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frobley

hero member

Activity: 708

Merit: 500

Quote from: Charles999 on July 31, 2013, 05:22:56 PM

1,000,000 premine.. so that's like 4,000,000 blocks premined since it's only .25 coins per block.

oh yeah this is a great coin to mine. Let me throw my 20Mhs at this baby!!

INGENIUS IDEA!!

is 4 meewion blocks a record?
I only now mine record breaking premined coins

bcp19

hero member

Activity: 532

Merit: 500

Quote from: cryptohunter on July 31, 2013, 05:26:40 PM

Quote from: Charles999 on July 31, 2013, 05:22:56 PM

1,000,000 premine.. so that's like 4,000,000 blocks premined since it's only .25 coins per block.

oh yeah this is a great coin to mine. Let me throw my 20Mhs at this baby!!

INGENIUS IDEA!!

Yeah, but the sweetner is we will need to mine far more than 4,000,000 blocks since the reward halves each year lol

in 14 years all the miners together will have mined half of what the premine is ....

wtf are we all waiting for.....let's get cracking.

Welcome to the most insane premine of all time.

What's worse, they claim to be a 500 year coin. 30,000,000/500=60,000 per year/365=164 per day/2880 = .057 per block IF THERE WAS NO HALVING. Starting with .25 per block, after 1 year .125, 2 years, .0625, 3 years .03125... already unsustainable. 262800 (total year 1) + 131400 (total year 2) + 65700 (total year 3) + 32850*497 = 16,786,350.

Heck, let's be crazy! Let's keep the block rate for FIFTY YEARS!!!!! .25 per block for 50 years! 13,140,000 + 6,570,000 + 3,285,000 + 1,642,500 + 821,250 + 410,625 = 25,869,375
Damn, I thought I had it.

Ok, let's work this backwards!!! .00000001 is the smallest possible block reward, right? let's double it, and again and again and.....wait. After 30 years I'm at 5.36870912 block reward. That can't be right! 15,461.8822656 coins per day * 365 = 5,643,587 coins... after 30 years that's be 11 million coins. 31 years would be 22 million, 32 years... 44 million... oops.

Well, thank god you don't have to know math to put out a clone coin!

xorxor

sr. member

Activity: 476

Merit: 253

1'525'600 total coins ever mined in next 500 years to come.
1'000'000 premine [10 blocks of 100'000]
525'600 for miners

Code:

int64 nSubsidy = 0.25 * COIN; //0.25 block reward

if(nHeight < 11) //10 blocks of premine
{
nSubsidy = 100000 * COIN; //1000000 coins premine
}

nSubsidy >>= (nHeight / 1051200); //reducing reward 2 times every year.

return nSubsidy + nFees;

can you tell me how would you get 5'000'000 intio your fundation?

kelsey

legendary

Activity: 1876

Merit: 1000

Quote from: pr9me on July 31, 2013, 05:09:19 PM

This is my take on the pre-mine hot topic: People's time ain't cheap! Undecided

You guys want coins with good services?

Yet todate I haven't seen a single alt coin with "good services" or benefit or anything other then earlier adaptors benefiting on price increases. I'm not against premines, but lets call it was it is, its not like alts dev are doing much in the way of moving alternative currencies (to fiat) in any meaningful direction.

Buratino

legendary

Activity: 1151

Merit: 1003

Quote from: xiangbing on July 31, 2013, 06:35:28 PM

why so many coins supply

{
"version" : "v1.0.0.0-orb",
"protocolversion" : 60006,
"walletversion" : 60000,
"balance" : 0.00000000,
"newmint" : 0.00000000,
"stake" : 0.00000000,
"blocks" : 1589,
"moneysupply" : 1000394.75000000,
"connections" : 9,
"proxy" : "",
"ip" : "116.28.178.96",
"difficulty" : 0.27911226,
"testnet" : false,
"keypoololdest" : 1375311797,
"keypoolsize" : 101,
"paytxfee" : 0.00000000,
"errors" : ""
}

Quote from: pr9me

1 million sit's in the foundation wallet from the start and can be seen here (odYLBLUg6xtR8jvKus3NyzhFERwKTtTCLi)

Before you call pre-mine you should note that this also adds to the security of the coin, meaning in the early stages nobody could mine/buy the amount of coins needed to even try and 51% attack this masterpiece.

xiangbing

member

Activity: 136

Merit: 10

why so many coins supply

{
"version" : "v1.0.0.0-orb",
"protocolversion" : 60006,
"walletversion" : 60000,
"balance" : 0.00000000,
"newmint" : 0.00000000,
"stake" : 0.00000000,
"blocks" : 1589,
"moneysupply" : 1000394.75000000,
"connections" : 9,
"proxy" : "",
"ip" : "116.28.178.96",
"difficulty" : 0.27911226,
"testnet" : false,
"keypoololdest" : 1375311797,
"keypoolsize" : 101,
"paytxfee" : 0.00000000,
"errors" : ""
}

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Quote from: pr9me on July 31, 2013, 05:09:19 PM

Quote from: iGotSpots on July 31, 2013, 05:02:04 PM

I don't even know where to start correcting you here...

Thanks, I'm on the Orbitcoin team, but I did not author the original ANN. I copied, formatted, and corrected it, and missed some things obviously...

As far as the inquiries of a pre-mine, you will have to submit those questions to the coin dev. I haven't seen a single ORB of the so called pre-mine. From what I know it's for development of the coin...

This is my take on the pre-mine hot topic: People's time ain't cheap! You guys want coins with good services? Who is going to pay for the labor to get those services up and running? You expect devs to work for free? If the pre-mine is spent for the betterment of the coin, I have no issue with it.

