[ANN] AIRcoin

[AIRcoin]

In the last two days, we have seriously reviewed our internal structure and how we manage ourselves, the coin, and the community, and we've decided to regroup and reorganize to focus on real-world media, endorsement, and infrastructure. The coin is only a week old on an exchange. It is a living financial experiment, that is under improvement, and those who purchased AIRcoin should know this, and our theory is applicable and works well, but requires an environment that we need to properly build from the ground up, beyond the very small environment offered by just the existing market. It is now our duty to do whatever is necessary to change the system or the environment, so that it works long-term.

This means, clearly, we are seeking a larger real world audience, changing our policies on privacy, making more connections with real world business to accept AIRcoin, and whatever else is necessary to create an ideal economic environment for a large volume exchange. We have not abandoned this coin, nor have we planned on doing so. We intend on making AIRcoin both stronger in code, system, economics, and usage in the real world.

The investment pool and trading system and how we managed was an experiment, one that has proven to be unsustainable in these particular conditions. We have as of, 12 hours ago, the last form of market support was concluded, and it is now a completely free market just like any other cryptocoin with no direct involvement from our system. The price currently is almost entirely dictated by the prices that miners are able to sell at to sustain their profit currently.

Our intention is not to pump the price or to directly declare a price to hold, that was never the intent or the plan, it was to provide slowly moving, up or down, rates, that acceptable support. The intent was to always make a self-sustaining system that did not require direct manipulation or purchasing of the coins from the developers themselves. The entire amount of trading value, right now, is split into ~10% BTC and 90% AIRcoin that was purchased from the market to keep the price up. That BTC will remain on Poloniex and is not withdrawn, is not being used to pay the developers, and following the trend of the transparency release, we have used almost the entire investment pool to purchase AIRcoin, not to pay ourselves.

We have postponed DGW and the wallet update indefinitely. As a result of attempting to rush the development, we ran into numerous syncing bugs from the change to DGW and other tweaks into the code. This is the primary reason for the lack of communication: worry that we would not be able to solve the syncing issue in time. It wasn't up to our standards as compiled and it would have been a disservice to release it prematurely.

We're currently looking carefully x11, however it is still relatively new, and most of the problems it solves can also be solved on the market side, so it is definitely a long term option, but we are going to realistically compare it with Scrypt-N, Scrypt-Jane, or, other algorithms that have benefit to the use of their computing power beyond mining.

At all times, we reserve the right to keep our personal information protected, especially given the anonymous nature of online forums and the cryptocurrency community for our protection, that is why we have chosen to incorporate.

If you have purchased AIRcoin, knowing that this is a long-term investment, it is in your best interest to hold it. If your investment puts you at financial risk, and you are unable to have enough faith in our team to pull through and make results, then you are not invested in the project or the team, but in short-term profit, and there are many other coins for the purpose.

Because our team is going to focus its energy toward real world application, we will leave this thread for discussion, and will respond when necessary, but for direct questions and concerns, we will primarily work via email or through our website. Supporters are always welcome to discuss our plans and decisions personally with us as we develop them.

 - Alexander


EDIT:

To make sure our point is clear: this coin is not dead. We are still actively working full time on it, and it has only been in the market for one week. We are changing our objectives and methods, but that does not mean, in any way, that we are abandoning the coin. For a brief period, it will not be supported by our system, but that does not mean we are not going to implement a new system or that we have abandoned the investment system in any way.

[1714993536]

1714993536

[scottlilo]

Extremely dissapointed, However, I do understand. This is an unpredictable market, and you guys made an admirable attempt.

I believe AIRcoin has succumbed to the same enviromental pressures as nearly every other cryptocoin. The exchange rate began way too high too not sell. I personally had mined for a week with 4.5 M/hash, and on launch day i could've sold for exactly 2.6 BITCOIN !! Are you kidding me ? Thats the equivalent of .08253 BTC Per M/Hash Per Day. !! Ridiculous Prices. At the time i wasn;t going to complain. I saw AIRcoin hitting .006 in a matter of weeks. It seems other miners succumbed to greed and cashed out for the prices i could've potentitally cashed out for. It was WAY TOO PROFITABLE TO MINE.

I never realized that a coin could be too profitable to mine, but if you mined AIR from the early days then you know what I'm talking about. Miners can't be trusted not too sell at such a profitable price, and investors weren't present on Poloniex to pick up the slack.

I will forever refer to AIRcoin as the Perfect Storm...


Also, Here is a small Aside about X11 and why it is superior to other algorithms like scrpyt adaptive N..

There other hash solutions out there the best known of these being Scrypt-Jane and Adaptive-N which for the most part are the same. They both use a variable N factor which is locked to 2^10 in Scrypt. This is the memory requirement, 2^10 works out to 1024 bytes. Vertcoin a very popular Adaptive-N coin currently uses an N factor of 2^11 which works out to 2048 bytes, every time the N factor goes up the performance of miners drops by half. Vertcoin currently has half the performance of Scrypt and has a maximum N of 2^32 which works out to 4GB, most graphic cards cannot even do work at that level and with the current hash rate the difficulty of Vertcoin could not go low enough to support that level of N. Scrypt-Jane and Adaptive-N may be ASIC hostile but they are also GPU hostile.

There is an alternative that has been largly over looked which was created by Even Duffield. This is the chap who created DarkCoin which looks to include the DarkSend feature that will allow anonymous transactions. X11 uses 11 well known and high performing hashing solutions chained together to generate the hashes required to generate new blocks. Since it uses 11 different hashes it is complex and unlikely to see a ASIC for it any time soon. The good news for miners is that they can use X11 right now to avoid multipools and start gathering coins that are going to become very important when the Scrypt ASICs hit. Mining X11 gives 3-4 times the hash power of Scrypt, uses less energy and generates less heat.

This is the solution that people have been looking for.

[dragon17au]

that's it folks, straight from the horse's mouth, failure of their algos and withdrawal of support.
Please proceed calmly and orderly to the exit, don't forget to turn the light off if you are the last person.

[JTB800]

Because our team is going to focus its energy toward real world application, we will leave this thread for discussion, and will respond when necessary, but for direct questions and concerns, we will primarily work via email or through our website. Supporters are always welcome to discuss our plans and decisions personally with us as we develop them.

 - Alexander

Wait...what? You're statement at the end of your big announcement two days ago was:

Please, if you have any questions, either post them here, and we will try to address them promptly and plainly.  

Now, you will only be "answering" questions privately?

Sheesh. Every time you people open your mouths it gets worse and worse.
 
  
 

[Mortimer452]

oh boy . . .  price @ 0.0001 by midnight CST, I'd wager . . .

[anonymousxx1503]

Did you just basically say your coin is a worthless clone now, after one fucking week?


Edit : Now AIRcoin has become a simple scrypt clone with a HUGE premine . Sweet. Dumps down to 0.00026

[anonymousxx1503]

The irony is painful. There is most likely no other coin out there right now since AIR launched, that was a worse investment/speculation than AIR - The investment coin.

[Sprite160]

Now..... what to do with Flatulence coin??? Maybe wait for it to become methane, and it will have a use again...lol

[Titus pollo]

wow that was fast ...

[slyA]

Lol it's like the titanic capsizing only this titanic was a canoe with polished wood.

Air coin just hindenberged. It was a fun suspensful ride. I have nothing left to add as I have been vindicated. Scollito I think the dick sucking is quite enough now. Some poor sap lost 100% of his coin value. I managed to eject with a 25 percent loss.

[anonymousxx1503]

AIRcoin on top of the charts! (of coins that have lost the most value)

[Sprite160]

Marketcap now number 56....and falling... Nice job dev team.. Your last announcement drove the price to the ground and under. Nice..

[stephendt]

So uh, what just happened? 

[tx42]

The devs should destroy the premine.

[tx42]

The irony is painful. There is most likely no other coin out there right now since AIR launched, that was a worse investment/speculation than AIR - The investment coin.

That's irony, pretty much at its finest, or worst, depending on how you look at it.

[slyA]

So uh, what just happened? 

The devs just dropped fatman and little boy into the Hiroshima that is AIR coin. What you are seeing on coinmarketcap is the first ring of the mushroom cloud.

[Turpomann]

Big mistake Alexander. Nice damage control. 

Showing up with arrogant post like that. Completely ignoring root causes of the failure.

[dragon17au]

I'd still give credits to the devs for being upfront and honest about their failure.
Any suggestion on what to mine next? I have no luck with roto due to its insane difficulty level and i was a few hours late to jump in.

[hughjays77]

oh Alex oh Alex,

At current difficulty '12' its worth approx 0.001. At current price, diff should be approx 2

"If you have purchased AIRcoin, knowing that this is a long-term investment, it is in your best interest to hold it. If your investment puts you at financial risk, and you are unable to have enough faith in our team to pull through and make results, then you are not invested in the project or the team, but in short-term profit, and there are many other coins for the purpose. "

The above statement is your most profound whether you realize it or not. Welcome to the real world...not university land. May I recommend books eg. "Market Wizards" or movie "Wolf of Wall Street". Expectations of support was your undoing. Those expectations have to be managed. After the difficulty falls and the short term speculators are gone you will be able to re-implement a support algorithm.

Good luck

In the last two days, we have seriously reviewed our internal structure and how we manage ourselves, the coin, and the community, and we've decided to regroup and reorganize to focus on real-world media, endorsement, and infrastructure. The coin is only a week old on an exchange. It is a living financial experiment, that is under improvement, and those who purchased AIRcoin should know this, and our theory is applicable and works well, but requires an environment that we need to properly build from the ground up, beyond the very small environment offered by just the existing market. It is now our duty to do whatever is necessary to change the system or the environment, so that it works long-term.

This means, clearly, we are seeking a larger real world audience, changing our policies on privacy, making more connections with real world business to accept AIRcoin, and whatever else is necessary to create an ideal economic environment for a large volume exchange. We have not abandoned this coin, nor have we planned on doing so. We intend on making AIRcoin both stronger in code, system, economics, and usage in the real world.

The investment pool and trading system and how we managed was an experiment, one that has proven to be unsustainable in these particular conditions. We have as of, 12 hours ago, the last form of market support was concluded, and it is now a completely free market just like any other cryptocoin with no direct involvement from our system. The price currently is almost entirely dictated by the prices that miners are able to sell at to sustain their profit currently.

Our intention is not to pump the price or to directly declare a price to hold, that was never the intent or the plan, it was to provide slowly moving, up or down, rates, that acceptable support. The intent was to always make a self-sustaining system that did not require direct manipulation or purchasing of the coins from the developers themselves. The entire amount of trading value, right now, is split into ~10% BTC and 90% AIRcoin that was purchased from the market to keep the price up. That BTC will remain on Poloniex and is not withdrawn, is not being used to pay the developers, and following the trend of the transparency release, we have used almost the entire investment pool to purchase AIRcoin, not to pay ourselves.

We have postponed DGW and the wallet update indefinitely. As a result of attempting to rush the development, we ran into numerous syncing bugs from the change to DGW and other tweaks into the code. This is the primary reason for the lack of communication: worry that we would not be able to solve the syncing issue in time. It wasn't up to our standards as compiled and it would have been a disservice to release it prematurely.

We're currently looking carefully x11, however it is still relatively new, and most of the problems it solves can also be solved on the market side, so it is definitely a long term option, but we are going to realistically compare it with Scrypt-N, Scrypt-Jane, or, other algorithms that have benefit to the use of their computing power beyond mining.

At all times, we reserve the right to keep our personal information protected, especially given the anonymous nature of online forums and the cryptocurrency community for our protection, that is why we have chosen to incorporate.

If you have purchased AIRcoin, knowing that this is a long-term investment, it is in your best interest to hold it. If your investment puts you at financial risk, and you are unable to have enough faith in our team to pull through and make results, then you are not invested in the project or the team, but in short-term profit, and there are many other coins for the purpose.

Because our team is going to focus its energy toward real world application, we will leave this thread for discussion, and will respond when necessary, but for direct questions and concerns, we will primarily work via email or through our website. Supporters are always welcome to discuss our plans and decisions personally with us as we develop them.

 - Alexander


EDIT:

To make sure our point is clear: this coin is not dead. We are still actively working full time on it, and it has only been in the market for one week. We are changing our objectives and methods, but that does not mean, in any way, that we are abandoning the coin. For a brief period, it will not be supported by our system, but that does not mean we are not going to implement a new system or that we have abandoned the investment system in any way.

[tx42]

So uh, what just happened? 

The devs just dropped fatman and little boy into the Hiroshima that is AIR coin. What you are seeing on coinmarketcap is the first ring of the mushroom cloud.