Bitcoin Forum

Then the comment was :


This is a classic Money supply choke -

it is not that different to the raising of interest rates to raise the "price" of money - which sometimes actually chokes economies, transferring real wealth/time/energy to scammers in a  similar nature.

but in this case our good friends at Goldcoin have further added to the ultimate scam of a 7 million plus pre-mine by lowering the block reward.

This in effect means that the velocity of selling can no longer keep up and the price will "appear" to rise , this could cause unsuspecting chumps to buy in and let the Pre-miners sell into their buying .

thus completing the scam.

my advice , don't buy it , if you buy into it, why not just buy into the housing market in say...... Detroit.

keep it nice and bumped - that's how i feel about censorship {just think how i wouldn't have posted this had i not felt censored}

Digitalindustry, I am no fan of gldcoin or microguy, but why do you continually chose to spread complete bull about them? Fair enough attack them on real issues, but if you are going to make pointless and baseless accusactions all you're doing is ruining your own rep.


They definitely did not have a 7miliion premine, thats been shot down and proven so so many times.

Lowering the block rewards was a very positive move by the dev team, one which they gave plenty of notice on and one which there community all backed (a community in which any supporter here could have become part of oh except me I was banned from their community).

I have every reason to attack microguy, but I don't do so with bs.

Strangely enough as much as I don't like his style, I think gldcoin will probably do alright longterm with a dev as devoted as him.

+1

Well said. I've had enough of the trolls who think they're smart and post FUD all over the place.

I don't pay attention to goldcoin and don't know for sure if there was a 7 million premine or not, but if there was a large premine then everything being said about slowing down velocity of selling etc does make sense...

It depends on your definition of premine.

They jacked up the block reward for the first group of blocks that totaled 7+ million coins. These blocks were gone within an hour, meaning that the people who got most of the coins were the insiders. You can take it how you want. It was not a premine, but it was an inflated instamine. This is not an opinion, this part is a fact. It is up to every other person to determine how much they care about this.

Regardless of the instamine/premine, it is still dodgy to reduce the block reward to introduce a false sense of scarcity.

+1

the result is the same, my apologies kelsy I should have correctly termed it an "insta-mine scam" - i couldn't care less about Goldcoin , i was censored . now I'm not , welcome to 2013 .

I've said it before and I say it again there is not a single alt coin on this forum that isn't insta-mined. You can call them all a scam if you want, but no one forces anyone to buy in.

The insta mining getting worse since gldcoin, mining hashes are getting bigger and there are so many alts only a handfull of people mine the crap out of each before they even get noticed by the broader community.


Back to gldcoin, all the things you are blamming on gldcoin if they happened, happened from the original dev, the new dev team sort to address the issues. Something they've gone about doing not to scam, because they believe in their coin.

Nothing the new dev team has done, hasn't been pre announced, so you could have commented, join their community and get into their discussion prior to the fork, if you're where so interested.
Do not go calling it a 'scam' after the fact if you're ideas don't match what they did.



 

Indeed, Goldcoin has a colorful history.  The original developer, hyoshi, who also did the copy/paste work on Nibble, certainly had much to learn before releasing crypto currencies.  There are a few key signatures in the first goldcoin code that match up with Nibble, which makes it clear that that author was the same.  The difficulty adjustment rules were well suited for Litecoin and Bitcoin with large networks of hash power, but not for a new cryptocurrency.  The client, like many others was plagued with litecoin alerts and synchronization issues that hyoshi was unable to repair.  After a 2GH/s attack on the goldcoin network, the difficulty was raised to a point where it took hours to mine a block.  At this point the so-called insiders and insta-miners no doubt dumped their coins as goldcoin was all but dead (during this time the coin reached its all time low on cryptsy).  The developer did remedy the situation with new difficulty rules, but in doing so he also removed the coin generation limits (hopefully more out of ignorance than a word that comes from the french word for clogs - sabot).  While there was an Infinitecoin that was released prior, goldcoin would eventually become the real infinite coin, destroying all value to goldcoin again.  Perhaps by this time the insiders had dumped everything, if they were smart enough to read the code.  A new development team has taken over goldcoin from the Nibble/goldcoin developer.  They are not pump and dump coin creators.  They fixed the client sync issues and added QR support.  Yes, the block rewards were lowered to return the coin to its original 100 or so million, rather than infinity.  Yes, the coins will be more scarce, but Zimbabwe and previous hyperinflationary economies have already proven than unlimited money supply growth is not good for the economy.  These developers are going about all wrong if they simply want to pump and dump.  If that was their intention, they would have left the coin alone and disappeared like the original developer.

did you even read his explanation?
 this shit is a scam, and i immediately tag you as a GLD fanatic if you cannot see the truth in his statement.

although i'm not certain and don't care , i don't think hyoshi was the original developer , but came in after , well at least he got the start of Nibble right. the parameters and reward for Nibble were not changed , you will note , i could have screwed around will all that , it has been left to the market, its a honest start , and a great currency, if people are waiting to dump , that's only after it gets slammed into higher diff , not unlike what is occurring now with DGC.   there are market solutions to this but .

although hyoshi's code style some could say was quick and messy , he had streaks of brilliance in there.

dude seriously don't label coins as scams if u don't like the way they go about things, and I am no gold fanatic, I could call microguy and crew alot of things...such as deluded etc but they're clearly not scammers.

people could label half ur crap as a scam barwizi.

I'm kinda getting tired of some many people behind coins yelling scam at other coins, don't like it don't mine it or buy it.

People just like to attack others thinking it'd help give their coins cred, but has the opposite effect imo want you say about someone else is more a reflection of yourself then that as others. I do see goldcoin attacking other?

Grow up everyone, all adults here no one needs your protection, all can work shit out for ourselves.

I think the people behind goldcoin are a tad nuts, but then again its the crazies that just might make it :)

If people think goldcoin reducing the block size is to restrict supply so the price will rise......well then hell sounds pretty smart to me so I'd buy in.

I'm certain he was.

GIL was not insta mined. Just saying

just informing the market after being censored , that's all friend.

It was premined lol remember you gave me plenty :D.

hey I have nothing against premine (as long as its not missleading and used to further the coin), but talking insta mine every coin here is, in the context of it ever being accepted to the wider community (which is the stated goal of pretty much every alt, though 100% will fail that imo).

whats annoying is all these guys scream instamine when they just don't like the fact they didn't get a cut,

Seriously, personally (as you would agree hydro) I actually don't believe I am actually defending microguy's gldcoin, but truth is I just don't like others spinning shit.

Where do u get off with spining the same false accusation over and over again about how nibble's dev scammed everyone with a 7million premine of gldcoin, absolute garbage.

Attack them on something actually truthful ffs.

ok you have stopped making sense now, I'm going to start assuming you are possibly 13 or 15 years old, but please stay around .. the only Nibble Dev I know created a stella non pre-mined , non insta-mined currency .

I agree with a lot of things kelsey is saying. The term scamcoin is passed around far too often, but these really aren't false claims.

5 hours after the genesis block was mined, 115 blocks were mined at a difficulty of 0.00024414 minting 1,150,000 (one-million, one-hundred fifty-thousand) goldcoins. This was a premine, as it was another 4 hours before any more coins were mined. That's not a debatable opinion. It is a fact.

At hour 9 after the genesis block, 7 blocks were solved for 70,000 coins. The difficulty is still 0.00024414, meaning that these blocks were not mined by the usual hoard of early miners. It is highly unlikely that the coin had been released at this point.

At hour 10, 260 blocks were solved, minting 963,323 coins. The network hashrate is still only 0.08 MH/s and the difficulty is still 0.00024414. Now you can make your own decision there, but this coin does not appear to have been released yet.

The network hashrate does not break 1 MH/s until hour 19 after the genesis block, which is likely when the coin was released to the rest of the miners. By hour 19, 4,129,000,000 goldcoin had been produced. You can look at the block count over those first 19 hours and see that most of the 10,000 coin blocks were mined by whatever small group of people was mining the coin before the public release.

Everyone should feel free to invest in GLD if they like the coin. That's none of my business nor is it anyone else's business, but it would be misleading to suggest that none of this premining occurred.

http://cryptometer.org/goldcoin_96_hour_charts.html

The coin was released well before block 200 cuz i got several of the 10k blocks

Hi krasnyoktyabr, I've posted it a few times here before, yes the original dev with a combination of premine and early mining had approx 2 million I believe (from memory and he was open about it in chats I had with him). 

My main point about lecturing nibble on the facts, is his consistant 7million premine claim, which is a massive misleading overexaggeration;
 (as you have factually stated "1,150,000 (one-million, one-hundred fifty-thousand) goldcoins. This was a premine, as it was another 4 hours before any more coins were mined. That's not a debatable opinion. It is a fact.")

Also what bugs me is this is all ancient history that people are using to attack the current dev team on, when simply microguys current dev team had nothing to do with this premining, and its likely all the premined are pretty much spread now.

We can actually pin this down. How much hashrate did you point at goldcoin, if you can remember.

The 10k blocks did last until the 19th hour, when the network hashrate spiked and the number of blocks per hour went from 400 or less to nearly 3000.

Kelsey, it is important to the value of the coin (because it impacts the number in circulation), but it should not be a reflection on the current dev team if they didn't have a part in it. Do you know if there is a block explorer running for GLD?

around 150 Kh

its a good point and had I not had a comment deleted would you really think anyone would now be viewing my quite reasonable and quite not pestering comment , it was a simple observation of the way money velocity can be restricted, I'm interested in economics so i made this observation .

I don't consider that pestering Micro, to say that is a classic psychological effect called "victim syndrome" (you will see it a lot in the 21st century) its even sometimes played by Bankers , they are the victims because someone showed them up at the theft they commit.  (more or less..)

did i say anything further to the actual fact that Goldcoin is a 7 million + "Pre-mine" type currency , nope i said nothing more than your friend,  and everyone else knows to be a fact.

I just witnessed our friend Vlad in reading back though a forum topic offering some fool 24 LTC for 3000 "Galaxycoins" so the level of "newness" of some users does concern me yes and i'd like to inform the market, where i can.

Yeessss kesly sprrrread kelsy , spread thought that wonderful place we call magic Goldcoinland, spread where all the little Goldcoins go to be spread happily amongst the people of Goldcoinland, and then on every Wednesday a gold bell rings in Goldcoinland and everyone gets a free and shiny new Goldcoin.

Yeah, I just happened across this thread, and that is pretty much the only thing I'm trying to figure out. The GLD Info thread isn't self moderated, how would you have had your comment deleted?

no Problem , and thank you , you could have left this topic well alone but Kelsey kept commenting and bumping it .

I kept to my word , I made one comment in a topic that was a simple observation it would have been lost amongst the many in there had it not been deleted.

There is a lesson here , we don't censor in 2013 we are moving away from censorship , if it wasn't deleted Imy apologies , but not for my factual comment .

Lets all move on hey ?

 dont get me wrong  there is a good chance you will get your sack of gold , there maybe a scenario in which all Cryptocurrency rises  at least a little .

We don't need to adversarial.

Might have been a mistake ,  I thought the same thing , I replied to Jackjack but then couldn't find the reply .

As I said if it's not deleted , I'm sorry , but I still wanted to make the comment .

As its a fact , that if  block reward is lowered the velocity is throttled , thus leading to the possible effect I explained .

This is economics 101 . 

@kelsey
they spent the money so its ok now LOL
wow buddy you really go overboard defending on these sketchy coins lol
how many are you holding from buddies ?

and yeah digitalindustry i agree screw these "experts"
say what you want screw em.

you make this topic for people who may not be familiar with what kelsey just called "old news"

forums are for discussion so i'd say this is spot on with the intended goal..
to trade information and discuss something.
If you don't like what is being talked about then leave ?

I won't bother with any of these guys that's elf moderate their topics that is usually a red flag.
There is some guys who have a such a problem with drama swirling around them and ALL their coins they keep releasing
they need to do that though.. all the haters hatin' i suppose right ?

And unlike kelsey again i disagree with premining and will not sit here and make stupid excuses for it period.

@digitalindustry
It's a child's Saturday morning cartoon in the altcoin scene show called "Scammers & Friends"
the scammers scam and pay their buddies who are of course gonna cheerleader for them .. duh
Mix in the rich kid friends and we have little groups dominating through a hell of a lot of control, deceit and manipulative behavior.
Like one psycho maniacal control freak who.
- Controls who gets his source code to his coin and how they can use it.
- Controls who gets his altcoin and where they can spend it.
- Controls what his coin is worth and where it can be used..

The guy copies code from another coin and then some guy copies that and he screams THEFT ! they stole my coin..
105 pages of drama moved to off-topic lol
This same guy wanted his coin on a certain exchange really bad and spammed the Troll box non stop until he got banned
and right after demanded  HIS  coin will never be on cryptsy !
then after i said don't think you should be asking your coin users / miners etc if the coin should be on an exchange ?
I was flamed hard ! ..i was told no and i was a troll and i was wrong and i need stfu etc etc etc
and guess what i seen hours later ?
This guy made a poll about whether his coin he demanded to not be on cryptsy should now be added LOL
hmm where did he get that idea ? He said because he got private messages from people mad that he made that decision..
DUH of course their mad ..jeezuz christ !
And now he's a little saint with his garbage coin trading on cryptsy and idiot fanboys defending any dumb behavior that comes from that guy..
And the prick is making me out to be a troll on their cause i have caught him lying etc like when he was demanding
over and over that he has never spoke to me ever and has no idea who i am yet i have Private Message proof showing he in fact does.. lyer !

These morons will hang them selves sooner later.. give em the rope .

PS: thanks for posting and screw these guys i don't care what most of them think anyway or their crying and whining..
believe it or not people are entitled to their opinions, don't like it ? too fukin bad ! suck it up..

edit:
I came here for one reason because i seen GoldCoin on the exchange so i wanted as much info as possible..
and after reading this topic i won;t bother with it.. it's premined that is all i gotta here, if it get worse from there its just entertainment lol