So is this coin dead? I woke up to about 46,000 water coins in my wallet then when i went to send it says transaction failed. I dowloaded wallet again just to make sure I had an updated wallet, same thing. So what, am I stuck with 46,000 water coins in my wallet now that I can't do anything with?
lol
What a joke... Who developes these crap coins anyways.
Well if you were trying to exploita bug, then you should not be suprised. I really do hope that the developers will reverse the blockchain or make all coins mined after 7000 block unspendable. Exactly how is trying to send his own coins an exploit? You seem very determined to undermine WATER and keep suggesting the absolute worst possible idea for the future of the coin. Now I am quite suspicious of your motives. My guess is your are upset because you were not mining and didn't get any of the coins produced by the DEV's mistake. Now you moan wanting a do over, which would screw everyone except the people that weren't mining. Reversing the blockchain=zero credibility and instadeath to the coin. |
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Just a thought......devs could use a couple of the BTC that still have from the IPO, buy up all the cheap coins idiots are dumping, let the fork happen and coins remain as they are now. Then disperse the cheaply bought up coins to the IPO investors(I'm not one of them).
This shows the world that the devs are still backing the coin, still have IPO investor in mind, and appreciate all the old and new miners. Prices will stabilize in time, and anyone stupid enough to keep dumping coins will be the losers in the end.
The mistake has been made, don't compound it by trying to devise some "do over". You don't get do overs in financial markets. You admit your mistake, take your lumps, and move on.
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The coin is not dead, it will just attract new miners as the price rises, assuming the dev team continues development.
It can't go much lower than 3-6 sats, right?
It can't go lower, but after block 8000 when people are getting 1000 coins a day no one is going to mine anything which is only worth 3000 - 6000 satoshi per day. True. Everyone saying this situation might bring us some good in a future has absolutley no idea what 450 mil coins put into circulation in just ONE DAY mean for the coin, project, economy and the people who support it. There is a clear difference between steady grow and big inflation with shitload of worthless coins. The only solution is to fork at 7000 and reverse a blockchain. I'd rather loose some pissed of miners who mined millions of coins during those 24 hours period, then people who have been with CWC from the begining. I personally won't support it if blocks between 7000-8000 become valid. I just don't see the point and future for CWC then. If you make too many pop-tarts, and you sell a lot of them cheaply to get rid of stock, it is not fair or right to then go hunt down the owners of the pop-tarts you sold and steal them back without giving said owners just compensation for their loss. This is why I suggested using the re-launch, but with pre-mine set aside to compensate people who bought coins during this whole debacle. They could send the "old" coins to a dev wallet, and upon receipt, the dev could send an equal number of "new" coins to them. Your example isn't exactly working, but going for it: If the pop tarts were stolen and if you knew it, you will lose your money. That's the law in every country I know. Too bad you bought them, but maybe next time you will learn that majority of people do consider dishonest people disgusting. I think you need to quit sniffing glue. If you think an exchange is going to rescind trades or purchases just because some dev made a mistake, your losing the plot. Buying a coin cheap from a dumper doesn't make the buyer greedy or dishonest, and an exchange couldn't care less. An offer was made and a trade occurred...end of. |
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The site is not using the correct diff for some coins. ATM it is saying POT is @difficulty: 1.83....when in fact the diff is ~25 and goes to over 29 next block. If you use the site, make dam sure you doublecheck diff before swapping coins.
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Maybe should have been called Tax Deduction Coin. It will be hard for anyone to have fait in the devs after this HUGE blunder. what are you going to do with all those coins if nobody wants them? I wouldn't bother much with mining since dummies are dumping coins very cheaply. I've already picked up over 4million  Doesn't really matter much since they are free, but if the price dropped to a satoshi, I'd just give them back to the charity and take the tax deduction People are human and make mistakes. What is important is that they learn from those mistakes and don't let them happen again. These devs have apparently gotten a solution ready.......and did so rather quickly. Not much more you can ask of someone that makes a mistake. If they are smart they would buy up all the sub-100 satoshi coins to stabilize the prices.  Surely they have a couple of BTC from the PLC to do it. |
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I wouldn't bother much with mining since dummies are dumping coins very cheaply. I've already picked up over 4million Xardas has the idea...once this goes PoS these cheap coins will be great. Buy time!  Yep, I think anything less than 50 satoshi is a GREAT deal. Just remember yesterday it was trading @ ~300 and should go back there after this speed-bump |
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what are you going to do with all those coins if nobody wants them? I wouldn't bother much with mining since dummies are dumping coins very cheaply. I've already picked up over 4million Doesn't really matter much since they are free, but if the price dropped to a satoshi, I'd just give them back to the charity and take the tax deduction |
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I wouldn't bother much with mining since dummies are dumping coins very cheaply. I've already picked up over 4million |
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so i've been mining on Suchpool and none of the coins have been confirmed since block 7000, is this the same across all pools? or something the pool operator has implemented?
