[ANN] Extremecoin (EXC) - MANDATORY UPGRADE VERSION 1.5 (Kimoto Gravity Well)

[bitme]

Just started new extreme pool

http://extreme.netcoin.pl
Fee is 1%

Looking for some crew to join (and test it)

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[CaptChadd]

The price of owning every single coin in a Crypto-Currency at just 20 Bitcoins, it does not matter if it is even for this coin, for any crypto that price is so cheap.............

I stand by my offer.  As an investor, I believe this coin has little value due to it's EXTREME pump 'n dump nature.  The price of crypto is dictated by the traders who buy and sell, not by the dev who created the coin.

This coin will subject to frequent 51% attacks in roughly 2 months.  You obviously have little to no plan for what will happen at the end of the two months.  The silly posts you've been making in your own coin launch thread, clearly display you have absolutely no solid plan for how to deal with the major problem this coin has.

At that point you would be lucky if you could get 0.2BTC for all the Extreme coins out there, let alone 20BTC.

I thought you did not launch this coin to make money from it ? It's just an experiment, right ?
But you think it has real value, more then 2k USD.
You're contradicting yourself. If it's just a fun experiment, then 20 BTC is a huge price. Value comes from utility, not from the simple fact that technically it's a cryptocurrency.
I wouldn't even call this a currency, more a crypto experiment.

Agreed.

I love that term "pump and dump" it probably one of the worst ways to trade, if you have massive amount of any coin, you don't just dump them in one go and then crash the market, you sell them in smaller chunks, then maybe buy back if it dips, to get a little bit extra. Pump and dump was originally used by some of the first coin developers I think, the ones with the over 1 million coin premine.

P&D would apply if the coins were still going to be getting made for 50 years. If you P&D this one, then you are just dumping them into somebody else's wallet, just moving the 4 Million coins around, regardless of there value.

I like to think of this coin as a research coin but also a chance to see if it can continue past the block reward cutoff and still be viable for trade etc.

I am working on the next version of this coin, with the aim to try and address the lack of miners after the block rewards stop problem.

[CaptChadd]

Just started new extreme pool

http://extreme.netcoin.pl
Fee is 1%

Looking for some crew to join (and test it)

I will mine on your pool, probably tonight for a good 12 hours and if everything is fine and the payouts work, I will add it to the OP and the website.

Thanks for your support of this coin.

[YukonCoinelius]

Sorry to point out, but ExtremeCoin has nothing new -- the entire idea is already in progress with IFC InfiniteCoin for several months, with a more reasonable accelerated mining schedule and a proper halving scaledown. IFC has already a large community, and building many markets and developments, and has been trading for a good while and widely distributed. So what is the point in duplicating all that - your efforts would probably be better spent contributing over there.

Further, and my main reason for posting: ExtremeCoin does not appear to implement your stated 4M limit, and will need a hard fork asap. Right now, the block reward is constant at 200, with no provision for throttling at 4M. It will continue allocating coins past 4M and/or break at that point. You set MAX_MONEY to 4M, but afaik, that is an error check, not a limiting device. Instead, the limiting is supposed to happen in main.cpp, where it currently says:

Code:

int64 static GetBlockValue(int nHeight, int64 nFees)
{
int64 nSubsidy = 200 * COIN;
return nSubsidy + nFees;
}

At minimum you need something like:

Code:

if (nHeight < (4000000 / 200)) nSubsidy= 200 * COIN
else nSubsidy = 0;

However, a sudden drop like that would produce market shock, so a gradual scaledown is better.
So then you are back to basically duplicating IFC.

Well, if you continue with this coin, please look to a fix asap.
And if this happens to go forward, you and any vested miners please set aside a sizable bonus for me, for saving your bacon here

[CaptChadd]

Sorry to point out, but ExtremeCoin has nothing new -- the entire idea is already in progress with IFC InfiniteCoin for several months, with a more reasonable accelerated mining schedule and a proper halving scaledown. IFC has already a large community, and building many markets and developments, and has been trading for a good while and widely distributed. So what is the point in duplicating all that - your efforts would probably be better spent contributing over there.

