Topic: [ANN] BITTUBE | NOW LIVE | NO PREMINE | NO ICO | FIRST AIRTIME MEDIA PLAYER - page 76. (Read 79862 times)

Well if they just left it at 10k coins/block then they would produce about 20 times more coins per block then they wanted to. It would also make the coin supply enormous. The problem with that is like you said, DOGE coin is just fine, but at times it wasn't and may not be again. When DOGE was at like 12 satoshi it was a real problem. If a coin goes to 1 satoshi it is basically dead and then trades only on select markets against LTC, and you don't want your coin valued in liteoshis.

To the other poster, I agree with you, and NO, I do not want to buy the entire million of instamined coins and have them all in my hands, even though I work with teams and hodl long term, sometimes sell them back to dev team, and sometimes sell them slowly where they will make no impact in the market. I also buy if the market is going down. My point is I want these 1M coins to NOT be in the hands of unknown and most likely dumpers. I would prefer to have some members of the team, notsofast, and myself all buy a portion of those coins, because I know all of us would not be dumpers and that will protect the initial price of the coin on exchanges so that it has a chance to make it past a few months or year to the point that those coins get diluted and don't make up the majority of circulating coins anymore. When they are a small minority of the circulating coins, then they are not a threat to the price anymore, but that takes a lot of mining time. Someone needs to protect the coin metrics in the beginning or this coin will fail, and myself and notsofast know this and have been thru it many times. I don't want to buy all of them, and I would guess he doesn't either. But between both of us and hopefully a few people from the team stepping up to buy them back we could have some stability at exchange launch rather than having an albatross hanging over every small miners heads.

Option 3 then just makes you the large holder... How does that solve anything?

jimlite: what would have been the issue with leaving the block multiplier of 10,000 in effect? What's the difference between having 1 billion and 10 trillion coins in circulation? In the end it's just a movement of the decimal place. DOGE would have been successful with 100 trillion instead of 100 billion coins. It is meaningless.

Like I said it is a moot point, but I'm curious, why do you think they needed to take action at all? I've convinced myself that moving the decimal place would have been the most fair and least destructive solution and wouldn't have required a hard fork like the actual solution or your first two proposals.

-------------------------------------
value of tokens sold in ICO / ipbc mining
ETN~ $40,000,000 (0.01)------------------IPBC  ~ $2,027,656 (0.1 usd)
ETN~ 4,000,000,000 ETN -----------IPBC 20,276,560 IPBC (mining)
Circulating Supply 6,138,640,229 ETN --- IPBC  20,276,560 IPBC
max supply :------21,000,000,000 ETN --- IPBC 1.000.000.000
% Circulating Supply/max supply  ETN 29% IPBC 2.02%

* https://coinmarketcap.com/currencies/electroneum/
** https://icobench.com/ico/electroneum
*** https://ipbc.minez.ro/explore/
-------------------------------------
Token ETN
Price in ICO 0.01 USD
Country UK
ICO start 14th Sep 2017
ICO end 20th Oct 2017
** https://icobench.com/ico/electroneum
-------------------------------------
value of IPPC
- no ico ... no premine
- mining ..supply  20,276,560 IPBC
*** https://ipbc.minez.ro/explore/
-------------------------------------
IPBC
Price  0.1 USD
IPBC start 21 FEB 2018 **
** https://t.me/ipbcenglish
-------------------------------------
EXCHANGES
ETN ---->> Cryptopia
IPBC --- >> Livecoin ***** start 21 FEB 2018 **
**** https://www.worldcoinindex.com/
-------------------------------------------------------------------------------------
Exchange    rank 24h volume Updated
rank  1 --- Binance --- $ 1,567,637,423 --- 02-12-2018 15:21:25
rank  7 --- Bittrex ------ $ 264,733,327 --- 02-12-2018 15:16:54
rank 11 --- Hitbtc ------ $ 196,285,595 --- 02-12-2018 15:16:49
rank 28 --- Livecoin ----- $ 39,231,228 --- 02-12-2018 15:16:41
rank 31 --- Yobit ---------$ 22,950,091 --- 02-12-2018 15:17:02
rank 35 --- Cryptopia---- $ 16,489,166 --- 02-12-2018 15:17:04
rank 54 --- Stocks -------  $ 1,187,996 --- 02-12-2018 15:21:34
--------------------------------------------------------------------------------------

While I believe this team has vast experience in coding, web design, marketing, and even crypto, I still think they made an honest mistake, but it needed to be immediately fixed in one of 3 ways.

