Vertcoin holders! almost 20% of your coins were mined in the first 30 hours

[testigodehumanidad]

http://cryptometer.org/vertcoin_96_hour_charts.html

None of this bodes too well for Vertcoin holders, but I'm not sure it will stop people from investing in them.

http://i57.tinypic.com/2rn7qcl.png

You have 3,500,000 total mined currently. From around hour 33 to hour 63, 600,000 coins were mined.

That's what we call an instamine.

[1715135344]

1715135344

[IloveAnonCoin]

Wow, another instamine like Darkcoin, Darkcoin is instamine 2 millions darks from whole 22 millions by dev ... interesting.

I just went to take a look at Litecoin graph, and I found that Litecoin is instamine too. Between 24 to 54 hrs, 514,750 coins were mined.



http://cryptometer.org/litecoin_96_hour_charts.html

 

[Spoetnik]

no shit lol
did you just realize that all coins are flashed mined and especially any that are different than the usual scrypt clones ?
i bought some 2/3 weeks ago and started mining a month or two ago and i am fine with that.. it's how this stuff works.
EVEN though the coin came out in January and i didn't get ANY all this time i am not saying its unfair.. it's how this shit works lol

are you trying to screw with the price or what ? what is your agenda ?
it seems like your bad mouthing for some ulterior motive.
or are you seriously unaware of how this stuff works ?

and in case anyone is wondering i bought 1 BTC worth couple weeks ago over ANY other coin and they are worth like 0.66 to me now. lol
and with scrypt asics looming i'm holding them

edit:
bear in mind guys not all coins are equal and you should do your homework..
as in read up on the block reward etc.
Like Securecoin / SRC
that one was flash mined to fuck and back and i took part on day one then dropped it for a while and came back for 4 months or so..
it's reward and config was set to mimic Bitcoins.
it was fair as possible i think. (besides any gpu miner speculation stuff lol)
and at least some of the coins don't make changes after saying ooooh we raised the market cap LOL ..that is sooo scammy

..Vertcoin was fair i think too

[cryptowho]

vertcoin crashed enough times that the market has stabilized. I don't think you can call them out on the instamine anymore.

a lot of coins were instamined since no one wanted to deal with them at first. If i recall correctly vertcoin had a smooth lunch. You had all the otpions to mine it. I know i did. I mined a block. then it was too difficult

when vet joined crypsty i sold 50 verts for 0.9BTC.

like i said. Vertcoin bubble crashed and stabilized a few times. you has time to jump in many times. Unlike some other coins yet : )



PS: looking for coders and devs to help join karmacoin. kthanxbye

[bengtåke]

are you trying to screw with the price or what ? what is your agenda ?
it seems like your bad mouthing for some ulterior motive.
or are you seriously unaware of how this stuff works ?

Pretty sure that is what he intends. There is no apparent reason to single out Vertcoin otherwise. This initial coin generation problem is present in every coin that used the bitcoin's very long retarget at launch (well the ones that anyone gave a fuck about at launch :p). It's simply what happens when you start a coin with minimum difficulty, very long retargets, and lots of people that want to mine it.

[KingSchultz]

OP probably holding one of the many scrypt-N coins to launch in the last while, and wants to see an exodus from VTC.

[r0ach]

Vertcoin launched with regular Litecoin difficulty adjustment, so this chart above applies to about 100+ different coins, including Litecoin itself.  It's not even close to how Darkcoin launched.  Darkcoin launched with block reward set to 500 instead of 50, supposedly "erroneously".

[Spoetnik]

the key issue is any coin that was sporting major new changes were hit hard right away.. it's normal.
the same can be said about the following examples..

- Primecoin
- Quark + Securecoin
- Maxcoin
- Doge
- Litecoin

they all stirred up a lot of interest and there for got hit hard by all of us.. so what ?

Prime was for example because of it having a totally new algo and the same pretty much for almost all i mentioned..

and any new coin that comes along with major new features changes or new algo will be hit hard and flash mined to hell and back too !
it's what we do

i'm all for screaming scam but let's be fair about it.. you can't bad mouth VTC or Quark and ignore Prime coin or or or

[Spoetnik]

Vertcoin launched with regular Litecoin difficulty adjustment, so this chart above applies to about 100+ different coins, including Litecoin itself.  It's not even close to how Darkcoin launched.  Darkcoin launched with block reward set to 500 instead of 50, supposedly "erroneously".

maybe it was the CENT bug LOL
that had one hell of a profitable POS stake bug hahahhaha
dev says whooooooooooopsy hhahah right lol

[reRaise]

Didn't knew, vertcoin looked so innocent lol. oh well seems like every Crypto goes through this fase

[cryptohunter]

so long as everyone has a fair chance to mine at the start it is not as bad as some.... it did start with a windows qt right??  sure it would be MUCH  nicer to make it more balanced but that's how it goes. Let's hope these things improve.

This is NOTHING to what some coins have pulled. Consider NAS giving 20% to one person and 71% amongst 11 people... that gives you some idea of how messed up some coins distribution is.

 Although i'm not a big vert fan anyway but was the first at what it tried. It was pumped and dumped now the community behind it will determine if it shines or fades...who can say.

So long as more coins poor out daily, all coins will have their share diluted.

POS seems the current fashion.

[minerfool]

take a look at blackcoin, total supply was mined in about 6 days ...

[slapper]

None of the altcoins can succeed by design. Someone will always attack another camp for one reason or another (and obviously there will be some good reasons). Even Litecoin's history is marred with scams with a select few GPU mining for days and stocking up.

Bitcoin is the only one that can get away despite instamine/solo mine/lost coins/goxed coins etc. This is why people want BTCs. The rest are designed to make BTC stronger by eliminating each other.

[dille71]

take a look at blackcoin, total supply was mined in about 6 days ...

Yes and 10% in less than 12 hours...

[testigodehumanidad]

For starters, no one knows what caused those crashes in Vertcoin's prices early on. To assume the early adopters sold off all their coins is rather silly, imo.

I just discovered this about Vertcoin because I used to check cryptometer.org all the time. I forgot to check it recently and saw the creator posted Vertcoin. Once I found out, I posted.

My main agenda is to get people familiar with cryptometer. It's a great tool and I think we should encourage whoever runs that site to compile more data about the incoming currencies. Or, we should encourage everyone who is investing in this alt coins to know this basic data. I suspect some people who be hesitant to jump in if they knew this about a coin. I want this kind of data available for all coins.

Basically, if your currency's graph of coin creation is tends towards being STRAIGHT, your coin was mined fairly over time (assuming no premine).

If your coin is mined with a steep curve in the begining, the designer of that coin made it so the early adopters got A LOT more.

I didn't know vertcoin did that, hence my posting.


Other currencies worth viewing on cryptometer... Peercoin and Primecoin also have questionable curves. XPM is interesting in that it had a "super fair" start by not minting any coins the first couple of days...but they still created 1,000,000 XPM within 10 dyas. They mined a lot of coins fast and slowed down over time. I think PPC and XPM are cool ideas, just pointing out the facts. Bitcoin has a nice, mostly straight line. Quark also has a decent line, but their fucked up launch lends me to believe their credibility is already damaged for investment purposes.

Now i understand that the coins come out slower and slower over time...but there is a difference between doing it slowly and doing it quickly. The quicker you do it, the scammier it smells.

[precrime3]

FUD? Still going to buy vert, it seems that it will be the coin that miners hop on to, or an x11 coin.

[testigodehumanidad]

You can ask "FUD?" all you want. I directed you to facts about the coin. You should refute them instead of calling them fear and uncertainty. If you can't dispute the facts, they are CERTAIN.

BTW, pointing out that some other coin is a bigger question mark of credibility doesn't refute the question mark i am giving investors.

[precrime3]

You can ask "FUD?" all you want. I directed you to facts about the coin. You should refute them instead of calling them fear and uncertainty. If you can't dispute the facts, they are CERTAIN.

BTW, pointing out that some other coin is a bigger question mark of credibility doesn't refute the question mark i am giving investors.

I still don't understand the significan of a "instamine" early adopters are rewarded greatly in general, look at the artists that could have taken facebook stock back in the 90's. Of course significant amount is going to be mined at low diff, its just how it works. Am I missing something?

[testigodehumanidad]

You can ask "FUD?" all you want. I directed you to facts about the coin. You should refute them instead of calling them fear and uncertainty. If you can't dispute the facts, they are CERTAIN.

BTW, pointing out that some other coin is a bigger question mark of credibility doesn't refute the question mark i am giving investors.

I still don't understand the significan of a "instamine" early adopters are rewarded greatly in general, look at the artists that could have taken facebook stock back in the 90's. Of course significant amount is going to be mined at low diff, its just how it works. Am I missing something?

...

The significance being that early adopters should benefit by mining a cheap coin. Their large benefit only comes into play if the currency takes off.

The significance of an instamine is the coin was designed to strongly benefit early adopters. In other words, the immediate intention of the coin was for its earliest users to get rich quick.

To really spell it out for you, a coin's early adopters shouldn't get rich quick until the coin really takes off. Vertcoin is looking to get rich fast before the coin takes off. It should be the other way around. The coin should become wildly popular and THEN the early adopters get rich.

That should make you weary of their other intentions.

[IloveAnonCoin]

I just went to take a look at Litecoin graph, and I found that Litecoin is instamine too. Between 24 to 54 hrs, 514,750 coins were mined.



http://cryptometer.org/litecoin_96_hour_charts.html