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I promise I will do my best to add value to this coin ^.^

Original link: http://jiasule.baidu.com/news/525cd5aabf9efd699f800e7e/ Have to keep this post short but my logic is: 1)Baidu accepts Bitcoin. 2)Chinese people use Baidu to figure out what a BTC is. 3)The GDP per capita in China is $9,000 a person. 4)This makes Bitcoin unaffordable to most Chinese people. 5)Translate all of our content into Chinese 6)..... You know the rest!

Anyone using WF3 Gigabyte 7950s should take a look at this guide: https://forum.litecoin.net/index.php?topic=2641.0 For whatever reason, Gigabyte put a BIOS on their cards of this model that were great for gaming and HDMI, but pretty horrid for temperatures while mining. I remember having a near heart attack when I came home to 90C temperatures on the cards... Flashing the BIOS voids the warranty and can damage the card, so you should think it through carefully. The rewards are cool temps and high performance, as well as a slight reduction in power usage.

I am totally ignorant on this topic. Could someone explain the mechanisms that support our network/decentralized p2p exchanges in general?

To me it seems that the abruptness of the US defaulting on its loan payments would send the economy into quite a substantial shock, likely worse than what we saw in 2007. Further, that this came about from a plurality of elected officials is even more alarming. However, the US has "defaulted" once before, and it was arguably because of the executive action of even less men. See this article (http://en.wikipedia.org/wiki/Nixon_Shock) for information on how Nixon took the US off of the gold standard in 1971 (maybe to fund a war in Vietnam?). As a radical libertarian, I see the removal of government influence in any industry a welcome thing. However, I am not sure if this is the way to go about it, i.e, through an engineered, short-notice crisis, rather than through the gradual changes and concessions technologies like cryptography have obliged the government to accept.

It seems clear to me that most of the early whales who "didn't deserve 100k coins" are probably out of the coin. The question is the intentions of whatever whales have sprung up since then. Will they dump at 004? Will they dump at 007? Will they actively dev projects for the coin? I think that even now we could survive a 100k dump. It's up to the buyer where to set their buy walls when a whale is being stupid and selling at once

I suggest making a post on http://www.reddit.com/r/Jobs4bitcoins

The man to whom we owe a great deal of respect, money, and gratitude is D. J. Bernstein. Here is his site: http://cr.yp.to/djb.html Bernstein is directly responsible for salsa20, which is what makes the scrypt algorithm so strong and secure. He personally aided Colin Percival to my knowledge, so it is likely that without him, next gen cryptocoins like LiteCoin and MinCoin wouldn't exist. His site contains much useful and funny content, among them: 1) All of his course materials that would usually cost $100s in textbook form. 2) All of his academic papers that would usually be behind a library/archive pay wall. 3) All of the court documents relating to his legal efforts to allow the global spread of cryptographic technology. 4) Tragically funny stories about working as an academic. I highly suggest you read his site to understand where this technology we all use came from

In this thread, I hope to lay out a concept for a way to exchange MNC for giftcards redeemable both online and at physical store locations. It is my opinion that exchanging MNC to giftcards would provide the quickest, most legal way to redeem an alt-currency for something rather identical to fiat. Q: Why is it the quickest? With a little bit of automation, it is possible for a customer to send MNC- either from a client or from user to user on mcxnow- within a few minutes. Once this transaction is verified, an Amazon giftcard could be purchased in fiat by the business and emailed to the customer. The customer could then redeem that giftcard and spend it at a USD value equivalent to a person paying with a debit card. This has multiple implications. 1) A bank account is not required on the customer's end. No centralization, no arbitrary waiting periods and fees, no personal information, no seizing of assets. 2) Since giftcards are not "true fiat" (more below), the business operating this exchange should NOT be required to register with the gov't as a money exchanger. This is because when you pay $25 for a "$25 gift card", you are paying for a "ticket" to purchase the equivalent of what the store values to be $25. You don't own $25 USD that are backed by the FDIC and a bank when you purchase a gift card. You own a piece of plastic redeemable for whatever is printed on it- it's up to the merchant to accept it or not. Since they were the ones who printed the card, it's probably in their interest to accept it! As a result, this service would be of interest for anyone who is looking to go from MNC -> fiat -> physical goods, as I suspect very few of us out there are interested in holding fiat for a long period of time as a wise investment decision. Q: Why not just make stores that accept MNC? You do it, then. Until someone has the resources to match the distribution of Amazon, or Applebee's, or Newegg, this system makes the most sense in my mind. It is nice to have small shops that accept crypto, of course! But I don't see these ideas as mutually exclusive. Q: How high would the premium have to be? That is up to the business risking their fiat short-term to decide. I think while MNC's price remains unstable (0.0015-0.0029 is not stable), a reasonable premium would be 5-15%. It depends on the orderbooks, the status of whales in the market (pumping or dumping?), and the need for the business to cover expenses. There is no overhead in this business model, unless the business is doing some of this on credit. Then they would need to dump a percentage of their coins to cover expenses. When MNC price is stable (whales identified, mining hashrate stable, more competition among services and exchanges), then the premium should be as close to face as possible. Please reply/pm/email me if you have any questions about this content!

