A good counter was to start the network with 1 coin per block or something much lower then normal rewards. This allows hash power to build as people get the node list and pools sorted. Then from block 100 or later onwards, you have the real block rewards whatever that might be.
Most coins do the opposite and try to give early adopters a special advantage but this is usually destructive as they simply sell. Anyone in the first month is an early adopter really not just the first day so even if it was intentional it should allow all to benefit not just a few or its a coin restricting its audience
Im not sure if blackcoin is guilty of innovation or exploitation but either way they are trying something new and the pow was to distribute coins. Could a coin be purely POS from the very start, I guess not. Its market been shaken about quite a bit by price rise and falls, I think alot of the early miners have sold up and distributed coins or at least Ive read there is not a high level of coins in a small number of wallets.
To pair with instamine is premine which is even more extreme, where 1 person holds all the details of a coin and mines them before telling others.
This can also be termed as IPO now which tries to legitimise privileged advantage for the greater good of a coin network by suggesting a coin launch has fees which must be paid to write the wallet or whatever.
PND was one good example where a large amount of coins were intended for development costs but instead were embezzled for the profit of just one person. Its a good rule in general that coin value develops over time with many people not at once during a launch with just a few, avoid IPO if possible and maybe even coins which launch with full block rewards and an inability to retarget difficulty immediately
Topic: [REMOVED] (Read 4037 times)
Hash Coin is a recent example.
That's a good example of instamining. Ha.Instamining evolved into a term that refers to a clonecoin not having a protocol to prevent so many coins from being hashed in the opening minutes/hours of the release of a coin. Whether or not it was meant is a totally different story. But it's all a matter of proportionality based on userbase and the sharing of hashpower to an extent really.
Hash Coin is a recent example.
Just learned it since now
@marine4u
I'm not gonna spend hours arguing the toss over your hardware but will say that if a laptop is able to compile daemons and wallets, it should be more than capable of CPU mining blocks on a coin network with a zero difficulty starting point.
Everything you say should be taken with a pinch of salt (to put it mildly) and I believe you are a very devious and mistrustful individual. In fact, your motivations seem rather frightening in this announcement about flooding the market with thousands of altcoins: https://cryptocointalk.com/topic/7678-multiple-new-altcoin-release-initial-announcement-by-marinecoin/.
How is anybody supposed to believe in your coin and it's ludicrous premine when you publicly post intentions like those in the above link? Go on, tell me it's not you... PLEASE
.
I'm not gonna spend hours arguing the toss over your hardware but will say that if a laptop is able to compile daemons and wallets, it should be more than capable of CPU mining blocks on a coin network with a zero difficulty starting point.
Everything you say should be taken with a pinch of salt (to put it mildly) and I believe you are a very devious and mistrustful individual. In fact, your motivations seem rather frightening in this announcement about flooding the market with thousands of altcoins: https://cryptocointalk.com/topic/7678-multiple-new-altcoin-release-initial-announcement-by-marinecoin/.
How is anybody supposed to believe in your coin and it's ludicrous premine when you publicly post intentions like those in the above link? Go on, tell me it's not you... PLEASE
.What is wrong with releasing new cool, alt-coins everyone has different tastes and interests, it may be bad news to you, maybe the coin you invested may not be so popular later down the line once the market is thinned out,
As you may have noticed, Marinecoin will have its own exchange have alt-coins traded in this exchange based on MTC sooner or later, initially we will need some coins that we know, we can control.this is not to generate capital from these coins but to establish MTC as a base currency alternative and generate income from the exchange to real alt-coin customers, it may sound funny to you now but by the time next year more newbie devs will come and will want their coingen coins, want them traded, a normal exchange will not list them and we will provide this service for a fee based on MTC which in turn will create more demand for MTC thus gradually help increase MTC value, I hope this explains it. I am not who you think I am, also this strategy will help slow down new useless releases giving uncertainty to pool hopping new coin hunters.
more info here.
http://www.marinecoin.org/#!the-exchange/c1vs1
@marine4u
I'm not gonna spend hours arguing the toss over your hardware but will say that if a laptop is able to compile daemons and wallets, it should be more than capable of CPU mining blocks on a coin network with a zero difficulty starting point.
Everything you say should be taken with a pinch of salt (to put it mildly) and I believe you are a very devious and mistrustful individual. In fact, your motivations seem rather frightening in this announcement about flooding the market with thousands of altcoins: https://cryptocointalk.com/topic/7678-multiple-new-altcoin-release-initial-announcement-by-marinecoin/.
