BitBar Didn't Pre-Mine, they were just conveniently ready - page 4.

ymer

sr. member

Activity: 308

Merit: 250

Quote from: mr_random on May 05, 2013, 02:26:36 PM

What you describe happens with most coins that launch

Let's look at some other coins:

Feathercoin launched with difficulty 0
Terracoin launched with difficulty 1 (just as low as 0 in effect)
Chinacoin launched with difficulty 0
Novacoin launched with difficulty 0

etc

What you describe happens with most SCAMcoins that launch

mr_random

legendary

Activity: 1344

Merit: 1001

What you describe happens with most coins that launch

Let's look at some other coins:

Feathercoin launched with difficulty 0
Terracoin launched with difficulty 1 (just as low as 0 in effect)
Chinacoin launched with difficulty 0
Novacoin launched with difficulty 0

etc

Kyune

sr. member

Activity: 287

Merit: 250

Imagine the multitudes at their keyboards peeing into bottles, afraid to run to the bathroom for fear of missing the narrow launch window of the next scam coin.

Anyway, I call a BitBar-style of release a "pre-mine". I think it is a fair term to describe the game being played. The public announcement of the coin in this forum followed by immediate frenzied mining doesn't come close to creating a level playing field...it's just designed to give the insiders' head start a thin veneer of credibility.

hdclover

hero member

Activity: 1120

Merit: 501

www.bitcoin.org

Quote from: Balthazar on May 05, 2013, 02:23:30 PM

Quote from: GSnak on May 05, 2013, 02:14:03 PM

Well look on the bright side, after the coin fades into obscurity and the difficulty drops back to zero, you'll be able to mine all you want.

Unfortunately, this will never happen, because classic difficulty adjustment rules has the power only during 30-day initial period.

+1

Balthazar

legendary

Activity: 3108

Merit: 1359

Quote from: GSnak on May 05, 2013, 02:14:03 PM

Well look on the bright side, after the coin fades into obscurity and the difficulty drops back to zero, you'll be able to mine all you want.

Unfortunately, this will never happen, because classic difficulty adjustment rules has the power only during 30-day initial period.

hdclover

hero member

Activity: 1120

Merit: 501

www.bitcoin.org

the pre-mined thing its all B-U-L-L-S-H-I-T

if you want a taste of bitbar you can just beg me for it, and I might consider it Grin

jimmyk

newbie

Activity: 7

Merit: 502

Quote from: hdclover on May 05, 2013, 02:18:39 PM

Quote from: ymer on May 05, 2013, 02:10:22 PM

So from the time that it was announced to the time someone has time to read the announcement, download the client and configure the .config you need at least 15 minutes, by that time 500 Bitbar were already in the hands of the creator and the people that was aware before the announcement.

I pity you who missed the boat, It took me less than 2 minutes to setup my miner and point to bitbar, and I'm pretty sure most people can do it in less than 1 min.

Yea, I had it up in about a 2-3 minutes. I was downloading the BC as I was setting up the miner.

hdclover

hero member

Activity: 1120

Merit: 501

www.bitcoin.org

Quote from: ymer on May 05, 2013, 02:10:22 PM

So from the time that it was announced to the time someone has time to read the announcement, download the client and configure the .config you need at least 15 minutes, by that time 500 Bitbar were already in the hands of the creator and the people that was aware before the announcement.

I pity you who missed the boat, It took me less than 2 minutes to setup my miner and point to bitbar, and I'm pretty sure most people can do it in less than 1 min.

GSnak

full member

Activity: 182

Merit: 100

Well look on the bright side, after the coin fades into obscurity and the difficulty drops back to zero, you'll be able to mine all you want.

ymer

sr. member

Activity: 308

Merit: 250

Official announcement on this board:
https://bitcointalksearch.org/topic/update-client-ann-bitbar-new-pow-pos-scrypt-cryptocoin-193519 Time: 05:30:04 PM

Announcement: 17:30:04
First Block mined: 17:32:10 (Difficulty 0.00) (Reward 1 Bitbar per block)
First Hundred blocks: 17:33:24
First 200 blocks: 17:36:16
First 300 blocks: 17:39:42
First Thousand blocks: 18:01:22
First 2000 blocks: 18:40:45 (Difficulty 0.012) (Reward 0.528202 per block)
.
.
.
.
Current Block 6000 (Difficulty 15.291) (Reward 0.164687 per block)

So from the time that it was announced to the time someone has time to read the announcement, download the client and configure the .config you need at least 15 minutes, by that time 500 Bitbar were already in the hands of the creator and the people that was aware before the announcement.

Now take into account that the reward is rapidly decreasing, the "conveniently ready miners" are hoarding a huge ammount of bitbars which were easily mined right after the announcement:

Here's one of said wallets:

http://btb.cryptocoinexplorer.com/address/BCJ49q7DHd4sCzwiQ1FDmTx7saxV7fDqX8

Topic: BitBar Didn't Pre-Mine, they were just conveniently ready - page 4. (Read 4886 times)