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[ANN] TORUM - SHA3 - Easy minting
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oldambtster

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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #40 on: February 18, 2015, 07:43:36 am »

And we have another TORUM multi Billionaire!  8)
Congratulations Madmartyk!
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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #41 on: February 18, 2015, 07:59:34 am »

Need to create some small-change NXT now for Bounty plans... Please do not disturb...  ;D
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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #42 on: February 18, 2015, 08:06:12 am »

There are 5 TORUM multi Billionaires currently and one billionaire going towards the second... 8)

TORUM, to boldly go to where no crypto valuta has gone before!
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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #43 on: February 18, 2015, 08:43:11 am »

Here is a tip to the hat for all those TORUM multi billionaire minters!



Congratulations en keep on minting!
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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #44 on: February 19, 2015, 02:00:42 am »

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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #45 on: February 19, 2015, 10:25:52 am »


Mwoehahaha...  ;)

Don't let Aawstin Poowes faaint aut, or hies faazaa.

[ I'm froom Hollaand isnt daat wierd? ]
 ;D

You are number 1 ex equo Marty!
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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #46 on: February 19, 2015, 03:14:19 pm »

Oke, have some small NXT change again, so let's play ball!

Have a riddle story about TORUM ready to be used for a give-away... So if anyone wants to sponsor.
I publicate the sponsored amount ( blockchain ) so everybody will be able to see the amount.

The NXT address I will use for the TORUM give-away(s) is: NXT-FF9L-74AS-Z5SV-CKGDZ
« Last Edit: February 19, 2015, 03:16:53 pm by oldambtster »
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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #47 on: February 19, 2015, 03:38:16 pm »

If all 15'090'000'000'000 TORUM ᚦ ( Thorn symbol ) have been minted and available at the lowest NXT rate of 0.00001 then this makes it a, virtual, total innitial value of 1.509 Million Euro*. ( A bit more in US Dollar )

Please keep in mind that this is a virtual value, there is no insurance of any kind that TORUM can and will be trade-able in fiated money. It is like collecting stamps, investing in art, or just having fun. The latter is my opinion, otherwise I would have put away more at te beginning anyway, hahaha.

But to give you an idea where it could go, in theory, if you minted TORUM hard recently...

10'000'000 TORUM ~ 100 NXT (Virtual!) ~ 1.00 Euro (Virtual!)*
100'000 TORUM ~ 1 NXT (Virtual!) ~ 0.01 Euro (Virtual!)*

So what would those Multi Billionaire minters have in the meanwhile?
There are two going alongside in a tough race at the 10 Billion plus level...
( I really should have saved more of my own TORUM...  :-\  Ah well, giving mine all away soon.  :D )

Anyhow, you'll support the NXT value by minting MS type Valuta. And maybe you've noticed that you can actually win a raffle, payed in NXT, while minting...

*[ DISCLAIMER ]
There is absolutely no guarantee that any amount of TORUM will ever have some real fiat money value. The figures presented here are purely illustrative and based on the lowest amount of NXT in the exchange at which any MS type Valuta could be traded.
« Last Edit: February 19, 2015, 03:45:53 pm by oldambtster »
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A bit deeper minting. Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #48 on: February 21, 2015, 01:33:34 pm »

In the pre-post of this post  :D I tried to sketch how the initial value ( still virtual ) of TORUM ᚦ could be seen. It was set at a very low exchange rate of 0.00001 NXT. In effect this would mean 100'000 TORUM for 1 NXT ( about 1 Eurocent. ) This calculates to 10'000'000 TORUM for 100 NXT or ~ 1 Euro. Which would set the maximum supply of TORUM to 1'509'000 Euro.

Currently the available virtual(!*) value, based on the 55+ Billion TORUM available ( http://www.nxtportal.com/currencies/2283314714111119148 ) , would be about 5500 Euro, or 550'000 NXT. This would mean that some minters allready have a large piece of the virtual TORUM pie. And after the first few days of fast minting, thanks to SHA3-256 support in the NXTminter, now things have slowed down. With still 99,6 percent TORUM to be released by minting...