It's all good, necom! I think it's remarkable how high the price of MNC has climbed on hoarding alone. There hasn't been much buzz to justify the hoarding, but soon there will be, if we all deliver new projects.

10/15/2013: This thread is intended to be an introduction for anyone looking to learn more about the scrypt algorithm, which is the current "mining algorithm" in use for MinCoin. I will be adding to/coherently organizing this when I have more time, but for now it is good to start the discussion. The Scrypt Algorithm: A Primer (http://www.tarsnap.com/scrypt/scrypt.pdf) (main site) (http://www.tarsnap.com/scrypt/scrypt.pdf) (white paper) Scrypt was created by Colin Percival in May 2009 in an attempt to make a much more secure encryption mechanism than PBKDF2 and bcrypt. "Secure" is used here in the sense of being extremely expensive in both time and hardware to decrypt without the cryptographic key used to gain access to the information that has been encrypted. Q: What does this mean? It means that compared to other encryption mechanisms (say SHA256, Bitcoin's), it is many thousands of times more expensive to "attack" a person's encrypted data by trying to guess their password by trying millions of guesses. This is called brute forcing. Q: But why? The way I've read it so far, scrypt is "sequentially memory-hard" (it stores a lot of data in RAM during hashing). Specialized RAM is super expensive because engineers want to be paid a lot of money for trying to figure out how to make it store more data quickly. In fact, Percival estimates that it would take $19 billion USD in technology and electricity and one year of time to use all possible guesses on a scrypt-encrypted, 8 character password string. That's expensive compared to a password encrypted in bcrypt or PBKDF2 (millions and thousands respectively). Q: Why is scrypt so hard to attack? This question is above my head currently. You should read the white paper published freely by Percival, and you should also read D.J. Bernstein's work on salsa20, the scrambling function in scrypt. (http://cr.yp.to/salsa20.html) Q: What does this have to do with MinCoin? Roughly every minute, a block is successfully mined and reported to the MinCoin network. Transactions reported to the network are stored in blocks. To prevent people from spamming fake transactions to the network, transactions are verified with cryptographic keys, which are hard to fraudulently make unless you are the true owner. This is the cryptography part of cryptocurrencies that makes them so useful and valuable- encrypted bits of data are valuable because they are so secure and unreproducible that they simulate owning a physical object of value (USD, gold, cake, whatever). I will eventually make both a simpler and more technical discussion of the algorithm here. Please reply/pm/email me with any questions you have about this material!

woof, impressive that that person is buying it in chunks and putting it away in a client wallet

What algo do you suggest? I would be comfortable if we decided on one and then made a GUI, guide, one-click type launch for it all. We cannot expect people to migrate over randomly. EDIT: I would also suggest making the new algo have a purpose, like XPM's does. Rendering videos, audio, global warming models- something other than arbitrarily hard algos that weren't meant to have hundreds of people mining them

