[ANN] AIRcoin

[Tbone123]

To clarify: Yes, the coins will be 1:1 at the amounts when verified in that 72 hour window.

However, this is explicitly not a transfer of funds. We are not accepting any of the old AIRcoin (AIRcoin beta) and you are free to continue using them, we are just using the support that others have (from their existing stores of AIRcoin) to distribute the new blockchain. The team is not moving coins from one location to another, they are just distributing new ones, and the old coin code still exists.

The timeline stated in the previous post will start (0HR) when the new coin's code is ready to be released and it is set up for exchange.

Everything is clear now, thanks!

Not quite everything is clear to me.
ISAWHIM's question about coins on the Poloniex wallet's still is unclear. Will Poloniex offer support and verify on our behalf our do we transfer all out of Poloniex to local wallets then verify?

[Cryptosapiens]

Not quite everything is clear to me.
ISAWHIM's question about coins on the Poloniex wallet's still is unclear. Will Poloniex offer support and verify on our behalf our do we transfer all out of Poloniex to local wallets then verify?

ASAWHIM was assuming it would be a move from the old coin to the new coin, but its's not.. the old coin will still exist, you will get an amount of the new coin equal to the amount of old coin that you manage to verify, you are free to keep mining, buying and selling the old coin.

I´m assuming we will be the only responsible to verify our coins.

[ISAWHIM]

Ok, so there will be two coins...

The old one staying as Scrypt, the new one will be n-Scrypt?

Both will have an equal premine, thus AIRteam now has 5,000,000 AIRcoins (new+old) total, 2.5-million x2... 2.5mill on each chain...

We will get "matched" value on the new AIRcoin, but AIRcoin-Beta will still be a whole other coin... (Also traded on the exchanges?)

So, again, we move ten steps backwards... A bunch of people (old investors) get a bunch of $0.00 cost-to-produce coins.. of the new coin... making us able to dump down to $0.0000001 if desired, for a gain, on the new coin, which others are having to mine, at an actual cost! Then, we also still get to have our old coins, which now it would be safe to assume, half the miners of OLD-AIR, will go to NEW-AIR. Thus making it even easier for them to cash-out at half the price on both coins value. (Since less miners on that coin = more reward per day, thus, half the cost to obtain them.) Worse if everyone leaves BETA, and moves to the new coin, of even less value...

Why exactly would you NOT just transfer coins/value and dismantle the old coin? I am not following this logic.

(Might then want to make a whole new coin called NotAIR, since that will just confuse everyone, calling the new coin AIRcoin, and trying to rename the old one AIRcoinBeta.)

You see... This is exactly what I am talking about...

There is no... "AIRteam: Question... Hey guys, who just invested a bunch of money/time... What do you think of us doing this idea?"...

Instead, it is like this... "AIRteam: Statement... This is what we decided to do to your value/investment now!"

[Juicemixer]

It would be awesome if Aircoin Beta ends up being worth more than the new Aircoin. One day I'll end up buying a TV from Walmart with Aircoin Beta because everyone mined it instead.

[andyatcrux]

Interesting approach. Not sure what the point of keeping the BETA around is, but I suppose it rewards holders of the coin and could cause the price to rise in the next 72 hours. There are more buy orders.

If the BETA is not going to be supported at some point, what would happen to the BETA premine once support ends?

The decision to go with Scrypt-N is kind of a toss up. I know some people love it, but it is hardly more "new user" friendly than X11.Personally it is much harder on my cards and I get 25% compared to the standard 40% of scrypt with Scrypt-N. Any higher and I get a ton of hardware errors and risk ruining my cards. In short, X11 has been much more user friendly for me than Scrypt-N. There is no "sweet spot" to contend with like with Scrypt-N, making it much easier to configure IMHO. Regardless, I will just stop mining it is all. I will still trade it.

EDIT: just as I was writing this a huge dump occurred. My    0.000105 buy order got eaten up. The mining power has dropped. A certain large holder may be calling it quits.

[tx42]

To clarify: Yes, the coins will be 1:1 at the amounts when verified in that 72 hour window.

However, this is explicitly not a transfer of funds. We are not accepting any of the old AIRcoin (AIRcoin beta) and you are free to continue using them, we are just using the support that others have (from their existing stores of AIRcoin) to distribute the new blockchain. The team is not moving coins from one location to another, they are just distributing new ones, and the old coin code still exists.

The timeline stated in the previous post will start (0HR) when the new coin's code is ready to be released and it is set up for exchange.

You have to clarify better.

Does this mean that if you hold X AIRcoin beta, which is Y% of total AIRcoin beta, that you get Y% of total new AIRcoin.

MANY AIRcoin investors who have held through the rough times (like myself) are scratching their heads right now.

Please clear this up.

[andyatcrux]

To clarify: Yes, the coins will be 1:1 at the amounts when verified in that 72 hour window.

However, this is explicitly not a transfer of funds. We are not accepting any of the old AIRcoin (AIRcoin beta) and you are free to continue using them, we are just using the support that others have (from their existing stores of AIRcoin) to distribute the new blockchain. The team is not moving coins from one location to another, they are just distributing new ones, and the old coin code still exists.

The timeline stated in the previous post will start (0HR) when the new coin's code is ready to be released and it is set up for exchange.

You have to clarify better.

Does this mean that if you hold X AIRcoin beta, which is Y% of total air Coinbeta, that you get Y% of total new AIRcoin.

MANY AIRcoin investors who have held through the rough times (like myself) are scratching their heads right now.

Please clear this up.

They added this to the first statement:


Addendum:

The coins will be 1:1 at the amounts when verified in that 72 hour window.


It will be a literal match. If you have 145 beta's you get 145 new coins.

[tx42]

It will be a literal match. If you have 145 beta's you get 145 new coins.

I hope you are right.

[andyatcrux]

It will be a literal match. If you have 145 beta's you get 145 new coins.

I hope you are right.

LOL, I hope so too. Otherwise I will be inserting foot into mouth.  

[Mortimer452]

So, if I'm understanding this correctly, all the AIR Beta I submit during the verification window will be honored 1:1 with the new AIRcoin.

My AIR Beta is not destroyed or exchanged, I get to keep it?  For every AIR Beta that I own right now, I get a matching "new" AIRcoin?

If that's the case, why on earth isn't everyone buying assloads of AIR right now?  If the rewards structure is the same, 3.72 coins per block, it would a long time to mine 1,000 coins, especially on Scrypt-N.  This many coins can be had for a mere 0.1-0.2 BTC at current prices.

[andyatcrux]

With a large spread after the dump by (I am not sure who) people will be hesitant to see who will make the next move. It could conceivably be a very big opportunity. I do wonder what would happen with the BETA premine though. They said it would be supported "for the time being."

[Sprite160]

So, is the 2.5 mil dev-mine from AIRbeta also going to be verified and made available to the dev team in addition to another 2.5 mil premine on NewAIR? Now, wouldn't that be something? 5 mil total premine? Not very clear here guys.

[ISAWHIM]

So, if I'm understanding this correctly, all the AIR Beta I submit during the verification window will be honored 1:1 with the new AIRcoin.

My AIR Beta is not destroyed or exchanged, I get to keep it?  For every AIR Beta that I own right now, I get a matching "new" AIRcoin?

If that's the case, why on earth isn't everyone buying assloads of AIR right now?

So you get 2x the AIR, in essence... (Pun intended.)

If you have 2,000 OldAIRbeta, you will now have 2,000 oldAIRbeta, and 2,000 newAIR...

Why have only 2,000 turn to 4,000, when you could have 20,000 and turn that into 40,000!

[dragonseer]

This is an interesting strategy... It reads to me like instead of launching an IPO, holders of Aircoin that have been following this thread have essentially bought in to the relaunch, and so has anyone else that buys it before the verification period ends. After that verification period, Aircoin beta has a uncertain future and will likely get dumped, whereas the new Scrypt N Aircoin becomes the focus as a new kind of investment product. But will the different algorithm make that much difference? Not sure..

[Sprite160]

Still, I want to know what is going to happen to the original 2,500,000 AIR that the Dev team controls?

[CryptoKiller]

Looks like carbonshark is experiencing some wallet issues....Hope they can get it resolved.

[OmarGsPools]

My P2Pool at www.omargpools.ca:2630 has been running fine. I've been mining on it by myself most of the time.

[Turpomann]

TeamAircoin, What's wrong with current Aircoin? Nothing if you ask me. Just implement DGW and be done with it. I really don't understand why you want to create new coin. How is that changing anything? What's the point? 

Why the hell did you choose Scrypt-N for the new coin? You want miners to burn electricity for air? Because that's what it's going to do. It's only little bit more energy efficient than regular Scrypt. Crypto community is clearly moving towards less power consuming coins. Scrypt-N is one of the most power consuming new algorithms out there.

Someone on the french forum about mining i come from run some tests with a simple rig setup, with 2 x R9 280X

All tests ran with the same frequency etc..
Each algo can be optimized, but for comparison, it's good.

Power at the wall:

Idle
80-90w
 
scrypt
550W - 2 x 720khs
 
Scrypt-N
537W - 2 x 350khs
 
Scrypt-jane  
485W- 2 x 133khs
 
Groestl
271W - 2 x 7 025khs
 
Myr-G
295W - 2 x 9 920khs
 
skein
440 W - 2 x 212 500khs
 
Keccak
430W - 2 x 316 000khs
 
X11
285W - 2 x 2 080khs

[coinme.info]

TeamAircoin, What's wrong with current Aircoin? Nothing if you ask me. Just implement DGW and be done with it. I really don't understand why you want to create new coin. How is that changing anything? What's the point?  

Exactly!

Why not just update the current code with a hard fork and provide the updated wallets.

I think the devs kids have totally lost the plot with this latest announcement as it will only create confusion and increases their premine even more.

What are they going to do when AIR 2.0 doesn't go their way? Create a third AIRcoin?

[the[K]id]

TeamAircoin, What's wrong with current Aircoin? Nothing if you ask me. Just implement DGW and be done with it. I really don't understand why you want to create new coin. How is that changing anything? What's the point?  

Exactly!

Why not just update the current code with a hard fork and provide the updated wallets.

I think the devs kids have totally lost the plot with this latest announcement as it will only create confusion and increases their premine even more.

What are they going to do when AIR 2.0 doesn't go their way? Create a third AIRcoin?

I'm not sure DGW and scrypt-n is even worth the update, there are already coins with those features.  To me it sounds like they will destroy the value of both coins in one go.

The decision to use scrypt-n over other variants is disappointing given the huge power savings some of the new algo's give.  If you are going to change why not actually give some benefit to the mining community with cheaper running costs?  Instead we are getting jerked around with plummeting value on a  heavily premined coin that is soon to be abandoned and a new coin that doesn't offer anything new.