Yeh not every one wants to admit it, but it happens. It happened to me, and more then once. This is episode #3
This story is going about a coin i remember very good. The good, the bad and the ugly. I present you
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This one was something different. Strange bonus blocks and a launch with a huge runaway difficulty adjustment. As a result a lot of coins where instaminded, as we used to call it.
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Right from the start it was already clear there where some issues with the difficulty adjustment. Just after the launch the coins where mined so fast, that even the pool ran by developer went down. So it took some time before we got our coins back. Wel some of us did. I had a nice amount of etoken, that was worth around 15 dollar a piece.
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And I should have run when i could. But i did not, and stayed to mine more. Oh so greedy.
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Every 1000 or 10000 block there would be a bonus block. This was crazy ofcourse. A lot of mining power would swift to etoken, but only around the time there was a special block coming up. After they left. We where stuck with a very slow blockchain (because the difficulty adjusted to the amount of computer power put into the coin)
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So what was the lure of this coin? Lets start with all those convincing words of the original developer.
- is rare: no millions or billions.
- has a Bank to provide eTokens from other sources other than mining, to allow the Devs to progress on the marketing.
- collective rewards every 1000 and 10000 blocks.
- is secure with high confirmations.
- is based on the Developers trust, instead of all the early miners. ... doesn't like fees.
- developing team keep working on new and exciting surprises.
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Especial the last part. Surprises. Who does not like a good surprise? Well we got a good share of surprises for sure.
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And just look at these great stats.
- Total supply: 900.000 (~4-5 years)
- Transaction confirmations: 12 blocks (24 minutes)
- Minimum transaction fee: 0.000001
- Proof of Work algorithm: scrypt
- Block mining target: 120 seconds
- Difficulty re-target: 24 blocks (target: 48 minutes)
- Mining confirmations: 240 blocks (8 hours)
- Post-genesis centralisation: The post-genesis block, a high reward block, was mined to make the eToken Bank.
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Yeh there was a huge etoken bank for sure. If i remember correctly 1/8 of the total coins that would ever exist. Not to mention that we still had to mine most of hem.
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Shortly after launch it was obvious that the difficulty adjustment needed fixing. So the developer decided to fork the coin. Just before the weekend the new code(wallet) was online, and we where mining again. And we very mining fast. Very very very fast indeed. So fast that we burned trough the whole blockchain in a weekend.
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The developer was never seen again and we where stuck with a worthless coin. I was pissed and disappointed, because it started so well. The first time i was actually one of the first to mine anything
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On bitcointalk i managed to find some developers who also had etokens, and we decided to fix the coin, and fork it again. Biggest issue back then was to exclude the bank from it. Because a lot of coins from the original developer (the bank) where also in the wallets of decent people, and we could not just "dump" those.
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In the code of the coin we blocked the original developer out. As good as we where able to do. And we relaunched the coin. Everybody happy.
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That feeling of happiness did not last long. It ran for a few weeks, but at the end the original developer still managed to sell some of his coins and the price dropped very fast.
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And well, we where stuck with eToken in our wallets. Again!
Next coin will be
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