[ANN][SYN] SynCoin | [NO PRE-M][Auto Reward, Anti-ASIC]

[syncoin]

[REDACTED]

[techbytes]

No premine, I'm in.

-tb-

[syrusek]

Release 2.19.14 < What the fuck is it?

[dnamicro]

Ok, the website is Dogecoin copy, and the code is also Dogecoin ?
Lol

anyway good luck with it

[syncoin]

Release 2.19.14 < What the fuck is it?

Sorry, I'm used to using dots instead of slashes. That's the release date. I apologize for any confusion this may have caused.

Ok, the website is Dogecoin copy, and the code is also Dogecoin ?
Lol

anyway good luck with it

Yes, I used the DogeCoin website CSS due to time constrictions on web-development. No, the code is not a fork of DogeCoin; it is a fork of LiteCoin. Additionally, I gave credit in the footer of the site...

[syrusek]

I didn't mean dots 

[syncoin]

I didn't mean dots 

Yeah, all these conventions can get real confusing, haha

[Boxman90]

1 BTC that this SYNCoin won't sync for most people @ launch.

[podyx]

"An altcoin that focuses on securely connecting users together, with reliability in mind."

LOL

[syncoin]

1 BTC that this SYNCoin won't sync for most people @ launch.

To be fair, I've set up 2 nodes already; 3 more will be up by the end of the week. Now, I appreciate some jabs here and there -- but I'd be glad to take that BTC, so bet away

[syncoin]

1 BTC that this SYNCoin won't sync for most people @ launch.

To be fair, I've set up 2 nodes already; 3 more will be up by the end of the week. Now, I appreciate some jabs here and there -- but I'd be glad to take that BTC, so bet away

Now that you mention that... it does sound a bit generic. I'll see what I can do. Sorry about that.

[XDStamos]

Hi, I am the mod from this coin's subreddit, dropped in to say hi.

[blueangel01]

 "Block Reward: Calculated based on difficulty"

Finally, a block reward that i have been looking for. Even though the algo is not yet perfect, this could be a bridge to a better coin.

[vdaevski]

Hi everyone i will add working faucet for SynCoin on EarnCryptoCoins The faucet will be opened on SynCoin launch(02/19/2014). Don't forget to check in and earn free SYN.

[eranbtc]

It is a fork of LiteCoin, I'am in!

[Acidyo]

Release 2.19.14 < What the fuck is it?

19th february 2014 you silly european

[Acidyo]

This coin looks promising, will hold an eye on it.

[Mivexil]

"Block Reward: Calculated based on difficulty"

Finally, a block reward that i have been looking for. Even though the algo is not yet perfect, this could be a bridge to a better coin.

I've been thinking about this. Is it scaling linearly? It would be a pretty interesting idea (your 1MH/s gives you a more or less constant amount of coins regardless of net hashrate), but the consequence would be a lack of incentive for early miners, which can leave the coin out in the field.

[TheMightyX]

Difficulty Calculation / Self-Regulation:
Removing the variables from the code, the formula is as follows:
[(10 * difficulty) / (number of blocks + 97200)] * 97200
Breaking it down, it is observable that 97200 is the 9-month mark given a block target of 4 minutes.
What is not shown is the halving code, triggered per 300,000 blocks. This is necessary to combat inflation, and will not be removed despite the above algorithm doing preliminary calculations of nSubsidy (block reward).
§: Due to the relationship between difficulty and reward, self-regulation occurs; too much hashrate/demand = a higher block reward, diluting the currency and reducing its value. Too little hashrate/demand = a lower block reward, increasing the value and incentivizing mining (after all, more profit at a lower difficulty is likely the most lucrative combination to miners).

Interesting concept.
Hard to imagine how it will turn out. One way it could turn out:

• Everyone will pile on causing massive inflation after its first initial spike in price.
• The inflation will cause the price of the coin to steadily drop.
• The value of mining the coin will drop and miners will move onto more lucrative coins.
• Inflation will slow down due to some miners leaving.
• Everyone coming to the coin late will be screwed because there will already be a shitload of the coins around but when they mine they get very few.
• This will drive even more people away which will drop the reward even more.

Will be interesting to see what happens. I will definitely be watching this release.

If I may point out to everyone reading this. The block reward wont kick in for 28 months (roughly). I believe that wasn't quite clear in the announcement.
The purpose of the block reward halving is to combat inflation, but it will be over 2 years before inflation is reduced by the block halving. In the new crypto coin world that is a very very long time.
Most coins have a natural anti-inflation method by having a set block reward that more and more people are trying to get. So instead of printing enough money so everyone has some, everyone has to share the finite amount that is planned. This causes deflation and your money appreciates in value.
The Syncoin method will rely on the mining profitability declining to reduce the appeal of mining, which will in turn increase the profitability of the coin.

This is all just food for thought. This is an innovative coin and we should watch it closely.

[brother3]

I like everything about this coin so far except for the high number of coins