[ANN] Elacoin | Released | Fair Elastic Scrypt Mining | No Premine

[BitJohn]

Great breakdown mat5x so the coin works as advertised just everyone is looking for an instant 1000 coins like Junk coin or china coin.

[WindMaster]

It seems Milkshake did manipulate the blockchain with these checkpoints.  Now the question is why.  An analysis of the first ~5000 blocks should prove insightful.

see the irc logs. i can paste the whole set if you want to read through about 500 newbs trying to learn linux in a coin channel.

there might be some logic to it, but there was _A LOT_ of worry about bogey-man "AWS GUY" (please choose a ragecomic for this mythical character) was fucking up the blockchain.

early on, around 1000 blocks in or so, maybe 2000, i saw a REORG of _120 blocks_ in one shot. damn i dont have the debug.log from then ((( blew away .elacoin with a recompile to connect to more hosts at one point. my debug shows biggest reorg was 18 blocks now only. which is pretty big, but typical of early low diff launches.

he was paranoid so he checkpointed it in, fearing a total takeover of 1000s of blocks by 'aws guy'.

lack of experience ruled, methinks (i certainly dont have it, but there's a rumour going around that we all learn somewhere).

So basically, he intentionally deleted a significant amount of legitimately mined blocks out of paranoia?  Not once, but twice.  A significant number of miners were hard forked and their earnings erased by this choice by Milkshake.

Judging by the name "AWS GUY", how would someone have legitimate concerns that someone would rent enough servers to CPU mine and 51% a GPU coin?  That would be rather expensive to accomplish, with basically no benefit for the person renting them.

When it comes to "fucking up the blockchain", isn't that what Milkshake did, twice?  All of my blocks mined below block 2500, some with >2200 confirmations, were wiped out by this choice.

early on, around 1000 blocks in or so, maybe 2000, i saw a REORG of _120 blocks_ in one shot.

Oh, I certainly noticed the REORG's, since elacoind segfaulted on each one.  I was running one of the two servers that I believe a significant number of people here used as a seed node (I had up to 750 inbound connections to my elacoind at one point).  The person running the other server people were using as a seed node experienced the same crashes.  On just about every REORG.

[Hydroponica]

The fair coin, for Linux users

[canoe]

Mark how do you know if this is the real coin or not? As far as I know he mined the genesis again and launched it WITHOUT any reason to do so today. Who cares if it's today or tomorrow. But maybe this all thing was intentional.

Anyway:

1) diff 0
2) no windows binary
3) no first batch with coin generated = 0

Another fail.

EDIT:
4) linux client segmentation fault, this is a first

6) https://bitcointalk.org/index.php?topic=145102.msg1538952#msg1538952

7) possible block chain shennanigans with checkpoints added at block 2500 and 5000, causing the "official" blockchain to not be the one with majority hashpower.  More than half of the hashpower forked when the OP waved his "git wand" and made their mined blocks vanish into thin air.

My opinion is starting to sway back towards Hazard having been honest regarding observing premining with an off-network blockchain that would then be reintroduced to the network later.  Reintroducing that blockchain by adding checkpoints is a new twist over what happened with Gamecoin though.  Hmm..

I disagree about an off-network blockchain being reintroduced.  I got 3 blocks between #480 and #1100 and they still exist.  There could have been other shennanigans but it was not a pre-mined chain or my coins would have disappeared.

[coinerd]

yeah I heard it goes to 2 coins at 24 diff

Oh yeah this is gonna play out brilliantly. I don't see people wasting that much money on power to get this failcoin to a whopping 2x reward.

    int64 nSubsidy = ((1 + (diff / 24)) * COIN) / (1 + (nHeight / 194400));

from 0 to 24 diff its 1 coin, then 2 at 24. from then on however, its a linear scaling. at 48 its 3 and so on.

so til diff 24, starting at a low diff of 0.002 whateveritwas yes, it looks like an exponential drop in reward.

after 24 it's linear.

48 = 3, 72 = 4, 96 = 5, etc. (the +1 skews it a bit, but that will be less and less of a factor as time goes on).

