\[Superseded by 0.6.4.4\] Feathercoin 0.6.4 - Hard Fork at block 33,000
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Looking forward to FTC now and with the new updates in place looking forward to the diff dropping down. I am still mining with my 1MH/s lol but every little helps to move things on. Not far to go by the looks of things 32812 Blocks 188 to go :)
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The stats page has now been updated to include the 33,000 block difficulty change and the new 504 retarget. A message has been added to the page to inform users of the update.
Side note. We now have the video on the About page.
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So let me get this straight. Were hard forking the chain to decrease difficulty by approx 41%.
Now, when all the pissed off bitcoiners jump back on the network when said difficulty changes (which they will), they drive the difficulty right back up to where it was because there can only be a 41% difficulty adjustment each time? So this new lower difficulty may only last for a day and a half? Am I thinking this out correctly? -
@ratm69 It’s going to take a few cycles to retrain the monkeys. The first wave was a disaster. The second wave will be the first wave in proportion, because the monkeys can’t do math. BUT, instead of being rewarded for the roughness they will see a much quicker update of the difficulty, which will cause some of them to rethink their strategy. Others will hang on. 1.414x (41.4%) is the square root of 2. The heavy hitters will get more opportunity. BUT, again when the rough riders leave, we won’t be left holding the bag. The difficulty will update much faster. Even if it goes to 188 again and even if a lot of miners leave again, it will reset in a less than a week instead of waiting 40 days for the Great Flood to pass. The result will be that a lot of miners won’t leave. It might take three cycles to make that point.
It will cause a division between the heavy hitters going in and out and the long term miners being willing to deal with a little pain.
Is it exploitable? Yes, it still is. We may have rolling hills instead of cannonballs. We have a few other ideas we’ll be putting out soon.
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I am not so sure they will come back in big big numbers as the bubble of price went down. It should be more smooth this time.
The reputation of the coin has a lot to do in the stability of miners. For me, I believe I will gain more from Feathercoins than other coins at the moment. So I am mining and investing at the same time.Makes me want to get more miners running…
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@robep00 I think miners are going to be in a pinch now. Their scorched earth strategy has put them in a bind. They will get crumbs from the bitcoins even if the bitcoins are more profitable and they burned their altcoin space. Still I don’t expect them to have learned anything until the third or fourth cycle.
This means anything we do as a community to better the ecosystem of cryptocurrencies is going to pay back huge rewards. The pools listen to developers. The miners listen to pleasure and pain. The buyers and sellers are begging for the things they usually get with fiat. Somebody is going to have to figure out how to make all these people happy.
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[quote name=“zerodrama” post=“3991” timestamp=“1368750471”]
@robep00 I think miners are going to be in a pinch now. Their scorched earth strategy has put them in a bind. They will get crumbs from the bitcoins even if the bitcoins are more profitable and they burned their altcoin space. Still I don’t expect them to have learned anything until the third or fourth cycle.This means anything we do as a community to better the ecosystem of cryptocurrencies is going to pay back huge rewards. The pools listen to developers. The miners listen to pleasure and pain. The buyers and sellers are begging for the things they usually get with fiat. Somebody is going to have to figure out how to make all these people happy.
[/quote]+1
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[quote name=“justabitoftime” post=“3997” timestamp=“1368752630”]
[quote author=zerodrama link=topic=505.msg3991#msg3991 date=1368750471]
@robep00 I think miners are going to be in a pinch now. Their scorched earth strategy has put them in a bind. They will get crumbs from the bitcoins even if the bitcoins are more profitable and they burned their altcoin space. Still I don’t expect them to have learned anything until the third or fourth cycle.This means anything we do as a community to better the ecosystem of cryptocurrencies is going to pay back huge rewards. The pools listen to developers. The miners listen to pleasure and pain. The buyers and sellers are begging for the things they usually get with fiat. Somebody is going to have to figure out how to make all these people happy.
[/quote]+1
[/quote]Totally agree. We need to give it to them.
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At the moment, it is much better to mine for BTC if you sell right away or use the BTC.
But like I said, I believe in FeatherCoin and LiteCoin as well. They will be required and are under valued.
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Is block 33,000 too far away? At the current speed it takes us approx. 14 days til we get there! (not 3 as the stats page says). Many miners might jump ship til then.
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[quote name=“Radacoin” post=“4021” timestamp=“1368762820”]
Is block 33,000 too far away? At the current speed it takes us approx. 14 days til we get there! (not 3 as the stats page says). Many miners might jump ship til then.
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I think that value is calculated from the “remaining blocks to 33000” multiplied by the “Time per Block” value. It is better to show it and take the fork into consideration since that is the value most people are waiting for. -
[quote name=“Radacoin” post=“4021” timestamp=“1368762820”]
Is block 33,000 too far away? At the current speed it takes us approx. 14 days til we get there! (not 3 as the stats page says). Many miners might jump ship til then.
[/quote]180 blocks.
30 to 60 minutes per block = 3 to 7 days. It’s gonna be fine.
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All set and up to date.
I believe we are at (AS OF THIS MOMENT) 32821 block. Just about there. -
Ready to rock n roll! Bring on block 33000! So excited!
I don’t think this initial difficulty drop will bring back the majority of miners, but it will certainly speed up the next drop, which will then bring back the rest!
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FTC is now on coinotron.com Amazing ;D
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[quote name=“PokerLT” post=“4103” timestamp=“1368781746”]
FTC is now on coinotron.com Amazing ;D
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:D -
[quote name=“PokerLT” post=“4103” timestamp=“1368781746”]
FTC is now on coinotron.com Amazing ;D
[/quote]Good news!
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@Bushstar I told you you should take the decline in hashrate into account when estimating how many blocks will be generated in a week. In the two days after the release of the new client only 30 blocks were generated. Even if the hashrate doesn’t drop further the retarget is still 12 days away…
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[quote name=“archminer” post=“4122” timestamp=“1368785580”]
@Bushstar I told you you should take the decline in hashrate into account when estimating how many blocks will be generated in a week. In the two days after the hard fork only 30 blocks were generated. Even if the hashrate doesn’t drop further the retarget is still 12 days away…
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There was no hard fork yet, what are you refering to?You are right in the fact that the network hash rate is declining and Time to Retarget is growing. Somehow the network hashrate must increase or it’s going to crawl to a stop.
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lets add 4HG/s to FTC @ coinotron.com
