Good moring woodcutters! We have reached a milestone, as block 10,000 was chopped recently. Woodcoin is 2 weeks old. Chopping rewards will be under 100 LOG per block from now on. Next milestone: Block 100,000. When we reach that point rewards will drop under 10 LOG per chop. Then at block 1m, 1 LOG per chop. See how this is going? Currently there are about 4.7m LOG outstanding. The long road to the 27m LOG cap continues.
Some other notable progress this week: website is up, whitepaper is out, chinese translation on bitcointalk is in place, and we are on another exchange.
It appears for now that pure Skein hashing makes for a pretty good CPU coin. With little need for a pool OCminers pool remains down and woodcutters are chopping alone in the forest. Difficulty remains low.
Movement on exchanges is still small as expected, at very low early prices and volumes of a two week old coin. Caution is recommended when taking on counterparty risk. Don’t get goxxed or zhou tonged.
It’s hard to not also mention we are in month 12 or so of a “bear market” in cryptos. The last bear market lasted 18 months or so beginning in June 2011. It might seem easy to be disappointed in the small number of people trickling out the now open doors of Sauron’s prisons. However remember that free folks don’t return voluntarily to slavery. The word is slowly getting out and the days of private and counterfeit exchange commodities are numbered.
Anything you don’t like about the interace? The website? Anything else you want to do with your LOGs? Please continue to bring ideas and criticisms to this forum. Happy chopping.
Baruk Khazad!
Funkenstein the Dwarf