Interesting article.
Proper analysis about exactly why an instamine is unfair would be good.
These two aren't major altcoins at all, but you can look at:
- Limecoin (LC, the Scrypt one; not the X11 one). 75% of all coins ever were mined in 48 minutes. See: https://bitcointalksearch.org/topic/m.6436534
- Hashcoin. 3 million coin fast mine (compare with current reward of 37500 per day) . See: https://bitcointalksearch.org/topic/m.6371890
Plus, XXLCoin is currently fighting 1st/2nd place voting for Mintpal, and yet it has a huge premine (30% of current coins; 13% of all coins that will ever be mined). Mintpal doesn't even have DOGE/Altcoin markets so I don't know how that's going to work when there are 314 billion coins now and a 13%-30% premine. See: https://bitcointalksearch.org/topic/m.6470346
Mention any of this in the thread and you just get flamed down by dev & chums & the lucky ones that benefitted from fastmine. I've given up. I think people don't care.
Topic: Investigation Complete of Instamines and Fastmines for almost every top alt coin - page 10. (Read 12004 times)
April 30, 2014, 06:49:53 AM
April 30, 2014, 06:21:20 AM
THE FACTS ABOUT DARK COIN
1. released without windows QT so that only dev and pals could mine it.
2. Instamined harder than any other coin out there 12.5% of the current minting was mined in the first day
3. Later they decided to cut the minting by 75% to turn their 12.5% instamine with no windows QT into 50% instamine in 24hours - nice hey
yes that is correct they mined 50% of all the coins available at this time by themselves in the first 24 hours whilst windows users could not mine.
That is the facts.... doesn't matter what else they say... nothing can change what they have done.
Once zero coin, or bytecoin with a decent wallet it released or another darkcoin clone is released.... dark coin will sink like a stone.
This is from the website...will have to compare the data to give a verdict on this one
Quote
Darkcoin
The following data and time stamps were collected from the Darkcoin blockchain 14).
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.
The following data and time stamps were collected from the Darkcoin blockchain 14).
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.
April 30, 2014, 06:16:43 AM
THE FACTS ABOUT DARK COIN
1. released without windows QT so that only dev and pals could mine it.
2. Instamined harder than any other coin out there 12.5% of the current minting was mined in the first day
3. Later they decided to cut the minting by 75% to turn their 12.5% instamine with no windows QT into 50% instamine in 24hours - nice hey
yes that is correct they mined 50% of all the coins available at this time by themselves in the first 24 hours whilst windows users could not mine.
That is the facts.... doesn't matter what else they say... nothing can change what they have done.
Once zero coin, or bytecoin with a decent wallet it released or another darkcoin clone is released.... dark coin will sink like a stone.
April 30, 2014, 06:15:12 AM
Blackcoin: the first 5000 blocks were POW. After block 5000, POS kicked in. You will find about 7500 POW blocks and 2500 POS blocks in the first 10000. Hence the ~75 million coins.
That's why you dont find any POS blocks pre 5000.
Blackcoin was fully mined in ~7 days. Most miners dumped the coin (it went from 3000 satoshi to 500). At price 500, it stayed for ~2 weeks with low interest. Investors picked the coin up and took it to where it is now. Most people who have blackcoin bought it in when it was cheaper than to mine.
That's the blackcoin side of the story.
That's why you dont find any POS blocks pre 5000.
Blackcoin was fully mined in ~7 days. Most miners dumped the coin (it went from 3000 satoshi to 500). At price 500, it stayed for ~2 weeks with low interest. Investors picked the coin up and took it to where it is now. Most people who have blackcoin bought it in when it was cheaper than to mine.
That's the blackcoin side of the story.
April 30, 2014, 06:11:44 AM
There is a lot of work you put into this , I must congratulate you for this.
Worth reading and comparing the coins when you're done with it and double check it.
Worth reading and comparing the coins when you're done with it and double check it.
April 30, 2014, 06:08:50 AM
Did you even read the article? I actually take down that false dichotomy and point out that the coins with accidental fastmines are less of a concern for an investor. They are still problematic, but I break down the concern of instamines into three choices; obviously dangerous investments, questionable investments, and okay investments based purely on how fast the coins were mined.
I realize you are a miner, so this may not reach you, but it's important to non mining investors that the coin isn't slanted too much towards the miners. Since you think my writing is childish, please comment on the following coins I discuss...
-Blackcoin's 40 million coin creation in 3 days (proved using their blockchain). Blackcoin has around 75 million coins in existence today, representing more than 50% coin generation in 3 days.
-Darkcoin splurge-spawned 1.6 million coins within 8 hours of its start (proved using their blockchain). There are 4.31 million DRK in existence today.
-Mintcoin's ridiculous 700 million coins for ONE BLOCK at its start (proved using their blockchain)
...Plus more funny business completely unrelated to whether or not a coin has KGW.
