Regarding XCoin/DarkCoin/Dash's "instamine":
The plain and simple fact is that big hash on a new coin always causes trouble when the difficulty adjustment only occurs over very large block intervals and when that difficulty adjustment has a limited maximum multiplier per interval.
Litecoins launch had similar difficulty readjustment issues with
similar minting results.
There is no scam here, only inherited bad models.
Wrong. Here is the math below for a apples to apples comparison of mintage vs time:
, only the difficulty adjustment in respect to block count.
It's not an analogy. It's a flaw that many, many coins share. Xcoin was not unique in this regard.
I like math too, let's do some:
litecoin has a 2.5 minute block target.
xcoin had a 5 minute block target
In 48 hours, 1152 blocks should occur for litecoin (48 * 60 / 2.5) and
In 48 hours, 576 blocks should occur for xcoin (48 * 60 / 5)
In the first 48 hours of litecoin (2011-10-13 02:59:41 -> 2011-10-15 02:55:24), 10897 blocks were minted.
In the first 48 hours of xcoin (2014-01-19 03:54:41 -> 2014-01-21 03:54:46), 5055 blocks were minted.
Both of these values are WELL ABOVE the intended minting rates.
litecoin was 945% over target
xcoin was 877% over target
This is the only point I made in the original post: That the difficulty adjustment of both coins was insufficient.
--
More than 10 TIMES the amount of current supply (as a % comparison) was put into circulation in the first 8 hours than what was mined in the first 24 hours of litecoin's launch.
Considering xcoins max block subsidy was 500 and litecoins was 50 that makes sense.
The difficulty algorithm "int64 nSubsidy = (1111 / (pow((dDiff+1),2)))" would have clamped that down but the difficulty didn't raise fast enough (see point #1) to restrict total minting to more reasonable levels.
These are the facts. Code doesn't lie.
Oh really? You didn't mention anything about coins minted in any way?
You said
"Litecoins launch had similar difficulty readjustment issues with similar minting results."Your graph also does not show DIFFICULTY numbers in any way. Your graph says
"Total SUPPLY LTC". Nor does your graph say anything about # of blocks mined.
How do you expect to take a picture about # of LTC mined and talk about difficulty in any meaningful way?Yeah well your red bolded comment about "minting results" does imply coins mined.
Also you said
"no scam here"...which how would difficulty have anything to do (without the association of COINS/DASH/DRK) with a SCAM?
You don't sell difficulty nor accept difficulty as payment.
Your post sure does imply you are talking about coins in more than 1 way.
My post below shows that there is no "SIMILARITY" in minting results between LTC and DASH:
Wrong. Here is the math below for a apples to apples comparison of mintage vs time:
Litecoin current supply - 42,681,260 LTC
In the first
24 hours 504,650 LTC were mined
Block #10092 2011-10-14 03:08:59
LINK:
http://explorer.litecoin.net/chain/Litecoin?hi=12095&count=2016block link:
http://explorer.litecoin.net/block/fca5b3100fe457c1642c914c45214b4860aacd265d8bfd1e4af0004fd89a9032After 1 year 9 months later - 19,398,754 LTC were mined
block #387,985
DATE & TIME - 2013-07-13 12:53:54
link:
http://explorer.litecoin.net/chain/Litecoin?hi=390000&count=2016504,650 / 19,398,754 = 0.02601455742982 OR
2.6% of supplyblock link:
http://explorer.litecoin.net/block/37c6b847bd3d433247cff941ed874786487715ff4fff9c2977bf273d1c967965Dash current supply - 5,882,880 (~1 year 9 months)
1,625,000 DASH was mined in first
8 hours1,625,000 DASH / 5,822,880 = 0.27622525021758 OR
27.62% of supplylink:
http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coins#moneroDarkcoin
▪ derived from Quark
▪ type of algorithm: blake, bmw, groestl, keccak, jh, stein
▪ PoW and PoS
The following data and time stamps were collected from the Darkcoin blockchain 37).
▪ Block 1: 2014-01-19 Time: 3:54:41
▪ Block 1000 : 2014-01-19 Time: 4:33:39
▪ Block 2000: 2014-01-19 Time: 06:25:47
▪ Block 3000: 2014-01-19 Time: 09:10:16
▪ Block 3250: 2014-01-19 Time: 11:22:11
Looking at this data, we see that Darkcoin was mined with 500 DRK generated per block from the get go. From block 1 to at least block 3250, according to their blockchain, they were still producing 500 coins each block. The transition from 500 to 277 coins per block occurs between 3250 and 3500 but this author did not see the necessity of getting the exact moment of halving. Simple math shows that 3250 blocks multiplied by 500 coins a block is 1,625,000 Darkcoins created between the times of 3:54 and 11:22 on January 19th, 2014. As of today there are around 4,300,000 DRK in existence, making this a pretty hefty instamine. The Darkcoin website expects around 22,000,000 DRK to be created. That means in less than 8 hours, almost 5% of the Darkcoins that ever will be created spawned in that 1/3 of a day. It's safe to say Darkcoin has left it's investors in the dark on this one.
More than 10 TIMES the amount of current supply (as a % comparison) was put into circulation in the first 8 hours than what was mined in the first 24 hours of litecoin's launch.Hardly a comparable equivalent to use as an analogy. Laughable at best.
