Quote from: stevegreer on May 10, 2014, 09:08:36 PM

Quote from: A-tM on May 10, 2014, 08:52:16 PM

No, you don't get it yet.
The principal fact is, that the minging algorithm was designed for to mine WHOLE HALF of the coins in half an hour.
It is unfair - early privileged miner or miners (the only informed), were getting coins with uncomparable easyness in comparison to hard working miners later.
This is scam.

Look at bitcoin halving algorithm - it is completely different and it is unbiased. Everybody gets coins proportional to his work.
Halving periods are much longer, and are designed to counteract increasing hashing power, for nothing else, to retain fairness even more.

And regarding "huge chunks". Do you think that just few people do own HALF of the all bitcoins, that will ever be mined?

No, I understand the point you are making. I think it sucks that so many were mined so quickly too. And believe me, I don't own enough of them to really have made a dent in the total supply anyway. But it's too late to worry about that now. And I am a glass half full kind of guy, so I'm not too quick to say that the dev purposely designed the coin to be instamined. Maybe he did, maybe he didn't, but I have no concrete evidence of it. If I end up getting burned if the coin gets dumped and the value comes crashing down, then too bad for me. It won't be the first time I lost money on a coin. It's a gamble with any coin.

Good point about Bitcoin too. I was only using that scenario as an example. My point was that Bitcoin is not immune from manipulation by the large holders either. All coins can be manipulated. But you are right, Bitcoin is a much more fair and balanced coin. That's why it's the king!

It's not just a matter of fairness, or manipulation by those who got hundreds of thousands of coins almost for free (although yes that is a big factor).

PoW coins use mining as the mechanism for securing the network, and the long halving time provides a good long-term incentive. If reward halving occurs more than once a day, especially in the first day where it halved multiple times, then block rewards very quickly fall to zero, and it is no longer profitable to mine. LC had between 0.5 and 2 Mh/s when I last checked, which is like 1 GPU's worth. It is trivial for a LC holder to perform a double spend attack. The incentive that the LC dev has come up with (1 LC transaction fee for multipool miner) won't work.