[ANNOUNCEMENT] FRC TOTAL IS OVER 10,000,000 COINS IN LESS THAN 3 WEEKS

[smoothie]

http://www.cryptocoinexplorer.com:4750/chain/Freicoin?count=2016

And how many of those does Maaku own?

 

[crazy_rabbit]

http://www.cryptocoinexplorer.com:4750/chain/Freicoin?count=2016

And how many of those does Maaku own?

 

5% eventually?

That's so many coins it makes no sense.

[smoothie]

http://www.cryptocoinexplorer.com:4750/chain/Freicoin?count=2016

And how many of those does Maaku own?

 

5% eventually?

That's so many coins it makes no sense.

That assumes he did not mine any coins. So no I would not doubt if he has 3-7 million FRC.

[galambo]

That assumes he did not mine any coins. So no I would not doubt if he has 3-7 million FRC.

It's not too late, smoothie. You could own some too.

[Sunny King]

freicoin devs probably altogether own 1m-2m coins outside foundation, and 7m coins inside foundation.

But the more serious issues are they chose to:

1) Start difficulty from 1.
2) Not announcing the release on bitcointalk but rather showed up a few days later after a bitcointalk member started a thread to sell frc and block chain was already close to 10k blocks (2.5m miner coins + 5m foundation coins).

As a result there are a lot more low difficulty coins and the network hash rate ramped much slower initially than other coins. This allowed the devs more chance to claim the initial 2.5m of miner coins.

I cannot determine that these are not deliberate decisions and symptoms of too much greed (together with 80% high tax rate for the foundation). Doesn't inspire confidence in the future prospects of foundation management at all.

On the plus side they have been fairly diligent and patient answering questions on bitcointalk since, so I will still give them some benefit of the doubt.

[Impaler]

Total coins in miner's hands are only around 2 million, do you actually think developers took between 50% and 100% of ALL the mining?  Please do at least a SMATTERING of research before you start throwing numbers around which amount to libel and slander, examining a Block-chain explorer would immediately show your numbers to be non-sense.

Their has been a P2P pool that anyone could join from the first day and professional miners have been piling on from the start, all the developers have been using their PC's to mine and were pushing into the minority virtually immediately.  People who have been paying attention to the threads posted here by our core dev team nearly a year ago and who read our public forums and participated in the numerous live beta testings we conducted for several months prior to launch indeed had a head start on other people, it is impossible to inform everyone of the start of a new coin but because you didn't get a singing telegram dose not mean we have been secretive or monopolistic.

Block rates have been consistently faster then desired up until the last difficulty jump, In hindsight a higher maximum difficulty jump should have been employed or a faster difficulty recalculation, FRC has grown in 2 weeks what took BTC 2 years, much faster then we had anticipated.

[smoothie]

Total coins in miner's hands are only around 2 million, do you actually think developers took between 50% and 100% of ALL the mining?  Please do at least a SMATTERING of research before you start throwing numbers around which amount to libel and slander, examining a Block-chain explorer would immediately show your numbers to be non-sense.

Their has been a P2P pool that anyone could join from the first day and professional miners have been piling on from the start, all the developers have been using their PC's to mine and were pushing into the minority virtually immediately.  People who have been paying attention to the threads posted here by our core dev team nearly a year ago and who read our public forums and participated in the numerous live beta testings we conducted for several months prior to launch indeed had a head start on other people, it is impossible to inform everyone of the start of a new coin but because you didn't get a singing telegram dose not mean we have been secretive or monopolistic.

Block rates have been consistently faster then desired up until the last difficulty jump, In hindsight a higher maximum difficulty jump should have been employed or a faster difficulty recalculation, FRC has grown in 2 weeks what took BTC 2 years, much faster then we had anticipated.

Kind of hard for the community of miners to start mining if they don't know about it until like days after eh? This is the equivalent to PREMINING FRC.

[juggalodarkclow]

Solidcoin?

[crazy_rabbit]

Their has been a P2P pool that anyone could join from the first day and professional miners have been piling on from the start, all the developers have been using their PC's to mine....

When you say "PC" do you mean CPU?

