Bitcoin Forum

So, when I was lucky enough to be at the launch of an altcoin, I found it strange that I had to synch nearly 2000 blocks while I joined in merely 10 minutes after the forum release.

Today I spent all day setting up Abe's blockexplorer and I did some digging in the Powercoin blockchain. I sourced the blocknumber @ the releasetime, which was 1:55:59 UTC.

The dev (NMO) kept insisting there was no premine. While in fact 56K coins were premined.

I tried to get him to discredit himself by asking for a bribe, but he didn't bite to that. He insisted it was not a premine and was not intended as such. He will probably keep saying this this was "not a premine". LOL.

Ah well, let the proof speak for itself:

http://oi41.tinypic.com/atpu38.jpg

EXTRA FACT
- The linux compile was botched beyond repair and could not be compiled without serious knowledge of the code. It still cannot. Linux users were heavily hindered. NWO was ready and has admitted that he would mine from release - the linux botching might have been on purpose so that he had more time to reap the benefits of the early easy difficulty. This is mere speculation of course, but as more things are fishy, this is a viable option.


Also, I did manage to mine 6K during the low difficulty, but the premine made me think of them as worthless. I have no issues discrediting this filthy premined junkcoin clone.

//edit
This just in: NWO plans to sue me for uncovering his uncomfortable truth

Another scam coin bites the dust :P

Yeah already saw something shady when I was one of the first miners and saw that about 1000 blocks were already mined.

Most people new powercoin was worthless, after the first day of mining

It was already dead minutes after launch. The author got called out for lying about it being confirmed on BTER. One of the worst coin launches ever...

Bwhaha how old is this guy?

LOL at the notion that any of these scam coins (copy/paste LTC forks) are a "brand"

Nice bit of detective work there Boxman90!!! :)

The OP tried to extort NWO: "Send me coins or I will make slanderous posts!"
This is illegal, it is extortion. Under no circumstance it is permissible.
It doesn't even matter whether his so called evidence materials hold water.

Incredible. He should just let it die at this point before he creates even more of an embarrassment for himself.

He must be american. A Brand is not A brand, unless it is trademarked, for starters. And even if that was the case, he copied someone else's code, made a couple changes, and claimed it as his own ::)

Well I am pretty sure NWO is guilty of misleading investors (miners) as well, as the original version of the announcement post claimed that the coin was pre-approved to be listed on BTER, which was soon after discredited by the BTER admin. Maybe the SEC or someone (probably the equivalent agency of NWO's home country) would be interested in this, as they are already on record that they need to get into crypto-currency regulations. And yes, early miners should be classified as investors since time and effort, pointing hashpower to a coin in hopes of higher return, would be considered as the investment.

Also, for the record, I am not defending either party, if they both broke the law, they should both suffer the consequences.

We are looking to trademark PowerCoin and bring it to the wider community. The code is open source... No further explanation required.

From the top of my head. Bitcoin was instamined, Novacoin was raped by premine, ChinaCoin had 2200 blocks mined before anyone here touched it, yac was found to heavily favour Linux users and was instamined... Must I got on. These coins are still on exchanges and are being traded as we speak. THIS IS NO REVELATION.

The 'premine' is VERY insignificant if you actually saw how spread out the amount was as it was used for payment on the coin itself, website, wiki, BOUNTIES. A lot of that is going into the generation of bounties to further grow PowerCoin as a viable currency alternative.

OP is blowing steam out of his **** with the Linux accusation, the development team solely focused on a Windows client (the majority).

As for the etiquette of the OP. He threatened to extort me for PWC (ironic isn't it) to not expose his findings. In other words I am taking this very seriously. Screenshots are being compiled as we speak.

In regards to the BTER (epic fail) that was a huge miscommunication/ lie from a Chinese national who thought he was admin...

1) The only person involved in immoral behavior here is the OP who tried to extort NWO: give me money or I will make your coin look bad. This is not only immoral, but illegal, it's a crime known as blackmail or extortion.

2) Even if there was a minuscule premine (which I doubt), but even if the OP was right, 55000 coins out of 100 million, it's a drop in the Ocean that NWO keeps giving in bounties and giveaways. A complete non-issue.

3) The BTER fiasco was my fault as I admitted before. I was in contact with some guy from Shanghai, China, who supposedly is in the BTER team and he said "Yeah, sure we will add it!" when I explained the Powercoin project to him.

Great job

also if he was extorting why would he release details, then he would lose his leverage

lol well spotted :d

Dude, it's over. Noone wants to mine your coin, noone wants to buy your coin....Let it go....Feel free to attempt to sue me...I'm Canadian, so, even if you had a trademark, it wouldn't be valid here anyways. And I seriously doubt the admin of these forums, are handing out personal information about their members ::)

There are 2 pools and one Google Docs Exchange thread so people obviously do want to.
Go troll somewhere else.