Further, and my main reason for posting: ExtremeCoin does not appear to implement your stated 4M limit, and will need a hard fork asap. Right now, the block reward is constant at 200, with no provision for throttling at 4M. It will continue allocating coins past 4M and/or break at that point. You set MAX_MONEY to 4M, but afaik, that is an error check, not a limiting device. Instead, the limiting is supposed to happen in main.cpp, where it currently says:

Code:

int64 static GetBlockValue(int nHeight, int64 nFees)
{
int64 nSubsidy = 200 * COIN;
return nSubsidy + nFees;
}

At minimum you need something like:

Code:

if (nHeight < (4000000 / 200)) nSubsidy= 200 * COIN
else nSubsidy = 0;

However, a sudden drop like that would produce market shock, so a gradual scaledown is better.
So then you are back to basically duplicating IFC.

Well, if you continue with this coin, please look to a fix asap.
And if this happens to go forward, you and any vested miners please set aside a sizable bonus for me, for saving your bacon here

Now this is what I am talking about and this is why a love this community and have been involved in Crypto's for three years. This user, did not have to pick out this major problem in this first version of Extremecoin and even though he clearly supports Infinitecoin (I fact I do, I have 1000 LTC's worth of them lol) he still helps out.

So thank you for this and I will be having at look at your sig for a donation address :-)

When I come across something like this, I don't see it a a problem or a bad thing but a chance to find and figure out a solution, its one of the best ways to better one's self, I believe.

Extremecoin Version 1.1 is around the corner with many new changes, basic solutions added for when the blocks do dry out, they still will do.

However we change the code, your current coins will not be effected and in around 2 months, the block reward will still run dry, maybe such not as suddenly as one block mines 200 and the next 0.

So its not really 100% like Infinitecoin, as that coins block reward will last a lot longer than two months.

What is new about this coin is that we are going to find out what happens about the block reward when it ends, that is the main point, to see if the coin can continue passed this major event, that most coins will get to at some stage.

[CaptChadd]

The important client update is being worked on and will fix the block reward issue, add a transaction fee percentage system, checkpoints and custom Icon's just for a more unique look. No coins will be lost, there will be no fork, the blockchain is going to stay just how it is and continue to run.

Thanks.

[crendore]

The important client update is being worked on and will fix the block reward issue, add a transaction fee percentage system, checkpoints and custom Icon's just for a more unique look. No coins will be lost, there will be no fork, the blockchain is going to stay just how it is and continue to run.

Thanks.

Aren't percentage transaction fees everything that we've been trying to get away from with crypto?  If i wanted to use a online payment system with percentage transaction fees i would just use paypal.  This is a terrible solution.

[CaptChadd]

Well the current fee system with Bitcoin is terrible too. 0.01 fee is a lot to pay and becomes out of proportion for small payments e.g 0.25 BTC.

Under the 1% or 0.1% fee system sending smaller amounts get an in proportion fee. This has not really been explored before so I imagine there will be a few version releases of this coin, improving it and adjusting it acording to community feedback.

[FlungSpun]

Probably a happy medium in there somewhere.

Fees on all transactions prevent spam, % is fairest method, a fee cap for sizeable transactions ?

[aTriz]

Farming this interesting!

[Jaden]

What's the latest on getting this coin on an exchange?

[portice]

What's the latest on getting this coin on an exchange?

Probably best to wait more than 1.5 days?

[YukonCoinelius]

A %-based transaction fee is probably the wrong direction, and might actually *reduce* the net fees. Small txns (ie. most of them) will be paying less than the current fixed amount, and large transactions will be throttled in some degree, (because users will “think twice” about sending big amounts if it costs an extra %). I don't know that a coin penalizing large transfers is very sensible -- large transfers are actually preferred because they involve less processing and database overhead in the blockchain.

