2 million coins in under 6.5Hours? 27.5% of current total? Should I trust this

[Protagonus]

I have been seeing a lot of chatter on all these alt coins recently and was debating a little about FTC.  I try to research things a bit, since these new alt coins are so young.  This, however led me to a concerning find.  Maybe I'm not looking at it right, but;

-why were so many coins were minted so fast?
-How could 27.5% of the total Current coins have been mined in that short of time?


Charts I looked at:
http://explorer.feathercoin.com/block/fdbe99b90c90bae7505796461471d89ae8388ab953997aa06a355bbda8d915cb    (Block 1)

http://explorer.feathercoin.com/block/3b71031bf2a6ef99ec98c57093b9899bef4c19c9c42214884c47d1e468ccc1df  (Block 10,000 @ just under 6.5hrs 2,000,000 coins)

http://www.feathercoin.com/netstats/ (total current coins)


Since I've seen FTC compared to LTC some I checked there also to get an idea how It's release went (since it's about 2 yrs old now)

First Block was mined a bit less than 24hrs after announcement on the forum here https://bitcointalk.org/index.php?topic=47417.0   (side note didn't realize IXcoin and Stablecoin were released before)

http://ltc.block-explorer.com/block/80ca095ed10b02e53d769eb6eaf92cd04e9e0759e5be4a8477b42911ba49c78f  (Block 1)

http://ltc.block-explorer.com/block/119eedf4d39ee6823e83b9be6828cc207d66e1506e196ddaff349acf3343bb8b (Block 40,000 @ 50 days 2,000,000 coins)


LTC 50 days to reach 2,000,000 coins (18,489,000 current total coins)
FTC 6.5 hours to reach 2,000,000 coins (7,272,200 current total coins)

Should I stay away from it as these figures worry me some?
Any help / thoughts would be great and TY

[GSnak]

Feathercoins are worth 10 cents. There's your answer.

[krasnyoktyabr]

Feathercoin started with the same difficulty as Litecoin, but instead of a bunch of CPUs and a small miner base, you had a bunch of tuned GPU miners to attack the coin. The outdated difficulty setting couldn't keep up and so blocks were minted extremely quickly.

27.5% isn't the worst. Coins like BitBar, Mincoin, and BitGem are all running at 70-90% of their total coinage mined within the first day (Minecoin it was only 4 hours).

Some of the newer alts (DGC and to a slightly lesser extent WDC) have perfected the art of the release. DGC, for example, had 121,000 coins mined in the first day as opposed to the expected 86,000. This is as good as it gets at this point.

All of that to say, yes and no. A super quick instamine at the beginning threatens the stability of the coin at the beginning because the coin can be easily hijacked, and it also leads to a huge dump as soon as it hits an exchange. This is why FTC and CNC practically died when they hit BTC-e.

You should do what makes you feel comfortable, though. The data is not unusual, unfortunately.

[ohiwastedmylif]

FTC is being help up by the 'FTC mafia' and is not at a realistic value.

A few people have a ton of FTC & BTC and are capitalizing on the huge volume of coins they are able to buy. Trading FTC vs other coins allows them to make much much much larger percentages vs coins like LTC.

LTC has to move 20 or 30 cents to see a few percentages in gain while FTC requires .0001 change in price to see similar gains. It is a simple math calculation and they are fooling everyone right now.

When they decide they are done they will dump FTC into oblivion and it will be done with back well below .001.

The same people that are now suddenly on the FTC development team, as well as actively promoting FTC in the trollbox on BTC-E, are the same people who 2 weeks ago incessantly bashed the coin. They were bashing FTC while peddling their LTC for $3.20 which is now down over $1 from when they were getting suckers to buy it from them.

They manipulate the markets using buy & sell walls to get people to panic sell and panic buy allowing them to force the price down to purchase cheap coins and then force the wall back up to sell coins for 7-10% gains EVERY SINGLE DAY.

If you do choose FTC you need to watch it very carefully and capitalize on these short gains. You also need to watch out for the real dump where FTC will go bye bye.

