CMV: Anyone Who Believes Vertcoin's Price Will Increase Once Powerful Scrypt ASICs Come Out Doesn't Understand Demand-Side Economics
I see plenty of people speculating that Vertcoin will explode in value once Scrypt ASICs come out. I personally feel otherwise. The Adaptive scrypt-n and Kimitos Gravity well only appeals to miners-the producers. It does not appeal to many people wanting to buy. We will certainly see a lot of miners moving to Vertcoin once their huge GPU farms cannot profit when competing against 200 MH/s ASICs. Now, with a cryptocurrency it is a little different because quantitative supply is static-more people mining it only reduces the amount each person gets. But more people will likely be selling mined Vertcoins as they are desperate to pay off their investment in GPU farms. So the effective supply would be higher due to increased pressure to sell by new miners.They will be willing to sell at any price as long as they can pay off electricity- any less, and they will stop mining and sell off their video cards. But what people seem to fail to understand is that supply does not drive demand. Unless Vertcoin does something to appeal to others besides miners, there will be no increase in demand. All we will see is an increase in supply(due to more being sold, the actual "supply" is static, but the traded amount would increase), no increase in demand. This would lower prices. The people with dozens of video cards aren't looking to buy Vertcoin, they're looking to mine and sell it to make a quick buck. There is NO increase in demand resulting from this. Just look at Primecoin, mining that is horribly unprofitable. While AFAIK its only mineable by CPU, without free electricity you're mining at a loss even on a nice I7 CPU. This is a related example of how supply of a crypto-currency does not drive demand. It does not matter how "fair" or "useful" the mining is, if no one has any reason to buy it in the first place. We can continue to advertise about how great our coin is, and pressure merchants to accept it, but we won't get anywhere. It just doesn't compete with the age of Bitcoin, the culture and size behind Dogecoin, or the size behind Litecoin. We need to do something big that appeals to everyone, and makes us the next big thing. ASIC resistance should just be one of our big perks. Without demand, the coin is worthless.
Proof of Stake and Peercoin's Historic Significance
Bitcoin, Namecoin, and Peercoin are first attempts at solutions to important, long-standing problems. Bitcoin is the first decentralized cryptocurrency. Long before bitcoin existed, people believed that the problem of decentralized cryptocurrency was important. Namecoin, as far as I know, is the first decentralized DNS system. Again, long before namecoin existed, people hoped for a decentralized DNS system. Peercoin is the first decentralized cryptocurrency based on proof-of-stake. Peercoin's inspiration is the 'tragedy of the commons' associated with PoW mining. The 'tragedy of the commons' problem in mining has a history dating back to this thread in Nov 2010. People began searching for a solution before peercoin existed and before the term of proof-of-stake had been coined. When I found out about bitcoin (March 2011), it sounded awesome to me. Proof of stake was not a term yet. In April 2011, I became aware of the the tragedy of the commons problem. I saw it as a nail in bitcoin's coffin and I still see it this way. Discovering proof-of-stake got me excited again. The beauty of PoS is that it does not require miner rewards to function. With proof-of-stake, the tragedy of the commons doomsday scenario becomes a non-issue. Sure they may be no txn fees, but so what? If you are using PoS this is a great feature. If you are using PoW low fees are a showstopping bug. Once I learned about proof of stake, I saw possibilities: 1) Bitcoin adopts proof-of-stake (or some other rule-breaking alternative) and remains dominant in the long-term. 2) An altcoin adopts proof-of-stake and remains dominant in the long-term. Personally, I see exit to a new cryptocurrency as much more likely. The political challenges of rule-breaking changes in bitcoin are just too daunting. If you need to rewrite the rules, starting from scratch can be a valuable asset. Today, few people understand that the proof-of-stake idea came out of the debate about the tragedy of the commons problem. If you haven't done so already, I recommend reading one of the most influential threads in the history of bitcoin talk: the tragedy of the commmons thread by Vandroiy. Vandroiy's thread attracted a lot of interest, but did not really make any progress towards a solution for two months. Things changed when Quantum Mechanic posted the thread "proof of stake instead of proof of work" (https://bitcointalk.org/index.php?topic=27787.0). Quantum's thread is the first instance of the term 'proof of stake' in the bitcoin community. It may be the genesis of the concept as well. Quantum suggests that proof of stake could allow for lower txn fees. Quantum's concept of proof of stake starts to gain traction once it appears in Vandroiy's thread. Quickly, Vandroiy, Meni, myself, and others realize that proof-of-stake is the likely solution to the tragedy of the commons problem. From this point on, I make it a personal mission to promote proof-of-stake cryptocurrency. To date, proof-of-stake remains the only proposed solution to the tragedy of the commons problem. With peercoin's arrival in Aug 2012, we have seen this solution realized. Bitcoin devs have spent three years searching or an alternative answer, but have yet to even propose anything. The tragedy of the commons problem matters. Gavin has often said that a working market for txn fees is perhaps bitcoin's most pressing development issue. This is just a different (and less dramatic) way of referring to the tragedy of the commons problem. Game theory I learned in school told me that bitcoin has 0% chance of remaining valuable in the long-term unless the problem is fixed. If bitcoin can't be valuable in say... march 2050, then why would it be valuable in february 2050? Working backward to the present, the implication is that bitcoin's value depends on faith that this will get sorted out. Freicoin and Primecoin also solve novel problems, so they deserve credit too. However, very few people see the motivating problems behind Freicoin and Primecoin as important. The tragedy of the commons problem, on the other hand, is one of bitcoin's most important lingering issues. For the past 2 1/2 years, I've viewed this problem as the number one threat to bitcoin's survival. tl;dr Peercoin offers the first solution to one of bitcoin's most important problems. Can you tell a similar story about the intellectual contribution of litecoin, Quarkcoin, [Insert Scamcoin name here], etc.? Even if Peercoin gets replaced by something else and loses all value, it will still have made history. Nothing can change that. Very few coins can say the same.
