For all the many alt-coin investors out there, I give you this article: http://www.legitcoinage.com/?p=27In recent days, the Coin Pump and Dump has been one of the most lucrative of schemes. This scheme goes like this: 1.Announce a new coin in Bitcointalk.org without advanced notice. .... ( read more here: http://www.legitcoinage.com/?p=27 ) |
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I know I wouldn't waste my time and electricity mining a coin that intends to give 21 million coins to the developer for nothing aside from changing a few variables in a litecoin fork. A 50% premium to the developer is nothing but greed.
Lol. Up until a couple of weeks ago Solacx was heavily against alt currency clones, and was bashing all the new releases in the btc-e trollbox. That all changed when he had a 'brainwave' and thought he could get rich by cloning Freicoin and awarding himself half the coins. Only a few of the alt-coin makes any sense from a financial perspective. Where's the stewardship of other alt-coins? See this article on pump and dump coins: http://www.legitcoinage.com/?p=27 I like Freicoin, there is stewardship there. This, is a variation of Freicoin, no demurrage, scrypt based, number of coins twice that of Bitcoin and confirmation speed like Litecoin. What's not to like? |
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the reason why I call them scammers is that they tried to pass off the modified version as the real thing and tried to sell counterfeit ZTC.
"They"? I never tried to sell or sold a ZTC, I have 534 blocks and 10 from the giveaway. You are trying to launch a coin with a 50% pre-mine and call it "corporate equity". Miners call it a "corporate scam". I'm trying to warn people against this, untill you change that. Eagleeye has a thread in bitcointalk where he is trying to pawn off these counterfeit ZTC. He even has a giveaway thread. The coin does not have a 50% pre-mine, that is like equivalent in saying devcoin has a 90% pre-mine and freicoin has a 80% pre-mine. Use proper terminology. This 50% subsidy is spelled out explicitly on www.zenithcoin.com. If miners do not like the terms, then they should not bother to mine. That is pretty clear. The coin is designed to have conservative parameters, 2.5 minute confirms (not 15 seconds that creates too many orphans and has network issues), 24 coins per block (not 200 that overly dilutes the coin), 9 block retarget (no issues like FTC and CNC), 42 million coins (not 800 million), no instamine (not 1.6 million coins in 2 hours). The proposition is simple, accept a 50% share in profits for a better maintained coin. Otherwise, you cain go invest in FTC, CNC and the like that have absolutely no future. |
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I love these threads. Op makes copy-paste coin and releases source and genesis block. Someone compiles windows client and starts mining. Op throws tantrum and calls them scammers and counters by changing network parameters and compiling new genesis block. WTF you released an open source coin dude! How is someone else compiling windows qt (that you were incapable of) scamming? What a damn facepalm this entire sub forum is..    these folks modified the source code to a completely incompatible chain. the official code is not accepting the incompatible chain. now he is sitting on the irc channel refusing to get out. the fix of course is easy, but these folks are just wasting people's time by playing these games. the reason why I call them scammers is that they tried to pass off the modified version as the real thing and tried to sell counterfeit ZTC. |
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How does the majority feel about this?
- restart
- keep it going
?
If there is a large majority for a restart, I won't block it anymore.
But I still have to warn you for the "features" of this coin.
Chargeback = paypal coin.
And 50% to developer = scam.
You and your buddy eagleEye are squatting on our zenithcoin channel with a completely incompatible daemon. The official daemons compiled from source will not accept your blocks. They are worthless from the point of view of the official binaries and distribution. All you guys are doing is simply equivalent to a DDoS and preventing the zenithcoin network from testing. Please stop wasting our time by jamming our network! |
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Hey guys. I'm not a techy expert or overly familar with alt-currencies so please forgive me if this has been covered before.
Personally I don't like how easily the bitcoin price can be manipulated through the normal centralized exchange model. Furthermore I'm not really a fan of bitcoins deflationary nature either. For me it is too much a commodity and too a little a medium of exchange.
I was wondering if there are any alt-coins that focus on having the actual fiat exchange built into the currency itself (through the client). Instead of limiting the maximum amount of coins in existence, the physical amount of client users would determine the current absolute value of the coin. i.e. the more users the greater the coins value. This would be counteracted by another algorithm measuring velocity of circulation. Again the value of the coin in the exchange is subject to velocity, too much hoarding? Value goes down. Plenty of spending? value goes up. Basically it regulates itself through an algorithm that takes into account economic factors to maintain its functionality.
The currency is not exchanged in terms of bids/asks, rather the price is absolutley set and traded through the client. The only way in/out of the currency is to accept the current price as set by the algorithm. Whilst the price is set by the algorithm the fiat would still be exchanged through a decntralized medium.
Is this actually possible? Has someone suggested this before?
