NovaCoin prerelease premine and other issues

[tacotime]

When novacoin was posted here on the 11th, there were already 210,000+ coins mined.  Where did those go?

The details for novacoin were first posted in the russian forum on the 10th:
https://bitcointalk.org/index.php?topic=114712.0

Here is the timestamp for the genesis block: 1360105017 (02 / 05 / 13 @ 4:56:57pm EST)
Here is the timestamp for the first block: 1360426882 (02 / 09 / 13 @ 10:21:22am EST)
Block 1500: 1360475877 (02 / 09 / 13 @ 11:57:57pm EST)

Reward is as follows:

Code:

nReward = 100 / (nMaxTarget / nCurrentTarget) ^ (1/6)

At block 1500 we have some 110,000 coins mined (max block reward is 100 and decreases with difficulty; at block 1500 reward is 62.580000), and it goes down with every block.  This was all mined before February 10.  Balthazar (alexhz) uploaded the source to github on the 9th and didn't appear to announce it.  In fact, binaries didn't even appear until the 10th.

Here's a post of Balthazar showing already 500+ blocks mined before release: https://bitcointalk.org/index.php?topic=114712.msg1512980#msg1512980

[FuzzyBear]

thank you for this useful information that not all will know or have the time to research well done

[Tomatocage]

Yeah screw this bootleg coin.

[smoothie]

Thanks Tacotime,

Now all those claiming there was NO PREMINE of NVC can suck a dick lol 

[wtfvanity]

Everyone always cries about how the start isn't fair, not everyone knew about the alt coin etc etc

How about, the first 5000 blocks have 1 reward in them, then at block 5000 or whatever number, then it jumps up to the 50 or whatever it's going to be? That way people can start mining pools can start, then no one cries.

I'll call this idea, fairnovacoin or fnc for short after our long departed friend fair brix.

[xorxor]

Everyone always cries about how the start isn't fair, not everyone knew about the alt coin etc etc

How about, the first 5000 blocks have 1 reward in them, then at block 5000 or whatever number, then it jumps up to the 50 or whatever it's going to be? That way people can start mining pools can start, then no one cries.

I'll call this idea, fairnovacoin or fnc for short after our long departed friend fair brix.

very nice way of starting blockchain

[Sunny King]

Difficulty started at 0.00024414 at block 1.
I would have started difficulty between 0.2 ~ 1.0 for scrypt.
Still ppcoin's continuous adjustment worked beautifully for novacoin now it's at difficulty >8, more than 4 orders of magnitude than the starting difficulty.

[PsychoticBoy]

Welcome Solidcoin 3.0

Seen it, been there, done that!

[Balthazar]

Difficulty started at 0.00024414 at block 1.
I would have started difficulty between 0.2 ~ 1.0 for scrypt.
Still ppcoin's continuous adjustment worked beautifully for novacoin now it's at difficulty >8, more than 4 orders of magnitude than the starting difficulty.

It uses ^ (1/6), to cut off reward slower, because of lower upper limit of reward. Because ^ (1/4) would be a little unfair in the case of 0.00024414 startup difficulty, I think.

[Tomatocage]

It uses ^ (1/6), to cut off reward slower, because of lower upper limit of reward. Because ^ (1/4) would be unfair in the case of 0.00024414 startup difficulty, I think.

Cool story, CoinHunter.

[DryPowder]

NVC is a good idea … but for now stink fishy.

[Balthazar]

It uses ^ (1/6), to cut off reward slower, because of lower upper limit of reward. Because ^ (1/4) would be unfair in the case of 0.00024414 startup difficulty, I think.

Cool story, CoinHunter.

If you have nothing to say, it will be better to be silent... Because such comment doesn't look too clever for "Hero Member", I think.

P.S Try to find your sweetheart CoinHunter somewhere else. 

[hanzac]

Please don't be so mean, I think NVC's nature is quite fair. Everything needs a price. Who invent the wheel should be highly rewarded. I think this is quite fair. Otherwise, why bother to create?