Cryptocurrency Market - The Biggest Trends to watch out for 2018-2025
New market research study provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Global Cryptocurrency Industry. Cryptocurrency is a digital currency which operates on cryptographic techniques to complete safe transaction. Being decentralized with no governing body/central body involved in verifying transaction, secured protection and producing new currencies are projected to be the major reason for the market growth over the forecast period. Moreover, cryptocurrency’s community which include miners/stakers, developers, service providers, users etc. drive the governance of cryptocurrencies. The positive feedback loop has made the community more homogenous. Globally, cryptocurreny has been selected as digital payment method for the future financial world. These convenient currencies are completely digital requiring online transaction unlike physical cash. Hustle free transaction and deduction in entire ownership cost are few key features propelling the industry. Major drivers include authentication, ease of transaction, complete security, faster international transaction are expected to spur the market growth with steady performance. Moreover, the industry has not been confined with government rules, exchange rates, interest rates or international transaction fee, hence, making the currency more convenient for application. The currencies can also be transferred digitally via devices such as smartphones, since they are completely unrestricted from any centralized bank/authorities. Vendors and consumers prefer virtual money for making payments, henceforth, creating new opportunities for the market growth. Get PDF with Technological trends athttps://www.xpodenceresearch.com/Request-Sample/105813 Tax-free & compliance-free transactions, lesser chances of identity theft & fraud and negligible fee charged for cryptocurreny transaction are few other key elements augmenting the industry growth over the forecast period. Moreover, lack of awareness among the people and stringent rules and regulations for application of robots in various countries is expected to restrain the market growth. The emerging industry is projected to grow over the forecast period with more public awareness and continuous increase of new market players with innovative product/services. The market has been segmented into type of currency, mining types, and application. The type of currency segment includes Bitcoin, Litecoin, Ethereum, Ripple, and others. Mining type is segregated into solo and pool mining. The application segment includes banking, real estate, stock market and virtual currency. Other application for the market includes retail sector, gaming industry, education, logistics & transportation, BFSI, tourism sector, media and entertainment industry. BFSI is expected to acquire the major share followed by retail sector operating on cryptocurrencies. The cryptocurrency mining hardware includes Central Processing Unit (CPU) mining, Graphics Processing Unit (GPU) mining, Field-Program Gate Array (FPGA) mining, and Application-Specific Integrated Circuit (ASIC) mining. ASIC mining can calculate 10,000 times faster than conventional CPU mining. Increasing acceptance and potential growth for this industry have attracted various small vendors globally for competing in the market. Apart from Bitcoin, Litcoin has also gained prominence in the market over last few years, there are plenty of vendors in the market namely as Litecoin, Namecoin, Novacoin, Peercoin, Ripple, Steller, Primecoin, Megacoin, and many others. Geographically, the market is expended across North America (U.S., Mexico, and Canada), Europe (UK, France, Germany, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and MEA (Middle East, Latin America, and Africa). North America region dominates the market owing to the regulations offered by the government. Brazil and Canada are other major regions using cryptocurreny due to rules and regulations Obtain Report Details with technological advancement athttps://www.xpodenceresearch.com/Reports/Cryptocurrency-Market Key market players include Intel Corporation, Microsoft Corporation, Xilinx, Inc., NVIDIA Corporation, 21 Inc. AlphaPoint Corporation , Amazon.com, Inc., Advanced Micro Devices, Inc, BTL Group Ltd.(Blockchain Tech), BitGo, BitFury Group , Coinbase UK, Ltd. Coinsecure, Unocoin, Coinbase, Bitstamp Ltd., Zebpay,, Poloniex Inc., Bitfury Group Limited, Global Area Holding Inc., Digital Limited, IBM Corp, are the other niche players. 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1- Primecoin is the First non Hash-Cash PoW Crypto-Currency.
"Primecoin is the first to show that a proof-of-work algorithm could exist to compute things other than cryptographic hash functions."
2- Naturally Scarce
Primecoin is naturally scarce (not artificially) -no hard limit and this is crucial for its long term continuity and its ability to adapt to market conditions.
According to the last estimations, the total supply is going to be ~55 Millions XPM. (peercointalk.org) You don't have to worry about inflation, neither facing blunt deflation (encountered in bitcoin/litecoin)
3- Very fast confirmations - 1min/block 4- Elastic supply
ING economist: "A bitcoin algorithm needs to be developed that smoothly matches money supply & demand"
This is hard-coded in Primecoin: difficulty going down gets corrected upwards because miners are encouraged to mine, having more reward subsidy.
When difficulty is dropping (i.e. miners leave the network), reward-revenue is recalculated upwards so that they come back in, ensuring the network security elastically vs price bumps.
5- Primecoin is sustainable
"Primecoin does not use a fixed cap money supply model like bitcoin as described in the primecoin paper, instead its mining output is associate with Moore's Law. It should have much slower drop of mining subsidy than bitcoin in the longer term (10+ years) thus much less affected than bitcoin in terms of risk of low security level. If Moore's law stops at some point then primecoin block subsidy would become relatively constant, rather than tending to zero as in the case of bitcoin (note though primecoin inflation rate is still tending to zero)."
"When the proof-of-work mint rate approaches zero, there is less and less incentive to mint proof-of-work blocks. Bitcoin is insecure."
"Primecoin has still good scarcity property similar to gold while network security is maintained without the need to raise transaction fee."
"Long-term bitcoin security relies mainly on transaction fees. Primecoin realistically would continue to have some subsidy long term, so is less reliant on transaction fees for security."
6- Primecoin is currently the “fairest” coin to mine
"The Primecoin algorithm is ASIC/FPGA hostile, and even GPU mining is not economically viable at the moment. While it is certainly possible to create specialized mining equipment, it is far more difficult and expensive to develop chips for high speed modular arithmetics. In contrast to SHA-256/Scrypt mining, those chips would also be multi-use and could be applied for other purposes after the next generation hits the market. In a sense, Primecoin is currently the “fairest” coin to mine, as it is purely CPU/GPU based. [...] Besides this, Primecoin already offers a number cloud mining providers, which inevitability will be the final stage in the specialized-mining-chip-race. For example, ASIC supplier KnCMiner recently announced not to produce mining rigs for household use anymore, as non-industrial grade power supply is not sufficient."
7- Primecoin can introduce new participants to the new digital economy
"In a Free Market, there's Free Will (and Creativity) as driver for Actions - and fundamentally Primecoin (almost philosophically) provides us with the ability/choice of applying our Ingenuity on Mining."
"With Primecoin, people who like to mine cryptocurrencies have a better choice to mine, to get more benefit out of the mining activity & environmental cost."
"Primecoin complements the goal here as it produces additional scientific value from the consumed energy. So people who like to mine cryptocurrency for whatever reason have a better choice to mine, to get more benefit out of the mining activity and environmental cost."
