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1881  Alternate cryptocurrencies / Altcoin Discussion / Re: Total Coins - Nov 15th 2014 on: November 21, 2014, 08:43:13 AM
Thing a lot of people fail to realize, is that more [clone] coins further promotes the negative public opinion of Crypto as a "Ponzi Scheme". It keeps new investors from dipping their toes in by some of the actions many people are taking.

Are you in a position to provide some actual evidence for this assertion?


Cheers

Graham
1882  Alternate cryptocurrencies / Altcoin Discussion / Re: What aspects should be covered in a "2014 Altcoin Summary" on: November 20, 2014, 11:58:46 AM
   Total number of Altcoin ANN in 2014? (600+?)

The total thus far for 2014 is 1572 (including parodies, failed launches etc. and not limited merely to btctalk ANNs) according to a count of the coins listed in the DOACC metadata collection and obtained via a SPARQL query posed of Minkiz' SPARQL endpoint, accessible on: https://minkiz.co/sparql

Code:
PREFIX doacc: <http://purl.org/net/bel-epa/doacc#>
SELECT (COUNT(?node) AS ?coins) {
  ?node doacc:incept ?yearmo
  FILTER(?yearmo > '2013-12')
}

You'll probably want to update to the latest count prior to publishing your summary. For convenience, here's the query as a clickable URL


Cheers

Graham
1883  Other / Archival / Re: QOINTUM - First Quantum-Secure|Python Qointracts|Entangled Chains|new DPoS/PoW on: November 19, 2014, 11:52:47 AM
Sign up today to receive notice of our ICO!

I suggest you follow Bittrex' lead and use the term “crowdfunding campaign” unless you feel strongly (and can successfully demonstrate) that the documentary support for your offer meets the standards currently mandated for public offerings of stocks/shares.

Is this offer being made by an authorised employee or director of NewGamePlus Inc., the operators of qointum.com and owners of the QOIN trademark?

https://wiki.qointum.com/legal/terms/:
Quote
“We, NewGamePlus Inc. (the “Operators”), provide Qointum (the “Website”) as a public service to our users.”

http://www.markhound.com/trademark/search/mv9DpinEu
Quote
This is the brand and trademark page for QOIN which was created on October 19th, 2014 by NewGamePlus Inc., an CORPORATION. The trademark owner is located at 3935 Burke st. in Burnaby, BC, . NewGamePlus Inc. can be contacted at 1-778-708-2035, carterd@gmail.com

The coin operators would appear to have the benefit of legally-limited liability (pace my very limited understanding of CA corporation law). Posting this offer from a pseudonymous a/c merely raises the obvious question - “why would a legally-constituted Canadian corporation post this offer under a pseudonym?”

Personally, I find the plausible answers less than reassuring, can you help?


Cheers

Graham
1884  Alternate cryptocurrencies / Altcoin Discussion / Re: [SCAM] BLOCKNET: The Metcalf/Prom Alt-Coin Cartel Scam Exposed on: November 19, 2014, 08:40:18 AM
The alt world is nothing but a microcosm of the society that gave birth to it.

There are reasonably clear and identifiable factors at play: the alt world stage was warped at birth by the self-regarding, ludicrously anachronistic, quasi-mediaeval “guild of cryptocurrency alchemists” pose inherited from bitcoin and which still contaminates the whole cryptocurrency domain. The inevitable course from bogus secrecy to rampant charlatanism and outright deceit isn't exactly difficult to plot for anyone skilled in the soft arts.

They initiated the “if you don't know the secrets, you shouldn't be doing altcoins” mantra that so clearly favours the unscrupulous and they are primarily responsible for the current parlous state of affairs in the alt world. An open, supportive and transparent approach to the development of bitcoin alternatives would have set a completely different tone and would have led to a different set of expectations.

I guess the “up” side is that many in the altcoin community are now working actively and collectively to address this problem --- and they do seem to be having a positive effect. I find much encouragement in the recent, almost total rejection of Piratecoin. If this continues, in time the altcoin world will become a more trustworthy market than the bitcoin world.

