...
The team is excited and we're doing a lot of stuff here that will be reflected on the front end in the coming weeks - we ask for everyone's patience while we develop and rollout the new tweaks and assets.
That was your last post (approx. 2 weeks ago).
So where are all the exiting news? I don't see much coming up from the devs.
By the way: How many from those 200+ Mil. premined coins are left?
I agree, been meaning to bring this up for a while - i'd love an audit, ledger or whatever to account for the 270mil premine - you can check the blockchain but its like chasing a rabbit down a hole, alot of it has been split up and used for god knows what
http://earthchain.info/address/eUrViTV2M3aTk3dCuxqiuGse4hdv2vYgfnI was speaking to a buddy, who's a large investor in altcoins, as i was trying to sell EAC to him and the first thing he said to me, "270mil premine, not touching that." I think this is a big downer on this coin, especially for serious investors though lack of transparency. The devs should do similar to what UTC did with its 2% pre-mine and give a public ledger of where its going. Also people should be getting paid from this pre-mine, the guy who did the mobile app etc. He shouldnt have to be paid out of the community's donations, thats what the pre-mine is meant for.
Anybody else feel the same? If there was no pre-mine associated with this coin we'd probably already be over 300 satoshi.
ive been scouring the blockchain. the devs are sure being smart (?) about trying to cover their tracks.
they have some kind of bot or script running which is doing the following:
sending (20,000+ EAC to new address(A) + remaining balance to new address (B))
then, from B (20,000+ EAC to address (C) + remaining balance to address (D)
then, from D (20,000+ EAC to address (E) + remaining balance to address (F)
and so on and so on.
these transactions are happening every 1-5 minutes at first, then slowed to every few hours. with erratic transactions thrown in.
im down to 50,000,000+ of the original premine as of Dec. 23rd and still going through them.
edit, the trail went cold at approx 1/09/204, with ~10,000 EAC left
if you think the devs havent been dumping that premine to exchanges, you're kidding yourselves. i was on board with this coin until i saw this.
I can do some basic detective work as well. If I were to guess why the premine was being transferred from wallet to wallet my first though would be... I dunno. Something having to do with these threads?
https://bt.irlbtc.com/view/395053.0 https://bt.irlbtc.com/view/393684.0 https://bt.irlbtc.com/view/392335.0 https://bt.irlbtc.com/view/391497.0 https://bt.irlbtc.com/view/391103.0 https://bt.irlbtc.com/view/389538.0 https://bt.irlbtc.com/view/389927.0 https://bt.irlbtc.com/view/387781.0 https://bt.irlbtc.com/view/386215.0 https://bt.irlbtc.com/view/387901.0 https://bt.irlbtc.com/view/387680.0 https://bt.irlbtc.com/view/386964.0 https://bt.irlbtc.com/view/386639.0 https://bt.irlbtc.com/view/386155.0 https://bt.irlbtc.com/view/385204.0 https://bt.irlbtc.com/view/385103.0 https://bt.irlbtc.com/view/384881.0 https://bt.irlbtc.com/view/381412.0 https://bt.irlbtc.com/view/383570.0 https://bt.irlbtc.com/view/382634.0 https://bt.irlbtc.com/view/380362.0 https://bt.irlbtc.com/view/381211.0 https://bt.irlbtc.com/view/381620.0 https://bt.irlbtc.com/view/380174.0 or maybe it was these faucets.
http://admindependencia.net/eacfaucet.htmlhttp://www.thebitcoinmaster.com/earthcoin/index.phpor if you look at the original post in this thread, the there are bounties for any shops or services that support EAC? So that would be any of these?
http://getearthcoin.com/business-and-tradeOr how about the people that received bounties for working on the site, twitter, facebook, reddit, IRC channel, IRC bot that INCLUDED giveaways, Earthcointalk, the Blockchain Explorer that you did your investigation on?
How do you know if the devs are trying to cover up the premine or if they are legitimately just paying people out and using the premine for promotions and giveaways?
Also, I can tell you where some of the premine went or why the price might be acting the way it is even though there may be some uncomfortable truths ahead.
So some people may or may not remember this, but when Earthcoin first launched, there was an online wallet site called instant-wallet.com
https://bt.irlbtc.com/view/391885.0https://bt.irlbtc.com/view/379236.msg4459069#msg4459069Anyway, you can see that the online wallet ended up being a scam. So not only was that developer (BoostNZ) paid a bounty, but then @Earthcoin paid people back who had their funds stolen. I asked the devs at the time (before I started working on projects for them) why they didn't address it more publicly and they said that there was no way to really verify who did or didn't have funds on that site and how much, so if it was heavily publicized, then EVERYONE (even non EAC holders) would just start saying they lost X million EAC, so it made the most sense that people who actually lost money would contact the devs.
Doge, which is arguably one of the most successful alts in recent history had an online wallet theft around christmas (and instant-wallet.com scammed multiple currencies). BTW, they still offer an online wallet.
