[ANN] AIRcoin

[hughjays77]

x11 was the obvious choice. Never has my house been cooler.[darkcoin, hiro, lime and more to come] Almost winter here in Aus. Cool cards no extra fan or airconditioning needed I will never mine AIR again as the $300/mth extra in electricity costs and intense heat is not worth it. I will hold and maybe buy the new AIR but no mining for me. Good luck to you guys in the USA summer heat.

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[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?

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.

Agree.. I've been mining Hiro & Heavycoin since AIR and before that VTC. I like the X11 and Heavy1 because they use 1/2 the power, generate a lot less heat and run quiet.

Scrypt-N is a bad choice IMHO as it offers the miners nothing but high costs and with 1/2 the hashrate of scrypt, and already ASICS are being designed to run Scrypt-N.

Looks like AIRteam is well on the way to setting AIR 2.0 up for another fail.

Nothing in their announcement entices me back to mining or investing in this coin.

[kikeda]

x11 was the obvious choice. Never has my house been cooler.[darkcoin, hiro, lime and more to come] Almost winter here in Aus. Cool cards no extra fan or airconditioning needed I will never mine AIR again as the $300/mth extra in electricity costs and intense heat is not worth it. I will hold and maybe buy the new AIR but no mining for me. Good luck to you guys in the USA summer heat.

+1000

also scrypt-n is a card killer... Ill be holding though but not mining.

[Equate]

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

only dev can tell how they want to use these coins.

[tricass]

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.

Agree.. I've been mining Hiro & Heavycoin since AIR and before that VTC. I like the X11 and Heavy1 because they use 1/2 the power, generate a lot less heat and run quiet.

Scrypt-N is a bad choice IMHO as it offers the miners nothing but high costs and with 1/2 the hashrate of scrypt, and already ASICS are being designed to run Scrypt-N.

Looks like AIRteam is well on the way to setting AIR 2.0 up for another fail.

Nothing in their announcement entices me back to mining or investing in this coin.

Wasn't the main drawcard of this coin the concept behind the investment pool and not the technical specs behind coin? From recollection they identified some key constraints with the 'beta' release: not enough volume, single exchange and not being able to turn on the variable block reward function. With this relaunch it sounds like we'll have 3 exchanges, variable block reward turned on and with the 2.5M premine + 1:1 mined beta (i'm assuming they won't double up on their 2.5M beta premine) should provide the increased volume. However, with this increase in premine will the system require more BTC upfront to support the price if the coin gets dumped right after relaunch?

[adhitthana]

So if we have coins, we tell them the wallet address and how many coins are in it, and provide a new Aircoin wallet address and they deposit new Aircoins into the new wallet?

[tricass]

So if we have coins, we tell them the wallet address and how many coins are in it, and provide a new Aircoin wallet address and they deposit new Aircoins into the new wallet?

sounds about right. i'd expect we'd need to keep the coins in our wallets for up to 72h otherwise they could be double counted if they were sent to someone else after being credited with the new coin.

[ISAWHIM]

It doesn't matter what algo you use... That is irrelevant.

If it runs cooler, and costs you less to create it, the coin is worth less and can be sold for less. If it costs you more, it has to be sold for more. The "hashing-rate", is not a comparison, nor is watts without adjusting your miners for the scrypt-variance. Hashing half the work, twice as fast, consumes the same power. Hashing it half the work, half as fast, is just dumb. You have just made a ghetto pseudo-ASIC, except a real ASIC would have actually run at 1/100th the cost. All you did was isolate yourself to an exclusive coin that no-one wants to hop to, or mine.

(You have no idea how scrypts work, that is why you are being suckered into the novelty of "it's faster, look at those bigger numbers!"... and "It saves power, look, only 50% of the wattage!"... lol, seriously... Might as well be mining a coin with a million-coin reward. The reward has nothing to do with the value. It is the number of blocks per day, and number of blocks you can get, with x-dollars in electricity, that determines the value of the "units", whatever they are. "OMG BTC is 2790 on Huobi and only 450 on BTCe, I'm gonna sell there instead, I get 2790, that's more, right! Yea, Yuan... What is that in Zimbabwe-dollars?)

I can make scrypt run 50% cooler, just got to tune it for that. I can make it run 50% hotter too. (The point is, you have to tune the cards for each VARIATION of the scrypt you are using. That is why hoppers only hop among the coins they are tuned for. That is the "snap your fingers to keep away the dragons". There are no dragons.)

Your failure to comprehend this stuff, is a sign that you have no idea what you are doing.

So now we have AIR, AIIR, and soon AIIIR...
Or will it be AIRs, AIRsN and AIRx11 (Hey, future markets! Get in now!)
Don't forget AIRsha2, and AIRsha3 (Soon to be.) Also AIRs6 and AIRmd5 and AIRblowfish (I like that one)

Funny thing is, they could have used an existing coin, to do what they wanted, except for manipulating the reward (redundant), and the premine (not even needed).

