Topic: Open Letter To Mintpal Regarding The Potential Clean Water Coin market Opening (Read 840 times)

1. We can't be talking about the same thing simply because ~500 million is not 90% of 1 billion -- it is 50%.

2. As for the coins that were mined by everyone during the ~1000 block window where the block payouts were messed up... those still exist. We encouraged pools to shut down until we could get a fork in place, but some continued to keep their pools open and there were a ton of solo miners taking advantage of our programming error.

No, we are talking about the same thing.

So did your corrective action fix the 450,000,000 coins created by accident?

I think we are talking about 2 separate things

Max coins is set at 1,000,000,000. So what I am saying is that only about 50% of the total coins have been mined -- largely to do with the programming error we had at block 7001.

That is a rather annoying way to put it. I would call it dishonest.

We can see that at block 6999, there were just shy of 17,000,000 coins created. After 8149, there were over 472,000,000 coins were in creation.

472,000,000 - 17,000,000 = 455,000,000.

There are around 492,000,000 in existence today

455,000,000/492,000,000 = 92.4% of total coins TODAY from that "mistake",give or take a couple tenths of a percent for minor rounding.

To count from the end amount of total coins possible just extends the dishonesty emanating from your coin.

So when you forked it, were those coins that were mined but shouldn't have been mined returned and/or destroyed?

I understand your point, but perhaps you are mistaken? We have only launched once, so perhaps you are thinking of H2O coin who had a couple failed launches when they started?

Either way, and at the end of the day,  yes -- it is my responsibility -- and if you have been following our ANN thread, you would have hopefully seen that. I have been fairly candid about the mistakes we have made and took full responsibility for what happened. Here are just a couple examples:

https://bitcointalksearch.org/topic/m.6167450
https://bitcointalksearch.org/topic/m.6275411

However, if you just are hearing about this for the first time, then yes -- it looks like we are "instantly blaming the developer," -- but there is so much more to the story than what you saw here on this thread. I was just simply responding to Whoisthelorax -- who has the proper context to my reply (assuming he read through the thread like he said he did).

I hate the way you instantly blame the dev for your several failed launches and then this even bigger mistake. Take some damn responsibility mate. You are meant to oversee everything and you failed miserably at your job several times and the way you shoulder the blame on everyone but yourself gives me 0 faith in your leadership abilities. I'd fucking hate to work under you or with you.

P.S You don't need to be a programmer to look over your subisidy and do the math on it.

We did fix it silly. That is what that hard fork was around block 8,500. The mistake was pure incompetence from our developer and lack of testing, and we have been very open about that on our thread.

When we found out that our developer messed up the math and screwed up the block payouts at 7001, we had two choices:

1. Relaunch (would make a lot of people angry)
2. Fork it back to the intended payouts (would make a lot of people angry, just very slightly less)

And so we + the community opted to fork it and keep going.

Feel free to ask any questions -- I'd be happy to answer them.

p.s. The programming error caused 50% of the total coins to be mined -- not 90%.

Hello,

I have noticed that Clean Water Coin is clearly leading the vote tally in what coin could be added next to the market. Before this is done, Mintpal should strongly consider the following evidence that is publicly available regarding this coin and its dubious past, lest it become an exchange known to support terrible coins.
You can read a more in depth of my investigation of their coin here...

=fastmine&s[]=instamine#clear_water_coin]http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coins&s[]=fastmine&s[]=instamine#clear_water_coin


In order to get to the point, the summarized points are as follows...


-the coin started with a PoW generation of 1000 coins per block.

-block 7000 to 8300ish detail a mammoth amount of coins being generated. It completely leaves the described 1000 coin/block generation and vaults into random coin generation up to 1,000,000 per block.

-A careful reading of the bitcointalk thread details that a developer made a "mistake"

-the mistake is acknowledged but they decide to not do anything about it, effectively flash-enriching some miners

-around 450 million coins were accidentally created in that 1300 block timeframe, representing around 90% of the coins in existence today.


This is a coin that clearly needed to address that "mistake" and failed to do so. To create a coin that mined over 90% of its coins on the first 1300 blocks would be shunned by any respectable cryptocurrency user. Why would the flash mine hidden in the thick of the blockchain be treated any differently?

All of their actions from this moment on are fraudulent until they rectify their publicly admitted "mistake". At this point there may be no easy recourse. Failure to acknowledge this evidence by Mintpal would lead the public to believe their exchange supports scam coins.

Please consider this and look at the blockchain yourself (start at around 6995 and begin moving forward).

It is my understanding that anyone who supports this coin, whether explicitly by use and advertisement, or implictly, as in hosting a market on an exchange for the coin, are participating in the fraud. At the very least, it would show Mintpal to completely lack a vetting system before coins go to the market. Surely this is not a desireable trait for your company.

Blockchain here...


http://explorer.cleanwatercoin.org/block/0000000014b519bee9caa3d52aaff9819c6fd8fd622388dea71b2c0befdc2104

Sincerely,
Xxxx