[Discussion] Community, Development, and Price, and why Scrypt-N is Vertcoin's only failure.
TL;DR: Scrypt N's optimized so much for GPU's that the heat is turning miners off of this coin, and they are running to alternatives in X11, that while technically inferior, bring a greater return to profit. Difficulty is fading downwards below 100, which is bad. I suggest to make a temporary hacked X11-N, which, unless I am mistaken, should not be a massive project. X-11 will be asic mined within the next year, which is why we will migrate to Lyra2 still. If we do not do this, Vertcoin will internally divide as we become increasingly desperate to save us from this endless price barrage. We need a pump to stay relevant in the Cryptocurrency Community. So, even that this is a temporary stop-gap, it must be done so that we don't get buried into irrelevancy by scamcoins. The community needs a pump badly, and X-11N will garner enough reinterest that miners will come back. Take a look at www.CoinmarketCap.com. Karmacoin, NEMStake, jl777hodl, Infinitecoin all have higher market caps. What the hell are these scamcoins?! Ridiculous. While this might be the best technical choice, it will allow for the CryptoCurrency community to pump us back to relevance, We will fade to oblivion before 10/1/14 when Lyra2 will be implemented. Lyra2 will let us stay ASIC free for years, but we must get there first. X-11N will allow this to happen. There has been so much talk recently in this forum surrounding how to change Vertcoin to raise its price. So far the community has been split over a block maturation process, and now we are deciding whether to implement a shark bite subsidy into the block reward. Before I begin this breakdown, I want to establish several facts of the cryptocurrency community.
The cryptocurrency community is irrational. Darkcoin, Auroracoin, Dogecoin, Zetacoin, and most recently Reddcoin have all been pumped to extreme levels, and all have very poor technical development.
Darkcoin is only coinjoin + master nodes which only serve absorb some of the suppy of the coin.
All the rest, you can see for yourself that they have bad development. Argueably Reddcoin's PoSV could be argued as an innovation, but Reddcoin's massive instamine of a great chunk of its supply is proof enough of its pump and dump scheme.
So, in comes Vertcoin. 0 - Premine, great dev, active and large community (4rd biggest on reddit). High results on google in "asic resistant coin."
Reasonable inflation ( Bitcoin had the same, as did litecoin, and so does Monero which is 5x higher than Vertcoin today.)
And our development recently has been the best of any coin. We can all agree that a432511 has done an amazing job bringing this coin new features. While we may not agree about some of the recent decisions, he has put a ton of effort and has done a lot for us recently.
So, whats going wrong? Vertcoin has been the worst performer of the last 30 days. I have invested enough to be hurt by this. I originally invested in Vertcoin after hearing that ASIC's for Litecoin were shipping. I was not OK with more centralization through cutting edge manufacturing leaving the hash power in one entity. The problem is unfortunately ironic. Our Scrypt-N algorithm is causing miners to leave. Too much heat, we are not a pleasure to mine. The community leaves to go to pump and dump coins because it is an inconvenience to mine. So: Solution, quick hack job to switch to X11-N algo. This will give the community incentive to pump us back to relevance so that we can stay on the coinmarketcap list and not die a lonely death while other pump and dump coins garner community support.
Hello Vertans! As we zoom past 4k subscribers and the price fluctuations are dying down, I would like to start up a semi-daily update on certain issues/ideas brought up by the community, as well as links to important links,crowdfunding, etc. Somedays, these may be just some key points about some things going on, others I might be able to go in depth on an issue. Today, I would like to address what Vertcoin is, what it's about, and why a lot of us see it as a contender for the crypto-top-spots. Who?: A very skilled group of individuals that you can read all about at vertcoin.org and the community of Vertans here on reddit and at the official vertcoin forum: www.vertcoinforum.com . What?: Vertcoin is a cryptocurrency/digital currency that exist on computers through mining the coin using your computer and transactions with others via the vertcoin wallet .
So a currency like Bitcoin, Litecoin, and Dogecoin? What makes it special?
Vertcoin is similar to these coins in that they are cryptocurrencies that exist online and through paper wallets. Vertcoin also has 84 million coins, which is the same as Litecoin but different from Bitcoin(21 million) and Dogecoin(100 billion/milliard). Vertcoin takes a huge step in the direction of the true spirit of what a cryptocurrency should be : decentralized . How: Vertcoin accomplishes this in a few main ways:
No pre-mine: this means that the community has the same chance at mining the coins as the developers themselves.
ASIC-Resistance: All coins that are not ASIC resistant can be mined used these super miners that create an extreme amount of hash-power towards mining the coins. These means that the wealthiest individuals interested in mining will be able to centralize the currency to where they control the mining. Instead of using the same algorithms as Bitcoins(SHA-256) and Litecoin and Dogecoin (Scrypt), Vertcoin uses Scypt-N which uses its "Adaptive N-Factor" to keep Vertcoin decentralized by increasing the memory over time. This means that instead of the other crpytos which are at a fixed amount of memory that allow ASICs to be able to target. This means that Vertcoin will be profitable over time through CPU mining which usually accomplishes very little with other cryptocurrencies.
Multipool resistance: Most altcoins are subject to huge mining groups jumping on them when they become low difficulty and high value. This causes instability in coins and allows this big pools to take over the hash power and weed out the smaller miners. Vertcoin does something different by changing or "retargeting" the difficulty after ever block. This means that as soon as a multipool jumps on for a block, the next block a different coin would be more profitable because the difficulty would skyrocket and then go back to normal the block after they leave (block time: 2.5 minutes).
Anymore questions can be answered by asking here after checking the sidebar which is full of information. UPDATES Now for the part I will be doing daily to compile important links and information from the day:
Vaultofsatoshi.com will be adding Vertcoin and AuroraCoin to it's Fiat to Coin exchange tomorrow, Wednesday, March 26th.!Some other coins being added can be seen here
Crowdfunding ideas, for those who don't know, can be found at http://vertcoinmarket.com/ . One started yesterday is for a Lightweight wallet from the same guy who made the lightweight doge wallet.
Moolah.io is suppose to be grand opening it's fiat/coin exchanges, and is one of the most hyped openings ever, today. This will allow you to buy most major cryptocurrencies(of course Vertcoin) with fiat money.
An official Vertcoin Wallet for Androids has been realeased and can be found here
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