This would be allright in fact for a virtual TORUM based economy, because there is so much pre-calculated that minters can 'only' get 1/10'000 part of per mint, what would come done to: 1.509.000.000 TORUM, calculating virtually(!) to 15'090 NX ~ 150,9 Euro.  This amount of TORUM to mint is extremely high for the standard mint that comes with NXT. ( Allthough I am trying it now, to see, in theory, what happens. ) Because of the large amount of initial TORUM, I have chosen a very low difficulty, which is between 2.0 and 4.0 ( Yes, I know 1  &  2, but it is calculated between 2^1 and 2^2, in ratio with the thus far released TORUM and the maximum. )

The minimum value to mint, I would advice, would be based on the fact that every mint that gets accepted for calculating the right SHA3 Hash costs 1 NXT, or 100'000 TORUM, and you want it to be at least the double of that value. But if you want to go for the (VIRTUAL!*) Euro amount per found SHA3 hash? Then the mint value would be set to 10'100'000 TORUM, taking the NXT payment into account.

If you understand this concept you can calcuate for every mintable NXT Monetary System Crypto Valuta (in short: NMSCV) what would be an ideal mintvalue. Taking in account what your hardware eats in power and how long it will work until you have to buy a new piece of hardware. This, in a way, also gives value to NMSCV's like TORUM.

Because of the very high of maximum amount to be released in TORUM it will still take a lot of GPU minters a long while to get them all ( Estimated about 35 years at minting rate so far. ) But the big difference between so called fiat money and NMSCV's like TORUM is that the latter is locked to a maximum. Even if people would charge interest on TORUM, then it still would be part of the total available TORUM, at that time.

So, NMSCV's, like TORUM, may even have a future, specially if developement of the NXT Monetary System evolves according to plan. In the meanwhile I'm going to see what I can mint per minute on my low-power hardware...

*[ DISCLAIMER ]
There is absolutely no guarantee that any amount of TORUM ᚦ will ever have some real fiat money value. The figures presented here are purely illustrative and based on the lowest amount of NXT in the exchange at which any MS type Valuta could be traded.
« Last Edit: February 25, 2015, 09:09:24 am by oldambtster »
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To the future! Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #49 on: February 21, 2015, 02:13:58 pm »

NXT Monetary System Crypto Valuta ( in short: NMSCV, no don't you dare create a NMSCV or Asset with that name now, you hear! ;D Well let me do the Gfx, then we talk. ) like BURTO, VNZLA, TORUM ᚦ other mintables alike, may have some doubt for a future. Just like some have doubted the NXT Monetary System ( in short: NMS, no don't you create... ah whatever, go ahead! ) in all. But one should look beyond the current fase it is in. We have only just begun...  ;)

Take a look what the user known as Lyaffe, wrote in the NXT developer JeanLucPicard ( to boldly go... ) his BitBucket:

*
Quote
Limitations
The following functions are not supported in this release but may become supported in the future:
  • Direct exchange between currencies.
  • Buying assets and aliases using currency units.
  • Paying transactions fees as currency units instead of NXT.
  • Considering the proof of work invested in currencies when comparing an NXT fork.
*Source [ https://bitbucket.org/JeanLucPicard/nxt/issue/205 ]

You to scroll down to find it, but, there it is. The issue for enhancement of the NMS that some others and me were looking for.  8)
So it is worth reading the documentation!

And how come that this piece of text defines a future for the NMSCV's like VNZLA, BURTO and TORUM. Well first of all it will make the NMSCV's directly tradeable amongst each other. The NMSCV's can be used to buy Assets and Aliases. Paying transaction fees can be done with NMSCV's instead of NXT only. And there could come some value added to a NMSCV from the invested Proof Of Work linked to a NXT fork.

The NMS is in the early stages of it's developement and the issue for enhancement really hits the right spot. If thus implemented it would make the NXT Blockchain the only current one to consider. And allthough at a certain time in the growth of populariry of NXT, also the amount of NMSCV's will grow, a lot of the last created will disappear within a year. Some even within a few months.

So, hold on to a part of the early created Crypto Valuta of the NXT Money System, while still in the roll-out fase. Because when the future development finally becomes the present, you'll be the first to enjoy it to it's full potential!

NXT is the future of Crypto Valuta and so is everything connected.  8)
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oldambtster

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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #50 on: March 04, 2015, 03:52:55 pm »

Well, TORUM is not the hottest climber of the day, but it is in the Cryptocoin Charts.