With Primecoin, you can actually and effectively Innovate and Improve on Mining Technologies and Techniques, on 2 lines: Hardware and Software. This is radically different from hash-cash PoW. In essence you have twice as much possibilities to earn revenues.
8- Proof-of-work cryptos will gradually transition toward energy-multiuse, ie providing both security & technological computing values. And Primecoin is the pioneer in this realm.
"One year after primecoin's public debut, the cryptocurrency designers are still focused on mixing hash functions with hash-cash proof-of-work, or finding ever more 'cpu friendly' proof-of-work; Primecoin's unique proof-of-work remains the first and one of the very few useful and actually interesting proof-of-work designs, that preserves the decentralization property of cryptocurrency."
9- Primecoin has anti-centralization features
Brute force hashing random numbers, under rigid guidelines(the more CPU, the stronger) doesn't work to mine primecoins - there's no known rules to find prime chains.
Elastic reward re-calibration, in real-time (reward gets immediately lower if difficulty would happen to rise)
10- Primecoin captures the Wasted Energy of Bitcoin's Algorithm - The mining is actually useful
"The reason why Primecoin-like “useful POWs” are the most promising is that, if the computations are useful enough, the currency’s “waste factor” can actually drop below zero, making the currency a public good."
"The innovative prime proof-of-work in Primecoin not only provides security and minting to the network, but also generates a special form of prime number chains of interest to mathematical research. Thus primecoin network is energy-multiuse, compared to bitcoin network. Primecoin is designed to sustain a prosperous mining market and high level of security, while maintaining good scarcity property like gold. Primecoin also processes payment transactions 10x faster than bitcoin network."
"Primecoin's proof-of-work is still pretty much the only alternative proof-of-work in production other than hashcash. By alternative proof-of-work, is meant alternative proof-of-work consensus. Interestingly, Primecoin also tries to address bitcoin's energy problem, from a different angle. In a free market, there is bound to be [the] coexistence of energy intensive currencies and energy efficient currencies, meaning, people have free will to consume energy to produce currency for example, mining gold. So Primecoin would demonstrate, such energy consumption can be made energy-multiuse, while preserving the critical decentralization property."
11- Primecoin has direct by-products
"Bitcoin hashing or mining provides no meaningful by-product whereas Primecoin delivers the chains of prime numbers. Primecoin is the first cryptocurrency with such property."
"Prime numbers are very useful. They are important in cryptography, and used in many encryption systems. The larger the list of known primes grows, and as the value of the numbers increases, the security of encryption methods utilizing them improves. Understanding prime numbers is also very important for high level mathematics, physics, and engineering. All non-prime numbers can be constructed from two or more prime numbers, yet a prime number itself cannot be created from any other number. Prime numbers are the building blocks of math. The more we understand about primes, we more we understand about mathematics. The more we understand about mathematics, the more we understand about the universe, and everything in it."
"For example, Primecoin provides financial incentive to these math research (e.g. research about the twin prime conjecture), if your theory advancement can provide a better mining algorithm for Primecoin mining. Twin prime is a special case of bi-twin chain. A bi-twin chain of length two, that is."
"With Primecoin, it's possible to do a proof-of-work consensus other than hashcash and have potential math research along with the fact that FPGA / ASIC development incentive may lead to problems being solved that have never happened before. It's possible, when you have ASIC primality testing chips, the computation capability in these fields would make a giant leap. That could also indirectly help theoretical research."
"Primecoin has delivered. It now holds 5 out of 21 world records in simultaneous prime numbers."
2 potential direct applications of the prime chains from Primecoin network:
Banking on Prime Numbers The prime number chains discovered by the Primecoin network may ultimately make RSA Encryption - and therefore banking in general - more secure by contributing longer prime numbers to use for RSA Encryption; the longer the prime number, the more difficult it is to "break" the encryption.
Hardware Testing & Innovation Since the early days of computing, programs for discovering prime numbers have been developed as a way to test new hardware These by-products include improved computer processors and hardware components, which can be applied to improve computer models used in the science, medical, and engineering industry.
12- Primecoin has been developed by Sunny King, one of the most talented crypto-technologists of the rank of Satoshi Nakamoto
Sunny King along with his team continues to grow Primecoin network and is currently developing a Sidechain technology for Primecoin, that is a common infrastructure to make it easier for developers to create decentralized and distributed data applications (of the sort of: namecoin, storj, peershare, datacoin )
I made the effort to read Primecoin and Peercoin whitepaper seriously for the first time yesterday and realized they are both into solving 2 problems that Bitcoin will encounter inevitably: 1) the energy efficiency issue and 2) having high security/low inflation/low fee at the same time is unsustainable. In primecoin whitepaper, below are the relevant quotes, that stress Primecoin advantanges. -Security "However, a non-linear difficulty curve would negatively impact block chain security. Also, using prime size as difficulty indicator would interfere with efficiency of verification. Eventually I discovered that the remainder of Fermat test could be used to construct a relatively linear continuous difficulty curve for a given prime chain length. This allows primecoin to largely keep the security property of bitcoin."
Minting Model "Primecoin is designed as a pure proof-of-work cryptocurrency , to complement the proof-of-stake design of ppcoin. Primecoin’s proof-of-work mintrate is determined by difficulty. This approach was first experimented in ppcoin. The scarcity of the currency is not ensured by a fixed cap as in bitcoin, but regulated by Moore’s Law via mining hardware advances and by algorithmic improvements. This design is a more natural simulation of gold’s scarcity. Moreover, pure proof-of-work cryptocurrency depends on the m ining market for its security." -- scarcity depends not a fixed cap, but depends on ability of machines to mine primecoin chains = real gold -Network mining income , " the sum of all miners’ income, is a direct measureme nt of the level of block chain security across competing pur e proof-of-work cryptocurrency networks. A fixed cap scarcity model relies heavily on transaction fees to sustain network security" - primecoin does not rely on a fixed cap and fee should be low
-Fee vs Security "However a higher transaction fee reduces the competitiveness of a crypto- currency as payment-processing network. Since last year, bitcoin’s share of network mining income has shrunk much faster than its capital ma rket share. Basically, for a pure proof-of-work design, it’s not real istic to expect all three goals to sustain: high network security, low inflation and low tr ansaction fee. This topic has been explored in ppcoin paper, however it would become more evide nt as the competition intensifies in cryptocurrency market and bitcoin’s infl ation rate drops further. As Moore’s Law approaches its limit, primecoin inflati on rate would taper off and gives a slower drop toward zero. There is still good scarcity pro perty similar to gold while network security is maintained without the need to raise transaction fee." - there is still good scarcity with good security wihout the need of raising the fee! -Inflation "The inflation in primecoin is designed to drop slower than ppcoin’s proof-of- work minting, to compensate for the need of sustained energy consumption of pure proof-of-work cryptocurrencies." Conclusion:Primecoin fills a space that is a blue oean and is its first mover. After Bitcoin and Litecoin, Primecoin positions itself as a serious secure and sustainable payment network that has the potential of lasting.
