So what's the rationale for this block reward system? (11111 / (((Difficulty+51)/6) ^ 2))
As I understand it, the TOTAL distribution per unit time will come crashing down as network hashrate goes up. Not to mention each miner is getting a tinier slice. That's rather discouraging.
Apart from Darksend, I think this is the best feature of the coin. All other altcoins become diluted if they doesn't become a instant success like Dogecoin.
So the early adopter edge becomes even more overwhelming? Nice way to kill a coin. An exchange medium is only worth something if others agree and also have a stake. We'll just end up a small group of hoarders waiting around for something to happen. Reminds me of QRK.
Now, I know it may seem unfair to latecomer miners and some trolls even went as far as trying to discourage people by calling this a instamine. But the thing is... the vast majority of coins have a high percentage owned by early adopters. That is the reward they get for believing in the coin before anybody else. Due to the diff/reward system Darkcoin might be a little more extreme, but as I just explained that system has a very important purpose.
Tldr; This is a fair coin. The diff/reward is a feature that allows more fine control over how much coin is released into the market and thus prevents manipulation by whales who plan to dump.
I don't know how you can consider 1.8 mill issued the first day anything other than an insta mine (12.5k issued last 24 hr). Anyone with 1/8 a brain knows why this happened as is the case with most alts.
"That is the reward they get for believing in the coin before anybody else" This is a joke right? There was little/no notice and if if you were lucky enough to be on the forums at the time, and had waded through the 100's of crap coin threads to see this than it was pretty lucky. If you are saying it was foresight then you are lying to yourself. After problems the dev even told a guy he would schedule a relaunch then proceeded anyway. .. can't loose that element of surprise now can we.
I look forward to the fork without the self serving launch and reward structure (halves in 1 year lol).