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Topic
Board Announcements (Altcoins)
Re: GoldCoin™ (GLD) Thread - The Gold Standard of Digital Currency [OFFICIAL THREAD]
by
dnelsonfl
on 04/11/2013, 04:39:29 UTC
Please refer to the 51% defense documentation in reference to your first question: http://gldcoin.com/documents/GoldCoin_0.7_51percent_defense_october_11_2013.pdf

OK So I read the documentation you referred to. As you pointed out, it is very skimpy on details. The block chain explorer indicates we are currently at block 102,067. So we are past block 100,000 and only rule #1 applies (no clauses). No miner may produce more than 5 blocks every 10 minutes. It's interesting. The lost coins I do agree were probably a result of either the wallet.dat not being backed up or the miner being on the wrong block chains. However, seeing and having experienced all or nearly all the mined blocks being rejected, there's no way that can be normal or even expected behavior. The documentation would make me think I should have cleared at least 5 blocks every ten minutes minimum.

I understand it's experimental, and to tell the truth, that's part of what makes all of this mining so darn fun. However, hearing the new system described as more of a lottery was a poor choice of words. Lotteries have only a handful of winners and a whole ton of losers. Nobody wants to be a loser, and I wonder if any serious miner with an eye on his or her bottom line would be interested in sticking with mining a lottery. They'd be more interested in guaranteed results. Perhaps it would appeal to a few gamblers and speculators.

All that being said, I am impressed by your attempts to invent new ways of tackling the 51% problem. I hope you are able to work out the kinks and make the network stable. In the mean time, I'm going to mine some other coins while I keep an eye on the thread and perhaps once stable give it another go. So please keep us updated on the progress.

-David