Bitcoin Forum

Hi,

First, disclaimer : this is not about whether CHNCoin had a future, is a scam, and so on... Neither am I angry or pissed at I don't know what. Also, I'm a newbie, but you know that already ;)

But I noticed the following pattern on CHNCoin, and thought it was interesting :

CHNCoin is released, low difficulty, highly overvalued trade rates... Everybody jumps in on the train, leading to a massive hashrate increase, and a quick difficulty retarget. Everyone dumps their coin, basically killing the trade rate (which, yes was bound to happen given it was highly overvalued), hopping off the network, and leaving the coin at a relatively high difficulty rate compared to the remaining hashrate.

From what I understand, given current block time and remaining block count until next difficulty adjustment (I use the following formula to determine that : (difficulty adjustment blocks - (current block number % difficulty adjustment blocks)) * current block time), which gives us ~220 days currently (using 1h45 as block time), killing any hope for CHNCoin to recover from that last adjustment, and effectively killing the coin.

Could it have been intentional killing of the coin ? Or just fate of a pump-and-dump conceived coin ?

Isn't LTC doomed to suffer the same fate from the way things are going : people left the LTC train for CHN/FTC/Insert-your-alt-coin-here, hopped back on when other alt-coins crashed, massive increase in hash rate again, price drop (profitability is less than BTC now), so I expect people to hop to another currency soon, leaving LTC at a high difficulty relative to effective hashing power, once again killing any hopes for difficulty retarget, and killing the coin as such ?

Too many trash coins, and pump and dumps is obvious.  Why would the average person care about CHNcoin and the other tag-along junk coins trying to ride the success of Litecoin, almost none of these alt-coins will achieve wide-spread adoption.

Litecoin will be fine. It's big enough to take fluctuation like this.

I guess the lesson for people trying to make a new coin is the difficulty readjustment must be fast enough to deal with drastic hash rate changes.