Either way this is pretty disappointing, after spending money on voting at Mintpal and other methods of support, i really hope it can be resolved very very soon.
I hope you have a fail-over pool set. Suchpool has suspended mining |
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Most GPU miners, no matter how big their farm, operate on a very tight profit margin. Forking back to block 7000 would basically penalize them instead of the devs for this mistake. Losing even an hour or two of mining means they have a net loss for the day..............not to mention the net loss they will already have since so many coins have been dumped. Forking at 7200 rewards them for supporting the coin and network, without doing major damage to the coin itself.
As it stands, even the miners that were loyal and benefit from a fork at 7200, they are still operating at near a net loss until prices can recover.
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Stop mining until we get this figured out. We're on it right now.
Stop trading too! Unfortunately it is a bit late for that. Prices are already down to 10 satoshi. |
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Stop mining until we get this figured out. We're on it right now.
There are only two options here - 1) To fork back to block 7000, in which case all transactions back to that point will be lost, along with a LOT of confidence in the coin. 2) To clearly announce to everyone a fork at a coming block, say block 7200 (we are at block 7158 as of writing) and allow the 'mistake' block rewards to stand. This would give everyone a chance to switch to the new wallet and would be less damaging to the coin. The only downside is that the total supply of 1bill will be reached sooner than anticipated. Personally, I think option 2 is the fairest to all, it gives an unexpected bonus to those miners that have been supporting the coin in its early stages and does not cancel all transactions that have been made since block 7000. You can guarantee that anyone who loses a transaction due to the devs' basic math error will not come near this coin again and you know what they say, bad news travels round the world before good news has got its boots on.. Can you cancel out the rewards given for past blocks and replace them with the correct reward amount? In other words, make it like the mistake never happened and continue onward with correct reward amounts? Surely the network can recognize where mistake coins are and "convert" down to the true amount? Sure if you can manage to break the elliptic curve over finite prime field cryptography that secures bitcoin. And that is quite the reward for the lucky few that mined between blocks 7000-7200. That is like hitting the lotto if this coin ends up going anywhere. While ~90million sounds like a lot, it isn't that much when it is part of 1 billion lol. That is 9% of the total currency split up amongst....I have no idea how many people were mining during those blocks. I'd rather the miners get that bonus than to get royally screwed out of hours of mining. Most were mining anyway and have no idea any of this has happened. I don't think option 2 is palatable. There are 86400 sec/day which divided by 120 sec/block gives a total 720 blocks mined per day @ 450K WATER = 324 Million WATER/day. This means that supply is exhausted sometime on Wednesday, meaning that even if a fix is provided by that time, majority of the coins, if not all, would be mined. Edit:Also, if this is allowed to stand the amount of transactions that are the basis for getting funding for the charity would be drastically reduced, which I don't think is the best for the future of CWC. As I type this we are on block 7127, and a "fix" shouldn't take more than an hour or two more. That means the fix could be out by block 7200. 200 blocks @450k WATER is ~90million....not the 324million that you state. |
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Stop mining until we get this figured out. We're on it right now.
There are only two options here - 1) To fork back to block 7000, in which case all transactions back to that point will be lost, along with a LOT of confidence in the coin. 2) To clearly announce to everyone a fork at a coming block, say block 7200 (we are at block 7158 as of writing) and allow the 'mistake' block rewards to stand. This would give everyone a chance to switch to the new wallet and would be less damaging to the coin. The only downside is that the total supply of 1bill will be reached sooner than anticipated. Personally, I think option 2 is the fairest to all, it gives an unexpected bonus to those miners that have been supporting the coin in its early stages and does not cancel all transactions that have been made since block 7000. You can guarantee that anyone who loses a transaction due to the devs' basic math error will not come near this coin again and you know what they say, bad news travels round the world before good news has got its boots on.. Can you cancel out the rewards given for past blocks and replace them with the correct reward amount? In other words, make it like the mistake never happened and continue onward with correct reward amounts? Surely the network can recognize where mistake coins are and "convert" down to the true amount? Sure if you can manage to break the elliptic curve over finite prime field cryptography that secures bitcoin. And that is quite the reward for the lucky few that mined between blocks 7000-7200. That is like hitting the lotto if this coin ends up going anywhere. While ~90million sounds like a lot, it isn't that much when it is part of 1 billion lol. That is 9% of the total currency split up amongst....I have no idea how many people were mining during those blocks. I'd rather the miners get that bonus than to get royally screwed out of hours of mining. Most were mining anyway and have no idea any of this has happened. |
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Stop mining until we get this figured out. We're on it right now.
