Today I’ll take a look at goldcoin, one of the more interesting coins out there, if only for the fact that it was given a second lease on life to come back and scam the community for a second time. As some of you may remember, goldcoin (GLD) was originally launched back in the middle of may, and had one of the most disproportionate reward structures in cryptocurrency to date. Take a look:
1 – 200 Block @ 10000 GLD
201 – 2200 Blocks @ 1000 GLD
2201 – 26200 Blocks @ 500 GLD
26201 – 48700 Blocks @ 400 GLD
48700 – 173700 Blocks @ 200 GLD
173701 – 673700 Blocks @ 100 GLD
Of course, this coin was launched with the bare minimum difficulty, so all the 10k and 1k blocks were mined instantly, undoubtedly by the developer and other insiders. It’s also worth pointing out that this coin was launched in the depths of the newbie forum, instead of the altcoin forum. This gave the insiders plenty of time to mine lots of super high value blocks at the beginning. All told, about 8 million coins were generated in the first 24 hours. The effects of this reward structure were pretty damning, check out the first month of the supply chart:
This was the first instamining of such proportions that the altcoin community had witnessed – one that put even feathercoin to shame. Some people bought into GLD and lost money, but the damage was fairly minimal. It was generally regarded as a scamcoin, and rightly ignored. The coin died soon thereafter. And it stayed that way, for quite some time. Being a dead coin, one could acquire lots of GLD for very cheap. It was the perfect oppurtunity for a con man to come along.
Enter Microguy. He proceeded to stockpile all this cheap GLD and then decided that he was going to “relaunch” the coin, trying to bury all information about it’s history. He preys on newcomers, telling them absurd lies with such sincerity that you have to wonder about his mental state.
Later, Microguy forked the client to reduce the reward down even further (to 50), as to further increase the value of his holdings. And now, he sits comfortably upon his piles of GLD, telling lie after lie to the community in an attempt to pump the coin, with the ultimate goal of dumping onto those poor individuals who buy into his rhetoric.
Goldcoin represents everything that is bad about the world of alternate cryptocurrency. It is spearheaded by an individual who cares about nothing other than lining his own pockets. There is not one redeeming factor about this coin; it’s the purest example of a scamcoin to date. Your money is better invested elsewhere.
Straight from the cryptsy trollbox these 2 arguments have been presented:
1. Micro Guy was in favor of keeping the reward at 500 , the comunity was against it staying there and in favor of it going down to 50.
2. There is no proof of goldcoin hoarding before the “relaunch” by Micro Guy.
1. It is ultimately the devs decision to decide what to do. Even if this is true (which I doubt, I’ve been following microguys antics for quite some time now), it is the devs job not to cave to every stupid request the community makes. Ever play WoW, or any online game for that matter? I’d compare this to doing class balance based off of forum posts. Communities tend to want things that are self serving, and ultimately, bad for the thing that they are part of.
It was officially reduced it to 50 in order to “curb inflation” as mentioned in the PDF they published. Really what this means is “strengthen the hoarders stake” and of course the people of cryptsy would want that.
All in all, this decision benefited the minority, not the majority. Everything about this coin was screwed up from the very beginning. With over 100 coins out there now, we needn’t waste time on such a mess.
2. You mean to say that he is pouring all his time and effort into something that he has no stake in? People don’t do that. Follow the money.
regarding number 2
Sure, I agree. However there is no real way to prove how much gld one person has. In the troll box people even put forth that MG is NOT the big holder and there are a few others that own more gld, if that really changes anything?
You forgot the name “GOLDcoin” that is what MG is so fanatic about. Kinda strange since it has nothing to do with gold.
Of course people in the troll box do what they do best and continued to attack your “Hazard” character and claim that you yourself are an “altcoin scammer”.
Of course there’s a bunch of GLD hoarders and shills and they are just as much a problem; MG is just the easy target because he’s the one spearheading this entire sham. Same goes for akuma, but he doesn’t make make himself as public as MG does.
And yes, MG and his posse are fanatic about the name when it really isn’t that good. If you were to go google goldcoin, you (predictably) get results of gold coins… Yeah, that’s real great for anyone looking for information on your coin. It’s just another trick to deceive the community into thinking the coin has any value – attribute it to something that does have value, gold.