Post
Topic
Board Announcements (Altcoins)
Re: [ANN][SEED] SeedCoin | Buy/Mine SEED & Grow Coinbase | MANDATORY WALLET UPDATE
by
BEECoinfan
on 10/10/2014, 12:46:55 UTC

So looking at the rich list you have essentially given 4-5 people control of about 25% of the total coin supply if they play their cards properly and more if others don't.

I normally try to stay positive but find this information very disappointing.


Come on... give him a break. The information is all there on the OP. It is not his job to spell out all the possible outcomes of every possible strategy. That's the whole point; for the people to figure out the best method themselves. You could sell your seeds on the second day (while everyone is staking, and hardly any sellers), then buy on the 4th day for real cheap and stake everything you bought for 3 days. For all you know, the guy staking till the 7th day will have a lot of coins, without any buyers on the market. And those trends (if any) are visible from far for the trained eye. No way is someone going to stake to get 25% of the coin supply, for an overall net loss.

I have been quite supportive and positive in the thread up until I read this.  I am allowed to express my disappointment in the dev withholding the information that would have yielded a fairer distribution of the coin.   I did not attack him nor did I accuse him of intentionally deceiving the community.  While you say the information is all in the OP there is also a lot of misinformation.  Although I do not believe it was intentional it doesn't mean that it was black and white.  It states that their will be 1% stake for the first week and 269% for the following week period.  Everybody was encouraged to stake to reduce the number of coins and not "miss" out on compounding interest however 1 week of 1%annual compound interest is no where close to 1883% you would get if you didn't stake for the first week and opened your wallet for staking on the first day.  While I also don't hold the dev responsible for the full 7 days he admits that multiple people asked him privately about the issue if it would come out that way and when he realized he decided not to inform the community of this flaw.  I always like numbers and the discussed outcome was floating around 5-10 million coins MAX although it could have actually been higher then 30 million coins if nobody had staked.

My post had nothing to do with the price of the coin nor making a profit or loss it had to do with disappointment that inside knowledge of a few could drastically change the distribution of coins held by any one person.  I never stated that 1 person could own 25% I said Judging by the numbers on the rich list it is quite possible now that 4-5 people as long as they stake for the full 7 days could own 25% of the coins however it is also possible they could receive more; this is strictly the numbers as they are presented now.  I was always planning on mining/buying and staking with long term views that Cryptzo would deliver a fantastic project.  My post is there to express my disappointment and encourage Cryptzo to share all information when discovered especially if it can benefit a few and hurt the community as a whole.  I understand there is no way around it now, other then to just let it run its course but I truly hope from now on Cryptzo follows the Pink coin team on path filled with Altruism!