Primecoin difficulty walking

Primecoin (XPM) price stats and information

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New ideas attract not only visionaries and pioneers but also charlatans and fools. The former group understands the nature and potential of the new idea and attempts to extend it in new ways. The latter observes the success of the former and expects similar results through blind imitation and empty hope, primecoin difficulty walking like the Melanesian cargo cults which arose after World War II when the American military abandoned its airports there.

This analogy is absolutely appropriate to characterize the many alternative cryptocurrencies modeled on Bitcoin, which are collectively referred to as altcoins. Technologically, they are all very similar to Bitcoin: Some altcoins incorporate interesting new ideas, but there is an essential feature of Bitcoin which they all lack. It is not a matter of its technology, but rather of history and community. Quite simply, a medium of exchange that is more widely accepted on the market is more useful than one which primecoin difficulty walking not.

This is known as the network effect. An initial imbalance between two nearly equal media of exchange will benefit whichever is more widely accepted until a single one overwhelms the rest. There is no limit to this effect: Because it was started earlier and has had a greater opportunity to grow primecoin difficulty walking attract users, Bitcoin has a market larger by a wide margin than all the markets of all the altcoins put together, and this makes primecoin difficulty walking vastly more useful as a currency.

To defeat Bitcoin, an altcoin would require not primecoin difficulty walking superior technology, but such vastly superior technology as to be an advance over Bitcoin comparable to the advance Bitcoin represents over fiat currency. Furthermore, a truly great innovation would primecoin difficulty walking better serve people by being incorporated into future versions of Bitcoin rather than by requiring them to switch to something else.

Indeed, the people who have proposed new ideas that primecoin difficulty walking actually good, such as Zerocoin and mini-blockchaindid not develop their own currencies around them, but have simply described their usefulness primecoin difficulty walking features. The Bitcoin community is not just overwhelmingly larger but of overwhelmingly better quality as well.

Bitcoin is surrounded by real entrepreneurs working hard to create new and useful services for Bitcoin. Altcoins are surrounded by loud-mouthed pretenders with irrational hopes of duplicating Nakamoto's success. This does not mean that there is anything intrinsically wrong with altcoins: Primecoin difficulty walking anyone primecoin difficulty walking expect to create something of value by rereleasing Bitcoin under a new name and with a few tiny changes to its source code?

What makes Bitcoin great cannot easily be duplicated. Thus, while the Bitcoin community matures and grows as more and more primecoin difficulty walking are attracted to its potential, the altcoin communities can only whine for attention. What is a cryptocurrency actually for? Primecoin difficulty walking say that its purpose is to become money. It is obvious that creating altcoins impedes that purpose. Altcoins can only be explained if we believe the purpose of cryptocurrencies is to make money rather than to become money.

If you can trick people into investing in your new altcoin, then you can make a profit trading it or mining and selling it. All the arguments of the primecoin difficulty walking promoters primecoin difficulty walking as misdirection from that basic purpose. They have developed a series of fallacies capable of fooling newcomers into joining them, but they are all disingenuous.

Thus, the altcoin communities are not just embarrassing, but dangerous. Desperately wishing to be primecoin difficulty walking seriously despite having nothing worthwhile to offer, they will primecoin difficulty walking absolutely anything to convince other people to join them. They persist in saying things easily refuted by economic logic, common sense, or verifiable facts. They become belligerent when challenged. This is all they can do because they have nothing of value to offer.

They are primecoin difficulty walking at conning people because they have succeeded in conning themselves, and it is impossible to tell where self-deception ends and outright lies begin. This is bad for Bitcoin and bad for the people who are fooled.

The claims primecoin difficulty walking the altcoin promoters deserve refutation not because they are intelligent but because they primecoin difficulty walking repeated ad nauseam. Ultimately their content is secondary and the real problem is the foregone conclusion to which they are all directed. If the arguments I discuss here are eventually discredited completely, the altcoin promoters will just grope for new ones rather than admit to being wrong. Thus, it is quite possible that in the future, what I say here will no longer correspond to what they are saying.

Because of what I have said above, however, it is safe to assume, whatever they are, they are all wrong. First of all, Bitcoin already has competition. It competes with the dollar, with PayPal, and with the banking system as a whole. It has plenty of competition. Second, there is no reason that competition is necessarily good for its own sake. If people compete to be the most productive, then that is good because the result is more production.

If people compete to control the government, then this is bad because the result primecoin difficulty walking that the government will be controlled by the most ruthless and unscrupulous people. However, primecoin difficulty walking an economy capable of supporting only one business for a given product or service then really there should primecoin difficulty walking be one of that kind of business. In the case of a currency, it is inherently most useful when it dominates its competition.

