Bitcoin Forum

Hi !
Here we'll post about TrueCoin proposal.

Watching

I like that you will use new algo. How will difficulty be calculated?

interested, I've been wanting to do / see something like this, a small amount of inflation is a NECESSITY for a currency IMO.

PM me if I can help in anyway.

Also I'd go with like +1% inflation, I agree pretty much with other alt coins that inflation is "bad" but I also see it as necessary so I'd try to go as small as possible (within reason not like +0.0000001% or something crazy).

I'll watch this.  A couple of ideas here mesh up with things I want to try out...  CPU mining, Premine used to facilitate early functionality such as faucets and the like.

just about. each difficulty * 10  --->  reward +10coin

Please, see this topic: https://bitcointalk.org/index.php?topic=130619.0
Bitcoin will receive a 1% inflation the year 2025. This is quite small value.

Why not include the proof of stake, that was considered to be a very good idea. 

And I'd shy away from premining since that(right or wrong) has tarnished the reputation of many coins.

Proof of stake requires centralization, which is against bitcoins design philosophy.

Not exactly accurate, ppcoin's central checkpointing would become advisory-only by default in the future, as an emergency recourse for the users. I would say the level of decentralization would become effectively similar to bitcoin.

There are already FPGA implementations of both SKEIN-256 and BlueMidnightWish-512 (http://eprint.iacr.org/2010/571.pdf), they both run fairly fast.  A GPU implementation would be trivial.

I'm working on a more FPGA/ASIC proof hash algorithm for MC2, you can use that when I'm done with it if you want.

Premining isnt a good idea imo, most westerners have stayed away from novacoin for that very reason. Is this simply so the drvelopers have a greater chance of profiting. And what makes you think some forum members are morw deserving of receiving priproty?

I advise against this ...

Even though the premine is for a "good purpose", people would still hate it.
How do you define "good forum member"? Many will resent you for not falling into that special category.
It's better to not touch politics and not to try to buy old forum members, just don't do any premine at all.

how about the name "premine coin", so everyone knows not to waste their time.

Oh dear. Epic fail. Avoid.

Only 90%? What happens to the other 10%?

No premining and they get distributed automatically anyway.

Thought your project was promising until you made this post.

This going from bad to worse.  :D

+1

Everything about this sounds interesting, but the second you premine any coins, you will lose credibility, and ruin the economic chances of the coin.

Looking forward to it. ???

You shouldn't get upset over minor things (miner things?)  Premine is not an important or enduring feature of the coin -- in the long run, what difference does it make?  Plus, if you think about it, merely announcing on this forum lets everyone go and mine their own coins.  I don't mean to criticize, but that sounds more fun to me, like an Easter egg hunt.  Just look at the big splash that some other new currencies made around here without premining.  They start with a bang!  Anyway, as a founder you will be there mining your own coins along with the rest of them.  Nothing prevents this.

.

This thread just got kinda sad.   :'(  Oh well, on to the next AltCoin.

What did we learn from this one?

I'm interested premine or not, mostly because of the different algo.

Oh dear. Now centralized censorship. You asked what the community thought. We told you. Sorry it's not what you wanted hear.

I am interested in this coin too. I like the proposal for a different algorithm. Count me in for the premine!!  ::) ::)

First of all: congratulations on listening to us and decided against doing a premine! You will not regret this decision.

The reason we recommended you not to premine wasn't because we wanted to troll your coin. I want your coin to be successful, that's why I gave you what I thought was constructive criticism. We've seen the effects premine has on reputation. I personally think NovaCoin (Scrypt/PoS) was a very interesting concept, but because of the premine, it lost some of its reputation. Now I don't discuss whether this is right or wrong. It's just how it is. It is a fact: premines negatively affect a coin's reputation. If you choose to ignore this fact, then do, and suffer the consequences. No trolling here. I wish you all the best, that's why I also participated in your "coin name" contest.

+1

An altcoin isn't just about making changes, then releasing. You must win the support of the community to be successful.

Nice to see a fresh change to a new algorithm idea.

any ETA on this?

Would it be possible to make the blocks at 1 min intervals?

Reason is that if transactions are carried by blocks, the transaction time goes down.

The risk of a mined block by a miner getting orphaned increases though.

This is interesting. I wish I had more computer power for all the different altcoins!

It is an interesting ideas for a real alt coin. I keep reading this thread with a great interest

I have not quite gotten why it is necessary to orphan blocks. Would it not have been more natural to either split the coins or reenter the block?

It might be possible to reduce the amount of orphan blocks by letting a client/pool "call dibbs" on a block, and then be allowed to be the only one who mines at that block for x time. If the block is not solved by x time, someone else gets to try.

"There will be some premine" ?
Why don't you just say 'We will start the coin with 'scam' stamped on it.

This is a very interesting coin philosophically. It's in the class of "Redistribution of Wealth" coins like:

FreiCoin - Demurrage based coin
UDivCoin - Universal Dividend based coin  (see: https://bitcointalk.org/index.php?topic=796.0)

Those two coins are polar opposite implementations of the same basic idea. "Spending money encourages growth."

TrueCoin is like a twisted version of to Universal Dividend. It represents a "Miner Only" Dividend coin. I guess that's for people who invest their time and efforts in making the coin possible. The only rational name for the coin I can see is the obvious.

InvestorCoin - Takes value from everyone. Gives it to mining peer node operators.

To turn this coin into Universal Dividend would require every alive human to run a mining node of approximately equal hashing power. That could be done, but it sounds a bit redundant, heavy on bandwidth, and wasteful of resources.


EDIT: I linked this thread here. https://bitcointalk.org/index.php?topic=179918.msg1878011#msg1878011
Trying to build an index of people working on coins they hope will have a stable value. [StableCoin]

An extended (to smoothly allow billions of people as receivers of generated coins) form of how DeVCoin works could do a "universal dividend".

You could maybe use a heirarchic pyramid of "receiver" files, to allow billions of people receiving coins without the clients having to directly deal with the full lists of all citizens of all nations on the planet.

So maybe for example put nations' national coffers into the receivers lists proportionally to their populations, then leave the actual splitting up of each nations' citizens' coins among the actual citizens to the national adminstrations.

90%, or whatever percent you can manage while still compensating miners for the dirt cheap task of merged-mining the coin, goes to the "receivers" instead of to the miners. Ultimately all people recognised by their nation as actual people eventually get some coins, provided they are responsible enough as citizens to ensure that they do not place into power over them, or tolerate in power over them, a government that fails to ensure each and every citizen gets their appropriate share of that nation's share of the universal dividend...

Not sure what to do about dictatorships etc - is there is any truth in the notion the people get the government they deserve?

-MarkM-

could you be a bit more specific? :)

Donation? For changing 0.001% of the Satoshi code.

Do it free. For the good of the community.

Any update on this?