Re: Why the bitmonero/monero Ninjalaunched Cripplemined Fastmine matters
Why are all the Monero guys in here talking about DASH? This thread is about the questionable XMR launch. Let's stay on topic.
So the fastmine/high initial emission of XMR, combined with the refusal to create an official GUI wallet for easy public use does seem very scammy.
Also, the Monero devs claim they didn't know about the scam miner they were pushing off on the public. If that is true, what other parts of their copy/paste coin do they not understand?
It's one thing for novices to copy (well known) bitcoin, but copying something like bytecoin that is brand new, a scam, and includes fraudulent code is pretty irresponsible.
So the fastmine/high initial emission of XMR, combined with the refusal to create an official GUI wallet for easy public use does seem very scammy.
Also, the Monero devs claim they didn't know about the scam miner they were pushing off on the public. If that is true, what other parts of their copy/paste coin do they not understand?
It's one thing for novices to copy (well known) bitcoin, but copying something like bytecoin that is brand new, a scam, and includes fraudulent code is pretty irresponsible.
. There was some documented exploitation of it (though not by the original developer) during the following 14 days. In any case the number of coins mined in this manner would be much less than even 825K.
The issue of the alleged "fast" mine has already been addressed on this thread here:
Monero merely catches up with bitcoin emission, and will eventually have more coins than BTC, due to the minimum block reward starting in 2022:
and here:
These figures are all wrong because they ignore the fact that Monero has a minimum tail emission equal 0.6 XMR per 2min block. This has been part of the social covenant in Monero since the start indicated first as a tail emission of less than 1% and then finalized at 0.6 XMR per 2min block. The comparison with Bitcoin and Litecoin fails simply because both Bitcoin and Litecoin have a fixed maximum number of coins while Monero does not. The comparison with Dash is even worse because not only does Dash have a fixed money supply but the Dash maximum money supply was drastically reduced after launch.
In fact, because of the tail emission (and coupled with the lack of any instamine whatsoever; blocks were precisely on schedule to the minute starting with block #5), Monero has one of the slowest overall emissions schedules of any of the major coins today (possible exception being DOGE, which also has a tail reward). Monero slow emissions will continue to distribute new coins long after Bitcoin, Dash, etc. have seen their emissions dwindle to insignificance (and eventually stop, but that takes much longer). Arguably this has already happened with Dash, since so many coins were created right up front (instamine) and the mining rewards have been cut so drastically thereafter.
Of course none of this should be surprising since the entire thread is dishonest trolling by a Dash supporter, in retaliation for calling out their instamine scam:
Quote from: cryptohunter
i would not trust one word mastermined710 says.
I was on the xcoin(dash) captive instamine launch. I was there in real time and watched it unfold.
He now tries to deny things that happened actually happened on that launch. He is not to be trusted.
Although, this is not a dash/xcoin/dark thread I will not go into it here. I will only say if you want examples of his lies then please contact me for details.
This person is either a total scammer or likes to try and destroy the truth with nuances that are laughable. His tactic is to say he is telling the truth so that the real truth that is a correct and proper picture is distorted and cast in doubt.
He is making this thread only to divert from the dash scam thread.
He is a scam protector and pumper.
I was on the xcoin(dash) captive instamine launch. I was there in real time and watched it unfold.
He now tries to deny things that happened actually happened on that launch. He is not to be trusted.
Although, this is not a dash/xcoin/dark thread I will not go into it here. I will only say if you want examples of his lies then please contact me for details.
This person is either a total scammer or likes to try and destroy the truth with nuances that are laughable. His tactic is to say he is telling the truth so that the real truth that is a correct and proper picture is distorted and cast in doubt.
He is making this thread only to divert from the dash scam thread.
He is a scam protector and pumper.
And with that
/thread
I would not even call it exploitation, as the only thing that happened is that someone made his own very improved miner ( happens with every coin with a new algo btw
When there is money to be made people are on it )... lessening the effort of this thread to make this a big thing even more .... would not make that difference with the improved miner if the "solo" code was crippled or not difference is only a tiny share of the profits of dga and his group back than