hell yeah!!!!
but i think they do it on purpose, because it is the dev that has a rig ready for it during the launch.
my thinking is,
there are lots of dev in this forum. everyone wants to be insta-rich by copy paste. that does not help crypto-currency as a whole. it ends up they destroy the opportunity that can really make all of us rich.
for alt coin to survive,
WE DONT NEED ANY NEW COINS. WE NEED A ECONOMY FOR EXISTING COINS.
Even for those scrypt-jane, scrypt-sussie coins, if the blocks halves too fast, by the time the coin is 99% mined, and no economy is developed for it. it will still die no matter what.
Topic: [LECTURE] Why Instamining is BAD and why you shouldn't allow it when you Launch (Read 3817 times)
February 22, 2014, 05:57:19 PM
February 22, 2014, 04:09:59 AM
Miner A has 5mh/s and starts mining Fcoin at launch. It is an instamine. He makes 500,000 coins at a difficulty of 0.002 or less in the span of about 10 minutes. Miner B has 5mh/s and likes the new Fcoin but is finding out about it 30 minutes after launch. He gets on and mines for the next 3 days and mines only 5,000 coins.
If you agree with me can I get a HELL YEAH?
These days it's all about scrypt asics and 25-50+MH farms. Small miners with sub 5mh don't make shit anymore.
February 22, 2014, 02:41:30 AM
Hendo is onto something everyone... Look at all these new coins popping out and community is losing money because they follow along the pump n dumps to gain money. The new Panda coin just whipped out the community and now here is my message to all of you... Hendo told you so... And 42 coin was a testiment to his theory.
Read my post about pandas community dump
https://bitcointalksearch.org/topic/m.5294823
If Hendo and the team would have dumped 42. 42 would be at a much lower price and it would have dropped immediately.
This is crazy guys... Hendo called this out and no one listened. Well, how about you now double check your calendar because there is a new wave of theory that is about to change the crypto game for good. Yes, that's 42 coin. Yes I am motivated to help 42 and I myself haven't dumped my coins either and I know a few ppl holding 42.
Please check block explorer and you'll find out how Hendo and the team missed out on dumping to make huge profits just to prove this theory is what we need in place for the dumping and instamining to stop.
Its all about win for devs win for community and win for the brand of the coin
If its not win win win... Leave that coin and invest into a logical coin you can adopt and grow for the future.
Read my post about pandas community dump
https://bitcointalksearch.org/topic/m.5294823
If Hendo and the team would have dumped 42. 42 would be at a much lower price and it would have dropped immediately.
This is crazy guys... Hendo called this out and no one listened. Well, how about you now double check your calendar because there is a new wave of theory that is about to change the crypto game for good. Yes, that's 42 coin. Yes I am motivated to help 42 and I myself haven't dumped my coins either and I know a few ppl holding 42.
Please check block explorer and you'll find out how Hendo and the team missed out on dumping to make huge profits just to prove this theory is what we need in place for the dumping and instamining to stop.
Its all about win for devs win for community and win for the brand of the coin
If its not win win win... Leave that coin and invest into a logical coin you can adopt and grow for the future.
+1
February 22, 2014, 02:18:33 AM
Hendo is onto something everyone... Look at all these new coins popping out and community is losing money because they follow along the pump n dumps to gain money. The new Panda coin just whipped out the community and now here is my message to all of you... Hendo told you so... And 42 coin was a testiment to his theory.
Read my post about pandas community dump
https://bitcointalksearch.org/topic/m.5294823
If Hendo and the team would have dumped 42. 42 would be at a much lower price and it would have dropped immediately.
This is crazy guys... Hendo called this out and no one listened. Well, how about you now double check your calendar because there is a new wave of theory that is about to change the crypto game for good.
Yes, that's 42 coin. Yes I am motivated to help 42 and I myself haven't dumped my coins either and I know a few ppl holding 42.
Please check block explorer and you'll find out how Hendo and the team missed out on dumping to make huge profits just to prove this theory is what we need in place for the dumping and instamining to stop.
Its all about win for devs win for community and win for the brand of the coin
If its not win win win... Leave that coin and invest into a logical coin you can adopt and grow for the future.
Read my post about pandas community dump
https://bitcointalksearch.org/topic/m.5294823
If Hendo and the team would have dumped 42. 42 would be at a much lower price and it would have dropped immediately.
This is crazy guys... Hendo called this out and no one listened. Well, how about you now double check your calendar because there is a new wave of theory that is about to change the crypto game for good.
Yes, that's 42 coin. Yes I am motivated to help 42 and I myself haven't dumped my coins either and I know a few ppl holding 42.
Please check block explorer and you'll find out how Hendo and the team missed out on dumping to make huge profits just to prove this theory is what we need in place for the dumping and instamining to stop.
Its all about win for devs win for community and win for the brand of the coin
If its not win win win... Leave that coin and invest into a logical coin you can adopt and grow for the future.
February 22, 2014, 02:14:12 AM
Hendo is onto something everyone... Look at all these new coins popping out and community is losing money because they follow along the pump n dumps to gain money. The new Panda coin just whipped out the community and now here is my message to all of you... Hendo told you so... And 42 coin was a testiment to his theory.
