Groestlcoin
What is Groestlcoin?
Groestlcoin is a pump and dump Roger, devs manipulate(d) block rewards for personal gain.
See Digibyte for another Roger using the same methods.
Red Flag #1
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Red Flag #2
Anyone know much about this?
https://media.discordapp.net/attachments/372707284289060869/438618789295292417/grs.png—Cryptographer, 9:34 AM
@jackielove4u ^^
Sounds like people with too uch time
Tell them to look into nano bitcoin talk
@Cryptographer
They decided to turn a 8 year distribution into 2 years lol(edited)—HACK3RMAN™, 9:42 AM
I'm not invested in nano/raiblocks :) looks sketchy as fuck
—Cryptographer, 9:48 AM
I mean tell him if he cares that much lol
—HACK3RMAN™, 9:48 AM
https://webcache.googleusercontent.com/search?q=cache:mX6xVxJNzIYJ:https://groestlcoin.org/forum/index.php%3Ftopic%3D117.0
https://groestlcoin.org/forum/index.php?topic=117.0
^ the deleted post—Cryptographer, 9:49 AM
That dude just sounds like a giant cock, frankly @Cryptographer. How can a decentralised cryptocurrency that has been running for 4 years considered a scam? It's open source and freely available. Additionally nobody knows the true wealth distribution
—Yokomoko👨🏼💻🇬🇧, 10:30 AM
Because it appears that the first 120,000 blocks were essentially pre-mined I guess, which would mean GRS has TRX-style reserves and potentially not as decentralised as everyone thinks it is
—Cryptographer, 10:31 AM
Pre-mined would imply that nobody had access to mine them, like they were mined before the announcement - Which was not the case
—Yokomoko👨🏼💻🇬🇧, 10:31 AM
pre-mined in the classic sense yes, but this looks like a clever way to hide the pre-mine
—Cryptographer, 10:32 AM
Etc
—HACK3RMAN™, 10:33 AM
yeah but their block rewards are very linear
—Cryptographer, 10:33 AM
It rewarded early adopters.
—HACK3RMAN™, 10:34 AM
looks like GRS rewards dropped from over 250 to 5 within a few months
—Cryptographer, 10:34 AM
It's also a way to get supply out
—HACK3RMAN™, 10:34 AM
It's no different from buying every coin on exchanges when it was $0.0001 though
Wasn't a few months
The 512 GRS block reward was probably poor judgement more than anything—Yokomoko👨🏼💻🇬🇧, 10:34 AM
why drop the supply so fast in a coin that hopes to survive for years and years though?
—Cryptographer, 10:35 AM
It has tail emission properties
—HACK3RMAN™, 10:35 AM
Hmm I guess I'll take my questions somewhere less hostile
—Cryptographer, 10:35 AM
Not being hostile. Are these not answers?
—HACK3RMAN™, 10:35 AM
They are not good ones
—Cryptographer, 10:36 AM
Or it was designed to have a good supply output. It had a tiny premine which is documented and then had fair access to mining
—HACK3RMAN™, 10:36 AM
decent reasons for what happened and evidence of wealth/mining distribution
—Cryptographer, 10:37 AM
Mining distribution isn't down to the devs
If no one mines it what should the devs do? Stop aswell—HACK3RMAN™, 10:37 AM
Nobody knows what the wealth distribution is like, the mining distribution can all be found on the public blockchain on insight or chainz
—Yokomoko👨🏼💻🇬🇧, 10:37 AM
I've tagged the lead dev in the chat so when he's not busy he can give better answers
—HACK3RMAN™, 10:38 AM
Well you can claim you're not being hostile all you like but you're acting like these are stupid questions based on nothing
—Cryptographer, 10:38 AM
Not saying stupid questions but you look to be aiming for answers that arnt there
—HACK3RMAN™, 10:38 AM
I could have 60 million coins, but distributed into 60 million wallets/addresses - Fair distribution? 10 million people can hold 60 million coins but they are all stored on an exchange - Fair distribution?
If you look at the walth distribution, you can see that Bittrex addresses hold a fair number of coins, but in that, there are hundreds of thousands of actual holders of the coins—Yokomoko👨🏼💻🇬🇧, 10:39 AM
Having a supply output is necessary. Coins can't be dribbled out anymore but claiming its an elaborate pre mine with 0 evidence is odd. Yet out answers are hostile?
If you can show evidence of mining before the ANN other than the declared tiny premine then you have more merit—HACK3RMAN™, 10:40 AM
The wallet address with 5 million GRS in it, I've looked in the past and they would have cost about $10k at the time IIRC
—Yokomoko👨🏼💻🇬🇧, 10:40 AM
And early weeks/months
—HACK3RMAN™, 10:41 AM
Any HFs are conensus based anyway, that's how it works
—Yokomoko👨🏼💻🇬🇧, 10:41 AM
More specifically the skewed rewarda
—HACK3RMAN™, 10:41 AM
no consensus = no hf
—Yokomoko👨🏼💻🇬🇧, 10:42 AM
There's benefits to linear rewards and also benefits for a skewed one @Cryptographer
—HACK3RMAN™, 10:42 AM
Im here
—jackielove4u, 10:45 AM
Read up fam
—HACK3RMAN™, 10:46 AM
it means the block reward started from 256 and dropped to 5 grs
—jackielove4u, 10:46 AM
256?