The only problem it has is marketing and its association with scientific calculation, which is not its point. The point is that prime numbers chain ( cunningham) has very interesting properties that give superior features to Primecoin vs Bitcoin/Litecoin in terms of security, inflation and fees. Specifically, the cap that is not artificially fixed (a fixed cap implies that the price or fees grow exponentionally otherwise miners stop mining ) allows for a nevertheless rare coin, and low inflation, qualities of a good currency backed by precious metal.
I have read a lot of posts recently about how to better secure the future of Litecoin and other scrypt based altcoins. If any coins are going to try to take on bitcoin the main difference they need is they need to be user friendly. Nothing in the cryptocoin world is really user friendly aside from shiny enchanges and android wallets. To secure our future we will also need to cater to the “common people”. Adaption is spured by the people mining the coins. If and when ASICs come to scrypt the mining of the coins will be taken away from the common person and given to those few that are able to afford these machines. The more we have mining the coins the more people will want in on using the coins, which will require user friendly mining software and wallet software. Since the most widely used program to mine Litecoin and other alts is CG Miner 3.7.2 and it has been abandoned for some time. A new program needs to be created that can expel the full potential of scrypt. OpenGL was that API that has been in use for both Bitcoin and Litecoin, but a new api that AMD designed in house to work hand in hand at the most basic level inside the GPU should be used for the new mining software. This new architecture is Mantle. Mantle Miner 1.0 Optimized for AMD GCN architecture of graphics cards. Maximize scrypt potential for AMD cards. Abandon OpenCL in adoption for AMD’s Mantle API. Require hardware signature verification. (If this new software allows you to mine at a 15% increased hashrate, why give it to the asic machines?) “Optimization Runtime Mode” to automatically tweak settings for highest hashrate. (I have spent months tweaking cards to achieve maximum hash/power. I have used that knowledge to start development on a tumbler style system changes settings and looks for highest achieved hash at lowest hash to core/mem clock ratio). Integration of basic litecoin qt wallet. A GUI that is intuitive and easy to use, allowing even your dad to start mining cryptocoins. What we NEED: I have carnal knowledge of the inner workings of Mantle ;) but I will need other programmers fluent in C and Java to pull this off. Please post your qualifications here. I would like to crowd fund it with crypto donations and will use that to pay for assignments given so your time and knowledge will be paid for. All suggestions are welcome, lets make some changes! Let us make 2014 the year of the altcoins! Donate Today! Bitcoin 1Fhk8JdRzNPqLMQtnLhs7jntAfJD1BfHfU Litecoin LUfHrgpcXspozqkk6MxePwC7ka7PYaHdzL Dogecoin DKkgnsWkWZU9wRVr6FDGonXyZV7x7dWhbd Peercoin PCYk1N7wiKJL27JJyQFh9iPM1vdMw8Krz5 Namecoin N9ouhhU6fX1XxboMsSaWXMdixdcpvN8QnE Primecoin PB4Q3nfMcWakRrzdZdzsLrgdpYqTgjJWsR Worldcoin WTufgeMiNqBLLV97CwhKT7TqnMivWbKNXs Quarkcoin QXMvCwyR89V2y4t9j8jm5SLfC71jP5b77g
I like to follow http://coinmarketcap.com/views/filter-non-mineable-and-premined/ and http://www.coinwarz.com/cryptocurrency/ just kinda for fun. I am really interested, like many, in the long term how cryptos will play out as far as real world adoption, values and use etc. Because I have a small amount I play with, and not much to spare, I've decided to arbitrarily limit my crypto investments to my top 5 favorite coins, so these are them. I'm curious what your top 5 coins are and why you are excited about them? Also which of my choices suck, and why ;-)
Bitcoin: it's the biggest, most used and most accepted. I think it will continue to be the major player or one of several major coins just because of it's primacy and recognition.
Litecoin: it's the 2nd biggest, 2nd most used and 2nd most accepted ( I think? ) and even though it's market cap pales compared to bitcoin's, it still an order of magnitude above all the other alt coins. It's in based on the 2nd largest market cap and all it has invested in it's acceptance and services.
Dogecoin: I actually don't like several things about this coin. Mostly it's inflation and the fact that I can't see it ever being used in a major way by large scale businesses ( can you image a contract for a multi-million dollar skyscraper paid in a "joke" currency? ). But I can see it fulfilling a niche use, and it does have a lot of "fans" and fun publicity. I hold the least amount of this currency between the 5 coins I hold. I keep it on the list because it's funny and likable, and Im guessing it has more users than litecoin or possibly even bitcoin ( I have no data, it just seems a lot of people hold a little ? )
Darkcoin: This one is a little bit "front runner" with the recent rise in price, but I bought just before that so I'm liking it. I'm interested in this coin because it's innovation in mining algorithm, and it's offering anonymity to end users. Yes, I know other coins could add this, but I see significant resistance to BTC or LTC adding this, as they want to participate in more business / government settings where blockchain transparency -can- be a good thing. Maybe Dark Wallet for bitcoin makes this coin less interesting, but I still like the algorithm and it seems to be gaining services and merchant adoption, so Im still watching and waiting.
Myriadcoin: This is the most recent addition to my top 5. I like the algorithm innovation, using multiple algorithms side by side. Unlike the way vertcoin "fights" what is possible with it's n-factor scrypt, Myraidcoin embraces what is possible in terms of mining hardware. ASICs are welcome and not a huge centralization issue. Another a key difference from vertcoin is that Myriad's ASIC coping mechanism is beneficial to the end user, by making %51 attacks another order of magnitude more difficult, vertcoin's increasing n-factor is great for miners, but I think has very little meaning to end users. This is my underdog vote since it is a tiny market cap but I think it has potential.