Cheers

Graham
1885  Alternate cryptocurrencies / Altcoin Discussion / Re: Total Coins - Nov 15th 2014 on: November 17, 2014, 01:41:11 PM
I don't know if you trying to screw with me
Absolutely not, I try and play a straight bat, keep the focus on verifiable facts & direct inferences.

I was simply responding to your post:

I'm thinking it's probably a safe estimate we have around 5,000 coins now !

with some facts that I was able to marshal from my own work along with concise chapter and verse so that others can check the figures for themselves if they so wish.

Quote
I think many of the other guys here would agree with me your explanations are confusing though.
That's a fair comment, I'll try to do better in future.

And I take your hint about arguing; I can assure you that it's an unnecessary caution.

Cheers

Graham
1886  Alternate cryptocurrencies / Altcoin Discussion / Re: Poor Spoetnik has no other smart people to talk to here :( on: November 17, 2014, 10:09:38 AM
active coins was not the point but nice try.. Mr Ontology

you full of shit and i may go list them all just to prove a point Wink

Ah, you've demonstrated that my post was incomplete. I omitted a step ...

livecoins = 1328
deadcoins = 507

1328 + 507 = 1835 total coins


This can be confirmed by the query:
Code:
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
PREFIX doacc: <http://purl.org/net/bel-epa/doacc#>

SELECT (COUNT(?s) AS ?totalcoins) {
  ?s rdf:type doacc:Cryptocurrency .
}

yielding:
Code:
--------------
| totalcoins |
==============
| 1835       |
--------------

Quote
i may go list them all just to prove a point

If you do, I'd be interested to compare methodological notes.

Cheers

Graham
1887  Alternate cryptocurrencies / Altcoin Discussion / Re: Total Coins - Nov 15th 2014 on: November 17, 2014, 03:47:09 AM
How many of these are still active or not dead?  Huh

I've recently added an "expiration" relation to the DOACC RDF graph but I've not had chance to update the ontology as yet and I'll probably change it to something less suggestive of a date --- because IRL, dates are hard to come by and the values turned out to be qualitative rather than calendarial. With that caveat in mind, we can get an answer to your question by phrasing it as a SPARQL query of the graph ...
Code:
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
PREFIX doacc: <http://purl.org/net/bel-epa/doacc#>

SELECT (COUNT(?s) AS ?livecoins) {
  ?s rdf:type doacc:Cryptocurrency .
  ?s doacc:expiration ?e .
  FILTER( str(?e) IN ('extant', 'listed' ))
}

yields
Code:
-------------
| livecoins |
=============
| 1328      |
-------------

where "listed" means listed on an exchange and "extant" basically means "not known to be dead, presumably still active"

The above query can be pasted verbatim into the web form fronting Minkiz' SPARQL endpoint: https://minkiz.co/sparql

To toll the dead:
Code:
PREFIX rdf: <http://www.w3.org/1999/02/22-rdf-syntax-ns#>
PREFIX doacc: <http://purl.org/net/bel-epa/doacc#>

SELECT (COUNT(?s) AS ?deadcoins) {
  ?s rdf:type doacc:Cryptocurrency .
  ?s doacc:expiration ?e .
  FILTER( str(?e) NOT IN ('extant', 'listed' ))
}

yielding:
Code:
-------------
| deadcoins |
=============
| 507       |
-------------

Cheers

Graham
1888  Alternate cryptocurrencies / Altcoin Discussion / Re: Total Coins - Nov 15th 2014 on: November 16, 2014, 05:20:07 PM
you think i am exaggerating ?
If you've simply multiplied the number of topic pages by 40 then you are risking some degree of overcounting ...

Quote
anyone want to do a more accurate check ?
Such as the de facto one embodied in DOACC? https://github.com/DOACC/individuals <- RDF graph, serialized as ntriples.

Web page -> https://minkiz.co/coin/

Linked Open Data -> https://minkiz.co/lod

Perhaps you'd prefer something you could try at home?

Code:
def countann():
    from lxml import etree
    from time import sleep
    import requests
    import json
    xpath_tgt = '//div[@class="tborder"]/table[@class="bordercolor"]/tr'
    baseurl = "https://bitcointalk.org/index.php?board=159.{}"
    op = []
    for pp in range(0, 5480, 40):
        for tr in etree.HTML(requests.get(baseurl.format(pp)).content).xpath():
            it = ''.join(
                [i.expandtabs(1).replace('\n', '').strip()
                    for i in tr.itertext()])
            if it.startswith('[ANN]'):
                ann = it.split('«')[0].replace('  ', ''
                    ).replace('[ANN]', '[ANN] '
                    ).replace('[ANN]  ', '[ANN] ')
                op.append(ann)
        sleep(5)
    with open('/tmp/anns.json', 'w') as fp:
        fp.write(json.dumps(op, indent=2, separators=(',', ': ')))

random sample drawn from a sorted version of the /tmp/anns.json list:

Quote

"[ANN] Virtual Coin | VC | VCoin | Release Mar 16,2014 | Scrypt (Official Thread)",
"[ANN] Virtual Coin | VC | VCoin | Release Mar 16,2014 | Scrypt (Official Thread)",
"[ANN] Virtual Coin | VC | VCoin | Release Mar 16,2014 | Scrypt (Official Thread)",
"[ANN] Virtual Coin | VC | VCoin | Release Mar 16,2014 | Scrypt (Official Thread)",
"[ANN] Virtual Coin| VC | VCoin| Release Mar 15,2014 | Scrypt (Official Thread)",
"[ANN] Virtual Coin|VC|X11| Award about to 2X in less than 1hr,
"[ANN] VirtualCoin [VC] [Scrypt] [Windows Client] [Pool] MARCH 20th, 2014",

By the time you've factored in the overcounting and all the [ANN]s for exchanges, pools, associated websites, pump schemes, dump schemes and anything else that the mods feel isn't too off-topic, you're down to around 1700-1800 or so.

Quote
maybe list them all by name ?

like this? -> https://minkiz.co/coin/name/


Quote
HAhahha

hat hat, hat.


Cheers

Graham
1889  Alternate cryptocurrencies / Altcoin Discussion / Re: TeaCoin - BlockChain Problem?? Block Reward Reset on: November 15, 2014, 11:48:14 AM
Anyone have a list of Alts and their halving intervals?  I wonder what coin is next to have this problem.

I have an incomplete and informal list, I generally make an effort to record the halving scheme if it is concisely expressible and not just an idiosyncratic list of block heights and corresponding rewards. The coins listed are from the 'listed' and 'active' categories and are ordered by incept and name (seems appropriate to the question).

linked_name and trading_symbolincepttotal coinshalving schemetgt timereward
Vertcoin - VTC2013-0184000000('h', 4, 'y')15050
Bytecoin - BTE2013-0421000000000('h', 3153600, 'b')60050
Luckycoin - LKY2013-05200000000('h', 2, 'y')6088
Sexcoin - SXC2013-05250000000('h', 600000, 'b')60100
WorldCoin - WDC2013-05265420800('rp', 1, 'w', 20160, 'b')3064
FlorinCoin - FLO2013-06160000000('h', 800000, 'b')40100
Infinitecoin - IFC2013-0690600000000('h', 86400, 'b')30524288
Krugercoin - KGC2013-06265420800('h', 2, 'y')1532
XenCoin - XNC2013-062100000000('h', 3, 'y', 4665600, 'b')20(200, (10000, 10000, 2000))
Cloudcoin - CDC2013-07100000000('h', 1036800, 'b, 2, 'y')6050
Mastercoin - MSC2013-07180200000('h', 3, 'y')3520
QuarkCoin - QRK2013-07247000000('h', 60480, 'b', 3, 'w')302048
GrowthCoin - GRW2013-0837368000('h', 3, 'm')45100
Zetacoin - ZET2013-08160000000('h', 80640, 'b', 1, 'm', (1))301000
Cthulhu - OFF2013-09('h', 6, 'm')605
ProtoShares - PTS2013-112000000('rp', 5, 'w')30050
Skeincoin - SKC2013-1117000000('h')12032
EarthCoin - EAC2013-1213500000000('h', 1, 'y')6010000
FedoraCoin - TIPS2013-12500000000000('h', 100000, 'b', (50000))605000000
Globe - GLB2013-12('ip', 4, 'y', 'd', 1, 'd', 1440, 'b', ('tax', 20))60((0, 2months, 10), 5)
Particle - PRT2013-121000000000('h', 2500, 'b', (1563))1550000
Chaincoin - CHC2014-0123000000('h', 700000, 'b')9016
Ekrona - KRN2014-0140000000('h', 3.3, 'y')19840
Grumpycoin - GRUMP2014-0150000000000('h', 20000, 'b')150500000
Platinumcoin - PT2014-01195084000('h', 259200, 'b')12078
TeslaCoin - TES2014-01299792458('ip', 18.56, 30, 'd')30172
Continuumcoin - CTM2014-0290600000000('h', 1, 'm', 86400, 'b')30524288
Riecoin - RIC2014-0284000000.0('h', 840000, 'b')50
Teacoin - TEA2014-0240000000('h', 1, 'w')301000
Zedcoin - ZED2014-02120000000('h', 1, 'y', (1))6088
Zombiecoin - ZMB2014-02170000000('h', 90, 'd')150102
Bitgold - GOLD2014-03501000('h', 6, 'y')3000.5
Cannacoin - CCN2014-0313140000('h', 1, 'y')6012.5
Carpediemcoin - DIEM2014-0321600000000('h', 1, 'd')81000000
Fuguecoin - FC2014-0384000000('h', 840000, 'b')50
Hempcoin - THC2014-03250000000('h', 500000, 'b')60250
Legendary Coin - LGD2014-0310000000('h', 64800, 'b')1207
Muniti - MUN2014-0372000000('rp', 1, 'f', True)9039
Give Coin - GIVE2014-04500000000('h', 250000, 'b', 6, 'm')601000
Kumacoin - KUMA2014-041000000('h', 1, 'y')90
Noirshares - NRS2014-045000000('r5%', 3000, 'b') 30080
PaiMaiBi - PMB2014-04580000000('r', 0.5, '30d')3032
Québecoin - QBC2014-0442000000('h', 420480, 'b', 2, 'y')15026
Wearesatoshi - WAS2014-0440000000000('r')100000
Bumbacoin - CLOT2014-05201600000('h', 10080, 'b')6010000
Distrocoin - DISTRO2014-05100000000('h', 1000000, 'b')50
duckNote - XDN2014-058589869056('h', 11000, 'b')240320000
Elira - ELIRA2014-05783562000(61.8%, 118, 'd')901029
Goalcoin - GOAL2014-052300000('r', 0.01, 'w')602
Hongketocoin - HKC2014-05600000000('h', 50000, 'b')60
Huskycoin - HC2014-0510000000('h')3015000
Latinumcoin - LTM2014-0521000000('h', 210000, 'b')60050
Limecoin lite - LCL2014-05100000('h', 1, 'w')602.5
CoCoCoin - COCO2014-0622000000('r', 0.07, 'y')1502222222/(((Difficulty+2600)/9)^2)
Kiwicoin - KIWI2014-0642000000('h', 200000, 'b')6064
Quatloo - QTL2014-06100000000('h', 934400, 'b')13517.01
Singularity - SING2014-062944000('h', 80000, 'b')21032
SSVcoin - SSV2014-0621000000('h', 525600, 'b')6026
Startcoin - START2014-068400000('h', 12,'m')6040
Veilcoin - VEIL2014-062400000('h', 20000, 'b'))24060
BigBullioncoin - BIG2014-0710000000('h', 147000, 'b', )60036
FVZcoincoin - FVZ2014-07434000('r', 0.001, 'm')60varying
Instantcoin - BTI2014-07250000('h', 100000, 'b')601
Stealthcoin - XST2014-0723273860('h', 1440, 'b')608000
Vastcoin - VAST2014-073937500('h', 500, 'b')304000
Neoscoin - NEOS2014-0821000000('h', 105000, 'b')30050
Ripoffcoin - RIPO2014-0812000000('h', 100000, 'b')150
SocialxBot - XBOT2014-082000000('h', 30, 'd')60
WeAreSatoshi - WSX2014-0822000000('h', 200000, 'b')6025

To provide some context, I should 'fess up from the start that I am of the semantic web persuasion and have a long-standing interest in knowledge representation.

The changes in the “halving scheme” follow the changes in typical info contained in the ANN; the earlier, more ambitious, more detailed expression gradually reduces to the most common component along the lines of: ('h', 1, 'y') = halving each year, ('h', 216000, 'b') = halving every 216000 blocks, ('r', 0.01, 'w') = reducing by 1% per week, ('rp', 1, 'w', 20160, 'b') = reducing by 1% per week or 20169 blocks. Frankly, if it's anything more complex than the basic ('h', 66666, 'b') expression, you're best advised to consult the codebase for details ... so hurrah for Open Source.

Yes, the representation is basically unusable and therefore mostly useless but I first need a corpus of common expressions of the scope and range of this domain concept before I can even begin to think about expressing it more formally in OWL.

The hyperlink leads to a Minkiz web page offering a fancypants Linked Open Data presentation of the DOACC metadata for the coin.

The unvarnished metadata is available as an RDF graph of ntriples here -> https://github.com/DOACC/individuals and there are a couple of associated OWL ontologies: Melvin Carvalho's original “ccy” ontology which expresses tx and blockchain detail plus my broader “doacc” ontology which extends the representation to embrace bctthreads, protectionschemes, distributionschemes, etc. etc.


Cheers

Graham

Edit: added InfiniteCoin

1890  Alternate cryptocurrencies / Altcoin Discussion / Re: Is there a thread for abandoned coins? on: November 14, 2014, 09:43:26 AM
If not, could we make one?

I'm fairly new to BCT obviously, so forgive me if this is an obvious answer  Grin
What is the point of listing all the coins that have been abandoned?

Support for DYOR.


Cheers

Graham
1891  Alternate cryptocurrencies / Altcoin Discussion / Re: Is there a thread for abandoned coins? on: November 14, 2014, 09:24:54 AM
If not, could we make one?

I'm fairly new to BCT obviously, so forgive me if this is an obvious answer  Grin

https://bitcointalk.org/index.php?topic=588413.0;all

It's a chore to maintain the list and activity in the thread tailed off earlier this year as the number of altcoin launches spiralled.

“abandoned” is a tough call because it resists definition and is difficult to demonstrate canonically. “dead” is only a smidgin less challenging definition-wise, we've settled on ...

There's a list of “inactive coins” on Minkiz, very informal because it's rare that one can be completely confident that a given coin isn't being curated by a small functioning network somewhere in an obscure corner of the intertubes.

https://minkiz.co/coin/inactive/

Cheers

Graham
1892  Alternate cryptocurrencies / Altcoin Discussion / Re: Heads up: change of terminology, “ICO” becomes “CFC” on: November 13, 2014, 04:31:21 PM
Is a crowdfunded campaign not selling unregistered securities?


As a Brit, I am in essence making observations on a matter of internal affairs in a foreign culture and my observation should be interpreted in that light. However, one important practical difference is that the term “crowdfunding” is more accurate than “initial public offering”, the latter term having been chosen in order to exploit the more favourable connotations of a regulated commercial activity conducted under responsible industry sector / government oversight.

I'm strongly in favour of plain, unambiguous terminology where it's needed and describing financial instruments to non-specialists is exactly one of those places.


Cheers

Graham
1893  Alternate cryptocurrencies / Altcoin Discussion / Re: A map of the crypto coin landscape evolution. The basic ABC's on: November 13, 2014, 04:12:35 PM
I have made this map

Really nice overview. Thanks for putting in the effort, you've made my task (of constructing an ontologically useful characterisation of the 2gen cryptocurrencies) actually practical, thanks!

Cheers

Graham
1894  Alternate cryptocurrencies / Altcoin Discussion / Heads up: change of terminology, “ICO” becomes “CFC” on: November 13, 2014, 03:50:50 PM
Bittrex' lawyers lead the way:

https://bittrex.zendesk.com/hc/en-us/articles/203386364-GlowShare-Crowdfund-Campaign

“GlowShare Crowdfund Campaign

“ ... cancel a CFC at any time ...“


As the man wrote: “A rose by any other name would smell as sweet” --- and, in this instance, has the benefit of being less likely to frighten the legislative horses.

Cheers

Graham
1895  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][GSX] Glowshares: Community Driven Blockchain Development on: November 13, 2014, 02:15:44 PM
Voting on the blockchain, from Glowshares perspective, is just a necessary first project that enables future projects.

Thanks for responding, I get it now. The fact that voting in the real world is/isn't flawed at core is irrelevant, that sequence of statements is just an overblown version of CrownCannabis' summary plus the fact that a record of votes cast is to be preserved in the blockchain.

Cheers

Graham
1896  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][GSX] Glowshares: Community Driven Blockchain Development on: November 13, 2014, 11:14:05 AM
I've separated out the key successive statements you make concerning the core feature. Unfortunately, each is loosely-phrased, is unsupported by facts or argument and thus fails to communicate much at all ...


1. Voting in a real world scenario is flawed to the core.

2. Decentralizing it, making it trustless and transparent on the blockchain, fixes those fundamental flaws.

3. Human nature is the weakest link, so we remove it from the equation.

4. Then we take that innovation of voting on the blockchain and actually use it ourselves to further the very project that created it.

I'll pick one (not entirely at random) and challenge you on it, just as a thought experiment ...

“Human nature is the weakest link, so we remove it from the equation”

Exactly how is “human nature” (whatever you think you mean by that term) the “weakest link” (whatever you think you mean by that term), and from which “equation” (whatever you think you mean by that term) is it to be removed?

The statement conveys no useful information about what you plan to do because it's constructed from undefined, informal terms which can mean whatever you want them to mean.

The same goes for the other three statements, they are all semantically vacuous.

I'm not questioning your integrity, I'm pointing out that you're not saying clearly whatever it is that you think you're saying.


Quote
Voting in a real world scenario is flawed to the core. Decentralizing it, making it trustless and transparent on the blockchain, fixes those fundamental flaws.

It's difficult for me to see how it could be anything other than screamingly obvious to a businessperson such as yourself that you at least have to present a supporting case for your twin statements that i) voting in a real world scenario is “flawed to the core” and ii) that a blockchain-based implementation “fixes those fundamental flaws”.

As it stands...

The first claim can be trivially dismissed with: “Sez who? WTF do you know about it?” (hint, using the term “in a real world scenario” simply signposts the content as confected gibberish).

I can't in all conscience call the second statement a “claim” because, in the absence of support, it's simply a non-sequitur. There's a lot of work ahead of you in preparing an argument to support your claim that a blockchain-based solution actually does “fix” (whatever you think you mean by that term) the core flaws in real-world voting (whatever you think you mean by that term).

Cheers

Graham
1897  Alternate cryptocurrencies / Marketplace (Altcoins) / Re: arch the profitability network unmoderated thread -- funny no source code avail on: November 12, 2014, 11:16:24 AM
Second I find it funny when the souce code to a coin vanishes and is no longer on github.

It's there now, I believe (unless you have something different in mind):

https://github.com/EdgarSoares/ARCH.git


Cheers

Graham
1898  Other / Off-topic / Re: [POLL] How old are people in the altcoin forums? on: November 12, 2014, 10:29:21 AM
I'm 29, how old are you? Post it up!

<- me. 64.

I've seen things you people wouldn't believe, etc. etc. 


Cheers

Graham
 



1899  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [PRE-ANN][ZEN][Pre-sale] Zennet: Decentralized Supercomputer - Official Thread on: November 09, 2014, 01:03:38 PM
Some economical aspects on Zennet (will slowly make this list longer):

As your project proceeds, you will likely need more support with your English: economic == the discipline, economical == thrifty. Fortunately, mangled syntax English robust against is. Except for 2. (below) where the tense makes a crucial difference in this particular context ...

Quote
1. If you hire 10 or 100 computers for the same task, the latter option will indeed run ~10 times faster

That statement makes an implicit assumption that the task is always amenable to parallel processing. Have you examined the range and depth of that assumption in terms of how much of the anticipated business depends upon it? Is it intended that the solution space be limited to such tasks --- or at least those tasks which are amenable to a parallel solution and can be identified as such, characterised and quantified in some reliable and accurate fashion?

FWIW, you don't mean "~10". The most favourable statement that you can truthfully make is "up to 10 times" and I suspect that you'd be hard-pressed to provide solid support that ~10 is the general case and not, in fact, some difficult-to-quantify smaller subset.

Quote
2. Entities who buy a lot of Zencoins, usually do it in order to calculate something, hence spread them back to the people right away.

Can I just check (in case it's not merely a trivial issue of EFL) --- this is actually a forward-looking statement, a prediction of a future state rather than a description of an existing state? Because if it is a forward-looking statement, I'd really like to know how you got to “usually”.


Cheers

Graham
1900  Alternate cryptocurrencies / Altcoin Discussion / Re: Tips on not getting scammed & a fun callout to serious devs. on: November 06, 2014, 01:56:02 PM

I've been working on a possible scorecard, just for sh*ts and giggles:

http://minkiz.co/posting/


Premine scores positively?

It's a first cut, a work in progress. My main objective is to provoke thought and further questions (so, thank you); an aide-memoir presented with Minki's characteristic wry spin.

With respect to a big +10 for a premine: I'm attempting to acknowledge that IRL, ordinary, day-to-day coin logistics requires resourcing, somehow; DNS seed nodes don't pay for themselves per se, nor do nodes hosting block explorers.

The main issue with a premine is previous instances where an unscrupulous dev dumped the premine, trashing the price and effectively killing the coin. The risk of a repeat occurrence remains significant while devs are allowed to remain pseudonymous and I believe I can discern some small degree of hardening antipathy towards pseudonymity of devs.

As the consequences of this change of attitude begin to propagate across the domain, investors will gradually be able to regain some confidence that a specific premine will be responsibly curated because developers will be better able to demonstrate their integrity.

The recent “No, no I'm the EQX dev!" episode has nicely illustrated the profoundly human problem of verifying “personal identity” in the absence of (the usual) validating social context. It's an abstract concept, increasingly difficult to implement canonically IRL and impossible to achieve (with the same degree of confidence) in bitspace. Fortunately, with the intense interest in developing “trustless”  (a misnomer, I caution you) devices, we may be able to make some practical progress towards reducing the risks.

I'm not ignoring the other issue that seems to attend premines, the matter of the amount. Different brand development strategies have different costs, what might be seen as a ludicrously large premine for an unprepossessing “store of value” coin might be seriously underpowered for a coin with an ambition to grow a significant global reach. Assessment has to be performed on a case-by-case basis, hence a mild positive 10.

More generally, from an investor's perspective ...

At the moment, we (collectively) have no reliable means of decentralising control over the fin logistics resources necessary to maintain a coin and, until such a means appears, this de facto centralisation will continue to present practical problems.

The same is true for the management and control of nonfin central resources such as control over the website domain reg, possession of the coin-specific private keys and, importantly, the rights to the IP that emerge from the result of collective efforts of the dev(s) and the community of coin adopters.

These issues cannot safely be left just hanging in the wind - the Mooncoin dev has stopped responding and theymos' response to “can we take over the forum thread?” is that the thread ownership cannot be transferred, another thread must be started. Not a show-stopper admittedly (this time) but a change in URL will have a deleterious effect on communication between p2p participants and on previous promotional efforts after coin adoption that were rash enough to quote URLs for resources maintained by third parties.

The demands that arise from this militate the creation of a self-organised, community-based solution (such as a not-for-profit supporting “foundation”) to which can be ceded control of centralised issues that cannot yet be devolved to a decentralised, “trustless“ solution.

It's going to take time to achieve that transition and until then, I'm inviting assessors to challenge the “received wisdom” about premines and make their own informed assessment, taking into account the coin management's closely-argued, well-supported pitch.

Cheers

Graham
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