Re: [ANN] Elacoin | Releasing In 1 Day | Fair Elastic Scrypt Mining

Thanks for the announcement. This should be interesting, I've been waiting for a coin that has a block reward based on difficulty. Hope the launch goes smoothly, it seems with the new coins, the launches are getting worse and worse, we could really use a smooth one

As I understand, the reward is proportional to the hash power? Or is it proportional to the current difficulty?

Can't you read between the lines? Its the same scumbags doing the same "litecoins scammed before GPU mining was possible so we are going to scam too but 100's of times more because we have not only GPUs now but also hundreds of times as much Ghashes than litecoin had".

-MarkM-

I understand that all future launches will follow the same disaster as long as starting difficulties are 0, it sucks that all the launches are nothing but latency races now. This one surely won't be different at launch, there will still be just as many orphans. What I am interested to see is how the low starting reward works out. There have been several coins (BitBar, Mincoin) that started with a high reward that dropped quickly, so most of the coins in existence were mined right away when latency was the tie breaker, by the time mining was working right, the reward was nearly nothing. If the reward started low, shouldn't the result be that there aren't many coins mined total until the difficulty gets up to a reasonable level?

No, because there will be compensatingly less blocks.

So when there are ten times as many coins per block, there will be 1/10th as many blocks.

But in the beginning, hashing power will hardly count, as there won't be any difficulty, each block wil lbe solved pretty much instantly and its all about latency nothing to do with hashing, and the blocks will be insanely fast so weeks worth will be snapped up in minutes or hours.

-MarkM-