[ANN] GLD GoldCoin SCAM COIN | 7,000,000 Coins premined!!!!!!!

[JohnyBigs]

Reposted with no explanation:

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.
- 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.

Guys, does it make any sense to mine a coin like this?? It is complete garbage.

You can check the time stamps in the blockchain broswer yourself!

[Hydroponica]

That's your cue Krax

[limbaugh]

That's your cue Krax

Kr4x quick, this guy is bashing GLDcoin, do something..

[JohnyBigs]

That's your cue Krax

Kr4x quick, this guy is bashing GLDcoin, do something..

do something irrational to make us all fall in love with your scamcoin

[JohnyBigs]

bump for the scammers

[fenican]

bump.  Avoid GLD if you can

[BitshireHashaway]

lol whatever you guys say... developer didn't get the first 2,000,000 because I got some of them.

[kr4x]

lol whatever you guys say... developer didn't get the first 2,000,000 because I got some of them.

and I did also, let them talk shit

[MaGNeT]

I have 422k of GLD but I keep them for 36 months.
Buying up to 500k and then store the wallet.dat away.

[kr4x]

I have 422k of GLD but I keep them for 36 months.

best way to do it

[achillez]

Many of the altcoins will fall to "0", not sure what you're doing is wise at all.

[aetos]

Reposted with no explanation:

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.
- 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.

Guys, does it make any sense to mine a coin like this?? It is complete garbage.

You can check the time stamps in the blockchain broswer yourself!

you can buy that amount with 5 btc lol    where else can you nime that much:)  buyyyy     you will be rewarded

[fenican]

bump

[erk]

Reposted with no explanation:

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.
- 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.

Guys, does it make any sense to mine a coin like this?? It is complete garbage.

You can check the time stamps in the blockchain broswer yourself!

I was wondering why on their coin spec it said the first 200 blocks had 10,000coins, I first thought it was a typo as there were some other typos on the page.

GLDCoin - a lite version of Litecoin using scrypt as a proof of work scheme.

    2.5 minute block targets

Block reawrds in order:

    200 Block @ 10000 GLD
    2000 Blocks @ 1000 GLD
    24000 Blocks @ 500 GLD
    22500 Blocks @ 400 GLD
    125000 Blocks @ 200 GLD
    500000 Blocks @ 100 GLD
    ~100 million total coins

https://github.com/gldcoin/gldcoin

Make an interesting contrast to look at the DGC coin launch specs:

Code:

Specifications
Algorithm: Scrypt
Block Time: 20 seconds  - Enough time to minimize orphans but still provide almost instant transactions.

Difficulty: Starts at 0.00024414 - It will take 6-8 difficulty adjustments (or ~13000 blocks) to reach desired difficulty of 1. It re-targets quickly to adjust to the environment, so stability should not be much of an issue. Miners should also find the system adjusts fast enough to be up to date, but not so fast as to make the environment unpredictable and unstable.  6 hours is target time. Every 1080 blocks(6 hours @ 20 seconds per block), the network scales the difficulty accordingly. Example: If target is 6 hours and it took 3 hours to find 1080 blocks, difficulty will increase 200%.

Reward: 20 coins per block, halved every 3 years - Consistent rewards encourage miners to support the network long term. Loyalty is rewarded. This also reduces volatility by setting the foundation on a stable path. Due to the fair launch policy, block rewards will grow in value until they reach the 20 coins per block reward. More details below. 4730400 blocks total.

Coin cap: 200 million.
Block confirmations: 5.

Fair Launch
Block
1080 -  Difficulty up until here is 0.00024414. Block reward of 2.
2160 -  Difficulty up until here is 0.00024414. Block reward of 1.
3240 -  Difficulty up until here is 0.00097656. Block reward of 2.
4320 -  Difficulty up until here is 0.00390624. Block reward of 5.
5400 -  Difficulty up until here is 0.01562496. Block reward of 8
6480 -  Difficulty up until here is 0.06249984. Block reward of 11.
7560 -  Difficulty up until here is 0.24999936. Block reward of 14
8640 -  Difficulty up until here is 0.98165069. Block reward of 17.

Difficulty will then rise to 1 and the block rewards to 20. The purpose of this is to give a period of time for miners to know about digitalcoin before others can mine too much of it and cause hoarding. The figures above can shift depending on the hash power of the network to smooth the difficulty rise to ~1 level

https://bitcointalk.org/index.php?topic=209508.0

[kelsey]

even if it was premined it really matters little now, as its already pretty spread out now. I've bought most of mine off people on the forum and now on the exchange.

I mine too slow so even if some where premined it gave people like me the chance to buy up a rock bottom prices.

[erk]

even if it was premined it really matters little now, as its already pretty spread out now. I've bought most of mine off people on the forum and now on the exchange.

I mine too slow so even if some where premined it gave people like me the chance to buy up a rock bottom prices.

It matters when you have a coin that's just over a week old, with over 10million in circulation, (10mill took 4 years for BTC to achieve), and 4million of those GLD are in the hands of insiders well before the coin was announced!

Tell me about any other pre-mine on that scale? I can't think of another one like that.

[kelsey]

well they can't been in the hands of those insiders anymore, well I came in nearly a week late and I've scored a good stash and theirs plenty others here as well as some good buyers on the exchange.

[kelsey]

plenty of us buying or mining are capable of making our own decisions....for me its all fun no big dollars on the line, and we have a coin we can mine without alot of grunt.

even if I lost on this its been fun to play and learn.

[erk]

plenty of us buying or mining are capable of making our own decisions....for me its all fun no big dollars on the line, and we have a coin we can mine without alot of grunt.

even if I lost on this its been fun to play and learn.

I understand the bit about fun to play and learn.

The bit that is the issue, is when people pre-mine millions of coins out of thing air, then expect others to honor them and trade their hard earned BTC for them.

[kelsey]

plenty of us buying or mining are capable of making our own decisions....for me its all fun no big dollars on the line, and we have a coin we can mine without alot of grunt.

even if I lost on this its been fun to play and learn.

I understand the bit about fun to play and learn.

The bit that is the issue, is when people pre-mine millions of coins out of thing air, then expect others to honor them and trade their hard earned BTC for them.

erk are you going to troll every gldcoin thread because you think the dev took a 7% cut of the coins. again even if he did (and its a big if) he gave them away or sold most already.
but even if you're right what 7% for a dev when ripples scoring 80% of billions and everyones drooling after them........go fight that fight.