[markm]

Most of the recent coins deliberately set their starting difficulty insanly high to do pre-mining right out in plain sight, what some people call 'instamining' which is basically usut a pre-mining in which a bunch of people all pre-mine together in the first few hours using deliberately insanly low starting difficulty to give them insane block speed so they can suck up huge number of blocks in a few hours.

it was such a popular scam they pretty much all did it, resulting in all these recent coins being regarded as scamcoins.

Since all they really wanted was a quick pump and dump scam then make yet another new coin none of them even made a token effort to actually start at a reasonable difficulty. The market wants scams so the market gets scams, a real coin with a proper difficulty seems to be something they all either thought no one wanted or they didn't want themselves because if would not give them a quick pump and dump per day which seems to be what they were really after.

So if you think the thing to do with a scam is jump in there and hope to be one of the scammers rather than one of the scammed, so ahead and take your chances. If you prefer to just avoid scams just avoid them.

-MarkM-

[barwizi]

Mine Noirbits  no premine, no instamine, quick dificulty adjustment in case of farms and regularly updated checkpoints to try make sure everything is in order. And since i'm perpetually online, the dev is always there to answer any questions.

[mullick]

Feathercoin started with the same difficulty as Litecoin, but instead of a bunch of CPUs and a small miner base, you had a bunch of tuned GPU miners to attack the coin. The outdated difficulty setting couldn't keep up and so blocks were minted extremely quickly.

27.5% isn't the worst. Coins like BitBar, Mincoin, and BitGem are all running at 70-90% of their total coinage mined within the first day (Minecoin it was only 4 hours).

Some of the newer alts (DGC and to a slightly lesser extent WDC) have perfected the art of the release. DGC, for example, had 121,000 coins mined in the first day as opposed to the expected 86,000. This is as good as it gets at this point.

All of that to say, yes and no. A super quick instamine at the beginning threatens the stability of the coin at the beginning because the coin can be easily hijacked, and it also leads to a huge dump as soon as it hits an exchange. This is why FTC and CNC practically died when they hit BTC-e.

You should do what makes you feel comfortable, though. The data is not unusual, unfortunately.

Bitgem had quite a few mined in the first day but the block reward was still 3 btg for a few weeks. Due to its low hashrate I think you will be surprised to see that much less than you predicted were mined the first day. The difficulty also adjust every block so difficulty rose very quickly.  I could be wrong of course. We will have a block explorer soon!. The block reward is now .4 in line with nvc block subsidy so there were a lot mined in the first weeks but not days, This is great compared to others that sat at diff. 0 for thousands of blocks:)

[markm]

Sure but far better are the many coins everyone has had a year or two to mine at reasonable difficulties; some of them are still surprisingly low difficulty too.

BBQcoin was really great because for a year or so people could mine it just with a CPU, so all the small folk who don't even have a GPU were able to accumulate them any time they wanted, then they all did quite well when it finally went on the exchanges.

-MarkM-

[mullick]

Sure but far better are the many coins everyone has had a year or two to mine at reasonable difficulties; some of them are still surprisingly low difficulty too.

BBQcoin was really great because for a year or so people could mine it just with a CPU, so all the small folk who don't even have a GPU were able to accumulate them any time they wanted, then they all did quite well when it finally went on the exchanges.

-MarkM-

I have been solo mining bitgems with 250Kh for about a month I still get 4-5 blocks a day. Difficulty is about .65 and its been over a month since release. Maybe it's the next bbq for the miners? An average cpu could probably pull in a blocks worth everyday from a pool

[markm]

Sure but far better are the many coins everyone has had a year or two to mine at reasonable difficulties; some of them are still surprisingly low difficulty too.

BBQcoin was really great because for a year or so people could mine it just with a CPU, so all the small folk who don't even have a GPU were able to accumulate them any time they wanted, then they all did quite well when it finally went on the exchanges.

