I0Coin is a SCAM

[Raoul Duke]

Well well..what have we here LOL...

So ioucoins has its own scam thread now?

Oh, it's still very far from reaching the ammount of pages your dear "Ixcoin is a SCAM" thread has... and probably never will reach it.

Disclaimer: My above statement doesn't mean that I0coin is less of a scam than Ixcoin is.

Less of a scam than ixcoin? Obviously, simply for the reason of having no anonymous founder sitting on 500k coins.
Not a scam? Well... not a *intentional* scam. Imo the whole thing will end up as a pyramid scheme with "investors" holding a bunch of worthless coins simply because it's a alternate blockchain bringing nothing of real value to the table.
So... why did I mine it? Well... why not? I also threw > 10Ghps at testnet for a day just for fun.

I was just trying to point out to oldminer that I'm in no way deffending I0coin. Nothing more.
He has a background of misunderstanding what people say and jump on it to defend Ixcoin and attack I0coin(just look at his signature)

[caston]

1) wait until someone launches new p2p currency
2) have pool ready
3) get everyone to mine new p2p currency on your pool
3) use your less than 1 ms latency to mine the shit out of new p2p currency while your pool ensures that you control the blockchain
4) if people complain about only stales while your getting all the blocks blame it on the low difficulty
5) dump coins on exchange to get all the investors bitcoins
6) profit

This is not i0coins's fault and does not make it a scam.

It's also flat out wrong.
Maybe next time try using a miner that can handle > 1 longpoll/second and doesn't need half a eternity from finding a H==0 to submitting a share.
I did that, got >700 of the early blocks with 6Ghps and a 180ms ping to io.btcguild.

Hi Art,

I used poclbm.

Did you use a custom modified miner or a freely available one?

Perhaps the H==0 is done by custom asics?

http://bitcoinstats.com/irc/logs/2011/01/15/10

crap no wonder I'm one of life's losers lmao

[Oldminer]

Well well..what have we here LOL...

So ioucoins has its own scam thread now?

Oh, it's still very far from reaching the ammount of pages your dear "Ixcoin is a SCAM" thread has... and probably never will reach it.

Disclaimer: My above statement doesn't mean that I0coin is less of a scam than Ixcoin is.

Less of a scam than ixcoin? Obviously, simply for the reason of having no anonymous founder sitting on 500k coins.
Not a scam? Well... not a *intentional* scam. Imo the whole thing will end up as a pyramid scheme with "investors" holding a bunch of worthless coins simply because it's a alternate blockchain bringing nothing of real value to the table.
So... why did I mine it? Well... why not? I also threw > 10Ghps at testnet for a day just for fun.

I just put a buy order in for ioucoin:

0.00001511   66000.00000000

Sorry..its all its worth...LOL

[jackjack]

Well well..what have we here LOL...

So ioucoins has its own scam thread now?

Oh, it's still very far from reaching the ammount of pages your dear "Ixcoin is a SCAM" thread has... and probably never will reach it.

Disclaimer: My above statement doesn't mean that I0coin is less of a scam than Ixcoin is.

Less of a scam than ixcoin? Obviously, simply for the reason of having no anonymous founder sitting on 500k coins.
Not a scam? Well... not a *intentional* scam. Imo the whole thing will end up as a pyramid scheme with "investors" holding a bunch of worthless coins simply because it's a alternate blockchain bringing nothing of real value to the table.
So... why did I mine it? Well... why not? I also threw > 10Ghps at testnet for a day just for fun.

I just put a buy order in for ioucoin:

0.00001511   66000.00000000

Sorry..its all its worth...LOL

I0coin: Last Price:   0.00161731
Ixcoin: Last Price:   0.00145000    

[Oldminer]

I0coin: Last Price:   0.00161731
Ixcoin: Last Price:   0.00145000    

Page me with this in 2 weeks from now...

[kano]

1) wait until someone launches new p2p currency
2) have pool ready
3) get everyone to mine new p2p currency on your pool
3) use your less than 1 ms latency to mine the shit out of new p2p currency while your pool ensures that you control the blockchain
4) if people complain about only stales while your getting all the blocks blame it on the low difficulty
5) dump coins on exchange to get all the investors bitcoins
6) profit

This is not i0coins's fault and does not make it a scam.

It's also flat out wrong.
Maybe next time try using a miner that can handle > 1 longpoll/second and doesn't need half a eternity from finding a H==0 to submitting a share.
I did that, got >700 of the early blocks with 6Ghps and a 180ms ping to io.btcguild.

Hi Art,

I used poclbm.

Did you use a custom modified miner or a freely available one?

Perhaps the H==0 is done by custom asics?

http://bitcoinstats.com/irc/logs/2011/01/15/10

crap no wonder I'm one of life's losers lmao

Although those few with the big rigs and shortest latency did get WAY more coins than anyone else, software made a difference for getting them in the first few hours also.

I've mentioned a few times that I use cgminer.
I got seven 1 share blocks in the first 33 minutes (my first was around 90 seconds from the start) with a 710Mh/s rig
Also my latency is just over 200ms
Rig network: PowerLine to Gigabit router (amber: 50-80Mbit), then Gigabit to linux router, then 100Mbit to switch then 100Mbit to ADSL router then 800Kbit to the internet ...)
So software choice clearly makes a difference too.