—Yokomoko👨🏼💻🇬🇧, 10:49 AM
sorry 512
—jackielove4u, 10:49 AM
Binary digits :D
—Yokomoko👨🏼💻🇬🇧, 10:49 AM
the more coins were out there, the more adoption was the thinking
every coin hs its own tail emission
eth had a presale
and on launch they had all those eths even without pow
nobody talks about that
we had our block rewards setup that in the 3 months there are enough coins to trade so we can exist and compete with other coins—jackielove4u, 10:49 AM
@jackielove4u when are you saying you deleted that post that's cached?
—Cryptographer, 10:51 AM
i deleted all posts by srcxxx
—jackielove4u, 10:51 AM
?
—Cryptographer, 10:51 AM
i wasnt aware there were still posts of him on our forum
—jackielove4u, 10:51 AM
/was
—Cryptographer, 10:52 AM
Proof is in the code, right?
—Yokomoko👨🏼💻🇬🇧, 10:52 AM
let me show the code
—jackielove4u, 10:52 AM
because looking at the blockchain explorer it looks like it dropped 6% daily, not weekly
—Cryptographer, 10:53 AM
example: https://twitter.com/GroestlcoinTeam/status/473191132361674752
—jackielove4u, 10:53 AM
No it dropped 6% weekly, then 2% weekly iirc
—Yokomoko👨🏼💻🇬🇧, 10:54 AM
we dont have pos/pow hybrid. we dont have masternodes. we dont have instasend
—jackielove4u, 10:54 AM
Now Jackie is giving us all access and Jackie is on holiday next week. Prepare for a fun ride! We'll have everything, master modes, PoS hybrid, algorithm changes (to Lyra2ReGroestl), instasend, faucets
—Yokomoko👨🏼💻🇬🇧, 10:56 AM
Weekly is 10,080 blocks right?
—Cryptographer, 10:56 AM
@Cryptographer I worked it out ages back, it checks out
—Yokomoko👨🏼💻🇬🇧, 10:56 AM
Block Reward: Blocks 0 till Block 120,000 512 GRS, decreased 6% every week Block 150,000: 25 GRS, decreased 1% every week till it reaches 5 GRS Minimum block reward: 5 GRS
—jackielove4u, 10:57 AM
the website says 10,080
https://chainz.cryptoid.info/grs/block.dws?120000.htm
https://chainz.cryptoid.info/grs/block.dws?130080.htm
this is more than a 6% drop(edited)—Cryptographer, 10:57 AM
back from where?
—jackielove4u, 10:58 AM
at block 120,000
because until block 120,000 everythingwas done on counts of 10,080 blocks—Cryptographer, 10:58 AM
hold on
—jackielove4u, 10:59 AM
Block 150,000: 25 GRS, decreased 1% every week till it reaches 5 GRS Minimum block reward: 5 GRS
—jackielove4u, 11:00 AM
so what's the block count for the 6% drop from then on?
—Cryptographer, 11:01 AM
But Jackie is on holiday next week. So we're changing it to 100 GRS rewards until he returns
:D—Yokomoko👨🏼💻🇬🇧, 11:01 AM
10,080 blocks since the start, then from 120,000 it changes to?(edited)
—Cryptographer, 11:01 AM
https://github.com/Groestlcoin/groestlcoin/blob/master/src/groestlcoin.cpp#L64-L74
this is our block reward code:
https://github.com/Groestlcoin/groestlcoin/blob/master/src/groestlcoin.cpp#L77-L122—jackielove4u, 11:02 AM
// Subsidy is reduced by 10% every day (1440 blocks)
wow—Cryptographer, 11:03 AM
Subsidy is reduced by 6% every 10080 blocks, which will occur approximately every 1 week from block 0 till block 120.000
from block 120.000 till 150.000: Subsidy is reduced by 10% every day (1440 blocks)
from 150.000: Subsidy is reduced by 1% every week (10080 blocks) till it reaches 5 grs
we did what we thought we needed at that time to get as much of coins out as possible in the beginning—jackielove4u, 11:03 AM
so going back to the deleted post - it's actually correct
—Cryptographer, 11:04 AM
no, what he did was create a new wallets and sounding it like he added new features
everybody using the old wallets were just fine
all he did was put a new splash screen
its like saying:—jackielove4u, 11:05 AM
ok thanks for the answers, that's enough for me. take care
—Cryptographer, 11:06 AM
he made those all up
—jackielove4u, 11:06 AM