So now the NXT Monetary System is visible at the Cryptocoincharts, thanks to an exchange in TORUM with a marketvalue of about 0,28 BTC.

 8)
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oldambtster

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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #51 on: March 09, 2015, 09:29:01 pm »

TIP on minting TORUM SHA3, for those Billionaire Minters, who almost cracked the 100 Billion border:
If you have the hashing power available. The limit is 1'509'000'000 ᚦ per mint at the most.

This means a difficulty of 3'018'000'000, until half of all TORUM are minted.
After that difficulty will rise to 7'036'000'000 if you go for the maximum TORUM to mint.

NXTmint Java Minter works great on high end GPU's, it seams. But to get those amounts of TORUM you'll probably need one or more GPU's blasting at least 150MHps... (Yep, that is a wild guess.)

Minting 1'509'000'000 ᚦ at a time is the maximum set by the NXT Monetary System, being 1/10'000st of the total amount of TORUM to be released.

There is one minter who is about to top the 100 Billion TORUM!
It is almost like in Highlander...  :D
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oldambtster

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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #52 on: March 14, 2015, 10:35:19 am »

How about the intrensic value of TORUM? Since it is not 'claimable', nor does it have any other Monetary System setting, besides that it is mintable. Very easy SHA3 minting that is. So, how can one put an intrensic value on a virtual currency like TORUM?

It's all in the Mint? Well, it would be, for a part.

Some math...
Code: [Select]
Maximal Units Supply:   15'090'000'000'000 ᚦ
That is a lot of TORUM, but allthough it is relative easy to mint, if you have like an AMD 280x or 290x f.e., you can only get a fraction of the total amount to be released. This is set by the NXT Monetary System at 1/10.000th of the maximal supply.

So, if you have the hardware for it and use NXTmint 1.6 ( or higher ) you could mint 1'509'000'000 TORUM within a certain time-frame. Even if your top-notch hardware could do this kind of minting, you'd still need to have 5'000 NXT available to do so, until half the coins have been minted.

After that you need hardware with double the minting power, when you would want to keep up the pace. But still, another 5'000 NXT would be needed at a minimum.

So it is fair to state that 15'090'000'000'000 TORUM at the very least has an intrensic value of 10'000 NXT. This does not consider the real fact that is will be hard to mint in blocks of 1'509'000'000 TORUM at a time. Nor the fact that someday new computer hardware has to replace the current.

A little sidestep...

To compare it to Crypto Valuta with 8 decimals, from a different Blockchain, TORUM 'only' has three, this would compare to 'coins' that will release about 150'900'000[,00.000.000], just a 150 Million if it TORUM had been released on a different Blockchain.

Just to give you a different view on the seemingly extreme amount of TORUM...

Back to the intrensic value of TORUM

Currently the price of 1 TORUM is set to 0,00.001 NXT, which could seem very low, but actually it is not that bad at all. On my energy saving system ( 18 WATT TDP ) I can mint, within a few hours time, about 60 Million TORUM. This is about 8 Euro worth, virtual ( NO GUARANTEE WHAT-SO-EVER ), when calculated at current market prices.

Now, when you have a thousand times that amount, that would be 8000 Euro in Value. If it were sold at the exchanges at that price. Some minters did actually sell TORUM, but to be fair, it is very quiet on the NXT Monetary System Market.

Still in potential, that is virtual ( NO GUARANTEE WHAT-SO-EVER ), 150'900'000 TORUM  * 0,01.249.4 ( EUR / NXT ) = 1'885'344,60 EURO

( Latest price NXT http://coinmarketcap.com/currencies/nxt/ )

Now that is almost 2 million in Euro. But again, that is pure fictional intrensic value, but based on the current, lowest possible, exchange value. ( Now I'm almost sorry I have given away all the preserved TORUM and then some more, hahaha. )

Will it be worth it to go get those TORUM?

Well, Webwallets do not yet support the NXT Monetary System by default. And the best features have yet to be build into the NXT blockchain. Like trading directly in TORUM, or exchanging TORUM for other NMS Crypto Valuta in the Blockchain. That would really hit things off big time. Unfortunately, there is no time-schedule when some of those features will be implemented. So your guess is as good as mine.