PS. I recently sold out of positions in Namecoin, Peercoin, Primecoin and Vertcoin PPS. I suck at grammaspelling, sorry.
In the spirit of creating original content for this sub, I thought I'd do a post about some overlooked aspects of the bitcoin ecosystem that supports the bitcoin price. Faucets The original faucet was of course created by Gavin Andreson in 2010 to give people a little share of bitcoin and spread the idea around. His faucet was a simple dispensing page. However people took his idea and created a mini-industry funded by advertising. The reason I've mentioned faucets as part of the bitcoin support system is that they convert fiat into bitcoin. That is, they earn fiat from advertising (usually Google Adsense) and spend a portion of this money on actually buying bitcoin and dispensing it from their faucet. The following article follows someone who set up a faucet from scratch and how he made some profits out of it: https://99bitcoins.com/complete-beginners-guide-make-money-bitcoin-faucet/ His faucet was dispensing some $225 a month in bitcoins. Faucetbox lists a stagerring 743 bitcoin fauctes: https://faucetbox.com/en/list Even if each dispensed a conservative average of $100 worth of coins a month, that amounts to $74300 a month converted from fiat to bitcoin or $891000 per annum. Some faucets dispense much more of course - the big faucets like moonbitco.in dispense several thousand dollars worth of coins each month. Note that if a competitor to bitcoin was to emerge, we'd see them first in the faucet space because a) popular coins tend to have users eagerly trying to collect the coins creating demand and b) faucets catering to those users are converting fiat into those particular alts, supporting their price. Faucetbox has 148 litecoin faucets, 248 dogecoin faucets, 41 peercoin faucets, 18 primecoin faucets, and 63 Dark faucets. The much ballyhooed ethereum is absent... Scrypt Pools Scrypt pools mine scrypt based proof-of-work alts and then sell those alts to buy bitcoin to pay their miners. In the process they convert potential competitors to bitcoin into a giant support system for bitcoin. However, if scyypt pools opt to pay out in other coins, then they become a support system for that alternative coin. Prohashing gave an interview to Forbes where they report:
Changes in behaviors by Prohashing’s miners also indicate that they recognize problems with the Bitcoin network. Every time there’s a problem with congestion, he says more of its miners choose to be paid in a competing currency
Here's the Prohashing payout chart: https://prohashing.com/help.html?topic=charts-payoutsowed About 70% of their miners are still opting to be paid in BTC. The others are opting for Litecoin, Ehereum, Dash, Digitalcoin and others. A similar pattern can be seen from the scrypt pool "Xpool". Of their top 20 hashers, 14 are opting to be paid in alts (Dash, Bitcoindark, NXY and Litecoin). See http://www.bitcoindark.ca/leaderboard The scrypt pools arn't as big a support system as the faucets - but between them and the faucets they produce a steady regular monthly support for bitcoin and act as demand for the new coins being generated by the miners. If this support disappeared or switched to another cryotocurrency, BTC would have to rely purely on speculators to supply demand for the coin.
Which cryptos have the most seemingly qualified developers and ongoing development?
Which cryptocoin do you see having the most active developers and most qualified to do the job? I hear lots about marketing, charity drives, large communities or retail adoption but I hear less and less of what is happening behind the scenes. Edit 1: Here is a preliminary list of who's who and Developments. Please correct me if I am missing info, have wrong info or want me to add other coin dev teams. Bitcoin Core Dev TeamVice ArticleGitHub Stats 5,180 commits 11 branches 107 releases 162 contributors Recent Developments
Satoshi Nakamoto: Bitcoin's Creator
Gavin Andresen: Andresen serves as chief scientist on the board of the Bitcoin Foundation and is essentially bitcoin’s lead developer, a position passed onto him by Satoshi Nakamoto, bitcoin’s mysterious creator. A Princeton grad, Andresen joined the bitcoin movement after spending time in Silicon Valley. Today, he is the only person receiving an official salary from the foundation for his work. Outside of Nakamoto himself, Andresen is the person who has most influence on the direction of bitcoin. If bitcoin is a ship, Andresen is the undisputed captain. He’s bitcoin’s Linus Torvalds.
Jeff Garzik: Garzik is a frequent writer, miner, developer (bitcoin and others), network engineer, familiy man, and staunch bitcoin advocate. He’s known within the community to be incredibly smart, tackling bitcoin’s many complex problems with speed and ease. Notably, he was the world’s first person to receive a specialized bitcoin miner from Yifu Guo’s firm Avalon, which at one point was mining hundreds of dollars worth of bitcoins a day.
Mike Hearn: By day, Hearn is a software engineer for Google. By night, he is the bitcoin community’s unofficial futurist, bitcoin’s very own Ray Kurzweil. Always focusing three to five years down the road, Hearn’s role is primarily that of an advisor.
Matt Corallo: One of the core development team’s unsung heroes, Corallo has made significant contributions to the bitcoin client, its infrastructure, and the main protocol, among others.
Pieter Wiuelle: Like Corallo, Wiuelle has devoted a substantial amount of code to the bitcoin project.
coblee (Charlie Lee) - Foundecreator of Litecoin. Bachelors and Masters from MIT in Computer Science and Electrical Engineering. Worked at Google previously on YouTube, Chrome OS, and Play Games. Currently working at Coinbase.
wtogami (Warren Togami) - Is an open source veteran as founder of Fedora, developer of K12Linux, Spamassassin, Bitcoin, and currently the lead developer of the Litecoin Project.
aspect (Anton Yemelyanov) - 20 years of software development with background in 3d graphics, special effects and video processing. Currently Director of Technology at the Bitcoin Embassy.
Nathan Gudmunson (gudmunsn) Chairman. Mr. Gudmunson is the core developer for Worldcoin as well as an organizer for the Worldcoin community. He has been previously associated with a variety of businesses and educational institutions including NBCUniversal, Microsoft, Arizona State University, and Bellevue College. Mr. Gudmunson holds a Bachelor’s degree in Psychology from the University of Washington, Seattle. He was a founding member of Paper Napkin Designs, LLC., as well as the founder of WorkingPC.
Asa Gunderman (nerdcustoms) Vice Chairman. Asa began his career working on computer electronics while serving in the United States Navy. Since leaving the military, he has started a networking solutions company and is the co-founder of Worldcoin Foundation, LLC. Asa has spent the better half of a decade assisting small businesses with networking and systems administration.
