Quote from: log1k on September 10, 2017, 05:53:23 PM

Quote from: coinliferr321 on September 08, 2017, 06:10:02 AM

Here's some good news for you guys.

The crisis is over.

I can share more about what happened now. First of all the price has stabilized and is steadily increasing (which, by the way, it will continue to do for some time to come, expect a run back to at least $2 in the short term - Alan maintains a target of $100 for year end).

For the quick learners, you can see for yourself what happened and what they did about it here: blocks.compcoin.com.

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Okay then, boys and girls, sit down and prepare for a story.

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Once upon a time, Compcoin was built. The algorithm that determined block difficulty was configured to adjust appropriately for the technology at that time.

Then, things changed.

The Antminer L3+ was released.

You can see earlier in this thread that someone mentioned how ridiculously profitable it was to mine CMP (they were getting $60 a block). The blocks were designed to distribute 35 CMP every 10 minutes. The problem: they were spitting them out every 1-3 minutes. Blocks could sometimes be found within seconds of each other.

What happened?

There was one miner who pushed the price down this whole time. They started scaling their hash rate through NiceHash and were pointing anywhere from 50 - 150 GH/s at the pool, depending on how much competition there was from other miners. When they were able to get thousands of CMP a day, they chose to sell. With Nova Exchange being a small market, that movement was enough to drop the price from $16+ to ~$0.55.

With all that hash power, the guy basically achieved a 51% attack on the network. The team went into crisis mode. They had to stop this guy who was mining all the coin and just dumping it for pennies on the dollar.

Hence the silence; they didn't want other people to find out and do the same thing.

So what did they do?

The coin forked and the block size has been decreased from 35 CMP to 2 CMP.

Now blocks are found at a more reasonable rate. This changes the mining dynamic so it's not as profitable to point the hash power equivalent of 300 L3+s at the CMP pool when you're just going to turn around and dump coins for a couple cents each.

You can see on the NovaExchange and CoinMarketCap charts when the trading volume spikes, the price drops. This was occurring daily as the miner was just cashing out his haul with no regards of, or respect for, the price.

Now that the team has a technical solve for the problem, we can probably expect an update soon (as if we haven't been already) and a steady if not rapid price correction that more accurately reflects the value of CompCoin.

In the meantime, sit back and wait. Or buy some cheap CMP and reduce your cost basis while it lasts, which if you ask me, may not be as long as one might think.

Look at the block explorer. Get an understanding of what's happening behind the scenes. Then look back through this thread at all of my other updates - the new website, the trading results, the NFA approval, the CNN interview, the brokerage partnerships. That's all happening. There's some exciting things that they can get back to working on now and it looks like we're on track to make some nice gains real soon.

To the haters, keep your eyes on the charts.

To the believers, get ready.

We're in for a wild ride - and it's only just begun.

you are a true retard.
compcoin uses scrypt-n for starters.
nicehash has not offered scrypt-n for years now.

when compcoin was listed on novaexchange; novaexchange listed wallet source address (probably since removed) and someone with a bunch of scrypt-n miners (either gpu or KNC titan) started mining blocks; dev spotted this and put block explorer on hold temporarily. unable to stop it, block explorer has since resumed.

god damn.