great article tao!
this thread looks like fun, i wanna play....
1. launch before he said he would
2. launch with no windows wallets (every other dev launched with them and was called out for a scammer if they did not)
3. mined it all up at 10x speed anyone else could after they "fixed it"
4. he then got so excited that he slashed the minting back by 75% so he magnified his mistakes in mining up huge amounts of the coin to super super huge
Let's take a look at the first 5 h of Darkcoin (XCoin at that time)...
https://bitcointalk.org/index.php?topic=421615.msg4589219#msg4589219
Edufield said (after failed launch) that he will wait the next day to launch DRK (XCoin at that time) it is 11 pm.
https://bitcointalk.org/index.php?topic=421615.msg4591407#msg4591407
Edufield disregard windows wallet and daemon and hurry up his launch, presumably to not have windows miners on board.
https://bitcointalk.org/index.php?topic=421615.msg4592827#msg4592827
Edufield say he added four nodes for the launch at 4 am (5 hours later, despite his promise to wait). The 4 nodes from Edufield are 3 amazons AWS + another unknown (whois IP). Launch started at 3h54 am.
https://bitcointalk.org/index.php?topic=421615.msg4593601#msg4593601
Edufield said the github version was not updated, nobody could compile and only Edufield was able to mine until that time. It is 5.09 am and Edufield instamined alone 1153 block at 500 DRK + 60 block at reward 277 = 593120 DRK for him alone in about 1 hour.
https://bitcointalk.org/index.php?topic=421615.msg4593987#msg4593987
No windows wallet confirmed at 5h47 am, despite a user attempt to make one avaiable, that Edufield dismissed quickly.
https://bitcointalk.org/index.php?topic=421615.msg4594096#msg4594096
Illodin, understand dev has instamined alot of coin.
https://bitcointalk.org/index.php?topic=421615.msg4595573#msg4595573
From this list of nodes, at 8h34 am (4h40 after launch) there were 50 Amazon AWS node and 50 microsoft cloud computing instamining DRK (checked using IP whois service). This is 100/124 nodes using cloud computing to instamine DRK. We are at block 2870 and block reward is 500. From block 1153-1729 block reward is 277. After that it is 500 again hence 2294 block at 500 + 576 at 277 = 1306552 DRK (worth about 13M$ now) were instamined in less than 5 hour by Edufield and coworkers using about 100 cloud mining instances. Edufield himself instamined in not even 5 h from 600K to 1169K DRK ((1306K-600K)*100/124 + 600K) depending how many of the 100 cloud mining instance were its own. All this while having purposefully set the difficult ridiculously low and block reward 100 times what it is now.
so as you know these questions have already been answered ad nauseam and probably why no one responded. these questions are basically a copy and past of smoothies post and others from last year. i already debunked his post so i will just copy and paste it as it answers your questions too. others have done a way more detailed debunking of the mining distribution (replete with charts and tables) in the DASH thread but you'll have to search for that yourself. my rebuttal to smoothie appears in red...
TLDR:
1. launch before he said he would
(not true, debunked)
2. launch with no windows wallets (every other dev launched with them and was called out for a scammer if they did not)
(not true, debunked)
3. mined it all up at 10x speed anyone else could after they "fixed it"
(not true, debunked)
4. he then got so excited that he slashed the minting back by 75% so he magnified his mistakes in mining up huge amounts of the coin to super super huge
(this was actually a good call as the ltc emission rate is too inflationary)
this thread looks like fun, i wanna play....
1. launch before he said he would
2. launch with no windows wallets (every other dev launched with them and was called out for a scammer if they did not)
3. mined it all up at 10x speed anyone else could after they "fixed it"
4. he then got so excited that he slashed the minting back by 75% so he magnified his mistakes in mining up huge amounts of the coin to super super huge
Let's take a look at the first 5 h of Darkcoin (XCoin at that time)...
https://bitcointalk.org/index.php?topic=421615.msg4589219#msg4589219
Edufield said (after failed launch) that he will wait the next day to launch DRK (XCoin at that time) it is 11 pm.
https://bitcointalk.org/index.php?topic=421615.msg4591407#msg4591407
Edufield disregard windows wallet and daemon and hurry up his launch, presumably to not have windows miners on board.
https://bitcointalk.org/index.php?topic=421615.msg4592827#msg4592827
Edufield say he added four nodes for the launch at 4 am (5 hours later, despite his promise to wait). The 4 nodes from Edufield are 3 amazons AWS + another unknown (whois IP). Launch started at 3h54 am.
https://bitcointalk.org/index.php?topic=421615.msg4593601#msg4593601
Edufield said the github version was not updated, nobody could compile and only Edufield was able to mine until that time. It is 5.09 am and Edufield instamined alone 1153 block at 500 DRK + 60 block at reward 277 = 593120 DRK for him alone in about 1 hour.
https://bitcointalk.org/index.php?topic=421615.msg4593987#msg4593987
No windows wallet confirmed at 5h47 am, despite a user attempt to make one avaiable, that Edufield dismissed quickly.
https://bitcointalk.org/index.php?topic=421615.msg4594096#msg4594096
Illodin, understand dev has instamined alot of coin.
https://bitcointalk.org/index.php?topic=421615.msg4595573#msg4595573
From this list of nodes, at 8h34 am (4h40 after launch) there were 50 Amazon AWS node and 50 microsoft cloud computing instamining DRK (checked using IP whois service). This is 100/124 nodes using cloud computing to instamine DRK. We are at block 2870 and block reward is 500. From block 1153-1729 block reward is 277. After that it is 500 again hence 2294 block at 500 + 576 at 277 = 1306552 DRK (worth about 13M$ now) were instamined in less than 5 hour by Edufield and coworkers using about 100 cloud mining instances. Edufield himself instamined in not even 5 h from 600K to 1169K DRK ((1306K-600K)*100/124 + 600K) depending how many of the 100 cloud mining instance were its own. All this while having purposefully set the difficult ridiculously low and block reward 100 times what it is now.
so as you know these questions have already been answered ad nauseam and probably why no one responded. these questions are basically a copy and past of smoothies post and others from last year. i already debunked his post so i will just copy and paste it as it answers your questions too. others have done a way more detailed debunking of the mining distribution (replete with charts and tables) in the DASH thread but you'll have to search for that yourself. my rebuttal to smoothie appears in red...
