining is weird... I guess they call it "forging" and even the crappiest CPU does as well as the most expensive CPU. GPUs aren't even needed. This makes NXT mining way more democratic. This is a mortal threat to bitcoin/litecoin/etc. If it does take off, video card prices will crash in value, which is good for gamers. 🙂
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I'm not sure about that, you need a significant amount of NXT to really make any coins. The more coins you have, the more you mine. I don't really see how this is a fair system at all. The insiders (devs, and the few people that were there from day one) can easily control the coin flow this way.

It's basically a 100% premine. You are trusting the devs to handle distribution fairly. To me, that's worse than how Bitcoin handles things. Those with more mining hardware get more coins, but you aren't relying on a specific group of people to distribute them fairly. I'm not sure if a system that relies entirely on proof-of-stake can work, but we'll see. The other aspects of NXT like a decentralized marketplace and exchange are great, though.
 
How can you mine any coins when you don't do anything? I might have misread, but someone stated you generate coins automatically or something that made less than zero sense.
 
Octopuss said:
How can you mine any coins when you don't do anything? I might have misread, but someone stated you generate coins automatically or something that made less than zero sense.
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Mining coins is dependent entirely on your stake (how many coins you hold). Those holding more coins mine more.
 
it's not even mined/forged via cpu, it has something to see with fees generated during transactions etc :

"Nxt is the first 100% Proof-of-Stake (PoS) currency. Coins are earned solely by charging transaction fees. Unlike other currencies with PoS mining, Nxt's PoS mining does not cause monetary inflation. The total amount of Nxt in circulation is 1 billion. Nxt is resistant to +90% attacks via it's transparent mining algorithm"
 
x3sphere said:
I'm not sure about that, you need a significant amount of NXT to really make any coins. The more coins you have, the more you mine. I don't really see how this is a fair system at all. The insiders (devs, and the few people that were there from day one) can easily control the coin flow this way.

It's basically a 100% premine. You are trusting the devs to handle distribution fairly. To me, that's worse than how Bitcoin handles things. Those with more mining hardware get more coins, but you aren't relying on a specific group of people to distribute them fairly. I'm not sure if a system that relies entirely on proof-of-stake can work, but we'll see. The other aspects of NXT like a decentralized marketplace and exchange are great, though.
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It's all very contemporary capitalism-like. Concentration of wealth and monopoly power - If you like capitalism, you should love NXT

Group of ppl distributing it fairly, is NOT the main mechanism of NXT distribution. It's buying it directly.
And you don't have to trust it more than any of other coins (when they make source public)
 
gbeirn said:
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.
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I see, interesting. Thanks for clarifying.
 
doge has too much volume to be really pumped it seems, if u don't have several millions of doge, you're baked and will only make peanuts of profit.
 
I just don't understand the point of all this... Seems like a lot of shadyness... What exactly is the gpu working so hard to do and who is paying for it?
 
Kallogan said:
Everybody is skeptical when it's not called litecoin or bitcoin. I will not cry if my easy earned fraction of BTC by mining scamcoin at low diff during 72h is wasted. I hope these kind of new gen coins will succeed cause once Asic is released for script in March, we're done.
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Scrypt ASICs are *hard* and expensive.

People are talking about $1 per kH/s - so you should expect to pay $1k a 1 MH/s ASIC board.

Yes, a 5W ASIC is cheaper to run than a 250W GPU, but the huge cost of the ASIC is likely to mean that GPUs should be viable for a long time yet.
 
Mark R said:
Scrypt ASICs are *hard* and expensive.

People are talking about $1 per kH/s - so you should expect to pay $1k a 1 MH/s ASIC board.
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Who would pay that? Everything I've heard indicates that a 7970 (or R9 280X) can easily get over 700 KH/sec. At current (inflated) prices, they're about $400. So for $800 you can get at least 1.4 MH/sec of mining power. If ASICs came out at the price and performance points you suggest, people would be paying 25% more for about 30% less performance. You'd have to be paying a very high rate for electricity for the difference to be enough to make up for that. And don't forget, you're also taking additional risk: if the whole market crashes, the video cards still have some value to gamers (albeit at fire-sale prices), but the ASICs are completely worthless.
 
4Flat4Life said:
I just don't understand the point of all this... Seems like a lot of shadyness... What exactly is the gpu working so hard to do and who is paying for it?
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The GPU is working to secure the transactions. It is paid based on a lottery based on the numerical value of the results of said securing. No central authority awards you those coins, instead the protocol itself is designed such that you can look at your results and say "hey, according to the protocol itself I now have 25 bitcoins from this block" while anyone else who looks at it will ALSO say "hey this guy has 25 bitcoins from securing this block according to the protocol".

Mark R said:
Scrypt ASICs are *hard* and expensive.

People are talking about $1 per kH/s - so you should expect to pay $1k a 1 MH/s ASIC board.

Yes, a 5W ASIC is cheaper to run than a 250W GPU, but the huge cost of the ASIC is likely to mean that GPUs should be viable for a long time yet.
Click to expand...

Rule 38: Just because it's easy for you doesn't mean it can't be hard on your clients.

ASICs are cheaper to manufacture than GPUs, they are just more expensive to buy if you are a customer.
 
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blastingcap said:
Looks like NXT has a massive following despite its being new, and it promises advanced features that bitcoin can't offer. I wonder if it will kill bitcoin/litecoin/all the other alt-coins the same way that Facebook killed Friendster/Myspace/all the other social networks. NXT's mining is weird... I guess they call it "forging" and even the crappiest CPU does as well as the most expensive CPU. GPUs aren't even needed. This makes NXT mining way more democratic. This is a mortal threat to bitcoin/litecoin/etc. If it does take off, video card prices will crash in value, which is good for gamers. 🙂

Btw this thread name changed, I wonder why it did not also move to Distributed Computing because some coins and NXT can only be mined via CPU?
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but i am mining LTC with gpu3 and BTC with asics not any cpu coins at all!


it needs to be a stand alone in hardware and tech


cpus and overclocking

motherboards

video cards and graphics

digital mining

memory and storage

power supplies


I finally got 3 pc's running LTC well. just in time for cold whether a pair of 7970's and a new 7850 total kh = 1600 this could earn 240 a month after power use.

it also warms up my garage and my den. plus It allow me to attach asics with just the asic power draw.

10 red fury usb sticks mine at 25 gh and pull under 30 watts.
 
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philipma1957 said:
but i am mining LTC with gpu3 and BTC with asics not any cpu coins at all!
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So what? A tablet draws like 10 watts max. Any halfway decent ASIC miner or GPU draws way more than 10 watts.

If NXT has it their way, anything from a tablet on up will do just fine. Your mining rate is determined by the number of NXT you already hold, NOT by CPU/GPU/ASIC/whatever power, so you will "mine" NXT at the same rate whether you own one tablet or 100,000 high-end PCs. With NXT, there is no arms race where people try to get faster and more efficient hardware to grab a share of the mining pie. This is the difference between Proof of Stake and Proof of Work. Bitcoin/Litecoin/etc. are Proof of Work protocols and require a LOT of computational power to secure the network. Whereas NXT is Proof of Stake and you can run it on the cheapest tablets. Also, NXT allows for anonymous distributed exchanges. Bitcoin/litecoin/etc. require centralized exchanges such as MtGox, with more and more regulation attached. If NXT really takes off, bitcoin/litecoin/etc. can easily go way down in value as people flock to NXT, sort of like how people abandoned Friendster/MySpace and went to Facebook.
 
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NXT does indeed have quite a few advantages over BTC. Time will tell if proof of stake coins take off.
 
gbeirn said:
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.
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Would you be able to donate me one/couple? Thanks!

425258415007375907

EDIT: The Nextcoin.org site is down so I can't see all the instructions. I have the java program running in the command prompt...is there anything else I have to do to actually forge (besides waiting for a coin to get into my wallet)?
 
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What's up with DOGE? Getting pumped or some other news to drive the price upwards?
 
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