Apologies; I did criticize the coin without stating a rationale. This is from the website linked in the OP:
Here are the specifications from the thread linked:
Deductive statement:
The only thing new here is the gimmick of being called "magic."
Therefore:
This is a gimmicky, useless coin.
Quote
About Magicoin (MAGIC/MAGI)
Magicoin is a peer-to-peer global currency that enables instant payments to anyone in the world. Magicoin is de-centralized and operates with no central authority or banks. Magicoin uses a memory-hard, scrypt-based mining proof-of-work algorithm. Anyones in the world can issue magicoins through their computers to contribute the digital currency community.
All of these already exist as more desirable alternatives. In fact, Magicoin was forked (that is, copied from) from one of these things.Magicoin is a peer-to-peer global currency that enables instant payments to anyone in the world. Magicoin is de-centralized and operates with no central authority or banks. Magicoin uses a memory-hard, scrypt-based mining proof-of-work algorithm. Anyones in the world can issue magicoins through their computers to contribute the digital currency community.
Here are the specifications from the thread linked:
Quote from: Magicoin
SPECIFICATIONS
Algorithm: Scrypt
Magicoin distributes coins using the pattern similar to LTC; simply count its value by comparing with LTC, however, we do magicoins, see below for details
2.5 minute block targets
Subsidy halves in 840k blocks (~4 years)
~84 million total coins
90% coins distributed "normally", i.e., halving every ~4 years, while 10% coins distributed magically (details explained below)
In average, 50 coins per block
2016 blocks to retarget difficulty (use Kimoto Gravity Well - KGW algorithm)
The above specifications sum up the coin, as they are meant to. Nothing new here. The "magic" distribution mentioned is more accurately known as random block rewards, a concept that has been done many times before.Algorithm: Scrypt
Magicoin distributes coins using the pattern similar to LTC; simply count its value by comparing with LTC, however, we do magicoins, see below for details
2.5 minute block targets
Subsidy halves in 840k blocks (~4 years)
~84 million total coins
90% coins distributed "normally", i.e., halving every ~4 years, while 10% coins distributed magically (details explained below)
In average, 50 coins per block
2016 blocks to retarget difficulty (use Kimoto Gravity Well - KGW algorithm)
Deductive statement:
The only thing new here is the gimmick of being called "magic."
Therefore:
This is a gimmicky, useless coin.
I understand what you are saying here. I have something in mind as for bringing new things into our coin. I've been on this for some time with all my efforts into the coin, I do hope what we do is not just a repeat of prior efforts, and hope you can come back one day and find this coin interesting.