Also, here is another uncomfortable truth, but I think it is better to deal with facts and reality. The user who was working on the iphone app (kitkat007) has been MIA since Jan 25th. Personally, I trust him as I've spoken to him on IRC and seemed to be competent and trustworthy. Honestly, I am just hoping and praying that his absence is not due to anything serious.
However, you'll notice that on the list of bountiable items, the iphone wallet exists again.
http://earthcoin.eu/?p=293Yes. So a bounty was paid on a wallet that was not yet delivered and yet it is on the table again in case kitkat007 can not come through. We hope he does, but now we need a backup plan.
Here is another thing that we have to keep in mind. Regarding the android wallet app, Xploited has been doing an awesome job on it. We don't need to rehash the whole situation again, but even though he was able to quickly and successfully create wallet apps for other coins, Earthcoin proved to be far more time consuming because of the transaction messages field on the blockchain. This made the architecture different enough so that what was very easy to accomplish for other coins, required him to get outside help from another accomplished android wallet developer, HashEngineering, and even then it still proved difficult. This has pushed back the original timeframe even more and affected some of the original strategy for the Earthcoin team. Many people on this thread have tested out some of the early betas and can attest that it is now functional. Now he is spending time really customizing it for us for the Earthcoin community to make it stand out among other android wallets. So again, bringing on another developer and of course a bonus to Xploited for the countless amount of extra hours he has put into the project
But yes, these delays can cause faith to get shaken a little bit and strategies to change.
Anyway, about a month ago, I felt the Earthcoin devs were doing things in ways that could be done better so I offered plenty of suggestions. Instead of simply saying "you're doing it wrong" I actually just offered fixes for them. I pointed out grammar mistakes on their site, copy changes, told them how some of the social stuff should be handled, and updated the community like I am doing *right now* on this thread. I think after I gave them some instructions on how they should configure their webservers to properly migrate earthcoin.biz to getearthcoin.com, they saw that I knew what I was doing so they brought me on to work on overhauling the site.
I was bountied upfront for it, but after being with the team for awhile and knowing that they too have to worry about missing developers, scammers or projects not being completed, I understand now why the developers would like to see more community action before just giving away bounties here and there for people who may or not be able to come through. That is why I completed a bunch of extra tasks for them and I ended up being rewarded bounties for those actions as well.
By the way, before everyone start accusing the developers of dumping the premine when the price is low, has it ever occurred to anyone that merchants are simply cashing out their EAC orders? You order something from a site in EAC, and if you didn't also buy that same amount of EAC, that means that in order for the merchant to collect their fiat payment for whatever product you bought, they have to sell to BTC and exchange that to fiat in order to cover their hard costs for their inventory. Some might choose to keep EAC, but you know that many merchant are probably configure to dynamically price their products in EAC using the coinpayments API and have it set to autosell. By the way, when I buy a product priced in EAC, I by some EAC at it's current price before purchasing because I assume the seller will turn around and sell at current market price since they have hard costs to consider. Also, since I bought EAC at higher prices than it is today, I don't have to feel bad that I am spending X-times amount in fiat if the EAC I am spending is at today's cheaper market rate and I know my purchase added buy-side support.
Oh, and you want to see what dumping by a developer *really* looks like? Go read the last 50-100 pages of the Pandacoin thread
https://bt.irlbtc.com/view/460037.0 - EAC is nothing like that.
Here is also another uncomfortable truth that I think we all have to face in order to move forward. The fact that the price is dropping right now may be built in to the design of the coin. It took me awhile to notice this, but the mining rewards happen along a sine curve. I think many of us knew this but didn't really understand what this meant. The more I thought about it, that means coin production going into spring will be increasing and since price is a factor of supply and demand, you need more investment going in daily to the coin in order to maintain its current price. I *think* that maybe it was designed so that it would create a kind of boom and bust cycle so you would need more community involvement to maintain the price in it's early days to create the demand for the coin (part of the reason why I got involved), or the price would be lowered to the point where it would get more EAC into the hands of more people. Maybe some people realized this and are selling now because they think it will be cheaper during peak coin production. However, as we have seen in previous 2x and 5x days, some people end up keeping the price up when they think that it will be the lowest so people who tried to short it and ended up not being able to buy back cheaper. I am not giving investment advice and can't claim to know when the best time is to buy, but I will say that it seems to me that the early days are for growing out the ecosystem and that price should theoretically go up naturally as coin production decreases and eventually halves at the end of the year.
Regarding anonymity. I can't speak for the core devs, but even as someone who started working on EAC recently, I have family, a girlfriend that I live with, and a day job to worry about. I don't want to put any of these people or myself at any sort of risk in case something goes wrong with EAC. Putting up my personal info opens me up to being harassed, threatened, hacked etc even if I do everything honestly and legitimately. I have a lot of respect for those people that are willing to put their information out there in public, but my private security is one thing I would rather not have to worry about.