ZOMG, 2 whole pools? well then, I stand corrected ::)

Ha ha ha,
Oh poor boy. You call 56K coin premine something sensational? Newsflash: EVERY coin has some form of pre/instamine. 56K is NOTHING in comparison to Bitbar, Mincoin, PPC, Novacoi, Feathercoin, CNC, BTC, Litecoin etc.

Sure it shouldn't happen but a 56k coin premine is hardly sensational by any means.

So just taking some random guys word for it is your defense?  How come you guys didn't go through the official email admin@bter.com to verify? Also, it was stated there was no pre-mine, now you guys are admitting there was, but since it was a "minuscule premine", hey that's ok, it was just a fib. Smells like a giant scam to get people to buy into your launch and now you guys are coming up with weak excuses to try and keep it going for a bit longer.

lol ignore praxis, what a joke.

I was on this coin by minute 3 and there were 2400 blocks found already. that's not normal. That's a premine. Look at the proof ffs in OP, any one of us could have done that and laughed as we went back to topic list. Trusting premined coins "for the good of the coin" from a Jr. Member with no escrow for bounties, contests, etc is ignorance at best especially when the original post said no premine (which is lie #2). There is nothing to hold the pre-miner to these claims. For record there still aren't bounties on the release page.

This thread is justice and I love it.


NWO: "wah". ignore him.

? The alt-coin pump'n'dump fad was over before the coin was launched.

Here's one of the pools, dusted it off one the third page.

http://pwc.hackshardgaming.net/ (http://pwc.hackshardgaming.net/)

66 workers, WOW!!!

Your hero title should be stripped. Litecoin came with 2 blocks pre-mined for a total of 150 LTC. I won't even go into the others.

pls go

Exactly, ALL COINS have some form of premined. These coins are going into projects to further push PowerCoin forward by paying out bounties, websites, wikis. This is not free. Labour is not free.

Whoever is ignorant enough to believe OP is clearly a troll or new to cryptocurrencies. This is no revelation. Compared to other coins, it is minuscule. I bet you all support those 'other' premined coins. Really subjective of you Boxman90, well done. Yet you fail to mention every other coin.  

I'll not even reply to your childish trolling. Ignored  :D

lol, and that google docs spreadsheet, with 8 sellers, and 0 buyers? What a joke coin. Weather he lied about BTer, or he was misinformed, he shouldn't have posted, without %100 confirmation. That was the death of his coin.

Seriously? 56k coins pre-mined is coo with you?

Any forks besides LTC shouldn't even be mentioned since they're closer to scamcoins than anything else. PWC brought no innovation to cryptocurrencies and with 2k blocks pre-mined is a slap in the fuking face.

As far as I'm concerned, any supporters to your coin in this thread are from the same IP.

Whether or not the OP tried to extort you doesn't change the fact that you premined the first 2000 blocks.  Time to add powercoin to the growing list of alt coins that die within their first 2 weeks.

Boxman90 clearly isn't happy that I didn't fall for his extortion attempt otherwise he would have listed ALL of the altcoins which have been premined or instamined. Yet he targets PWC because I will not subdue to such a criminal, who knows how many altcoin creators he has extorted in return to not deface their coins. I think this is a serious issue which will be presented to the appropriate parties.

PROOF!


https://i.imgur.com/kdQSoar.png

2 days....

Yet those supporters are valued members of the community who know what is right from wrong. Have some respect.

He asked for PWC which is essentially worth nothing, so, how is it extortion? He asked you to give him nothing lol

I've only counted 1 supporter

There is no respect given for stealing work without providing some sort of innovation. Your point is moot and your coin should be a banned acronym on this board.

Praxis was first one to post after OP in that thread so you count 2 and 2 mate ;)

I think praxis is NWO.

What a lie, see the original thread, some early people see block 200 something. There are too many liars in this forum!

The block chain doesn't lie...And the OP already admitted it was premined...But thx for coming out...Next time, actually read the thread, before you post

There is nothing wrong with premining 56k coins if you would of told everyone when or before you released the coin that you premined it and why.
However this is not the case rather the coin creator went on without telling anyone until confronted about it as if the blockchain wouldnt make it obvious where those 56k coins went.

What that, they're both limitless? Ah shit

Guys... I don't think there's anything strange. 56,000 coins = 1200 blocks?

Even this is true, then I'd say the dev are pretty nice. I remember that CNC when launched, had 2000+ blocks premined? 1200 blocks are nothing to me, lol  :D :D

No one is suing you. You are however pretty much a total slut for 'finding' something we all knew and trying to extort someone on PM. Ha ha, what a fucking fail-kid :)

if i see that "proof" image one more time my eyes are gonna explode.  :o

I'm really feeling the PWC revolution.

56k powercoin @ current selling price is ~200 or 250 tops LTC. 250 vs. 150 not to big of a difference in the overall scheme of things to me.

Thank you for necroing the threat to point that out.

I thought it was already common knowledge that powercoin was a sack of crap, pre-mined scam coin?