CNC is already diff 41, ELA @this reward would be 2.
FTC 181, would be 8
LTC 605, would be 26

considering that it started at value of 1 per block, lets pretend it was like BTC and had 50 and redo the calcs above so you arent fooled by the 1:50 ratios (ie ELC is a high value coin, which people cant wrap their heads around, and i guarantee itll trade along side BBQ for a while. time for you to make some profit kids!)

@41, w/50 block equiv reward this would be 100 coins
@181, 200.
@605, 1300.

course i havent done the math to see how difficulty could get that high without tripping the block halving along the way (maybe a couple times), but you get the idea.

hopefully it will trade like its 20, 25 or 50 coins/block. the market should adjust it's valuation just fine, only thing is coin has to survive.

someone feel to setup a googdoc sheet to show the actual payout with halving epochs.

this is all basic math.

so no one mine it at all so it never hits 24 or it will suddenly look attractive! quick, stop mining!

Wait so ~10m diff (bitcoin) = ~416667ELC block reward ( = 25 bitcoin block reward)?

OMG does it make fireworks on the monitor when you find a block, too?

I guess it remains to be seen how the halving will affect it, along the way.

This coin could have an interesting life. If it can hang on.

[e521]

screenshots please 
(and text version as well)

[WindMaster]

Just pulled in the newest source from github and compiled.

My config looks something like:

rpcuser=rpcuser
rpcpassword=PASSWORD
rpcallowip=127.0.0.1
rpcport=10449
daemon=1
server=1
gen=0
addnode=199.204.38.220
addnode=96.126.118.229

No one bother using 199.204.38.220 as a seed node when setting up your Elacoin client config.  I have removed Elacoin from my servers due to Milkshake hard forking the block chain (twice).

[BitJohn]

Still mining happy as can be on http://elacoinpool.com people are really still complaining that they lost a couple coins early on in the opening hours? What is this Black Sunday at Walmart? This is a quality limited coin that actually adjusts and does some pretty interesting things. Unlike the others mining it early got you nowhere as by design. So if you join in now you are still in the fight.

[canoe]

screenshots please  
(and text version as well)

Here's my first block.  I need to learn how to put a screenshot in here.  Please hold...  Screenshots below.

16:47:48
gettransaction a0d094daae15b3111c9d8d5b248968b376d2a4a6fe97f742f941653666473889

16:47:48
{
"amount" : 1.00000000,
"confirmations" : 14997,
"blockhash" : "504bbaa5d627d9ae544ae0fccffa08037b8fc78e583e985a6c5b4003b8d98a4f",
"blockindex" : 0,
"txid" : "a0d094daae15b3111c9d8d5b248968b376d2a4a6fe97f742f941653666473889",
"time" : 1368518739,
"comment" : "",
"message" : "",
"to" : "",
"details" : [
{
"account" : "",
"category" : "generate",
"amount" : 1.00000000
}
]
}

http://www.freeimagehosting.net/vamcy


http://www.freeimagehosting.net/gw3db


I guess I got lucky with which chain I was on.  But I also have 600 orphans...

[Kinetic915]

where is this stuff getting traded?

[add1ct3dd]

Google Docs.

FYI I'm selling 92 @ 5.5 LTC, get it before it's gone

[Kinetic915]

wheres the link again, sorry i lost it :/

[wisscot]

yeah I heard it goes to 2 coins at 24 diff

Oh yeah this is gonna play out brilliantly. I don't see people wasting that much money on power to get this failcoin to a whopping 2x reward.

    int64 nSubsidy = ((1 + (diff / 24)) * COIN) / (1 + (nHeight / 194400));

from 0 to 24 diff its 1 coin, then 2 at 24. from then on however, its a linear scaling. at 48 its 3 and so on.

so til diff 24, starting at a low diff of 0.002 whateveritwas yes, it looks like an exponential drop in reward.

after 24 it's linear.

Anyone notice that the nSubsidy will NOT be halved after each 194400 blocks as claimed in the first page, according to the equation
int64 nSubsidy = ((1 + (diff / 24)) * COIN) / (1 + (nHeight / 194400));
?
nSubsidy will decrease linearly along time, NOT exponentially as claimed. So it will have huge inflation later on if Moore did the right math. Is that it?
If this coin is the one. We should mine it later not now right?
Correct me if I am wrong.