Read my post about pandas community dump
https://bitcointalksearch.org/topic/m.5294823
If Hendo and the team would have dumped 42. 42 would be at a much lower price and it would have dropped immediately.
This is crazy guys... Hendo called this out and no one listened. Well, how about you now double check your calendar because there is a new wave of theory that is about to change the crypto game for good. Yes, that's 42 coin. Yes I am motivated to help 42 and I myself haven't dumped my coins either and I know a few ppl holding 42.
Please check block explorer and you'll find out how Hendo and the team missed out on dumping to make huge profits just to prove this theory is what we need in place for the dumping and instamining to stop.
Its all about win for devs win for community and win for the brand of the coin
If its not win win win... Leave that coin and invest into a logical coin you can adopt and grow for the future.
Read my post about pandas community dump
https://bitcointalksearch.org/topic/m.5294823
If Hendo and the team would have dumped 42. 42 would be at a much lower price and it would have dropped immediately.
This is crazy guys... Hendo called this out and no one listened. Well, how about you now double check your calendar because there is a new wave of theory that is about to change the crypto game for good. Yes, that's 42 coin. Yes I am motivated to help 42 and I myself haven't dumped my coins either and I know a few ppl holding 42.
Please check block explorer and you'll find out how Hendo and the team missed out on dumping to make huge profits just to prove this theory is what we need in place for the dumping and instamining to stop.
Its all about win for devs win for community and win for the brand of the coin
If its not win win win... Leave that coin and invest into a logical coin you can adopt and grow for the future.
January 28, 2014, 11:04:10 AM
I agree with what you propose Hendo. But, why mine a new coin then? I think instamine is a necessary evil.
This is the way I see things.
We have these older stable coins, WDC, MEC, DGC etc. That are worth 20cents ++. With my 10Mh I can get a fair amount of these. Why would I mine a brand new coin that is not on an exchange, has no value attached to it yet, only to get a handful of coins? I would rather just mine Worldcoin and gamble that sharmbeck will increase its price. Then dump when that happens.
The thing that attracts miners to new coins is the instamine and the fact that early adopters can get a good amount of coins. If I can't do that then whats the point of using my expensive rigs on a worthless coin when there are many other options that give me some ROI.
That being said, I am really picky as to which new coins I jump on. Premined coins are an automatic no for me, simply because there are existing options for this. If I can instamine a non-premined coin I may point my miners there for 12-24 hours the back to WDC. But only if I catch it on release.
This is the way I see things.
We have these older stable coins, WDC, MEC, DGC etc. That are worth 20cents ++. With my 10Mh I can get a fair amount of these. Why would I mine a brand new coin that is not on an exchange, has no value attached to it yet, only to get a handful of coins? I would rather just mine Worldcoin and gamble that sharmbeck will increase its price. Then dump when that happens.
The thing that attracts miners to new coins is the instamine and the fact that early adopters can get a good amount of coins. If I can't do that then whats the point of using my expensive rigs on a worthless coin when there are many other options that give me some ROI.
That being said, I am really picky as to which new coins I jump on. Premined coins are an automatic no for me, simply because there are existing options for this. If I can instamine a non-premined coin I may point my miners there for 12-24 hours the back to WDC. But only if I catch it on release.
January 28, 2014, 10:48:59 AM
Thank you. You also included a how to guide for the code 
I hope it is implemented with all coins.
I hope it is implemented with all coins.
January 28, 2014, 10:19:23 AM
Your premine was any better? 
January 28, 2014, 10:14:32 AM
Great writeup. It explains clearly what I needed to know.
January 13, 2014, 09:57:18 AM
interesting , i learned alot from this subject
January 13, 2014, 02:44:26 AM
this doesn't solve anything
what if miner A have 700kh/s..
and miner B have 5Mh/s
shouldn't miner A be awarded for being an early adopter ?
over time miner B will still get a lot more than miner A... and will dump more (duh)
people without lot of hashrate won't dump something that was so difficult to obtain.. usually
with the low rewards at launch - people with low hashrate are out of the game completely. and the coin will be monopolized by the hashrate monsters
but HELL YEAH anyway for trying to make things fair - but it won't solve anything
what if miner A have 700kh/s..
and miner B have 5Mh/s
shouldn't miner A be awarded for being an early adopter ?
over time miner B will still get a lot more than miner A... and will dump more (duh)
people without lot of hashrate won't dump something that was so difficult to obtain.. usually
with the low rewards at launch - people with low hashrate are out of the game completely. and the coin will be monopolized by the hashrate monsters
but HELL YEAH anyway for trying to make things fair - but it won't solve anything
If miner A and miner B both get on at launch. Miner B will cause Miner A to have a ton of orphans. Just the way it works with the blocks being solved so fast.
