Topic: I0Coin is a SCAM - page 5. (Read 7319 times)

There is a lot of fishy stuff about this launch. It came out 75 minutes later than expected and its possible that others were mining on the new block chain before it was posted to the forum. It also came with missing DLLs files
for the Windows install and it didn't run in server mode by default meaning that many solo miners may have lost a lot of blocks. Of course there was a lot of rush to mine this new block chain but many people not realising they required to server switch and still seeing zero balance took to the mining pools despite the very low difficulty. The mining pools really made the situation much worse as all the hashing power was now centralized mainly at BTCguild.

Anyone with a direct low latency connection to BTCGuild would have easily mined a lot blocks and causing other miners blocks to be rejected or marked as stales. Many miners big and small alike found that they efforts to mine this new blockchain were futile. I call for a royal commission and thorough investigation into the I0Coin fiasco. We need to look at the block chain data and see compare time stamps. We also need to investigate the many lost blocks and coins and enumerate exactly who most of the winning blocks went to.

The pools unfortunately have to much power and are defeating the purpose of p2p currency.

Is there currently a block explorer for people to examine  when mining began compared to when the first link was posted on the forum?

So those that were mining solo without the server mode switch would have lost any blocks they mined?

The fact that there was a major tier 1 pool set PRIOR to the official launch should have told you something. You weren't going to compete with the pool on even ground, it's just technically wasn't feasible.

This is interesting, I was under the impression that anybody who intend to do solo mining should know they need to set the client into server mode manually?

the i0coin launch may be had been poorly planned but I wouldn't call it a scam just because of that. Nothing that happen wasn't technically unexpected.

In this case "Royal Commissions are called to look into matters of great importance and usually controversy. These can be matters such as government structure, the treatment of minorities, events of considerable public concern or economic questions."

So those that were mining solo without the server mode switch would have lost any blocks they mined?

Is there currently a block explorer for people to examine  when mining began compared to when the first link was posted on the forum?

Yes I may be a "cry baby" and a "bad loser" but I think the credibility of p2p currency was twisted for financial gain here. A lot of people have lost faith not just in spin off projects but in bitcoin itself.  I urge people that feel they may have been cheated here to speak up and let their voice be heard. Do not suffer in silence. Let us know how you feel and tell us your story and post your observations.

A full investigation is warranted here and the members of the community have every right to bring this into the open.

Do you want the King to investigate this?  What the heck do you mean royal commission?

I think many times that pooled mining should be forbidden and each IP should also have it's hash power limited to something like 5 Mhash/s or some other reasonable number, to stop this attacks from happening and to give everybody a fair chance on mining.

I know Satoshi didn't like when people started GPU mining, so he would like even less the power of the pools.
It's a terrible waste of electricity to say the least.

I call for a royal commission and thorough investigation into the I0Coin fiasco.

You can see this isn't true in the block chain


lack of knowledge != SCAM

With the difficulty starting at 1, and the amount of attention this fork garnered, is what caused the start to be so chaotic, but you should have known this....

I know, I know everyone thought they would fire up their solo miners and mine a quick 500,000 i0coins and then by Saturday they would be rich....please

 I have good reason to believe I have and I believe many others have as well. Let them speak and i'm sure you'll see i'm not the only one.

When Deepbit gets >51%, the exact same thing can happen to bitcoin. People who get blocks solo will get killed eventually by the pool. Solution: STOP USING POOLS.

its possible that others were mining on the new block chain before it was posted to the forum.

Of course there was a lot of rush to mine this new block chain but many people not realising they required to server switch and still seeing zero balance took to the mining pools despite the very low difficulty.

There is a lot of fishy stuff about this launch. It came out 75 minutes later than expected and its possible that others were mining on the new block chain before it was posted to the forum. It also came with missing DLLs files
for the Windows install and it didn't run in server mode by default meaning that many solo miners may have lost a lot of blocks. Of course there was a lot of rush to mine this new block chain but many people not realising they required to server switch and still seeing zero balance took to the mining pools despite the very low difficulty. The mining pools really made the situation much worse as all the hashing power was now centralized mainly at BTCguild.

Anyone with a direct low latency connection to BTCGuild would have easily mined a lot blocks and causing other miners blocks to be rejected or marked as stales. Many miners big and small alike found that they efforts to mine this new blockchain were futile. I call for a royal commission and thorough investigation into the I0Coin fiasco. We need to look at the block chain data and see compare time stamps. We also need to investigate the many lost blocks and coins and enumerate exactly who most of the winning blocks went to.

The pools unfortunately have to much power and are defeating the purpose of p2p currency.

Let me guess: You lost money again! 

You should quit trying to be a speculator because it seems you are not cut out for it lol

Stop whining! Cry baby!