So here's my critique of the coin so far:
+ Coin benefits cancer research - pretty awesome
+ Folding requires less electricity than mining - saves money
+ SHA256 mining - people with GPUs will fold rather than mine
- no merged mining - the coin would be more stable if it was merge-mined so that ASIC miners didn't have to quit mining bitcoin or litecoin in order to mine this
- premine - the right way to distribute the coins is *not* a premine. Look at the devcoin source, they distribute a percentage of each block to various people. This prevents issues where someone dumps the premine, or even worse, the premine is stolen.
- folding pool is not responsive - I have mined for days and not seen a payout or even an estimated payout. This is a huge deterrant.
- late - this would have been *the* coin if it had come out back in December or January. Now it's just a footnote.
+ Coin benefits cancer research - pretty awesome
+ Folding requires less electricity than mining - saves money
+ SHA256 mining - people with GPUs will fold rather than mine
- no merged mining - the coin would be more stable if it was merge-mined so that ASIC miners didn't have to quit mining bitcoin or litecoin in order to mine this
- premine - the right way to distribute the coins is *not* a premine. Look at the devcoin source, they distribute a percentage of each block to various people. This prevents issues where someone dumps the premine, or even worse, the premine is stolen.
- folding pool is not responsive - I have mined for days and not seen a payout or even an estimated payout. This is a huge deterrant.
- late - this would have been *the* coin if it had come out back in December or January. Now it's just a footnote.
Addressing your concerns.
1) Why would that make the coin more stable? It could get more people mining but then some of the Asic's resources would go towards mining Bitcoin / Litecoin resulting in less power per Asic. I personally prefer a coin doesn't doesn't support merged mining with other coins and instead stands alone by itself. This is just people wanting to try and make as much money in possible I don't believe it does anything for the coin.
2) The premine is hidden in a cold storage wallet I believe. Also no one controls the premine - it is released slowly over time. The problem with doing it as a percentage of each block is that work units can take 24 hours to complete by themselves with each one being worth a decent one so it brings up the issue of people timing their work units to try and make more money. This makes it worse for the science and at the same results in super long blocks where no one supports a work unit.
3) They are working on more updated statistics however, as with the previous timing workunits problem the payouts are once a day and will remain at that for a while most likely. Some people have had this issue and we are working on it
4) I don't think this is a valid point. Would you rather they released a worse coin earlier? I think waiting is fine and ultimately exactly what time its released shouldn't make a huge difference overall. Personally I would have preferred if they waited a few weeks so I don't need to worry about this during AP/Finals weeks.
Hope this addressed your concerns.
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