There are only two options here - 1) To fork back to block 7000, in which case all transactions back to that point will be lost, along with a LOT of confidence in the coin. 2) To clearly announce to everyone a fork at a coming block, say block 7200 (we are at block 7158 as of writing) and allow the 'mistake' block rewards to stand. This would give everyone a chance to switch to the new wallet and would be less damaging to the coin. The only downside is that the total supply of 1bill will be reached sooner than anticipated. Personally, I think option 2 is the fairest to all, it gives an unexpected bonus to those miners that have been supporting the coin in its early stages and does not cancel all transactions that have been made since block 7000. You can guarantee that anyone who loses a transaction due to the devs' basic math error will not come near this coin again and you know what they say, bad news travels round the world before good news has got its boots on.. Can you cancel out the rewards given for past blocks and replace them with the correct reward amount? In other words, make it like the mistake never happened and continue onward with correct reward amounts? Surely the network can recognize where mistake coins are and "convert" down to the true amount? Sure if you can manage to break the elliptic curve over finite prime field cryptography that secures bitcoin. And that is quite the reward for the lucky few that mined between blocks 7000-7200. That is like hitting the lotto if this coin ends up going anywhere. While ~90million sounds like a lot, it isn't that much when it is part of 1 billion lol. |
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@binaryclock is there an ETA on when we will be able to withdraw CWC? I know the daemon has been a b!tch for you and I'm not rushing.....but also not wanting to simply lose me coins
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@Cleanwatercoin.........instead of quoting which floods the thread with very long posts, I'll kinda start a new reply.
You state 101 people will now have access to clean water, which is of course kewl if that means permanent access to clean water. For example spending $2000usd to dig a protected well that supplies 101 villagers might be a tad expensive, but worth the cost. If, however, that means rainwater catchments...........that is WAY OVER THE TOP expensive! I guess my point is very simple.......it matters a great deal WHAT is done with the donations, not just how many people it affects.
At no point think I am hate'n on ya or the concept. My posts relate to how the funds are actually used. As I pointed out, $2000usd for some makeshift guttering is obscene, while that same amount for a water purification system for a village of over 100 people is not only worthwhile but rather noble.
Short version: Don't tell me you spent $2000 to give water to 101 people. That is about $20 a person, but it tells me nothing about the long term sustainability of that expenditure.
I guess the best answer I can give you is to check back once we reach our fundraising goal. Once the project is fully funded, we will get a very detailed report as to where the money went and how it was used to provide a long-term and lasting solution. If you would like to see an example of what I am referring to, go here: http://my.charitywater.org/p/myprojectsview?project_id=ET.GOH.Q4.09.048.213Also keep in mind that $2,000 is just the beginning... there is a lot more money to raise. But it is a fantastic start in my opinion, and something I am proud to be apart of! -Zach Also keep in mind that some of your funds raised are going towards funding the promotion and development of this coin. I am waiting to see absolute transparency on every Water Coin that you have raised and where it has gone before I invest in this organization (a block explorer is a good first step). This is a practice that the organizations you are donating to appear to do (and you could do even better if you use the technology bitcoin offers you). It is understandable that you can use some coins to ensure the development of this coin is taken care of. I would wait until a community of trust is built before doing so. Again absolute transparency down to your home address... again you are a charity and you want to develop a solid community of people who will put value in this coin long term. Not just pump and dump fanboys abusing charitable ideas (even though if you do this right charity will still gain from them). Time will tell everything I'm calling BS! You can't say gimme the money and once I get enough I'll say how it will be spent. Time will tell everything my ass.......without a transparent advance plan, only an idiot would invest. Go into any bank, ask a banker for 1 million dollars. He will want to see your FULL business prospectus, full month by month expenditure analysis, full every dam thing. To then tell him..............oh I can't say yet, just gimme the money and I'll let you know later.........you'll get shown the door. FFS! do you actually spend anytime reading before you roll your face across the keyboard??? like seriously... these guys (clean water coin) aren't the ones making up the rules as to where the money goes, and it's not their burden to prove where the money they donate goes... that is up to charity water to account for. however, charity water has been audited by KPMG that backs their 100% claim... i doubt you will read that, so all that means is 100% of the money CWC donates is guaranteed to go out to the field to help fund clean water projects. if you decide to not be lazy, go here: http://www.charitywater.org/100percent/now if you would use just the slightest bit of your brain and read the info zach posted you would of seen an example of a project that was funded and completed with a very transparent report... even a fancy google pin as to where the well was drilled: http://my.charitywater.org/p/myprojectsview?project_id=ET.GOH.Q4.09.048.213please stop wasting all of our time with your idiotic and disillusion posts  Apparently the concept of accountability eludes you. Party A is asking me to mine or invest. They intend to have Party B use that money. It is not up to me to do the fucking research to see if Party B is doing the right thing. Party A is the one asking me for the dam money! When Party A can't tell me specifically how the funds will be spent, twits like you say go ask Party B. Party B is NOT the one asking me for money. Party A is the one accountable to me, and Party B doesn't even know I exist. Until you get a full grasp on who is asking you for money and how/if they intend to be accountable..........stfu! |
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@Cleanwatercoin.........instead of quoting which floods the thread with very long posts, I'll kinda start a new reply.