1)As soon as the 10k/block error was found immediately re-launch genesis block and restart.
2)As soon as the 10k/block error was found, leave it that way with block rewards set to reduce far more aggressively over the mining lifespan.
3)See my previous posted solution.

The fact is now after a couple weeks of mining, it is too late for options 1 or 2, so again look into option 3, which is the only viable solution and way to make everyone happy and a win-win for the coin, dev team, and miners.

The point remains that the devs should have left the "mishap" alone and not changed anything at all. It's too late now. This mishap, but more importantly the way it was handled and the decision made to "fix it", illustrates inexperience with crypto from leadership.


smartcrypto: I agree with you on all counts that it is worse that there are unknown users with 500k coins or more, however, if you look at the emission schedule 100m coins released per year drowns out the instamine quickly. If the project isn't around in 2 years it's a failure anyway.


notsofast, jimlite: On a positive note the solution proposed by these posters may mitigate some of the negative effects of this situation. Also the fact that the additional coins only add around 16 million to the 1 billion total supply is not so bad. I thought it was a lot more originally, 1.6% is recoverable, but will require extra effort from the team to make up for that loss.

Again, you don't want to face the issue at hand, and just find ways to keep coming back at me. Instamine will ruin this coin because the early miners holding bags of 100k-500k coins from the day one will keep dumping the shit until its at 3 satoshi each. While right now the blocks are giving out only 470 coins.

Please tell me in what way this coin will ever survive like this. You'd rather let the coin die than admit that there's a problem of instamine?

I'd rather if the devs had the coins and they'd post the wallet address here for the sake of transparency.

Thanks Notsofast.  It is great having another honest 5 year veteran and well respected crypto personality agreeing with the problem and solution as well as offering to help purchase these cheaply and erroneously instamined coins. 
Everyone can see that we both have legendary status and how long we have been on these forums.  Notsofast also is a regular part of shitcointalk webcast and the new prestigious 21 cryptos magazine.  Dev/team and especially the early instaminers, please reach out to one or both of us and help fix this issue and get most of those coins back to the dev team and/or in the strong hands of notsofast and I. In some way, they must be redistributed so they will not get insta-dumped. 1M coins acquired essentially for free (a days worth of electricity) is a huge albatross over this coin until they are redistributed into safer hands.
Thank you and good luck to this project, I would really like to mine it and be part of the community, as I have been community leader for countless coins, but this problem really needs to be solved before then.

I can vouch  for jimlite / @CRYPT0N1TE and extend the same buy offer to richlist early miners.

NOTE TO DEVS:

I have been a coach to devs and on teams to get pools, exchanges, miners, and investors for a few years now. I have seen problems with launches like this had, with the first day of 10K block rewards and now 470 per block. I have solved scenarios worse than this, but it takes effort from the dev team. I'll explain why this isn't a pre-mine, and sorta an insta-mine, but more importantly why does it matter and how to fix it. I recently solved a problem with a coin that had a 10% premine and it is doing VERY well now after my suggestions.

The problem we have here is NOT that the devs have the 1.6% of the supply from the bad 10k blocks. That is the situation we WANT. If the devs had the 1.6% supply, they would be in good strong hands, used for bounties, advertising, paying to get on Cryptopia and Bittrex, ect. The BIG problem we have is how much of that 1.6% is in regular early miners hands? Because THOSE GUYS are going to dump it to shit as soon as there is an exchange and ruin this otherwise good project.

So what is my solution (and this is from 5 years experience solving these issues, and usually for a bounty if dev is kind enough)? The dev/team should contact or post to find out who these rich list wallets belong to. If they are not on the team, then they are the early miners. Then the dev team should offer to buy all of their coins, or leave them with about 10% and buy the other 90% for safe keeping and business uses. 