-MarkM-

I have been solo mining bitgems with 250Kh for about a month I still get 4-5 blocks a day. Difficulty is about .65 and its been over a month since release. Maybe it's the next bbq for the miners? An average cpu could probably pull in a blocks worth everyday from a pool

One block a day? Better to stick with Tenebrix and Fairbrix, I think...

Not to mention, if it requires a pool that already sounds like it is getting difficult. The easy ones you can solo mine a few blocks a day. Month after month after month. Try that with the recent spate of scamcoins...

-MarkM-

[Protagonus]

Thank you guys for the help / ideas / thoughts! It sounds best for me to wait on FTC for now.  I'll keep watching these "new alt coins" with interest.   Kinda see "who's the fairest of them all" after a bit of time maybe.

[amytheplanarshift]

YAC can still be casually mined with a CPU and is extremely stable going on 40 or so days now. Just a thought.

[krasnyoktyabr]

Nibble absolutely did not perfect the fair launch. 248,000 were minted on the first day, and then each day after that somewhere between 10,000 to 32,000 have been minted each day since then. The intentions were there, but they were not successful.

BitGem was far far far worse. 13,000 BitGems were minted on that first day, a little less than 700 were minted on the second day, and the total bitgem supply is just slightly over 16,000. More than 50% of all the BitGems that will ever be mined were mined on the first day...which is worse than BitBar if I'm not mistaken.

[worldinacoin]

Wat is the difficulty? 2 million in 6.5 hours?

[solracx]

LTC 50 days to reach 2,000,000 coins (18,489,000 current total coins)
FTC 6.5 hours to reach 2,000,000 coins (7,272,200 current total coins)

Should I stay away from it as these figures worry me some?
Any help / thoughts would be great and TY

Consider looking at ZenithCoin ZTC first 2016 blocks to see how a fair mine should work:

http://explore.zenithcoin.com

I announced the coin to begin mining at 2013-06-10 00:00:00

5 blocks were mined just to test it out prior, using a single core 2 duo.

ZTC has a block retarget of 9 block.... different from older coins like FTC that retargets at 2016 block.

Anyway, as the hash rate is immediately applied... you will notice blocks going a way every 5 seconds...

as the retarget catches up.... the mine rate becomes fair pretty quickly.

[techbytes]

Nibble absolutely did not perfect the fair launch. 248,000 were minted on the first day, and then each day after that somewhere between 10,000 to 32,000 have been minted each day since then. The intentions were there, but they were not successful.

BitGem was far far far worse. 13,000 BitGems were minted on that first day, a little less than 700 were minted on the second day, and the total bitgem supply is just slightly over 16,000. More than 50% of all the BitGems that will ever be mined were mined on the first day...which is worse than BitBar if I'm not mistaken.

Have to say, DGC is the best of the bunch since launch and is still holding strong.  Proof is in the pudding...


-tb-

[mullick]

Sure but far better are the many coins everyone has had a year or two to mine at reasonable difficulties; some of them are still surprisingly low difficulty too.

BBQcoin was really great because for a year or so people could mine it just with a CPU, so all the small folk who don't even have a GPU were able to accumulate them any time they wanted, then they all did quite well when it finally went on the exchanges.

-MarkM-

I have been solo mining bitgems with 250Kh for about a month I still get 4-5 blocks a day. Difficulty is about .65 and its been over a month since release. Maybe it's the next bbq for the miners? An average cpu could probably pull in a blocks worth everyday from a pool

One block a day? Better to stick with Tenebrix and Fairbrix, I think...

Not to mention, if it requires a pool that already sounds like it is getting difficult. The easy ones you can solo mine a few blocks a day. Month after month after month. Try that with the recent spate of scamcoins...

-MarkM-

It doesnt really require a pool.  I often check on the pool to see it has 0 miners   It averages between 1 to 3 miners at any given day. Its no year long sleeper coin but You can still grab a few with a cpu Difficulty just hit .8 the highest I have seen since launch. Its nvc based so I dont know how to tell the network hashrate. But based on my hashrate and the number Of blocks I recieve I would estimate it at 5-10Mh  A cpu could bring you multiple a day. My 250kh brings in 2 somedays others 5+ When it through 1Mh at it I get about 25-50% of the blocks!

