Blackcoin. Seems very similar to Peercoin. Whats the crack?

Peercoin is the first coin I purchased, after much research. Yesterday I was looking into Blackcoin which seems to have a very similar model but there seems to be a shortage of information available.

Can anyone help define the technical differences between BC an PPC?

Their blocks are created every 60 seconds. While this sounds good from a transaction standpoint, they’ll create 10X more blocks than Bitcoin which can lead to blockchain bloat.

Bitcoin, as large as it is with its current blockchain only creates PoW blocks once every 10 minutes.

Blackcoin thinks that having a blockchain 10X the size of Bitcoin is a good idea. We’ll see.

They also had a big controversy with an exchange:

That’s the problem, there is very little information from them, I can’t even find a whitepaper on their website.

I think they seem to be pretty much the same as Peercoin, but all the PoW mining finished after a very short time. So the distribution is likely to be terrible, and I try to stay away from these kind of coins.

All the hype seems to be driven by marketing and massive payments to get companies to accept it (see: I’m treating it as kind of sketchy until I find out more, to be honest

If you want real details about what happened, read this chat log before you consider buying any Blackcoin:

Especially this part (Quoting abusive language, be forewarned)

[09:12] Name, Number, the whole fucking thing [09:13] Its because of idiots like rat4 that we have made a draft to exclude shitcoins made by developers who dont know what the fuck they are doing [09:13] and rat4 - you owe us some serious bitcoins for your fucking shitjob - and you will pay [09:14] 100s of bitcoins - and I WILL HAVE MY MONEY BACK!!!! - I AM NOT FUCKING PLAYING GAMES WITH YOU!!! [09:14] COOPERATE OR I WILL PAY SOMEONE TO BEAT YOU TO DEATH! - YOU FUCKING THIEF!!! - YOU READ ME??? - I WILL PAY SOMEONE TO GET MY MONEY BACK FROM YOU!!! [09:15] MAKE A FUCKING STATEMENT AND STAND UP FOR YOURSELF AND APOLOGIZE - FIGURE OUT A FUCKING WAY TO PAY BACK THE HUNDREDS OF PEOPLE AFFECTED BY YOUR FUCKING VIRUS-TROJAN-WALLET-FUCKING-SHIT-WORK!!!! [09:18] fyrstikken can you be so kind to say who are you? [09:19] see - thats why your coin was doomed from the start [09:20] you dont even know who I am - yet you made a coin and had it listed on my exchange [09:20] you made a coin and my people in #fyrstikken bought it [09:21] you made a wallet that my exchange lost money on [09:21] that makes me your biggest creditor [09:21] thats who I am [09:23] You have single-handedly destroyed hours of expencive mining-powers from big rigs around the world - spent resources for millions of dollars worth of equipment and wasted thousands of peoples time and money making this fucking blowjob of a shitcoin

Thanks for the info. I’ll stick to PPC for POS coin for now

Sent from my iPhone using Tapatalk

Blackcoin is just a PPC clone. There are dozens (hundreds?) of them now, but no one I know has real advantages over PPC. Most of them are very inflationary (5% or more “PoS” generation, instead of Peercoins 1%, well Blackcoin seems to be an exception with its 1%/year) and/or use mining algorithms like Scrypt to benefit GPU and CPU miners (although PoW mining in PPC and its clones does “not” contribute to security). I tried to maintain a list of PPC clones in this forum, but I have completely lost orientation. Most altcoin “devs” seem to chose the PPC model because of the centralized checkpointing and the related 51%-attack-resistance.

The only two PPC clones I know that have seen a bit of independent development are Novacoin and Yacoin, the rest are get-rich-quick-schemes which are regularly pumped and dumped. And Novacoin had a very controversial start as they were the first to bribe an exchange to get them listed. Now I have been told that that’s the standard way for shitcoins to get listed somewhere :-/

They made a simple but nice presentation/video.

I think Peercoin should have one in that style. Just with the green and gold color theme and the leaf. Won’t be too hard to make this at home. I’m sure we have a few people in our community who can piece something like this together. Just need some relatively simple home video software like Studio 17, some creative skills and some hours spare time.

There is at least one thread on bitcointalk .

I thought I heard somewhere that blackcoin is only minable using multipool…though I have not read up on it too much (yet). Please let me know if this is incorrect.

That is correct. You can mine Peercoin directly. No fuzz, no riding on the backs of other coins.

