Is There Anything Fundamentally Wrong With EarthCoin?

[markm]

I guess it's like litecoin. Doesn't have true innovation (although litecoin was the first scrypt coin). But there's nothing that stops his coin from being really successful

Litecoin was the third scrypt coin, after Tenebrix and Fairbrix (both of which are still running, I think.)

-MarkM-

[markm]

Well, it is rumored that bitcoin itself was also heavily premined (Satoshi and few friends/colleagues probably mined about 1M BTC in times when BTC was just some proof-of-concept code run by few crypt-experts) and despite that it was a big success. So I don't see that much problem in Earthcoin, considering quite large part of it was given away .... there is still risk of someone dumping large amount of coins at once and destroying the price, but in the past, bitcoin have always recovered from that and risen back again and even further, so I'll be optimistic

It was not pre-mined. It was announced long in advance, a whitepaper was published, then once the genesis block was created everyone was free to mine it if they chose.

It also was not insta-mined upon release either.

-MarkM-

[markm]

earthcoin transaction time is very fast , that is one of the major plus points for me.

How fast? Faster or slower than GeistGeld?

-MarkM-

[markm]

well 320 million on a totality of 13,5 billions is not muts, this coin [ EarthCoin]  is way better then bitcoin; the have only 21 million?

pre-mined yes but with a purpose :

promotions give away's atractive presents, good community overall a good coin with good chaces for the future i believe

All what we want is : speed ! right ? ;ighting speed transactions that all what we want becouse if we sell stuf we would like to have a direct payment right?


thats where earthcoin comes in .............!! the coin with future ........

Is there a ledger showing what the pre-mine has been spent on so far, and a budget accounting for what it is to be spent on going forward?

The reason I0Coin was created was that IXCoin had a pre-mine, and to this day that pre-mine is not accounted for...

People are still sitting around waiting for the developer to show up and pay off the various bounties they have earned and holding off on doing new things due to wondering whethr he will in fact pay them if they do work on the coin...

-MarkM-

[markm]

Bitcoin premine: 4% or 8% if I remember correctly

None. It was mined at normal speed, by anyone who chose to, no GPUs or FPGAs or ASICs needed, having been announced well in advance and how it works described in a whitepaper.

-MarkM-

[24Kilo]

This thread is NOT for discussing the premine of EAC... that has been discussed to death on many other threads... please do not bring that discussion here.

I am only concerned about the technical side of the coin and how that may affect the coin in a year, 5 years, 10 years, etc.

Very interesting about the number of coins and decimal points... can anyone with more experience or coin algorithm knowledge expand on this?

Thanks!

[cinnamon_carter]

Long term ?

Ok i solomined early 5 blocks & sold them for OVER 1 btc, easiest btc I ever made.

This coin was designed as a way to catch attention & has major backing behind it in btc.

Buy orders of 15+ btc , oh and it was on an exchange a few days after it launched !

Imagine that.

Let's see what happens down the road in case you are naive.

[cinnamon_carter]

Fairbrix was shut down by Lee
A long time ago.

I guess it's like litecoin. Doesn't have true innovation (although litecoin was the first scrypt coin). But there's nothing that stops his coin from being really successful

Litecoin was the third scrypt coin, after Tenebrix and Fairbrix (both of which are still running, I think.)

-MarkM-

[jimhsu]

This thread is NOT for discussing the premine of EAC... that has been discussed to death on many other threads... please do not bring that discussion here.

I am only concerned about the technical side of the coin and how that may affect the coin in a year, 5 years, 10 years, etc.

Very interesting about the number of coins and decimal points... can anyone with more experience or coin algorithm knowledge expand on this?

Thanks!

I imagine the technical criticism is that the # of coins is above 2^31 or 2^32 (corresponding to the maximum value for signed and unsigned longs respectively - which are confusingly called ints in C++ and Java). Thus naive implementations that try to count the # of coins may overflow causing "really bad stuff to happen". Moving to double longs (64-bit) obviously fixes the problem.

This is not even a real criticism because bitcoin has far more than 21 million units, which isn't represented by a long anyways.

[WesandEAC]

Hahaha guys.  The Satoshi wallet contains 7.6% pre mine!! Hahaha triple what EarthCoin has done.  if anything Bitcoin is suspect and not EarthCoin.  Work in percentages boys.

[markm]

This thread is NOT for discussing the premine of EAC... that has been discussed to death on many other threads... please do not bring that discussion here.

I am only concerned about the technical side of the coin and how that may affect the coin in a year, 5 years, 10 years, etc.

Very interesting about the number of coins and decimal points... can anyone with more experience or coin algorithm knowledge expand on this?

Thanks!

I imagine the technical criticism is that the # of coins is above 2^31 or 2^32 (corresponding to the maximum value for signed and unsigned longs respectively - which are confusingly called ints in C++ and Java). Thus naive implementations that try to count the # of coins may overflow causing "really bad stuff to happen". Moving to double longs (64-bit) obviously fixes the problem.

This is not even a real criticism because bitcoin has far more than 21 million units, which isn't represented by a long anyways.

Bitcoin uses 64 bit integers to represent Satoshis. In order to fit more than 90,000,000 or so (the sctual figure is in the various articles etc) you need to use those 64 bits to represent a larger portion of a whole coin than the 1/100,000,000th of a coin the Satoshi represents.

Basically lower the number of bits/digits that will be printed after the decimal in order to increase the number that will be printed before the decimal.

The decimal-number representation is cosmetic, it is merely how you print the value that is represented by the 64 bit integer that is in the blockchain.

-MarkM-

[Nanolucas]

earthcoin transaction time is very fast , that is one of the major plus points for me.

How fast? Faster or slower than GeistGeld?

-MarkM-

I've seen them show up within a second in my wallet. It's actually quite amazing.

I don't imagine the Earthcoin team actually made any particular changes to the transaction code, but the speed of the network is excellent.

[markm]

I've seen Bitcoins arriving in a second too.

Equally impressive.

How many seconds per confirmation, and how much hash power does each confirmation correspond to?

Also, how many nodes?

Is the network still so tiny that some nodes are connected to all other nodes?

In Bitcoin some nodes connect to to well over a thousand other nodes but that still falls far short of providing a single intermediary between any node and any other node.

-MarkM-