Yes, it is possible. Just don't provide a reward for mining to miners. That is, only privelage miners can create new coins and these coins are created based on the monye in posession. |
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How does the majority feel about this?
- restart
- keep it going
?
If there is a large majority for a restart, I won't block it anymore.
But I still have to warn you for the "features" of this coin.
Chargeback = paypal coin.
And 50% to developer = scam.
Just to clarify, it is not going to be exactly the same a credit card chargeback. Rather, it will be something along the lines that if a wallet is stolen, then an owner has 24 hours to retrieve back the stolen contents. www.zenithcoin.com FAQ explains the nature of this coin. It is similar to devcoin and freicoin, but with a bigger percentage going back to miners. But how do you prove a wallet is stolen? I can claim my wallet is stolen and have my coins back too?... I think back-ups and security are your own responsibility. A second confirmation is required for funds to transfer before a time t. Time t is calculated as a function of the size of the transaction. So for example, if someone took 1m coins without your consent, you may have 24 hours to clawback the transaction. If someone took .5, you may have 5 minutes to claw back the transaction. |
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No, eagleeye was trying to pawn off illegally gained ZTC coins on another thread. Fortunately, the only loser here is eagleeye, he spent energy mining coins that of no worth. The 50% subsidy is explained in the FAQ. See www.zenithcoin.com . If you can't comprehend the notion of equity, then you can't understand this coin. If you want people to support your coin, maybe you should not bitch them off by calling them stupid but just explain. I didn't read zenithcoin.com... Why? 100 coins are released every week... If you ar co(i)nvinced your coin is special, explain. This is the place where the miners are... They don't visit every website, they visit bitcointalk.org. Speaking of comprehension... Well maybe most folks aren't even used to having a coin with a website! Anyway, details about the coin is on http://www.zenithcoin.com Short summary: 2.5 minute confirmations (no ridiculous low confirmation times that create too many orphans) 24 coins per block created. 12 coins per block miner subsidy 42 million coins max Litecoin compatible scrypt 9 block difficulty retarget see roadmap for future enhancements. official mining start date 6/09/2013 |
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How does the majority feel about this?
- restart
- keep it going
?
If there is a large majority for a restart, I won't block it anymore.
But I still have to warn you for the "features" of this coin.
Chargeback = paypal coin.
And 50% to developer = scam.
Just to clarify, it is not going to be exactly the same a credit card chargeback. Rather, it will be something along the lines that if a wallet is stolen, then an owner has 24 hours to retrieve back the stolen contents. www.zenithcoin.com FAQ explains the nature of this coin. It is similar to devcoin and freicoin, but with a bigger percentage going back to miners. |
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This is the one where %50 of all coins mined go to the dev. Are you on fucking glue? Leave dead coins, dead.
If you take a look at the eagleeye source code, new hardcoded addresses have been substituted that direct where that 50% siphon goes. So it is now being directed somewhere else, presumably no longer to solracx. One wonders if that is the motivation for "rereleasing" and hardforking the code in the first place. Conspiracy! It appears the eagleeye was running a scam here. He built his own binary with the intent of scaming users of that binary by diverting funds to himself. As always, do not trust binaries that don't come from official sources. You mean, he scammed you by not sending the coins to you but to himself. The scammer is scammed. Let's make that clear first. Or can you explain why you should get 50% of our mined coins? No, eagleeye was trying to pawn off illegally gained ZTC coins on another thread. Fortunately, the only loser here is eagleeye, he spent energy mining coins that of no worth. The 50% subsidy is explained in the FAQ. See www.zenithcoin.com . If you can't comprehend the notion of equity, then you can't understand this coin. |
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This is the one where %50 of all coins mined go to the dev. Are you on fucking glue? Leave dead coins, dead.
If you take a look at the eagleeye source code, new hardcoded addresses have been substituted that direct where that 50% siphon goes. So it is now being directed somewhere else, presumably no longer to solracx. One wonders if that is the motivation for "rereleasing" and hardforking the code in the first place. Conspiracy! It appears the eagleeye was running a scam here. He built his own binary with the intent of scaming users of that binary by diverting funds to himself. As always, do not trust binaries that don't come from official sources. |
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Yes, the coin is working correctly. We had corrected the networking issues that we had previously. The current roadmap for the coin is published here: http://www.zenithcoin.com/?page_id=8If you miners had not made modifications on the source code, we would have been inclined to perform a staggered launch. Anyway, water under the bridge. Thanks for testing! We will make official announcement for launch date and time soon. Expect it to be over the weekend. You have 2 options: - stay at this release / chain and be a part of ZenithCoin - release another coin, you are out You can repeat "thanks for testing" but the only one who will be testing is you, if you try fly solo on this  You don't get it do you? You aren't in any position to dictate terms here. If you want to create another alt-coin with the test coins you mined, then go ahead. if you can't wait for the official mining to start, spend your time mining other coins. |
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Yes, the coin is working correctly. We had corrected the networking issues that we had previously. The current roadmap for the coin is published here: http://www.zenithcoin.com/?page_id=8If you miners had not made modifications on the source code, we would have been inclined to perform a staggered launch. Anyway, water under the bridge. Thanks for testing! We will make official announcement for launch date and time soon. Expect it to be over the weekend. |
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So, is it a scandal ? i will call it "a scandal coin"  No scandal here. Just a bunch of over zealous miners mining test coins and attempting to make a big deal about it. |
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I feel like the hijacked launch would be more fair than trying to restart things.
Letting it ride shows you weren't trying to tune in your setup or planning a major stash or anything shady.
What are your reasons at this point for wanting to start it over?
~richgene
A launch that is perceived to be fair is in the best interest of this coin. If some miners want to jump the line, well all I can say is that their coins aren't going to be valid if they tampered with the original source code. You are not in control and/or relevant for this coin anymore; we took over. Support this launch or start over with a new coin, it's your choice. You and eagle should first pause your mining operations, allow us to verify the binary and we can negotiate if the coins you have already mined are to be made official. I got abouyt 2037 blocks >..< and you want to start it again ? Yes, you should read the details about the coin prior to mining. |
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The site has some funny tidbits. One may make a strong case that allocating 50% of shares to miners to be actually overly generous. Indeed! Miners should also invite "devs" to have dinner at their house, donate some blood to them and, who knows, offer their sisters or wives (make that a AND instead of OR to those truly dedicated to the "cause") as "development donations". </sarcasm> Security will be built into the code to ensure an ability to charge back purchases within 24 hours. The main purpose of this mechanism is to prevent coins from being stolen. Here we go - reverse chargebacks, the Pandora's box of crypto currencies. That will be fun  So if I pay you, and you pay another one, and that other one pays another one too and my first payment is charged back, will the other transactions be charged back too? If they do: fail If they don't: transfer coins to another wallet a few times You will have to wait for the details of how this is to be done. It will be removed from the coming hardfork Enough of this 'hard fork' charade. Thank you for test mining ZenithCoin. ZenithCois not at testnet, it's a live coin and you are no longer in charge and / or relevant for it. You started it but can't stop it, that's the power of crypto currencies and the only reason people have trust in it There are zero ZTC coins at the moment... All those coins are virtual and a figment of your imagination. It is just like those guys who tried to sell the BTC testnet coins. |
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Sorry, your changes will not be acceptable. Anyway, thanks for test mining. Changes are accepted already, you are no longer in charge and/or relevant for ZenithCoin Hardfork will rule out chargeback functionality too. Chargeback should never exist, we have escrows for this. You should quit with this charade while you still have your reputation. ZenithCoin is officially supported by ZenithCoin.com. The official source repository is: https://github.com/zenithcoin/ZenithCoin It is pointless, that you can think you can hijack the coin just because you skipped the line and mined early. A new genesis block will be created and all your coins will go up in smoke. Best regards. |
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The site has some funny tidbits. One may make a strong case that allocating 50% of shares to miners to be actually overly generous. Indeed! Miners should also invite "devs" to have dinner at their house, donate some blood to them and, who knows, offer their sisters or wives (make that a AND instead of OR to those truly dedicated to the "cause") as "development donations". </sarcasm> Security will be built into the code to ensure an ability to charge back purchases within 24 hours. The main purpose of this mechanism is to prevent coins from being stolen. Here we go - reverse chargebacks, the Pandora's box of crypto currencies. That will be fun So if I pay you, and you pay another one, and that other one pays another one too and my first payment is charged back, will the other transactions be charged back too? If they do: fail If they don't: transfer coins to another wallet a few times You will have to wait for the details of how this is to be done. It will be removed from the coming hardfork Enough of this 'hard fork' charade. Thank you for test mining ZenithCoin. |
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Sorry, your changes will not be acceptable. Anyway, thanks for test mining. |
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The site has some funny tidbits. One may make a strong case that allocating 50% of shares to miners to be actually overly generous. Indeed! Miners should also invite "devs" to have dinner at their house, donate some blood to them and, who knows, offer their sisters or wives (make that a AND instead of OR to those truly dedicated to the "cause") as "development donations". </sarcasm> Security will be built into the code to ensure an ability to charge back purchases within 24 hours. The main purpose of this mechanism is to prevent coins from being stolen. Here we go - reverse chargebacks, the Pandora's box of crypto currencies. That will be fun So if I pay you, and you pay another one, and that other one pays another one too and my first payment is charged back, will the other transactions be charged back too? If they do: fail If they don't: transfer coins to another wallet a few times You will have to wait for the details of how this is to be done. |
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