Your TL;DR is way off. But I realize why you are pissed; I am going after the miners who make money of poor chums that come to invest, only to hold the bag after. If you mine coins without regard to how the coin is structured and the MO, in my opinion you are not different than the chumps on Wall Street who use HFT algorithms to leech money out of the market. Crypto currencies should fend off the leeches, not make room for them. These coins deserved to be called out. If you don't want to address them point by point and just pull the "expert miner" card, so be it. I will continue to write and inform other investors of some basic information.
I realize you are a miner, so this may not reach you, but it's important to non mining investors that the coin isn't slanted too much towards the miners. Since you think my writing is childish, please comment on the following coins I discuss...
-Blackcoin's 40 million coin creation in 3 days (proved using their blockchain). Blackcoin has around 75 million coins in existence today, representing more than 50% coin generation in 3 days.
-Darkcoin splurge-spawned 1.6 million coins within 8 hours of its start (proved using their blockchain). There are 4.31 million DRK in existence today.
-Mintcoin's ridiculous 700 million coins for ONE BLOCK at its start (proved using their blockchain)
...Plus more funny business completely unrelated to whether or not a coin has KGW.
Your TL;DR is way off. But I realize why you are pissed; I am going after the miners who make money of poor chums that come to invest, only to hold the bag after. If you mine coins without regard to how the coin is structured and the MO, in my opinion you are not different than the chumps on Wall Street who use HFT algorithms to leech money out of the market. Crypto currencies should fend off the leeches, not make room for them. These coins deserved to be called out. If you don't want to address them point by point and just pull the "expert miner" card, so be it. I will continue to write and inform other investors of some basic information.
Can only speak about mintcoin. As got into them a week back after doing a fair amount of research. If you look at their post here when they launched you will understand why the first block had 700 million mints. It's 1% of the total mints that will be. The developers state very clearly that the coins has 1% premine for development and giveaways etc. That's the first block. Sure enough you have done your research but what would be great is if you put everything down and not select the info that you feel is right. Maybe they are scam. But after reading your article and looking at how they made it clear before launching the coin. Your article looks biased and not well researched.
April 30, 2014, 06:01:38 AM
As an investing non miner I really don't care the how when who of mining and neither will average joe when he gets into cryptos.
Really irrelevant now considering how many are 50%-100% premine.
Doesn't matter how they start, what matters is who holds them over time.
Really irrelevant now considering how many are 50%-100% premine.
Doesn't matter how they start, what matters is who holds them over time.
2 of your statements seem incongruent.
not at all, exchanges overtime is the real distribution method, no matter the how when why or who of mining.
April 30, 2014, 05:36:35 AM
wow bitcoin on the list too?
but i guess we can all forgive bitcoin?
Bitcoin wasn't instamined, fastmined or whatever. but i guess we can all forgive bitcoin?
i saw the list from OP saw bitcoin, but i was wrong i should have read that link first.
now that you mentioned it, i went and read that weblink, very interesting read indeed.
every newbie should be pointed to read that article first before investing anything.
April 30, 2014, 05:28:42 AM
Good COINS without good popularization and application, there is no practical COINS either issue, in what way are meaningless
April 30, 2014, 04:32:37 AM
This needs to be spread around. Link to it if you like it!
Nice article. I'm doing what I can to share it.
April 30, 2014, 03:40:06 AM
As an investing non miner I really don't care the how when who of mining and neither will average joe when he gets into cryptos.
Really irrelevant now considering how many are 50%-100% premine.
Doesn't matter how they start, what matters is who holds them over time.
Really irrelevant now considering how many are 50%-100% premine.
Doesn't matter how they start, what matters is who holds them over time.
2 of your statements seem incongruent.
April 30, 2014, 01:14:14 AM
As an investing non miner I really don't care the how when who of mining and neither will average joe when he gets into cryptos.
Really irrelevant now considering how many are 50%-100% premine.
Doesn't matter how they start, what matters is who holds them over time.
Really irrelevant now considering how many are 50%-100% premine.
Doesn't matter how they start, what matters is who holds them over time.
April 30, 2014, 01:09:23 AM
wow bitcoin on the list too?
but i guess we can all forgive bitcoin?
Bitcoin wasn't instamined, fastmined or whatever. but i guess we can all forgive bitcoin?
April 30, 2014, 01:07:32 AM
wow bitcoin on the list too?
but i guess we can all forgive bitcoin?
but i guess we can all forgive bitcoin?
April 29, 2014, 11:45:25 PM
I took a quick look at it and the first block was in fact 10747.
http://chain.einsteinium.org/block/d1c175570320d4d6388a4525385b8f20460d340f621cfeebb9824712b9e593c5
The rest of the initial blocks are the number you quote. I probably looked at the first block and made an assumption. whoops!
I will post the einsteinium section as under construction until tomorrow.
http://chain.einsteinium.org/block/d1c175570320d4d6388a4525385b8f20460d340f621cfeebb9824712b9e593c5
The rest of the initial blocks are the number you quote. I probably looked at the first block and made an assumption. whoops!
I will post the einsteinium section as under construction until tomorrow.
We just found out about that amount ourselves, it is the genesis block which is a bit unique since it launched the coin and created the foundation wallet. I guess it was a very small instamine then (10,747 coins). We did hear from our dev the genesis block was a bit different from the others, and we will find out more later. It may have ended up with the foundation wallet, but we will have to ask our dev to know for sure. The amount is so small I am not sure it is a huge concern, even if the amount went to our coin dev.
April 29, 2014, 11:22:00 PM
I took a quick look at it and the first block was in fact 10747.
http://chain.einsteinium.org/block/d1c175570320d4d6388a4525385b8f20460d340f621cfeebb9824712b9e593c5
The rest of the initial blocks are the number you quote. I probably looked at the first block and made an assumption. whoops!
I will post the einsteinium section as under construction until tomorrow.
http://chain.einsteinium.org/block/d1c175570320d4d6388a4525385b8f20460d340f621cfeebb9824712b9e593c5
The rest of the initial blocks are the number you quote. I probably looked at the first block and made an assumption. whoops!
I will post the einsteinium section as under construction until tomorrow.
April 29, 2014, 11:14:13 PM
You have some errors with einsteinium. It was 1024 coins per block during the first two epochs before our recent halving, not 10747 you say in the wiki. You can do calculations based on our block halving schedule. Epochs happen every 25 days, every epoch is 36000 blocks. The wormhole amount is also wrong, it is 2973 coins per block for the 180 blocks that constitute a wormhole every epoch. We had a fair launch, no premine or limited instamining. There are a few other errors as well, not necessary with the analysis, but technical errors. Overall, it is a good assessment. One of our team members can help you with any technical errors, but we do not want to alter your substance or analysis. The mechanics and coin amounts can be found on our bitcoin talk thread here: https://bitcointalksearch.org/topic/annemc2-einsteinium-funding-the-future-with-the-future-of-currency-494708
If you wish to PM me, I can help.
There is an aggressive halving schedule early on during the first 18 months, but you are correct, the wormhole mechanism is designed to mitigate that effect and reward later miners.
In terms of the science funding part...that much is true. We have funded two projects so far. We will continue to fund projects into the future.
If you wish to PM me, I can help.
There is an aggressive halving schedule early on during the first 18 months, but you are correct, the wormhole mechanism is designed to mitigate that effect and reward later miners.
In terms of the science funding part...that much is true. We have funded two projects so far. We will continue to fund projects into the future.
I'm just about to head to bed, but I promise to look into these possible errors and adjust the post accordingly.
Thanks for the helpful information!
April 29, 2014, 10:52:10 PM
You have some errors with einsteinium. It was 1024 coins per block during the first two epochs before our recent halving, not 10747 you say in the wiki. You can do calculations based on our block halving schedule. Epochs happen every 25 days, every epoch is 36000 blocks. The wormhole amount is also wrong, it is 2973 coins per block for the 180 blocks that constitute a wormhole every epoch. We had a fair launch, no premine or limited instamining. There are a few other errors as well, not necessary with the analysis, but technical errors. Overall, it is a good assessment. One of our team members can help you with any technical errors, but we do not want to alter your substance or analysis. The mechanics and coin amounts can be found on our bitcoin talk thread here: https://bitcointalksearch.org/topic/annemc2-einsteinium-funding-the-future-with-the-future-of-currency-494708
If you wish to PM me, I can help.
There is an aggressive halving schedule early on during the first 18 months, but you are correct, the wormhole mechanism is designed to mitigate that effect and reward later miners.
In terms of the science funding part...that much is true. We have funded two projects so far. We will continue to fund projects into the future.
If you wish to PM me, I can help.
There is an aggressive halving schedule early on during the first 18 months, but you are correct, the wormhole mechanism is designed to mitigate that effect and reward later miners.
In terms of the science funding part...that much is true. We have funded two projects so far. We will continue to fund projects into the future.
April 29, 2014, 06:59:58 PM
This article now added...
Ultracoin...Ultracoin had a first block that generated 2 million coins. There are 14 million UTC in existence.
whitecoin...Did you know whitecoin first had 30,000 WC blocks? Do you know what the block subsidy changed to? 10 WC. Not to mention a rather shady first block for whitecoin as well...
read more at the article. Use the menu on the left to scroll to your coin of choice.
Ultracoin...Ultracoin had a first block that generated 2 million coins. There are 14 million UTC in existence.
whitecoin...Did you know whitecoin first had 30,000 WC blocks? Do you know what the block subsidy changed to? 10 WC. Not to mention a rather shady first block for whitecoin as well...
read more at the article. Use the menu on the left to scroll to your coin of choice.
April 27, 2014, 11:57:52 PM
Lots of good clear information there! Also, thank you for the little mention of the NobleCoin .pdf.
no problem, I thought it was a decent look into the mind of someone neck deep into cryptocurrencies...Anyone interested in cryptos would find a nice, well rounded perspective in there.
https://www.noblemovement.com/the-state-of-alternative-cryptocurrency-an-introduction-to-the-alternative-cryptocurrency-scene-its-inner-workings-noblecoin-moving-forward/
Jump to: