Ladies, Gentlemen, You over there in the corner,

Greetings!

The accounting/premine issue has plagued us from both sides of the floor. Mistakes were made, people were frightened, and a lot of Fear, Uncertainty, and Doubt came to be cast upon this worthy project. Some of it was founded, much was not, but in the silence, the issue became deafening.

So without further ado, we'd like to announce a clear and transparent future.

The original team consisted of two people who never met in person but communicated through the online forum BitcoinTalk.

Norb was in charge of marketing, graphics and communication. “John” was the coin developer and he wished to remain completely anonymous even to his own team.  Although Norb is still involved with Earthcoin, he is encouraging the community to take it forward into the future.  “John” has decided to leave claiming personality clashes were the issue. These things happen, and it led to problems that couldn't be resolved. See Link

Going forward, we will be very open and detailed in the way bounties are paid, what the criteria are for claiming them, and the specific transactions involved. Due to the chaos of the past, and the fact that some of those involved may wish to remain anonymous, we are showing what monies have been spent upon bounties in aggregate. Anyone who has been bountied and wishes to make it public is free to do so, and we would encourage it, but we will not demand it of you.

The amount spent on bounties from the original premine was approximately 70,000,000EAC.This figure is very close, and as accurate as the mess we’re cleaning up allows.  The remaining premine monies will be disbursed at the discretion of the Earthcoin Team, and will be detailed in our newsletter on an ongoing basis. If a bounty is claimed by someone who wishes to remain anonymous, we will respect this and only show the amount paid and what it was paid for. We would prefer to make the transactions public to the extent possible, but in all cases the accounting will now be done in a transparent and timely fashion.

This issue must be mitigated as best we can, both by us and by you, the community, if Earthcoin is going to amount to something. We can fight amongst ourselves while another coin takes our place, or we can band together and make THIS the coin that everyone knows about, and uses.

For my part, I think Earthcoin is a great idea with a great community. Let's put this harsh time behind us, and move forward and make this the single greatest currency ever. One day, Bitcoin will be outcompeted. The only thing stopping us from making that assent to the throne is our will, or lack thereof.

These are great days. Trying days, as great ones often are, but that's what makes life worth living. You won't tell your grandchildren tales of the easy days sipping coffee, you'll tell them about the struggles, the tribulations, and ultimately, the triumphs.

Thank you family.
The EAC Team.

Earthcoin. THE global currency of the future!

Much to-do has been made about "ASIC resistance" based on two terminally flawed ideas. One, that increasing the hashrate while reducing power consumption is somehow a bad thing, and two, that Scrypt was very difficult to implement an ASIC for.

Ladies, Gentlemen, whatever you are in front of center stage, I give you the Gridseed. Well, I don't give it to you, because it ain't free. But it's not ridiculously expensive either. It costs about the same as it's equivalent GPU, and consumes a pittance of electricity. Not only is resistance futile, it's wrong headed.

ASIC's are an advancement in technology over the GPU. Putting it in mining terms, a CPU is a gold pan, and a GPU is a sluice box. An ASIC is a 10" dredge! While I suppose there could be some arguments in favor of keeping one coin or another somehow resistant to ASIC's, those arguments most assuredly do not apply to Earthcoin. We are about sustainability, wide distribution, and playing an important role in developing nations. GPU's don't meet these criteria. They are expensive to run,. Noisy, hot, and generally a pain in the environment. Any environment! Gridseeds and their successors, by contrast, are quiet, cheap to run, and massively efficient per joule. There is no good argument against their use for Earthcoin. They will secure the network in short order. They are small enough and cheap enough to keep the "hobby" miner in business, and they are so easy to power that off grid systems are a real possibility, which is great since we are focused on the emerging economies in the developing world! We ar not some super elite group that wants to deny access to everyone but a chose few. We are not a novelty who's value is dependent on extreme scarcity or eccentricity, we are EARTHCOIN.

ASIC's are your friend! The advent of SHA ASIC's rendered the bitcoin blockchain nearly invulnerable to any traditional attack. It would take the combined efforts of most of the world's government's computing power to even make a dent in the code, let alone execute a 51% attack. Even if they were successful, it would only be for minutes, as there are enough miners in enough locales to simply pull off that chain. This is not the case with Scrypt. Any government that wanted to could fork a coin right now. Any corporation that wanted to, could do the same. All they'd need is to buy a shitload of GPU's. They wouldn't even have to be the latest and greatest, just a lot of them. Gridseed has changed that. Very soon, those coins worth securing will be secured. Those who have something to offer, will be mined with ASIC's. Today, Gridseed. In a few months, Alpha-T and KNC. I wouldn't be at all surprised if Bitmain got in on that action either.

Further, those of you grumbling about how they are going to kill your GPU profits? Buy a couple of 'em and you'll profit much longer. Find a way to power it off grid, and you'll profit even longer than that! You'll hit a point in the difficulty curve where your GPU's are just sucking too much electricity real fast. But 7 watts for 350 KH/s? That is going to go for a long time. And those are just the first generation. Nothing terribly special about them other than being the first to market. Give it a few months, and they will look terrible.

In short, there is no reason to fear the ASIC invasion. It will, in fact, ensure the success of Earthcoin's network far more than any other fix we can envision, because it will make it nearly invulnerable to attack. Given our robust difficulty retargiting algorithm, it will happen quickly and seemlessly.

Nope. Didn't go down that way at all

Last time it said sold out was during the server upgrade, which I think don't count. They probably just shut down the functionality to migrate it. The time before was three days, which leads me to believe they're buying Ants

It closed out saturday night. I'm sure they keep track of how full the tank is, so I'm guessing it will go live again in the next day or two. It's my goal to shut 'em down before the week is out. <evil grin>

You're one of about three that thought so Thanks, though. It's amazing how much you can forget in three years of not doing video work.

Thought you knew me better than that... A default on their part would nullify the bet. I prefer to win fair.

here's the original thread. I didn't find the series of posts about KNC hardware, but it's in there somewhere. Since I follow the KnC drama, and like your posts, I'm pretty sure you're ok.

Haven't had time to read through it all, but so far it's a great beginning. Very clean layout, easy to follow.

And the "tons of text here" placemarkers made me LOL.

Well, now y'all know who I bet against

If he takes it from me I'll be disappointed, but a bet's a bet.

See this, Pbmining? You got some competitive friends pushing your product. Better buy lots of hardware 

Got what might be a dumb question here, but what the hell. I don't know the answer.

I have a standalone miner. It's a HEX16b, if that matters.

If I want to solo mine with it, and don't want to set up a private pool, what's the procedure? There's no way to put it directly to my computer, so I'm assuming it'd need to point at a port or something.

If one of ya could post a step by step guide for this, I'd love ya to the tune of 1000 BNS

No you didn't. I first interacted with him on the KnC thread, awhile back. First time I saw the nic I cracked up

I'm a Rick James fan, so it was easy.

Mblackout, good comeback

as to the italicized, probably because Rick James was an American phenomenon, and this is an international site. FWIW, I got it the first time I saw it, and I love it "I'm Rick James, Bitch!" <slap>

Must be something about the way they do the calculations Bitfury chips are the same way, only it's the hashrate rather than dead dies. If I push my rig's voltage, it hashes steadily, but at a bit lower rate. I undervolt it a bit, and I get some REALLY high spikes and overall higher hashrate, but it jumps around like mad. Over a 24hr period, though, I get more hash for slightly lowered voltage. Too far and it goes the other way. Finding the sweet spot is a bit of a challenge

As to cloudmining, I am doing it, and I'm doing well on it. Like most things, it pays to put your eggs in several baskets. The advantage of the mining contract is obvious, I don't have to hassle with equipment or pay electricity. The price I pay is about what I would pay for an antminer, PSU, and electricity at industrial rates, except that I pay it upfront and the electric would kill the ant in short order, whereas with the hosted mining, I don't have that risk.

On the other side of the coin is several factors that are important. I can tweak my hardware. I can mine alts, which if you play it sharp are more profitable. (sometimes. Yesterday I made nearly twice what I would have mining BTC. Today I'm at about 75%). I have the hardware in my hand, thus have total control over it.

All in all I prefer having my own equipment, but I will go both routes as it makes economic sense to have multiple income streams.

Can't speak for the others, but I appreciate your attitude. I feel a bit dirty having taken the free miner, due to the delays and obfuscations. But I think it fair to say that most of us would have taken the offer were it given. Giving out a few review units is not unusual for tech companies. Not delivering the paid orders, OTOH, is egregious. It's water under the bridge, now, but If I had a crystal ball that worked, I would have turned them down. This is not cool.

AMT, if you have the parts, why not do the kits? It'll save you time and hassle and go a long ways towards repairing your badly tarnished reputation.

We can look to two current examples of why such things work out, and how.

Hashfast and Cointerra. Both were badly delayed, and had issues once the equipment was made.

Hashfast tried to cover it up. Now they are being sued by DZ mining and several others, have had a TRO issued against their bitcoin wallets, and are in boiling water. They failed to honor commitments made to miner protection and such.

Cointerra came right out and admitted their problems, and are working towards compensation for incurred losses due to their delays and underperformance. The issues were almost the same, yet one company is looking to do ok, while the other is facing the righteous wrath of their customers. I will guarantee you that it hurt the pride of the engineers and officers of Cointerra to admit to their problems. But it saved face, and it permitted good will with the community at large that would not have existed if they hid.

We are all generally aware of the potential problems with the fast development cycle of these chips. Even given the relative simplicity of an ASIC vs., say, a microprocessor, there are a great many things that can go wrong. Mr. Murphy is aware of this, and vigilant. By being silent, obfuscatory, or dishonest, you open up MORE avenues for the aforementioned evil sprite. Had you been upfront about your problems right from the beginning, this thread would probably be just as long, but it would mostly be supportive, and given the number of really intelligent people here, very helpful to you. Instead you have a wildfire on your hands.

It's not too late to fix it. Probably. But you have to step up and be men.

I'd have to check the dates, but that was a big controversy. Innosilicon claims they have the legal right to sell the Coincraft A1 chip. Giorgio at Bitmine has confirmed this claim, but disputes its validity. So technically, they are NOT counterfeits, they are made by the same foundry under a (disputed) license. Suits have been filed both ways. So depending on when it was posted, the two statements while contradictory may not be lies. There was a lot of confusion on this, and still is. The Dragon miners are made with Innosilicon branded Coincraft A1 chips. By any normal meaning of the word, they are not counterfeit. They may be illegal, but that remains to be determined by the courts.

There are several chinese companies manufacturing ~1TH units right now with A1 chips, legally obtained as far as anyone can tell. There is some speculation that Bitmine failed to honor their commitments to Innosilicon and therefore got claim jumped. It's a mess.

Doesn't excuse the obfuscations here, but that particular issue is sufficiently muddy that they were probably telling the truth as they knew it at the time.

Usually I defend newbies..

But seriously, this is so obviously a sockpuppet they shouldn't have bothered.

Keep digging, guys. You'll hit water eventually...

No chance. This little piggy is gonna use scarcity as a sales tactic!


Of course if you are open for sales again on tuesday, I will know what hardware you purchased

Joking aside, you guys are doing a great job. I really hope you're makin good profits!

EDIT: Buy a lot of hashes, Pbmining. My friend and I are in competition to see who can get the most in referrals. We don't like to lose, so you ain't gonna lose

Unfortunately (for me at least) I do know that it's not the devs playing the game.

However, several pools have added us in the last few days, so something is up somewhere. Maybe somebody is trying to corner the supply.

I know I'm buying while it's low

PM me. I'll sell some.