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Author Topic: I0Coin is a SCAM  (Read 6550 times)
caston
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August 17, 2011, 12:11:26 PM
 #1

There is a lot of fishy stuff about this launch. It came out 75 minutes later than expected and its possible that others were mining on the new block chain before it was posted to the forum. It also came with missing DLLs files
for the Windows install and it didn't run in server mode by default meaning that many solo miners may have lost a lot of blocks. Of course there was a lot of rush to mine this new block chain but many people not realising they required to server switch and still seeing zero balance took to the mining pools despite the very low difficulty. The mining pools really made the situation much worse as all the hashing power was now centralized mainly at BTCguild.

Anyone with a direct low latency connection to BTCGuild would have easily mined a lot blocks and causing other miners blocks to be rejected or marked as stales. Many miners big and small alike found that they efforts to mine this new blockchain were futile. I call for a royal commission and thorough investigation into the I0Coin fiasco. We need to look at the block chain data and see compare time stamps. We also need to investigate the many lost blocks and coins and enumerate exactly who most of the winning blocks went to.

The pools unfortunately have to much power and are defeating the purpose of p2p currency.

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Raoul Duke
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August 17, 2011, 12:16:53 PM
 #2

Let me guess: You lost money again!  Grin

You should quit trying to be a speculator because it seems you are not cut out for it lol

Stop whining! Cry baby!  Roll Eyes

caston
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August 17, 2011, 12:18:46 PM
 #3

Let me guess: You lost money again!  Grin

You should quit trying to be a speculator because it seems you are not cut out for it lol

Stop whining! Cry baby!  Roll Eyes

 I have good reason to believe I have and I believe many others have as well. Let them speak and i'm sure you'll see i'm not the only one.

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August 17, 2011, 12:21:03 PM
 #4

The i0coin launch was a fiasco!

"I walked into the room dripping in Bitcoins.  Yea dripping in Bitcoins."
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dree12
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August 17, 2011, 12:24:16 PM
 #5

There is a lot of fishy stuff about this launch. It came out 75 minutes later than expected and its possible that others were mining on the new block chain before it was posted to the forum. It also came with missing DLLs files
for the Windows install and it didn't run in server mode by default meaning that many solo miners may have lost a lot of blocks. Of course there was a lot of rush to mine this new block chain but many people not realising they required to server switch and still seeing zero balance took to the mining pools despite the very low difficulty. The mining pools really made the situation much worse as all the hashing power was now centralized mainly at BTCguild.

Anyone with a direct low latency connection to BTCGuild would have easily mined a lot blocks and causing other miners blocks to be rejected or marked as stales. Many miners big and small alike found that they efforts to mine this new blockchain were futile. I call for a royal commission and thorough investigation into the I0Coin fiasco. We need to look at the block chain data and see compare time stamps. We also need to investigate the many lost blocks and coins and enumerate exactly who most of the winning blocks went to.

The pools unfortunately have to much power and are defeating the purpose of p2p currency.
When Deepbit gets >51%, the exact same thing can happen to bitcoin. People who get blocks solo will get killed eventually by the pool. Solution: STOP USING POOLS.
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August 17, 2011, 12:26:52 PM
 #6

its possible that others were mining on the new block chain before it was posted to the forum.

You can see this isn't true in the block chain

Of course there was a lot of rush to mine this new block chain but many people not realising they required to server switch and still seeing zero balance took to the mining pools despite the very low difficulty.

lack of knowledge != SCAM

With the difficulty starting at 1, and the amount of attention this fork garnered, is what caused the start to be so chaotic, but you should have known this....

I know, I know everyone thought they would fire up their solo miners and mine a quick 500,000 i0coins and then by Saturday they would be rich....please


Raoul Duke
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August 17, 2011, 12:29:24 PM
 #7

Let me guess: You lost money again!  Grin

You should quit trying to be a speculator because it seems you are not cut out for it lol

Stop whining! Cry baby!  Roll Eyes

 I have good reason to believe I have and I believe many others have as well. Let them speak and i'm sure you'll see i'm not the only one.

You won't see me complaining I lost money on I0coin or Ixcoin.

You also won't see me complaining if it takes off and some dudes made money and i haven't.

If you can't afford to lose money, don't invest. Business 101...

When Deepbit gets >51%, the exact same thing can happen to bitcoin. People who get blocks solo will get killed eventually by the pool. Solution: STOP USING POOLS.

I think many times that pooled mining should be forbidden and each IP should also have it's hash power limited to something like 5 Mhash/s or some other reasonable number, to stop this attacks from happening and to give everybody a fair chance on mining.

I know Satoshi didn't like when people started GPU mining, so he would like even less the power of the pools.
It's a terrible waste of electricity to say the least.

caston
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August 17, 2011, 12:31:14 PM
 #8

its possible that others were mining on the new block chain before it was posted to the forum.

You can see this isn't true in the block chain

Of course there was a lot of rush to mine this new block chain but many people not realising they required to server switch and still seeing zero balance took to the mining pools despite the very low difficulty.

lack of knowledge != SCAM

With the difficulty starting at 1, and the amount of attention this fork garnered, is what caused the start to be so chaotic, but you should have known this....

I know, I know everyone thought they would fire up their solo miners and mine a quick 500,000 i0coins and then by Saturday they would be rich....please




So those that were mining solo without the server mode switch would have lost any blocks they mined?


Is there currently a block explorer for people to examine  when mining began compared to when the first link was posted on the forum?

Yes I may be a "cry baby" and a "bad loser" but I think the credibility of p2p currency was twisted for financial gain here. A lot of people have lost faith not just in spin off projects but in bitcoin itself.  I urge people that feel they may have been cheated here to speak up and let their voice be heard. Do not suffer in silence. Let us know how you feel and tell us your story and post your observations.

A full investigation is warranted here and the members of the community have every right to bring this into the open.

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nux
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August 17, 2011, 01:09:26 PM
 #9

I call for a royal commission and thorough investigation into the I0Coin fiasco.

Do you want the King to investigate this?  What the heck do you mean royal commission?
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August 17, 2011, 01:10:24 PM
 #10

When Deepbit gets >51%, the exact same thing can happen to bitcoin. People who get blocks solo will get killed eventually by the pool. Solution: STOP USING POOLS.

I think many times that pooled mining should be forbidden and each IP should also have it's hash power limited to something like 5 Mhash/s or some other reasonable number, to stop this attacks from happening and to give everybody a fair chance on mining.

I know Satoshi didn't like when people started GPU mining, so he would like even less the power of the pools.
It's a terrible waste of electricity to say the least.
(sigh) Okay, that is not what I meant. I said that sarcastically, since I use a pool myself, but to remind people you can't have both an apple and an orange (that's not how the saying goes, but whatever).
caston
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August 17, 2011, 01:16:48 PM
 #11

I call for a royal commission and thorough investigation into the I0Coin fiasco.

Do you want the King to investigate this?  What the heck do you mean royal commission?

In this case "Royal Commissions are called to look into matters of great importance and usually controversy. These can be matters such as government structure, the treatment of minorities, events of considerable public concern or economic questions."

http://en.wikipedia.org/wiki/Royal_Commission

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Spacy
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August 17, 2011, 01:19:22 PM
 #12

So what would be the solution? No preannouncement and no premined blocks?  Grin So that would be a blockchain with a small group of early adopters...
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August 17, 2011, 01:33:20 PM
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So those that were mining solo without the server mode switch would have lost any blocks they mined?

This is interesting, I was under the impression that anybody who intend to do solo mining should know they need to set the client into server mode manually?


Quote
Is there currently a block explorer for people to examine  when mining began compared to when the first link was posted on the forum?

Yes I may be a "cry baby" and a "bad loser" but I think the credibility of p2p currency was twisted for financial gain here. A lot of people have lost faith not just in spin off projects but in bitcoin itself.  I urge people that feel they may have been cheated here to speak up and let their voice be heard. Do not suffer in silence. Let us know how you feel and tell us your story and post your observations.

A full investigation is warranted here and the members of the community have every right to bring this into the open.