I will also offer to any of these early miners to purchase some coins from them OTC for the initially proposed 1 cent/coin or 125 satoshi/coin.  Between the devs and myself removing most of the insanely cheap coins produced the first day from the 10k blocks, that would go a long way to solve this problem and any grievences about it.  If any of the early miners would like to take me up on the offer, just PM me here, or better yet on twitter @CRYPT0N1TE (the 0 is a zero and the 1 is a one). I have done countless deals like this and escrows in the past, and have many people on this forum, twitter, and other devs that can vouch for me and my history of solving these kinds of issues for them with a very positive outcome for all.

I'm unable to mine using `NsGpuCNMiner -allpools 1 -o stratum+tcp://pool.ipbc.io:3333 -u WALLET_ADDRESS_REDACTED -p x` anyone is able to help?

I'm using Claymore's CryptoNote v11.2

This i agree on. I dont know how you guys are comparing projects on what basis.

worst case scenario the devs have some coins right.. small percentage of total... dont you think for what they are developed and will further they atleast deserve that.

In this season of ICO and premines and etc they dare to launch the coin like this. 

Every project has ups and down. Honestly even i cudnt mine must but that doesnt bother me because have a look at the project man.. its better than most of the fake shit which cannot be delivered in near 5 years yet have raised loads of money and for what.

Time will tell if this project goes as intended or becomes a fail but just accusing from the start itself is not healthy. If you dont like it please do no follow.
Think of it like another drop in the ocean and carry on.

The devs didn’t give themselves 16 million coins
The mining was fair and free to all launch
I myself mined 50k
I know some guys who mined 500k
If you guys were quick and mined on day one you would have got lots of coins as well
If it’s a big problem sell you coins when comes on exchange
Many people will happily buy them off you once project gets exposure

Almost nothing you have written is a fact, and you have yet to apologize for calling me a liar when every word that I wrote about what happened was not only true, but has been demonstrated to be true. It's not worth the keystrokes arguing with you about how 1.6% of the coins were mined when 98.4% of them are left to be mined.

So far, all I have written are facts. No speculation. personally I mined the coins because it seems great. Yet the early blocks which had 10k each makes it impossible to be a worthwhile investment from both the miner and the investor's perspective.  And don't give me BS. I have mined this coin for 7 days. Which is now nothing more than a lost hashing power.

Please explain in your own words how this “fix” actually resolved the issue. Let’s talk in facts from here on out instead of appealing to emotion and using personal attacks.

Here are the facts:

1. The block reward was multiplied by 10,000 “accidentally”.
2. The solution to this “accident” was to adjust the block reward down with a hard fork.
3. Everyone who mines this coin now is wasting their time because the devs who mined the majority of all early blocks have a 10,000x lead on everyone else and own 90% of coins.
4. The devs are claiming this is not a pre-mine or instamine, even though this is the exact definition of an instamine.
5. The proper “solution” would have been to change nothing. Imagine if the hard-fork to reduce the block reward had never happened. The only negative effect of multiplying the block reward is an increase in total supply of coins. Which as we know from IOTA and DOGE does not matter. You could have a coin with 20 trillion coins rewarded per block, it doesn’t matter, because people will simply move the decimal place.

In other words, the “solution” chosen by the dev team reduced everyone else’s block reward while keeping theirs the same. The correct solution would have been to do nothing.

Why did the devs choose to give themselves 16 million coins as the solution to this “mishap”?

Please explain.

I managed to get the event of exchange launch on CoinMarketCal.

https://coinmarketcal.com/?form%5Bdate_range%5D=21%2F02%2F2018+-+22%2F02%2F2018&form%5Bsort_by%5D=&form%5Bfilter_by%5D=&form%5Bsubmit%5D=

It would be nice if people could verify that

the source provided is from the twitter page update.

agreed, this project is refreshing to see amid all the scam in crypto. I wish for success of this coin. Just a little transparency doesn't hurt.  

An error was made in CryptoNoteConfig.h where the tail emission was set to 10,000. This was acknowledged in Post 132 and subsequently fixed as noted in Post 137. It was human error that was fixed ASAP, not once has anybody suggested that it was deliberately coded so that "...the block rewards for first x blocks are 10k per block". Except for you.

Maybe a little more reading and a little less calling people liars for explaining demonstrable facts to you might be in order.

Give the guys a break
This is the first PoW project I have seen with working product at launch in 5 yrs being in crypto
If you dont like it
Go somewhere else