SC Releases his 'white paper', hilarity ensues - page 2.

Inedible

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What doesn't kill you only makes you sicker!

Quote from: ?? on ??

Incredible I think you are confused because of two wrong facts.

Not sure if you're exasperated at my confusion or if you've got my username mixed up Wink

Quote from: ?? on ??

SC1 was DESIGNED to have 18.9 million coins it never mined even a million before being shutdown. Those <1M were transfered to SC2.0 (one of the few standup things that CH did). 12M TOTAL was premined to create the trust nodes not 12M per trust node.

Ah, right - I did have that mixed up, thinking there were 12 nodes of 1m.

Quote from: ?? on ??

So far there are roughly <1 mill (legacy SC 1.0 coin) + ~1 mil* (2.0 coins mined so far) + 12 mil (premined trust node coins) ~= 14 mil SC 2.0.

* To the SC 2.0 fanboys this is just a rough estimate to get the magnitude correct. I didn't care enough to calculate exactly how many coins have been mined.

Thus there are another 8.9m coins available to mine? So when people talk about a '10% tax', they don't mean the miner loses that but instead (as you previously explained), an additional 5% of what was mined comes from the Trust Node and an additional 5% from magic?

The magical amount - will this increase the total mineable SC or is this part of the 18.9m?

Sorry for all these questions but it's very interesting to find out how it's all working and your answers are very easy to understand.

PatrickHarnett

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Quote from: ?? on ??

Here you go, it is very informative:
http://www.youtube.com/watch?v=u6XAPnuFjJc

I don't dispute people donate time (and other stuff). Was just curious about this particular case.

Bitcoin Oz

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Wat

Quote from: ?? on ??

According to bitonx this is one of most read topics of the day so I am spamming here. Mods feel free to delete later.

Looks like both deepbit and slush's pool are suffering outages possible DDOS attack. Aggregate hashing power is way down. *Could* (need to emphasis the could) be prelude to 51% attack. If you want to help mine at a smaller pools or turn on solo mining.

Yes and someone was on the forum saying that. Maybe BTCeX in a pique of madness at being banned has taken the tools he perfected attacking alt chains and is now attacking bitcoin

Or not.

johnj

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Quote from: DeathAndTaxes on October 12, 2011, 04:04:33 PM

Both slush, and deepbit having trouble connecting. Hashing power way down. Just getting the word out. Possible 51% attack.

If you got a rig and want to help solo mining would be an effect deterrent and immune to DDOS attack.

Bitcoincharts has the network at ~10 th/s, and bitcoinmoniter has 3 blocks within the last 30 minutes.

Bobnova

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Doublec hasn't seen the code, he only knows what he has been told, just like the rest of us.

Plus, the code can be changed for "updates" and unlocking those coins slipped in.

PatrickHarnett

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Curious discussion. I'm not being pro or anti SC or the different camps of people on either side - time will determine if it succeeds or not.

I was intrigued to see the claim that 1000+ hours at 12 hours/day have gone into this development, and the nice observation that might take a few weeks to accumulate. I was also wondering how an advanced programmer might have that much time available unless they were unemployed, and why their skills were not in demand in employment. Is it that SC is designed to earn them revenue? I would find it hard to believe an aulturistic approach having spent 100k+ of valuable coder time would be a gift to humanity, but then I'm a cynic.

Declaration of interest = 70 or so solid coin (version 1 something). no plan to mine SC, not mining much BTC either at the moment (and Locust - for your survey, I'm not USA based, but that's not hard to work out)

BitterTea

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Quote from: Lolcust on October 12, 2011, 03:31:48 PM

Market doesn't give a fuck about how many coins the Great Leader is hiding.

I don't understand why this would be so.

johnj

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Quote from: Bitcoin Oz on October 12, 2011, 03:36:39 PM

The block rate is slowing down quite significantly..

True, but after 66 difficulty adjustments, the block generation is still only at 25s, 80% off from the target of 120s

johnj

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Quote from: Lolcust on October 12, 2011, 03:31:48 PM

Quote from: Bitcoin Oz on October 12, 2011, 03:28:34 PM

I guess its a nice lesson in inflation. Im guessing people wont be looking for inflatacoins anytime soon will they ?

