Hey guys,
Hey, looking through the block explorer, I noticed something that doesn't sit right with me.
The initial instamined blocks were all worth 611 coins, a thousand times more valuable than the 0.611 block reward currently running. This was then reduced to 61.1 coins per block reward, and then presumably further by multiples of 0.1. This is not disclosed anywhere in the original post. In fact, none of the block structure is disclosed in the original post.
From downloading the wallet upon first seeing the original post, I know about 8000 blocks had been mined before public release. This wouldn't be so excessive if the block reward had been 0.611 coins the whole time-- basically this would have resulted in a premine of about 4888 SIL out of 611,000 total eventual supply, which is reasonable at 0.8%.
However, this is the actual mining reward structure:
Block 1-287: 611 coins per block NOT DISCLOSED IN OP
Block 288-2879: 61.1 coins per block NOT DISCLOSED IN OP
Block 2880: 0.611 coins per block, smoothly decaying
yes, that's a fact.
As 611 (SixEleven) is a fork of the original
Namecoin the initial mining block values were static numbers (like
Namecoin). To avoid a heavy inflation situation as it occurs to
Namecoin (and many other altcoins) the mining reward algorithm was adapted mulitple times during the early development phase. These development steps are public open source on Github:
https://github.com/fflo/sixeleven/commits/master.611/src/main.cppThis means that 333,728.2 SIL, or a whopping 54.62% of the total eventual supply, was instamined by the 611 developer.
It appears this fact was deliberately hidden with the late release of a block explorer and the use of the low-information Abe block explorer.
Add to this the notion that the developer has been encouraging other miners to set a price for their mined SIL at approximately $60 USD means the developer is attempting to value his premine at upwards of $20,000,000 USD.
That's the current situation:
The developer is not selling any coins for commercial purpose. There is no commercial intention on this project. It's up to you, the miners, the users, the brokers, etc. what you set up as a sales price for your mined ressources.
This
Namecoin fork is an open source project: The intention is to offer a base technical infrastructure allowing everyone to setup name (and id) objects which are accessible worldwide by any Internet connected device.
Together we can design the coin to be like we want it; we can even folk it and start over with another name and mining algorithm. It's all transparent and open source.
The developer for sure is not your rival supporting this project for non profit.
PatrickMacH, if you don't take steps to disclose your premine fully and burn most or all the coins you did not disclose that you mined at a higher block reward, this initiative is no longer worth miners' support.
I'm looking forward to your response.
We know for sure from the block explorer that this coin suffers a heavy premine!
That's a fact mainly in cause to the reducement steps of the mining awards during the early development phase.
We know that out of the available coins of the develoment phase (which are spendable) there are only rare coins available for sale for private or research use only on a price level which does not compete against any miner of this coin.
We also know that 611 (SixEleven) supports merged mining. At the miners perspective you do not loose or risk anything mining this altcoin. You can only benefit from mining 611 (SixEleven) as your mined coins are the basis for new name (or id) objects or object modifications.
From my point of view it's a good thing to know that there should be a certain amount of assets available to compat overtrading which causes serious harm to many other altcoins.
The idea of this coin is to offer a base for a stable open source domain name system. To reach that aim it's important that name and id ressources are affordable at any time in need even if you have no access to mining ressources. That's the reason why I've suggested to discuss a reasonable price corridor from time to time to make sure that no ressources are dumped for destructive speculation.
Let me know if you have any ideas how we can and should adjust the current situation to have a even-handed situation for both parties: the miners and the users.
