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As we all know, Mincoin had a large block reward for the first 4,320 blocks. This has led to some calling it a pump-and-dump.

 

What tangible effects has the large initial reward had on Mincoin so far?

 

When MinCoin first started trading at mcxNOW some of those early miners dumped their coins pretty hard. I remember seeing prices/trades as low as

0.00011xx. The volatility and volume the first two weeks of trading was pretty crazy. I seriously doubt if any of those original miners have any coins

left by now with all the price swings and all the lows and highs we have seen. I'd bet the majority of the whales are holding for long term now. I know

I won't be selling at current prices: 0.0011.

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I made a similar thread to this yesterday, here's what I've found:

 

vipah on mcxnow runs vircurpool and the mnc blockchain explorer. If you follow that back to the first 2000 blocks or so, you'll see that the code was generating (according to the block chain explorer, which vipah has said could be broken at the moment) 1 block a second for 500 MNC, and paying it out to an "UNKNOWN" address.

 

Supertramp is also right in saying that it was dumped hard, have a look at the all time chart: http://www.cryptocoincharts.info/v2/pair/mnc/btc/mcxnow/alltime

 

so, if SandyCohen wrote the code so that he could get a big payout quickly, then it is whatever. It's clear he has already left. If there is a bug in the block chain (i've tried calling some api in the debug window and it returns errors as well, which is weird/broken), then maybe we can solve it and show that 10-20 people legitimately mined it and took their payouts.

 

Either way, the specs of the coin are what keep us all here- and maybe the feeling of community at mcxnow!

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I made a similar thread to this yesterday, here's what I've found:

 

vipah on mcxnow runs vircurpool and the mnc blockchain explorer. If you follow that back to the first 2000 blocks or so, you'll see that the code was generating (according to the block chain explorer, which vipah has said could be broken at the moment) 1 block a second for 500 MNC, and paying it out to an "UNKNOWN" address.

 

Supertramp is also right in saying that it was dumped hard, have a look at the all time chart: http://www.cryptocoincharts.info/v2/pair/mnc/btc/mcxnow/alltime

 

so, if SandyCohen wrote the code so that he could get a big payout quickly, then it is whatever. It's clear he has already left. If there is a bug in the block chain (i've tried calling some api in the debug window and it returns errors as well, which is weird/broken), then maybe we can solve it and show that 10-20 people legitimately mined it and took their payouts.

 

Either way, the specs of the coin are what keep us all here- and maybe the feeling of community at mcxnow!

 

Don't forget, that chart you link to does not show the first full week or so of trading at mcxNOW(4-27-13 was first day) as it took a good week for cryptocoincharts to start pulling the trade data ;)

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