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Author Topic: [ANN]MinCoin Now Trading @ TradeSatoshi.com[ANN] Mincoinforum.com & Mincoin.us  (Read 88872 times)
tacotime
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April 03, 2013, 04:55:54 AM
 #41

Nope this is the first day Smiley

No, day 3.  The block reward is already 50.

Let's play calculate the premine!

1 block/min

First 24 hours, 1440 blocks at 500 mincoin each = 720,000
Next 24 hours, 1440 blocks at 100 mincoin each = 144,000

Only 10 million mincoins will be made

How generous of the authors to give themselves almost 10% of the total money supply in the first 48 hours!

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
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iamrickrock
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April 03, 2013, 04:57:50 AM
 #42

well ok then apparently it is Apr 5th and I didnt even know it lol

I was just going by the announcement so looks like they began mining a couple days ago?
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April 03, 2013, 05:00:02 AM
 #43

Nope this is the first day Smiley

No, day 3.  The block reward is already 50.

Let's play calculate the premine!

1 block/min

First 24 hours, 1440 blocks at 500 mincoin each = 720,000
Next 24 hours, 1440 blocks at 100 mincoin each = 144,000

Only 10 million mincoins will be made

How generous of the authors to give themselves almost 10% of the total money supply in the first 48 hours!

I don't think this is the case. At least, the smallest block count I saw was 532.

Someone needs to verify the blockchain.
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April 03, 2013, 05:01:44 AM
 #44

Nope this is the first day Smiley

No, day 3.  The block reward is already 50.

I can confirm this. The blocks I did manage to mine gave me a reward of 50 MNC, as you can see in the bit of debug.log I posted.

As for whether this is safe or not, I can't really vouch for it, so perhaps someone else with a greater expertise can poke around the available binary a bit further. Either way, I think it's just a big waste of time. It's just Litecoin with a few gimmicks tacked on and what essentially became a distributed premine.

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tacotime
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April 03, 2013, 05:02:14 AM
 #45

I don't think this is the case. At least, the smallest block count I saw was 532.

Someone needs to verify the blockchain.

The thread already did;

Quote
BitcoinMiner:
proof-of-work found  
  hash: 000000be3e5210d1d5119ba86fdda33d1d2cf7510a56b9dd75d80f375a7c004f  
target: 000000ffff000000000000000000000000000000000000000000000000000000
CBlock(hash=db60713d08da1541cee6, PoW=000000be3e5210d1d511, ver=1, hashPrevBlock=29ea7a52650b27963943, hashMerkleRoot=73044f8d15, nTime=1364958696, nBits=1e00ffff, nNonce=181536064, vtx=1)
  CTransaction(hash=73044f8d15, ver=1, vin.size=1, vout.size=1, nLockTime=0)
    CTxIn(COutPoint(0000000000, -1), coinbase 04e89d5b510101062f503253482f)
    CTxOut(nValue=50.00000000, scriptPubKey=033dacce7ae6c3ecff6ce51c4b84c9)
  vMerkleTree: 73044f8d15
generated 50.00
keypool keep 4
AddToWallet 73044f8d15  new
connection timeout
SetBestChain: new best=db60713d08da1541cee6  height=2921  work=5423317824  date=04/03/13 03:11:36
ProcessBlock: ACCEPTED

If that's not a clear indication of a premine I don't know what is

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
iamrickrock
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April 03, 2013, 05:02:18 AM
 #46

Ok I see now that a day isn't really a day in coin mining lol

So yeah it does look like they got away with mining a TON of these before anyone else knew about it, how nice.
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April 03, 2013, 05:02:45 AM
 #47

I want aircoin that can be run on a TRS-80 16 KB RAM.... Roll Eyes

Yeah! I have two of those!

BTC: 1E4XZuWGmUX71D2w7yf541ZBq9x4vppwDm  
LTC: LUe43PMYeVMB9EKVcaWB1PMNNFJadjUL5D
NVC: 4VVBEFeRhF9x2fvDbvEH54Wrq1hHwPujmz
BTE: 8X5kgKfrg3ogEBso5Yan5Q2UcAwDdrXm4E
BasementMiner!
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April 03, 2013, 05:06:09 AM
 #48

I don't think this is the case. At least, the smallest block count I saw was 532.

Someone needs to verify the blockchain.

The thread already did;

Quote
BitcoinMiner:
proof-of-work found  
  hash: 000000be3e5210d1d5119ba86fdda33d1d2cf7510a56b9dd75d80f375a7c004f  
target: 000000ffff000000000000000000000000000000000000000000000000000000
CBlock(hash=db60713d08da1541cee6, PoW=000000be3e5210d1d511, ver=1, hashPrevBlock=29ea7a52650b27963943, hashMerkleRoot=73044f8d15, nTime=1364958696, nBits=1e00ffff, nNonce=181536064, vtx=1)
  CTransaction(hash=73044f8d15, ver=1, vin.size=1, vout.size=1, nLockTime=0)
    CTxIn(COutPoint(0000000000, -1), coinbase 04e89d5b510101062f503253482f)
    CTxOut(nValue=50.00000000, scriptPubKey=033dacce7ae6c3ecff6ce51c4b84c9)
  vMerkleTree: 73044f8d15
generated 50.00
keypool keep 4
AddToWallet 73044f8d15  new
connection timeout
SetBestChain: new best=db60713d08da1541cee6  height=2921  work=5423317824  date=04/03/13 03:11:36
ProcessBlock: ACCEPTED

If that's not a clear indication of a premine I don't know what is

Umm, that looks like the current height.

If we can see what the difficulty was at the first block, we can determine how fast blocks were generated. Right now I see one or two blocks a minute with getinfo.

