Changing the hashing algorithm
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Promoting services will only get you so far… when FTC gets lumped into the scrypt multi pool strip mining it does not matter how many or how good our services are because the majority don’t hold or use FTC. We will never get out of the shadow of LTC with the same algo, they have grabbed a hold of this market and will be the currency of choice for scrypt trading platforms. If you want to promote FTC you need to REGROW this community to what it was before the alt-coin multi-pool profit raping began.
The new gpu coins continue to be popular because ANYONE can get into them and they have low costs to entry with little risk in the beginning. We don’t need a complex hashing algo to change over effectively, just something different and simple that has memory usage and power consumption in mind. If we stay scrypt this community will continue to dwindle and no matter what we do for services for FTC it wont matter as we are not the Scrypt crypto leader.
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May I also add that, even if we plan this switch now it is FAR too late??
I mean, take a look at VTC, DRK etc on Cryptsy. They’ve been identified as the safe port after the asic storm will hit… there’s a rush in buying and the price soars. On the contrary we (FTC) keep steady with low volumes/low prices. And that can only get worst as the asics hit the road. They can even take over the entire network.
t really SO difficult to implement the new “whatever-you-like-” algo and get scrambling before we get screwed?
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From my understanding this isn’t about dodging ASIC’s forever.
Ultimately, ftc having an ASIC is what we want. But only if said ASIC is more readily available, cheaper etc.
I think there’s an advantage on trying to improve ftc by taking what we have now learned, and applying that to a new algo. The crypto world is growing exponentially and those that do not evolve, die.
If we could pioneer the open source aspect of crypto’s by been the first coin to have an open source ASIC, it would define us.
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ASIC’s for scrypt-n are all ready in development. What do make of that?
There are now a number of coins promoting themselves as protected from ASIC mining because of scrypt-N including vertcoin. But if Flower Technology is able to produce a miner that can hash both scrypt and scrypt-N, that could have some serious implications for the altcoin mining market.
http://www.coindesk.com/mining-roundup-mineral-oil-bitmain-scrypt-n-mining/
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ASIC’s for scrypt-n are all ready in development. What do make of that?
http://www.coindesk.com/mining-roundup-mineral-oil-bitmain-scrypt-n-mining/
I agree it’s too late to change algo’s now, should have been done months ago. Best to just hope FTC doesn’t get forgotten about as all the x11 coins start to become popular…
As a GPU miner, I can’t even think of Scrypt or Scrypt-N simply because it seems like I’m punishing my rigs compared to x11.
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x11 halves power consumption give or take 20-25watts at least in my tests. This and considering ebay is full of ( overpriced) scrypt asics makes it a tough sell to gpu mine FTC right now .
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ASIC’s for scrypt-n are all ready in development. What do make of that?
Where there is profit, there will be ASIC. ;)
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I agree it’s too late to change algo’s now, should have been done months ago.
I wasn’t inferring that it’s too late to change algo’s. We still have enough time. Sooner the better obviously.
With this updated form of scrypt, maybe it could also be made to be less power intensive?
We are supposed to be improving on scrypt right? Couldn’t we make it more power efficient?
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FTC Multipools.
This sounds good… but what I’m worried about right now is not the future profitability of the coin: I’m worried that the network will be at risk when all that ASIC hashing power is unleashed! I think that an innovative energy efficient algo is a needed addition to FTC even if we will need to borrow it from some other coin. This will secure the net for some time. Like Calem said, it is not about running away from ASICs but I think this time we don’t have many choices…
I still back up that multipool idea! Sounds great!
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I think we should stick with the current plan ghostlander is developing a new and improved version of scrypt which will allow us to breathe away from the multipool/ASIC hell and take stock.
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We need to accelerate progress, X11 Coin will be a strong competitive .
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fyrputt, I think a lot of people are doing the same thing with you. Some leading a counterattack future . Who would he be?
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I think we should stick with the current plan ghostlander is developing a new and improved version of scrypt which will allow us to breathe away from the multipool/ASIC hell and take stock.
The current plan has got delayed a bit due to numerous reasons, but it’s active still. In the meantime, FTC may use the dual magic number support I’ve developed for PXC recently. There is too much Litecoin spam traffic in the network.
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Dual magic number support?
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Dual magic number support?
FTC makes use of the LTC magic number currently. This is a unique 4 byte sequence placed in the beginning of every network message (tx, block, addr, alert, checkpoint, etc.).
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Ahh thanks. Sounds noisy.
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Well that sounds like a good start I can’t imagine it helps the network having to distinguish between LTC and FTC transactions. Is there anything we can do to help with the progress of neoScrypt?
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Well that sounds like a good start I can’t imagine it helps the network having to distinguish between LTC and FTC transactions. Is there anything we can do to help with the progress of neoScrypt?
I would like to know this too.
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*SuperScrypt cough cough.*
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Any updates please?
This issue is critical for both short and long term future of FTC.
