Investigation Complete of Instamines and Fastmines for almost every top alt coin

[Whoisthelorax]

http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coins

How does your coin stack up when you look at their mining starts?

Coins discussed in this article...All the top alt coins except the second gen coins like Mastercoin, ripple, etc.


Bitcoin
Maxcoin
Namecoin
Blackcoin
Darkcoin
Mintcoin
Vertcoin
Peercoin
Primecoin
Litecoin
Infinitecoin
Megacoin
Worldcoin
Feathercoin
Bitbar
Goldcoin
Novacoin
Dogecoin
Quark
Zetacoin
ybcoin

basic mining data from the blockchain and from www.cryptometer.org were used to assess the fairness or scamminess of these coins. Obviously more information is needed to make a decision before investing, but this can be a big portion of your decision.


This needs to be spread around. Link to it if you like it!

[1713402395]

1713402395

[Globb0]

Thanks looks good.


Globb0

[Rofo]

Lots of good clear information there! Also, thank you for the little mention of the NobleCoin .pdf.

[r0ach]

http://www.devtome.com/doku.php?id=a_massive_investigation_of_instamines_and_fastmines_for_the_top_alt_coins

This needs to be spread around. Link to it if you like it!

Oh look, it's the same guy who doesn't know anything about cryptocurrency history reposting his bogus analysis once again.  While some coins in the list are indeed flat out scams (goldcoin), the author fails to acknowledge that Kimoto Gravity Well is a fairly new addition to coins and wasn't a part of most coins at launch date.  Any coin that released without KGW will have a distribution curve that looks similar to the one from Litecoin, ie: frontloaded, which the author claims is a scam.

This is such a childish analysis that fails to take into account even Bitcoin itself still uses this difficulty adjustment mechanism, so if Bitcoin was to relaunch today, that's exactly what it's distribution would look like, front loaded.

The TLDR version of your post, is basically claiming if a coin didn't have KGW from day 1, then it's a scam.  Only problem is, any coin over a couple months old most likely didn't.  Original poster is completely clueless about crypto history.

[Whoisthelorax]

Did you even read the article? I actually take down that false dichotomy and point out that the coins with accidental fastmines are less of a concern for an investor. They are still problematic, but I break down the concern of instamines into three choices; obviously dangerous investments, questionable investments, and okay investments based purely on how fast the coins were mined.

I realize you are a miner, so this may not reach you, but it's important to non mining investors that the coin isn't slanted too much towards the miners. Since you think my writing is childish, please comment on the following coins I discuss...


-Blackcoin's 40 million coin creation in 3 days (proved using their blockchain). Blackcoin has around 75 million coins in existence today, representing more than 50% coin generation in 3 days.

-Darkcoin splurge-spawned 1.6 million coins within 8 hours of its start (proved using their blockchain). There are 4.31 million DRK in existence today.

-Mintcoin's ridiculous 700 million coins for ONE BLOCK at its start (proved using their blockchain)


...Plus more funny business completely unrelated to whether or not a coin has KGW.


Your TL;DR is way off. But I realize why you are pissed; I am going after the miners who make money of poor chums that come to invest, only to hold the bag after. If you mine coins without regard to how the coin is structured and the MO, in my opinion you are not different than the chumps on Wall Street who use HFT algorithms to leech money out of the market. Crypto currencies should fend off the leeches, not make room for them. These coins deserved to be called out. If you don't want to address them point by point and just pull the "expert miner" card, so be it. I will continue to write and inform other investors of some basic information.

[Whoisthelorax]

Lots of good clear information there! Also, thank you for the little mention of the NobleCoin .pdf.

no problem, I thought it was a decent look into the mind of someone neck deep into cryptocurrencies...Anyone interested in cryptos would find a nice, well rounded perspective in there.

https://www.noblemovement.com/the-state-of-alternative-cryptocurrency-an-introduction-to-the-alternative-cryptocurrency-scene-its-inner-workings-noblecoin-moving-forward/

[Whoisthelorax]

This article now added...

Ultracoin...Ultracoin had a first block that generated 2 million coins. There are 14 million UTC in existence.

whitecoin...Did you know whitecoin first had 30,000 WC blocks? Do you know what the block subsidy changed to? 10 WC. Not to mention a rather shady first block for whitecoin as well...


read more at the article. Use the menu on the left to scroll to your coin of choice.

[praxiscat]

 You have some errors with einsteinium. It was 1024 coins per block during the first two epochs before our recent halving, not 10747 you say in the wiki. You can do calculations based on our block halving schedule. Epochs happen every 25 days, every epoch is 36000 blocks. The wormhole amount is also wrong, it is 2973 coins per block for the 180 blocks that constitute a wormhole every epoch. We had a fair launch, no premine or limited instamining.  There are a few other errors as well, not necessary with the analysis, but technical errors. Overall, it is a good assessment. One of our team members can help you with any technical errors, but we do not want to alter your substance or analysis. The mechanics and coin amounts can be found on our bitcoin talk thread here: https://bitcointalk.org/index.php?topic=494708.0

If you wish to PM me, I can help.

There is an aggressive halving schedule early on during the first 18 months, but you are correct, the wormhole mechanism is designed to mitigate that effect and reward later miners.

In terms of the science funding part...that much is true. We have funded two projects so far. We will continue to fund projects into the future.



 

[Whoisthelorax]

You have some errors with einsteinium. It was 1024 coins per block during the first two epochs before our recent halving, not 10747 you say in the wiki. You can do calculations based on our block halving schedule. Epochs happen every 25 days, every epoch is 36000 blocks. The wormhole amount is also wrong, it is 2973 coins per block for the 180 blocks that constitute a wormhole every epoch. We had a fair launch, no premine or limited instamining.  There are a few other errors as well, not necessary with the analysis, but technical errors. Overall, it is a good assessment. One of our team members can help you with any technical errors, but we do not want to alter your substance or analysis. The mechanics and coin amounts can be found on our bitcoin talk thread here: https://bitcointalk.org/index.php?topic=494708.0

If you wish to PM me, I can help.

There is an aggressive halving schedule early on during the first 18 months, but you are correct, the wormhole mechanism is designed to mitigate that effect and reward later miners.

In terms of the science funding part...that much is true. We have funded two projects so far. We will continue to fund projects into the future.



 

I'm just about to head to bed, but I promise to look into these possible errors and adjust the post accordingly.

Thanks for the helpful information!

[Whoisthelorax]

I took a quick look at it and the first block was in fact 10747.

http://chain.einsteinium.org/block/d1c175570320d4d6388a4525385b8f20460d340f621cfeebb9824712b9e593c5

The rest of the initial blocks are the number you quote. I probably looked at the first block and made an assumption. whoops!


I will post the einsteinium section as under construction until tomorrow.

[praxiscat]

I took a quick look at it and the first block was in fact 10747.

http://chain.einsteinium.org/block/d1c175570320d4d6388a4525385b8f20460d340f621cfeebb9824712b9e593c5

The rest of the initial blocks are the number you quote. I probably looked at the first block and made an assumption. whoops!


I will post the einsteinium section as under construction until tomorrow.

We just found out about that amount ourselves, it is the genesis block which is a bit unique since it launched the coin and created the foundation wallet. I guess it was a very small instamine then (10,747 coins). We did hear from our dev the genesis block was a bit different from the others, and we will find out more later. It may have ended up with the foundation wallet, but we will have to ask our dev to know for sure. The amount is so small I am not sure it is a huge concern, even if the amount went to our coin dev.

[qqNxt]

wow bitcoin on the list too?
but i guess we can all forgive bitcoin? 

[Lauda]

wow bitcoin on the list too?
but i guess we can all forgive bitcoin? 

Bitcoin wasn't instamined, fastmined or whatever.

[kelsey]

As an investing non miner I really don't care the how when who of mining and neither will average joe when he gets into cryptos.

Really irrelevant now considering how many are 50%-100% premine.

Doesn't matter how they start, what matters is who holds them over time.

[Globb0]

As an investing non miner I really don't care the how when who of mining and neither will average joe when he gets into cryptos.

Really irrelevant now considering how many are 50%-100% premine.

Doesn't matter how they start, what matters is who holds them over time.

2 of your statements seem incongruent.

[rojan]

This needs to be spread around. Link to it if you like it!

Nice article.  I'm doing what I can to share it. 

[Emman]

Good COINS without good popularization and application, there is no practical COINS either issue, in what way are meaningless

[qqNxt]

wow bitcoin on the list too?
but i guess we can all forgive bitcoin? 

Bitcoin wasn't instamined, fastmined or whatever.

i saw the list from OP saw bitcoin, but i was wrong i should have read that link first.

now that you mentioned it, i went and read that weblink, very interesting read indeed.

every newbie should be pointed to read that article first before investing anything.

[kelsey]

As an investing non miner I really don't care the how when who of mining and neither will average joe when he gets into cryptos.

Really irrelevant now considering how many are 50%-100% premine.

Doesn't matter how they start, what matters is who holds them over time.

2 of your statements seem incongruent.

not at all, exchanges overtime is the real distribution method, no matter the how when why or who of mining.

[sudeepsingh]

Did you even read the article? I actually take down that false dichotomy and point out that the coins with accidental fastmines are less of a concern for an investor. They are still problematic, but I break down the concern of instamines into three choices; obviously dangerous investments, questionable investments, and okay investments based purely on how fast the coins were mined.

I realize you are a miner, so this may not reach you, but it's important to non mining investors that the coin isn't slanted too much towards the miners. Since you think my writing is childish, please comment on the following coins I discuss...


-Blackcoin's 40 million coin creation in 3 days (proved using their blockchain). Blackcoin has around 75 million coins in existence today, representing more than 50% coin generation in 3 days.

-Darkcoin splurge-spawned 1.6 million coins within 8 hours of its start (proved using their blockchain). There are 4.31 million DRK in existence today.

-Mintcoin's ridiculous 700 million coins for ONE BLOCK at its start (proved using their blockchain)


...Plus more funny business completely unrelated to whether or not a coin has KGW.


Your TL;DR is way off. But I realize why you are pissed; I am going after the miners who make money of poor chums that come to invest, only to hold the bag after. If you mine coins without regard to how the coin is structured and the MO, in my opinion you are not different than the chumps on Wall Street who use HFT algorithms to leech money out of the market. Crypto currencies should fend off the leeches, not make room for them. These coins deserved to be called out. If you don't want to address them point by point and just pull the "expert miner" card, so be it. I will continue to write and inform other investors of some basic information.

Can only speak about mintcoin. As got into them a week back after doing a fair amount of research. If you look at their post here when they launched you will understand why the first block had 700 million mints. It's 1% of the total mints that will be. The developers state very clearly that the coins has 1% premine for development and giveaways etc. That's the first block. Sure enough you have done your research but what would be great is if you put everything down and not select the info that you feel is right. Maybe they are scam. But after reading your article and looking at how they made it clear before launching the coin. Your article looks biased and not well researched.