SC Releases his 'white paper', hilarity ensues

[Bitcoin Oz]

I guess its a nice lesson in inflation. Im guessing people wont be looking for inflatacoins anytime soon will they ?

[Lolcust]

I guess its a nice lesson in inflation. Im guessing people wont be looking for inflatacoins anytime soon will they ?

If what happened to SC2 was "inflation", then it's value would have been below 1 satoshi already.

Market doesn't give a fuck about how many coins the Great Leader is hiding.

But it does care when a forum mod reverses his judgment and acknowledges a vast attack as "true"

Meanwhile, SC2 diff is still all fucked up, with no recovery in sight.

[Bitcoin Oz]

I guess its a nice lesson in inflation. Im guessing people wont be looking for inflatacoins anytime soon will they ?

If what happened to SC2 was "inflation", then it's value would have been below 1 satoshi already.

Market doesn't give a fuck about how many coins the Great Leader is hiding.

But it does care when a forum mod reverses his judgment and acknowledges a vast attack as "true"

Meanwhile, SC2 diff is still all fucked up, with no recovery in sight.

The block rate is slowing down quite significantly..

[Bitcoin Oz]

Incredible I think you are confused because of two wrong facts.

SC1 was DESIGNED to have 18.9 million coins it never mined even a million before being shutdown.  Those ~1M were transfered to SC2.0 but that is it.
12M TOTAL was mined to create the trust nodes not 12M per trust node.

Thus so far their are roughly <1 mill (legacy SC 1.0 coin) + ~1 mil* (coins mined so far) + 12 mil (premined trust node coins) ~= 14 mil SC 2.0. 

* To the SC 2.0 fanboys this is just a rough estimate to get the magnitude correct.  I don't care enough to calculate exactly how many coins have been mined.

And more wrong facts to point out:

There are not a million coins mined yet, in fact it's less than 400k
12 mil trust node coins are unspendable from info even doublec has stated and he is somewhat an independent observer no?  So not sure how those effect inflation or deflation..... maybe on mars or something they do.

And you do apparently care enough to spread the lies further....

I think people are confused about what trust coins are and the rules under which they can be spent.

[johnj]

I guess its a nice lesson in inflation. Im guessing people wont be looking for inflatacoins anytime soon will they ?

If what happened to SC2 was "inflation", then it's value would have been below 1 satoshi already.

Market doesn't give a fuck about how many coins the Great Leader is hiding.

But it does care when a forum mod reverses his judgment and acknowledges a vast attack as "true"

Meanwhile, SC2 diff is still all fucked up

On paper, no

In reality, I think the market does care about how many coins the Great Leader is hiding. Due to the market is made up of people, and people have an issue with trust.

For you, it seems the market 'trusts' your intentions, at least enough.  You've worked well with others, embraced an attack on GG of which helped BTC - and you seemed genuinely glad.  The -only- hiccup I'm aware of is your failure to announce your laundry intentions (and premine) with TBX.  AFAIK that's the only isolated incident, and is easily written off.  The only consistent thing about CH is arrogance.

Your right that the premine itself isn't an issue.  If someone wanted to create PremineCoin, launch it with a genisis block of eleventy gillion, and video tape himself burning the USB with the only private keys to the premine - no one cares.  It's what is going to be done with the premine, and who are we trusting to carry out those intentions, and what (if any) history do they have of which reasonable character observations can be made inorder to come to a human-based conclusion of 'is this a good investment'.  CH loses that battle.

[johnj]

The block rate is slowing down quite significantly..

True, but after 66 difficulty adjustments, the block generation is still only at 25s, 80% off from the target of 120s

[BitterTea]

Market doesn't give a fuck about how many coins the Great Leader is hiding.

I don't understand why this would be so.

[PatrickHarnett]

Curious discussion.  I'm not being pro or anti SC or the different camps of people on either side - time will determine if it succeeds or not.

I was intrigued to see the claim that 1000+ hours at 12 hours/day have gone into this development, and the nice observation that might take a few weeks to accumulate.  I was also wondering how an advanced programmer might have that much time available unless they were unemployed, and why their skills were not in demand in employment.  Is it that SC is designed to earn them revenue?  I would find it hard to believe an aulturistic approach having spent 100k+ of valuable coder time would be a gift to humanity, but then I'm a cynic.

Declaration of interest = 70 or so solid coin (version 1 something).  no plan to mine SC, not mining much BTC either at the moment (and Locust - for your survey, I'm not USA based, but that's not hard to work out)

[Bobnova]

Doublec hasn't seen the code, he only knows what he has been told, just like the rest of us.

Plus, the code can be changed for "updates" and unlocking those coins slipped in.

[johnj]

Both slush, and deepbit having trouble connecting.  Hashing power way down.  Just getting the word out.  Possible 51% attack.

If you got a rig and want to help solo mining would be an effect deterrent and immune to DDOS attack.

Bitcoincharts has the network at ~10 th/s, and bitcoinmoniter has 3 blocks within the last 30 minutes.

[Bitcoin Oz]

According to bitonx this is one of most read topics of the day so I am spamming here.  Mods feel free to delete later.

Looks like both deepbit and slush's pool are suffering outages possible DDOS attack.  Aggregate hashing power is way down.  *Could* (need to emphasis the could) be prelude to 51% attack.  If you want to help mine at a smaller pools or turn on solo mining.  

Yes and someone was on the forum saying that. Maybe BTCeX in a  pique of madness at being banned has taken the tools he perfected attacking alt chains and is now attacking bitcoin  

Or not.

[PatrickHarnett]

Here you go, it is very informative:
http://www.youtube.com/watch?v=u6XAPnuFjJc

I don't dispute people donate time (and other stuff).  Was just curious about this particular case.

[Inedible]

Incredible I think you are confused because of two wrong facts.

Not sure if you're exasperated at my confusion or if you've got my username mixed up

SC1 was DESIGNED to have 18.9 million coins it never mined even a million before being shutdown.  Those <1M were transfered to SC2.0 (one of the few standup things that CH did).   12M TOTAL was premined to create the trust nodes not 12M per trust node.

Ah, right - I did have that mixed up, thinking there were 12 nodes of 1m.

So far there are roughly <1 mill (legacy SC 1.0 coin) + ~1 mil* (2.0 coins mined so far) + 12 mil (premined trust node coins) ~= 14 mil SC 2.0.  

* To the SC 2.0 fanboys this is just a rough estimate to get the magnitude correct.  I didn't care enough to calculate exactly how many coins have been mined.

Thus there are another 8.9m coins available to mine? So when people talk about a '10% tax', they don't mean the miner loses that but instead (as you previously explained), an additional 5% of what was mined comes from the Trust Node and an additional 5% from magic?

The magical amount - will this increase the total mineable SC or is this part of the 18.9m?

Sorry for all these questions but it's very interesting to find out how it's all working and your answers are very easy to understand.

[Inedible]

Meanwhile, SC2 diff is still all fucked up, with no recovery in sight.

What is 'SC2 diff'?

[johnj]

Meanwhile, SC2 diff is still all fucked up, with no recovery in sight.

What is 'SC2 diff'?

Difficulty

[Inedible]

12 mil trust node coins are unspendable from info even doublec has stated and he is somewhat an independent observer no?  So not sure how those effect inflation or deflation..... maybe on mars or something they do.

And you do apparently care enough to spread the lies further....

Do you know if they're still unspendable if transferred to CoinHunter's wallet?

DeathAndTaxes didn't say there would be inflation/deflation. That was from a question I asked but I can now see that inflation/deflation isn't an issue from his answers.

From my reading, he's not spread any lies but given factual answers.

[Lolcust]

In reality, I think the market does care about how many coins the Great Leader is hiding. Due to the market is made up of people, and people have an issue with trust.

People don't have issue downloading and running binaries from internet strangers EVEN with ABSOLUTELY no legal recourse and NO SOURCE CODES in sight, for the love of everything.

"Joe Shmoe premined" is meek in comparison because binaries from internet stranger  can fuck one's very personal shit up right now, not fuck up market in some possible future.

For you, it seems the market 'trusts' your intentions, at least enough.  You've worked well with others, embraced an attack on GG of which helped BTC - and you seemed genuinely glad.  The -only- hiccup I'm aware of is your failure to announce your laundry intentions (and premine) with TBX.  AFAIK that's the only isolated incident, and is easily written off.  The only consistent thing about CH is arrogance.

TBH I announced the laundry and the fund, but, regrettably not the size of the fund, an error I later corrected.

Your right that the premine itself isn't an issue.  If someone wanted to create PremineCoin, launch it with a genisis block of eleventy gillion, and video tape himself burning the USB with the only private keys to the premine - no one cares.  It's what is going to be done with the premine, and who are we trusting to carry out those intentions, and what (if any) history do they have of which reasonable character observations can be made inorder to come to a human-based conclusion of 'is this a good investment'.  CH loses that battle.

Again, CH has personality issues on record, and people thoughtlessly run his binaries even when he blatantly refused to release source, even after SC launch.

In a more "cautious" environment, he would have got exactly zero nodes after refusal to show what the hell is inside his beast.

[Bitcoin Oz]

I can't resist, the problem of how to bootstrap a new chain in the face of massive, hostile hashing power fascinates me.

CoinHunter, what will happen to SolidCoin if, God forbid, you get hit by a bus? What are the plans for the trusted CPF wallets? Do your heirs get control of them?

And what if SolidCoin is wildly successful-- so successful that each SC is worth 1,000 euros? Will somebody still need 1 million of them (so have to be a euro billionaire) to be trusted?

This is where the bilderburgers come in.

[Lolcust]

Here let me draw you a diagram:
(Premined Coins) -> (Trust Nodes) -> (Wealth Transfer Mechanism of "even blocks") -> (Coin Hunter's personal wallet) -> (Spent)

Isn't that basically a money laundering diagram?

Not so much money laundering as "making your premine fund evade public scrutiny" diagram.

Basically, he learned from "how do we oversee Lolcustfund" discussions and made a scheme that would make overseeing his fund much harder.

[Bitcoin Oz]

Here let me draw you a diagram:
(Premined Coins) -> (Trust Nodes) -> (Wealth Transfer Mechanism of "even blocks") -> (Coin Hunter's personal wallet) -> (Spent)

Isn't that basically a money laundering diagram?

Not so much money laundering as "making your premine fund evade public scrutiny" diagram.

Basically, he learned from "how do we oversee Lolcustfund" discussions and made a scheme that would make overseeing his fund much harder.

The only way to win the game is to not play. Unlike fiat I dont have to use any *coins. The ultimate laundry is moving to a separate blockchain.