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Author Topic: You cannot really compare SolidCoin to Bitcoin/Litecoin anymore  (Read 4934 times)
coblee
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October 26, 2011, 04:22:17 AM
 #1

I'm banned on #solidcoin so I miss out on all the fun. But someone just sent me this:



Not surprising, since SolidCoin is not a decentralized crypto currency. But the fact that CH/RS can arbitrarily muck with the amount of base generation coin just boggles my mind. The price of SC/BTC is too low because miners are generating too many coins? No problem, let me change the coins generated from 32 to 5 for the next 5000 blocks. WTF? Is this a crypto currency that you expect merchants to accept OR is this just monopoly money for 10 year olds?

I know the SC supporters will all come here and explain why this is a good thing. That's pretty much expected. But in the end, it doesn't really matter because we're really not arguing about the same thing. SolidCoin is not even in the same ballpark as Bitcoin/Litecoin anymore.

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October 26, 2011, 04:28:07 AM
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Oh wow.

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October 26, 2011, 04:37:30 AM
 #3

Why are people still mining Solidcoin!?

(BFL)^2 < 0
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October 26, 2011, 05:06:26 AM
 #4

Why are people still mining Solidcoin!?

Greed, basically.  It won't last.
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October 26, 2011, 05:19:37 AM
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I wonder he is gonna continue taxing his miners at full value  Roll Eyes

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October 26, 2011, 07:15:59 AM
 #6

I know for fact he has a way to shutdown clients and apparently a way to invalidate legitimate blocks that ArtForz generates.

Maybe you could share your facts if you have them? What are the reasons why you are holding back your "facts"? Maybe you don't have any?
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October 26, 2011, 07:44:29 AM
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I know for fact he has a way to shutdown clients and apparently a way to invalidate legitimate blocks that ArtForz generates.

Maybe you could share your facts if you have them? What are the reasons why you are holding back your "facts"? Maybe you don't have any?

Nice try but you're not drawing me into this debate, it was covered in detail in another thread. You're only trying to derail the thread. So please let's stay on the topic of the original post. Thank you for your cooperation.

You have started the flooding, just check the quote above Smiley
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October 26, 2011, 07:49:09 AM
 #8

So far Solidcoin with all it's silliness it's more valuable than litecoin. Also, don't you think enforcing control will make it last a little longer? Longer than litecoin for example.

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October 26, 2011, 07:50:53 AM
 #9

Also, don't you think enforcing control will make it last a little longer? Longer than litecoin for example.

I think this idea would push if further than Bitcoin.

Now if only there was someone in control we could all trust.  hmm.

Is there a way to vote for this?

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October 26, 2011, 08:01:53 AM
 #10

Wow, what a joke.

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October 26, 2011, 08:13:08 AM
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at a certain point you'll be generating 0.1 coins per block, to raise coinhunter's existing coin price lol

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October 26, 2011, 09:08:28 AM
 #12

at a certain point you'll be generating 0.1 coins per block, to raise coinhunter's existing coin price lol

and you'll still have to send 3.1 SC from your private wallet to keep in compliance with with CPF (Coinhunter Profit Fund) Grin Grin Grin

Proof or FUD?  Cheesy
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October 26, 2011, 09:27:33 AM
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I know the SC supporters will all come here and explain why this is a good thing. That's pretty much expected. But in the end, it doesn't really matter because we're really not arguing about the same thing. SolidCoin is not even in the same ballpark as Bitcoin/Litecoin anymore.

SolidCoin supporters already know SolidCoin is very different to other Crypto Currencies, that's kind of why we're SolidCoin supporters in the first place... Wink

I'm not going to explain why the coin generation rate change is a good thing, people will have to make up their own minds about that, although I do agree with the reasoning behind the decision.

Yes, RS & the trusted nodes do have the power to change the client and the rules around block generation and there is nothing optional about this change, as the trusted nodes will upgrade to the new client and reject blocks from the old client. Continuing to run the old client will not work, which is different to if you decided to change the rules of Litecoin or Gavin decided to change the rules of Bitcoin. In those cases, people could carry on using the old client and reject your changes. Is it good for RS and the trusted nodes to have this sort of power? That all depends how much you trust them I suppose.

As an aside, I think Litecoin is small enough for you to get away with changes like this at this point, but if Gavin tried to mess with the arbitrary constants of BitCoin I think there would be a rebellion and you'd probably end up with most people not adopting the new client.

However, I'm not here to discuss the relative merits of Bitcoin, LiteCoin and Solidcoin or even the concept of trust. I'm here to correct some errors in your assertions and other assertions in this thread:

1:The Coin rate will change "Somewhere between block 45000 and 50000", exact block to be announced later.

2: The change to block generation will not take effect in Beta 8, it will take effect in a planned future release which does not yet have a version number decided.

3: The change is not "for the next 5000 blocks", I think you are being confused by the "Between blocks 45000 and 50000" part. Once SolidCoin changes to 5SC base generation per block, it will be permanent and is highly unlikely to ever change again (although it will still be possible if need be).

Thanks as always for paying such careful and close attention to the SolidCoin project and helping us spread the news of our changes. For more information, please visit the SolidCoin Wiki:

http://wiki.solidcoin.info
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October 26, 2011, 09:36:56 AM
 #14

3: The change is not "for the next 5000 blocks", I think you are being confused by the "Between blocks 45000 and 50000" part. Once SolidCoin changes to 5SC base generation per block, it will be permanent and is highly unlikely to ever change again (although it will still be possible if need be).

I see. So the plan is to permanently reduce generation from 32 to 5. Doesn't this unfairly benefit early adopters? I thought one of SolidCoin's goals was to be fair to everyone. Also, can you explain the benefit of this change? If we ignore the fact that early generated coins will now be worth more, changing number of solidcoins generated in each block from 32 to 5 is in the end basically just moving the decimal point. What's the rationale behind this?

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October 26, 2011, 10:16:58 AM
 #15

Yes, RS & the trusted nodes do have the power to change the client and the rules around block generation and there is nothing optional about this change, as the trusted nodes will upgrade to the new client and reject blocks from the old client. Continuing to run the old client will not work, which is a different to if you decided to change the rules of Litecoin or Gavin decided to change the rules of Bitcoin. In those cases, people could carry on using the old client and reject your changes. Is it good for RS and the trusted nodes to have this sort of power? That all depends how much you trust them I suppose.

This is such bullshit. Why would the future world economy trade their government-controlled currency for a coinhunter-controlled currency? It is the same, narrow-minded view that Satoshi thinks will work for him and his BTC millions. What happened to the libertarian ideals behind these currencies? Are they really pseudo-libertarian ideals just like the wallets are pseudo-anonymous? Now SC has its band of early adopters who will spout the benefits of their currency to high heaven to encourage the gullible to scrounge for coppers that make the earlier coins worth gold.

God damn so many of you are self-serving greedy sons of bitches.

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October 26, 2011, 12:56:49 PM
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I see. So the plan is to permanently reduce generation from 32 to 5. Doesn't this unfairly benefit early adopters? I thought one of SolidCoin's goals was to be fair to everyone. Also, can you explain the benefit of this change? If we ignore the fact that early generated coins will now be worth more, changing number of solidcoins generated in each block from 32 to 5 is in the end basically just moving the decimal point. What's the rationale behind this?


The rationale, in a nutshell, is that on the current base generation number of 32 there are too many coins being generated too quickly. We underestimated the number of miners there would be in the initial phase of SolidCoin 2.0 and now are in the position where the market is flooded with coins which are being mined for nearly zero cost and for which there are not enough buyers.

SolidCoin aims to achieve a value where 1SLC = $1-2. Even with all the stuff we have planned, this is never going to happen with the current generation rates, so action needs to be taken. Cutting the generation rate increases the cost to produce a SolidCoin and restricts the number of new coins being created.

With regard to being "fair", all I can say to you is that this has been announced in advance with plenty of warning. Everyone still has a chance to become an early adopter right now, and in fact it's much cheaper to become an early adopter now than it has been in the past.

Mining difficulty is relatively low right now and we're chucking out high value blocks like there's no tomorrow. The price of SolidCoin on the exchanges is also extremely low, much lower than it was when the chain was shut down a few weeks ago, so there has never been a better time to become an early adopter, either by mining yourself or buying up huge numbers of cheap coins - take your pick. I can't really see how we could make it any more "fair".
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October 26, 2011, 01:18:59 PM
 #17

What i dont understand is why noone noticed that earnings dropped massivly in the past time.. No not due to diff raise but because of a simple factore.. in the beginning of SC2 the trusted Nodes took but a few seconds to mine their special blocks.. now they take almost a minute. While the chain is waiting for them nothing else gets done hence miners work for nothing, at best, dont mine and hence just waste time.. and this time wasted is but one of the ways to stop the stupid inflation in Solidcoin.. i hope SCs little Botnet wil come out again and drive the diff to more than 100k in order to have more than 64coins per block..
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October 26, 2011, 01:57:53 PM
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Yes, RS & the trusted nodes do have the power to change the client and the rules around block generation and there is nothing optional about this change


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October 26, 2011, 02:09:44 PM
 #19

Well, I may not agree with Solidcoins' goals and all that's behind it, but for the trolls around this forum complainting about centralization, i guess you can all go blame BCX and Artforz and their lame attempts to kill it...
Besides it's funny to watch all the troll threads popping up and the Solidcoin price raising.

BCX and Artforz are failing big time. That's what you get when you are attacking something out of pure rage and lose the focus on what really matters.

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October 26, 2011, 02:10:23 PM
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[We underestimated the number of miners there would be in the initial phase of SolidCoin 2.0 and now are in the position where the market is flooded with coins which are being mined for nearly zero cost and for which there are not enough buyers.

...You do understand that difficulty is an attempt to cap the coin generation rate....right?  Even though SC has been broken since V1 with the asymmetric difficulty adjustments, thats the point of difficulty.  The number of miners has no effect on how many coins are produced, outside of the initial difficulty ramp up, but that was ALWAYS going to happen due to SC's broken difficulty algorithm.

If you "underestimated" the number of miners, that means there are people getting access to coins, not less.  All this does is make the early adopters get a MASSIVE boost in what their mining was worth compared to new miners.

My best guess is you meant to say:  "We expected more people to be mining with SolidCoin to get coins spread out to everyone, but it turns out it was just a few hundred dumbasses, and a small group of people that broke our fearless leader's shitty algorithm to mine more than 50% of the coins."

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