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Author Topic: [ANNOUNCE, short one] Alt-currency Tenebrix now also traded  (Read 2704 times)
Crypt_Current
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October 03, 2011, 06:57:22 PM
 #41

Also, good sir, I can handle being accused of various unwholesome things - my hide is thick, but by insinuating that I am "normal people", you have insulted me greatly.

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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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October 03, 2011, 06:59:19 PM
 #42

The new algorithm is a good idea, but if you're trading (or otherwise supporting) this block chain you need to be aware that the founder "pre-mined" *3 years* worth of coins.  I'll let that sink in.  If you got in on day 1 you weren't an early adopter,  you were equivalent to some schmoe getting into bitcoin some time NEXT YEAR.  That's why the mining reward is 25 brix/block, because the founder took the first 3 years worth of coins for himself.

Priority one for all these scamchains is to get onto exchanges and be available for liquidation.  Even before mining pools.  Every chain this guy makes is listed on some exchange faster than you can say "wallet rape."

As long as the founder of this (same guy as geistgeld) keeps coughing up enough shitcoin variants at a rate of once per week he can make a good living from those not able to beat him to the exit.  For this one, with an exchange of .002 brix/btc he awarded himself 14,000 BTC (or at current prices, $60,000).  Not bad for a few days of work.

That's why the smart money in all the alt chains has their shitcoins for sale as soon as they're mined.  The tech is good, but IMO the future of this particular block chain is dubious.  I'm enjoying the bonus free ~BTC a day from this chain, of course.  No reason not to profit while it's still possible.



Maybe you should make your own chain.  It can't be that difficult.

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October 03, 2011, 07:05:51 PM
 #43

Also, monopolization (or at least, stronger oligopolization) of supply is virtually guaranteed to lead to increase in per-coin price irrespective of whether there is an upper "production ceiling" or not

To be sure, but the the ceiling is supposed to counteract inflation, right?  Once the maximum amount has been "minted", then deflation happens and prices of goods / services drop, right?  And that's why BTC is divisible to eight places right?  I'm just trying to make sure I understand the fundamentals.

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October 03, 2011, 07:10:28 PM
 #44

Maybe you should make your own chain.  It can't be that difficult.

It is pretty easy, that's why the alt chains are popping up like daisies.  Fairbrix and SolidCoin2 look good enough right now without me adding yet another chain to fragment the already limited support for alt chains.
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October 03, 2011, 09:14:07 PM
 #45

Also, monopolization (or at least, stronger oligopolization) of supply is virtually guaranteed to lead to increase in per-coin price irrespective of whether there is an upper "production ceiling" or not

To be sure, but the the ceiling is supposed to counteract inflation, right?  Once the maximum amount has been "minted", then deflation happens and prices of goods / services drop, right?  And that's why BTC is divisible to eight places right?  I'm just trying to make sure I understand the fundamentals.

Basically, something like that.

What you have to "grok" though, is that bicoins (and other coins) are not gold chunks that can magically travel by hitching a ride on electrons in the wires, they are unprecedented things that are best described as abstract, individually unique counterfeit-proof constructs created by means of complex mathematical computations and maintained in a rather unusual distributed database.

They are not gold and don't even really approximate "practical" behavior of gold (for starters, the excavation of gold is virtually guaranteed to not only remain stable, but to actually accelerate for the foreseeable future, while bitcoins will exhibit a sharp and unavoidable drop in production in our lifetimes...), and are distinct from (nearly?) any commodity due to being essentially infinitely divisible (the "8 decimal places" limit is arbitrary and can be programatically upgraded to "whatever number of places you feel like" with relatively little grief) and infinitely re-nominable (with same ease, you could move the dot the other way and trade Kilobitcoins and Megabitcoins, which by the way sound quite sweet)

And finally, coin-conomy is not a proper "state-like" economy as usually assumed in various x-flation arguments, and frankly I doubt that it could be, even in theory.

So all the usual arguments about coin-flation assume things about them 'coinsiz that are plainly wrong.

But I don't really mind deflation (technically, even my coins have it, and might get some more if I can seduce someone to code in a certain non-miner-offending pseudo-deflationary influence for a bounty in GG). What I find mind is the stale mindset that demands that every alt-coin have it implement the bitcoin way "BCoz it iz ze right way!1!"  (with all due respect, it is currently not practically known what are the mid, let along long term, effects of cutting miner subsidy in a system dependent on said miners for its very operation and prone to  "spirals of  doom" in case of their mass exodus)

Geist Geld, the experimental cryptocurrency, is ready for yet another SolidCoin collapse Wink

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