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Author Topic: Merged mining for Ixcoin  (Read 5070 times)
steelhouse
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December 01, 2011, 07:37:01 AM
 #61

sounds like a get rich quick scheme to me...

Quite the contrary.  It is meant for the long term the 1000 year long term.  A get rich scheme is to pre-mine 1,000,000 then sell them off.  Once they are sold, start a new chain.
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Even in the event that an attacker gains more than 50% of the network's computational power, only transactions sent by the attacker could be reversed or double-spent. The network would not be destroyed.
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December 01, 2011, 07:51:17 AM
 #62

sounds like a get rich quick scheme to me...

Quite the contrary.  It is meant for the long term the 1000 year long term.  A get rich scheme is to pre-mine 1,000,000 then sell them off.  Once they are sold, start a new chain.

I agree,

"Maybe a 100 reward for the first 10,000 blocks, 1000 reward for the next 45,000 blocks"

Let's do some math:

100 * 10,000 = 1,000,000
1,000 * 45,000 = 45,000,000

So whether you call it a "premine" or call it "initial mining" you're still simply infusing/distributing coins into the market and then dropping future inflation.  How is this not any different than what ixcoin and/or i0coin would be if future rewards were dropped to 1 coin/block right now?

I think the only difference is that you would have more in "your" wallet.

Coinbase for selling BTCs or Vircurex for trading alt cryptocurrencies like DOGEs
CoinNinja for exploring the blockchain.
PM me with any questions on these sites!  Happy to help!
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