January 13, 2014, 01:23:36 AM
this doesn't solve anything
what if miner A have 700kh/s..
and miner B have 5Mh/s
shouldn't miner A be awarded for being an early adopter ?
over time miner B will still get a lot more than miner A... and will dump more (duh)
people without lot of hashrate won't dump something that was so difficult to obtain.. usually
with the low rewards at launch - people with low hashrate are out of the game completely. and the coin will be monopolized by the hashrate monsters
but HELL YEAH anyway for trying to make things fair - but it won't solve anything
what if miner A have 700kh/s..
and miner B have 5Mh/s
shouldn't miner A be awarded for being an early adopter ?
over time miner B will still get a lot more than miner A... and will dump more (duh)
people without lot of hashrate won't dump something that was so difficult to obtain.. usually
with the low rewards at launch - people with low hashrate are out of the game completely. and the coin will be monopolized by the hashrate monsters
but HELL YEAH anyway for trying to make things fair - but it won't solve anything
January 12, 2014, 11:49:28 PM
Damn ri8 !! Instamined, then sell at lower prices. The end of the coin
January 12, 2014, 11:42:04 PM
bumped back to the first page because more ppl need to read this.
January 12, 2014, 03:20:24 PM
I partially agree...but HELL YEAH 
While it does lessen the impact of insta-mining, it does not alleviate it enough IMO. There is still a fair rush on mining as the block reward changes to it's higher level and this creates an "insta-mine" of sorts. I think having a step-up block reward would be a better option. Something like this:
Blocks 1-100 = .00001
Blocks 101-200 = .0002
Blocks 201-300 = .004
Blocks 301-400 = .06
But just like you said, depending on your block time and difficulty retarget time and % up/down you will have to modify your coin to hit the sweet spot.
Nobody wants to mine something with an incredibly low block reward only to be shat upon when the real rewards kick in and everybody jumps on it.
While it does lessen the impact of insta-mining, it does not alleviate it enough IMO. There is still a fair rush on mining as the block reward changes to it's higher level and this creates an "insta-mine" of sorts. I think having a step-up block reward would be a better option. Something like this:
Blocks 1-100 = .00001
Blocks 101-200 = .0002
Blocks 201-300 = .004
Blocks 301-400 = .06
But just like you said, depending on your block time and difficulty retarget time and % up/down you will have to modify your coin to hit the sweet spot.
Nobody wants to mine something with an incredibly low block reward only to be shat upon when the real rewards kick in and everybody jumps on it.
There are many ways to go about it but the end goal is the same.
January 12, 2014, 03:20:02 PM
Then problem with this, is many miners won't "tune-in" till after the adjustment period, because mining for .0001 block reward isn't as beneficial as doing it for 50.
stablecoin did this type of launch and it worked perfectly...miners will still mine the coin even with low blocks.
January 12, 2014, 03:16:45 PM
I partially agree...but HELL YEAH
While it does lessen the impact of insta-mining, it does not alleviate it enough IMO. There is still a fair rush on mining as the block reward changes to it's higher level and this creates an "insta-mine" of sorts. I think having a step-up block reward would be a better option. Something like this:
Blocks 1-100 = .00001
Blocks 101-200 = .0002
Blocks 201-300 = .004
Blocks 301-400 = .06
But just like you said, depending on your block time and difficulty retarget time and % up/down you will have to modify your coin to hit the sweet spot.
Nobody wants to mine something with an incredibly low block reward only to be shat upon when the real rewards kick in and everybody jumps on it.
While it does lessen the impact of insta-mining, it does not alleviate it enough IMO. There is still a fair rush on mining as the block reward changes to it's higher level and this creates an "insta-mine" of sorts. I think having a step-up block reward would be a better option. Something like this:
Blocks 1-100 = .00001
Blocks 101-200 = .0002
Blocks 201-300 = .004
Blocks 301-400 = .06
But just like you said, depending on your block time and difficulty retarget time and % up/down you will have to modify your coin to hit the sweet spot.
Nobody wants to mine something with an incredibly low block reward only to be shat upon when the real rewards kick in and everybody jumps on it.
January 12, 2014, 03:13:54 PM
Then problem with this, is many miners won't "tune-in" till after the adjustment period, because mining for .0001 block reward isn't as beneficial as doing it for 50.
January 12, 2014, 03:09:54 PM
I have been part of many coins release that had no premine and many of them have succeeded, if you need alot of premine your already in alot of trouble.
and all that stuff about needing things, the developer should just mine like everyone else and use that for giveaways, that way no one can confuse their motivations.
j
and all that stuff about needing things, the developer should just mine like everyone else and use that for giveaways, that way no one can confuse their motivations.
j
Wanna guess how much Aliencoin I have mined since launch?
40.0087 total
Its a good thing I'm not the one running the giveaways. Its a good thing the guy running Aliencoin has a small premine for giveaway/bountys because he tells me he hasn't mined any yet. So I guess I'm lucky
January 12, 2014, 03:05:03 PM
I have been part of many coins release that had no premine and many of them have succeeded, if you need alot of premine your already in alot of trouble.
and all that stuff about needing things, the developer should just mine like everyone else and use that for giveaways, that way no one can confuse their motivations.
j
and all that stuff about needing things, the developer should just mine like everyone else and use that for giveaways, that way no one can confuse their motivations.
j
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