[ANN] AIRcoin

[Acidyo]

Feb. 20th 2014

if you want to be taken seriously, you must have 0% premine (THAT'S ZERO) and 0.00000001 coins for the first 1000 blocks to stop whales pumping out the first coins.
otherwise, you are just another pump and dump coin.

ADD: if you truly believe in your coin, the above recommendations won't be a problem for you.

Any large dumps in this coin will be seen in the exchange rate. Since we have invested heavily in hiring traders and equipment to maintain the exchange rate, dumping this coin would not be in our interest. We pay our expenses through smart speculation that benefits the entire AIRcoin userbase, not through scams.

In fact, if you DO see any large dumps on any exchange with this coin, we'd like you to notify us immediately so we can respond and support the market. We believe that because our coin will be invested in an index of the total market, that the ability to raise the exchange rate will always be stronger than the seller's abilities to dump the coin. Our trading actions and the growth of the investment pool will be published publicly, weekly, and you can cross-reference the data with what you observe in the markets to keep us in check.

If you still do not take us seriously, let me know what I can do for you to convince you otherwise. If you want to learn more about how much we believe in our coin, read the whitepaper that addresses the cryptocoin community here: http://teamaircoin.org/docs/

Pump and dump schemes are child's play, really. We are one of the few coins that has the power to do clean, legitimate work and be successful at it. We're going to use that to our advantage.

24 Hour Difficulty Retarget Time <-- lol

We use things like the block reward, the difficulty adjustment time, and recommended pool fees to adjust supply and demand to prevent this coin from achieving problems in the exchange rate. By making the difficulty adjustment time long, we allow for daily "cylical" motion of the exchange rate, assuming that some miners will sell the currency as it is mined. This puts the advantage to investors and traders, since they can effectively scalp the exchange rate against the miner's actions.

Wallet wont sync new nodes please

nodes

(other posts omitted)

We are currently dealing with an issue with our node server. However, we do not intend to release a poor fix but are taking the time we have now to improve and prepare it from the beginning. I believe that a little patience and caution exhibited now will benefit us greatly.

Users who have alerted us of the Node Issue before this post (5PM EST Feb. 20th) however, will receive a compensatory .1/A transaction to get them started once it is fixed.

Premine done yet?

Quote from: AIRcoin on Today at 09:08:26 AM
We're working on resolving the seed node issue now, and will respond immediately as soon as the issue is resolved.

Why so problems? Are you mining there?  :Grin:

The Premine was completed before the launch of the coin, we mined five 500,000 reward blocks, resulting in a total of 2,500,000 coins. You will be able to see this in both our weekly reports and in observing the blockchain. The premining was successfully completed before we encountered the issue with our seed nodes. This is exactly 0.25% of the total output coins, which is all we believe is sufficient with the resources we have to both operate and grow the exchange rate.

I can only hope the project succeed, "The Allied Investors trading floor, utilizing existing Cryptocurrency markets, can increase the rate by 5% per week" USDe tried something similar but fail. Only Insanitycoin seems to get it right.

Glad to know you like it.

USDe did not feature aggressive trading (at least, not on the same level of professionalism) and suffers from hyperinflation problems like many of the new cryptocoins released in the last few weeks due to copying of the Dogecoin success (which, ironically enough, is a demand-based success, and these copycats only affect the supply!).

Insanity coin utilizes destructive supply features, which are nice if you want to restrict the supply (and then hope demand remains the same or increases) but are ineffective for long-term exchange rate increases. A modern day investment pool doesn't go and burn other people's dollars to raise the value of their own dollars: it's much better to efficiently allocate and benefit from group work.

You can equate the short-term operation of most of these coins (Dogecoin, Pandacoin, Earthcoin, USDe, etc.) to other hyperinflationary states, like Zimbabwe in the mid-2000s and Germany in 1921-1924. Without incredible (statistically unlikely) leaps of demand that balances external effects, they decompose. It's not a matter of having one strong theoretical leg to stand on, but many.

Both of these failures are extremely indicative of coins that are created under the pretense of deterministic price and "inherent value", things that academic economists haven't considered to be "fact" since the 1800s. To maintain consistency in an exchange rate, consistent maintenance must be applied. Such maintenance is impossible with a weak development staff (or one that is heavy on coders, and light on economists) or a tidal wave of inflation that the developers would have no hope to overcome, simply because they gave away as many coins as possible to build "hype".

We get around these problems through index investments in the competitive coin market. I advise you read A Random Walk Down Wall Street to understand the way it solves these problems, it's a highly influential and modern look at finance.

Hi There
 
No source, no party for noderz
 
Post at least the ZIP of the source, I'll add a node for this coin.
 
### VGold

We would like to operate our own node servers first, which are working on, and we will not release the source code immediately. There are plans for a release of the source code in the near future, however, after more pressing matters have been attended to.


To the rest of you: Thank you for your support. We'd like feedback and opinion as well, as we intend to use this coin as an example of an economically sustainable coin capable of competing in real world financial markets: something that the cryptocurrency community does lack.

-Alexander

I just have to say. I read all of the above and it was like I was reading a book. The sentences flowed so nicely and the words were spot on chosen correctly. If you were applying for a job at my firm, I would offer you my position.

[ISAWHIM]

I just have to say. I read all of the above and it was like I was reading a book. The sentences flowed so nicely and the words were spot on chosen correctly. If you were applying for a job at my firm, I would offer you my position.

Agreed... They make TLDR worth reading.

These guys know what they are doing. Obviously, they are bankers and politicians, not kids and programmers.

P.S. That was not an insult to bankers and politicians... Nor to kids and programmers.

EDIT: Just had a weird Déjà-vu there...

[AIRcoin]

P.S. I don't like the idea of being tied to BTC-Value, since BTC is not a fixed value. Being worth 0.1BTC means nothing, without knowing what that 0.1BTC is worth in the denomination you will be withdrawing/buying with. That is one of the major flaws in cryptsy. It shows you value in BTC. It should show value in USD or CNY or JPY, based off BTC-Val/USD CNY JPY, etc... but only because you are actually trading in BTC as the medium. Going from 0.1BTC val to 0.2BTC val is not a gain, if BTC just dropped in value from $1200 USD to $200 USD... it would be a loss, and thus, makes it a useless base for "value comparison". (Since you have to value BTC as some currency, then that should be the foundation for representation, and expressed as such.) But, if you only use BTC as the value, that is fine by me. Because at the moment, my goal is simply more BTC, no matter what the cost is now. But that is not everyone's desire.

We use BTC because it is the earliest "point of exit" for the coin. We could describe AIR in terms of the value of rocks, but to buy rocks you will have to find points of sale, which would require AIR>BTC>USD>Rocks until a rock salesman decided to start accepting AIR.

When an exchange for AIR/USD opens up, we'll describe it in terms of AIR/USD. For now, we are launching on an AIR/BTC exchange first.

I just have to say. I read all of the above and it was like I was reading a book. The sentences flowed so nicely and the words were spot on chosen correctly. If you were applying for a job at my firm, I would offer you my position.

http://www.teamaircoin.org/whitepaper.pdf

We're releasing an internal response to that paper soon, along with a revised edition.

[luke997]

Thank you for an interesting read.

Finally some truly innovative coin.

[Shadow_Runner]

difficulty : 0.31372220

Still acceptable for solo. Mined ~37 AIR last night.

[LeFiste]

difficulty : 0.31372220

Still acceptable for solo. Mined ~37 AIR last night.

Nevertheless, we should think about setting up a pool. I have a feeling difficulty will rise fast.

[ISAWHIM]

BTC= Rock... Rocks have value, different value to different people... Like BTC...

Comparing to BTC as AIR/BTC value, is irrelevant, unless we just want BTC. BTC is not an exit point, is is a direct conversion limitation. The "value" is still always some FIAT. You would still have to compare AIR to BTC/USD not just BTC alone. To get "value".

That is what we do now, just the hard way... Knowing it is worth 0.1BTC is useless unless you know the "value" of BTC in some form of FIAT. (Even things purchased with BTC, have determined BTC-cost based on FIAT-Value of BTC/FIAT, before setting the "cost" in BTC. BTC is a "Cost" not a "Value".)

That is why Alts should be going up, as BTC falls in value. So they equal the same FIAT-Value. When they do not rise with BTC fall, they are actually falling in value too. When they rise, if they don't rise enough to cover value, they are still falling. If they fall when BTC falls, then they are loosing value exponentially. (Since they are traded against BTC/FIAT value.)

BTW, expectations in BTC-Mining-Reward is not what we expect, as miners. BTC is not the most rewarding to mine. Usually it is never the most rewarding to mine. Just a forced-output, to get to FIAT. (A hindrance.)

You want an alt to thrive, with actual value comparison... Create a direct FIAT exchange. (Even if only private, at first, to investors. For a true base-line, which can be used to guide what the coin is worth, compared to BTC.)

Ok, rant done. Just expressing my long-term concern and commitment, indicating that if tied to just "BTC-reward", and not "BTC/USD Value", my stay will not be long here. Especially if "my value" will be "manipulated", without control, by another individual. Defeats the purpose of "setting your own value". Makes it more like a FIAT, which is almost counter-productive to the point of the coin in the first place.

Good though, that you can only actually manipulate the miners rewards, and not the actual coins value, once mined. (Except through direct purchases and sales on the exchanges we are listing on.) As a miner though, this is not looking like it offers much of an incentive. Knowing that the coin I mined is what it is, but future coins mined will be manipulated just prior to actually finding them, is slightly disturbing. One bug, and we all of a sudden have 1000000 coin rewards, or 0.000000001 coin rewards, and a resulting cluster-f**k of market adjustments that burden everyone, not just those few buggy rewards that failed a floating-point conversion, or pulled/fed bad value data, at the time they mined the reward. (Blind miners would mine for days before they had a chance to respond. Hoppers would know instantly, and jump-off or jump-on depending on the error.)

The only thing that would have let you completely "regulate" the coin, is if all coins actually got mined directly to the "primary exchange", and had to be extracted from there, before going into a users wallet, for secondary exchange or use. Since these go right into our wallets, we can use any exchange, or no exchange. You only have the ability to manipulate exchanges themselves. Not person to person exchanges.

Manipulating non-owned exchanges may eventually kick you in the butt... Remember, exchanges are not regulated. They could list fake low values, to get you to fork-over more coins, or fake high values, for the same reason. Trying to manipulate them would put us ALL at risk, not just you. If you lost, trying to manipulate those external markets.

In the end, the "big conspiracy" that will troll you is this...
"You are manipulating our value, for your own personal gains, using our value to make you favorable returns"

Something you just won't be able to prove, and thus, will become fueled by the majority, who "have to lose" so the "few can gain", since "everyone can't just gain", or there would be no gains at all. (Unless someone just kept dumping millions of dollars into the exchange, adding value. Someone is losing on those trades, and those gaining will be less, or the gains will not be "large". If "small", then there are still more losers, losing, though there are still more winning less.) Same problems banks face when offering CD's and savings-rewards... (Then they still have to take-out overhead costs and CEO pay and losses from defaults. Leaves little reward.)

Now... If value is taken from other markets... Wait.. take value from BTC and you reduce our reward as BTC value too... Seems like a catch-22 unless you are taking value from other locations like other alts, and gold, silver, oil, IBM, APPLE, ENRON...

[ISAWHIM]

On the other hand...

If tied to the exchange, and the user selected, say USD, at whatever exchange...

Values below would be initially set to match the value on the date the coins were mined/deposited, on whatever exchange was selected. The last value being the actual "exchange rate per 1 coin".

The wallet would show this...
AIR           USD           USD/AIR
3.75 AIR = $0.05432 @ $0.014485/AIR
3.75 AIR = $0.18323 @ $0.048861/AIR
3.75 AIR = $0.01433 @ $0.003821/AIR
3.75 AIR = $0.11131 @ $0.029682/AIR
100 AIR = $2.21333 @ $0.022133/AIR
==============================
115 AIR = $2.57652 @ $0.0257652/AIR

Then we would see that if the value rose to $0.0410000/AIR... it would be good to sell all coins.
Then we would see that if the value fell to $0.0104000/AIR... We could sell only 3.75 for a gain, the rest would be a slight loss. Or 7.5 for nearly break-even. (third one would be removed, since it is the lowest valued 3.75, and assumed to be the one sold.)

Also, as a whole, we constantly see the "value".

If we select BTC as the value... then those $ would be replaced by BTC symbols. (If that is our goal.)

The addition of this line, at the bottom...
==============================
115 AIR = $2.57652 @ $0.0257652/AIR
==============================
Exchange Rate @ Cryptsy:
115 AIR = $4.71500 @ $0.0410000/AIR

That would show the actual value now... Thus, you instantly see what gains/losses you have, over your initial value (Or your individual "Bottom dollar".)

Plenty of room in the transactions list for that information.
Make another tab for "available funds"... like the transactions summary, with that info... and let us select which coins to sell, or auto-sell only the lowest value ones. (Does not matter which ones are actually sold, but for removal from "available funds", you would kindly remove the lowest valued ones first. Retaining the "change" to hold the same value as the last highest valued price sold.)

[Shadow_Runner]

difficulty : 0.31372220

Still acceptable for solo. Mined ~37 AIR last night.

Nevertheless, we should think about setting up a pool. I have a feeling difficulty will rise fast.

Agreed.

[salstimda]

what does that mean: "diff 20,6k without LP" ? can i change the difficulty? i dont seem to find any blocks

[ISAWHIM]

what does that mean: "diff 20,6k without LP" ? can i change the difficulty? i dont seem to find any blocks

That is the difficulty of the "block" you are trying to find...
"Without LP" = Without long-polling... (That is a form of communication for pools, called "stratum" connection. You are HTTP connected. That will not matter to solo-mining. Only for pools, due to shares-sending and work-load distribution.)

If you join a pool, you WANT a stratum connection (with long-polling), as it is faster and less cumbersome for the pool to manage. They usually have HTTP for those who can not connect through stratum connections. Only as a last-resort backup connection.

[salstimda]

what does that mean: "diff 20,6k without LP" ? can i change the difficulty? i dont seem to find any blocks

That is the difficulty of the "block" you are trying to find...
"Without LP" = Without long-polling... (That is a form of communication for pools, called "stratum" connection. You are HTTP connected. That will not matter to solo-mining. Only for pools, due to shares-sending and work-load distribution.)

ahh interesting, thanks!

[UrsaMajorisBeta]

Yay got two blocks in 5 minutes!
I don't know whether it's good or bad, It's the first time i go solo 

[Shadow_Runner]

Yay got two blocks in 5 minutes!
I don't know whether it's good or bad, It's the first time i go solo  

Congrats.  

[salstimda]

got my first block too

[splawik21]

got my first block too

and me too jupi!

[Isotactic]

This coin looks promising, but does contain a number of issues that could harm the viability of the coin. A few suggestions for the developer:

1. difficulty re-targeting - A 24 hour re-target period is going to be razed by multipools. This should be changed to Kimoto's gravity well for re-targeting. If the change does not occur the coin is dead before it ever started.

2. lack of pools - As of right now this is not much of an issue, but as soon as the difficulty creeps up past 1, solo mining will no longer be feasible for an average miner. An official pool will go a long way to alleviate this issue.

3. Maturation time of blocks - A block maturation time of 6 minutes (3 confirms) allows for miners to easily pump & dump coins. It also can lead to an increase in transaction malleability, as coins people think they have mined may suddenly disappear from their wallets. It may be wise to increase the amount of time a block has to mature before it becomes spendable.

I think with these adjustments this coin can do very well. In the current state though, it has a large number of flaws that will hamper it's ability to become truly successful.

[ISAWHIM]

This coin looks promising, but does contain a number of issues that could harm the viability of the coin. A few suggestions for the developer:

1. difficulty re-targeting - A 24 hour re-target period is going to be razed by multipools. This should be changed to Kimoto's gravity well for re-targeting. If the change does not occur the coin is dead before it ever started.

2. lack of pools - As of right now this is not much of an issue, but as soon as the difficulty creeps up past 1, solo mining will no longer be feasible for an average miner. An official pool will go a long way to alleviate this issue.

3. Maturation time of blocks - A block maturation time of 6 minutes (3 confirms) allows for miners to easily pump & dump coins. It also can lead to an increase in transaction malleability, as coins people think they have mined may suddenly disappear from their wallets. It may be wise to increase the amount of time a block has to mature before it becomes spendable.

I think with these adjustments this coin can do very well. In the current state though, it has a large number of flaws that will hamper it's ability to become truly successful.

They are considering #1 as we speak... (Through PM suggestions.)
#2 is being worked-on (Early adoption is hard, due to changing state of coin dev.)
#3 Though I agree that maturity should be closer to 24-hrs (For forking reasons)... Even that would not alter dumping much. In pools, they can horde plenty of coins that are not being withdrawn, making instant-earned coins ready for withdraw, even before maturity. It will slow-down some solo-miner dumping, but only delay the inevitable. If they want to dump 1000 coins, they will do it once they are ready. Now or later.

I missed that the first observation. Was not looking at the mined-block confirms. Didn't even look at the standard transfer confirms needed. (5-6 blocks [10-min to 12-min] there would be fine, in 99% of the cases. Depends on the natural mini-forks running lengths. I think 6 was the point where natural forking was almost unseen, on a 2-min block.)

[ISAWHIM]

Quick, re-release it with "Zero premine", it's not too late yet... it will be in a month...
Oh, and sources...

Live off donations for services. Not our un-earned value, which we have not added to the network yet.

Perfect time to start-over... after you fix the node issue.

Then make an official post... Usually starts with the title... "[ANN][AIR] AIRcoin", not "/AIRcoin"...That threw me off at first. (Also kill the / as it will screw-up things. Not sure why it is there, just looks like a type-o. Hard to search for it too... looks like a folder.)

[Shadow_Runner]

You wanna tell me I spend 2 days mining for relaunch?