Also, the bitcoin txn fee is already “proportional” - relative to the computational complexity of the transaction, as it should be. In other words, if it has to assemble a 100 coin payment out of a bunch of 0.05 inputs you got, then the txfee is higher than if you already had a 100 coin input sitting there ready to go. That's why sometimes it gives you a warning and multiplies the base fee.  It might be very tricky to keep this important property, while making the total amount a percent too. You might end up with code that multiplies the *percent*, and for a complex txn suddenly wants to charge not just 1% but 10%!

I don't see the txnfee code as a good area for tinkering. Any such changes must be carefully tested on the testnet, including for extra large and small amounts.



If you want to try something reasonable and new, then fund mining with a 5% inflation after the initial 4M issue - no other fast-issue coin is doing that. So after the first 2 months, you want 5% more issued per year. From 4M, that's 200000 coins, across 105120 blocks/year, so let the final block reward stay constant at 2 coins, instead of going all the way to 0. That gives you an inflation rate of 5.256% per year going to the miners, and with only 4M issued, it can run for many years. (and actually with a constant 2 coins, the effective rate is scaling down -- i.e. after about 20 years, when there are 8M coins out, the inflation is only about 2.5%.   (If instead you want to keep the *rate* constant, then the 2 coin reward has to increase a bit into the future, which is a bit more complicated.)

(Note: if you do set an inflation minting, you need to increase MAX_MONEY - it should be very high; the limiting happens in the minting protocol. If you figure on 200,000 coins per year for 1000 years, then max money should be 200M + 4M)

[krasnyoktyabr]

What's the latest on getting this coin on an exchange?

Cryptsy has been punishing premined coins. I wouldn't hold my breath if I were you.

[CaptChadd]

I have already covered any pre mine that this coin had. I have been paying bounties, more than listed on the OP and doing a free giveaway. The premine is gone. I mine now like everyone else.

[aTriz]

been farming this coin non stop, interesting to see what will happen!

[CaptChadd]

been farming this coin non stop, interesting to see what will happen!

It will be interesting but I am serious with this coin continuing past the the two months and becoming a Crypto listed on an exchange.

The new version 1.1 is going to fix any problems in the code for the last block to have a reward and also adding a fair fixed fee system.

This is a trade based coin and is not a test or research coin, so should be treated by the exchanges the same as the rest of the new Crypto's being released.

[CaptChadd]

Hi all,

As you might know there are some code issues with Extremecoin that could effect the 4 million block reward reducing to 0 around the two month mark.

A fix for this has already been added to the V 1.1 code but I want this coin to seem less like a research coin and instead a serious coin.

So the finished version might have a few more changes, here are some examples:

1) The block reward reduces a certain amount of blocks by half (similar to Infinitecoin) and then stops and stays at only 1 EXC coin per block at the end of the two month halving. This idea is due to the extreme nature of this coin and that I don't think in the early days, transaction fee's alone will keep users mining.

2) This would increase the total amount of Extremecoin past the 4 million mark but at 1 EXC per block, it is not going to have any massive impact.

3) I think at least for the first 6 months of this coin and depending on it's success, a fixed fee of 0.01 should be added, to attract miners even more and also as a way to say "Thanks" for them mining and keeping the network going.

 
That's the examples and idea's over.

The other changes are:

1) In Client Icon changes, I am going to be bringing over some of the Icon changes from my other coins and adding a few new ones. Just giving the client a slight custom look.
 
2) Actual client logo change. I think the current one is too dark, so I have created a new one which is much brighter and easier to see. No logo as such but the letters EXC, so it's easier to know which client the Icon is for. Having 150 logo's of random images is going to at some point, get confusing on anyone's taskbar or desktop, if you trade in several different coins.

3) Checkpoints. This is a given and added for security.

Any other changes will be added here and the new version should be release toward the start of next month, I am not rushing things, as I care about this coin and want to get things accurate while still keeping them simple.

Thanks

[shazbits]

Any news about exchanges?

[CaptChadd]

Any news about exchanges?

I have sent a few emails and some other users are posting around as they want to see it in an exchange aswell.

I hope that the new version with its improvements and fixes will help get it on one of them.

The mining pool is going strong so the interest is there for these coins.