1)

mining

before 161280   -0.000986912724567928 * block number + 254.53671561
after 161280   95.36743164

foundation

before 161280      496.03174604

2)

if cryptocoinexplorer ever comes back up its listed on there, or you can use the formula above to calculate the money supply

Yes. This is an appropriate level to cover their demurrage fee costs.


The operator of dgex is hoping that people will cycle their coin through the exchange, giving him the withdraw fee (1%), fast enough to cover the demurrage.

Two equally valid solutions to the same problem. Let's see which one is best.

Mugen lost customer coins during cryptonit FRC beta. I know because I covered his losses at this time from my own pocket. He released his FRC exchange knowing it was broken against advice.

We have two new exchanges that have sprung up from cryptonit's fumble.


bter.com

and

dgex.com


I'm not sure which of those will end up being the "mtgox" of Freicoin. May the best exchange win.

Cryptonit directly uses the bitcoin "move" RPC function to manage his user accounts.

What does this mean for you?

mugen isn't keeping any accounting records of what his customers are doing. So if one of his exchanges has a bug, like his Freicoin exchange did, he cannot determine what amounts all of his accounts should have. Mugen's exchange had a bug where he lost customer funds when the site was in beta. Actually, this is the same bug his site had to shut down for recently. He was advised to implement his exchange using external accounting & logs.

Had mugen built his exchange so that it kept accounting records and logs he wouldn't have had any problems trading Freicoin and other coins. Unfortunately, even if someone wanted to make all of his depositors whole they couldn't do it because he doesn't keep the records necessary to pay people back.

I strongly recommend you stay very far away from cryptonit for ANY coin.

Cryptonit directly uses the bitcoin "move" RPC function to manage his user accounts.

What does this mean for you?

mugen isn't keeping any accounting records of what his customers are doing. So if one of his exchanges has a bug, like his Freicoin exchange did, he cannot determine what amounts all of his accounts should have. Mugen's exchange had this same massive bug where he lost customer funds when the site was in beta. He was advised to implement his exchange using external accounting & logs.

Had mugen built his exchange so that it kept accounting records and logs he wouldn't have had any problems trading Freicoin and other coins. Unfortunately, even if someone wanted to make all of his depositors whole they couldn't do it because he doesn't keep the records necessary to pay people back.

I strongly recommend you stay very far away from cryptonit for ANY coin.

Oh, well, that's a completely different claim than was made on your radio program. Did your guest not do any research before going on the air?

Hahaha, that is a surprisingly accurate statement. I think FinCEN's poor guidance and inclusion of miners as a "money transmitter" comes from their lack of understanding the mining process and that the government doesn't really care as much about Bitcoin as we'd like to believe.

FinCEN does not "prosecute." You need to provide proof for your guest's irrational claims or issue a correction.

What you need to do is find ONE example of FinCEN prosecuting anyone -- ever.

This thread is a nice attempt to scare the readers of the forum into listening to the inaugural episode of this radio show. Luckily, nothing he says is grounded in reality.

This already exists, it is called Freicoin.



http://freico.in/about/

We already have the software released & ready to download.

This is correct. It will take ~15 years for half of the coins you have to recycle to the miners.

nethead is incorrect in saying these coins go to the foundation. The foundation only gets a percentage of the initially mined coins. The miners get the demurrage fee (technically -- its not the same coins, but the exact same number of coins).

Ok, your coin has been sent too. That was a good game I hope we don't have to do it again.

I accidentally pmed this guy thinking he won to contest, but I didn't understand the rules were backwards from what I thought they would be.


DarkHyudrA - please post your FRC address so we can pay out. Thank you!

1) 120 blocks need to be mined until maturity
2) The reward is not constant, but it is predictable. It starts out at ~250 per block, and linearly decreases to a steady state value of around 100 coins per block @ around 160000 blocks mined. Each block mined will always have a reward at least 100 until the end of time. For the actual eqn you can find it in the client sourcecode.

The easiest way to get started mining Freicoin on Windows is to make sure you have the latest graphic drivers for your card, then launch the GUI miner program:

https://bitcointalk.org/?topic=3878.0

Create a new OpenCL miner from the menu (try the other choices if OpenCL gives you trouble), and configure it with the following options:

Server: Other
Host: pool.freico.in
Port: 9638
Username: (your freicoin address, from the client, or generate a public address and private key at bitaddress.org - make sure to print this out)
Password: 123 (can be anything, but must not be empty; not used)

Ignore the extra flags for now (efficiency settings - you can research that later). Hit 'start mining' (you may have to resize the dialog box to see the button).


You can also use the instructions on coinotron.com

The winner appears to be


wachtwoord
1363958355 -epoch
Fri, 22 Mar 2013 13:19:15 GMT


Please post an address or PM address, thanks.

What does this mean for Ripple?

there are only 36 blocks remaining (2%)