I don't think there was any doubt what was going to happen. i0coin is only relatively more moral than ixcoin only because of the transparency and the fact the founder bothered to try something different which serves as good test data. But both are just going to attract people who are hoping to gain financially from being an "early adopter".

If anything, this experience should highlight how an established crypto-currency with high difficulty and a sufficiently diverse hashing population is more reliable and stable than a largely similar fork. Hopefully this will bring an end to pointless forks and anybody coming up with a new one will take note of the lessons here. So it is a good thing IMO if people lost faith in spin off forks, and will therefore think more carefully before doing so.

the i0coin launch may be had been poorly planned but I wouldn't call it a scam just because of that. Nothing that happen wasn't technically unexpected.

Disclaimer: I don't hold thousands of i0coins Cheesy

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pbj sammich
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August 17, 2011, 01:46:23 PM
 #14


So those that were mining solo without the server mode switch would have lost any blocks they mined?

This is interesting, I was under the impression that anybody who intend to do solo mining should know they need to set the client into server mode manually?

the i0coin launch may be had been poorly planned but I wouldn't call it a scam just because of that. Nothing that happen wasn't technically unexpected.


Exactly. If your going to solo mine you should probably know how to do it.

The fact that there was a major tier 1 pool set PRIOR to the official launch should have told you something. You weren't going to compete with the pool on even ground, it's just technically wasn't feasible.

In this case "Royal Commissions are called to look into matters of great importance and usually controversy. These can be matters such as government structure, the treatment of minorities, events of considerable public concern or economic questions."

I'm at a loss on this one.....I mean really......
Spacy
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August 17, 2011, 01:56:21 PM
 #15

The fact that there was a major tier 1 pool set PRIOR to the official launch should have told you something. You weren't going to compete with the pool on even ground, it's just technically wasn't feasible.

This is not true, a lot of solo mines made a lot of coins. The pool can't operate at 100% at these low difficulties, probably it got like 99% or even more duplicate share submissions during the first thousand blocks. So all these pool miners capacity was wasted, they should have tried there luck with solo mining.
Grouver (BtcBalance)
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August 17, 2011, 01:58:27 PM
 #16

I don't mind other people go to I0Coin since then the Bitcoin difficulty drop and gets me more Bitcoins in the same timeframe.
Thanks I0Coin miners, for dropping out on Bitcoin!

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August 17, 2011, 02:03:50 PM
 #17

So those that were mining solo without the server mode switch would have lost any blocks they mined?
No, if they ran 'i0coind' then it uses server mode automatically. If they ran 'i0coin' with the GUI then they'd need '-server'. Without it their miner would not be able to connect and would give an error. You don't see mined blocks immediately because they take 120 confirmations to mature. Then they are reflected in the balance. They can also be 'orphaned' in which case they are lost. This is very common at the early difficulty levels when there is massive hashing power on the network.
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August 17, 2011, 02:21:17 PM
 #18

Hi

I represent the royal commission and I have blueblood to prove it.

Every i0coin miner is hereby instructed to transfer 10% of their i0coins mined during the period of difficulty 1 up to difficulty 1024 so that we can investigate each mined coin for legitimacy.

Please make your deposit to the following address: jLAkT7rdohnvzh6WviEJofty18igDYztJp

Your co-operation in this serious matter is appreciated.

Sincerely
The LOL police

...In the land of the stale, the man with one share is king... >> Clipse

We pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
caston
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August 17, 2011, 02:29:07 PM
 #19

Well from reading the "I0coin - HOW MANY BLOCKS U GOT?" thread it does look like a couple of big players got over 90% of the blocks. Didn't it seem a little strange that blocks were going so fast yet everyone was getting stales? The excuse was that that everyone was getting stales because blocks were going so fast. So if blocks we're going so fast who was getting all the blocks and leaving everyone with the stales?

 https://bitcointalk.org/index.php?topic=37608.0

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kr105
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August 17, 2011, 02:29:45 PM
 #20

Is there currently a block explorer for people to examine  when mining began compared to when the first link was posted on the forum?
http://devcoinblockexplorer.dyndns.info/chain/I0coin
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