Topic: Vircurex: Stop Support of I0Coins (Read 1980 times)

The Digitalis Open Transactions server has markets for I0coin, it can be taded against any of the other supported assets, which include not just cryptocoins but an growing panoply of other assets. ( Some of them are featured in the tables at http://galaxies.mygamesonline.org/digitalisassets.html

Just now a Windows GUI that supposedly "just works" has been made available, see https://bitcointalksearch.org/topic/m.1216747

-MarkM-

So Vircurex was the only i0coin exchange? No alternatives out there?

I fully agree with it,vircurex should not go the btc-e way, one by one giving up all alt coins, giving the excuse of low turnover.

... at least for the GPU mined cryptos.

I think we need a range of altcoins to fill different needs.  What appear to be experiments now may find useful niches in the future.  One of the problems with bitcoin is its 10 minute confirmation time which makes it difficult to use for everyday purchases (i.e., buying a coffee at Starbucks).  The reciever of the bitcoins either needs to wait 10 minutes to an hour for enough confirmations or risk not getting the bitcoins at all (a double spend).  Because of this bitcoin needs additional services.  The new bitcoin backed debit card from Bitinstant comes to mind.  It's a great idea to allow a quick transaction, reduce risk and simplify the process to bring in the general public.  The drawbacks are the additional fees (1% bitcoin transfer fee, and a $1.50 ATM withdrawal fee).  That's a bit much just to buy a coffee in my opinoin, not to mention the transaction is no longer anonymous since the card is associated with a bank account.

We need altcoins with short confirmation times and extra high hash rates to make everyday transactions possible without the middleman.  I0coin has a confirmation time of just over 1 minute and Litecoin's is about 2.5 minutes.  These wait times are within reason for doing real commerce.

Although the fast confirmation times increase the risk of double spending, this can be overcome with higher hash rates and that is exactly what we should see over the next few months with the new ASIC systems.  A 10-100 fold hash rate increase across all crypto currencies is a real possibility.  I think it's premature to give up on I0coin.

Why?

Thanks for giving the link.I need more time to download client and all the i0coin block-chain.

OK, who's going to start a new i0coin exchange???  I think it has promise but it needs visibility.

Last i0coin client I've seen is here...

Bitcoin Forum > Other > Alternate cryptocurrencies > New Ixcoin fork -> I0coin
April 28, 2012, 06:00:47 AM  by kr105

Windows executable:  http://kr105.com/i0release.rar
Source: https://github.com/kR105/i0coin/

I dont have I0Coin client and dont know where to get it.After your announcement no will buy i0coin.Can you suggest some wallet for i0coin or my i0coins will be wasted.

I0C deposits and withdrawals have been enabled again.

All the I0coin tokens in the Digitalis Open Transactions server represent I0coins that date back on the blockchain at least one hard-coded checkpoint.

That is not a whole lot of I0coins, but if more I0coins are bailed into the system the number of tokens available can be increased after at least one more checkpoint is out there in the majority of active clients. Detecting that might involve having to change the version number when a checkpoint is added.

This approach allows low hashing power chains to continue to be used via proxy as it were, using tokens, until such time as the Massively Merged Mining project and anyone else interested in protecting altchains by throwing hashing power at them manages to get a decent amount of hashing going on them again.

-MarkM-

Also This too...

I0C Deposits and Withdrawals put on hold
Due to the low network hash rates and the resulting risks of double spending attacks, we are temporarily disabling deposits and withdrawals of I0Coins

Bummer I loved the fast block times of i0coin.

the final death call for I0coin?

After I0C has been decommissioned mid of October, we'll be looking into providing support for PPC.

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Vircurex will stop all trading activities of I0Coins on 1st Oct 2012 12:00PM UTC. Please withdraw all your I0Coins by latest 14th October 2012.