Sneak Peak Screenshots and The Future Golden Goose

Chetty has been hard at work preparing a new release of Eulora. We are now testing it, and if everything passes we expect deployment during the coming week.

The important thing to note is that this release breaks compatibility with the previous clients - you will not be able to use your current client to connect to the Eulora server after the update. Consequently, we will do a staggered release, whereby first the new client sourceⁱ will be made available, then after a few days the server will go down for updating (and stay down for about half a day), then the new server version will come online. For details as to the timing of these events, please see the #eulora chan on Freenode.

To pass the time meanwhile, here's some peeking material :

As to the Golden Goose : the Sunday after this release, which we currently expect to be September the 13th, a Golden Goose item will go on auction. It is very similar to the currently existing Magic Bags, in that it produces coins every day. It is also dissimilar, in that a) it is a hat, not something to hold in hand and b) it produces 10`000 satoshi Eulora copper coins each day, rather than 1`337.

To help put this in perspective :

mircea_popescu ;;gentime 113256481.48
gribble The average time to generate a block at 113256481.48 Mhps, given difficulty of 56957648455.0, is 3 weeks, 4 days, 0 hours, and 8 seconds

As you've perhaps intuited, 3 weeks and 4 days comes to just about 25 days, which means that if you have miners doing one hundred thirteen and one quarter terahashes per second, you are then on average mining a Bitcoin a day. Consequently the miner equivalent of this humble Golden Goose would be a 11.3 GHps unit (that uses free electricity and needs no cooling or any kind of maintenance whatsoever, of course). As the current price of miners seems to be about two Bitcoins per TH, and the value of one Bitcoin is still a hundred million Eulora coppers, it then follows that said Golden Goose would be worth 2`250`000 Euloran coins, plus of course whatever electricity costs (about 7 or so Watts' worth, so in a year roughly speaking five bucks), discounting of course any collector value or simply the cool factor of (eventually) going around with a duck on your head.

The big catch being, of course, that mining units do not come with a guarantee that the difficulty will stay the same forever, so best factor that angle in too, just in case.

This much for the business side. On the financial side, this item reduces to an annuity worth 0.0365 BTC p.a. forever. As we all know from our respective Accountancy 201 classes, the value of a perpetuity is pretty much the payment divided by the interest, and so we will be able to actually calculate the reference interest rateⁱⁱ by taking the annuity value (3`650`000 coppers) and dividing it by the auction sale price of this item. For instance, if this item sells for 2.25mn, the reference interest rate is then ~160%. If however it sells for 55 mn, then the reference interest rate is ~6.6%.

Taking as for instance the current 0.25% reference rate the FED uses, this item would be worth no less than 1`460`000`000 Eulora coppers. That's right - if the United States and Eulora were relatively equally credible and trustworthy investments from the point of view of the Bitcoin holder, then the fair market value of this item would be a billion and a half copper coins.

Isn't economy a great thing ? And everything else, too ?

1. The new client will not be able to connect to anything yet. The idea is to allow the interested parties time to read and verify the new source, the package maintainers time to compile and release binaries etc. [↩]
2. How much an investment in a foreign currency should bring in order to be equivalent to merely holding the local currency. [↩]