If what happened to SC2 was "inflation", then it's value would have been below 1 satoshi already.

Market doesn't give a fuck about how many coins the Great Leader is hiding.

But it does care when a forum mod reverses his judgment and acknowledges a vast attack as "true"

Meanwhile, SC2 diff is still all fucked up Sad

On paper, no

In reality, I think the market does care about how many coins the Great Leader is hiding. Due to the market is made up of people, and people have an issue with trust.

For you, it seems the market 'trusts' your intentions, at least enough. You've worked well with others, embraced an attack on GG of which helped BTC - and you seemed genuinely glad. The -only- hiccup I'm aware of is your failure to announce your laundry intentions (and premine) with TBX. AFAIK that's the only isolated incident, and is easily written off. The only consistent thing about CH is arrogance.

Your right that the premine itself isn't an issue. If someone wanted to create PremineCoin, launch it with a genisis block of eleventy gillion, and video tape himself burning the USB with the only private keys to the premine - no one cares. It's what is going to be done with the premine, and who are we trusting to carry out those intentions, and what (if any) history do they have of which reasonable character observations can be made inorder to come to a human-based conclusion of 'is this a good investment'. CH loses that battle.

Bitcoin Oz

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Wat

Quote from: ?? on ??

Incredible I think you are confused because of two wrong facts.

SC1 was DESIGNED to have 18.9 million coins it never mined even a million before being shutdown. Those ~1M were transfered to SC2.0 but that is it.
12M TOTAL was mined to create the trust nodes not 12M per trust node.

Thus so far their are roughly <1 mill (legacy SC 1.0 coin) + ~1 mil* (coins mined so far) + 12 mil (premined trust node coins) ~= 14 mil SC 2.0.

* To the SC 2.0 fanboys this is just a rough estimate to get the magnitude correct. I don't care enough to calculate exactly how many coins have been mined.

And more wrong facts to point out:

There are not a million coins mined yet, in fact it's less than 400k
12 mil trust node coins are unspendable from info even doublec has stated and he is somewhat an independent observer no? So not sure how those effect inflation or deflation..... maybe on mars or something they do.

And you do apparently care enough to spread the lies further....

I think people are confused about what trust coins are and the rules under which they can be spent.

Bitcoin Oz

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Wat

Quote from: Lolcust on October 12, 2011, 03:31:48 PM

Quote from: Bitcoin Oz on October 12, 2011, 03:28:34 PM

I guess its a nice lesson in inflation. Im guessing people wont be looking for inflatacoins anytime soon will they ?

If what happened to SC2 was "inflation", then it's value would have been below 1 satoshi already.

Market doesn't give a fuck about how many coins the Great Leader is hiding.

But it does care when a forum mod reverses his judgment and acknowledges a vast attack as "true"

Meanwhile, SC2 diff is still all fucked up, with no recovery in sight.

The block rate is slowing down quite significantly..

Lolcust

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Activity: 112

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Hillariously voracious

Quote from: Bitcoin Oz on October 12, 2011, 03:28:34 PM

I guess its a nice lesson in inflation. Im guessing people wont be looking for inflatacoins anytime soon will they ?

If what happened to SC2 was "inflation", then it's value would have been below 1 satoshi already.

Market doesn't give a fuck about how many coins the Great Leader is hiding.

But it does care when a forum mod reverses his judgment and acknowledges a vast attack as "true"

Meanwhile, SC2 diff is still all fucked up, with no recovery in sight.

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

I guess its a nice lesson in inflation. Im guessing people wont be looking for inflatacoins anytime soon will they ?

johnj

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Quote from: Inedible on October 12, 2011, 03:13:34 PM

Quote from: johnj on October 12, 2011, 03:10:39 PM

I think he's talking about the 18.9m from SC 1.0

Bait and switch

Yep, I am referring to the 18.9m from SC1.

I'm inferring that SC1 and SC2 are not the same thing?

Is SC2 not SC1 with a few tweaks or are they two completely separate entities? (E.g. coins mined in SC1 are not the same as those mined in SC2)

Coins from SC 1.0 -can- be uploaded to SC 2.0. But that's their only overlap.

I believe there have been more coins mined in 1 day of 2.0, than the entirety of 1.0. Thus, the people who put their electricity into 1.0 have been scammed out of their value.

Lolcust

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Quote from: BitterTea on October 12, 2011, 03:10:49 PM

Quote from: Lolcust on October 12, 2011, 03:10:09 PM

Quote from: grod on October 12, 2011, 02:51:38 PM

Quote from: Lolcust on October 12, 2011, 02:27:06 PM

P.S.:
Perhaps a bit of a touchy subject, so feel free to decline answer, but are you currently a resident of the United States?
Just a bit of less-than-scientific statistics gathering on my part...

Yup, been living in various parts of the US forever.

Fascinating.

Too bad I'm no sociologist, but still fascinating.

Thank you for answering.

I'm curious as to why you find this fascinating. Would you care to share?

Of those who are upset strongly about by the premine and strongly believe it has market effects even when coins are "dormant", and agreed to tell me their rough geographical whereabouts, more than 50% are from US.

Of course, without controls and proper sample size this is low quality data of no particular scientific validity, but still...

Inedible

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What doesn't kill you only makes you sicker!

Quote from: johnj on October 12, 2011, 03:10:39 PM

I think he's talking about the 18.9m from SC 1.0

Bait and switch

Yep, I am referring to the 18.9m from SC1.

I'm inferring that SC1 and SC2 are not the same thing?

Is SC2 not SC1 with a few tweaks or are they two completely separate entities? (E.g. coins mined in SC1 are not the same as those mined in SC2)

Inedible

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Activity: 700

Merit: 500

What doesn't kill you only makes you sicker!

Quote from: ?? on ??

Thanks for the excellent explanation.

Quote from: ?? on ??

Quote

5) If the Trusted Nodes monies can be transferred to CoinHunter's wallet, doesn't this mean the SolidCoin economy is massively larger than SC18.9M?

Not sure what you mean. The trusted nodes + other premines + current normal mining isn't massively larger than 18.9M.

I read that the Trusted Nodes each have 13 million pre-mined.

If these funds can be transferred to CoinHunter's wallet then there would be an additional 13 million available to spend. If there are a dozen of these nodes then there would be 12 * 13 = 156 million more SolidCoin to spend.

Also there doesn't seem to be anything preventing more Trusted Nodes being set up unless that too is hard coded into the client (which can be changed at any time by CoinHunter).

BitterTea

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Quote from: Lolcust on October 12, 2011, 03:10:09 PM

Quote from: grod on October 12, 2011, 02:51:38 PM

Quote from: Lolcust on October 12, 2011, 02:27:06 PM

P.S.:
Perhaps a bit of a touchy subject, so feel free to decline answer, but are you currently a resident of the United States?
Just a bit of less-than-scientific statistics gathering on my part...

Yup, been living in various parts of the US forever.

Fascinating.

Too bad I'm no sociologist, but still fascinating.

Thank you for answering.

I'm curious as to why you find this fascinating. Would you care to share?

johnj

full member

Activity: 154

Merit: 100

Quote from: ?? on ??

Quote

5) If the Trusted Nodes monies can be transferred to CoinHunter's wallet, doesn't this mean the SolidCoin economy is massively larger than SC18.9M?

Not sure what you mean. The trusted nodes + other premines + current normal mining isn't massively larger than 18.9M.

I think he's talking about the 18.9m from SC 1.0

Bait and switch

Lolcust

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Hillariously voracious

Quote from: grod on October 12, 2011, 02:51:38 PM

Quote from: Lolcust on October 12, 2011, 02:27:06 PM

P.S.:
Perhaps a bit of a touchy subject, so feel free to decline answer, but are you currently a resident of the United States?
Just a bit of less-than-scientific statistics gathering on my part...

Yup, been living in various parts of the US forever.

Fascinating.

Too bad I'm no sociologist, but still fascinating.

Thank you for answering.

Topic: SC Releases his 'white paper', hilarity ensues - page 2. (Read 13205 times)