Re: [ANN][DASH] Dash | First Anonymous Coin | Inventor of X11, DGW, Darksend and InstantX
Regarding XCoin/DarkCoin/Dash's "instamine":
The plain and simple fact is that big hash on a new coin always causes trouble when the difficulty adjustment only occurs over very large block intervals and when that difficulty adjustment has a limited maximum multiplier per interval.
Litecoins launch had similar difficulty readjustment issues with similar minting results.
There is no scam here, only inherited bad models.
The plain and simple fact is that big hash on a new coin always causes trouble when the difficulty adjustment only occurs over very large block intervals and when that difficulty adjustment has a limited maximum multiplier per interval.
Litecoins launch had similar difficulty readjustment issues with similar minting results.
There is no scam here, only inherited bad models.
Wrong. Here is the math below for a apples to apples comparison of mintage vs time:
I said nothing about number of coins minted, only the difficulty adjustment in respect to block count.
It's not an analogy. It's a flaw that many, many coins share. Xcoin was not unique in this regard.
I like math too, let's do some:
litecoin has a 2.5 minute block target.
xcoin had a 5 minute block target
In 48 hours, 1152 blocks should occur for litecoin (48 * 60 / 2.5) and
In 48 hours, 576 blocks should occur for xcoin (48 * 60 / 5)
In the first 48 hours of litecoin (2011-10-13 02:59:41 -> 2011-10-15 02:55:24), 10897 blocks were minted.
In the first 48 hours of xcoin (2014-01-19 03:54:41 -> 2014-01-21 03:54:46), 5055 blocks were minted.
Both of these values are WELL ABOVE the intended minting rates.
litecoin was 945% over target
xcoin was 877% over target
This is the only point I made in the original post: That the difficulty adjustment of both coins was insufficient.
--
More than 10 TIMES the amount of current supply (as a % comparison) was put into circulation in the first 8 hours than what was mined in the first 24 hours of litecoin's launch.
Considering xcoins max block subsidy was 500 and litecoins was 50 that makes sense.
The difficulty algorithm "int64 nSubsidy = (1111 / (pow((dDiff+1),2)))" would have clamped that down but the difficulty didn't raise fast enough (see point #1) to restrict total minting to more reasonable levels.
These are the facts. Code doesn't lie.