GLDCoin - A Heavily premined coin, does it make sense to mine it???

[just_me]

I like Gldcoin

downloaded and installed gldcoin qt exe no problems, no viruses, and now receiving gldcoins

[thisnewcoin]

Well there are people do

[js2082]

lol, premined 7 mil 

[kr4x]

lol, premined 7 mil 

not true at all, don't spread lies

[thisnewcoin]

why not??

[Stouse49]

I took a quick look at this coin, this is what I found:

- dev premined heavily on this. He first premined 2,000,000 coins (first 200 blocks), called it "bounty"
- then insiders heavily mined all the 1000-coin blocks. Said they "should be a day", was finished in just 2-3 hours. This is about another 2,000,000 coins.

I wasn't one of the developers, but I managed to get 9% of the first 200 blocks using two slow CPU's, while mining BTC on my GPU.

[BitshireHashaway]

You realize though that all of the inside blocks weren't taken by the developers & insiders. First of all there are no insiders as far as I know just 1 developer who won't reveal himself/herself. I was just browsing the forum and I found out about it in time to get in towards the end of the first 200 blocks. Plus, hundreds of thousands of coins have been given away to people for asking (in larger chunks in the beginning than now of course), however, no one has more than a million that I know. I'm pretty active in this coin and hold a descent stake (40,000+ all from giveaways but I held on to it:))... and the largest holding I know is 500,000+ from someone who bought it w/ LTC.

[fisheater]

you can tell whatever you want, the timestamps of the premined blocks do not lie, check the block browser yourself.

[skyangel]

you can tell whatever you want, the timestamps of the premined blocks do not lie, check the block browser yourself.

The blocks were not pre-mined, they were insta-mined by the developer and noobs. The announcement was in the newbie forum, then only moved to the Alt-Coin section something like 8 hours later. So for some hours the "professional miners" didn't know about it.

[emerefer]

you can tell whatever you want, the timestamps of the premined blocks do not lie, check the block browser yourself.

so your big beef is the 11 blocks that were premined?

[fisheater]

you can tell whatever you want, the timestamps of the premined blocks do not lie, check the block browser yourself.

so your big beef is the 11 blocks that were premined?

- dev premined heavily on this. He first premined 2,000,000 coins (first 200 blocks), called it "bounty"
- then insiders heavily mined all the 1000-coin blocks. Said they "should be a day", was finished in just 2-3 hours. This is about another 2,000,000 coins.
- after that (about 2pm 5/15), some limited people may start mining, the 1st 2500 blocks (corresponding to 4 millions coins) are already grabbed by the insiders.
- it was not until 6pm that day, a formal announcement was made about this coin (https://bitcointalk.org/index.php?topic=206377.0 - there was a pre-announcement thread before, which later becomes the main thread), by that time, 8000+ blocks are gone. This corresponds to an unbelievable 7,000,000 coins.

what's of the above is not the FACTs?

[roundmaster]

Can we release an update discarding these premined coins, and save this coin?

[Rannasha]

- dev premined heavily on this. He first premined 2,000,000 coins (first 200 blocks), called it "bounty"
- then insiders heavily mined all the 1000-coin blocks. Said they "should be a day", was finished in just 2-3 hours. This is about another 2,000,000 coins.
- after that (about 2pm 5/15), some limited people may start mining, the 1st 2500 blocks (corresponding to 4 millions coins) are already grabbed by the insiders.
- it was not until 6pm that day, a formal announcement was made about this coin (https://bitcointalk.org/index.php?topic=206377.0 - there was a pre-announcement thread before, which later becomes the main thread), by that time, 8000+ blocks are gone. This corresponds to an unbelievable 7,000,000 coins.

Although I have no evidence one way or another on your first point, your other 3 points are blatantly false. Starting with the last one: The coin was announced on the Newbie forum first. Granted, this is not the first place of call for fanatic alt-coin miners, but still.

So as it was posted there, I happened to be wandering around the newbie forum and noticed that thread. The thread had no reference or instructions on how to GPU-mine the coin. But since it was yet another litecoin-clone, I just used the tiny bit of knowledge to get it running (add server=1 to the .conf, set rpc port, user and pass and point the miner to localhost; it still boggles my mind how hordes of people ask for this info with each new coin that is launched).

