Quote from: Secabre on January 22, 2014, 01:52:43 am

Hello.

I was wondering, what will Protoshares do now their claims seem so be a lie?

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Over the last few months there has been a lot of talk about Protoshares. Protoshares is a CPU-mined coin, which uses a new Proof-Of-Work (POW) algorithm called Momentum , designed to resist GPU and ASIC implementation.

http://protoshares.com/mining.html

So, "What's backing your coin?"

BitShares PTS, unlike most other coins, is backed by something that is actually tangible - rights to shares in a whole family of crypto equities that are themselves designed to be highly profitable businesses.

Further, lessons learned in the momentum algorithm have led to the rapid evolution of technologies that don't require mining to secure the network.  Eliminating the costs of mining doubled the dividends that could be offered and increased the amount of equity in profitable new businesses that could be made available to PTS holders by a factor of five.

Further, the wildly successful AGS funding engine, raising $50,000 or more donations for the industry per day, has greatly accelerating the development, support and promotion of the ecosystem and is accelerating the launch of many new DACs for PTS holders to own. 

We are now able to sponsor a BitShares Developers Conference in Las Vegas on July 12-14 dedicated to spreading this technology to many more developers - further accelerating the growth of the ecosystem.

The value proposition of PTS is now easily an order of magnitude greater than the day it was launched little more than 10 weeks ago. 

Indeed you ask a great question:  "What's backing your coin?   

Great answer,  but not not the answer to my question

Since Protoshares brought 'wild' suggestions in the world that it is impossible to mine it with GPU. People invested alot of money in the mining for CPU.
Yet, 3 months later it's GPU minable! That whole "Fair Mining" is gone in the wind and was based on nothing else then bullshit.

I really wonder what the dev's behind PTS are thinking, since their #1 claim appears to ba a lie.

Thats why I asked this question again, what is backing the PTS coin now?
Because it already losts its core value and the coin value was cut in half!

Not to forget the Mining Guide (link: Official PTS mining guide - It's all digitalocean, first it seems ok.
Then notice how their is a refferal code in their link to Protoshares. SOMEONE IS SOMEWHERE MAKING ALOT OF MONEY FROM US!

I'm pretty sure that PTS is actually a scam where ALOT of people fell into.

It wont connect for me either. Looks like the pool server is having some kind of problems.

You could always make a account at a PTS exchange (i.e. bter.com), and use that wallet ID to make the deposits.
It has the benefit that you don't have a trading fee when the pts-pool pay's out to your own wallet and then have to pay a transaction fee to get it on a exchange anyway..

It was a nice expierence and my knowledge on the mining has expanded because of it.
I do not regret the €6,- I spend in this adventure (Yay exchange course!).

I'm going to search on markets and other places for CPU's and motherboards so I can build a PTS-mine specific rig.
I think that will be most profitable for the CPU mining, as cloud and other VM services are a monthly fee and the others are a 1-time payment (relativly cheaper too if you search well).

EDIT:

After posting this, my DO credit was a little more then $2,- USD. After rechecking my droplets, I checked billing (like every time when logging in), I noticed it stated "You owe us $0.38".
So, I immediately checked the droplets, and they were still active! I used Paypal to make the deposit, but I think for Credit Card subscribers, they will be charged on the card when in debt.
I find this a bit annoying as I actually expected that the droplets would be turned of and/or destroyed when you hit $0.00 credit.

So for those who seek information in the replies about mining on DO:
- It is not profitable. I made $8,- with a $20,- investment ($12,- loss!).
- The CPU's usage depends on other users that share the same machine (8 CPU's doesn't have higher c/m and sh/m as the 4CPU due to this).
- Unknown of which kind of CPU's are being used on the server machines (no fine tuning).
- CPU usage drops aren't rare (see my previous posts).
- Hourly credited with ~5 hour intervals (Meaning, the costs of your droplet is not charged every 1 hour, but is charged every ~5 hours (so the credit you have is not in real-time).

I'm sorry to the OP of this topic, I don't want to be negative, but Digital Ocean is not usable for PTS mining.

As additional info, at the time of this writing:
1 PTS = 0.02454 BTC or 1 PTS = $22.52USD

(Unfortunately I was not able to make 1 PTS, but 0.4035PTS using 5x 4CPU droplets and 1x home PC using 4CPU (with a higher c/m then the droplets) which made me 0.00990BTC (trading fee of 0.2% included total).

Hi, I've signed up to DigitalOcean and made a 10$ deposit.
I've send a PM.