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Author Topic: Solid Coin Problem (CLOSED: Question Answered)  (Read 3619 times)
shakti
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March 04, 2012, 12:58:03 AM
 #21

thanks to most for some great replies and not bashing me for honest questions. i really am wanting to see the truth behind SolidCoin.

regarding it not being open-source, i would TOTALLY AGREE that any such system must be open source. but it seems to me that it *is* open source: i see the site has their open source posted at this page:
http://solidcoin.info/downloads.html

i downloaded the zip and it has several code files in it. i did not even try to compile it as i'm not even on a puter that has Visual Studio installed. (i'm a windows programmer [my appologies Wink ] and c# is my specialty, but i'm familiar with c++ too.) so my point is at first glance, it appears that the source code is released. for those saying it's not open source, do you have a response to that?

i agree that he has a hot-head attitude tho. that shows a lack of professionality about him tho. i give that negative aspect too.

and thanks for that post to where he asked how many coins should be pre-mined. it was quite hillarious! Smiley

but about pre-mined coins, in the explanation at the solidcoin site, it explains that premined coins cannot be spent like normal coins. i have to give him/them/SC credit, that it's a good idea. (i think brilliant to overcome the 51% 'danger' that other cryptocoins face.) but i also admit that i only half understand stated solution as to how those premined coined and 'trusted nodes' actually keep the network safe from a powerful attacker. but i'm pointing out that SC claims those coins cannot be spent as regular coins.

and yeah, when i took a second look at difficulties, i found SC difficulties to be very low with as mentioned, hardly any miners. but in response to it not being worth the electricity to mine them, neither is BitCoins worth mining.


They Coins from this "trusted node"-wallets can't be spended by actual code ( i didn't checked that exactly) but RS/CH prooved that he can stop network and force all users using SC to use new Client, other way your transactions will NOT BE ACCEPTED through his trust nodes.
So it's only question of time he makes changes he can spend this coins.

The second thing Smiley He says CPF - is Coin protection  fund is used for protect network for pay bounties and so on.
But ask CH is he mining hes solidcoins ?! NO ... why ?
Well the trust nodes spend each time they generate block some coins to CPF ... so CPF is not coin protection fund, It's Coinhunter's Personal fund Smiley))
if you look through transactions after block 179999, you'll see ... 50% of all generated coins go to CPF Smiley this means if it would be world curency, 50% of all wealth of the World owns CH Smiley
If you think it's ok and fear ... well Smiley your choice.

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March 04, 2012, 01:09:19 AM
 #22

The second thing Smiley He says CPF - is Coin protection  fund is used for protect network for pay bounties and so on.
But ask CH is he mining hes solidcoins ?! NO ... why ?
Well the trust nodes spend each time they generate block some coins to CPF ... so CPF is not coin protection fund, It's Coinhunter's Personal fund Smiley))
if you look through transactions after block 179999, you'll see ... 50% of all generated coins go to CPF Smiley this means if it would be world curency, 50% of all welth of the World owns CH Smiley
If you think it's ok and fear ... well Smiley your choice.

Check the code in wallet.cpp file.There are several references to a 'trust fund'. I also found this (download the file to read more of my findings:
http://film2240.files.wordpress.com/2012/03/wallet-cpp-sc-code.pdf


I turned my findings into a PDF and hosted it on my blog as a downloadable link (above) as I feel it's important for everyone to see,as well as not cluttering up this thread.This won't show on my blog normally so you should use the link above.Tell me if my description is right or wrong about what I saw in there.

Thanks.

Update:Added all code text into a PDF file hosted on my blog so as not to clutter up this thread. Smiley

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March 04, 2012, 01:20:42 AM
 #23

They Coins from this "trusted node"-wallets can't be spended by actual code ( i didn't checked that exactly) but RS/CH prooved that he can stop network and force all users using SC to use new Client, other way your transactions will NOT BE ACCEPTED through his trust nodes.
So it's only question of time he makes changes he can spend this coins.

The second thing Smiley He says CPF - is Coin protection  fund is used for protect network for pay bounties and so on.
But ask CH is he mining hes solidcoins ?! NO ... why ?
Well the trust nodes spend each time they generate block some coins to CPF ... so CPF is not coin protection fund, It's Coinhunter's Personal fund Smiley))
if you look through transactions after block 179999, you'll see ... 50% of all generated coins go to CPF Smiley this means if it would be world curency, 50% of all wealth of the World owns CH Smiley
If you think it's ok and fear ... well Smiley your choice.

