Topic: More Solidcoin Bashing/Defense (split from Be Safe thread) - page 2. (Read 2053 times)

Who are the ''investors''?

Thanks for helping to expose more problematic aspects of microcash BitcoinEXpress.I did wonder what was up with the part where a portion of money gets taken away from every user wallet (a tax maybe).Of course it has to do with that CPF (Coin protection fund) because why else would a 'tax' be required.In bitcoin this is just the transaction fee that goes to the miners processing payments from other people.In SC/Microcash the 'tax' goes to 1 person who owns the CPF.

It's important that people know about this 'tax', especially if you are the type of person who thinks that Microcash is some great new currency.It's not.It's just a revision of SolidCoin.

Also for his ID,when I did a query on his IRC on solidcointalk.org,it revealed that his real name is 'linus travolds' (so it claims),then a web address that reveals its origins from germany (could just be a proxy,who knows).That was a few days ago so it could have changed.Try a WHIOS or Query on RS's name in his IRC channel and you'll see.

Soildcoin 2.0
I am writing this for the crypto-currency newbie who may be looking for information on Solidcoin 2.0. If you are searching Google and researching information on Solidcoin 2.0 and found this I commend you on taking that all important first move.

I also urge you to research this forum for Solidcoin 2.0 and decide if this is something any sane person would delve into once they know the facts.

Issues to research

13,000,000 Solidcoins Pre-Mined

Solidcoin 2.0 has over 13,000,000 pre-mined coins controlled by the lead Solidcoin 2.0 developer Coinhunter. Those pre-mined coins are distributed to 12 "Trusted Nodes" and according to Coinhunter cannot be spent on the open market. Yes Coinhunter's word is all we have. In reality at anytime of his choosing he could simply transfer a bulk of coins to his wallet and trade. Here is a scenario that will scare any exchange of any real volume away. Let's say Solidcoin 2.0 gains parity with the USD or about 0.2 BTC at this posting combined with an exchange that cultivated a market depth of $500,000 to $1 Million USD. This is actually not a very far stretch of possibilities if SC 2.0 would take off.

In this scenario Coinhunter could simply deposit any number of coins and make millions for himself very rapidly. It would cause a huge financial loss for the exchange, as well as crash the market and de-value every Solidcoin (yours) left in existence. But why would he care, he just banked several million USD. Coinhunter has gone to extreme measures to cover his real identity, no one knows who he is or where he really resides. A ruined reputation is meaningless in this situation.

It has puzzled quite a few people as to why Coinhunter would design this built in handicap to adoption, GREED is the only apparent answer. It truly serves no other purpose than for personal enrichment. Solidcoin 2.0 has been rejected by all the credible exchanges including this one for that very reason. 13 million pre-mine is a huge risk and a bogus payout liability that is unacceptable.

Bait & Switch Maneuver
In the days and weeks prior to the Solidcoin launch Coinhunter had disclosed there were 1 Million Pre-Mined coins for something he called a "Coin Protection Fee" earmarked for Solidcoin marketing, support and maintenance. This caused a lot of grumbling in the Solidcoin community when it was learned that Coinhunter would be the fund manager and only after much debate he decided he would after launch remit control to a committee of some sort. It was also learned that 10% of all blocks mined by anyone would in fact be taxed and transferred to the CPF.

The Bait and Switch occurred when several hours after launch Coinhunter revealed it was 12 Million premined in addition to nearly 1.128 Million SC1 coins being incorporated into the block chain. This was not something done on the fly post launch and had to be designed into the system days and/or weeks before launch. It was never mentioned pre-release or during the beta test phase just prior to launch. This is a classic Bait and switch. It doesn't bode well for a guy insisting people simply need to trust him.

Closed Source
All crypto-currencies except for Solidcoin 2.0 are Open Source. Solidcoin 2.0 is a closed source product and Coinhunter refuses to release the code for independent audit by neutral third parties. An audit by an independent third party could easily certifiy Solidcoin as being Malware free, Virus free, Backdoor free and whole host of other "nasty trcks" free.

Coinhunter has a demonstrated interest in Botnets and Central Control. Instead of releasing his code he says people need to simply trust him. Without the source code being released, any code certification and validation of Solidcoin 2.0 is impossible. Solidcoin 2.0 could have anything hidden in the program.

Central Control
All crypto-currencies except for Solidcoin use Peer <--> Peer architecture or P2P. This type of operation is very decentralized and is very hard to nearly impossible to control. Think Bit-torrent, Piratebay,.... unstoppable, irreversible, anonymous.

Solidcoin uses Peer <--> Trusted Node <--> Peer architecture. This type of architecture lends itself to a high degree of control. Think Paypal, Dwolla and those types. Payments can be easily intercepted, tracked and reversed as well as stolen. This is Paypal on steroids without all the good.

It should be noted that the Solidcoin Dev have denied this but refuse to release the code. There have been reported instances where this interception of transactions have occurred. Releasing the code would 100% either prove this false or prove it true. There is no legitimate reason to withhold the source.

Conclusion

I'm glad you are looking into Crypto-Currencies. You are taking part in the bleeding edge development of the digital payment future. As always before you invest any amount of time or money in anything worthwhile, do some thorough research. This forum BitcoinTalk.org is an excellent repository for all things Crypto-Currency.

SOLIDCOIN IS THE FEDERAL RESERVE IN CRYPTO-CURRENCY!

