Hard (mining) times in front of us
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Well that’s like saying you don’t like the rules you agreed to abide by when you started mining.
Perhaps there will be a change in the difficulty adjustment. I tend to think changing this again is a bad thing.
This would be the second such difficulty change in the 4 month life of FTC.
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SMOOTHIE - People are abusing the “Rules” to the disadvantage of LOYAL miners…
The rules were invented by Satoshi to reward miners fairly and alter the difficulty to maintain a set level of coin production.
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If people were actively spending the coins so as to raise the base coin value by undervaluing or tethering the value to something, the difficulty raise wouldn’t even be an issue.
We’ve got a “hand-in-hand” situation here. Miners aren’t without their expectations but we’ve got to get some moving in the marketplace which is being worked on. Let people that don’t see the future profitability unplug their rigs. Halving the people mining the coin won’t kill it. Not taking steps to solidify, protect and increase each individual coins’ value will.
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[quote name=“wrapper0feather” post=“26577” timestamp=“1377779955”]
SMOOTHIE - People are abusing the “Rules” to the disadvantage of LOYAL miners…The rules were invented by Satoshi to reward miners fairly and alter the difficulty to maintain a set level of coin production.
[/quote]I’m no longer a miner, but if the miner(s) are playing by the rules that were set forth they really aren’t breaking the rules.
Changing the difficulty adjustment to what it is now just to change it again says that the planning processes is a touch and go thing. People want to know that the rules won’t be changing on them every X amount of days and months. That is a fair assessment.
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[quote name=“wesphily” post=“26584” timestamp=“1377784137”]
[quote author=Radacoin link=topic=3468.msg26572#msg26572 date=1377774164]
Difficulty actual: 260.51180124
Next: 184.20026350303 (which is still way to high for “only” ~2000 kh/s)Unless exchange rates rises to > 0.0014 we will have some rough days in front of us …
Would be nice to have the new difficulty adjustment out asap.
[/quote]This is worded as if Bushstar could accidentally sneaze and fix difficulty as a by-product. It is not so easy.
[/quote]In another thread, NutNut recommended we draw up some graphical models of the different possibilities. I feel that makes quite a bit of sense.
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[quote name=“Justabitoftime” post=“26593” timestamp=“1377786361”]
[quote author=wesphily link=topic=3468.msg26584#msg26584 date=1377784137]
[quote author=Radacoin link=topic=3468.msg26572#msg26572 date=1377774164]
Difficulty actual: 260.51180124
Next: 184.20026350303 (which is still way to high for “only” ~2000 kh/s)Unless exchange rates rises to > 0.0014 we will have some rough days in front of us …
Would be nice to have the new difficulty adjustment out asap.
[/quote]This is worded as if Bushstar could accidentally sneaze and fix difficulty as a by-product. It is not so easy.
[/quote]In another thread, NutNut recommended we draw up some graphical models of the different possibilities. I feel that makes quite a bit of sense.
[/quote]Perhaps then going the route of PPC’s constantly changing difficulty algorithm would be “fairest” to all. But this would only enrich the current holders of FTC as the mining reward would diminish very quickly as the network hash rate skyrocketed.
Seems to be if you change it you essentially are going to have unfair circumstances no matter how you cut the pie as someone will say it isn’t fair that now we are going to adjust the difficulty THIS way when for 3 months it was THAT way.
I still vote for NO CHANGE in the difficulty adjustment. We’ve changed it once already, changing it a second time says we can’t make up our minds or we were too short-sighted to make an intelligent decision in the first change.
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[quote name=“Smoothie” post=“26592” timestamp=“1377786333”]
People want to know that the rules won’t be changing on them every X amount of days and months. That is a fair assessment.
[/quote]I disagree. Take a look at traditional baking: The interest rate is adjusted on a regular basis by the central banks. This does not mean the rules are changed.
Neither do our Feathercoin “rules” change. We are only adjusting to different market conditions.
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[quote name=“Smoothie” post=“26594” timestamp=“1377786694”]
Perhaps then going the route of PPC’s constantly changing difficulty algorithm would be “fairest” to all. But this would only enrich the current holders of FTC as the mining reward would diminish very quickly as the network hash rate skyrocketed.
