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21

It means that there will be no significant speedup by implementing the algorithm in an ASIC, as compared to a CPU based implementation. This is usually achieved by requiring a lot of memory, which when implementing this on an ASIC, translates to needing lots of physical area on the chip. ASIC implementations derive their power from having many physically ...


19

Short answer: yes, it will be anonymous Long answer: The following applies to all Cryptonote based coins, unless stated otherwise: On the blockchain, all addresses are one time addresses. In Bitcoin, you are exhorted to not reuse addresses, but Monero enforces this. Every new transaction causes a new one time address to be generated, in such a way that ...


14

It depends a lot on the specific altcoin you're talking about. For the most part, there aren't a lot of major differences between Bitcoin and the alts. Sadly many of them exist only as the leftovers of pump-and-dump schemes intended to make their creators rich, though there are a few that are interesting in important ways. One of the primary benefits of a ...


14

An ASIC is another way of running a program or calculation or what have you (in our case mining) using a PCB/Hardware instead of Software running on a general purpose computer. GPUs are technically ASICs, their application being graphics processing and output. ASIC resistance means your crypto is more fairly distributed because their is no centralization ...


11

A new crypto-coin, scrypt based, which produces blocks every 42 seconds (each of which yield just 42 millionths of the currency, except for every 420th which yields x10) and for which there will be no more than 42 coins in existence. Yes, that's right, only 42 "42coins" will ever exist! That takes Bitcoin's hard limit of 21 million to the extreme, of course. ...


11

Steem content is rewarded based on a voting system, described well here: https://steemit.com/steem/@smooth/voting-is-a-popularity-contest Not that payment is made in Steem not fiat and Steem value will fluctuate over time. The developers were able to mine a huge portion of the total Steem supply due to the relative complexity if the mining process at ...


11

A hash is 256 bits long, so there are 2^256 possible hashes in the hash space. But if you assert that the hash has to begin with a 0, that halves the number of hashes that are allowed (and thus doubles the average number of hashes you need to test), and if you say it must start with two 0's, that's now only quarter of the hash space that is valid. The ...


10

Map of Coins is a great resource for this. As of May 2016 they are tracking a total of 710 cryptocurrencies. Of those, 667 are based on Bitcoin's code, which is 94%!


9

I find this article convincing in its analysis of the dynamics between Bitcoin and competing networks: The Coming Demise of the Altcoins To summarize briefly, the author suggests: The utility provided by a currency system is related to the willingness of its users to save using that currency. Currencies have a strong network effect. Most altcoins don't ...


9

99% of altcoins claim an "innovation" that is broken or unproven. I would say that the first thing to do is look at unique codebases that aren't based on Bitcoin, which basically means (besides Bitcoin) you should look at Ethereum, Ripple, NXT, Monero, BitShares. Then if you're bored, PeerCoin / NuBits and Lisk. Once you are done with those you can look at ...


9

For one, Litecoin is not a fork of Bitcoin. It relies on the same base code, but it is a separate network, and they do not share the genesis block. Bitcoin Cash is a true fork of Bitcoin, in the sense that they can be traced back to the same genesis block. Both chains continue to exist as they follow different consensus rules. Blocks on the bitcoin Cash ...


8

This is really asking about basic trading economics: if I have some new product X, what price does it have? I can set a price and see if anyone buys it. If not, I might lower the price or auction it to see what someone might pay for it. That is the starting value, but it doesn't really mean much as it hasn't been field-tested (so to speak). If others think ...


8

As Mikka explains, sidechains don't need to create their own currency, using bitcoins in the sidechain is precisely the point of two-way peg (there's no reason why an altchain with its own currency, like say litecoin or ethereum, couldn't support 2-way peg and also become a sidechain though). Also, take into account there's several possible ways to implement ...


8

I run alt19, which is a free site which offers historical trade data on a large number of altcoins in CSV format. We have data at 15 minute, 1 hour, and 1 day increments. http://alt19.com


8

Laptop mining worked well in 2009. It is no longer 2009. Your integrated Intel GPU has the speed of a CPU, not a fast gaming GPU. Even in 2011 when CPU mining was dying and people mined on GPUs your GPU would be too slow. Yes, "even" people with 100 MH/s can't mine anymore. That's because 1000x that speed (100 GH/s) is slow at this point. 1 TH/s (1 000 000 ...