The less competition a currency has, the more useful it is. If you try to compete with the best currency with another one that's exactly the same, that makes primecoin difficulty walking the worse currency, so you really should not have bothered. Third, a currency is simply a standard that people agree to use as a medium of exchange. For the most part, it is awkward to have competing standards. Do we really need competition between the mile and the kilometer, for example?

Suppose automobiles had just been invented and two groups, because of vested financial interests, got into arguments about whether it was primecoin difficulty walking to drive on the left or the right side of the road.

The greatest benefit to ordinary people would come not from prolonging such competition, but from its resolution. Finally, there is competition within the Bitcoin community, and this is the sort of competition that actually benefits people. There are exchanges, payment processors, online stores, and so on. Every time someone starts a new Bitcoin business, he benefits the Bitcoin economy. Every time someone starts an altcoin, he makes it worse.

A related point is the argument that altcoins can be used as experiments to learn about how different ideas might work in practice. This use is completely legitimate and necessary. However, an altcoin that was understood to be an experiment would not be treated as an investment or an independent products. If this is how altcoins are treated, this would be fine.

My objection is to the lies and scams. An experiment is worthless if the people running it are constantly lying about it. In the Bitcoin network as it works today, all nodes receive all transactions. If Bitcoin grew primecoin difficulty walking be a very large network, that could be a lot of transactions that all need to be communicated to everyone. Altcoin promoters seem to imagine a world in which their own favorite altcoin has a status very roughly equal to that of Bitcoin, where each currency will be used for different kinds of things.

This is primecoin difficulty walking because the network effect always favors imbalance. However, even in the very unstable situation of two roughly equal block chains, it is not necessarily true that there will be reduced network traffic as a result. If people had to work with both networks, they would still have to receive every transaction from both networks. And if people had to exchange their funds often enough from one currency to another to fulfill different purposes, this could easily result in a greater number of total transactions.

In any case, while Bitcoin primecoin difficulty walking experience growing pains over the next few years, there is no reason to expect it to outpace Moore's law in the long run. Network load is a problem that technology can overcome without requiring us to rely on an inferior system of money. This is possibly true today, but there is no guarantee that it will be true in the future.

The idea is, you sell bitcoins for some altcoins and then buy bitcoins again. There will then be no connection between the bitcoins you had before and those you have now.

However, because altcoins are inherently unstable, there is no reason to expect them to remain useful for that purpose.

In order for a currency to retain value, there must be enough people who want to hold it, not just people who want to quickly trade in and out of it. An altcoin would have to be good for something other than money laundering—something good enough that at least some people would want to hold on to it more than primecoin difficulty walking wanted to hold on to bitcoins—if it is to be good for money laundering.

Thus, if you really want to launder money, support ZeroCoin as primecoin difficulty walking upgrade to Bitcoin. Barring that, you would probably be better off trading through a commodity more likely to retain value, such as gold or silver. This is by far the most ridiculous argument I hear on this topic. The wisdom of the crowd is superior to any person so people should not presume to tell the market what to think, right?

I find this view utterly idiotic. It is wrong to dictate the market's choices to it by coercion, but to simply express an opinion is to engage in primecoin difficulty walking market process itself.

To be primecoin difficulty walking the people who make this argument would have to say that Consumer Reports is as tyrannical as Joseph Stalin. To primecoin difficulty walking this to its logical conclusion, suppose everyone just sat back to let the market decide.

Then the market would never decide anything because the market's decision is just the sum of the decisions of all the individuals that make it up. None of them could make an argument that one product was better than another. There could not primecoin difficulty walking be any consumer reporting to protect people from scams and shoddy products.

The free market just wouldn't work. When a libertarian steps back to let the market decide something on which he has some legitimate insight, then he is preventing the market from working as well as he otherwise might.

It is a fact that the market makes stupid choices all the time, and there is nothing wrong with me saying so. Primecoin difficulty walking is because primecoin difficulty walking "market" is just a collection of people all making decisions that are as foolish as the kinds of decisions that we know people actually make all the time.

This in no way means that I do not understand the systematic superiority of market processes over state centralization. If I want the market to win out over the state, it is ridiculous not to engage in a debate over the correct decisions to make such a victory likely. There is a class of very similar cryptocurrencies that rely on an algorithm called Scrypt as the hash function.

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46 comments

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A few days ago, after discussing with some friends about alternative cryptocurrencies, I decided to see if it was feasible mining them in the cloud on Digital Ocean and making a profit from it.

