Mineable coin without hardware

Imagine a mineable coin that anyone can participate in mining. You don't need ASICs, a server room, access to cheap electricity, etc.

Miners burn money (electricity, hardware costs, etc) to mine coin. VETH skips that barrier and instead you just directly burn money (ETH) to aquire it.

This lets *anyone* to instantly join the mining pool and commmit any amount of "hash power" (money) they want.

This is one of the only projects I've come accross that's really got me excited.

vetherasset d0t org

Hopefully someone out there has a discord invite, I don't have one.

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Eh I got a discord link, sorry I'm pretty noob with discord, here you go discord invite dz5QSU

this was getting shit on by newfags yesterday, but it's pretty cool imo too. was reviewing the contract yesterday and it's a new idea. I'm in with a fun sized gamble stack, cause why the fuck not.

devs scamming with burn stay away

also consider everyone gains more per dollar if everyone puts in small amounts over time

NKN can be mined on a single core and 800MB RAM. Any internet speed. Doesn't tax it at all (a few KB/s at most). Rewards are low at todays price but it's about as close as free mining at home.

ya, whenever I see something shit on, I immediately go investigate it myself, that's usually how I find the gems.

I spent probably 5-6 hours yesterday reviewing the contract, looking over etherscan transactions, etc before I dipped my toes in. I only found one weird thing in the contract but it turned out fine. I think it was on the end of the burn method it checks/recalculates the current day for rewards, vs the withdraw method which does it at the start. All it ended up meaning is theoretically, lets say the end of teh day has come, and everyoen stopped trying to burn at the last minute, and an hour goes by, I think you could still burn an hour after the cutoff and have it count to the 'previous' day at that point, as long as nobody called withdraw.

In reality it probably doesnt matter because everyone tries to burn at the last minute, and it will most likely just get called either within the ending ETH block or the very next one.

You find anything intereseting?

Is this even profitable?
I have a monster gaming rig that I can leave running all night long. Is it worth it?

I looked into this, becasue this was a concern of mine as well when I noticed the burn address wasn't the typical all 0's. So I went ahead and did the math on it just to make sure no funny business was happening and here is what I came up with.

ETH address space = 2^256
An address with 0/1 in every spot address space = 2^64

2^256 / 2^64 = 2^192

31,536,000 seconds in a year... let's give the devs, oh 1 million years to find one?

that would be 31,536,000,000,000 seconds. Now lets see how many address per second they'd need to guess...

2^192 / 31,536,000,000,000 = 1.9+E44 per second

Current hash power of the entire ETH network is 179.44 TH/s = 179,440,547,778,901 h/s

1.9+E44 / 179,440,547,778,901 = 1.10926E+30

So, they would need 1.10926E+30 times more hash power than the entire ETH network, and then in 1 million years they can find that address.

I think the choice to use that address was so people could easily check that address and see what was burned *only* for VETH rather than the general burn address which would have a bunch of other stuff mixed in *shrug*

I also tried doing binary to ascii to see if there was some significance to the 0's and 1's like if it said "veth" or something but didnt have any luck

How hard could this potentially pump with newfags coming in I think of this as a better version of 0xbtc but with an even tighter supply and limited emission

yeah no im not sending it to a 'burner' address for fake ETH, pls dont buy this scam newfags

You don't mine it with hash power, you just literally send ETH to a burn address. So instead of burning like $1.50 in electricity a day mining with a GTX1080... you just send $1.50 to burn address (through their contract) and that is your "hash power" you then get back a ratio of it just like you would in a mining pool. Which is greatly appreciated for me because it's starting ot get hot and I don't want sweaty balls all summer with my gtx1080 running all day.

You might as well by btc? hell ETH is worth more come bull run then some fake eth shitcoin.

ya, it's definitely scary which is why I spent like 6 hours looking into it. But that's how you find the good things to invest in early, everyone else misses out because they don't have the self confidence to look into stuff themselves and get in early. Instead they ahve to wait for the entire bandwagon to hop on and then it's too late.

