Topic: You cannot really compare SolidCoin to Bitcoin/Litecoin anymore (Read 5558 times)

1. Premine 13 million SC
2. Arbitrarily raise difficulty to make SC more expensive
3. Sell premined coins
4. Massive temporary profits

The trusted nodes (which really should be called the RealSolid fiat nodes) will not validate any block it considers invalid (and thus goes against RealSolid rather fickle and every changing wishes).  Thus you can mine forever and even periodically find blocks but those blocks will not become part of the valid chain and thus are worthless.

Even worse if somehow you did get a block signed it appears RealSolid can simply retroactively invalidate that block and make the coins generated worthless.

Hi My name is RealSolid aka Ben Bernanke. I can make as many coins as I want.

In fact.. my buddy and I would like to go to Vegas and blow my money on Blow and hookers. Who is to stop me? I print money and make coins however I see fit

I like FiatCoin.  RealSolid managed to invent digital fiat money except it isn't even backed by the sovreign power of a nation. 

I mean I trust the Federal Reserve more than I trust RealSolid. 

The trusted nodes (which really should be called the RealSolid fiat nodes) will not validate any block it considers invalid (and thus goes against RealSolid rather fickle and every changing wishes).  Thus you can mine forever and even periodically find blocks but those blocks will not become part of the valid chain and thus are worthless.

Even worse if somehow you did get a block signed it appears RealSolid can simply retroactively invalidate that block and make the coins generated worthless.

I wonder what happens if the majority of people don't download the update with the change?

Does the non updated client generate 32 coins or do the central nodes smack the end nodes down and only award 5 coins or invalidate their blocks completely?

Gotta love the total lack of democracy, no opinion, just I'm going to do it, and even worse if you can't vote with your client like bitcoin.

All the fervent solidcoin supporters seem very sheepish anyway.

Please define success. Does the price on btc-e define success?

Bernie Madoff made a ton of money before he was put in jail. Was his business a success before it all fell apart?

Seems like the economic noob's currency is still much more successful than the one from the pro 

This move is made by someone who does not understand economics. CH/RS may be an advanced coder (though I'm starting to doubt that seeing his hashrate bug fix/unfixed/refixed issue), he has no clue about economics and market dynamics.

The rationale, in a nutshell, is that on the current base generation number of 32 there are too many coins being generated too quickly. We underestimated the number of miners there would be in the initial phase of SolidCoin 2.0 and now are in the position where the market is flooded with coins which are being mined for nearly zero cost and for which there are not enough buyers.

SolidCoin aims to achieve a value where 1SLC = $1-2. Even with all the stuff we have planned, this is never going to happen with the current generation rates, so action needs to be taken. Cutting the generation rate increases the cost to produce a SolidCoin and restricts the number of new coins being created.

With regard to being "fair", all I can say to you is that this has been announced in advance with plenty of warning. Everyone still has a chance to become an early adopter right now, and in fact it's much cheaper to become an early adopter now than it has been in the past.

Mining difficulty is relatively low right now and we're chucking out high value blocks like there's no tomorrow. The price of SolidCoin on the exchanges is also extremely low, much lower than it was when the chain was shut down a few weeks ago, so there has never been a better time to become an early adopter, either by mining yourself or buying up huge numbers of cheap coins - take your pick. I can't really see how we could make it any more "fair".

Maybe it isn't your thing.  Lack of source code means SC has no legitimacy.  Hell it doesn't even have a valid license for the Oracle property it is stealing.

These attacks even without source code have shown flaws in the network.  This likely means the source code will never be released or the release will be further delayed.  That undermines any remaining confidence in the network. 

No they aren't... If keeping him from releasing the source code is considered a real successfull attack why are you contradicting yourself on your last sentence saying that only when he releases the source code the real attacks will occur?

Logical thinking isn't your thing, is it?

I'd say they're succeeding. It's because of them that there is no source code released, even though it was promised a long time ago. CH is scared to death what will happen if the source code is released and real attacks occur.

BCX and Artforz are failing big time.

monopoly money for 10 year olds?

If you "underestimated" the number of miners, that means there are people getting access to coins, not less.  All this does is make the early adopters get a MASSIVE boost in what their mining was worth compared to new miners.