People have a read below as it appears there are glaring facts about this coin that need to be made public.
Step 1. Mislead as many people as possible about the launch time. Like so:
Time to go to bed and try again next week?
Yeah, let's do that. I obviously need to do some more testing. Thanks everyone!
Best thing to do I guess. Please, confirm you won't be launching after some minutes/hours even if you fix it, and the sooner would be tomorrow, thanks.
Definitely not. I'll also follow up with this post when I do set a time.
"Definitely not."
I understood "Definitely not" to mean not within minutes/hours not that he would wait till the next day.
We all know he went on to launch ita couple of hours later, despite his confirmation that he'd wait until the next day at the earliest.
He fixed it a couple of hours later (3 hours) and announced it would be relaunched (11pm EST) in a few more hours giving everyone plenty of time. Since crypto is global someone will always be sleeping when a new coin is launched.
The more successful you are with Step 1, the more it will help your instamine in Step 2!
Step 2. INSTAMINE! INSTAMINE! INSTAMINE!
There is no set definition for instamine. You could call a highly inflationary coin like monero an ongoing instamine as DASH/Darkcoin and monero both hit 5 million coins at about the same time a few month's ago. Now DASH is at around 5,800,000 coins and monero is at around 9,400,000 coins.
The trend has been towards faster mined coins where they mine 4-5 million in the first 1-3 weeks. Some newer popular pos anon coins even mine all the coins in 2-3 days and people seem to like that. Several very popular coins are completely or almost completely premined, that does not mean a coin is a scam.
Tok said it best...
"As far as the "rest of the world" is concerned, the entire crypto-economy was "instamined" and resides in the hands of a tiny number of fanatical geek adopters hoping to get rich. Thats why they don't buy in and won't buy in in many cases unless it's the only option left in an atrophying fiat landscape.
It's nice if you can get everything perfect at launch. If you didn't then the market will make up its mind about how much it mattered relative to the things you did get right.
Luckily in this case, there's plenty more of the latter than the former."
Time to instamine your coin! eduffield sets another fine example here with his Linux-only release. This ensures an optimal instamine period without any pesky windows miners getting in the way of it.Eduffield set the bar very high, he managed to instamine 1.5 million coins in just the first 8 hours of launch.
There was a windows miner compiled by users before the 11pm EST relaunch.
Quote
Step 1.
Ok now it insta crashes when I type "setgenerate true".
Time to go to bed and try again next week?
Yeah, let's do that. I obviously need to do some more testing. Thanks everyone!
Best thing to do I guess. Please, confirm you won't be launching after some minutes/hours even if you fix it, and the sooner would be tomorrow, thanks.
Definitely not. I'll also follow up with this post when I do set a time.
"Definitely not."
I understood "Definitely not" to mean not within minutes/hours not that he would wait till the next day.
We all know he went on to launch it
He fixed it a couple of hours later (3 hours) and announced it would be relaunched (11pm EST) in a few more hours giving everyone plenty of time. Since crypto is global someone will always be sleeping when a new coin is launched.
The more successful you are with Step 1, the more it will help your instamine in Step 2!
Step 2. INSTAMINE! INSTAMINE! INSTAMINE!
There is no set definition for instamine. You could call a highly inflationary coin like monero an ongoing instamine as DASH/Darkcoin and monero both hit 5 million coins at about the same time a few month's ago. Now DASH is at around 5,800,000 coins and monero is at around 9,400,000 coins.
The trend has been towards faster mined coins where they mine 4-5 million in the first 1-3 weeks. Some newer popular pos anon coins even mine all the coins in 2-3 days and people seem to like that. Several very popular coins are completely or almost completely premined, that does not mean a coin is a scam.
Tok said it best...
"As far as the "rest of the world" is concerned, the entire crypto-economy was "instamined" and resides in the hands of a tiny number of fanatical geek adopters hoping to get rich. Thats why they don't buy in and won't buy in in many cases unless it's the only option left in an atrophying fiat landscape.
It's nice if you can get everything perfect at launch. If you didn't then the market will make up its mind about how much it mattered relative to the things you did get right.
Luckily in this case, there's plenty more of the latter than the former."
Time to instamine your coin! eduffield sets another fine example here with his Linux-only release. This ensures an optimal instamine period without any pesky windows miners getting in the way of it.
There was a windows miner compiled by users before the 11pm EST relaunch.
TLDR:
1. launch before he said he would
(not true, debunked)
2. launch with no windows wallets (every other dev launched with them and was called out for a scammer if they did not)
(not true, debunked)
3. mined it all up at 10x speed anyone else could after they "fixed it"
(not true, debunked)
4. he then got so excited that he slashed the minting back by 75% so he magnified his mistakes in mining up huge amounts of the coin to super super huge
(this was actually a good call as the ltc emission rate is too inflationary)