7

Because all these altcoins run on different TCP ports and furthermore (fair) nodes won't relay invalid messages (wrong blockchain, i.e. based on different genesis block, different magic value, etc.) or IP addresses of nodes running other altcoins.


7

A very large majority of these altcoins are essentially scams. There is a cottage industry that takes a coin, changes something minor (name, logo), and releases it with great fanfare, enticing people to buy it, allowing the forker to unload their typically worthless coins. As Нонн Болдырев said, there is a small list of worthwhile coins. I'd leave Ripple ...


7

Onecoin is not only a scam it is a criminal organization. The have stolen a lot of money from their customers. http://rettit.no/mrbitcoin/index.php?title=OneCoinSCAM


7

AFAIK, this can't be done in any reasonable way with Bitcoin Core and its derivatives. The only way I know to do it with Bitcoin Core is to use importaddress or importmulti to add your address(es) to the wallet as watch-only, but this requires a full blockchain rescan in order to compute the balance. This takes several minutes to hours depending on the ...


6

If you create the coin, you get to make the rules. Nothing stops you from patching the software to make your premining as easy or as hard as you want. For instance, you could set the difficulty schedule so that the first billion coins require very little or zero proof of work to mine; then you could mine them all at once and award them to yourself. Of ...


6

There are memory intensive mining algorithms, but usually the "memory" being discussed is not of the DDR3 variety. That 64 GB of DDR3 RAM you have is an excellent resource for many computing tasks (and enough to make me jealous), but is also dramatically slower than the L1 and L2 cache physically on the chip with your CPU. This is the memory we're talking ...


6

I've done a little research on this as it was a big concern, not to worry! This is only an issue if you have a bitcoin (or altcoin) daemon set up with RPC over HTTPS. This would only be used if say, you have a daemon running on one VPS and another node which asks it to send money. Source: http://www.cryptocoinsnews.com/news/openssl-heartbleed-security-bug/...


6

One approach to proof of burn is that you burn coins by sending them to a particular address specified by the altcoin. For instance, with Counterparty, you could collect XCP by sending bitcoins to the "burn address" 1CounterpartyXXXXXXXXXXXXXXXUWLpVr, thus making the bitcoins unspendable. Presumably no other altcoin is going to choose that particular ...


6

Litecoin was not the first altcoin. It actually uses ideas for altcoins that precede it but had died before it was created. This is mentioned in its announcement thread on bitcointalk.. The very first altcoin was actually Namecoin, announced in April 2011. Namecoin was actively used and mined, and can still be used today.


5

Upon looking at the source of a number of altcoins I have found that p2sh keys are built into all the ones I checked. For P2SH, the first address byte will be: bitcoin: '05' litecoin: '05' peercoin: '75' dogecoin: '16' beavercoin: '05' freicoin: '05' protoshares: '05' megacoin: '05' primecoin: '53' auroracoin: '05' The tricky bit ...


5

You could easy manipulate a pool to wreck havoc on other SHA256 coins if you owned it or managed to gain access. You don't even need to be a large pool, some altcoins are really small and vulnerable. It has affected other coins before, where a pool or a large miner created trouble solely by mining a smaller altcoin. Feathercoin hit by massive attack Only ...


5

Since van der Woerdt's answer in first question you link to indicates you can simply concatenate the blk files, you can open a DOS window (if your using windows), then type CD C:\Users\<my_user>\AppData\Roaming\DogeCoin (if you're on Win7+) And then COPY /b blk0001.dat+blk0002.dat bootstrap.dat And that would be it!


5

Turns out I was wrong. It is mineable right away and it is actively being traded in different exchanges, as cryptorush.in and cryptsy. What hasn't happened yet is the release of the pre-mined coins (50% of final amount), which will be given to Icelandic citizens. Too bad the official page isn't clear about this (info on pools and exchanges is a bit hidden ...


5

TL;DR yes, it's still decentralized, no it isn't perfectly anonymous. From the Darkcoin (now Dash) Wikipedia: "It adds privacy to transactions by combining identical inputs from multiple users into a single transaction with several outputs. Due to the identical inputs, transactions usually cannot be directly traced, obfuscating the flow of funds." The nodes ...


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