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Topic: Is the alternate cryptocurrencies market being monopolized? - page 3. (Read 6555 times)

legendary
Activity: 1274
Merit: 1000
Minerals Dev just posted Pool.mn information on a ninja lauch
https://bitcointalksearch.org/topic/minerals-dev-just-posted-poolmn-information-on-a-ninja-lauch-652220

https://bitcointalksearch.org/topic/m.7319877



the whole lunch was a clusterfuck.

the pool owner was allowing people to mine without restriction. for hrs peopel had 500mhs/s each. Even after we were complaining they took their time to block and enforce the 50 mh/s restriction.

The pools were all set up by pool.mn peeps. so its funny you attackother pools yet a major pool one ran this

as you can see. after few hrs they lunched on other coin. clearly shows pool.mn/minerals will not spend too much dedication to this coin. its just a pump and dump.


the only thing this coin got going is that it fooled their miners and they stayed loyal. So that is nice. Meaning that some of them might try to keep this coin from dying for like a month. So it could be a fun trading experience. but thats all

the whole Starcraft thing is a flop. Blizzard will sue them the moment they try to sell anything trading goods.



which pissed me off since i love starcraft and i love crytpo-coin. i think there is room for tons in the top. but if they do not play fair in the beginning, will most likely not play far later.
hero member
Activity: 1470
Merit: 521
No more Rekt and Bust
"I am here for the goodness of Crypto. "

 Cheesy lmao!
sr. member
Activity: 432
Merit: 250
I'm not saying Minerals is monopolized. If the initial mining period was honest then it is way more fair than others.

I've been involved with a few coins at launch - and Minerals had the fairest distribution I think I have ever seen.
Everything was above board and NO-ONE was excluded, just asked to limit the individual hashrate to 50MH/s per work.
The large pools didn't want that, their preferred method is to hashrape the new coins with all the power they can muster - leaving the little GPU miner with next to nothing.
Still, they were not excluded - just allowed to mine up to the 50MH/s limit like the rest of the little people.
Then the threats started................ "You'll be mining air" has to be the best Smiley

The large pools ARE putting pressure on the exchanges to do what they want - why else would Minerals NOT be listed on the larger exchanges (given some of the true shitcoins they are happy to handle on a daily basis).

Shine the light people, tell your friends and re-tweet "MIN for the win" - shine the light on these collusive fuckers and take back crypto for the little guy  Grin
sr. member
Activity: 295
Merit: 250
I'm not saying Minerals is monopolized. If the initial mining period was honest then it is way more fair than others.
sr. member
Activity: 295
Merit: 250
If there is really such a thing. It would be more dangerous to the cryptoworld than one monopolized coin...
I wish to know more about this, and will do some research at my own.
Will post here if i find something.
sr. member
Activity: 364
Merit: 250

I'd say you deserve some answers brother.  Props on your effort to make this case as you have.


Thank you. It is really disconcerting for me to see this organized attacked from so many pool owners, which obviously indicates that they do communicate and monopolize, but to what degree I do not know.
sr. member
Activity: 311
Merit: 250
Dev of Mineral Coin this parabens, a coin made ​​so far very good mining some regular days and now I'm mining for the multipool and paying this just right, and her price valuing this, speak now something to take fashion to limit hashrate 50 mhs catch al that will have people crying in kkkkk
sr. member
Activity: 241
Merit: 250
Time you enjoy wasting is not wasted time.

I'd say you deserve some answers brother.  Props on your effort to make this case as you have.

hero member
Activity: 848
Merit: 500
That guy from dedicated pools... It's clear why he's so upset. He was in hurry to fastly inform exchanges and other pools to ignore "coin".
Also he's talking about quality of his pool, 5 of 10 times he's pool is "under heavy load" So what quality is that? Also that cloud flare - cheper then to have it's own.

I still Have some axis coins on his pool because he's lazy bastard who has other priorities then to update axis wallet (now about week)
Mined there since his pool had almost 100% of hashrate. Yes, who's is talking about "Centralization"

He chooses to be member of those ~150 peoples, his problem,  and probably he will profit. Meaning i, small miner, is totally inessential.
At least i felt bit bigger miner with minerals.