As for the bounties being detailed? Again, I don't know the specifics, but my initial guess would be that maybe the bounties being given when EAC was 400-1000 satoshi would be different (either in EAC or in fiat) as the bounties being given when bounties being rewarded at 60 satoshi. Or maybe a merchant that obviously has a low traffic site is given a different bounty than a merchant that has a high-visibility site with an active customer base. It would be very easy for people who have been given bounties to start saying that hey felt whatever they were given was unfair compared to others even if they were rewarded a fair value for what they were providing and at what time. The developers can chime in of course, but that is my theory.
Anyway. Those are my thoughts. They are not an official stance, but it is the stance of someone who has been both an outside supporter from the Earthcoin community and as someone who started to work more closely with the team. We all need to move forward and I plan on helping organize the community to complete specific tasks to move Earthcoin forward, but anyone can and should do the same.
I would still like feedback on whether my draft to the developer's board is a good one. The only feedback I've gotten so far is that some people don't think implementing anonymity like coinmixing, coinjoin, zerocoin, etc will be good because their may eventually be a government crackdown on anonymous transfers (even though fiat cash is already anonymous by nature. I have heard that many original bitcoin advocates such as Andreas Antonopolous feel like the one big failure of bitcoin was that real anonymity was not baked in from the start because now you have people being target for donating to organizations like wikileaks, or if you wanted to support an egyptian blogger during the arab spring or the rebel groups fighting in Ukraine, could someone eventually come after you? If you bought coins from an exchange that had previously gone through a site like the silk road, would you come under investigation? This doesn't happen with fiat and you won't even have those types of options with credit cards. So please give feedback on the following.
----- Reposting since this may have gotten lost in the thread ----
I've drafted the following message that will be posted to the developers board. Any suggestions or comments?
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Seeking coin, wallet, and service developers. Bounties Available. Escrow needed.
We at Earthcoin have been watching various alt coins make new developments over the last couple months. There have been many contributions to cryptocurrency technology that weve found desirable. However, to ensure the stability of our community and network in our early days, we wanted to wait as long as possible before doing anything that would required a hard fork.
However, now than transaction malleability vulnerabilities have reared their ugly heads and with scrypt ASICs just around the corner, it seems as though a mandatory upgrade and hard fork is inevitable in the near future. Now we are seeking your input and your help to make Earhtcoin the most competitive alt out there. We want to take all the latest features in the alt market and combine them into one coin.
This is what we are looking for.
Upgrading our base/wallet code to be based off of the latest upcoming bitcoin/litecoin code that incorporates the fix for transaction malleability.
ASIC resistance (Via Verts Scrypt Adaptive-N or scrypt-jane or whatever the community feels is most appropriate) along with corresponding mining and pool software.
Built in anonymity such ascoin mixing similar to the recently-released Fedoracoin feature or Darkcoins coinjoin implementation. We eventually look forward to implementing the Zerocoin anonymity protocol.
We currently have a block target time of 1 minute and retargeting difficulty every block to make us resistant to transaction stalling from multi pool hopping. Can anyone give us any reason why we would benefit from Kimotos Gravity Well implementation?
We would like to change our bonus reward days (2X and 5X days) to give blocks only when BOINC is running like Gridcoin. We like the idea of using your extra computing power to also help scientific progress.
We would like a more custom wallet
MUCH more custom. Not just nicely designed like Megacoin, Worldcoin, Copperlark, etc, but we would like something that can contain price/hash chart information, links to our network of websites and merchants, news feeds, and mining setups. It does not necessarily have to be Qt based, but it must at the very least match all of the Qt wallets functions. If we have a working Earthcoinj (java implementation of Earthcoin) then perhaps we can build off of that.
Currently, we support transaction messaging through the blockchain like Florincoin and we believe that our Android wallet (which is to be released soon) is one of the first if not *the* first to support this feature. This does create an extra field in block chain transactions that programmers will have to account for. Perhaps we can make this more useful and include metadata about transactions similar to simple.com or mint.com so types of transactions (goods, services, mining, trade, etc) can be tracked in a nice, sortable interface.
We want everything to be easy, easy, easy for the first time user. That means we would like to have links inside the wallet pointing the user to help files on the web with audio and video that explain everything from mining to the nature of cryptocurrency itself. That means wed like preconfigured files for the solo miner and various pool miners, including an easy way to connect to any pools in an updated list of pools and preconfigured bat files for the CPU, AMD or Nvidia miner.
Pie in the sky idea, but if there are even developers that can help build next generation services on top of our block chain (similar to what Mastercoin has done with Bitcoin) then we are open to that as well.
Any and all ideas are on the table here. The only limitation at this point is that we still want to be based off of the fully-tested and well understood bitcoin/litecoin base rather than something like NXT.
Please discuss the above, let us know what your wish list items are and we will bounty it. All of the above should be done through escrow so you know we will deliver and we know you will as well. We want nothing less than the best.
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Current list of bounty-worthy items.
http://earthcoin.eu/?p=293However, if people have great ideas that they want to bring to the table, contact someone on the team or let's start an open discussion.
Really glad to have CryptoZark as a part of our team, this was well written.
Times might be scary but nothing has changed from the internal team.