[galambo]

Their has been a P2P pool that anyone could join from the first day and professional miners have been piling on from the start, all the developers have been using their PC's to mine....

When you say "PC" do you mean CPU?

My Nvidia Graphics Card does 60MH/s. We've been outclassed from the very beginning.

[Sunny King]

Total coins in miner's hands are only around 2 million, do you actually think developers took between 50% and 100% of ALL the mining?  Please do at least a SMATTERING of research before you start throwing numbers around which amount to libel and slander, examining a Block-chain explorer would immediately show your numbers to be non-sense.

Wrong. There are around 3.5m miner coins now. The 80% figure is over the entire first 3 years. But initially miners get about 1/3. I think devs and insiders probably got about 25-50% of those 3.5m. That's just my opinion, no need to get worked up before you even understand how much coins are out there.

[dreamwatcher]

In the interest of fairness, I did some preliminary research on this subject:

The chain officially started 12-21-12 @ 21:00 (Cryptocoin explorer time)  http://www.cryptocoinexplorer.com:4750/block/000000005b1e3d23ecfd2dd4a6e1a35238aa0392c0a8528c40df52376d7efe2c

The Freicoin start date was announced before then (12-18-12), though not in a fresh thread but in a thread titled " Is this idea to counter lost bitcoins possible?"

https://bitcointalk.org/index.php?topic=131101.msg1407151#msg1407151

The First original thread appears to be a thread titled    "FreiCoin (FRC) discussion (was FreiCoin (FRC) for TRC, PPC, LTC or BTC)" on Dec 23 2012.
 
https://bitcointalk.org/index.php?topic=133020.0

Note these are just in reference to BitcoinTalk forums,  not Freincoin's official forums or github.

Block 6850 is close to the time the Dec. 23 thread was started.

At that point ~5,119,730 FRC had been mined.

Using the 80% figure, that means ~4,095,784 FRC went to the foundation and ~1,023,946 FRC went to the miners. Thank You Sunny for pointing out the correct ratio.

Using the 750 coin (~250 for miners and ~500 for the foundation), ~66.7% to the foundation and ~33.3% to the miners.

 ~3,414,859 FRC went to the foundation and  ~1,704,870 FRC went to the miners.

I am neither endorsing or condemning FRC, I just wanted to get some numerical facts out before this thread goes too far off it's rails.  

[Sunny King]

Block 6850 is close to the time the Dec. 23 thread was started.

At that point ~5,119,730 FRC had been mined.

Using the 80% figure, that means ~4,095,784 FRC went to the foundation and ~1,023,946 FRC went to the miners.

Shouldn't use the 80% figure to derive miner coins as that's a running total after 3 years. Initially each block generates about 500 foundation coins (constant for about 3 years), 250 miner coins (miner coins gradually reducing each block). So miner coins about one third of the total.

[jtimon]

I just want to add other public announcements:

http://www.freicoin.org/freicoin-release-thread-t73.html

https://twitter.com/timoncc/status/280726434027302913

https://groups.google.com/d/topic/rippleusers/DQ3Qp2JDucY/discussion

Also, take a look at the beta thread:

http://www.freicoin.org/freicoin-beta-testing-t34.html

If you search earlier you may even find a plan for launching on September or something.

You can believe or not, but I've not mined a single freicoin. I'm just happy buying some of them at prices I think are low. If you're reading this, you're an early adopter.

[DPony13]

I'm expecting them to be... say 7 Million
by the end of the year due to demurrage

[nethead]

I just want to add other public announcements:

http://www.freicoin.org/freicoin-release-thread-t73.html

https://twitter.com/timoncc/status/280726434027302913

https://groups.google.com/d/topic/rippleusers/DQ3Qp2JDucY/discussion

Also, take a look at the beta thread:

http://www.freicoin.org/freicoin-beta-testing-t34.html

If you search earlier you may even find a plan for launching on September or something.

You can believe or not, but I've not mined a single freicoin. I'm just happy buying some of them at prices I think are low. If you're reading this, you're an early adopter.

For every post like the bolded text 1000FRC bump another 0.1 btc im doing good to keep my ~1000 to sell them 50 btc lol
What i hate is that i have to mine all the time for them to stay static

Also about the 80% that you keep, i havent really seen a faucet or something (from the "foundation") to keep this coin flowing, you just keep it for yourselves hoping to get some value.. AND THAT IS BAD
Start giving it to people

[scrybe]

freicoin devs probably altogether own 1m-2m coins outside foundation, and 7m coins inside foundation.

But the more serious issues are they chose to:

1) Start difficulty from 1.
2) Not announcing the release on bitcointalk but rather showed up a few days later after a bitcointalk member started a thread to sell frc and block chain was already close to 10k blocks (2.5m miner coins + 5m foundation coins).

As a result there are a lot more low difficulty coins and the network hash rate ramped much slower initially than other coins. This allowed the devs more chance to claim the initial 2.5m of miner coins.

I cannot determine that these are not deliberate decisions and symptoms of too much greed (together with 80% high tax rate for the foundation). Doesn't inspire confidence in the future prospects of foundation management at all.

On the plus side they have been fairly diligent and patient answering questions on bitcointalk since, so I will still give them some benefit of the doubt.

After this thread they started up their own forum:
https://bitcointalk.org/index.php?topic=89843.0

I don't blame them given that they were abused pretty relentlessly by the same folks that time around too.

I know that I found them via a bitcoin reddit post about their main webpage about a month before launch. The 12-21-12 date was pre-selected and everyone participating in the beta or following it's progress should have been aware. I rejoined the bitcoin world in August, so I missed them the first time through, but others don't have that excuse for not paying attention to the project.

Keep your "scale-height" difference in mind too. Because FRC has 100M coins, the generation curve is ~5 times as tall. Since 12-21-12 the launch phase has caused ~100 blockchain-days to elapse, and there was a massive boom during that time. We also have run through Maxed out difficulty changes are done now, moving from 4096 to 9772, so we have closed the massively accelerated phase. Let the sour grapes commence.

I shudder to think how much more interesting this would have been post-ASIC...

[Impaler]

Also about the 80% that you keep, i havent really seen a faucet or something (from the "foundation") to keep this coin flowing, you just keep it for yourselves hoping to get some value.. AND THAT IS BAD
Start giving it to people

Faucets are something I'll be advocating for, but were not going to distribute any coins until the foundation is set up and everything is done according to a defined procedure which sets clear limits on what can an can not be done.  Even something like a faucet needs rules on how it will be conducted.  Were certainly going to prohibit any managers from transferring funds to themselves, but their are a whole mess of bylaws that need to be discussed, written down and scrutinized before coins start flying around.  Come to our forums and describe the kinds of rules YOU would be satisfied with.

[smoothie]

Also about the 80% that you keep, i havent really seen a faucet or something (from the "foundation") to keep this coin flowing, you just keep it for yourselves hoping to get some value.. AND THAT IS BAD
Start giving it to people

Faucets are something I'll be advocating for, but were not going to distribute any coins until the foundation is set up and everything is done according to a defined procedure which sets clear limits on what can an can not be done.  Even something like a faucet needs rules on how it will be conducted.  Were certainly going to prohibit any managers from transferring funds to themselves, but their are a whole mess of bylaws that need to be discussed, written down and scrutinized before coins start flying around.  Come to our forums and describe the kinds of rules YOU would be satisfied with.

LOL the ironic thing is who holds the coins now? That would be the equivalent of your statement already. This is the essence of centralization and why it is bullshit.

[Deprived]

Also about the 80% that you keep, i havent really seen a faucet or something (from the "foundation") to keep this coin flowing, you just keep it for yourselves hoping to get some value.. AND THAT IS BAD
Start giving it to people

Faucets are something I'll be advocating for, but were not going to distribute any coins until the foundation is set up and everything is done according to a defined procedure which sets clear limits on what can an can not be done.  Even something like a faucet needs rules on how it will be conducted.  Were certainly going to prohibit any managers from transferring funds to themselves, but their are a whole mess of bylaws that need to be discussed, written down and scrutinized before coins start flying around.  Come to our forums and describe the kinds of rules YOU would be satisfied with.

Am I reading this right - the majority of coins are going to a foundation that hasn't even been set up yet?

Isn't that kind of the wrong order to do things in?