Bittrex - will just quote.
Our goal is to add coins based on community demand.
full member
Activity: 474
Merit: 111
You point out some interesting contradictions.
full member
Activity: 170
Merit: 100
RevolverCoin dev
Interesting summary, thank you. Made some conclusions about bittrex and some pools.
sr. member
Activity: 364
Merit: 250
Let's all go trade decentralized Wink http://thecoinfront.com/blackhalo-aims-to-save-bitcoiners-from-another-mt-gox-scenario/
BlackHalo is on it's way ^^"

Also, Bittrex isn't the biggest crypto-exchange. Here is a list: http://www.cryptocoincharts.info/v2/markets/info
Not all are pure altcoin-exchanges, but the biggest are Mintpal and Cryptsy in their category. Though Bittrex is climbing its way up Wink
Thanks Smiley fixed.
legendary
Activity: 2198
Merit: 1000
Hey glad to see you start this thread Smiley
hero member
Activity: 644
Merit: 500
Let's all go trade decentralized Wink http://thecoinfront.com/blackhalo-aims-to-save-bitcoiners-from-another-mt-gox-scenario/
BlackHalo is on it's way ^^"

Also, Bittrex isn't the biggest crypto-exchange. Here is a list: http://www.cryptocoincharts.info/v2/markets/info
Not all are pure altcoin-exchanges, but the biggest are Mintpal and Cryptsy in their category. Though Bittrex is climbing its way up Wink
sr. member
Activity: 432
Merit: 250
+1 - followed this from the start and the behaviour of the "large operators" is nothing short of consolidation of a monopoly position

Their attitude has been, quite simply, "No way for us to affect the outcome, so we are going to try and bomb you from orbit"

If you are mining on their pools then you are being taken for a ride, BIG time.

Chances are you are mining a shitcoin for them?

This Minerals coin has had the fairest possible distribution, with NO PREMINE (that's right, you read it correctly) and yet it is still being called unfair by hashfarmers and feckless parasites.

Bunch of monkeyballsuckers  Angry
sr. member
Activity: 476
Merit: 250
So my question to this forum is this: is the market that heavily monopolized? That only a select few people decide which coin is gonna go where, where it’s going to be mined, where it’s gonna exchange?
Was crypto not made in order to decentralize us from the control of a few powerful entities? How bad is what Binaryclock talking about? How powerful have they become?
Additional links to read:
http://www.cryptoarticles.com/crypto-news/minerals-x11-powpos-with-no-wallet-download-before-end-of-pow
http://www.cryptoarticles.com/crypto-news/minerals-altcoin-with-100-fair-launch-upsets-big-miners-and-pool-operators

I think you answered all those questions and more in your own post. People will get tired of being played eventually. I don't know if Minerals is the coin to wake anybody up but it did start a very interesting conversation for sure.
sr. member
Activity: 364
Merit: 250
Disclaimer: This post is NOT mainly about MineralsCoin (but rather its concept), but I had to mention it heavily because it is the catalyst for this whole reaction.
This post is about how some pool owners, together with big exchanges and probably big farmers monopolize the market on the expense of small miners and possible investors.

I wanna apologize of the lengthy post, so bear with me it, but let’s start:

About a week ago (June 12th) a new coin came to life – MineralsCoin (https://bitcointalksearch.org/topic/annmin-minerals-pos-developing-own-anon-solution-641057).
This coin came with the idea to challenge the unfair distribution that most, if not all coins before it had.
And by unfair I am talking about farms taking over a coins network, mining the majority of it, while being the minority (in sheer number) and then dumping it, leaving small miners (the majority) with nothing but leftovers, if they’re lucky.
The developers of MineralsCoin decided that in order to allow a fair distribution of the coin, they would have to limit the hashrate that each individual could use, and the only way to do so is by controlling all the pools of the coin during its PoW phase (a stage that lasted about 7 days) and limiting each account to 1 worker with a limit of 50MH/s (it’s using x11).
Also, wallet wasn't released until after PoW phase ended to prevent farmers from solo mining it.
 
Sure, you could work your way around it, but it would be a lot of trouble and as evident from the network hashrate, not to many farmers bothered with the coin.
Now, some of you might say it’s a scam because the dev of the coin could just relocate the hash somewhere else for his own benefits, but a quick look at the miner showed difficulty that matched the coins, block explorer of the coin worked perfectly fine and no other coin that uses x11 has had a jump in network hashrate proportionate to the size MineralsCoin.
Also, there was no ghost account mining the coin heavily as could have been seen by adding the total hashrate of the 6 pools.

During its PoW stage the developer worked hard on giving the miners an alternative to where to store their coins outside the pool, this alternative came in the form of exchanges. One exchange service was happy to add MineralsCoin and it’s C-Cex, however, most miners wanted (and still want), the bigger exchanges to accept MineralsCoins in order to see its value go up.
However, one of the biggest exchanges to date – Bittrex, has remained vague with its intention of adding MineralsCoin for reasons that made me make this thread:

Here are some quotes from pool owners/admins/whatever that for "unknown" reasons decided to group up in MineralsCoin thread:

Admin in DedicatedPools
You think these pools have DDOS protection? Think again.
We charge 2% because we are a premium pool where shit just works.
We'll see on launch :p
Subtle threat?
Sorry, not supporting privatization of crypto coins.  Crypto is supposed to be open source.
I'd be astonished if any exchange actually hosts this for you.  Nobody is going to encourage private sources and pools, no wallets, etc.
This is not crypto at this point, you will be no better than Microsoft or Paypal.
Didn't you think this was going to cause some backlash?  People don't want privatization, they want public sources and open source.  You are going backwards, not forwards.