Even with 1 MH, you could probably get hundreds of blocks in an hour, I think.
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April 03, 2013, 05:08:02 AM
 #49

Nope this is the first day Smiley

No, day 3.  The block reward is already 50.

Let's play calculate the premine!

1 block/min

First 24 hours, 1440 blocks at 500 mincoin each = 720,000
Next 24 hours, 1440 blocks at 100 mincoin each = 144,000

Only 10 million mincoins will be made

How generous of the authors to give themselves almost 10% of the total money supply in the first 48 hours!


Program deleted

tacotime
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April 03, 2013, 05:13:14 AM
 #50

Umm, that looks like the current height.

If we can see what the difficulty was at the first block, we can determine how fast blocks were generated. Right now I see one or two blocks a minute with getinfo.

Even with 1 MH, you could probably get hundreds of blocks in an hour, I think.

Code:
static CBigNum bnProofOfWorkLimit(~uint256(0) >> 16); // mincoin: starting difficulty is 1 / 2^15
or difficulty = 0.000030517578125

Difficulty adjusts twice per day, to a maximum of
Code:
    while (nTime > 0 && bnResult < bnProofOfWorkLimit)
    {
        // Maximum 400% adjustment...
        bnResult *= 4;
        // ... in best-case exactly 4-times-normal target time
        nTime -= nTargetTimespan*4;
    }
400%!

So if our benevolent preminers went whole hog on the network, the maximum difficulty by block 2880 (when reward went down to 50) would be a whopping 0.0078125!

Show's over, go home folks.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
xorxor
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April 03, 2013, 06:52:51 AM
 #51

I'm gonna need another category in cryptocoin list stickie. maybe "a total piece of crap" ?

fuck deeponion, fuck bitcoincash, all glory to one BITCOIN
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April 03, 2013, 06:59:37 AM
 #52

No PREMINE ?? then Why the fuck do you need to start with a higher coin reward ? This is what low difficulty is for,



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April 03, 2013, 11:35:06 AM
 #53

Yeah, I heard some people talking about this yesterday.  Interesting.  It really is a minimalist coin-- doesn't even have a website.  You just download the thing and start.

I heard Coinotron was working on adding the currency.  So, who knows.  Maybe this is legit.  Never hurts to mine a few and buy while they are cheap.  Impossible as it may seem, we never really know what will be the next $1/unit crypto-currency.

A Personal Quote on BTT from 2011:
"I'd be willing to make a moderate "investment" if the value of the BTC went below $2.00.  Otherwise I'll just have to live with my 5 BTC and be happy. :/"  ...sigh.  If only I knew.
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April 03, 2013, 12:39:42 PM
 #54

Well, I have managed to send and receive 1 Mincoin and it gives a TX ID and updates my wallet and the person I sent it to verified receiving it, so there must be a blockchain.
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April 03, 2013, 12:51:03 PM
 #55

Yeah, I heard some people talking about this yesterday.  Interesting.  It really is a minimalist coin-- doesn't even have a website.  You just download the thing and start.

I heard Coinotron was working on adding the currency.  So, who knows.  Maybe this is legit.  Never hurts to mine a few and buy while they are cheap.  Impossible as it may seem, we never really know what will be the next $1/unit crypto-currency.

I hope so. I mined about 30 blocks or so before I got fed up with it and pointed my miners back to LTC.  Grin

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April 03, 2013, 01:33:45 PM
 #56

Not sure what these guys are complaining about. They released it on IRC and here and anyone who wanted to mine could. I joined about block 250 which is pretty early and mined about 10000 MNC on my 5770 using CGMINER!

A premine implies no one else could have mined it, well I joined the network about ~10 minutes after it started and began mining, so a premine this isn't.

If anyone wants to sell some more mincoins I'm happy to buy for about 0.0001 BTC each. I like the fact only 10 million are made compared to other coins. Gives me a chance to get a good amount while no one values them.
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April 03, 2013, 01:42:35 PM
 #57

Well, I have managed to send and receive 1 Mincoin and it gives a TX ID and updates my wallet and the person I sent it to verified receiving it, so there must be a blockchain.

I just think these other guys don't know how to use a daemon. Some here were complaining about the blockchain not downloading lol. Using a daemon is pretty simple for some people, not for others. Some people need the GUI rather than cmdline.
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April 03, 2013, 01:43:56 PM
 #58

Linux binary? or source?

Bitrated user: kelpy.
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April 03, 2013, 01:48:20 PM
 #59

Linux binary? or source?

The first post has a link to a github where you can compile it pretty easy. I checked the changes they made from litecoin and it looks legit to me. Maybe someone else can confirm.
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April 03, 2013, 02:14:44 PM
 #60

Not sure what these guys are complaining about. They released it on IRC and here and anyone who wanted to mine could. I joined about block 250 which is pretty early and mined about 10000 MNC on my 5770 using CGMINER!

A premine implies no one else could have mined it, well I joined the network about ~10 minutes after it started and began mining, so a premine this isn't.

If anyone wants to sell some more mincoins I'm happy to buy for about 0.0001 BTC each. I like the fact only 10 million are made compared to other coins. Gives me a chance to get a good amount while no one values them.

Obviously it's great for you if you were mining 500 mincoin blocks at less than 0.001 difficulty. Roll Eyes

If you guys really like the idea, I can fork it and put up a version that has 10 reward for the first 7 days or so and then jumps to 50 to give the difficulty a change to adapt.  Then I can put up encrypted binaries and give everyone a chance to mine at the same time rather than this bullshit.

Code:
XMR: 44GBHzv6ZyQdJkjqZje6KLZ3xSyN1hBSFAnLP6EAqJtCRVzMzZmeXTC2AHKDS9aEDTRKmo6a6o9r9j86pYfhCWDkKjbtcns
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