It's a definite instamine but the first block can be swallowed up creating the genesis block so it's possible that their intentions will be completely wasted anyway.
Topic: MtGoxCoin Block 1 reward is 972000 compared to the normal 25 (Read 632 times)
Dammit, and I thought I was being so clever spotting that 
It was clever you spotted it
But reading the OP would have helped too 
Dammit, and I thought I was being so clever spotting that
Just looked over the source code for MtGoxCoin and this has not come up yet.
The following sets the reward on block 1 to 972000 on block one. Normal block reward is 25. Considering this I would advise against mining or buying this coin as an investment.
Source
https://github.com/mtgoxcoin/mtgoxcoin/blob/master/src/main.cpp#L1064
The following sets the reward on block 1 to 972000 on block one. Normal block reward is 25. Considering this I would advise against mining or buying this coin as an investment.
Code:
int64 static GetBlockValue(int nHeight, int64 nFees)
{
int64 nSubsidy = 25 * COIN;
if (nHeight == 1)
nSubsidy = 972000 * COIN;
return nSubsidy + nFees;
}
https://github.com/mtgoxcoin/mtgoxcoin/blob/master/src/main.cpp#L1064
Quote
Premine and Compensation for Mt.Gox losses
We pre-mined the coin to be able to compensate every person who lost coins on Mt.Gox.
We want to give every person as many MtGox Coins as their last balance was on Mt.Gox when they closed shop. But of course it can not be guaranteed we will reach this goal within a reasonable time frame.
Disclaimer: We will not take part of any action to have this mtgox database or any personal information of it's user.
We are working on getting the coin on as most exchanges as possible so everyone can trade early and safely.
But first, we will give donations to all who help us grow the coin in some way or another.
We pre-mined the coin to be able to compensate every person who lost coins on Mt.Gox.
We want to give every person as many MtGox Coins as their last balance was on Mt.Gox when they closed shop. But of course it can not be guaranteed we will reach this goal within a reasonable time frame.
Disclaimer: We will not take part of any action to have this mtgox database or any personal information of it's user.
We are working on getting the coin on as most exchanges as possible so everyone can trade early and safely.
But first, we will give donations to all who help us grow the coin in some way or another.
No, it has not come up yet
Just looked over the source code for MtGoxCoin and this has not come up yet.
The following sets the reward on block 1 to 972000 on block one. Normal block reward is 25.
Source
https://github.com/mtgoxcoin/mtgoxcoin/blob/master/src/main.cpp#L1064
Edit: Nevermind, they said on the first page that this is premined to give back to anyone burnt by Gox.
The following sets the reward on block 1 to 972000 on block one. Normal block reward is 25.
Code:
int64 static GetBlockValue(int nHeight, int64 nFees)
{
int64 nSubsidy = 25 * COIN;
if (nHeight == 1)
nSubsidy = 972000 * COIN;
return nSubsidy + nFees;
}
https://github.com/mtgoxcoin/mtgoxcoin/blob/master/src/main.cpp#L1064
Edit: Nevermind, they said on the first page that this is premined to give back to anyone burnt by Gox.
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