They are still in their infancy and we can see some of them doubling their value in a matter of a couple of days as people is looking to alternative coins to invest.

I also decided to mine with a pool called Beeeeer. This last command is going to take a while to execute. Once done, you have the machine ready to mine. Before starting to mine, I decided I wanted to have my miner to automatically start in case it crashes or the server is restarted for any reason.

To do that you need to follow the following steps: If you enjoyed this tutorial, feel free to donate to my beer fund Donate Bitcoins. I have had it up and running for about an hour. If I buy a bigger server on digitalocean does it speed it up or do I need to change the setup?

Hi what aboyt ypool. Do I need to put username as my suername forexample omenek and random password? It sounds pretty nice. What amount of droplets would You recommend to start with? But the problem is — it mines only with pps, which gives only 0. Did everything by guide and got this, what did I do wrong?

I had the same issue: Thanks for the great tutorial btw. Can you see what I did wrong there? Happy to contribute to your beer fund if I can figure it out. My mistake, a problem in the. I suppose confirmation is the line: I am trying to find a way to use more CPU, but atm I am stuck. Anyway awesome guide Davide, thanks for your help.

No such file or directory. BTC-E is an exchange, so once you reach 3xpm Beeeee. You can download a Primecoin wallet for mac at http: If i made this command: In file included from main. No such file or directory compliation terminated. It seems working for me. Are your server running correctly? Then you are good. Make sure that you are entering the right xpm address, but other than that you should see your coin soon.

They are working to fix some backend stuff, so stats may be delayed. I was having the same issue. Killed program cc1plus Please submit a full bug report, with preprocessed source if appropriate.

File contains no section headers. If you are trying to compile on Meg machine this could be the cause of the error.

While the difficulty will definitely go up, I expect the currency to go significantly up as well. Everything went ok until I entered the command to see my miner in action. Has anyone had any luck upgrading the power of the VPS? Are there any calculations re: Does this system work with http: Thanks for the posting. Hello, I tried the cloud mining now for 1 day and tried several CPUs running in different locaitions. The CPU load on exactly the same configurations is very different.

Any idea why is it so? How could it be possible to rise CPU load to maximum capacity? Ok I followed the instructions there were some unexpected problems along the way, like No Git installed, please follow these steps to install git. When I got to compiling I got an error regarding the gmp.

I will paste in code below regarding the error. Please feel free to enlighten me if you may. Thank you for your interest. Sometime when you copy and paste code there are extra spaces at the beginning or the end of the command.

I suspect something has changed. I had hoped to try that today, yesterday I was using a putty console and there was no pasting allowed.. I have a notion to try this from my old computer which is well configured to handle the SSH terminal etc. As I said earlier it was helpful in guiding me to install the proper software, but still why did I have to install Git and Make? For nowthe old computer I plan to use is still at the office, so it will have to wait until tommorrow.

Works perfectly if you follow the instructions and be careful not to add extra spaces. Second time worked perfectly. My error first time I think was not selecting the correct Ubunto os. One more question can this be used to mine at ypool? I decided not to get fancy until I got it working at least and mined something. But would be great if you could post alternate Primecoin.

I am having a problem with using nano to write the primecoin. Can somebody explain me? Excellent tutorial, it was my first time doing a server set up like this. Is there a similar setup like this for litecoin? I should probably write a tutorial for that as well. The server is working fine, but I want the payouts from beeeeer.

I changed the address from BTC-e. I received the following message: Do I need to wait a day or so for a payment to be generated before I can see the new address show payment? Or is it something with in the nano programming I need to correct? Have another question or two, how do you edit the Supervisor file? Just in case I want to send the coin directly to my Wallet and can this code be converted for litecoin or bitcoin? How would I make this run in multiple different cores?

Sir Davide Di Cillo, thank you for this how to. Have a nice day. Another program is already listening on a port that one of our HTTP servers is configured to use. Shut this program down first before starting supervisord.

The pool that the miner is setup on this tutorial pays out at 3. AFAIK there is no manual payout option or option to change the auto payout threshold at this time on that pool. Hi, i have six droplet running on digital ocean, but my earnings are poor. With pps for each machine, i receive only one xpm a week.

My mining pool is ypool. Maybe ypool is less efficient with these settings. I only have … this will give only 3. Both droplets are the same so i'm not sure why there's such a big difference. Business , Developing Tagged: If you do ps aux grep primeminer do you see the miner working? Did you setup Supervisor with no problems? Sorry, that was typo on my end. Will fix once home. Hello when I do ps aux grep primeminer I get: What is the password for? Also, this is a very clear tutorial.

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