Ryan, dedicatedpool.com support/admin
Quoted for the irony that is about to come.

I am here for the goodness of Crypto.  I have been here much longer than anyone and have tried to form a society that is good to move forward.  Privatization of crypto will not been tolerated.  You may or may not know there is a society of over 150 people, pool owners, exchanges, leaders in crypto that all VETO'd your coin - it is just not me.  People will not stand for stuff like this - the scams are already too bad and developers are trying to gain more and more control.  It won't happen.  
You seem like a nice guy and for that I feel bad that it worked out like this for you.  Your idea was probably good on paper but you probably never considered the backlash from the engineering community that created these walelts and crypto in general.  Sure miners will mine anything under the sun - they have no idea of the implications.  But the people who created crypto are looking out for them.  Private sources are not accepted, under any circumstance - that is not crypto anymore.. it is paypal or whatever.  We don't want paypals.  People want to be able to control their wallets and review source codes.  We want public ledgers and pools and exchanges, not backroom bargins and developer 100% control.
“Sorry, not supporting privatization of crypto coins” right into "You may or may not know there is a society of over 150 people, pool owners, exchanges, leaders in crypto that all VETO'd your coin - it is just not me”.
Probably the most disconcerting post of them all.

So the new scam of the week is private sources and pools so devs can control, not just 1% of the coins, but 100% of the coins.  Nice.
Sorry, not going to work.  Already contacted exchanges and gave them the heads up.
Nobody is going to host this coin on a major exchange.
If you mine this coin you are killing crypto.  And in fact, since you won't be able to trade it, you're just wasting electricity.
Purposefully blocking a coin that might create a wave of coins that will eat into his future pool profits.

it won't be worth anything.  Exchanges aren't hosting it.
You'll be mining air.
Coin is dead before it started.
Well, now it’s an obvious threat.

Admin in TradeMyBit:
No source? Fail coin.
Another pool showing its hate.

Admin in  Suprnova and various other pools (yet another pool owner…)
Much luck to you guys, if any other coin would only mineable by one pool (operator) everyone would scream "scam!, scam!, scam!" as there is no way to prove that the pool is legit and you get what you deserve, but if you like being controlled by one single instance here..
Go ahead and support the idea of socialism ;-)
Quoted for irony Wink

I Can just shake my head when i Read the last few pages here, i cannot understand that people like being Controlled, throttled and manipulated in every possible way.
This concept is total bullshit, even Ripple is better.
Trying to control, throttle and manipulate the entire thread with the rest of the pool owners, does make what he just wrote to qualify as ironic.

Admin in Suchpool.sw (another pool owner…)
This look like a big scam, stay away.

There were lots of other pools in that thread (to many pages to go through) in addition to shill accounts trying to spread FUD and quotes from Bittrex IRC which I did not bother to post.
For the record, MineP was actually the only pool that participated in the thread and did not seem to bash the coin but rather took interest in it.

As a side note, how many coins out there have you seen that have been controlled by a single pool? Don’t know about you, but I have seen a lot. Pools that owned 80%, 90% and even 100% of the network of the coins and those coins were added without an issue to the big exchanges only to allow pool owners to dump the coin to make an extra… God knows how much.

As far as Bittrex goes (and the other big exchanges), to this date, they have added a lot of other shitcoins, that are semi closed source, 100% pre-mined, 70% premined (Country coins anyone?), etc.
The only common thing here I can see between those coins that were listed on big exchanges is that they could have been mined on the big pools.

So my question to this forum is this: is the market that heavily monopolized? That only a select few people decide which coin is gonna go where, where it’s going to be mined, where it’s gonna exchange? Which coin is going to be lunched?
Was crypto not made in order to decentralize us from the control of a few powerful entities? How bad is what Binaryclock talking about? How serious is that group?

And as a last note, MineralsCoin is now in its PoS stage and became open source. Nothing malicious was found in the code and so far everything seems legit with the coin.

P.S. I wanna remind you again that this thread isn't about MineralsCoin, but rather the concept it brought to the table and the very sharp reaction from a group of people that got scared of its ramification if it succeeds.

*I wanna apologize if my English was not spot on, it isn’t my native language after all.

Additional links to read:
http://www.cryptoarticles.com/crypto-news/minerals-x11-powpos-with-no-wallet-download-before-end-of-pow
http://www.cryptoarticles.com/crypto-news/minerals-altcoin-with-100-fair-launch-upsets-big-miners-and-pool-operators
http://altcoinspeculation.com/new-coins-new-wealth-any-future/
http://altcoinspeculation.com/are-new-altcoins-being-monopolised/
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