[2018-06-18]Early Bitcoin Developer Jeff Garzik Launches New Altcoin ‘Metronome’

[Psicotico]

Jeff Garzik, one of the earliest Bitcoin developers, has formally launched an altcoin, dubbed Metronome, which backers allege will be the first cryptocurrency to offer “institutional class” endurance.

Metronome had first been announced by Bloq, Garzik’s blockchain development firm, back in Oct. 2017, when the cryptocurrency market was in the early stages of a parabolic fourth-quarter rally.

The announcement was quite controversial at the time, particularly since Garzik was also the chief developer for SegWit2x, a bitcoin scaling upgrade that caused a sharp divide within the cryptocurrency community and ultimately failed to activate when its planned launch date arrived in November.

Metronome’s selling point is that — using a system of smart contracts — tokens can be exported and imported across a variety of different blockchains without altering the total MET supply. Bloq boasts that this ensures that Metronome will last for “generations,” even if individual underlying blockchain networks fade into obscurity.

“Institutional investors should be very excited to see something like this,” co-founder Matthew Roszak said last year. “We’ve built a thousand-year cryptocurrency, something that’s built to last.”

For his part, Garzik — who first contributed to the Bitcoin codebase in 2010 but has not contributed to the Bitcoin Core repository since 2015 —  has said that Metronome is the cryptocurrency he would have built if given a clean slate.

“Today, bitcoin faces existential threats from forks, developer drama and so on. Knowing what we know and having a clean sheet of paper, we asked what would we build and the answer is this.”

Unlike most initial coin offerings (ICOs), metronome is being distributed through a descending price auction, meaning that the crowdsale price decreases over time until no more tokens are remaining. Developers argue that this will reduce FOMO-driven buying and help with price discovery.

Consequently, contributions have been slim during the early hours of the crowdsale, with at least several investors stating on social media that they misunderstood the terms of the sale and thought that the price would go up — not down — as time passed.

As of the time of writing, just 87 of the 8 million MET had been sold, with the price floating at just above 1.85 ETH per token. However, the pace of contributions will likely quicken as the price declines over the next several days.

https://www.ccn.com/early-bitcoin-developer-jeff-garzik-launches-new-altcoin-metronome/

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[squatter]

I'm glad Garzik has things like this to distract him from creating drama in the Bitcoin community.

Unlike most initial coin offerings (ICOs), metronome is being distributed through a descending price auction, meaning that the crowdsale price decreases over time until no more tokens are remaining. Developers argue that this will reduce FOMO-driven buying and help with price discovery.

How would that help with price discovery? People are incentivized to wait as long as possible and buy at the latest possible time, like sniping in an auction. Not sure I see any benefit in this.

[Zadicar]

I'm glad Garzik has things like this to distract him from creating drama in the Bitcoin community.

Unlike most initial coin offerings (ICOs), metronome is being distributed through a descending price auction, meaning that the crowdsale price decreases over time until no more tokens are remaining. Developers argue that this will reduce FOMO-driven buying and help with price discovery.

How would that help with price discovery? People are incentivized to wait as long as possible and buy at the latest possible time, like sniping in an auction. Not sure I see any benefit in this.

I do have the same thinking about the benefit on this one. Its quite rare for seeing a sale which the price do decrease as the duration or depend on the tokens sold take place.Yes, it is different but this thing wont really be enough to be considered revolutionary or entirely different from most project in the market. I havent checked out on coins specs or feature (maybe this end of the day). First impressions? When i do encounter early adopter of bitcoin sometimes it comes to my mind that it would be similar on what Ver had been done. LOL!

[hatshepsut93]

After the fiasco with SegWit2x (if you don't know, there was a critical bug that prevented this fork from launching), even the most reckless altcoin investors should think twice before investing in anything touched by Garzik. Hundreds of developers have easily forked Bitcoin, but this "Early Bitcoin Developer" couldn't do even  that.

“Today, bitcoin faces existential threats from forks, developer drama and so on. Knowing what we know and having a clean sheet of paper, we asked what would we build and the answer is this.”

Forks are in no way a threat to Bitcoin, they are just money grabs for miners, developers, whales and manipulators. The only fork that posses some threat is Bcash, but even Bcash is very far from seriously competing with Bitcoin, because it doesn't have any good roadmap.

[TraderTimm]

Garzik is the same asshole that supported "colored coins" to track transactions, among other disasaters.

He's a turncoat just like Gavin is, and he's used his position to hamper or impair progress in Bitcoin before.

I put him in the same category as Jihan Wu, Roger Ver and the rest.

[buwaytress]

I do understand the vitriol on Garzik (he's still the mod for Press section too) and the other early Bitcoin developers now seen by some segments of the community as no longer in sync with core, but it's perhaps a recognition of the expectations heaped on their shoulders, having been part of something so successful, and not being able to replicate any of it on other projects. That itself is a big nod of approval towards how complete Bitcoin has been, despite all the "shortfalls" and "flaws" all these alt projects point out in Bitcoin.

1.8 ETH for one of 8 million... phew. Ironic that this is for institutional investors and yet the very first people who invested misunderstood the terms. Doesn't sound very institutional-like.

[gentlemand]

but it's perhaps a recognition of the expectations heaped on their shoulders, having been part of something so successful, and not being able to replicate any of it on other projects.

Have you looked into how United Bitcoin, another of Mr. Garzik's operations, chose to run itself? That showed outright contempt for virtually every principle that Bitcoin represents.

Another fine principle is that Bitcoin is always bigger than any one personality, which is yet another thing Satoshi wisely put into practice, as it seems all of these crypto gurus seem to wind up going mad, bitter or compromised.

All other projects would be wise to get rid of their figureheads ASAP.