I made the effort to read Primecoin and Peercoin whitepaper seriously for the first time yesterday and realized they are both into solving 2 problems that Bitcoin will encounter inevitably: 1) the energy efficiency issue and 2) having high security/low inflation/low fee at the same time is unsustainable. In primecoin whitepaper, below are the relevant quotes, that stress Primecoin advantanges.
"However, a non-linear difficulty curve would negatively impact block chain security. Also, using prime size as difficulty indicator would interfere with efficiency of verification. Eventually I discovered that the remainder of Fermat test could be used to construct a relatively linear continuous difficulty curve for a given prime chain length. This allows primecoin to largely keep the security property of bitcoin."
"Minting Model Primecoin is designed as a pure proof-of-work cryptocurrency , to complement the proof-of-stake design of ppcoin. Primecoin’s proof-of-work mintrate is determined by difficulty. This approach was first experimented in ppcoin. The scarcity of the currency is not ensured by a fixed cap as in bitcoin, but regulated by Moore’s Law via mining hardware advances and by algorithmic improvements. This design is a more natural simulation of gold’s scarcity. Moreover, pure proof-of-work cryptocurrency depends on the m ining market for its security." -- scarcity depends not a fixed cap, but depends on ability of machines to mine primecoin chains = real gold
-Network mining income , the sum of all miners’ income, is a direct measureme nt of the level of block chain security across competing pur e proof-of-work cryptocurrency networks. A fixed cap scarcity model relies heavily on transaction fees to sustain network security. . - primecoin does not rely on a fixed cap and fee should be low
Fee vs Security
"However a higher transaction fee reduces the competitiveness of a crypto- currency as payment-processing network. Since last year, bitcoin’s share of network mining income has shrunk much faster than its capital ma rket share. Basically, for a pure proof-of-work design, it’s not real istic to expect all three goals to sustain: high network security, low inflation and low tr ansaction fee. This topic has been explored in ppcoin paper, however it would become more evide nt as the competition intensifies in cryptocurrency market and bitcoin’s infl ation rate drops further. As Moore’s Law approaches its limit, primecoin inflati on rate would taper off and gives a slower drop toward zero. There is still good scarcity pro perty similar to gold while network security is maintained without the need to raise transaction fee." - there is still good scarcity with good security wihout the need of raising the fee!
"The inflation in primecoin is designed to drop slower than ppcoin’s proof-of- work minting, to compensate for the need of sustained energy consumption of pure proof-of-work cryptocurrencies." Primecoin fills a space that is a blue oean and is its first mover. After Bitcoin and Litecoin, Primecoin positions itself as a serious secure and sustainable payment network that has the potential of lasting.
Adam, You and your team put on an excellent show! The reporting and high quality interviews do not go unnoticed! I especially enjoy all of the conference presentations you've been able to record and air. I was hoping to hear your team's opinion on what Sneak had to say about mining scalability and "the endgame of ASIC mining." Given the time spent discussing the consolidation of mining and altcoins on your show, his contrasting opinion on mining was a welcome addition to what seems like a recent paradigm shift among you and your co-hosts. I'd love to hear more technical arguments on "the ASIC problem." Sneak said in Episode 32 (37:50), "There's no proof of work that we can design that is resistant to someone who is willing to spend... dollars" In my opinion, it is hard to refute this statement for a few simple reasons:
If mining is profitable, speculators will continue to invest in new hardware. This creates a market for hardware manufacturers also seeking profit.
The hashing power of the network will eventually increase in relation to Moore's law so long as it remains profitable to mine.
Proof-of-work only exists to secure the network from double spending. Bitcoin's SHA256, Litecoin's scrypt, and Primecoin's proof-of-work all accomplish the exact same goal: find a number at a predictable rate by adjusting the target as computing power increases.
Knowing that mining is limited by the upper bounds of Moore's law, we can assume that any hashing algorithm based on computational work will eventually be limited only by current day tier-1 fabrication techniques, die size, and transistor count. If a coin's value creates a market for specialized hardware, we arrive at the same place. A miner is only limited by by how much money he wants to risk in purchasing new hardware. Adam, as you correctly stated in the episode, "money is work."
Bitcoin: This idea of a decentralized, trustless blockchain which records transactions. The transactions must be verified by miners (computers), which needs electricity (energy). Miners must be incentivized economically because energy is not yet free. Therefore verifications are ruled by economics. A coin = An ecosystem, one software implementation (specified by a protocol) of the idea of Bitcoin. Bitcoin:
The birth and acceptance of a universal medium of exchange ("UMX") is inevitable. The UMX may follow the Bitcoin protocol or its variants (Litecoin's scrypt), be based upon innovations that include some novel concepts (Peercoin's proof-of-stake) or variants (Quark's multiple hashing functions, Primecoin's 'useful' proof-of-work) or arise from a more general layer of development that uses the Bitcoin protocol to generalize the concept (Etherium). The current amalgam of fiat currencies and bartering systems controlled by centralized authorities (through taxation and regulation) stifles worldwide growth and impedes progress toward achieving a humanitarian distribution of the planet's resources. Indeed, the hope that a centralized, benevolent authority would eventually emerge as more developed countries increase their wealth to the level that enables them to act selflessly for the common good and cooperate in a mission to improve the world's quality of life, is flawed. History has demonstrated that despite good intention, when a political entity is in a crisis it will act in its own self-interest, as do individuals. Although there are certainly examples of self-destructive and selfless individuals, in the collective humankind has survived because of a deep-seated survival instinct. Good intention is not sufficient to garner the universal cooperation needed to march toward utopian goals. Beehives and ant colonies are examples of successful, large-scale cooperative behavior in nature that benefits a species. Such cooperation is limited, however, to species whose individuals lack self-awareness. One might argue that a beehive or ant colony is self-aware as an aggregate entity but their physical limitations prevent their spheres of influence from significantly disrupting the survival of other species. So unlike the science fiction staple of a computer operating system run amuck when it reaches self-awareness (and always with negative consequences, although without these there probably wouldn't be material for a story), to-date only humankind has the self-awareness that allows it to recognize and acknowledge the inherent conflict of interest in societal versus individual needs. After a period of economic success, even if it came at the expense of neighboring societies, centralized authorities steer society on a utopian path by imposing rigid rules or mandates. And to