If you want a totally fair stuff, there's no such thing on earth. You can't ask all the other people to work with you, everyone is so busy. So always someone first come first serve.

People are selfish, this is the nature, this is also the protection for them.

Even you publicly announce the NVC, this is also not fair for most people with less computation power. Some big player can own majority of it.

Although this is a competitive world, if you relax and take a coffee, everything will be just fine.

[Sunny King]

Difficulty started at 0.00024414 at block 1.
I would have started difficulty between 0.2 ~ 1.0 for scrypt.
Still ppcoin's continuous adjustment worked beautifully for novacoin now it's at difficulty >8, more than 4 orders of magnitude than the starting difficulty.

It uses ^ (1/6), to cut off reward slower, because of lower upper limit of reward. Because ^ (1/4) would be a little unfair in the case of 0.00024414 startup difficulty, I think.

Yes, I am aware of that. Although the release could certainly be managed much better and be fairer to all interested users. But I am not going to repeat all the criticisms voiced by the community here, as I am sure you are already under enough fires.

From my point of view I actually appreciate the work you have done to provide another avenue for the ppcoin design to compete against say litecoin, currently still in a dominating market position among all altcoins. By forking from ppcoin I assume that you actually do appreciate the design and see its value. Now that you have a good stake in novacoin I hope that you would be sincere in maintaining the project for the long haul, and possibly joining the discussion of developing ppcoin project further.

[btc-e.com]

When novacoin was posted here on the 11th, there were already 210,000+ coins mined.  Where did those go?

The details for novacoin were first posted in the russian forum on the 10th:
https://bitcointalk.org/index.php?topic=114712.0

Here is the timestamp for the genesis block: 1360105017 (02 / 05 / 13 @ 4:56:57pm EST)
Here is the timestamp for the first block: 1360426882 (02 / 09 / 13 @ 10:21:22am EST)
Block 1500: 1360475877 (02 / 09 / 13 @ 11:57:57pm EST)

Reward is as follows:

Code:

nReward = 100 / (nMaxTarget / nCurrentTarget) ^ (1/6)

At block 1500 we have some 110,000 coins mined (max block reward is 100 and decreases with difficulty; at block 1500 reward is 62.580000), and it goes down with every block.  This was all mined before February 10.  Balthazar (alexhz) uploaded the source to github on the 9th and didn't appear to announce it.  In fact, binaries didn't even appear until the 10th.

Here's a post of Balthazar showing already 500+ blocks mined before release: https://bitcointalk.org/index.php?topic=114712.msg1512980#msg1512980

All the coins NVC mined Balthazar (110,000 coins ) are in the guarantee fund exchange BTC-e.com

[wtfvanity]

All the coins NVC mined Balthazar (110,000 coins ) are in the guarantee fund exchange BTC-e.com

Prove it. Sign the address where they are stored.

[tacotime]

I don't recall seeing a transaction like this in the first 2000 or so blocks, but you guys can have a look later today.  I will upload the sqlite Abe dump of the blockchain in this thread soon.

[AndyRossy]

I don't recall seeing a transaction like this in the first 2000 or so blocks, but you guys can have a look later today.  I will upload the sqlite Abe dump of the blockchain in this thread soon.

Awesome, I may look at this too.  inb4 claims "Oh we just sent them the wallet".

[wtfvanity]

I don't recall seeing a transaction like this in the first 2000 or so blocks, but you guys can have a look later today.  I will upload the sqlite Abe dump of the blockchain in this thread soon.

Awesome, I may look at this too.  inb4 claims "Oh we just sent them the wallet".

Fine, sign every 100th address for the first 2000 blocks. Prove it... it's not like you can't prove ownership of coins in BTC or any alt chain.

[Sunny King]

I added an option to 'getblock' in ppcoin to dump details about transactions in it.

Code:

novacoind getblock <blockhash> true

Combine this with 'getblockhash' and a few lines of scripts shoud get you all transaction info, some more filter should be able to get you all the large transfers.