Text pasted from my article here: http://josephshanahan.com/howtospotpumpanddumps.html Two Simple Rules to Spot (and Exploit) Pump-and-Dumps! Taking a look at the charts at mcxNOW or cryptocoincharts, you can quickly see patterns which resemble the classic pump-and-dump. Here's how to make some money during the frenzy! The alternative cryptocurrency market (altcoins for short) is rife with what predatory traders make their living off of: pump-and-dumps. If you've ever bought an altcoin on the advice, news, or analysis of someone you don't know very well, there's a good chance that the price quickly dove below what you just paid for it. Why is that? You likely fell victim to a pump-and-dump, which is a manipulation of the price of a coin based on shaky news, orderbook wizardry, or a big owner taking a payout. Don't worry- it has happened to all of us, even though most people won't admit it. In fact, most traders love seeing the early signs of a pump-and-dump, or even go out of their way to manufacture one themselves to make money off of you! So, how do you make money in a market that might be rigged against you? Here's a list of tips and rules I follow when buying a coin: Rule 1: "A coin is as strong as its development team". This rule is so amazingly true that it defies all technical analysis ever made. This is because altcoins are a bit like stocks: you have to trust that the leadership and community supporting a coin are constantly thinking of new services and code to make a coin more useful compared to others. Take for example Litecoin, a coin that in my opinion is not scarce, not fast, and no longer "innovative". There are hundreds of thousands of Litecoin made each day, which requires many new traders to support the current price. The blocks are slow compared to WorldCoin or MinCoin, which safely support block times of 30 seconds to 1 minute. And the only major innovation the development team offered- the scrypt algorithm- has been copied by tens of other coins. Further, the development team have publically asked for money to continue to develop the coin. This sounds incredibly weak to me. So, if you see an upward movement on Litecoin, be wary! What is the news that spurred the buying? Is it a new service that is coming out (fiat exchange? TOR marketplace?)? Is a new big buyer (a "whale") buying coins? If you buy on the uptick, the people selling to you are likely taking a profit. If too many people decide to take a profit, you will be left "holding the bag", i.e., the overpriced coins you just bought!!!! Rule 2: "Buy on silence, sell on rumor, buy again on delivery". In this market, there is no news. There is only silence, speculation, and the actual delivery of a service. Those who buy on silence stand to make the most gain, because they are risking the most money without any indication anything positive is planned for the coin. Then, when a new idea is proposed to the community as "news", people will quickly start buying. The classic example we all know is "Litecoin will be on Mt. Gox soon!". Every LiteCoin pump revolves around this, almost like a joke. And yet new buyers continue to lose money on it, because the rumors never materialize. If Litecoin ever does end up on Mt. Gox, however, it would be wise to buy. Once a service is delivered, the person providing that services has the intention of keeping it going. This is because it makes him money- and gives him recognition. So there you have it! Two simple rules that you should always follow when considering buying a coin during a high volume frenzy. Sometimes it is better to miss the boat than hold the bag. If you aren't confident in spotting high and low prices, it is better to get in on the bottom through the above scouting tips.

It might dip to 2 on the way to 4 ^.^

If we switch the algorithm, it MUST be memory hard. It MUST have a GPU miner that launches with it. Until you find those things, it should remain on scrypt. This is because of two things: memory hard algorithms are extremely costly to put onto an ASIC. It is not impossible to find an FPGA with the required qdrii RAM, and it isn't very costly (10-15k USD total). But an ASIC remains many years away for scrypt. We don't want to have another Sha256 arms race if we choose a similarly "non-memory-hard" algorithm. Secondly, people must be able to easily mine your coin, whatever it is. Eventually we will have many transactions occurring on our block chain. We will need miners to power the network. If we have to sit around and wait for transactions to process, it will likely be the death of whatever reputation MNC has.

0029 sure felt good! welcome to the party!!!

Solo works best with at least 600 Kh

poor MNC van gogh

I wonder how he sees MNC and MC coexisting.

Ask him his price and I will start rallying us together.

^.^ Now i can only mine XD!

http://youtu.be/Idswo78MAdQ UGH

I will just have to write an FPGA for whatever algorithm we choose then But what is the point of changing it? do we just change the algorithm once we decide there are too many people mining it?

Welcome to the club, jacwib! Don't fry your GPU in the process