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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Thorgrim
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May 08, 2014, 05:15:33 AM |
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This is what the OP had to say about Worldcoin: Worldcoin
type of alogrithm: scrypt
PoW only
It appears that Worldcoin had a minor instamine.
93)
Haf a million coins were generated in 57 hours. The data produces that noticeable instamine curve. However, the curve ends quickly and enters into a rather straight line…
Notice also that as of the time of this writing, there is over 53.3 million Worldcoins. The percentage of coins that represents the fastmine is less than 1% of what is available to the population. This is less than the Litecoin fastmine percentage.
The sign of a fast or instamine is not good, but the short period has had less effect on Worldcoin holders than what some of these other coins could have. This also straddles the line between a question coin and an okay coin for us in terms of fastmining/instamining.
Which is reasonable, however it was mentioned earlier that all coins in that time period had very rapid coin production the first few days because developers hadn't figured out a good way to launch the coin and difficulty adjustments were inadequate. |
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neuroMode
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May 08, 2014, 05:55:02 AM |
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Myriadcoin: "It may not become the gold standard, but it's one of the best out there."
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r0ach
Legendary
 Offline
Activity: 1260
Merit: 1000
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May 08, 2014, 06:44:30 AM |
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Myriadcoin: "It may not become the gold standard, but it's one of the best out there."
Everyone likes Myriad, but nobody wants to invest in it because you're unable to form a cartel to choke off coin supply and artificially increase value. It's greatest strength is it's greatest weakness! |
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Whoisthelorax (OP)
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May 08, 2014, 07:04:56 AM |
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Are you hoping people don't actually click your link or something? Here is what is presented in your link as "proof" Goldcoin was not instamined. Block 0: 50 coins (Genesis block)
Block 1 - 200: 10000 coins (initial liquidity, a lot of this was given out in bounties/freebies)
Block 201-2200: 1000 coins (A lot of these were mined by various bitcoin talk forum members)
Block 2201-44999: 500 coins (These were mined over a period of ~2 months!) (Total of 21,399,000 COINS!)
Block 45000-Current: ~45 coins (actual formula is (int64)(50.0/(1.1 + 0.49*((nHeight-45000)/262800)))) the following are timestamps from the gld coin blockchain... block 1 05-15 00:48:56 block 2200 05-15 10:54:43 block 11250 05-16 00:43:30 200 x 10,000 = 2,000,000 coins created 2000 ( 2200-200) blocks x 1,000 = 2,000,000 coins created... 9050 (11250-2200) blocks x 500 = 4,525,000 coins created... that equals 8,525,000 GLD coins created in 24 hours. Exactly what my analysis showed. 8.5 million of 31 million available? instamine. major instamine. THANKS FOR THE SUPPORTING INFORMATION. |
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Thorgrim
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May 08, 2014, 06:10:33 PM |
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Myriadcoin: "It may not become the gold standard, but it's one of the best out there."
Everyone likes Myriad, but nobody wants to invest in it because you're unable to form a cartel to choke off coin supply and artificially increase value. It's greatest strength is it's greatest weakness! This seems to be the problem with most legit coins. Those scheming to get rich in a week aren't interested because they can't manipulate the price as easily. |
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Whoisthelorax (OP)
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May 09, 2014, 02:46:00 AM |
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added a few more...
ECC
microcoin
Unobtanium
shibecoin
Potcoin
Noblecoin
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Whoisthelorax (OP)
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May 09, 2014, 02:47:27 AM |
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Myriadcoin: "It may not become the gold standard, but it's one of the best out there."
Everyone likes Myriad, but nobody wants to invest in it because you're unable to form a cartel to choke off coin supply and artificially increase value. It's greatest strength is it's greatest weakness! This seems to be the problem with most legit coins. Those scheming to get rich in a week aren't interested because they can't manipulate the price as easily. Sad but true. |
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wallstreetcoiner
Newbie
Offline
Activity: 56
Merit: 0
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May 09, 2014, 04:26:20 AM |
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I have no idea why anyone would take this report seriously when it was written by an author with an extremely heavy bias and one that clearly did not have even the most basic understanding of his subject matter.
This guy basically took one narrow view (the book cover approach) and proceeded to write an entire book report without reading a single page beyond the cover.
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Kergekoin
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May 09, 2014, 07:51:05 AM |
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I have no idea why anyone would take this report seriously when it was written by an author with an extremely heavy bias and one that clearly did not have even the most basic understanding of his subject matter.
This guy basically took one narrow view (the book cover approach) and proceeded to write an entire book report without reading a single page beyond the cover.
You dont need to take hes words seriously. Just look at the simple facts and do your own research. You will see that majority of hes statements are correct. |
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Daedelus
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May 09, 2014, 08:19:35 AM |
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How do you judge value? Why would Nxt price increase so much and why hasn't the debilitating dump occured after such a large percentage increase?
All POS are created at the beginning, how could it be any other way? And how is this reflected in your article? So you are to conclude that all POS are poor investments for all time and not to consider how they are distributed over time?
I don't think you answered these. I answered the dump question, as did someone else. In regards to 100% PoS coins, that is the ultimate dilemma; how to do dispense your coins fairly if there is no slow mining of them? No one has solved that dilemma yet and NXT is a great example of what not to do. If a 100% from-the-beginning PoS coin comes along and does it right, they will get a much better rating in this wiki. I am particularly harsh of PoW/PoS coins that rush to get out of PoW. So many of them flash mine 15,20,30,50% of the total coins. You know the price of everything and the value of nothing. I asked about value and how you judge it. It seems you only use initial distribution and nothing else and speak as though your article carries academic rigour when it appears they are just assertions based on a narrow definition of what a good investment is. How do you take account of inflation, utility and many other factors that influence value in your article? |
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toknormal
Legendary
Offline
Activity: 3066
Merit: 1188
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May 09, 2014, 08:29:20 AM
Last edit: May 09, 2014, 08:52:01 AM by toknormal |
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This is not an "investigation", it's a giant rant.
Clueless at best and positively malignant at worst, not to mention lazy.
Whatever the merits of the various currencies concerned, non of them are as much of a scam as calling this an "investor's guide" and dressing it up as a wiki.
It belongs in the dungeons of bitcointalk squabbler threads.
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pandaisftw
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May 09, 2014, 11:05:58 AM |
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The issue is that the OP's "good/bad investment" is based off of a single variable - initial distribution. Obviously, this assumes that the coin is only ever used for a store of value and/or to trade, and never for any other purpose (ie. colored coins). The OP assumes that these coins have pretty much zero intrinsic value - because if they had some intrinsic value then initial distribution cannot be the sole determining factor in whether it is a good investment or not.
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NXT: 13095091276527367030
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Whoisthelorax (OP)
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May 09, 2014, 04:19:50 PM |
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What is in common between all the people strongly against my wiki? recent most vicious haters... Microguy-100% goldcoin supporter. My article is not kind to gldcoin. pandaisftw-past posts show...NXT investor from the beginning who has been giving away 100K NXT donations as people do good things for NXT. My article is not kind of NXT. wallstreetcoiner-gold coin supporter. Recently said he/she projects the top four coins to be BTC, LTC, DOGE, and GLD (lol). My article is not kind to gldcoin. toknormal-to quote from another thread... top 5 coins at the moment... NXT - superb
DRK - has to be on the list due to trustless anonymous transmission technology. Way undervalued and one of the only coins I've ever seen that might have a chance of rivaling Bitcoin's value (as a complimentary currency that is, not as a replacement)
PPC - I haven't got any right now but I still think it's one of the greats
BC - probably can't discount it due to the manic following it has (although I've sold most of mine)
I put NXT, DRK, PPC, BC all in the extreme caution section. He admits being a holder of NXT. Also a massive supporter of Cinni, which my article is not kind to Cinni, either. Of course all of these people are against my writing. It's worth it to them.Its such a coincidence all the people who spout vitriol at this simple wiki are major supporters of coins with extremely suspect mining situations...  My analysis is simple and meant for the NON mining public. I urge them throughout the wiki to do more investigation than just my simple work. The amazing thing is that a number of regulars here (myself included) never really did a simple investigation into all of these coins. They came out so fast with so many "new" features... I bet a number of these in my wiki will surprise people. |
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Daedelus
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May 09, 2014, 04:31:02 PM |
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How do you judge value? Why would Nxt price increase so much and why hasn't the debilitating dump occured after such a large percentage increase?
All POS are created at the beginning, how could it be any other way? And how is this reflected in your article? So you are to conclude that all POS are poor investments for all time and not to consider how they are distributed over time?
I don't think you answered these. I answered the dump question, as did someone else. In regards to 100% PoS coins, that is the ultimate dilemma; how to do dispense your coins fairly if there is no slow mining of them? No one has solved that dilemma yet and NXT is a great example of what not to do. If a 100% from-the-beginning PoS coin comes along and does it right, they will get a much better rating in this wiki. I am particularly harsh of PoW/PoS coins that rush to get out of PoW. So many of them flash mine 15,20,30,50% of the total coins. You know the price of everything and the value of nothing. I asked about value and how you judge it. It seems you only use initial distribution and nothing else and speak as though your article carries academic rigour when it appears they are just assertions based on a narrow definition of what a good investment is. How do you take account of inflation, utility and many other factors that influence value in your article? Bump. I am a Nxt investor. That is no defence in a logical debate about methodology. Why do you ignore me? |
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pandaisftw
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May 09, 2014, 09:18:09 PM |
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What is in common between all the people strongly against my wiki? recent most vicious haters... Microguy-100% goldcoin supporter. My article is not kind to gldcoin. pandaisftw-past posts show...NXT investor from the beginning who has been giving away 100K NXT donations as people do good things for NXT. My article is not kind of NXT. wallstreetcoiner-gold coin supporter. Recently said he/she projects the top four coins to be BTC, LTC, DOGE, and GLD (lol). My article is not kind to gldcoin. toknormal-to quote from another thread... top 5 coins at the moment... NXT - superb
DRK - has to be on the list due to trustless anonymous transmission technology. Way undervalued and one of the only coins I've ever seen that might have a chance of rivaling Bitcoin's value (as a complimentary currency that is, not as a replacement)
PPC - I haven't got any right now but I still think it's one of the greats
BC - probably can't discount it due to the manic following it has (although I've sold most of mine)
I put NXT, DRK, PPC, BC all in the extreme caution section. He admits being a holder of NXT. Also a massive supporter of Cinni, which my article is not kind to Cinni, either. Of course all of these people are against my writing. It's worth it to them.Its such a coincidence all the people who spout vitriol at this simple wiki are major supporters of coins with extremely suspect mining situations... My analysis is simple and meant for the NON mining public. I urge them throughout the wiki to do more investigation than just my simple work. The amazing thing is that a number of regulars here (myself included) never really did a simple investigation into all of these coins. They came out so fast with so many "new" features... I bet a number of these in my wiki will surprise people. Of course I/we take issue with your "analysis" because we (mainly those involved with PoS projects) understand that not-instantmine/instantmine is too simplistic. I'm sure this works perfectly for copycat PoW coins, because all you can do on these coins is basically mine them, and that's it. What was the last "slow-mined" PoW coin that did something revolutionary Bitcoin has not done? Looking at the top 20 on CMK... that list is basically zero - maybe namecoin, but it's already outdated. You're talking about "investments", which includes both minable and non-minable coins. If you're going to lump all PoS coins into the "instantmine" section (when in reality, there is no "mining" in PoS), you're doing everyone who follows your analysis a disservice. Understandably, this is what the topic is about, but IMO, it's flawed, and that will become apparent in the future. I would say that people are getting tired of buying coins whose only feature is that they can be slowly mined and do nothing else but generate profit for the miners. The market will be shifting to doing useful work (and already is, look at maidsafe) and more efficient work. Distribution is important, but it's no longer the sole determining factor in a coin's success. Anyways, not hating on your analysis, but again, IMO it's too simplistic to take seriously. Pandaisftw |
NXT: 13095091276527367030
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toknormal
Legendary
Offline
Activity: 3066
Merit: 1188
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May 09, 2014, 09:49:23 PM |
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Of course all of these people are against my writing. It's worth it to them.Its such a coincidence all the people who spout vitriol at this simple wiki are major supporters of coins with extremely suspect mining situations... My analysis is simple and meant for the NON mining public. I urge them throughout the wiki to do more investigation than just my simple work. The amazing thing is that a number of regulars here (myself included) never really did a simple investigation into all of these coins. They came out so fast with so many "new" features... I bet a number of these in my wiki will surprise people. The problem with your "analysis" is that it's inconsistent and superficial. Nor are you a recognised authority on the ethics of cryptocurrency launches, hence the criticism of your presenting it as a "Wiki" because it leads people to believe that you are. In fact you're a self appointed one. The inconsistency arises from the comparisons made from one coin to another without placing these in the appropriate market context. The implicit scope of your 'market domain' is basically the current 'coin' community (bitcointalk readers) whereas all these assets would be more fairly compared against a common background of the global market at which they're targeted. Take your criticisms about distribution for example. When one coin is compared with another then, yes there are measurable differences in the context of the current market. On the other hand if the scope of appraisal was a proper global market domain then these differences pale into insignificance. ALL initial stakeholders of ALL cryptocurrencies amount to less than 1 thousandth of 1 percent of potential market participants. The investors of any cryptocurrency that's successful in such a market stand to make many thousands of percent of a gain whether the primary stakeholders number in the 10's, 100's or 1000's. So the comparison is one of degree, not of principle as your appraisal alludes. Nowhere in the report is this perspective considered or even acknowledged. On top of that you go on to use highly emotive language in amongst the descriptive content without even stating that this is your opinion or presenting any balancing historical background as to the basis for the various coin policies which in many cases is absolutely viable. You have implicitly maligned many hard working developers who act in good faith without even consulting them or presenting an alternative context to your own for their coin launch policies. The irony of this is that many of them have thought these issues through to a far greater extent than this analysis could even be bothered with. Please take this piece of propaganda down. It's is a badly researched opinion piece disguised as a 'guide'. A disservice to investors and one that should be taken with a huge grain of salt by anyone having the misfortune to stumble upon this mis-labelled rant. |
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Whoisthelorax (OP)
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May 09, 2014, 10:00:45 PM
Last edit: May 09, 2014, 10:26:02 PM by Whoisthelorax |
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How do you judge value? Why would Nxt price increase so much and why hasn't the debilitating dump occured after such a large percentage increase?
All POS are created at the beginning, how could it be any other way? And how is this reflected in your article? So you are to conclude that all POS are poor investments for all time and not to consider how they are distributed over time?
I don't think you answered these. I answered the dump question, as did someone else. In regards to 100% PoS coins, that is the ultimate dilemma; how to do dispense your coins fairly if there is no slow mining of them? No one has solved that dilemma yet and NXT is a great example of what not to do. If a 100% from-the-beginning PoS coin comes along and does it right, they will get a much better rating in this wiki. I am particularly harsh of PoW/PoS coins that rush to get out of PoW. So many of them flash mine 15,20,30,50% of the total coins. You know the price of everything and the value of nothing. I asked about value and how you judge it. It seems you only use initial distribution and nothing else and speak as though your article carries academic rigour when it appears they are just assertions based on a narrow definition of what a good investment is. How do you take account of inflation, utility and many other factors that influence value in your article? Bump. I am a Nxt investor. That is no defence in a logical debate about methodology. Why do you ignore me? Who said we were debating my methodology? You can take umbridge all you want with my approach. It's already been stated, this article is not meant to be all inclusive. I don't take into account inflation (although I try to monitor that), utility and others because I am not trying to write that kind of article. No, I will not conclude that all PoS investments are bad and a waste of time. Peercoin couldve been top notch if they didn't have the accidental PoW instamine. I still see them as better than 98% of the other PoW/PoS coins. As I said before, 100% pure PoS coins have a tricky thing to pull off; how to distribute their coins. |
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Whoisthelorax (OP)
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May 09, 2014, 10:23:45 PM |
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Daedulus, you haven't explained how how NXT analysis is incorrect other than to suggest I'm not considering more options.
I stated that .01 BTC bought ~500,000 NXT in the Octo-November investor prelaunch. I then stated that in mid December, the price of the coin reached .08 per NXT. .08 x 500,000 = $40,000.
.01 BTC between September to November varied from 100-1000 dollars, but most of that spike occured at the end of November.
At the low end (the early NXT investors) who sent .01 BTC and got 500,000 NXT...
if 1 BTC ~ $100, .01 BTC ~ $1, then this investor turned 1 dollar into 40,000 by December 26th. That a 40000x return on investment.
At the high end...investors who sent .01BTC and got 500,000 NXT
if 1 BTC ~$1000, then .01 BTC ~$10, then this investor turned 10 dollars into 40,000 by December 26th. thats a 4000x return on investment.
I picked $7 dollars as the value of .01 BTC, actually giving the investors some benefit of the doubt.
What do you disagree with here?
Given the best possible scenario, someone's $10 investment earned them $40K in 1-3 months. Keep in mind...some people sent way more than .01 BTC. The person who sent $100 worth of Bitcoin earned $400,000 in NXT. That's unreal. Especially when you consider that NXT hadnt even done anything yet.
That is what i point out in the wiki. Talking about the utility of NXT as though it makes up for this gaff doesn't make sense to me.
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