BTW you can always just buy on uniswap.

I wouldn't recommend anyone dumping a chunk of ETH on this though, you want to think of it just like mining, with mining you wouldn't just burn thorugh like $1000 of electricity in one day mining... you should be burning a little bit every day and slowly accumulating, will reduce your risk a ton, and also the coin is reliant on this kind of behavior just like any other mining coin. You need the long term steady hashrate, not just an insane instant spike of hashrate then nothing...

Look at BSOV and BTCT :)

they both look like PnDs too me?

literally a 1 person experimental project
get absolutely fucked you retard

Couple interesting differences with VETHs model vs some other 'mining tokens' like the ones you listed and notable 0xbtc.

One is that the amount per day is fixed... whereas with a mining token where you mine blocks, you can through a ton of hashpower at it and 'premine' a ton of blocks really fast and accumulate a bunch while it's 'easy'. This isn't possible because it's a fixed distribution each day on VETH.

The other point is people would premine, or just mine in general to dump onto people. This is the "scam" of the other mining tokens, because only a select few can mine, so everyone else is completely at their mercy for aquireing tokens, they can price guage, dump, etc.

However, with VETH *anyone* can mine. So if you think oh this is a scam that people are just mining them to sell/dump on me.... well you can just "buy" them from the mining contract by mining yourself.... it completely circumvents it. People can't just mine it to manipulate the market and dump on you, becuase you can just say ok screw you i'll just buy it form the contract then.

Hope that makes sense, but that's what I found really interesting about the entire game theory on this project.

Imagine trying to sound all smart for what essentially boils down to “send me your ether and I’ll give you some fake ones back” retard

half of the legacy blockchains out there, including bitcoin as far as we know were 1 person experimental projects. it's just a new and novel idea being tested. similar to how a number of tokens were released via sending money to a smart contract....or ICO. the difference here is the slow release over time to mimic a mining schedule.
no one's asking you for a dime so fuck off to anyone calling it a scam. it's a social experiment, just like bomb was, just like 0xbtc was, just like powh was.

I don't need to sound smart, and I can at least read. When obviously you can't, because you don't send anyone your ETH, it get's burned.

You really got me there though. I'm sure everyone agrees with you too!

So what's the use case?

yeah that's the interesting thing about this. almost everything else that comes along can be boiled down to "send me your ether and I'll give you some token I created for nothing in return"... not this though. the contract creator isn't being rewarded by this accept for if he chooses to mine it as well. you send eth or other erc20 tokens.....they get burned.

vether has whatever value the market sets on it....same as anything else desu. depending on how ambitious the dev and community around it are will largely depend on what use cases if any are created around it. right now though, there aren't any.

that's not mining, that's called 'buying'

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bro they are just selling you tokens, how tf is any of that supposed to provide cryptographic hashes? why do people buy crypto if they don't even know how ECC works?

Ever heard of PI?

Ok Mr. Flex, please explain how ECC relates to this. What is your concern other than just trying to term drop to sound smart. I'd love to hear it.

nobody is selling tokens...not sure how that isn't obvious. it's burning value for tokens, and it's not the same thing at all. If I'm the only one who calls the smart contract today, it doesn't matter if I sent it .01 ETH or 100 ETH....my % of the daily distribution is the same. that's not buying tokens. there's no price on the tokens being mined except the 'difficulty' is adjusted depending on how many other miners are on this....

Yeah thanks I already got minereum for that

Yeah... I've read around and this doesn't sit well with me. It makes no sense. Any minable coin, in theory, gets its value trough hash rate. You are exchanging computing power for value. The eth you send to that contract doesn't get used as gas or a fee for someone to use an asic farm or something to validate a ledger. It is simply exchanged by a lower value coin.
As I understand it, this is destroying value, in the best case scenario, or robbing you of a fraction of the value you burn. What am I missing?

Dumbfuck I’m not burning my Eth to buy your shitcoin

I got a bunch this