You state 101 people will now have access to clean water, which is of course kewl if that means permanent access to clean water. For example spending $2000usd to dig a protected well that supplies 101 villagers might be a tad expensive, but worth the cost. If, however, that means rainwater catchments...........that is WAY OVER THE TOP expensive! I guess my point is very simple.......it matters a great deal WHAT is done with the donations, not just how many people it affects.
At no point think I am hate'n on ya or the concept. My posts relate to how the funds are actually used. As I pointed out, $2000usd for some makeshift guttering is obscene, while that same amount for a water purification system for a village of over 100 people is not only worthwhile but rather noble.
Short version: Don't tell me you spent $2000 to give water to 101 people. That is about $20 a person, but it tells me nothing about the long term sustainability of that expenditure.
I guess the best answer I can give you is to check back once we reach our fundraising goal. Once the project is fully funded, we will get a very detailed report as to where the money went and how it was used to provide a long-term and lasting solution. If you would like to see an example of what I am referring to, go here: http://my.charitywater.org/p/myprojectsview?project_id=ET.GOH.Q4.09.048.213Also keep in mind that $2,000 is just the beginning... there is a lot more money to raise. But it is a fantastic start in my opinion, and something I am proud to be apart of! -Zach Also keep in mind that some of your funds raised are going towards funding the promotion and development of this coin. I am waiting to see absolute transparency on every Water Coin that you have raised and where it has gone before I invest in this organization (a block explorer is a good first step). This is a practice that the organizations you are donating to appear to do (and you could do even better if you use the technology bitcoin offers you). It is understandable that you can use some coins to ensure the development of this coin is taken care of. I would wait until a community of trust is built before doing so. Again absolute transparency down to your home address... again you are a charity and you want to develop a solid community of people who will put value in this coin long term. Not just pump and dump fanboys abusing charitable ideas (even though if you do this right charity will still gain from them). Time will tell everything I'm calling BS! You can't say gimme the money and once I get enough I'll say how it will be spent. Time will tell everything my ass.......without a transparent advance plan, only an idiot would invest. Go into any bank, ask a banker for 1 million dollars. He will want to see your FULL business prospectus, full month by month expenditure analysis, full every dam thing. To then tell him..............oh I can't say yet, just gimme the money and I'll let you know later.........you'll get shown the door. FFS! |
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@Cleanwatercoin.........instead of quoting which floods the thread with very long posts, I'll kinda start a new reply.
You state 101 people will now have access to clean water, which is of course kewl if that means permanent access to clean water. For example spending $2000usd to dig a protected well that supplies 101 villagers might be a tad expensive, but worth the cost. If, however, that means rainwater catchments...........that is WAY OVER THE TOP expensive! I guess my point is very simple.......it matters a great deal WHAT is done with the donations, not just how many people it affects.
At no point think I am hate'n on ya or the concept. My posts relate to how the funds are actually used. As I pointed out, $2000usd for some makeshift guttering is obscene, while that same amount for a water purification system for a village of over 100 people is not only worthwhile but rather noble.
Short version: Don't tell me you spent $2000 to give water to 101 people. That is about $20 a person, but it tells me nothing about the long term sustainability of that expenditure.
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Water, I avoid the stuff. I know what fish do in it..............ewwww
I travel quite a bit and can tell you straight up an earlier poster is wrong. Most people in 3rd world countries do boil their water. To many it is almost a second religion.
Now to the watercoin/charity..........if you are just handing out bottled water to people, you are not helping even a tiny bit. What these countries need is a complete rebuild of the infrastructure from water purification plants, water mains, towers, curb to home plumbing, all the way down to new faucets. Almost none of the existing stuff is usable.
I got into a project to build a water tower in the Philippines and quickly found out it was pointless given the terrible condition of the current plumbing. Adding the water pressure the tower would have done..........well it would have ended badly. I suppose somewhere like darkest Africa it would actually be cheaper since you don't have any existing to have to tear out. But for most towns/villages in the Philippines or Vietnam, you have to tear it all out and start new. Tossing out a few bottles of water is utterly pointless.
The problem of infrastructure goes way beyond what this coin is trying to do. "Infrastructure", or the desire to acquire it, is what often causes these water crisis. "Third-world" countries are raped by banks, who offer up rigged "loans" to corrupt governments, knowing they will never be able to repay them, and thus giving the bank a way to take the resources of the country in question. The debt is leveraged against the citizens in order to drive them in to poverty and then control their resources. The bank starts this process when it approaches a struggling country and promises billions for "water infrastructure", the work for which is then immediately given to the banks subcontractors who build the infrastructure (thus cutting the locals out of the actions for the most part, and not helping their economy any more than building a temporary service industry for the foreign workers). So the country is loaned a few hundred million, or billions, and then it immediately gives a large portion of that money back to the bank, who has made sure that the contract states that only the BANKS subcontractor companies will do the work. The bank's subcontractor's do all the "improvements" that were promised, and when these improvements don't create all the money out of thin air that the banks promised the government and the citizens it would, and after the corrupt government and bank officials have pocketed millions, the bank comes looking for it's interest payments. And guess what? The country can't pay them. So the government defaults on the loan, and renegotiates their water rights away to the bank, who then starts charging the people astronomical prices for water, and diverting it to cheap labor plants and fields, thus turning what once was a perfectly nice little village in to a dried up shell of it's former self, as people have to walk farther and farther to get to an AFFORDABLE clean enough water source to survive. This has been happening for decades and has been well documented by a host of authors, but most notably by John Perkins in "Confession of an Economic Hitman". This coin will redirect funds to help those people that would likely not have been diverted there without the coin. It may even help teach people how to create their own currency and slowly (or quickly, if infrastructure is pre-laid) erode the power wielded by the owners of the banks. Resource robbing was one of those subjects I liked to discuss and blog about in college, the connection to which is what immediately drew me to the coin in the first place. (For a great interview with the author mentioned above, look up "Speaking Freely" with John Perkins.) The problem I have with watercoin is that it is more of a feel good thing, than something of actual substance and real world help. Obviously both of us have an understanding of the real world obstacles involved to actually provide clean water to a village. Sadly, many people hyping and praising watercoin have never left their hometown, much less lived in a third world country for any length of time. Even fewer, including myself, have visited a 4th world country. It is admirable that people get excited and want to "help", but honestly folks, handing out some bottled water doesn't fix the problem. Villages in Africa need wells, protected by armed guards, with incorruptable overseers to make sure people needing the water get it. They need onsite purification facilities. What they don't need is a few bottles of water and empty promises. Let me clue some of you in about how it works in the Philippines.........I'll use clothes as an example. You donate your clothes to Goodwill, they send them to the Philippines at the expense of Goodwill, where a corrupt customs official sells them by the kilo to the highest bidder. The winning bidder then takes those clothes and resells them to the public (after removing any higher value items they can resell in their "main" store) at places similar to flea markets or dollar stores. DO the locals appreciate it............yes, because they can get some decent clothes at a reasonable price. It is right? Not even slightly. You paid lets say $10 for a dress that fits a lil girl, she wore it a few times and outgrew it, you gave it to Goodwill wanting to be nice and help others.........but in this case at least two other people have profited by your "donation". At LEAST 2 people, as the winning bidder might have been another corrupt official that then resold them to the thrift store type people. Trust me......that lil girl dress wasn't acquired by the new lil girl for free. I seriously doubt a shipment of bottled water arriving in the Philippines would fair any better. Customs can and will charge you up to 200% of the value of the import, ESPECIALLY if that import competes with a local vendor. I'm also fairly certain this doesn't only happen in the Philippines. |
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