How is anybody supposed to believe in your coin and it's ludicrous premine when you publicly post intentions like those in the above link? Go on, tell me it's not you... PLEASE.
I'm not gonna spend hours arguing the toss over your hardware but will say that if a laptop is able to compile daemons and wallets, it should be more than capable of CPU mining blocks on a coin network with a zero difficulty starting point.
Everything you say should be taken with a pinch of salt (to put it mildly) and I believe you are a very devious and mistrustful individual. In fact, your motivations seem rather frightening in this announcement about flooding the market with thousands of altcoins: https://cryptocointalk.com/topic/7678-multiple-new-altcoin-release-initial-announcement-by-marinecoin/.
How is anybody supposed to believe in your coin and it's ludicrous premine when you publicly post intentions like those in the above link? Go on, tell me it's not you... PLEASE
.Well I still had to mine them on private pool with GPUs that's more than 1000 blocks, it would take 20 days to mine normally with a CPU
One of the best part of this method is you send 10.000s of non-miners free coins for promotions and laying the foundation of a community with a couple of lines of code.
Marinecoin Dev
Dude....please don't try feeding a load of crap to me. Everything you say in here just doesn't seem to add up.
You didn't need GPU rigs to mine those blocks and if you HONESTLY created a pool to GPU to mine instamine blocks, then you need to seriously assess whether you're capable of being a dev at all.
All you needed was one single and incredibly cheap Linux VPS to mine the first 1001 blocks and it should have taken not much longer than 33 hours. Where the hell did you get the notion it would take 20 day? WTF are you developing with... a Spectrum 64?
I gave that number off the top of my head based on average block interval on my development laptop based on a slow CPU which took about 30 minutes per block on test net mode, "yes Spectrum 64" but I happened to have the best setting to compile on that computer, yes it could have been mined on a much faster CPU in shorter amount of time in a few days. that's why I opted for a GPU to launch the coin the same day on a fresh merkel hash compile with checkpoints and launch within 6-8 hours. I wanted have the same day on my epoch time as the launch date. That's the main reason GPU was used.
I had my pool available at my disposal on the next computer so I used that instead, There is no right or wrong way of doing this I just told how I did it,
Well I still had to mine them on private pool with GPUs that's more than 1000 blocks, it would take 20 days to mine normally with a CPU
One of the best part of this method is you send 10.000s of non-miners free coins for promotions and laying the foundation of a community with a couple of lines of code.
Marinecoin Dev
Dude....please don't try feeding a load of crap to me. Everything you say in here just doesn't seem to add up.
You didn't need GPU rigs to mine those blocks and if you HONESTLY created a pool to GPU to mine instamine blocks, then you need to seriously assess whether you're capable of being a dev at all.
All you needed was one single and incredibly cheap Linux VPS to mine the first 1001 blocks and it should have taken not much longer than 33 hours. Where the hell did you get the notion it would take 20 day? WTF are you developing with... a Spectrum 64?
Like what many of said here. Kind of self explanatory...almost "instantly" coins are mined. When the mining slows down significantly, those early miners have a massive advantage.
Goldcoin is a great example...plenty of small to mid range alts out there that are massively instamined.
http://i61.tinypic.com/t65y8i.png
There are 30,000,000 goldcoins in existence currently. The coin started in may of last year...and this shows that 9 million coins, almost 1/3 of all coins currently, were mined within 30 hours.
Source http://cryptometer.org/goldcoin_96_hour_charts.html
take a look at bitbar, too, while you are at it. Why would anyone by in knowing this info? They wouldn't, which is why we need to spread info about instamines.
Use the cryptometer source to look up older coins...unfortunately the dev has not done too many new coins. There are a ton of instamine coins on there.
Coins worthy of looking at for suspect instamines. Primecoin, Peercoin, Litecoin, and most recently, Vertcoin.
The longer the coin survives and rises, the less of a problem an instamine is. Litecoin was definitely instamined, but that only comprises around 1.5% of the total litecoins out there. Not to mention the number of rise and falls litecoin has experienced since its inception...you can't know for certain, but unless the instaminers where holding out for an aburdly high market cap, you can be pretty sure that the 1.5% instamine has already change hands numerous times. Usually those holders will be selling all the way up. The most danger is in the beginning, when they control the highest percentage of the currency.
