I've said it before and I say it again there is not a single alt coin on this forum that isn't insta-mined. You can call them all a scam if you want, but no one forces anyone to buy in.
The insta mining getting worse since gldcoin, mining hashes are getting bigger and there are so many alts only a handfull of people mine the crap out of each before they even get noticed by the broader community.
Back to gldcoin, all the things you are blamming on gldcoin if they happened, happened from the original dev, the new dev team sort to address the issues. Something they've gone about doing not to scam, because they believe in their coin.
Nothing the new dev team has done, hasn't been pre announced, so you could have commented, join their community and get into their discussion prior to the fork, if you're where so interested.
Do not go calling it a 'scam' after the fact if you're ideas don't match what they did.
Topic: I think a post was censored so posting here _ Re Goldcoin Scam Reward Change. - page 2. (Read 1537 times)
August 08, 2013, 01:52:18 AM
August 07, 2013, 11:19:56 PM
I don't pay attention to goldcoin and don't know for sure if there was a 7 million premine or not, but if there was a large premine then everything being said about slowing down velocity of selling etc does make sense...
It depends on your definition of premine.
They jacked up the block reward for the first group of blocks that totaled 7+ million coins. These blocks were gone within an hour, meaning that the people who got most of the coins were the insiders. You can take it how you want. It was not a premine, but it was an inflated instamine. This is not an opinion, this part is a fact. It is up to every other person to determine how much they care about this.
Regardless of the instamine/premine, it is still dodgy to reduce the block reward to introduce a false sense of scarcity.
+1
the result is the same, my apologies kelsy I should have correctly termed it an "insta-mine scam" - i couldn't care less about Goldcoin , i was censored . now I'm not , welcome to 2013 .
August 07, 2013, 11:00:29 PM
I don't pay attention to goldcoin and don't know for sure if there was a 7 million premine or not, but if there was a large premine then everything being said about slowing down velocity of selling etc does make sense...
It depends on your definition of premine.
They jacked up the block reward for the first group of blocks that totaled 7+ million coins. These blocks were gone within an hour, meaning that the people who got most of the coins were the insiders. You can take it how you want. It was not a premine, but it was an inflated instamine. This is not an opinion, this part is a fact. It is up to every other person to determine how much they care about this.
Regardless of the instamine/premine, it is still dodgy to reduce the block reward to introduce a false sense of scarcity.
August 07, 2013, 10:55:29 PM
I don't pay attention to goldcoin and don't know for sure if there was a 7 million premine or not, but if there was a large premine then everything being said about slowing down velocity of selling etc does make sense...
August 07, 2013, 10:08:57 PM
Digitalindustry, I am no fan of gldcoin or microguy, but why do you continually chose to spread complete bull about them? Fair enough attack them on real issues, but if you are going to make pointless and baseless accusactions all you're doing is ruining your own rep.
They definitely did not have a 7miliion premine, thats been shot down and proven so so many times.
Lowering the block rewards was a very positive move by the dev team, one which they gave plenty of notice on and one which there community all backed (a community in which any supporter here could have become part of oh except me I was banned from their community).
I have every reason to attack microguy, but I don't do so with bs.
Strangely enough as much as I don't like his style, I think gldcoin will probably do alright longterm with a dev as devoted as him.
They definitely did not have a 7miliion premine, thats been shot down and proven so so many times.
Lowering the block rewards was a very positive move by the dev team, one which they gave plenty of notice on and one which there community all backed (a community in which any supporter here could have become part of oh except me I was banned from their community).
I have every reason to attack microguy, but I don't do so with bs.
Strangely enough as much as I don't like his style, I think gldcoin will probably do alright longterm with a dev as devoted as him.
+1
Well said. I've had enough of the trolls who think they're smart and post FUD all over the place.
August 07, 2013, 09:57:49 PM
Digitalindustry, I am no fan of gldcoin or microguy, but why do you continually chose to spread complete bull about them? Fair enough attack them on real issues, but if you are going to make pointless and baseless accusactions all you're doing is ruining your own rep.
They definitely did not have a 7miliion premine, thats been shot down and proven so so many times.
Lowering the block rewards was a very positive move by the dev team, one which they gave plenty of notice on and one which there community all backed (a community in which any supporter here could have become part of oh except me I was banned from their community).
I have every reason to attack microguy, but I don't do so with bs.
Strangely enough as much as I don't like his style, I think gldcoin will probably do alright longterm with a dev as devoted as him.
They definitely did not have a 7miliion premine, thats been shot down and proven so so many times.
Lowering the block rewards was a very positive move by the dev team, one which they gave plenty of notice on and one which there community all backed (a community in which any supporter here could have become part of oh except me I was banned from their community).
I have every reason to attack microguy, but I don't do so with bs.
Strangely enough as much as I don't like his style, I think gldcoin will probably do alright longterm with a dev as devoted as him.
August 07, 2013, 09:37:45 PM
We are proud to announce the latest updated to GoldCoin.
The development team and staff have been working around the clock to make this the very best version to date.
We have addressed a number of issues related to the previous client. The syncing issues and Litecoin upgrade alert have been fixed. In addition, there have been improvements made in the areas of coin generation, block reward, and difficulty retarget time.
For a more in depth look at the changes and an explanation regarding those changes, please take a look at the official patch documentation here:
http://www.gldcoin.com/documents/GoldCoin_Patch_v1.2.pdf
There will be a hard-fork at block 45000 which is currently estimated to occur on August 1, 2013. All current users should update their clients at least 24 hours prior to the fork. It is recommended that you backup your current wallet before performing this upgrade.
To update your client please visit the official website and select the version of the client that matches your operating system:
http://www.gldcoin.com
Join the discussion at GLDTalk.org:
https://www.gldtalk.org/index.php?topic=221.0
From the PDF:
Before fork: 1 block = 2.5 minutes = 500 GLD
After fork: 1 block = 2 minutes = 45 GLD
This means
Before (early adopters): money supply = 200 GLD/minute
After (new adopters): money supply = 22.5 GLD/minute
Then the comment was :
This is a classic Money supply choke -
it is not that different to the raising of interest rates to raise the "price" of money - which sometimes actually chokes economies, transferring real wealth/time/energy to scammers in a similar nature.
but in this case our good friends at Goldcoin have further added to the ultimate scam of a 7 million plus pre-mine by lowering the block reward.
This in effect means that the velocity of selling can no longer keep up and the price will "appear" to rise , this could cause unsuspecting chumps to buy in and let the Pre-miners sell into their buying .
thus completing the scam.
my advice , don't buy it , if you buy into it, why not just buy into the housing market in say...... Detroit.
keep it nice and bumped - that's how i feel about censorship {just think how i wouldn't have posted this had i not felt censored}
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