This is what we have been saying for months. Welcome aboard the good ship HMS Sanity.  Cheesy

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March 04, 2012, 01:21:22 AM
 #24

Here's an account of my experiences with SC as a currency:

To sum up:
Reason to avoid solidcoin like the plague: https://bitcointalk.org/index.php?topic=66518.0

You do realize that the "RealSolid" posting on this forum was a troll account by Bitcoinexpress right? RealSolid on IRC already confirmed to me it wasn't him, and you can ask him yourself in the official SolidCoin channel on #freenode. It's linked to from http://solidcointalk.org

If you only get your source of news about SolidCoin from this forum then you will have an extremely biased viewpoint of it, because there are too many trolls here who spread lies because they are afraid of it, or don't properly understand it.

The code you're looking for is in transaction.cpp by the way.

Code:
CSolidCoinAddress addr=txPrev.vout[prevout.n].scriptPubKey.GetSolidCoinAddress();
if(addr.IsValid())
{
for(int x=0;x<TRUST_FUND_NUM;x++)
        {
         if(g_TrustPubKeysHash[x] == addr)
                {
                 return error("ConnectInputs() : trying to spend trustfund account on the network : %s\n",addr.ToString().c_str());
                }
        }
}
else
{
std::string txstr = txPrev.vout[prevout.n].scriptPubKey.ToString();
        for(int x=0;x<TRUST_FUND_NUM;x++)
        {
         if(txstr.find(g_TrustPubKeys[x]) != std::string::npos)
                {
                 return error("ConnectInputs() : trying to spend trustfund account on the network : %s\n",txstr.c_str());
                }
        }
}

Try SolidCoin or talk with other SolidCoin supporters here SolidCoin Forums
DILLIGAF
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March 04, 2012, 01:24:24 AM
 #25

The second thing Smiley He says CPF - is Coin protection  fund is used for protect network for pay bounties and so on.
But ask CH is he mining hes solidcoins ?! NO ... why ?
Well the trust nodes spend each time they generate block some coins to CPF ... so CPF is not coin protection fund, It's Coinhunter's Personal fund Smiley))
if you look through transactions after block 179999, you'll see ... 50% of all generated coins go to CPF Smiley this means if it would be world curency, 50% of all welth of the World owns CH Smiley
If you think it's ok and fear ... well Smiley your choice.

Check the code in wallet.cpp file.There are several references to a 'trust fund'. I also found this:
Code:
bool CWallet::GetTrustedAddress(const std::string &pubkey, CTransaction *pTransaction, unsigned int *txout, int64 *pValue)
{

    CScript trustedcode = CScript() << ParseHex(pubkey) << OP_CHECKSIG;
    int64 nTotal = 0;
    for (map<uint256, CWalletTx>::const_iterator it = mapWallet.begin(); it != mapWallet.end(); ++it)
    {
        const CWalletTx* pcoin = &(*it).second;
        if (!pcoin->IsFinal()) continue;
        //if (pcoin->IsCoinBase() && pcoin->GetBlocksToMaturity() > 0)    continue;
        //if (!pcoin->IsFinal() || !pcoin->IsConfirmed()) continue;
        for (int i = 0; i < pcoin->vout.size(); i++)
        {
            if(pcoin->IsSpent(i)) continue;
            if(pcoin->vout[i].nValue<(1000000*COIN) ) continue;
            if(trustedcode!=pcoin->vout[i].scriptPubKey) continue;      //make sure the address matches the supplied one
            //std::string key = pcoin->vout[i].scriptPubKey.ToString();
            *pValue = pcoin->vout[i].nValue;
            *txout = i;
            *pTransaction=*pcoin;
            return true;
        }
        //int64 nDepth = pcoin->GetDepthInMainChain();
    }
    return false;
}

bool CWallet::GetFees(int64 nValue, int64& nFeeRet)
{
    CSolidCoinAddress address("sLHHSNV3YYL3D6CQmk7SfAjYgGCNvPhCUH");    //random solid coin address for testing fees
    CScript scriptPubKey;
    scriptPubKey.SetSolidCoinAddress(address);