Is this so you have 2-coins on your own exchange that you are building? You do realize you don't even need coins (premine), if you are going to have your own exchange, since the exchange uses "credit" for the exchanges, not actual coins. (Again, a sign that they are not thinking things through.) Just like silver exchanges don't even actually have silver, they just paper-trade for differences. There is no spoon! (No silver spoon.)

Miners are now off this coin for good. I'll just double my 12K and wait for it to become worth something. Might want to actually invest in the coin/us and less in yourselves.

[ISAWHIM]

We have made a decision on exactly how to proceed with improving the coin's code. What we will be doing is marking the currently traded coin as "AIRcoin Beta", and will make a wallet update with KGW fixes and new documentation to reflect that. It will still be supported for the time being, and it will be managed on Poloniex.

Next, we will prepare a code for the full version of AIRcoin, including the variable block reward and improved investment system. Before it is released however, we will announce (with 72 hours in advance) a 72 hour verification period where users of the coin will be able to verify their wallet addresses (and the amount of AIRcoin beta inside them), after which we will have a giveaway for the new blockchain based on the amount within the wallets during verification. This gives users plenty of time to buy or sell AIRcoin in advance of this news.

The new blockchain will have very similar stats to the old one, except with a premine increased to include the coins given away for the new releaseThe next difficulty adjustment algorithm will be our own variation on the Dark Gravity Well, with further improvements over KGW.

One change that has occurred this week, however: We have chosen Scrypt-N over X11, in part due to complications with implementing X11, and concerns over its ease of access for new users. The next coin will have a number of new features, and a full update list will come out before the verification period.

So the timeline will be:

0HR: Notice of new coin
72HR: Verification period begins
144HR: Verification Period Ends
- HR: Coin released

Mintpal has requested that AIRcoin be added to their exchange, and we will add AIRcoin to Mintpal after the next release, and we are currently working with a new, well-funded and professional exchange that will be arriving soon.

We are still answering questions via email (if you don't get a response within 48 hours, try either the contact form on the website, alexander's email (Alexander@teamaircoin.org) or the support email (support@teamaircoin.org). And we are still watching the threads, but as normal, we will update the threads with new information but still ask for users to either send private messages to this account or emails for direct questions. We've found that emails are a much better way of answering direct questions about the coin, as well as keeping the team focused on the task at hand.

This is just a step of evolution towards AIRcoin, and the support you guys have shown has really helped us learn and improve as time goes on. Those who remarked early that AIRcoin was a "long term coin" are very correct. We're all hoping that we can move forward as we try to improve the system and bring it to real world merchants.

Addendum:

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.

Just a recap, for those who may have missed it... Entering the thread late...

[Sprite160]

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

No wallet issue, there was an issue with the mailer daemon. Issue resolved now. I sincerely apologize for the inconvenience. Also, since the support for the original theme for MPOS is being discontinued, I have upgraded to the latest MPOS and theme.

[tricass]

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

only dev can tell how they want to use these coins.

does it matter. i'd imagine the beta version of this coin will be worthless after the 1:1 swap occurs as it will no longer have active dev support and most of the community will swing across to the new version

[dragonseer]

Alright, I'm back on board with Aircoin. Looking forward to the verification period, and getting in early with the new launch. To make it run smoothly, they are going to have offer some plan to deal with people that might want to claim their new Aircoins and then sell them to someone else that may try the same thing. Are they going to take a snapshot at one time to verify who has the coins?

[Sprite160]

I am thinking that the only way to keep it honest is to surrender existing AIR, even if only temporarily. They could accept the AIR Beta, distribute New AIR based on what is surrendered, then at the end of verification, they could return AIR Beta. I know this sounds like a big pain, but really, how many are holding AIR right now? I can see the potential for abuse if existing AIR is not surrendered. Maybe there could be a volunteer to administer the exchange of coins. (Finger on nose...not it)

[dragonseer]

I am thinking that the only way to keep it honest is to surrender existing AIR, even if only temporarily. They could accept the AIR Beta, distribute New AIR based on what is surrendered, then at the end of verification, they could return AIR Beta. I know this sounds like a big pain, but really, how many are holding AIR right now? I can see the potential for abuse if existing AIR is not surrendered. Maybe there could be a volunteer to administer the exchange of coins. (Finger on nose...not it)

I don't know about that, instead they just could specify how long you need to have the coins at a specific address, and when they will verify the balance.

[adhitthana]

So does does this mean any  Aircoin holders have to keep checking this thread? Can we give our email adress to Teamaircoin and have them notify us of the announcement?

[mudshark79]

I am thinking that the only way to keep it honest is to surrender existing AIR, even if only temporarily. They could accept the AIR Beta, distribute New AIR based on what is surrendered, then at the end of verification, they could return AIR Beta. I know this sounds like a big pain, but really, how many are holding AIR right now? I can see the potential for abuse if existing AIR is not surrendered. Maybe there could be a volunteer to administer the exchange of coins. (Finger on nose...not it)

More likely you would simply start a new blockchain and you would than enable a redeeming mechanism in the new clients that "enables" your NEWAir on the new blockchain by importing your old wallet.dat so based on the adress-keys inside. MMC/PTS/AGS already did it several times... approved method and you don't need any exchanges whatsoever. Only the ppl have to fetch their air from the exchange and into their "own" wallet on time ... one will see, i guess. So the premined 2.5m would also appear in the new blockchain and there is no possibility of abuse (you had to trust the devs on this one until now so nothing changes here) - I think the greater "problem" is that several "Pros" that played this coin to this point are now so completely full of AIR that history will repeat even more distinct, i'm afraid. This will take a long time to "recover"... also me should have shortened greater quantities earlier.

Personally I don't believe in any of those so called "concepts" or strategies concerning of simple Alts anymore. The only thing that is gonna bring sustainable growth would be a mass adoption of any kind based on a decentralized blockchain-application but not necessarily simply by paying for goods online or even using those blockchain-application as a means of investment - Q.E.D. via this first attempt of AIR, even with best intentions of the developers.

Have Fun!

[Mortimer452]

Alright, I'm back on board with Aircoin. Looking forward to the verification period, and getting in early with the new launch. To make it run smoothly, they are going to have offer some plan to deal with people that might want to claim their new Aircoins and then sell them to someone else that may try the same thing. Are they going to take a snapshot at one time to verify who has the coins?

I was worried about this as well, but there are a few ways to mitigate duplicate trade-ins for new AIR.

The import method mentioned above by mudshark79 is one way.

Another way would be for TeamAIRcoin to just collect old wallet addresses (do not check balances) during the 72-hour verification window.  At the end of the verification period, simply record the balance of each wallet at the moment the verification period ends, this is the amount of new AIR each wallet holder will receive.  Basically, you get new AIR equal to whatever your old wallet balance is at XX:XX exact time. 

This would prevent people from submitting one wallet with 1,000 AIR, then transferring to another wallet and submitting a second time.

When the coin is released, old AIR holders will need to submit their old wallet address, plus new wallet address.  TeamAIR would then need to match these addresses to wallets submitted during the verification period, and send coins to their new address.

[TheMightyX]

what the FUCK is going on in here?

[ISAWHIM]

what the FUCK is going on in here?

Quick recap:

AIRcoin -> Soon to be AIR-BetaCoin? (ABC)(AIR)? {Scrypt} 2.5-million premine

NewAIRcoin -> Soon to be NewAIRcoin? (NAIR)? {N-Scrypt} 2.5-million + AIR-BetaCoin-PreviouslyMined-Credit premine*
* (Used to credit those who already mined OldAIR. Thus, OldAIR users will have 1:1 credit on NewAIR, what they had of OldAIR.)

Same market-cap, same premine percentage (but double qty total) by the devs, same starting reward... (But variable reward {not detailed}, starts on NewAIR?)

OldAIR will have KGW adjusted. (No mention of how it is adjusted.)

Credits will start in about a day (or today)? The crediting will continue for about 3 days? Then new coin will be launched.

EG: Quick way to double your holdings, having equal parts of both, is to buy OldAIRcoins, before the "crediting" starts.

[ISAWHIM]

Actually... Thinking about the jesting comment I made earlier...

If "AIR" was just setup as an exchange, not a specific coin...

Have all versions of the AIRcoin...
AIRsh2 (Sha256) {A-sh}
AIRscr (Scrypt) {A-sc}
AIRs-n (N-Scrypt) {A-sn}
AIRs-6 (Scrypt-6) {A-s6}
AIRx11 (x11) {A-11}
and...
AIRone (The bonus value, isolated and created as a representation of the bonus gains. Not mined.)

Thus, 1 AIRone would be = 0.1 AIRsh2 = 0.5 AIRscr = 0.7 AIRs-n = 0.3 AIRs-6 = 0.2 AIRx11... etc... (Just random numbers, but they would be based off what you "purchased" back from the exchanges, to distribute as the rewards, per coin. Which would only be traded/cashed-in on your exchanges.)

Etc... Thus, you corner the whole market without excluding any miners, and yet, each is independent... All would get the "AIR-Bonus", from the pool. You just mine whatever you are setup for.

With (AIR) being the "bonus" not the "coin".

Though, I still say relaunch with a 1:1 credit on the original AIRcoin, but without a premine at all, on any coins. (Just enough on the original AIRcoin, to compensate for the 1:1 transfer of honest mined coins.)

:Edited: