Why are all the Monero guys in here talking about DASH? This thread is about the questionable XMR launch. Let's stay on topic.
So the fastmine/high initial emission of XMR, combined with the refusal to create an official GUI wallet for easy public use does seem very scammy.
Also, the Monero devs claim they didn't know about the scam miner they were pushing off on the public. If that is true, what other parts of their copy/paste coin do they not understand?
It's one thing for novices to copy (well known) bitcoin, but copying something like bytecoin that is brand new, a scam, and includes fraudulent code is pretty irresponsible.
Smooth or one of the other Devs can talk about what happened at the launch
It is well known what happened.
1. Bytecoin was coin with promising new technology that was announced with 80%+ of the coins already mined.
2. Aside from the fact that it was 80%+ mined, none of the other aspects of the Bytecoin scam were known at the time.
3. Some community members discussed, originally on the Bytecoin thread, and then later on its own thread, the idea of relaunching Bytecoin with some minor tweaks (mostly slowing down the emission curve and adding a tail emission)
4. Some anonymous guy went and relaunched it
5. The anonymous guy wanted to introduce merged mining with Bytecoin which the rest of the community didn't want. There was a vote, and despite obvious sock puppetry (especially in hindsight) in favor of the merged mining, by some miracle the vote was rejected.
6. The anonymous guy started adding merged mining code anyway, at one point breaking the coin in the process (mining got completely stuck on the whole network).
7. The community met up on IRC and via PMs and decided to fork the repo to a community-controlled repo to prevent this from happening again.
8. At no time during this process was the issue of undertaking an independent effort to independently review and develop Bytecoin's code on the table. None of us had the time for it, nor did we set out to develop a new coin. It was all done strictly to remove the ninjamine/premine, slow down the emissions, and have community control over the repo to prevent any further rogue changes. The expectation was that any further changes would just be merged from Bytecoin, the way many coins merge changes from Bitcoin. Everyone involved including the people mining it, and later buying it, knew that it was (at that time) a minor fork of Bytecoin, and anything good or bad about Bytecoin would be inherited.
8. Later, this new coin started to became popular, and a formal effort was organized to develop and improve the code, led by the Monero core team. This included, among its first steps, discovering and removing the apparently-deliberately crippled mining-code stating 19 days after the original launch or 12 days after the repo fork and concluding either 10 or 14 days following that, depending on which commit you believe removed the last of any apparently-deliberate crippling.
The later of the two dates of the end of any apparently-deliberate crippling 33 days after launch, meaning approximately 825K coins had been mined, not 1.5 million as is incorrectly and dishonestly claimed by the OP:
http://moneroblocks.info/search/50000There is no evidence that anyone exploited the apparently-deliberately crippled minor prior to the first fix 19 days after launch, although it could have happened (most likely by the original developer who was "fired" by the community) on a relatively small scale. There was some documented exploitation of it (though not by the original developer) during the following 14 days. In any case the number of coins mined in this manner would be much less than even 825K.
The issue of the alleged "fast" mine has already been addressed on this thread here:
Monero merely catches up with bitcoin emission, and will eventually have more coins than BTC, due to the minimum block reward starting in 2022:
and here:
These figures are all wrong because they ignore the fact that Monero has a minimum tail emission equal 0.6 XMR per 2min block. This has been part of the social covenant in Monero since the start indicated first as a tail emission of less than 1% and then finalized at 0.6 XMR per 2min block. The comparison with Bitcoin and Litecoin fails simply because both Bitcoin and Litecoin have a fixed maximum number of coins while Monero does not. The comparison with Dash is even worse because not only does Dash have a fixed money supply but the Dash maximum money supply was drastically reduced after launch.
In fact, because of the tail emission (and coupled with the lack of any instamine whatsoever; blocks were precisely on schedule to the minute starting with block #5), Monero has one of the
slowest overall emissions schedules of any of the major coins today (possible exception being DOGE, which also has a tail reward). Monero slow emissions will continue to distribute new coins long after Bitcoin, Dash, etc. have seen their emissions dwindle to insignificance (and eventually stop, but that takes much longer). Arguably this has already happened with Dash, since so many coins were created right up front (instamine) and the mining rewards have been cut so drastically thereafter to what is merely a trickle now.
Of course none of this should be surprising since the entire thread is dishonest trolling by a Dash supporter, in retaliation for calling out their instamine scam:
i would not trust one word mastermined710 says.
I was on the xcoin(dash) captive instamine launch. I was there in real time and watched it unfold.
He now tries to deny things that happened actually happened on that launch. He is not to be trusted.
Although, this is not a dash/xcoin/dark thread I will not go into it here. I will only say if you want examples of his lies then please contact me for details.
This person is either a total scammer or likes to try and destroy the truth with nuances that are laughable. His tactic is to say he is telling the truth so that the real truth that is a correct and proper picture is distorted and cast in doubt.
He is making this thread only to divert from the dash scam thread.
He is a scam protector and pumper.
And with that
/thread
When there is money to be made people are on it )... lessening the effort of this thread to make this a big thing even more .... would not make that difference with the improved miner if the "solo" code was crippled or not difference is only a tiny share of the profits of dga and his group back than