[JohnSy]

I have been seeing a lot of chatter on all these alt coins recently and was debating a little about FTC.  I try to research things a bit, since these new alt coins are so young.  This, however led me to a concerning find.  Maybe I'm not looking at it right, but;

-why were so many coins were minted so fast?
-How could 27.5% of the total Current coins have been mined in that short of time?


Charts I looked at:
http://explorer.feathercoin.com/block/fdbe99b90c90bae7505796461471d89ae8388ab953997aa06a355bbda8d915cb    (Block 1)

http://explorer.feathercoin.com/block/3b71031bf2a6ef99ec98c57093b9899bef4c19c9c42214884c47d1e468ccc1df  (Block 10,000 @ just under 6.5hrs 2,000,000 coins)

http://www.feathercoin.com/netstats/ (total current coins)


Since I've seen FTC compared to LTC some I checked there also to get an idea how It's release went (since it's about 2 yrs old now)

First Block was mined a bit less than 24hrs after announcement on the forum here https://bitcointalk.org/index.php?topic=47417.0   (side note didn't realize IXcoin and Stablecoin were released before)
Looks snneky
http://ltc.block-explorer.com/block/80ca095ed10b02e53d769eb6eaf92cd04e9e0759e5be4a8477b42911ba49c78f  (Block 1)

http://ltc.block-explorer.com/block/119eedf4d39ee6823e83b9be6828cc207d66e1506e196ddaff349acf3343bb8b (Block 40,000 @ 50 days 2,000,000 coins)


LTC 50 days to reach 2,000,000 coins (18,489,000 current total coins)
FTC 6.5 hours to reach 2,000,000 coins (7,272,200 current total coins)

Should I stay away from it as these figures worry me some?
Any help / thoughts would be great and TY

[markm]

Sure but far better are the many coins everyone has had a year or two to mine at reasonable difficulties; some of them are still surprisingly low difficulty too.

BBQcoin was really great because for a year or so people could mine it just with a CPU, so all the small folk who don't even have a GPU were able to accumulate them any time they wanted, then they all did quite well when it finally went on the exchanges.

-MarkM-

I have been solo mining bitgems with 250Kh for about a month I still get 4-5 blocks a day. Difficulty is about .65 and its been over a month since release. Maybe it's the next bbq for the miners? An average cpu could probably pull in a blocks worth everyday from a pool

One block a day? Better to stick with Tenebrix and Fairbrix, I think...

Not to mention, if it requires a pool that already sounds like it is getting difficult. The easy ones you can solo mine a few blocks a day. Month after month after month. Try that with the recent spate of scamcoins...

-MarkM-

It doesnt really require a pool.  I often check on the pool to see it has 0 miners  It averages between 1 to 3 miners at any given day. Its no year long sleeper coin but You can still grab a few with a cpu Difficulty just hit .8 the highest I have seen since launch. Its nvc based so I dont know how to tell the network hashrate. But based on my hashrate and the number Of blocks I recieve I would estimate it at 5-10Mh  A cpu could bring you multiple a day. My 250kh brings in 2 somedays others 5+ When it through 1Mh at it I get about 25-50% of the blocks!

Why even bother though if 50% of all coins were already snapped up in the first few moments? It is basically just another pre-mine / instamine scam, why waste any hash power at all on that kind of crap?

-MarkM-

[emerefer]

One block a day? Better to stick with Tenebrix and Fairbrix, I think...

Not to mention, if it requires a pool that already sounds like it is getting difficult. The easy ones you can solo mine a few blocks a day. Month after month after month. Try that with the recent spate of scamcoins...

-MarkM-

What do you think would be better to mine.  Tenebrix or Fairbrix?  I switch between the two but would prefer to just mine one and forget about it.