Goldcoin is a great example...plenty of small to mid range alts out there that are massively instamined.
http://i61.tinypic.com/t65y8i.png
There are 30,000,000 goldcoins in existence currently. The coin started in may of last year...and this shows that 9 million coins, almost 1/3 of all coins currently, were mined within 30 hours.
Source http://cryptometer.org/goldcoin_96_hour_charts.html
take a look at bitbar, too, while you are at it. Why would anyone by in knowing this info? They wouldn't, which is why we need to spread info about instamines.
Use the cryptometer source to look up older coins...unfortunately the dev has not done too many new coins. There are a ton of instamine coins on there.
Coins worthy of looking at for suspect instamines. Primecoin, Peercoin, Litecoin, and most recently, Vertcoin.
The longer the coin survives and rises, the less of a problem an instamine is. Litecoin was definitely instamined, but that only comprises around 1.5% of the total litecoins out there. Not to mention the number of rise and falls litecoin has experienced since its inception...you can't know for certain, but unless the instaminers where holding out for an aburdly high market cap, you can be pretty sure that the 1.5% instamine has already change hands numerous times. Usually those holders will be selling all the way up. The most danger is in the beginning, when they control the highest percentage of the currency.
it means someone is jealous that they were not here earlier to mine a coin.. such as Bitcoin itself.
it's an insulting term to try and make it sound like some coin you missed out on early is a scam.
it's an insulting term to try and make it sound like some coin you missed out on early is a scam.
There is a difference between instamining and premining (at least from my understanding of the two).
Instamining is where increased subsidies/amounts of coins are hard-coded so that a predetermined amount are produced in a specified number of blocks, usually at the very start of the blockchain. The result is lots of instant coins when these blocks are reached.
Take a look at some code on GitHub and in src/main.cpp you will find the subsidy section. In main.cpp, do a search for "subsidy" and you'll notice many coins have conditional statements like so (MarineCoin's 92% + instamine):
Put very simply, this is telling the network that the first blocks between i.e. those between block 0 and block 1001, the coin amount to issue per block is 9737200. The rest of the time, it's only 1 coin.
Premine is usually where coins are created and mined in quiet i.e. without a publicized release in order to amass coins at early stages while the difficulty is very low.
Instamining is where increased subsidies/amounts of coins are hard-coded so that a predetermined amount are produced in a specified number of blocks, usually at the very start of the blockchain. The result is lots of instant coins when these blocks are reached.
Take a look at some code on GitHub and in src/main.cpp you will find the subsidy section. In main.cpp, do a search for "subsidy" and you'll notice many coins have conditional statements like so (MarineCoin's 92% + instamine):
Code:
int64 static GetBlockValue(int nHeight, int64 nFees)
{
int64 nSubsidy = 1 * COIN;
if(nHeight > 0 && nHeight < 1001) {nSubsidy = 9737200 * COIN;}
else {nSubsidy = 1 * COIN;}
return nSubsidy + nFees;
}
Put very simply, this is telling the network that the first blocks between i.e. those between block 0 and block 1001, the coin amount to issue per block is 9737200. The rest of the time, it's only 1 coin.
Premine is usually where coins are created and mined in quiet i.e. without a publicized release in order to amass coins at early stages while the difficulty is very low.
Well I still had to mine them on private pool with GPUs that's more than 1000 blocks, it would take 20 days to mine normally with a CPU
One of the best part of this method is you send 10.000s of non-miners free coins for promotions and laying the foundation of a community with a couple of lines of code.
Marinecoin Dev
There is a difference between instamining and premining (at least from my understanding of the two).
Instamining is where increased subsidies/amounts of coins are hard-coded so that a predetermined amount are produced in a specified number of blocks, usually at the very start of the blockchain. The result is lots of instant coins when these blocks are reached.
Take a look at some code on GitHub and in src/main.cpp you will find the subsidy section. In main.cpp, do a search for "subsidy" and you'll notice many coins have conditional statements like so (MarineCoin's 97% instamine):
Put very simply, this is telling the network that the first blocks between i.e. those between block 0 and block 1001, the coin amount to issue per block is 9737200. The rest of the time, it's only 1 coin.
Premine is usually where coins are created and mined in quiet i.e. without a publicized release in order to amass coins at early stages while the difficulty is very low.
Instamining is where increased subsidies/amounts of coins are hard-coded so that a predetermined amount are produced in a specified number of blocks, usually at the very start of the blockchain. The result is lots of instant coins when these blocks are reached.
Take a look at some code on GitHub and in src/main.cpp you will find the subsidy section. In main.cpp, do a search for "subsidy" and you'll notice many coins have conditional statements like so (MarineCoin's 97% instamine):
Code:
int64 static GetBlockValue(int nHeight, int64 nFees)
{
int64 nSubsidy = 1 * COIN;
if(nHeight > 0 && nHeight < 1001) {nSubsidy = 9737200 * COIN;}
else {nSubsidy = 1 * COIN;}
return nSubsidy + nFees;
}
Put very simply, this is telling the network that the first blocks between i.e. those between block 0 and block 1001, the coin amount to issue per block is 9737200. The rest of the time, it's only 1 coin.
Premine is usually where coins are created and mined in quiet i.e. without a publicized release in order to amass coins at early stages while the difficulty is very low.
When a coin is born, if the initial difficulty to get a block is too low, you can get a ton of coins (blocks) really fast if you get in early. The coin is instantly mined.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
FTC and QRK are two big examples in each category.
lol ... 6 months of mining for QRK is hardly an instamine, try Blackcoin with just 6 days of mining ...
Bitcoin was instamined by satoshi
When a coin is born, if the initial difficulty to get a block is too low, you can get a ton of coins (blocks) really fast if you get in early. The coin is instantly mined.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
Would you say that Mintcoin and even more radical Blackcoin were instamined? Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
When a coin is born, if the initial difficulty to get a block is too low, you can get a ton of coins (blocks) really fast if you get in early. The coin is instantly mined.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
FTC and QRK are two big examples in each category.
FTC made the early miners rich as it was trading at 0.005 BTC initially. QRK made the planned pumpers rich, as they swept up at 0.0000003 and then hyped it up and sold and are selling at thousand times their investment.
When a coin is born, if the initial difficulty to get a block is too low, you can get a ton of coins (blocks) really fast if you get in early. The coin is instantly mined.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
FTC and QRK are two big examples in each category.
When a coin is born, if the initial difficulty to get a block is too low, you can get a ton of coins (blocks) really fast if you get in early. The coin is instantly mined.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
FTC and QRK are two big examples in each category.
When a coin is born, if the initial difficulty to get a block is too low, you can get a ton of coins (blocks) really fast if you get in early. The coin is instantly mined.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
But it's not accurate to state that any coin is "insta-mined" just because it's POW or POS mining period is say much shorter than another coin(s).
In fact it may well be that only coins that never are allowed to be fully matured could be termed even remotely "fair".
Or at least only ones that take at least many centuries, if not thousands of years, or maybe much, much longer.
We can take this very far out to infinity, but what's the point? That would be truly fair, but ultimately maybe UN-adoptable, especially in this 2nd Gilded Age of Fraud & Greed.
Toss in the benefits of POW/POS hybrids with their post POW minting (mining) through POS minting (interest earnings) after all the POW mining is done, and well for holders of those POW/POS hybrid coins suddenly those are extremely attractive and much like earnings (interest) on Bonds or savings accounts. And well suddenly field of viable Crypto-Currency competitors has increased greatly.
Yet lately we have had to endure FUD, and much worse being spread by a very few malicious types, and maybe some well meaning ones mis-informed too, tough to say. About how for whatever reason's those alleged inferior types will fail too, due to a not well thought out set of fundamental. Maybe not! lol...
In fact the inferior ones will certainly fail, especially if not tweaked to be made much more viable if need be.
Fact is inferior types of Crypto-Currencies will ultimately fail. But not the Superior types. POS types, and POW/POS hybrids will likely prove just as good, if not better than simply the very first POW types. Much to the dismay of certain types. It wont prove difficult to configure minor tweaks to solve any shortcomings is what I getting at.
On that Note:
Certain ones just can't seem to stand for any real broad Competition. I refer to them as the "challenged type" because just like the greedy, seedy, and ever fraudulent J. Paul Getty he couldn't stand Competition either.
Caveat emptor - let the buyer beware!
When a coin is born, if the initial difficulty to get a block is too low, you can get a ton of coins (blocks) really fast if you get in early. The coin is instantly mined.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
Similarly, when a coin is mined to almost completion in a very short period of time some people consider it's been instamined as well.
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