Still there are more NXT Monetary System based Crypto Valuta released every day. Some even more loving and hugging than TORUM.  :D

There is a value, it is virtual intrensic set to 0,00.001 NXT per TORUM, and it can be used in some Online Wallet, when you purchase the Module to use it. ( Have only tested one, so far, have to admit. ) But it could be used, allready. One could earn them by listening to my online radio station, for example. ( Read that use of NMS in a comment elsewhere in this forum. )

All it would take is a NXT server running some-where at a mini-computer to make that work, I guess. Purely used for TORUM, in this case. But it will still need NXT to work, that' is a big downside. Allthough that also would give extra value to TORUM, in a sence.

All in all, TORUM has some intrensic value set by the initial exchange price of 0,00.001 NXT, which is virtual and has no guarantee what-so-ever, it is minimal but could still create a market of about 2 million Dollar, a bit less in Euro. And when the needed Monetary System exchange additions have been programmed into the NXT blockchain it could really take off.

So, hold on to your TORUM for now, the best is yet to come...
« Last Edit: March 14, 2015, 10:41:13 am by oldambtster »
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oldambtster

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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #53 on: April 01, 2015, 07:36:34 am »

Almost 300 billion TORUM have been minted at the moment of writing. Not much news from the Monetary System in NXT. The best is yet to come. The decentraliced exchange, what could be done NXT?

Today is the ideal day to get some attention for TORUM, so a Tweet was send that the municipality of Oldambt will use the TORUM as its own crypto valuta. The first in the Netherlands to do so! And maybe even on a global scale...

Now, before you get all over excited, look at today's date...  ;D

Happy minting TORUM and have a nice eastern!
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oldambtster

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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #54 on: June 28, 2016, 09:14:03 am »

It has been more that 120 days, allready? Well, yes, I still want to post in here.  :P

TORUM ᚦallready made it to 630 billion mined, this is just a small piece of the current pie of 15 trillion. So there is still some to go, but why should anyone want to?

It looked like the Monetary System was a cool idea, but at the current level not very promising for the future. And then came the announcement of Ardor, or NXT 2.0! Now this could be the NXT big thing, really, because it would mean that TORUM ᚦ will get it's own childchain. And, even more important, TORUM ᚦcould be traded freely within the Ardor system.

Maybe not be over excited, but something really big seems to be happening at the NXT developement with the arrival of Ardor...

For TORUM ᚦ this would mean liberation of the current chain. Almost can't wait for the future to happen...
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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #55 on: July 14, 2016, 05:22:09 am »

Thanks for the update.

I still hold some TORUM and will follow its way.
Maybe Ardor brings life back to all the monetary system coins...
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oldambtster

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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #56 on: July 14, 2016, 08:02:36 am »

Thanks for the update.

I still hold some TORUM and will follow its way.
Maybe Ardor brings life back to all the monetary system coins...

Think that Ardor will completely release the Monetary System through the side/sibling/childchains. It is going to be exciting as far as I can imagine the implications. Blockchain 3.0 it is, because Ether was 2.0 and it, well, let's say I have more gut feeling about things like Bitshares/Steem and NXT/Ardor... These are to change the way we go about using the Blockchain technology.

In my humble opinion...  :D

Good to have you aboard!
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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #57 on: February 16, 2017, 09:06:00 am »

Hi Torum minter,

Well, it has been a while, but it seems TORUM ᚦ can still be minted the easy way. Difficulty has gone to 2, meaning you need to MHashes in double the amount of the TORUM ᚦ you want to get per NXT spend.

About 634 billion TORUM ᚦ have been minted so far, so still a lot to get!  8)

Have a great day!



How will it be at the Ardor chain?
« Last Edit: February 16, 2017, 09:10:54 am by oldambtster »
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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #58 on: July 05, 2017, 08:30:56 pm »

Torum minting has cost me 8 nxt for 80 torum!  >:(

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Re: [ANN] TORUM - SHA3 - Easy minting
« Reply #59 on: July 06, 2017, 11:35:09 am »

Torum minting has cost me 8 nxt for 80 torum!  >:(

Make your
Code: [Select]
nxt.mint.unitsPerMintvalue higher! Don't know  what the difficulty is nowadays, but I think you can do a lot better than 10 per mint :)
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