[/quote]PPC doesn’t change its difficulty algorithm constantly. It calculates difficulty and reward every block and that’s all. Block reward may be set at fixed value if necessary.
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[quote name=“ghostlander” post=“26605” timestamp=“1377789135”]
[quote author=Smoothie link=topic=3468.msg26594#msg26594 date=1377786694]
Perhaps then going the route of PPC’s constantly changing difficulty algorithm would be “fairest” to all. But this would only enrich the current holders of FTC as the mining reward would diminish very quickly as the network hash rate skyrocketed.
[/quote]PPC doesn’t change its difficulty algorithm constantly. It calculates difficulty and reward every block and that’s all. Block reward may be set at fixed value if necessary.
[/quote]You misread what I said. PPC does have a constantly changing difficulty. Every block difficulty is adjusted.
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[quote name=“Radacoin” post=“26601” timestamp=“1377788943”]
[quote author=Smoothie link=topic=3468.msg26592#msg26592 date=1377786333]
People want to know that the rules won’t be changing on them every X amount of days and months. That is a fair assessment.
[/quote]I disagree. Take a look at traditional baking: The interest rate is adjusted on a regular basis by the central banks. This does not mean the rules are changed.
Neither do our Feathercoin “rules” change. We are only adjusting to different market conditions.
[/quote]Didn’t Phenix coin just change block rewards to the upside recently? How was that met? With opposition.
Knowing the rules for longer-term gives people more confidence in what to expect rather than it changing every so often. I’m talking about difficulty adjustment and block reward changes.
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[quote name=“Smoothie” post=“26609” timestamp=“1377789536”]
[quote author=ghostlander link=topic=3468.msg26605#msg26605 date=1377789135]
[quote author=Smoothie link=topic=3468.msg26594#msg26594 date=1377786694]
Perhaps then going the route of PPC’s constantly changing difficulty algorithm would be “fairest” to all. But this would only enrich the current holders of FTC as the mining reward would diminish very quickly as the network hash rate skyrocketed.
[/quote]PPC doesn’t change its difficulty algorithm constantly. It calculates difficulty and reward every block and that’s all. Block reward may be set at fixed value if necessary.
[/quote]You misread what I said. PPC does have a constantly changing difficulty. Every block difficulty is adjusted.
[/quote]The difficulty and reward change every block. The algorithm is not.
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[quote]
I still vote for NO CHANGE in the difficulty adjustment. We’ve changed it once already, changing it a second time says we can’t make up our minds or we were too short-sighted to make an intelligent decision in the first change.
[/quote]I absolutely totally disagree. Decisions should be made on evidence and need not on “limiting the frequency of change” for ideological reason. We are in a developing situation and far from being short sighted, the Feathercoin difficulty change was far sighted and innovative. My analysis of the Feathercoin production shows it worked, it just didn’t go far enough.
Satoshi’s paper was genius. He didn’t consider everything tho’.
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[quote name=“Smoothie” post=“26592” timestamp=“1377786333”]
I’m no longer a miner, but if the miner(s) are playing by the rules that were set forth they really aren’t breaking the rules.
[/quote]Explains your opinion. Easy to say “sod the loyal miners” when you’re not a loyal miner.
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I am just going to keep prepping for UNOCS, I mined through the hard fork and had some really good mining days back then. Now, I mine our trio of coin but mostly WDC. I would hate to see the trio fall apart and everything is in the air till UNOCS opens up to the public.
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[quote name=“Nutnut” post=“26646” timestamp=“1377804110”]
[quote author=Smoothie link=topic=3468.msg26592#msg26592 date=1377786333]
I’m no longer a miner, but if the miner(s) are playing by the rules that were set forth they really aren’t breaking the rules.
[/q
Explains your opinion. Easy to say “sod the loyal miners” when you’re not a loyal miner.
[/quote]Smoothie feels so strongly about the possible change, he’s even brought it to the ACP thread (huh?) on Bitcointalk:
https://bitcointalk.org/index.php?topic=282314.msg3035642#msg3035642
Differences of opinion, I just wanted to make sure everyone knew it was being discussed outside of here.
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LTC estimated difficulty: 20% up
FTC estimated difficulty: 40% downBoth changes happen around the same time.
This means miners will flock to FTC and we are back up 40% in no time.
Is there an ETA for the new difficulty adjustment algorithm?
