Topic: [ANN]Faircoin - MULTIPOOL PAYS --- 20%--- BONUS! for the next week!! - page 289. (Read 341957 times)

Don't relaunch. Carry on with the 35 thousand addresses.

Guys, we have a problem.

After sending out to about 35k, our wallet file became corrupted.
we're trying to recover the keys, but it's both encrypted and corrupted and at this point we have no idea how to recover them, if they are even there
(the keys might not even be there, if the client only flushed a part of the file)
If anybody can help out with that, please do so.

As of right now, the first ~35k addresses (we'll check the exact number soon) have been sent to,
and we can't access the remaining coins
so, this is bacially the same as having distributed to only 35k addresses instead of 50k
and the coin is still Fair, just not the exact way we intended.

We're happy to move forward if we have your support, trying to push it into exchanges, gambling sites, stores etc.
if not, we'll scrap the project and try again with lessons learned.

we also have the option of creating another coin and using the faircoin addresses database to distribute the new coin

what do you say?

Faircoin Team

This is a bit off-topic but recall what Satoshi said here in btctalk many years ago :p

"Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone."

I kid, I kid.

So there are obviously a few lessons here:

1. First, its hard to create a fair coin like this though the devs tried to minimize it by checking for proxy, having a token system. Still if someone was really determined, you can click every hour and maybe if you don't have much of a life and suffering from insomnia, could get say 50000 coins

2. Keeping the PoW reward so small initially discouraged miners, so transactions and confirms stayed stuck for hours and hours. There really is no incentive to mine. Plus no difficulty retargeting and silly 10 min blocks

3. Keep a backup of the wallet file on a secondary storage device. This one should be obvious.

4. Write a stupid shell or perl script to automate sending coins once sign-up phase has ended.

I am NOT Chinese.
I have visited Shenzhen (Silicon Valley of China) 3 times between May 2011 and February 2012.
I used to buy cell phones and related accessories from Shenzhen for resale in the USA and Europe.
I used to have a Chinese girlfriend in Shanghai and still have business contacts in Shenzhen (SZ).
Most small businesses in China have NO morality or integrity. Cheating, lying and cutting corners is an accepted business practice that shows you are smarter than your competitors. Industrial espionage is sanctioned - and encouraged - at the highest levels of the Communist Party.

The above is the only thing true and verifiable in this post.
Everything else below is only rumors, do not believe any of it.

I chat daily (on QQ) with my business contact in SZ, she's quite attractive and I am (still) trying to seduce her.
She tells me the bunch of incompetent amateurs who call themselves DEV are either Chinese or have strong Chinese connections.
The story of "our wallet got corrupted" is all a bunch of BS. Do you really believe that?
The first 35K who actually got their shares of the"Fair"coin are mostly Chinese.
DEV decided to cut-off the remaining 15K because they are mostly American and Israeli wallets. So the goal is to keep control of the "Fair"coin in Chinese hands.
They can tell from the IP addresses. Even if someone used multiple IP addresses to generate several tokens, they all can be tracked to a region/country.
The Chinese are now starting to dump "Fair"coin, in chunks of hundreds of thousands (see the quote at the top of this post).
The reason?
Talks with Chinese exchanges to get "Faircoin" listed are faltering.
The Chinese are betting FAC will die soon, especially when miners stop mining because they are not seeing any "fair" reward for dedicating their resources to a - what is so far - nothing more than a vaporcoin.

WTS 350,000 FAC (seriously, ~1% of the total supply)
PM offers, top offer takes it.

WTS 350,000 FAC (seriously, ~1% of the total supply)
PM offers, top offer takes it.