P.S. can everyone stop feeding the 'troll' and he will hopefully go away
(I'm not referring to anyone in this post of course)

[joulesbeef]

I0coin: Last Price:   0.00161731
Ixcoin: Last Price:   0.00145000    

Page me with this in 2 weeks from now...

it will just be

I0coin: Last Price:   0.00461731
Ixcoin: Last Price:   0.00045000


why cant you seem to understand that the only reason why i0coin exists isnt to make your life miserable, but do to concerns with how you released ixcoin. Those concerns arent going to magically disappear because you have a more complete website, or because you attack i0coins every change you get. If you want your project to succeed you are going to have to alleviate some of those concerns and quit pretending the community is crazy for having them or that they dont exist at all.. or that they are some sort of joke.

[jackjack]

I0coin: Last Price:   0.00161731
Ixcoin: Last Price:   0.00145000    

Page me with this in 2 weeks from now...

it will just be

I0coin: Last Price:   0.00461731
Ixcoin: Last Price:   0.00045000


why cant you seem to understand that the only reason why i0coin exists isnt to make your life miserable, but do to concerns with how you released ixcoin. Those concerns arent going to magically disappear because you have a more complete website, or because you attack i0coins every change you get. If you want your project to succeed you are going to have to alleviate some of those concerns and quit pretending the community is crazy for having them or that they dont exist at all.. or that they are some sort of joke.

You're wrong, putting

"I0coin was launched as a joke" - jackjack (forum member)

in his sig will surely make I0coin collapse

[Mousepotato]

Shouldn't I0coins be 2x the price of Ixcoins since there's only half of them per block?  I don't gets it!

[JoelKatz]

Shouldn't I0coins be 2x the price of Ixcoins since there's only half of them per block?  I don't gets it!

Supply is only half of what determines price.

[smoothie]

Shouldn't I0coins be 2x the price of Ixcoins since there's only half of them per block?  I don't gets it!

Ask DoubleC to make a Ixcoin to I0coin exchange and we'll see some fireworks!

[bcpokey]

Shouldn't I0coins be 2x the price of Ixcoins since there's only half of them per block?  I don't gets it!

That doesn't follow. Human nature dictates prices, not generation rate.

Though to be fair, currently i0coins are almost exactly double the price of ixcoins.

i0: buy   0.00224000   
ix: buy   0.00116000

amusing.

Shouldn't I0coins be 2x the price of Ixcoins since there's only half of them per block?  I don't gets it!

Ask DoubleC to make a Ixcoin to I0coin exchange and we'll see some fireworks!

doublec makes some nice profit off transaction fees, I wonder if he would make more or less off a direct trade. Interesting...

[wolftaur]

You're wrong, putting

"I0coin was launched as a joke" - jackjack (forum member)

in his sig will surely make I0coin collapse

It boils down to this...

"Damnit. Tons of people made money off of gold before I was even born. That's not fair. But that's OK. I've discovered a new precious metal. It's brown, and it smells funny, and it comes out of my ass!"

Rewrite for the internet, and you get ixcoins.

[smoothie]

You're wrong, putting

"I0coin was launched as a joke" - jackjack (forum member)

in his sig will surely make I0coin collapse

It boils down to this...

"Damnit. Tons of people made money off of gold before I was even born. That's not fair. But that's OK. I've discovered a new precious metal. It's brown, and it smells funny, and it comes out of my ass!"

Rewrite for the internet, and you get ixcoins.

lol u got brown stink metal that comes out your ass??

[ThomasV]

[wolftaur]

lol u got brown stink metal that comes out your ass??

It's not metal any more than ixcoins is a legitimate currency started by someone with honest intentions.

[makomk]

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

Welcome to the fun world of software releasing! It's why I don't release much software. This one would be even worse than average - in order to launch with a genesis block of verifiable timing they would have had to modify and compile the viewer immediately before launching, and the Bitcoin build process is really gnarly and non-automated.

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.

Bitcoin has never run in server mode by default - I think the official client may even require -server if you run the GUIless bitcoind program. Anyone that didn't know this probably shouldn't have been mining solo anyway. At the block rates IXcoin and I0coin reached when they first launched, you apparently pretty much had to have long-polling support in order to get any non-stale blocks, which meant setting up pushpoold and blkmond. That's a lot harder than remembering to pass the -server flag and has lots of potential for breakage.

[Mousepotato]

Shouldn't I0coins be 2x the price of Ixcoins since there's only half of them per block?  I don't gets it!

That doesn't follow. Human nature dictates prices, not generation rate.

Though to be fair, currently i0coins are almost exactly double the price of ixcoins.

i0: buy   0.00224000   
ix: buy   0.00116000

amusing.

Well that was easy.  In that case: Given the congruous nature of these two alt block chains, just as Ixcoins did last weekend, shouldn't I0coins hit .01XXXX very soon?

*crosses fingers*

[lxFlasHxl]

booo for scammers !!! thumbs down

[doublec]

doublec makes some nice profit off transaction fees, I wonder if he would make more or less off a direct trade. Interesting...

0.2% is not a large fee. The i0coin exchange made 3 bitcoins since opening in fees. I'm not sure that qualifies as 'nice profit'.