some degree, they have succeeded, as the quality of life has improved in the past few millennia (even though significant resources have been utilized to pursue those that violate the rules). Such well-guided efforts eventually fail, often dramatically, as attempts are made to incorporate divergent cultures. Using religion as a masthead to warrant horrific actions obfuscates the fundamental flaw, namely that human nature, the survival instinct, is at odds with the utopian goal (Karl, can you hear me?). Another tenet of human nature is neighbor envy, or the perception that someone has undeserved benefits acquired by chance or mendacity. Ultimately this is the root of many conflicts, on small and large scales. Rather than force cooperation among individuals for the greater good, it would be far more effective - in terms of maximizing survival and quality of life - if universal cooperation was itself driven by self-interest. The Bitcoin protocol is an exquisite example of the implementation of a decentralized system that is fueled by the benefits of cooperation. Some argue that since bitcoin wealth may be concentrated in the hands of a few founders or early miners, the notion of a decentralized system is illusory. Note, however, that in order to realize this wealth now the bitcoins would need to be converted into fiat currencies. But doing so on a large scale would, because of market forces, destroy the very wealth trying to be realized. On the other hand, as bitcoin becomes universally accepted, this wealth could be exchanged directly for goods or services, which would benefit economies. There may certainly be flaws in the initial design, although they very likely surmountable. For example, the existence of large, centralized ASIC mining pools was probably not anticipated. Indeed, an early assumption was that success of the protocol depended on honest miners that would not destroy - via a 51% attack - the very foundation upon which their wealth was being built. Self-interest is the driving force here, as demonstrated by recent events when a major mining pool reached 45% of the bitcoin mining capacity. It self-regulated itself to under 40% very quickly. This happened because it was not being controlled by any one individual: no despotic arch-villain could destroy the protocol. An UMX is a natural and inevitable development, as it is consistent with basic human nature. It will serve society as a whole. Imagine the implication for the production of basic electronic goods that are used by a significant fraction of the world. Their production and development is currently shared across many borders, each with its own exchange medium or currency, currencies that can be deflated or inflated at the will of the centralized authority controlling them for short term economic or political gain. These actions are often in conflict with one of the other entities in the line of production and can lead to political crises, even wars. Over time, an UMX would eliminate these sources of conflict, the importance of which cannot be overstated. The UMX protocol is here to stay.
The case for Ethereum: general-purpose vs special-purpose blockchains
Bitcoin and Alt-coins are Special-Purpose Chains
What's the difference between a general-purpose blockchain and a special-purpose blockchain? Let's start with bitcoin, the original special-purpose chain for computing and comparing sha256 hashes. Bitcoin users started the chain by mining on generic x86 (general-purpose) CPUs. But because sha256 hashing is a specific computation, btc mining is now dominated by Application Specific Integrated Circuit (ASIC) hardware. Litecoin is another special-purpose chain, except it computes scrypt hashes (some manufacturers are already started shipping scrypt ASIC miners). There's also a Primecoin for computing prime numbers, and a bunch of other special-purpose chains commonly known as alt-coins.
Special-Purpose Chains: Backend and User Perspective
How does it work when we want to use the services provided by separate special-purpose chains? Let's look at the granddaddy of alt-coins, namecoin, which like bitcoin uses sha256 hashes. Additionally, it also provides some standard namecoin script opcodes for associating plaintext pseudonyms with unique addresses (public/private keypairs), so namecoin addresses can register and "own" domain names or identities/handles. Let's say you want to use bitcoins to purchase a namecoin .bit domain that its owner is selling. What does it take to get these two special-purpose blockchains (bitcoin and namecoin) to interact with each other? The immediate option (and the only one available today) is a centralized service running a web server in front of both p2p daemons (as nodes of their respective networks, bitcoind and namecoind). That centralized service is a BTC/NMC exchange, and maybe it has an interface allowing you to register "dot-bit" names (otherwise you'd have to open up two separate wallets - one for each coin). The centralized exchange is a trusted third-party that holds in escrow the BTC and NMC of each user (whose coins could be stolen by a dishonest exchange operator).
A General-Purpose Chain: Backend and User Perspective
So how is using a unified general-purpose chain different from a special-purpose one? On the Ethereum general-purpose chain, each service is provided by some "DApp" (distributed app "hosted" by all ethereum miners). A DApp is an interface to a specific "contract", running at some address on the blockchain. For instance, to register a name, you would open the EtherNames DApp in the ethereum client's built-in browser, type in the name you want to register, and "send" the registration as a transaction with data. There's no need to copy and paste addresses since the Ethereum client provides hooks for seamless wallet access inside every DApp. The registration transaction is sent to the EtherName DApp's contract address, which is running some variant of the namecoin contract code. A specific contract gets initialized at a particular address by some untrusted third-party individual/entity (the DApp author). The contract author is not trusted, all the author does is upload the contract code and pay the initial "gas" fee. The contract code is independently executed and verified by each ethereum miner as part of a single atomic transaction. Atomicity means that the ledger database updates are all-or-nothing, so no user has to worry about the risk of having to pay first because any and all transactions needed to fulfill a contract are guaranteed to occur within the same block, or the contract is broken and won't run at all. Think of Ethereum contracts as interconnected threads in a big web of complex multi-sig transactions of Ethers and contract-specific sub-currencies, all of which run atop the same unified blockchain.
Special-Purpose Chains: Developer Perspective
From the developer's perspective, operating a service that uses two separate special-purpose chains requires maintaining both blockchains (upgrading separate software, providing enough processing power, disk space, and bandwidth for each chain). It also requires maintaining user accounts, as well as wallets on two separate chains (multiplied by the number of users). Hosting a server is needed to run both the namecoin daemon and bitcoin daemon (unless outsourced to a centralized API). The web developer will need to maintain a web server and app stack such as LAMP (Linux Apache Mysql Php) or MEAN (Mongodb Express Angular Node). Finally, the service must hold the users' deposits of bitcoins and namecoins in secure hot wallets and offline cold storage, keeping them safe from hacker thieves. Altogether, every service operator needs to independently maintain a separate full-stack system, which can be a herculean effort.
