Rogers: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

Error creating thumbnail: Unable to save thumbnail to destination

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