At the time I started mining, we were at block ~2000, so within the 1000-coin-per-block phase. I mined about 60 blocks, while having 60~70% of the network hashrate (as obtained from the getmininginfo command in the debug window of the wallet) with a lowly 140 KHash/s. So I guess everyone else from the newbie forum was just mining using the cpu miner in the client: Still more than enough to gather blocks though.

I stopped mining because I didn't feel like this coin was going anywhere (and still don't, I'm selling 50K, PM me ), but there was no pre-mine or insider mining here. Just low initial difficulty, weird block-rewards and an odd announcement location.

[iGotSpots]

lol, premined 7 mil 

not true at all, don't spread lies

Says the biggest liar on this board

[Praxis]

Mine PWC or WDC instead.

[AZIZ1977]

- dev premined heavily on this. He first premined 2,000,000 coins (first 200 blocks), called it "bounty"
- then insiders heavily mined all the 1000-coin blocks. Said they "should be a day", was finished in just 2-3 hours. This is about another 2,000,000 coins.
- after that (about 2pm 5/15), some limited people may start mining, the 1st 2500 blocks (corresponding to 4 millions coins) are already grabbed by the insiders.
- it was not until 6pm that day, a formal announcement was made about this coin (https://bitcointalk.org/index.php?topic=206377.0 - there was a pre-announcement thread before, which later becomes the main thread), by that time, 8000+ blocks are gone. This corresponds to an unbelievable 7,000,000 coins.

Although I have no evidence one way or another on your first point, your other 3 points are blatantly false. Starting with the last one: The coin was announced on the Newbie forum first. Granted, this is not the first place of call for fanatic alt-coin miners, but still.

So as it was posted there, I happened to be wandering around the newbie forum and noticed that thread. The thread had no reference or instructions on how to GPU-mine the coin. But since it was yet another litecoin-clone, I just used the tiny bit of knowledge to get it running (add server=1 to the .conf, set rpc port, user and pass and point the miner to localhost; it still boggles my mind how hordes of people ask for this info with each new coin that is launched).

At the time I started mining, we were at block ~2000, so within the 1000-coin-per-block phase. I mined about 60 blocks, while having 60~70% of the network hashrate (as obtained from the getmininginfo command in the debug window of the wallet) with a lowly 140 KHash/s. So I guess everyone else from the newbie forum was just mining using the cpu miner in the client: Still more than enough to gather blocks though.

I stopped mining because I didn't feel like this coin was going anywhere (and still don't, I'm selling 50K, PM me ), but there was no pre-mine or insider mining here. Just low initial difficulty, weird block-rewards and an odd announcement location.

The whole launching of Goldcoin was meant to give the small miners like my self a chance to mine a coin like Goldcoin before the big miners come in a rape the coin. After some of the big miners missed the boat they suddenly began attack GoldCoin by trolling on the different Goldcoin threads.

[thisnewcoin]

Well I am mining PWC and WDC. If people made a conscious choice to mine gld-coin, it's their choices, as lon as they are informed what has happened to this coin. 

[dreamhouse]

I agree with this ^^^

[emerefer]

you can tell whatever you want, the timestamps of the premined blocks do not lie, check the block browser yourself.

so your big beef is the 11 blocks that were premined?

- dev premined heavily on this. He first premined 2,000,000 coins (first 200 blocks), called it "bounty"
- then insiders heavily mined all the 1000-coin blocks. Said they "should be a day", was finished in just 2-3 hours. This is about another 2,000,000 coins.
- after that (about 2pm 5/15), some limited people may start mining, the 1st 2500 blocks (corresponding to 4 millions coins) are already grabbed by the insiders.
- it was not until 6pm that day, a formal announcement was made about this coin (https://bitcointalk.org/index.php?topic=206377.0 - there was a pre-announcement thread before, which later becomes the main thread), by that time, 8000+ blocks are gone. This corresponds to an unbelievable 7,000,000 coins.

what's of the above is not the FACTs?

The [ANN] was posted between block 11 & 12.  Block 12 mined 5 min later. 

[thisnewcoin]

the formal announcement 8 hours later? when 7 mil coins mined? what a fail.