Quote from: Chromexnet on November 24, 2017, 01:40:27 AM

Quote from: nsummy on November 24, 2017, 12:51:47 AM

Quote from: Chromexnet on November 23, 2017, 10:49:35 PM

I'm surprised by all the people complaining it's not profitable to mine. The coin was just launched, what did you expect? Looking at the network hash rate it's obvious that there are way too many people mining Straks and trying to get instantly rich. It doesn't work that way. Over time the hash rate will go down and then mining will become profitable. But for now buying Sigt is the best way to get Straks. It's obvious Sigt is currently under valued: Sigt was at 1000 - 1200 sats before shit hit then fan.

Congrats to Straks team for the successful launch. It seems things are working much more smoothly than for example with Bitcoin Gold.

Hashrate has nothing to do with this. The reason its not profitable is because for some bizarre reason the devs are offering a coin swap with a completely unrelated shitcoin that trades for pennies. This coin isn't even in the realm of covering electricity costs. You could put in your info into whattomine, scroll to the very bottom, mine the coin in last place, sell it and buy sigt and you would make 100x more money.

FUDing hard, eh? Of course network has rate has everything to do with profitability. If Ethereum network hash rate was one tenth of what it is now, then Ethereum would be ten times more profitable to mine. Same applies for Straks.

Let's compare the numbers to Vertcoin since it uses the same algorithm, Lyra2V2. Vertcoin networks hash rate is around 2.5 TH/s. Straks peaked at 1 TH/s and now it's around 150 GH/s. Vertcoin block reward is 20 coins per minute while Straks has 10 coins per minute. One vertcoin costs around 50k sats at the moment. Doing the math, Straks should a have a value of 6000 sats to be on the same level as Vertcoin. However, Vertcoin is almost four years old while Straks is a few days old. What you're asking is completely unreasonable. Give the coin some time and it will flourish.

The point you are missing is that Vertcoin (or any other coin for that matter) is not tied to the value of SIGT. If the swap is 4 to 1, common sense dictates that it will be impossible for Straks to have more value than 4x the value of SIGT. This isn't FUD, this is economics. Approximately 13,680 Staks are mined a day. Current value of SIGT is 342 sats, which is artificially inflated, but the current value none the less. With that in mind, .046 BTC, or $375 total is mined per day. I can't think of a scenario where this would be profitable, unless there were under 100 miners at work. But lets put forget that detail for now and look at the amount of Straks set aside for this swap. It would take 6.5 years of mining on this blockchain to equal the amount earmarked for swapping. Actually it would take much longer than than that considering masternodes will take in anywhere from 30-60% of the block rewards, but I digress. When masternodes are enabled, there will have been 383,040 Straks mined. This is enough for 7 masternodes for the whole community. Yet, the amount of Straks available to swappers will be enough for 685 masternodes. Essentially the network will be run by people who have done nothing for this coin beyond owning some unrelated coin!

Still think this is all FUD? It should also be noted that I had to get this information off of a fucking readme.md file on their github. Their website, forum announcement, facebook page, reddit sub, and twitter feed make no mention of this SIGT swap. I'm sure this was done in the spirit of "transparency." The same readme file also states that this swap was voted on overwelmingly by 319 "community members" between Oct 30 and Nov 4 on discord and bitcointalk. Yet this announcement thread wasn't even created until November 20. What were the choices in the poll? Was voting down a swap an option? Of course not, the vote was to determine whether it would take 4 or 20 SIGT to get 1 Strak. Its not hard to see what the obvious choice was. Also not hard to see that this poll was only announced to SIGT owners. You are fooling yourself if you think this coin has been created for any reason beyond pumping up SIGT!

I don't pretend to know everything, so please, point it out if anything is incorrect. This is quite possible considering I had to glean this information from different sources, as the developers seem to conveniently omit information from this announcement.