Bitcoin Blog a1

Tuesday, February 10, 2015

Earth revisited


The earthcoin subreddit has been buzzing! (relatively speaking that is)
One of the posts is this article.This article by no means is new, but it has been reposted, and I thought in light of current events the perspective of this article needs to be updated. In the article, hazzard asserts that earthcoin should be avoided due to its 2% premine and because its cyclical variations in block rewards allowed it to be instamined as well. The earthcoin development team,however, has abandoned the coin, either first selling their coins or allowing them to simply sit idle. Thus, it is likely those pre and instamined coins impact has already been felt and will not impact the coin further. I would assert, either way it doesn't matter all that much, with earthcoin trading at $0.000011 USD  that premine comes out to  a whooping $2970, so all things considered, it is not much. Maybe that is why the development team left :P.Perhaps if the coin drastically increased in price it could theoretically be a concern.


Also around the same time a link to a earthcoin “game” was posted. This however was not a game at all, but rather a ponzi scheme. I reported the post and I don’t see it up anymore.

I don’t think I gave eathcoin specs last time, but here are some ( from http://getearthcoin.com/technical-specifications):


Other Specifications:
  • 60 seconds block target
  • Diff retargets each block
  • Total coins will be 13.5 billion coins
  • 5 confirmations for transaction
  • 50 confirmations for minted blocks
  • Support transaction message
  • Normal block on average 10000 coins per block, varies seasonly
  • The block payout will be halved every year, minimum payout 1 coin per block
  • The default ports are 15677 (Connect) and 15678 (RPC)
Note: Earthcoin uses a Scrypt mining algorithm

Thanks for reading, and remember, To the Earth!

3 comments:

  1. This comment has been removed by the author.

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  2. Awww man it's abandoned? But I just got 100k coins. So if the coins does rise in value should I dump it and liquidate them all or hold on to it to avoid another butterfly labs like incident with bitcoin?

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  3. Well the coin being abandoned by its development team isn't the end of the world. In fact, since you mention bitcoin I think it is worth it to mention that Satoshi Nakamoto abandoned bitcoin too after its creation and let it run its course. As far as keeping it or dumping it their may be other reasons for either case, but I won't have the lack of a development team push you away.

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