Topic: Scamcoin Special Episode - Let's Talk Bitcoin! show (Read 1740 times)

I don't think there are any scamcoins. The market decides which coins it likes. The fact that all of the new coins are actively traded means that there is demand for them. Some will go up, some will go down. Don't like a coin? Don't use it!

In fact I have purchased and continue to both purchase and mine LTC. My attraction to GLD was the scrypt based algo like LTC but mainly it was GLDs community that sucked me in, they were friendly and were more then happy to spread the wealth, whether it was pre-mined or not and for me and many others this was a bonus and helped the word of GLD grow.

To answer your last question, the coin has been easier to mine for people with more consumer grade hardware, 5xxx and up cards can mine GLD coins with decent success but that doesn't mean there is a problem with the coin or that it is a scam, it's just another coin in a large sea of alt-coins. It's more of a question of whether time will tell, but I do believe there is a market for alt coins or an alt coin, LTC has proved that.

Scrypt based coins are useful for low end gpu miners or the "average joe" type miner if you will. Most people dont have much of a chance to mine the sha based coins with all the new asic technology coming out faster than ever before.

There are fpgas in the works for scrypt based mining but as far as I know there are no asics just yet. This leaves a fairer game for newcomers to crypto currency.

Whether they are premined or not it is what is done aftwards that really proves a coins worth if it stays around and grows an economy and services to compliment it. It is still early days to give a full answer to which coins are going to be long term and which ones arent.

Remember in your show to be speculative towards which coins may or may not be "scam coins" and be objective in your evidence towards it otherwise you will upset a lot of supporters for each coin. Whether it be support through greed or interest in the coins future you dont want to alienate any listeners like that.

This ones going to take a lot of research

Ok.

So the problem with your arguement is that Litecoin already exists and has gained enough support to become the 2nd tier "status quo"

You basically said GLD is the same as LTC - Why shouldn't I just buy LTC since it has a larger community, people actually use it, and it offers exactly the same advantages you described for GLD?

Really trying to see the point beyond it being easier for miners to mine.

To me a coin is (or will be eventually) worthless if it has no innovation over another coin.  So, there are a few coins that have done something innovative (Freicoin, for example with demurrage, and a few others with innovative difficulty adjustments and ones that have put in place an infrastructure for actual use).  The ones that are just carbon copies with no infrastructure eventually will die as they add nothing besides maybe an immediate way to get more BTC / LTC via mining

I've never Had any comment on pre-mining or how alt-coins get pre-mind and how they relate to Satoshi mining alone. In my opinion Satoshi didn't technically pre-mine as we know refer to it today. He simple created bitcoin from scratch and mined it to begin it's origin, in my opinion it's different.

As for the GLD, I've gone with them for a simple reason, community in the alt-coin market. They are an excellent community, they have given out to the public and have re-invested in their coin. I personally have not sold any coins and am now looking to buy more as I believe in the community and without community bitcoin would not be where it is today.

Now for what GLD has taken out of bitcoin that is good and what has it changed, I think the majority of alt-coins including GLD lend them self more to LTC due to it's resilience to ASIC which bitcoin will be subjected to soon, however when the difficulty rises due to the high influx of hash rate this will hopefully be negated, but for easier adoption with consumer hardware most coins have opted for a scrypt based algorithm coin. This is one thing LTC has going for it as the premier alt-coin and most if not all recently release arts have used. Things they have changed are transactions times, difficulty retargets and block rewards, however a price is paid for all of these whether they be good or bad, whether it be too big a reward for each block of to fast a transaction leading to less security.

It's a market that's using the shotgun approach and seeing what sticks and in my opinion I think it's a lot of noise but in a way allows the market to find something it likes and stick to it, much like it did to LTC.

1. I think that nobody is defending the coins created this spring. In the long run they are useless, except maybe YAC that had changed the hashing algo. But we need new innovative coins, and with premine to ensure that the original developer will stay involved.

2. All the coins had some kind of premine. Satoshi had announced the bitcoins to some iRC channels and is considered ok. If somebody else will launch a coin and will not announce the coin here, on this forum will be considered premine. For example CNC is considered premine because was first announced on a chinese forum, and not here. That is a useless coin, well this is another story.

What people don't get is that the premine is not important.
The important thing is: what improvement is this coin bringing to get one step closer to have a useful crypto currency. Since the bitcoin, the only coin that has taken this step is PPcoin with the proof of stake.

All coins have been premined to some extent. Yes, satoshi premined in some sense, he/they got millions now he/they DESERVE this millions, but i don't think that the miners that got in early deserve their millions. They are the ones resisting the changes and holding with they teeth on bitcoin, and this is blocking the evolution of crypto currency.

Twisting the facts will not improve the reality. But as i said, nobody will accept the reality and risk loosing their investment.

And yes, maybe i have in mind to make a new crypto currency, but with something new. I need to dig more in to the thing, i don't know if i will make it. But i tell you one thing: when is ready you can bet that i will premine some 50k coins, and i don't care if the coin will die because of this. Because if i don't get anything i still don't care if the coin will die.

So... I see you have GLDcoin for your avatar, want to explain why pre-mining in GLDcoin is the same as Satoshi mining alone before anybody figured out Cryptocurrencies were worth their time?

Also, what good bits did GLDcoin take, and which parts did it change?

Bacon will replace Bitcoin. Obviously. HAIL BACON!



In all seriousness: Little good seems to come from the heavily-premined (or instamined) altchains. Since there are so many alternatives now compared to when Bitcoin first launched, miners can easily just pick a different coin to mine instead...early controversy can (and does) kill altchains early on.

Nope, they piggy back taking good bits and changing others

Curious - To people defending Pre-mined coins created now, in 2013:

• Is it as hard to start an Alt-Chain now?
• Is it worth the same as starting the first cryptocurrency in 2009?

Maybe this is the problem - People view Satoshi's origination of Bitcoin as equvilent to forking the code... Except that's not what happened, he concieved, designed, documented, and implemented the code from basically scratch.

Do the alt-chains coming out now work like that?

... and, according to this community, that's "fair". Because premines aren't "fair".

Sometimes logic is fleeting around here. It is precisely fair. If the developer is offering a premined coin, it is your prerogative to ignore it. Demanding that coins not be premined is, to me, a demonstration of ignorance. A better discussion is "how much premine is appropriate?"

Well this is the problem. You can't mine it like everyone else. If we talk about scrypt, an average GPU will get 400 kh/s, but there are many rigs with 40.000 kh/s. So if the developer get 1 coin, this guys will get 100. And yeah, maybe, just maybe, they will donate 1 more to the developer. And the developer will be very happy and he will continue to improve the coin knowing that he will get peanuts while the big boys will get rich.

+1

Uh huh. What world are you living in? If the developer doesn't premine, he's going to get nothing compared to the 600 lb mining gorilla that comes along two hours later with 35 MH/s scrypt (and that miner would dump his coins when they hit an exchange anyway, so they're better off with the developer anyway, since he's in it for the long haul if he's serious about the development work).

Shit, I only have a small farm and I'd probably still get more than the developer for a new coin.

And when was the last time you donated to a developer? The Litecoin team would appreciate your generosity.

When the development time for a new coin seems to be a few hours no. If you put time and effort into your coin you can mine it yourself just like everyone else and receive lots of donations if it didnt pre mine It is then the devs and the community responsibility to make the coin a success and themselves rich. As it stands premines are only to mine enough so when it hits an exchange you can get a few btc out of it which actually discourages the dev more. Why put all the time and effort in If he can dump it now for a few thousand dollars and create a new coin next week? A few have used them for bounties but that leaves a lot of room for trust why not work together with the community to arrange bounties? They want it to suceed just as much as you

Yes, I think that vast majority of the crypto coin community thinks this: that the developer should get nothing and to work for free in order to make the guys with powerful rigs rich.

I'm not kidding at all.

The initial mined coins are the motivation for the developer. If you have a coin that isn't premined, the developer isn't getting many coins and won't be financially motivated to make the coin a success. Whether the community thinks the means by which the developer gets the coins is "fair" or not is basically immaterial. Virtually all of the new altcoins are premined, for this precise reason.

This comes down to the developers wanting to share in the wealth they create. We say Satoshi deserved it, but it's a "horribly unethical premine" if another developer does it.

Consider that an altcoin developer can't do it the way Satoshi did, because the coin gets picked up by huge miners almost immediately. So, basically, you assert that developers shouldn't get any compensation for their work.

Okey doke...

i have no comment, but i will say this. long live bacon. bacon is good. consider this.

Gold replaced trade.
Coins replaced gold
paper money replaced coins
checks replaced paper money
credit and debit cards replaced checks
paypal replaced credit cards
bitcoin replaced paypal
something iwll eventually replace bitcoin. lays of economics. where theres a market there will always be a product. /thread /lesson

I really hope you kidding


Oops.....Im sorry I got in your way. Troll away sir troll away

http://www.youtube.com/watch?v=FMEe7JqBgvg