A General-Purpose Chain: Developer Perspective
A service operating on Ethereum has a DApp backend hosted right on the blockchain, maintained by miners (who earn gas fees). A developer simply authors the contract code and pays the gas fee to initialize it on the blockchain, which is much easier than forking an alt-coin to start yet another genesis block. DApp's do not need a separate API for access and integration by other developers; authors just name functions inside a contract, directly exposing an API (with optional fee-per-use) that enables message calls from any other Ethereum DApp. Also, DApp authors do not need to maintain user accounts, since the users interact with the DApp directly on the blockchain through their ethereum addresses. Nor do DApp authors need to maintain user wallets since private keys stay private in a decentralized system. Unlike the current convention where coins are deposited to a wallet address controlled by some third-party, in a truly decentralized system private keys are only used for signing transactions as inputs to contracts.
Meta-Coins as Feature Specs
Meta-coin protocol extensions like Colored Coins, MasterCoin, and CounterParty work by organizing a group of users who agree to interpret bitcoin transaction data according to some metadata specification, supplementing the base rules of the bitcoin protocol. For example, MasterCoin specifies creating multisig 1-of-n bitcoin transactions and encoding data in the n-minus-1 unused public keys. In the meta-coin approach, each feature or "contract" is specified in the meta-protocol. Two MasterCoin features are registration of a data stream and the creation of a sub-currency, these are baked into the specification and reference client alongside the other features. While you can register new data streams and sub-currencies, if you want to create a new contract that is some kind of a hybrid between a data stream and a sub-currency, such as a call/put option or a Contract For Difference (CFD), it would need to be implemented directly in the reference client, and unlocked as a feature at some future block number. Implementing new features in a meta-coin protocol that doesn't have a scripting language requires specifying them directly in the protocol and must be effected at the organizational level.
Scripts and DApps vs Forks and Features
Embedding a scripting language into a crypto-currency gives it the same kind of extensibility that gamers crave in video games. Scripts empower players to create "mods" and customize their game-world with new levels, characters, and maps. In the crypto-currency world, scripting allows for the extension of a plethora of decentralized features such as trading, lotteries, and ecommerce, all atop a shared, compatible platform. Bitcoin has a scripting language, but with severe limitations including: lack of loops, binary state variables limited to spent or unspent transaction outputs, and blockchain blindness. The difficulty of using bitcoin script has in effect given rise to a landscape of competing alt-coins and meta-coins with incompatible protocols. The preferable route, and vision of Ethereum, is to foster a fully-featured ecosystem of compatible, interacting DApps. Providing a Turing-complete scripting language on a general-purpose blockchain with message calls between contracts stimulates adoption of Ethereum as a shared decentralized Operating System and kernel.
Decentralized House, Decentralized Dealer
Consider the concept of a decentralized lottery. In a semi-decentralized lottery that is merely provably fair, although the operator is not capable of altering any particular dice outcome, he can simply shut down the service immediately after a big winning bet comes in, scamming the user of his money and winnings. But in a fully decentralized lottery, the mechanism for distributing the winnings is written into the contract itself (open-source and audited by users), so no central operator is needed. While writing such a contract in bitcoin script is theoretically possible (see pages 12-15), to my knowledge none has been implemented. In practice, it is easier to create a LottoCoin as a special-purpose alt-chain. In contrast, writing a script on the Ethereum platform for a fully decentralized lottery is not only feasible but relatively easy.
The limitations and difficulties of using bitcoin script to implement decentralized features natively on the bitcoin blockchain has resulted in a fragmented ecosystem of incompatible, competing alt-chains and meta-coins. While it is theoretically possible to use bitcoin script for complex contracts like cross-chain atomic trading, practical implementations of such features have yet to be achieved (to my knowledge). On the other hand, Ethereum focuses on providing an easy-to-use scripting language for implementing advanced contracts on a general-purpose blockchain. Ethereum's extensible platform enables the realization of advanced decentralized features that previously were inaccessible.
This opened a window for all miners to use old Bitcoin GPU miner to mine Litecoin. People recommend to set up one completely separate device using the graphics card for better results. Just to let you know, now new ASIC came into the picture, which does mining of Scrypt but it is very hard to grab them as these are limited in size and its name is Bitmain Antimeter L3+, their stock not long ... Derived from Satoshi Nakamoto's Bitcoin, Primecoin introduces an unique form of Proof-of-Work based on prime numbers. Learn More. Advantages of Primecoin. The innovative prime Proof-of-Work in Primecoin not only provides security and minting to the network, but also generates a special form of prime number chains of interest to mathematical research. Thus primecoin network is energy-multiuse ... Litecoin: LTC, Ł : Charlie Lee: Scrypt: C++ ... Primecoin: XPM: Sunny King (pseudonym) 1CC/2CC/TWN: TypeScript, C++: PoW: Uses the finding of prime chains composed of Cunningham chains and bi-twin chains for proof-of-work. 2013: Active: Ripple: XRP: Chris Larsen & Jed McCaleb: ECDSA: C++ "Consensus" Designed for peer to peer debt transfer. Not based on bitcoin. 2013: Active: Nxt: NXT: BCNext ... FutureBit Apollo LTC Pod ASIC Miner and Full Litecoin Node for Scrypt Algorithm Cryptocurrencies Litecoin - Batch 3 - Full Node Package - SD Card, 64 GB USB Node Drive, and 200W PSU Ready to Run! 3.5 out of 5 stars 17. More Buying Choices $600.00 (1 new offer) Sipolar-USB Hub- 10 Ports USB Data Hub-Industrial USB Powered Hub - USB 2.0 Hub for Mining, Bitcoin Miner. 4.9 out of 5 stars 23. $40 ... – 24 hours mining directly for Litecoin: 0.1164 LTC. So it seems that GPU mining for Primecoin (XPM) can offer a nice boost in terms of profitability over direct LTC mining for the moment. And with some good luck and ore GPUs you might be lucky enough to get close to double the direct LTC mining profitability. Solo mining with more GPUs could also prove to be a good thing to try, but as we ...
Thanks for watching, make sure to subscribe, like and share Link: https://goo.gl/27quic FB Link : https://goo.gl/Q6Txeh if any query then chat with me on FB ... Welcome to 2nd edition of mining cryptocurrency, this session will cover how to do litecoin mining. Litecoin is 6th largest cryptocurrency in MarketCap Downl... Primecoin XPM GUI POOL MINER for 64bit Windows systems Register to ypool.net or beeeeer.org Download the file from the link below and unzip its contents into a folder Run and install Windows x64 ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Learn how to use and setup a bitcoin miner to earn bitcoins , litecoins , dogeecoins etc. Download miner from https://easyminer.net/Downloads/