Bai bai CoinHunter. Name is fitting.

Soildcoin 2.0
I am writing this for the crypto-currency newbie who may be looking for information on Solidcoin 2.0. If you are searching Google and researching information on Solidcoin 2.0 and found this I commend you on taking that all important first move.

I also urge you to research this forum for Solidcoin 2.0 and decide if this is something any sane person would delve into once they know the facts.

Issues to research

13,000,000 Solidcoins Pre-Mined

Solidcoin 2.0 has over 13,000,000 pre-mined coins controlled by the lead Solidcoin 2.0 developer Coinhunter. Those pre-mined coins are distributed to 12 "Trusted Nodes" and according to Coinhunter cannot be spent on the open market. Yes Coinhunter's word is all we have. In reality at anytime of his choosing he could simply transfer a bulk of coins to his wallet and trade. Here is a scenario that will scare any exchange of any real volume away. Let's say Solidcoin 2.0 gains parity with the USD or about 0.2 BTC at this posting combined with an exchange that cultivated a market depth of $500,000 to $1 Million USD. This is actually not a very far stretch of possibilities if SC 2.0 would take off.

In this scenario Coinhunter could simply deposit any number of coins and make millions for himself very rapidly. It would cause a huge financial loss for the exchange, as well as crash the market and de-value every Solidcoin (yours) left in existence. But why would he care, he just banked several million USD. Coinhunter has gone to extreme measures to cover his real identity, no one knows who he is or where he really resides. A ruined reputation is meaningless in this situation.

It has puzzled quite a few people as to why Coinhunter would design this built in handicap to adoption, GREED is the only apparent answer. It truly serves no other purpose than for personal enrichment. Solidcoin 2.0 has been rejected by all the credible exchanges including this one for that very reason. 13 million pre-mine is a huge risk and a bogus payout liability that is unacceptable.

Bait & Switch Maneuver
In the days and weeks prior to the Solidcoin launch Coinhunter had disclosed there were 1 Million Pre-Mined coins for something he called a "Coin Protection Fee" earmarked for Solidcoin marketing, support and maintenance. This caused a lot of grumbling in the Solidcoin community when it was learned that Coinhunter would be the fund manager and only after much debate he decided he would after launch remit control to a committee of some sort. It was also learned that 10% of all blocks mined by anyone would in fact be taxed and transferred to the CPF.

The Bait and Switch occurred when several hours after launch Coinhunter revealed it was 12 Million premined in addition to nearly 1.128 Million SC1 coins being incorporated into the block chain. This was not something done on the fly post launch and had to be designed into the system days and/or weeks before launch. It was never mentioned pre-release or during the beta test phase just prior to launch. This is a classic Bait and switch. It doesn't bode well for a guy insisting people simply need to trust him.

Closed Source
All crypto-currencies except for Solidcoin 2.0 are Open Source. Solidcoin 2.0 is a closed source product and Coinhunter refuses to release the code for independent audit by neutral third parties. An audit by an independent third party could easily certifiy Solidcoin as being Malware free, Virus free, Backdoor free and whole host of other "nasty trcks" free.

Coinhunter has a demonstrated interest in Botnets and Central Control. Instead of releasing his code he says people need to simply trust him. Without the source code being released, any code certification and validation of Solidcoin 2.0 is impossible. Solidcoin 2.0 could have anything hidden in the program.

Central Control
All crypto-currencies except for Solidcoin use Peer <--> Peer architecture or P2P. This type of operation is very decentralized and is very hard to nearly impossible to control. Think Bit-torrent, Piratebay,.... unstoppable, irreversible, anonymous.

Solidcoin uses Peer <--> Trusted Node <--> Peer architecture. This type of architecture lends itself to a high degree of control. Think Paypal, Dwolla and those types. Payments can be easily intercepted, tracked and reversed as well as stolen. This is Paypal on steroids without all the good.

It should be noted that the Solidcoin Dev have denied this but refuse to release the code. There have been reported instances where this interception of transactions have occurred. Releasing the code would 100% either prove this false or prove it true. There is no legitimate reason to withhold the source.

Conclusion

I'm glad you are looking into Crypto-Currencies. You are taking part in the bleeding edge development of the digital payment future. As always before you invest any amount of time or money in anything worthwhile, do some thorough research. This forum BitcoinTalk.org is an excellent repository for all things Crypto-Currency.

The amount of any form of currency I hold doesn't alter the facts that Solidcoin has central control, a 10% tax, closed source and controlled by one person. A prime example is the block reward from 32 coins to 5 coins on a whim by the developer. The purpose of this was to artificially  inflate the value of his pre-mined 12 million coins and the 10% of all coins which goes to his personal wallet called a CPF.

I am simply putting the information out for new people to see, in keeping with topic of the original post by Lead Bitcoin Developer Gavin Andresen I also agree RESEARCH and be especially careful with ANY Alt Chain.

Anyone trying to sell you on any chain should be a huge red flag.

Well, that's too early to tell, since all details are being shrouded in (IMHO pointless) mystery, but I know of no less than one way that makes "third party mining software" very very toilsome to implement

Initially that would be true, but I don't see how other miners can't be built that can successfully mine it separate from the client using similar algorithms and the common api's

You must be new here. Never heard of the cult-of-solidcoin?

LOL it's an open source project - there are no 'leaders' as you describe them.
No one can force anyone to do anything.