What makes Goldcoin different? Why is it better?

[MicroGuy]

There have been a few times on the main bitcointalk thread where people have asked, "What makes Goldcoin different? What makes it better than the other coins?". So I had some extra time this morning and decided to write this post.



Discovery: In late March of this year, I started hearing about this digital currency called "bitcoin". I then started researching and learning about it and many other alt coins including litecoin. At some point I began seeing some limitations in these coins that needed to be addressed. It was about this time that I found out about Goldcoin. At the time I became involved the coin was near death and needed to have artificial life support in the way of paid mining to support the network hash rate. The coin has now been resuscitated and is breathing on its own thanks to a wonderful community and talented team of developers and forum staff.

Rebulding: The next step is to repair the client which needs a major overhaul. This must be done with much consideration as we attempt to balance "protecting current investors" against "improving the coin with a hard fork". Since the market price currently reflects a view that the coin is dead, anything that we do to keep the coin alive and give it a chance to thrive will protect current investors. So now we are in the process of giving this coin a complete makeover and are working to overcome one last technical obstacle which involves fixing a flaw in the original design. For more information on this technical issue go here: https://bitcointalk.org/index.php?topic=251907.0.

This will be the post-fork Goldcoin:

• A great name meaning "value" to billions of people Worldwide.
• A genuinely unique coin not just another litecoin clone.
• Faster transactions than LTC and BTC - 2 minutes.
• Faster difficulty adjustment time - 60 blocks.
• Maximum number of coins to be mined 123,423,900.
• Coin generation rules modeled after physical gold.
• Hash algorithm (scrypt) making it ASIC resistant.
• Gradual reduction in block reward creating diminishing coin supply.
• Block reward rules that finally cap supply after 100 years of mining.

Once we complete testing and release the updated client, Goldcoin will not only have a chance to survive, it will have a great opportunity for sustained universal success!

I guess that's about all for now. Thanks to the many many people currently working to make Goldcoin a success!

....

[coinmerchant]

I just found GoldCoin and I think it has a great potential, especially compared to other micro-currencies out there.  As MicroGuy says, it is unique crypto, it has a sexy name, and it has a good story to tell. 

Questions:

How many GLDs are in circulation now?

How many will ever be created?

"Coin generation rules modeled after physical gold" -- How?

Thanks so much!

[MicroGuy]

Thank you for these excellent questions. 

How many GLDs are in circulation now?

There are currently 21,159,950 Goldcoins in circulation.

How many will ever be created?

Over the next 100 years 123,423,900 Goldcoins will be mined.

"Coin generation rules modeled after physical gold" -- How?

Like physical gold, anyone with the proper tools can mine Goldcoin. Where a gold miner might use a pickaxe, a Goldcoin miner would use a specially designed computer called a rig. Like physical gold, Goldcoins have a finite supply with decreasing output over time. In both cases, the amount of gold you can produce with the same equipment dwindles as time moves forward.

[kelsey]

Biggest issue now with gldcoin is there was a barrier to entry with a non working client for ages, pool where absolutely dominated by a few big hashes that soaked up most the shares.

You have many individuals with holding of a million+ of coins before you finally get it working, so many ways thats like having millions pre/instamined.

Solution you're going to have to redistribute those big hands alittle, or it'll always damage your coin.

Just being open and honest, if that gets my post deleted, and be kicked again then so be it.

[Sting17]

Hey Kelsey,

No one should be under any  illusion that there ae big hands out there, however we don't hold them. The changes made to this coin weren't made by people that hold street large volumes. We did this to make GoldCoin the best it can be. We are commited to making sure this coin works and is adopted. We are here to stay and hopefully the work that has been done on the new client and the fork show that.

[tadspoles]

I mine.  I'm tadspoles.  I actually bought most of mine.  They are still VERY, VERY cheap.  You can get a million coins for probably under 500 bucks now if you just watch cryptsy.  That's the price of 11/2 good GPU.

I can't see how that is unfair.

[tadspoles]

The real question is will people see the value of the name as it is promoted now.  I would suggest to those that are interested to buy RIGHT now before the community starts promoting to Gold Vendors, casinos, etc.  Personally, I am going to pick up quite a few more right now while they are dirt cheap.

[tadspoles]

Yeah, I just counted.  100K coins for way under 50 bucks.  Anyone complaining needs to buy.  Others will stop believing and sell as we move on.  They will lose motivation, time and/or they will need the money.

There is no barrier to entry.  The only real question is do you believe the coin will succeed. 

[kelsey]

I think you are all completely missing the point. It doesn't matter how people get their coins the fact is if too many are held by too few then thats a big issue for the coins future.

I am not critising anyone, I myself hold one of the biggest hands. However I do know that the wealth has to be spread for gldcoin to ever achieve significant use and value.

Already even at this early stage glcdoin already mined exceeds the amount of btc will ever get too.  Way Way Way more people know about and use btc, and yet btc users still panic at those holding big hands.

We all know that the block rewards where to large for goldcoin,  and its good you guys fixed that, must now focus on spreading the coins.

Think of it in terms of the fiat world, cryptocurrenies are designed to eliminate the evil bankers, however if cryptocurrencies are largely held by just a few, then these few become no better then the greedy bankers.

Also mining pool, well in btc the idea was so those with low hash could still mine. All current software used for mining pools, is inefficent in  their share spread so that when any big hash hit a pool, it gets harder and harder for little hash to even get a share in (not a problem unique to goldcoin its will all alt coin pools).

I think if gldcoin wants to be serious about many users adopting the mining pools specifically for low hash rates should be setup.

Please tale all my critisim as constructive. I think you have to be critical for the longterm survival of the coin and for it to become a useable currency.

Thankyou to those involved in the recent improvements, they were very welcome and certainly contributed positively in enchancing the coins chances of survival.

[MicroGuy]

Thank you to those involved in the recent improvements, they were very welcome and certainly contributed positively in enhancing the coins chances of survival.

You're welcome. Even though I may not agree with your conclusions, I do think each one of us can contribute to the coin's success in our own unique way as long as we remain focused on being creative, constructive, and positive.

[tadspoles]

You missed my point but you will see it in time.  Already you doubt.  Already you are ready to sell.  I'll just wait for you and the others to do so.  So will the many other small hands. 

I don't really care if there are large hands.  In a cryptocurrency/deflationary model, they have to eat, they have to produce or their supply will run out.   That's the true advantage of cryptocurrency in my book.  You can't just print more to make yourself wealthy.  It's nothing like the banking system.

You'll be able to get millions of coins for a long while with very little money.  From what I've seen the big mining rigs are mostly just selling.  Otherwise you wouldn't see 100k sells every day or so.

Clearly we disagree, time will tell who is right.  By the way, if you get to doubting too much and want to unload those coins quickly, message me directly here.

[AZIZ1977]

It always healthy to have some critisim so that we can think about our weak points.

Another point we should really focus on is to attract people who want to invest in Goldcoin in long term. We need to change the mindset of miners to mine the coin even when it is not profitable to mine it. If we can succed in that people will get more and more trust in Goldcoin.

[MicroGuy]

It always healthy to have some critisim so that we can think about our weak points.

I agree, as long as the criticism is valid and intelligible. Otherwise it becomes a useless distraction.