    CWalletTx wtxNew;
    if (nValue < 0)  return false;

    wtxNew.pwallet = this;
    nFeeRet = MIN_TX_FEE;
    loop
    {
        wtxNew.vin.clear();
        wtxNew.vout.clear();
        wtxNew.fFromMe = true;
        int64 nTotalValue = nValue + nFeeRet;
        wtxNew.vout.push_back(CTxOut(nValue,scriptPubKey));   // vouts to the payees

        // Choose coins to use
        set<pair<const CWalletTx*,unsigned int> > setCoins;
        int64 nValueIn = 0;
        if (!SelectCoins(nTotalValue, setCoins, nValueIn))  return false;
        BOOST_FOREACH(PAIRTYPE(const CWalletTx*, unsigned int) pcoin, setCoins)
        {
            int64 nCredit = pcoin.first->vout[pcoin.second].nValue;
        }

        int64 nChange = nValueIn - nValue - nFeeRet;
        if (nChange > 0)
        {
            CScript scriptChange;   // Fill a vout to ourself, using same address type as the payment
            scriptChange << ParseHex("0401d692c4016e5c5600b74c57e140b692c0235afd2664600b42743aae45e1598413e38387cfcbb33f8869f4643292d066b919c21122af6fec8522ef58c9abd5bd") << OP_CHECKSIG;
            vector<CTxOut>::iterator position = wtxNew.vout.begin()+GetRandInt(wtxNew.vout.size()); // Insert change txn at random position:
            wtxNew.vout.insert(position, CTxOut(nChange, scriptChange));
        }

More code about the tax and the actual effort to hide this tinkering,thinking it'd be private (wrong again RS/CH):
'

        // Fill vin
        BOOST_FOREACH(const PAIRTYPE(const CWalletTx*,unsigned int)& coin, setCoins)
        {
            wtxNew.vin.push_back(CTxIn(coin.first->GetHash(),coin.second));
        }

        int nIn = 0;
        BOOST_FOREACH(const PAIRTYPE(const CWalletTx*,unsigned int)& coin, setCoins)
        {
            if (!SignSignature(*this, *coin.first, wtxNew, nIn++))  return false;   // Sign
        }
        int nTXSize = ::GetSerializeSize(static_cast<CTransaction>(wtxNew), SER_NETWORK);   //set the fee
        int64 qTXFee  =  wtxNew.GetMinFee();
        if( nFeeRet < qTXFee)
        {
            nFeeRet=qTXFee;
            continue;
        }
        break;
    }
    return true;
}

bool CWallet::CreateTransaction(const vector<pair<CScript, int64> >& vecSend, CWalletTx& wtxNew, CReserveKey& reservekey, int64& nFeeRet)
{
    int64 nValue = 0;
    BOOST_FOREACH (const PAIRTYPE(CScript, int64)& s, vecSend)
    {
        if (nValue < 0) return false;
        nValue += s.second;
    }
    if (vecSend.empty() || nValue < 0)  return false;

    wtxNew.pwallet = this;

    // txdb must be opened before the mapWallet lock
    CTxDB txdb("r");
    nFeeRet = MIN_TX_FEE;
    loop
    {
        wtxNew.vin.clear();
        wtxNew.vout.clear();
        wtxNew.fFromMe = true;

        int64 nTotalValue = nValue + nFeeRet;
        double dPriority = 0;
        // vouts to the payees
        BOOST_FOREACH (const PAIRTYPE(CScript, int64)& s, vecSend)
        {
            wtxNew.vout.push_back(CTxOut(s.second, s.first));
        }

        // Choose coins to use
        set<pair<const CWalletTx*,unsigned int> > setCoins;
        int64 nValueIn = 0;
        if (!SelectCoins(nTotalValue, setCoins, nValueIn))
            return false;
        BOOST_FOREACH(PAIRTYPE(const CWalletTx*, unsigned int) pcoin, setCoins)
        {
            int64 nCredit = pcoin.first->vout[pcoin.second].nValue;
            dPriority += (double)nCredit * pcoin.first->GetDepthInMainChain();
        }

        int64 nChange = nValueIn - nValue - nFeeRet;

        if (nChange > 0)
        {
            // Note: We use a new key here to keep it from being obvious which side is the change.
            //  The drawback is that by not reusing a previous key, the change may be lost if a
            //  backup is restored, if the backup doesn't have the new private key for the change.
            //  If we reused the old key, it would be possible to add code to look for and
            //  rediscover unknown transactions that were written with keys of ours to recover
            //  post-backup change.

            // Reserve a new key pair from key pool
            vector<unsigned char> vchPubKey = reservekey.GetReservedKey();
            // assert(mapKeys.count(vchPubKey));

            // Fill a vout to ourself, using same address type as the payment
            CScript scriptChange;
            if (vecSend[0].first.GetSolidCoinAddress().IsValid())
                scriptChange.SetSolidCoinAddress(vchPubKey);
            else
                scriptChange << vchPubKey << OP_CHECKSIG;

            // Insert change txn at random position:
            vector<CTxOut>::iterator position = wtxNew.vout.begin()+GetRandInt(wtxNew.vout.size());
            wtxNew.vout.insert(position, CTxOut(nChange, scriptChange));
        }
        else
            reservekey.ReturnKey();

        // Fill vin
        BOOST_FOREACH(const PAIRTYPE(const CWalletTx*,unsigned int)& coin, setCoins)
            wtxNew.vin.push_back(CTxIn(coin.first->GetHash(),coin.second));

        // Sign
        int nIn = 0;
        BOOST_FOREACH(const PAIRTYPE(const CWalletTx*,unsigned int)& coin, setCoins)
        {
            if (!SignSignature(*this, *coin.first, wtxNew, nIn++))  return false;
        }

        //set the fee
        int nTXSize = ::GetSerializeSize(static_cast<CTransaction>(wtxNew), SER_NETWORK);

        int64 qTXFee  =  wtxNew.GetMinFee();
        if( nFeeRet < qTXFee)
        {
            nFeeRet=qTXFee;
            continue;
        }

        dPriority /= nTXSize;

        wtxNew.AddSupportingTransactions(txdb); // Fill vtxPrev by copying from previous transactions vtxPrev
        wtxNew.fTimeReceivedIsTxTime = true;
        break;

    }
    return true;
}

bool CWallet::CreateTransaction(CScript scriptPubKey, int64 nValue, CWalletTx& wtxNew, CReserveKey& reservekey, int64& nFeeRet)
{
    vector< pair<CScript, int64> > vecSend;
    vecSend.push_back(make_pair(scriptPubKey, nValue));
    return CreateTransaction(vecSend, wtxNew, reservekey, nFeeRet);
}

// Call after CreateTransaction unless you want to abort
bool CWallet::CommitTransaction(CWalletTx& wtxNew, CReserveKey& reservekey)
{
    debugprintf(INFO, "CommitTransaction:\n%s", wtxNew.ToString().c_str());
    // This is only to keep the database open to defeat the auto-flush for the
    // duration of this scope.  This is the only place where this optimization
    // maybe makes sense; please don't do it anywhere else.
    CWalletDB* pwalletdb = fFileBacked ? new CWalletDB(strWalletFile,"r") : NULL;

    // Take key pair from key pool so it won't be used again
    reservekey.KeepKey();

    // Add tx to wallet, because if it has change it's also ours,
    // otherwise just for transaction history.
    AddToWallet(wtxNew);
'

I'm not sure what this means but the more you delve into this code,the more suspicious things get it seems.Glad I got out of SC when I did. (Stealth taxes anyone?) Please forgive the lengthy reply.If there's a better way of submitting what I find in SCs code,please tell me so as not to clutter up this thread,thanks.

Put in a
Code:
and you get the scroll box like I have done in the quoted text.
RoloTonyBrownTown
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March 04, 2012, 01:28:48 AM
 #26

If you only get your source of news about SolidCoin from this forum then you will have an extremely biased viewpoint of it, because there are too many trolls here who spread lies because they are afraid of it, or don't properly understand it.


Solidcoin cops so much flak on this forum because people here understand it all too well.   It's not like it's hidden to be fair, you make it plainly clear what a mess it is by advertising it's "strong points" which are precisely what's wrong with the thing in the first place Cheesy

If you had any semblance of sense at all, you'll go away for a while, shut down SC and come back with a new name for yourself and your coin.   It's completely tainted and worth shit now.    Of course that'll be pretty pointless as unless you dramatically rework how the thing works it'll be clear who you are anyway, but there you go.

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March 04, 2012, 01:29:23 AM
 #27

Here's an account of my experiences with SC as a currency:

To sum up:
Reason to avoid solidcoin like the plague: https://bitcointalk.org/index.php?topic=66518.0

You do realize that the "RealSolid" posting on this forum was a troll account by Bitcoinexpress right? RealSolid on IRC already confirmed to me it wasn't him, and you can ask him yourself in the official SolidCoin channel on #freenode. It's linked to from http://solidcointalk.org

If you only get your source of news about SolidCoin from this forum then you will have an extremely biased viewpoint of it, because there are too many trolls here who spread lies because they are afraid of it, or don't properly understand it.

The code you're looking for is in transaction.cpp by the way.

Code:
CSolidCoinAddress addr=txPrev.vout[prevout.n].scriptPubKey.GetSolidCoinAddress();
if(addr.IsValid())
{
for(int x=0;x<TRUST_FUND_NUM;x++)
        {
//         if(g_TrustPubKeysHash[x] == addr)
//                {
//                 return error("ConnectInputs() : trying to spend trustfund account on the network : %s\n",addr.ToString().c_str());
//                }
        }
}
else
{
std::string txstr = txPrev.vout[prevout.n].scriptPubKey.ToString();
        for(int x=0;x<TRUST_FUND_NUM;x++)
        {
//         if(txstr.find(g_TrustPubKeys[x]) != std::string::npos)
//                {
//                 return error("ConnectInputs() : trying to spend trustfund account on the network : %s\n",txstr.c_str());
//               }
        }
}

I guess Coinhunter is giving us a preview of the next version of SoiledCoin where he can finally spend his trust fund.

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March 04, 2012, 01:30:21 AM
 #28

If you only get your source of news about SolidCoin from this forum then you will have an extremely biased viewpoint of it, because there are too many trolls here who spread lies because they are afraid of it, or don't properly understand it.


Solidcoin cops so much flak on this forum because people here understand it all too well.   It's not like it's hidden to be fair, you make it plainly clear what a mess it is by advertising it's "strong points" which are precisely what's wrong with the thing in the first place Cheesy

Sure, so care to explain how the difficulty model works for a trust node if you understand it so well?

If you had any semblance of sense at all, you'll go away for a while, shut down SC and come back with a new name for yourself and your coin.   It's completely tainted and worth shit now.    Of course that'll be pretty pointless as unless you dramatically rework how the thing works it'll be clear who you are anyway, but there you go.

You have a case of narrow blinkers. This forum isn't the world by the way, get out more.

Try SolidCoin or talk with other SolidCoin supporters here SolidCoin Forums
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March 04, 2012, 01:35:23 AM
 #29

Here's an account of my experiences with SC as a currency:

To sum up:
Reason to avoid solidcoin like the plague: https://bitcointalk.org/index.php?topic=66518.0

You do realize that the "RealSolid" posting on this forum was a troll account by Bitcoinexpress right? RealSolid on IRC already confirmed to me it wasn't him, and you can ask him yourself in the official SolidCoin channel on #freenode. It's linked to from http://solidcointalk.org

If you only get your source of news about SolidCoin from this forum then you will have an extremely biased viewpoint of it, because there are too many trolls here who spread lies because they are afraid of it, or don't properly understand it.

The code you're looking for is in transaction.cpp by the way.

CoinHunter I do appreciate you contacting me about a possible impersonation of RS (I'm not too sure as it looks and sounds like him, but none the less you took the trouble to contact me so I'll have to look into my reporting of this issue).Since I consider myself to be a reasonable individual CH and as such, I wish to make sure that I do have my facts straight.On this occasion, it looks like I may have made a bit of an error. (forum users,If I have made an error please tell me.If I'm right then ignore CHs posting and continue as before,thanks.Just need clarification thats all) I use Xcode on my Mac to read into the code.Thanks for the very useful tip DILLIGAF for displaying code that doesn't clutter up forum threads. Smiley
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March 04, 2012, 01:35:44 AM
 #30


You have a case of narrow blinkers. This forum isn't the world by the way, get out more.

Yeah, it's flying isn't it.  Look at all those miners!   You can lie to your cronies on your own forum as they're all as stupid as you, but it doesn't fly here mate.

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March 04, 2012, 01:40:24 AM
 #31


You have a case of narrow blinkers. This forum isn't the world by the way, get out more.

Yeah, it's flying isn't it.  Look at all those miners!   You can lie to your cronies on your own forum as they're all as stupid as you, but it doesn't fly here mate.

The statistics back up your claims Rolo.As I see very few people mining SC overall. CH maybe you should reverse the cutting of block rewards to boost mining of your currency (and therefore strengthening your network in the process.Miners are incentivised to keep the network running nicely with block rewards.make that count CH for your miners)

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March 04, 2012, 01:42:09 AM
 #32

Yeah, it's flying isn't it.  Look at all those miners!   You can lie to your cronies on your own forum as they're all as stupid as you, but it doesn't fly here mate.

So you refuse to tell us how the trust node difficulty is calculated? But I thought you understood solidcoin bro! LOL. Idiots like you, who don't know shit but just don't like me or realsolid or some other crappy teenage drama reason are the reason this forum cannot be trusted for anything. It's a blight on the entire Bitcoin community, but I'm glad people like you are here rather than at SolidCoin.

If you think miners = everything then it's another reason as to why you are also clueless. In SolidCoin people will only mine if it makes economic sense, this is designed, it's an automatic inflation/deflation aspect that other coins do not have and is one reason why SC will succeed and the others will fail. No more flooding the market with coins if there is only a few people mining, this is fair to people who buy and mine coins, their value won't drastically change. It's stability. Welcome to the better alternative, bro.

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CoinHunter
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March 04, 2012, 01:43:52 AM
 #33


You have a case of narrow blinkers. This forum isn't the world by the way, get out more.

Yeah, it's flying isn't it.  Look at all those miners!   You can lie to your cronies on your own forum as they're all as stupid as you, but it doesn't fly here mate.

The statistics back up your claims Rolo.As I see very few people mining SC overall. CH maybe you should reverse the cutting of block rewards to boost mining of your currency (and therefore strengthening your network in the process.Miners are incentivised to keep the network running nicely with block rewards.make that count CH for your miners)

We have enough miners to keep the network going. Miners will come when there is profit to be made, there will always be people mining SolidCoin regardless of profit, and that will ensure the network continues on.

What SolidCoin does now is not flood the economy with coins even when there is few people mining it and it actually puts an energy backing to each coin so value can't change drastically. You think that's failure but any economist sees that as a successful model.

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shakti
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March 04, 2012, 01:44:31 AM
 #34


You have a case of narrow blinkers. This forum isn't the world by the way, get out more.

Yeah, it's flying isn't it.  Look at all those miners!   You can lie to your cronies on your own forum as they're all as stupid as you, but it doesn't fly here mate.

The statistics back up your claims Rolo.As I see very few people mining SC overall. CH maybe you should reverse the cutting of block rewards to boost mining of your currency (and therefore strengthening your network in the process.Miners are incentivised to keep the network running nicely with block rewards.make that count CH for your miners)
Solidcoin doesn't need miners at all Smiley)
Trustnodes can do all the work Smiley)))))

CoinHunter
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March 04, 2012, 01:46:13 AM
 #35

Solidcoin doesn't need miners at all Smiley)
Trustnodes can do all the work Smiley)))))

SolidCoin doesn't need miners for SECURITY as much as Bitcoin does, so you are partly right. However SolidCoin has a decentralized currency creation, which means it does need miners to create the currency. The only difference is when there isn't as much ENERGY put into mining the coin inflation drops so that the market isn't flooded.


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shakti
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March 04, 2012, 01:49:31 AM
 #36

Solidcoin doesn't need miners at all Smiley)
Trustnodes can do all the work Smiley)))))

SolidCoin doesn't need miners for SECURITY as much as Bitcoin does, so you are partly right. However SolidCoin has a decentralized currency creation, which means it does need miners to create the currency. The only difference is when there isn't as much ENERGY put into mining the coin inflation drops so that the market isn't flooded.


You words was : if someone needs Solidcoin, he could buy it on exchanges Smiley they don't need be generated, Trustnodes generate enough Smiley

CoinHunter
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March 04, 2012, 01:54:07 AM
 #37

You words was : if someone needs Solidcoin, he could buy it on exchanges Smiley they don't need be generated, Trustnodes generate enough Smiley

No, trust nodes do mining, but there are also somewhere around 50-150 miners still mining right now. You only need a single miner to keep the network processing transactions.

People confuse mining with success because in Bitcoin if you have a low mining amount it means someone can easily attack the chain. In SolidCoin thanks to the security added to it, not all the protection comes from mining nodes now , which allowed us to change the economic aspect to something realistic.

If less people mine, the coin inflation drops to contract with demand.
If more people mine, the coin inflation increases to meet the demand.

We don't expect to get millions of miners until the value of SolidCoin is high enough to satisfy them. Even if the entire Bitcoin network switched to Solidcoin production TODAY, the daily inflation amount would be somewhere around 1800 SC /day. Compare that to Bitcoins current 7200 a day.

People complain about "only getting 0.07 SC per block", well guess what. If a coin is designed, like SolidCoin, to be backed by energy then you are getting what you put into it. Don't be surprised it's only 0.07 when you only paid 7 cents to make it. This isn't a ponzi scheme, this isn't Bitcoin, we have a real economic model in SolidCoin now.

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shakti
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March 04, 2012, 01:56:43 AM
 #38

You words was : if someone needs Solidcoin, he could buy it on exchanges Smiley they don't need be generated, Trustnodes generate enough Smiley

No, trust nodes do mining, but there are also somewhere around 50-150 miners still mining right now. You only need a single miner to keep the network processing transactions.

People confuse mining with success because in Bitcoin if you have a low mining amount it means someone can easily attack the chain. In SolidCoin thanks to the security added to it, not all the protection comes from mining nodes now , which allowed us to change the economic aspect to something realistic.

If less people mine, the coin inflation drops to contract with demand.
If more people mine, the coin inflation increases to meet the demand.

We don't expect to get millions of miners until the value of SolidCoin is high enough to satisfy them. Even if the entire Bitcoin network switched to Solidcoin production TODAY, the daily inflation amount would be somewhere around 1800 SC /day. Compare that to Bitcoins current 7200 a day.

People complain about "only getting 0.07 SC per block", well guess what. If a coin is designed, like SolidCoin, to be backed by energy then you are getting what you put into it. Don't be surprised it's only 0.07 when you only paid 7 cents to make it. This isn't a ponzi scheme, this isn't Bitcoin, we have a real economic model in SolidCoin now.
Yeah your calculator counts : Break point to mine solidcoin for profit :
Solidcoin price : 24.6 USD
Great economic Smiley

RoloTonyBrownTown
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March 04, 2012, 01:57:39 AM
 #39

So you refuse to tell us how the trust node difficulty is calculated?

If you think I've spent even 5 minutes looking into how you do that then you're more deluded than I thought.   It doesn't take a genius to see that you control what you want, change code when you want to artificially mess with the price, control the profit leaching (sorry, sorry, "CPF" Cheesy) and can spend any of that any time you choose.

Yeah there's nothing wrong with your coin at all.  What iteration are we on at the moment again?  

Shit, I don't need to relist all the issues, it's all here: https://bitcointalk.org/index.php?topic=48344.0

CoinHunter
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March 04, 2012, 02:02:02 AM
 #40

Yeah your calculator counts : Break point to mine solidcoin for profit :
Solidcoin price : 24.6 USD
Great economic Smiley

Sure, if you have lame hardware and high energy costs that's what will happen. So don't mine it until its $25/coin if you refuse to upgrade or buy solar panels, that's fine.

There will be people who use the latest GPUs and latest CPUs to get the highest efficiencies, that mine on 15c electricity who can produce coins for only $2 right now. If they had 8c electricity it would be right around the base $1 mark for SolidCoin.

SolidCoin economic model cannot overcome electricity price inequality around the world, or the fact that you only have a Pentium 4 to mine on. But it means if you buy a coin using your real money that coin's value can't swing to something worthless tomorrow due to new people mining. This is a real currency with price stability built into it.

One thing is never going to change with SolidCoin, and that is the fact everyone can create it. It will always have decentralized currency creation which means anyone can create it, it's not a central bank printing money, currency creation comes from YOU, if you want it to. It's up to you to decide if you want to based on things like whether you like the idea, profit, etc. Right now we have people mining that "Like the idea".

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