History of cryptocoins, and being a bagholder - My story - Episode #4 - Cinnamoncoin
This story is going about a coin with a curious name. Cinnamon. Well It is good for a lot of things, but not your wallet. I present you.
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Compared to the coin described in episode #3 (eToken), this was created by a developer who had skills and good intensions, but that alone was not enough.
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So what stood out when it launched? Well it was just before 2014, and coins did pop up fast, but not as crazy fast as we would see in 2014. No premine and it had PoS(Proof of Stake)
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The first block did contain 300 coins, but they where indeed given away to new cinnamoncoin users. So you can not really call that a premine.
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This is what the developer had to say about it.
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"One Coin To Give Everyone A Fair Shot."
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"Most Alt Coins are not launched fairly and either by premining or the design of the coin are made to give an unfair advantage to developers or others."
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"And i hope to find good support, and a stable distribution to get CIN recognized on exchanges in upcoming months."
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The biggest issue would be "i hope to find good support........" Because real support never came. Most of us where just in it for profit. I was one of them, i admit that.
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Before we go to the story, and life cycle of this coin. Here are the stats.
- 5 minute block target time
- Scrypt algorithm Pow/Pos
- 3 block transaction confirmation
- 40 minted block maturity
- Linear Difficulty Retarging
- Mining award halves every two years
- Total 25,228,800 coins from proof of work mining
- 64 Coins per block (The first 300 blocks award only 1 coin)
- POW mining for 14 years
- 1% proof of stake after 60 days of coin age
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This coin had a fair start for a change. There was no pre announcement. Suddenly there was a post on bitcointalk, and a new coin was born. As you can imagine, we where mining it as fast as we could.
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We where happy with the fair distribution, and it was nice to see a coin with proof of stake. Not many coins had that feature back then. And even nicer, we could solo mine it. At least for a while.
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When it was listed on the exchanges the mining pools where coming up. And so was the difficulty.
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When the crypto storm starting to pick up there was a lot of attention going to faster and more ridicules coins. This would become a problem for Cinnamoncoin. The "support" would move on.
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Soon the PoW (proof of work) part of the network was stuck on block 57307. This had to do with a block that had a negative time stamp. And that could not be solved without creating a runaway difficulty that was to difficult to crack.
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The network was still running on PoS (proof of stake), but without a running PoW there was noway this coin could stay alive.
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So it died.
The developer did came with a explanation and said he did not have pro C++ skills. He could fix all the problems apart, but not together. So for me this coin ended with his last words "I AM TIRED OF IT, THATS IT"
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The coin was delisted from the last exchange and most nodes went offline. I did sell most before that time, but there are still some coins stuck in my wallet.
Next coin will be a real soap. I loved this coin tough.
For this series or privacy and security related stories and news. Follow me at @disofdis
Cinnamon's developer said on Posted 20 July 2014 - 10:07 AM:
https://cryptocointalk.com/topic/1220-cinnamoncoin-cin-141-proof-of-stake-only/page-12
Then regarding Proof of Stake (which Peercoin still runs under) he said:
Co-incidentally, Sunny King, the creator of proof-of-stake is actually going to be on the Beyond Bitcoin mumble radio show tomorrow Aug 19/16. I wrote a post announcing it.
Proof-of-stake does work. But in order to be a coin developer, you should know good C++ if that's what your coin source code is running.
Now the Cinnamon coin developer has admitted he runs other coins too:
Indeed. Thx. I did not remember all facts. I did look up the stats of the coin before writing and check the things i remembered. Proof of stake works indeed very good. I noticed a mistake in my post. I just changed it. PoS was wat made the coin stood out (not PoW ofcourse). It was one of the first.
I did own peercoins till a week ago. Ok, also lost money on that, but that is with almost every coin i had. I am no trader :)
@pierce-the-veil: Excellent Episode @disofdis, you've done it again.
I sincerely hope this posts gains traction as is deserved.
Keep it up,
Jordan
When it comes to money we never know. The first 2 episodes did not earn a lot. But i like sharing them anyway :)
Thanks for sharing your story @disofdis
Thx for reading :-)
I've wondered where tired and old alt-coins go to die! I haven't been able to keep up with all the variety of them out there, but I guess your risk to reward ratio for getting in early makes it worth it, even if some die along the way. Looking forward to reading more of your stories from the crypto world.
That is true. Only problem was going out fast enough :) You always hoped for something magical to happen that did not coin. A little naive i admit :)
A great series, and I am glad it made you some coin. Hopefully at some point it would make up for the losses that you had on the Crypto-Wild West! I still consider that after ones basics (i.e. food/water/shelter) are covered the most important thing is experience & stories it brings! You have my upvote!
I have some other stories in my sleeve for sure :). I just have to open my vm and see the old wallets ;-)
It's the same story with 99.9% of altcoins. I don't think it will ever change.
I suppose so. Till there is still no coin who can beat bitcoin. It is not about being the best, but being first sometimes. Coins like Steem or Ethereum are a little different. They do not seem to aim to be a new bitcoin. The provide other features that can make them big(ger).
@disofdis any coins you see now that will have the same fate as Cinnamoncoin?
Difficult to say. Not in a sense they are on technical breaking point. The coin i will describe today, Is a big one that is still alive, but has also issues in the development.