If wallet is updated for processing block genesis coinbase tx, they would be spendable
Hi eaglyEye,
thank you for reviewing the source of Stablecoin wallet. As an investor in that coin I appreciate this very much!
However, at the current state of the wallet the premined coins are worthless as they can't be spend.
They are explicitly noticed within the code, just to make them worthless.So said, nobody owns premined coins which could influence the market in any way. Just like all other other non premined coins, too.
Wallets of every coin can be programmed in a way that gives the developers an advantage over others. Just imagine...developers could also implement a keylogger or trojan!
That's why the clients are OpenSource so that everyone can inspect it.
From this perspective: thanks for reviewing the code as it opened space to discuss this very important topic and made Stablecoin even more secure as more people do understand now how the premined coins were "destroyed".
Hope you review also the developers statement and the arguments made above, to see that Stablecoin is still a reliable and trustworthy coin.
Thank you!
haggis
Hi haggtos.
It is not "exactly" you mark like "spendable" or "unspendable"a tx. Simply there is a "margin" of maniovre for processing the genesis block, so 1.25 Millons premined could be spent still by creator.
This is how the Bitcoin client worked when Satoshi created it: The client maintains a block database and a transaction database. When it finds that its block database is empty, it inserts the genesis block into its block database to get things started. This block includes a transaction sending 50 BTC to 1A1z..., but the client does not insert this transaction into its transaction database. So even though this transaction is part of the block chain, if the client sees a transaction spending this 50 BTC, it won't be able to find the 50 BTC transaction in its transaction database, and the spending transaction will be rejected. In other words, the genesis block's transaction isn't considered to be a "real transaction" by the original Bitcoin client.
(Current versions of Bitcoin-Qt handle the block/transaction databases in a totally different way, so the genesis block's transaction is now just a weird special case in the code.)
This could easily have been an oversight, or Satoshi could have intended this transaction to be unspendable. This quirk wasn't discovered until after Satoshi disappeared, so no one had a chance to ask him.
So, it is clear a client implementation for genesis block processing has got the last word about the 12.5 Millions premined coins spending.