Here’s my assessment regarding Blackcoin.
This assessment is mainly based on

[tr][td]processes[/td][td]purely PoS; initial distribution was over in a few days [/td][td]PoS/PoW hybrid; PoW still in place for distribution; no phasing out announded[/td][/tr]
[tr][td]min tx fee[/td][td]0.00001 BC[/td][td]0.01 PPC/kb[/td][/tr]
[tr][td]tx fee gets[/td][td]paid to miners[/td][td]destroyed[/td][/tr]
[tr][td]annual reward[/td][td]1%[/td][td]1%[/td][/tr]
[tr][td]projected block spacing[/td][td]1 minute[/td][td]10 minutes[/td][/tr]
[tr][td]min stake age[/td][td]8 hours[/td][td]30 days[/td][/tr]
[tr][td]stake age capped (for [br]limiting minting probability)[/td][td][br]never[/td][td][br]at 90 days[/td][/tr]
[tr][td]total amount of coins[/td][td]~75 mio.[/td][td]~21 mio.[/td][/tr]


Taking into consideration the short period between announcement and start, the short distribution time frame (10.000 blocks or roughly 7 days!) and what can be seen at exchanges now, I come to the conclusion that my “pump&dump” sensors tremble for a reason.

But even if it reveals to be more than just a pump&dump coin, its intended use is different from Peercoin’s.
Blackcoin’s features seem to make it aim at processing payments whereas all of Peercoin makes it designed to be a backbone currency.
Blackcoins block chain is going to bloat dimensions faster than Peercoin’s as there’s no incentive to keep it small included in the fee structure and the PoS concept.
So I think that even Blackcoin is successful, it is more complementing Peercoin than competing against it.

What’s interesting at Blackcoin?

[ul][li]We might find out how sustainable a PoS only concept is (in the wild!) that is in some way similar to Peercoin’s[/li]
[li]It already is energy efficient as there’s no more PoW[/li][/ul]

…maybe Blackcoin causes a stir that makes people recognize PoS (those people that are not yet aware of that). From then it’s only a question of time until they stumble upon Peercoin. Might the come to their own conclusion…

I can’ foresee the future. I don’t know where Peercoin will end. But I see so much potential - on the one hand directly in Peercoin, on the other hand by concepts that arise around Peercoin (like Peershares).
And I bet this can be seen by others as well once they’ve started looking.
…I don’t see such ideas associated to Blackcoin…

p.s. if someone can tell me how to include borders in the table, I’ll gladly add that code ([table border=1] doesn’t work and couldn’t help me…)!

Try downloading the github wallet and syncing it.

It’s kind of broken, or it is running into forked chains. Mine stopped syncing at block 10,000 or so…

This coin makes me nervous. Especially when you look at the top 1000 addresses. Too many single players own the bulk of the coins.

One week distribution? Why did they need such a short time frame? Why not a month or even three? Oh, I know, to give hoarding abilities to the top few who got in and mined it up in that 7 days…

When some one is pulling a scam, it’s often time sensitive like that…

If you bought Blackcoin now, you’d own a tiny fragment next to the hundreds of significant whales out there. They would be your trading partners and they decide how choppy the seas are.

I have a hard time taking this coin seriously.

The longer POW of Peercoin may result in a better distribution than Black Coin and off course sunny king as dev is always a big plus.

The speed however is perhaps illusory as it may require more confirms to be as secure. However people like to see a “confirm” and they can choose how many they are happy with.

As far as I can tell The speed and smaller fee may see a large blockchiain bloat, and so it misses the backbone currency/sotre of value end that PeerCoin is aimed at.

I’m not sure what sort of check-pointing they use and if they are using check pointing.

They seem to be of the 0.9 codebase?

also do the have a mining button?

!!!>>>limiting minting probability
this if I understand right is dangerous as it allows stake hording then huge attack

I don’t see any important innovation in this coin pure clone of ppc.

It’s not a clone. It’s more of a Brundlefly version from the movie The Fly.

Huh this copycat coin is already #7 at coinmarket cap just behind doge and ppc. Who could possibly see this coming? Another doge-like rise without any fundamentals.

Not a Doge like rise when it’s only been a day. If it can maintain, sure.

Not a Doge like rise when it’s only been a day. If it can maintain, sure.[/quote]

It will most likely be like Auroracoin and the others that have done the same. A sharp rise and a sharp drop.

Every month reveals a different miracle coin, guaranteed to make all its holders wealthy beyond measure.

In the past six months I’ve watched Quark, Maxcoin, Doge, Aurora, NXT, Megacoin, and now Blackcoin flood Twitter with declarations of how Peercoin was finished at #3.

Each and every time the available coin supply catches up with actual demand, and the price crashes. Blackcoin won’t be any different.

What kills me is all these coins that come out with damn near the same tag line anymore (country/city coin X) We have this coin to liberate our people!! Ok, so we shoot for a currency that is usable around the world, yet you claim this coin is to liberate/help/make better 0.5% of the worlds population with the miracle of a digital currency JUST for you (oh, and the rest of the world too…) That just spells fail - to me. Or hop and flop, or pump and dump…call it whatever you want. :slight_smile: