Re: [ANN] NeuCoin - Easy to use, free to try, focused on micropayments - Official
I wonder what the Neucoin team thinks mining is buying them.
They are paying 164304 Neucoin per day to the miners, who just dump it on the market.
Each block that's mined has so such a small internal trust value that it can be wiped out on a whim (as shown by this latest fiasco), so its not helping with security at all. In fact, it hurts it because if people using Neucoin don't know the difference between PoW and PoS blocks, they won't realize that having 100 PoW confirmations of their transaction means nothing.
They are paying 164304 Neucoin per day to the miners, who just dump it on the market.
Each block that's mined has so such a small internal trust value that it can be wiped out on a whim (as shown by this latest fiasco), so its not helping with security at all. In fact, it hurts it because if people using Neucoin don't know the difference between PoW and PoS blocks, they won't realize that having 100 PoW confirmations of their transaction means nothing.
PoW blocks would have helped with security in the first 1.6 days after launch (minimum stake age) if there there haven't been any mature transactions which are able to stake. Essentially, PoW blocks would have been the sole contributor to security in the first 1.6 days after launch.
Since the regime has started staking even before the (official) launch, PoW was never meant to help with security.
Block 1 Sept 12 8.02am.
http://www.neucoin.io/block/00000cde7894e403bc530b3d3f8d69679d50022dd7a5a6539194ff9c555a2d9f
Launch Sept 23 6.56pm
orum.neucoin.org/t/neucoin-is-live-available-on-exchanges-by-friday/1584
Block 1380 Sept 23 6.64pm (launch) 3,008,660,800 nokoin
http://www.neucoin.io/block/f0077509ac33b2a22c34ef63d91d8abd847e5be0cd0146437a5b0e2709662a1a
Block 4160 Sept 25 10.00am (1.6 days later when the first nokoiners will be able to stake) 3, 023, 044,000 nokoin
http://www.neucoin.io/block/e1278377cdef8602a386dcd4574f87cf77f09ba5837ef7738dcbbd9b362c2bba
Various transactions Over 5m (max purchase),
c1fec4a1f52baad04063ad78c235fce933ac8c384bb72d138408e272c80d00e1
from distribution wallet.
5cfb9c89f4f9f472cbab1e8f4d304b85234a23db55458b6082f174049376229d
Megga staking? in blocks around 3800 for example, over 100,000 "created" per block.
http://www.neucoin.io/block/00000cde7894e403bc530b3d3f8d69679d50022dd7a5a6539194ff9c555a2d9f
Launch Sept 23 6.56pm
orum.neucoin.org/t/neucoin-is-live-available-on-exchanges-by-friday/1584
Block 1380 Sept 23 6.64pm (launch) 3,008,660,800 nokoin
http://www.neucoin.io/block/f0077509ac33b2a22c34ef63d91d8abd847e5be0cd0146437a5b0e2709662a1a
Block 4160 Sept 25 10.00am (1.6 days later when the first nokoiners will be able to stake) 3, 023, 044,000 nokoin
http://www.neucoin.io/block/e1278377cdef8602a386dcd4574f87cf77f09ba5837ef7738dcbbd9b362c2bba
Various transactions Over 5m (max purchase),
c1fec4a1f52baad04063ad78c235fce933ac8c384bb72d138408e272c80d00e1
from distribution wallet.
5cfb9c89f4f9f472cbab1e8f4d304b85234a23db55458b6082f174049376229d
Megga staking? in blocks around 3800 for example, over 100,000 "created" per block.
BTW, why didn't the foundation stake until angels (and team?) had already staked 9m nokoin for themselves?
Any reason or just more greed?
(first stake block 793, first stake for 1.4bn growth foundation block 2054.)
BTW: Why does NoKoin not have the double asterisk "Significantly Premined" flag on coinmarketcap?Any reason or just more greed?
(first stake block 793, first stake for 1.4bn growth foundation block 2054.)
In fact, it hurts it because if people using Neucoin don't know the difference between PoW and PoS blocks, they won't realize that having 100 PoW confirmations of their transaction means nothing.
Every PoW block which is only confirmed by a couple of other PoW blocks means a supposable fiasco.
Even PoS blocks which are only confirmed by non-foundation's PoS blocks means a supposable fiasco.
The whole NoKoin system relies on one single node on one single device, probably connected to one single internet connection and one single electricity connection... I'm confident that this wasn't the last fiasco.
