[ANN] Mincoin Cryptocurrency Project, World's Fastest Rare Altcoin [ANN]

[BasementMiner!]

Nope this is the first day

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.

[ChaosFox]

Nope this is the first day

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.

[tacotime]

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;

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

[iamrickrock]

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.

[FortPotato]

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

Yeah! I have two of those!

[BasementMiner!]

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;

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.

[iamrickrock]

Nope this is the first day

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]

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.

[xorxor]

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

[Transisto]

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

[rlh]

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.

[CaptChadd]

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.

[ChaosFox]

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. 

[manface]

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.

[manface]

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.

[kelpy]

Linux binary? or source?

[manface]

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.

[tacotime]

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.

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.

[manface]

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

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.

Considering you were one of the first posters in here complaining about how you couldn't work out how to download the blockchain I doubt you could do much of anything.

The difficulty doesn't matter. Satoshi was mining bitcoins using his celeron and we are mining them with GPUs and ASICs. Is it a premine if someone wakes up tomorrow and finds out about bitcoin? It's no different. Just because you couldn't figure out how to use the daemon you like to call premine or scam or whatever. Considering there is no exchange for mincoins if you truly want to be a "First adopter" I'm sure you could buy all of them for 10btc , but you don't want to and that is your own loss.

[kelpy]

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.

Thanks