Simply not true, especially not at 3% of the total. Especially not with the math of how the other coins will come. I don't like being a hater on new coins, but....

xiangbing

member

Activity: 136

Merit: 10

oJnCVGYKjnQHVQnQZPJ6mYb8x8MGKXJHbs

Magic8Ball

legendary

Activity: 1050

Merit: 1000

Quote from: cryptohunter on July 31, 2013, 05:26:40 PM

Yeah, but the sweetner is we will need to mine far more than 4,000,000 blocks since the reward halves each year lol

in 14 years all the miners together will have mined half of what the premine is ....

wtf are we all waiting for.....let's get cracking.

Welcome to the most insane premine of all time.

Surely, this can not be right?

If it is, then I will just wait for giveaways from that mega premine.

claycoins

hero member

Activity: 518

Merit: 500

Quote from: Charles999 on July 31, 2013, 05:22:56 PM

1,000,000 premine.. so that's like 4,000,000 blocks premined since it's only .25 coins per block.

oh yeah this is a great coin to mine. Let me throw my 20Mhs at this baby!!

INGENIUS IDEA!!

But, but its going to be the official currency of the moon let me get my spaceship ready.

2Kool4Skewl

sr. member

Activity: 644

Merit: 250

Quote from: cryptohunter on July 31, 2013, 05:26:40 PM

Quote from: Charles999 on July 31, 2013, 05:22:56 PM

1,000,000 premine.. so that's like 4,000,000 blocks premined since it's only .25 coins per block.

oh yeah this is a great coin to mine. Let me throw my 20Mhs at this baby!!

INGENIUS IDEA!!

Yeah, but the sweetner is we will need to mine far more than 4,000,000 blocks since the reward halves each year lol

in 14 years all the miners together will have mined half of what the premine is ....

wtf are we all waiting for.....let's get cracking.

Welcome to the most insane premine of all time.

Yo dawg, I herd you like premine, so I put a premine in your premine so you can premine while you premine

Petr1fied

hero member

Activity: 630

Merit: 502

Quote from: TheSpiral on July 31, 2013, 04:43:02 PM

Edit 2: The faucet's captcha doesn't seem to work at all.

I set up the faucet (Harbinger is my cryptsy username) on request of the developer and he said he'd deposit some funds there later to kick start it.

It's nothing to do with the capcha, until there are actually some funds in the account the faucet is disabled (it can't give away what it doesn't have). That's why the text box and submit button are greyed out.

It will automatically open once there are some cleared funds in the account and allow address entry only when there is enough coin to cover at least the next batch.

As I don't mine myself anymore I cannot possibly fund it myself, only those with coin can possibly fund it.

pr9me

sr. member

Activity: 369

Merit: 250

Cryptsy.com • Got Shitcoins?

Update

Crypto-Experts ORB Pool is now running! Thanks Ahmedbodi! Grin

Charles999

full member

Activity: 224

Merit: 100

"Pools
(Coming Soon!)
First pool coming thanks to Ahmedbodi!"

Uh if you were smart, you'd skip making a pool for this coin unless they paid you 100,000 coins to make it.

This one will fly by quite fast.. in today.. out today..

cryptohunter

legendary

Activity: 2100

Merit: 1167

MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG

Quote from: Charles999 on July 31, 2013, 05:22:56 PM

1,000,000 premine.. so that's like 4,000,000 blocks premined since it's only .25 coins per block.

oh yeah this is a great coin to mine. Let me throw my 20Mhs at this baby!!

INGENIUS IDEA!!

Yeah, but the sweetner is we will need to mine far more than 4,000,000 blocks since the reward halves each year lol

in 14 years all the miners together will have mined half of what the premine is ....

wtf are we all waiting for.....let's get cracking.

Welcome to the most insane premine of all time.

Charles999

full member

Activity: 224

Merit: 100

1,000,000 premine.. so that's like 4,000,000 blocks premined since it's only .25 coins per block.

oh yeah this is a great coin to mine. Let me throw my 20Mhs at this baby!!

INGENIUS IDEA!!

cryptohunter

legendary

Activity: 2100

Merit: 1167

MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG

YUCK at the block reward, block time, and the 1 million premine -

NAH

pr9me

sr. member

Activity: 369

Merit: 250

Cryptsy.com • Got Shitcoins?

Quote from: iGotSpots on July 31, 2013, 05:02:04 PM

I don't even know where to start correcting you here...

Thanks, I'm on the Orbitcoin team, but I did not author the original ANN. I copied, formatted, and corrected it, and missed some things obviously...

As far as the inquiries of a pre-mine, you will have to submit those questions to the coin dev. I haven't seen a single ORB of the so called pre-mine. From what I know it's for development of the coin...

This is my take on the pre-mine hot topic: People's time ain't cheap! Undecided

You guys want coins with good services? Who is going to pay for the labor to get those services up and running? You expect devs to work for free? If the pre-mine is spent for the betterment of the coin, I have no issue with it.

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Quote from: pr9me on July 31, 2013, 04:26:40 PM

Max coin cap = 31,000,000 mined over the next 500 years,
1 million sit's in the foundation wallet from the start and can be seen here (odYLBLUg6xtR8jvKus3NyzhFERwKTtTCLi)

Before you call pre-mine you should note that this also adds to the security of the coin, meaning in the early stages nobody could mine/buy the amount of coins needed to even try and 51% attack this master peace,,

I don't even know where to start correcting you here...let's start with, it's masterpiece, and also http://learncryptography.com/51-attack/

51% attack does not mean you own 51% of the coins lol but nice try to smooth talk your premine

portice

legendary

Activity: 999

Merit: 1000

Quote from: ?? on ??

Quote from: pr9me on July 31, 2013, 04:54:12 PM

Yep!

CryptoCoinTalk premiered Orbitcoin...

Anyone want to address the total mined in 14 years scenario?

My guess would be probably not

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