[mat5x]

Wait so ~10m diff (bitcoin) = ~416667ELC block reward ( = 25 bitcoin block reward)?

OMG does it make fireworks on the monitor when you find a block, too?

I guess it remains to be seen how the halving will affect it, along the way.

This coin could have an interesting life. If it can hang on.

yes, you are right. if a scrypt coin got to 10M diff, then it'd be some kinda insanitypiecoin. i think the entire world economy would
be running on it (if we assume the size of a market is related to the hashing power) - btc is $1.2Bil markcap, so we're talking 1000x scrypt:SHA256, so a $1.2Tril market.

maybe ELC rewards should be worth something then, i have no idea. (it might not be deflationary! careful!)

[Kinetic915]

whats going rate for 1 elc to ltc?

[coinerd]

yeah I heard it goes to 2 coins at 24 diff

Oh yeah this is gonna play out brilliantly. I don't see people wasting that much money on power to get this failcoin to a whopping 2x reward.

    int64 nSubsidy = ((1 + (diff / 24)) * COIN) / (1 + (nHeight / 194400));

from 0 to 24 diff its 1 coin, then 2 at 24. from then on however, its a linear scaling. at 48 its 3 and so on.

so til diff 24, starting at a low diff of 0.002 whateveritwas yes, it looks like an exponential drop in reward.

after 24 it's linear.

Anyone notice that the nSubsidy will NOT be halved after each 194400 blocks as claimed in the first page, according to the equation
int64 nSubsidy = ((1 + (diff / 24)) * COIN) / (1 + (nHeight / 194400));
?
nSubsidy will decrease linearly along time, NOT exponentially as claimed. So it will have huge inflation later on if Moore did the right math. Is that it?
If this coin is the one. We should mine it later not now right?
Correct me if I am wrong.

I can't correct you and i have no idea what's in COIN or how nheight is set.

Wait so ~10m diff (bitcoin) = ~416667ELC block reward ( = 25 bitcoin block reward)?

OMG does it make fireworks on the monitor when you find a block, too?

I guess it remains to be seen how the halving will affect it, along the way.

This coin could have an interesting life. If it can hang on.

yes, you are right. if a scrypt coin got to 10M diff, then it'd be some kinda insanitypiecoin. i think the entire world economy would
be running on it (if we assume the size of a market is related to the hashing power) - btc is $1.2Bil markcap, so we're talking 1000x scrypt:SHA256, so a $1.2Tril market.

maybe ELC rewards should be worth something then, i have no idea. (it might not be deflationary! careful!)

I'm not so sure about how hash power might relate to market cap in that sort of economy.

With a coin like this, if it's linear then once we see over 24 diff it should change pretty rapidly with up/down swings in difficulty, right? Definitely elastic.

[JohnyBigs]

yeah I heard it goes to 2 coins at 24 diff

Oh yeah this is gonna play out brilliantly. I don't see people wasting that much money on power to get this failcoin to a whopping 2x reward.

how did this fail i don't have the nerve to read through 70 posts lol

[coinerd]

how did this fail i don't have the nerve to read through 70 posts lol

Just trash talk, but it may fail.

A lot of people are upset over shenanigans surrounding the release, it remains to be seen if enough people will mine it to ever reach a difficulty of 24.

Apparently, that's where the "elastic" nature of the block reward system will take effect.

Hazardcoin is doing well, so we'll see.

[Kinetic915]

how did this fail i don't have the nerve to read through 70 posts lol

Just trash talk, but it may fail.

A lot of people are upset over shenanigans surrounding the release, it remains to be seen if enough people will mine it to ever reach a difficulty of 24.

Apparently, that's where the "elastic" nature of the block reward system will take effect.

Hazardcoin is doing well, so we'll see.

FC2 is doing well.  Another by hazard

https://bitcointalk.org/index.php?topic=205243.new#new

[BitJohn]

Lots of trolling some guys fell into the prerelease knock of of the chain and are mad they didnt make millions. Which this coin is specifically meant to prevent as it adapts to the power of the network to reward latecomers it is flexible after all. I think the coin is doing well checkout http://www.elacoinpool.com hashrate still going strong at 167.25Mhs.