Bitcoin Forum

I wanna design a new crypt coin(based on or similar to btc or ltc), what features do u guys think should be included in this new coin?
Right now I think these little features should be included in the new coin:
1. no limit to the total amount of the coin, it's hard to generate as time goes by (similar to the real world);
2. transaction fees controlled to under 0.001% of total transaction, or maybe transaction fees is 0;
3. support borrow and lend coins (should pay transaction fees and interest fees);
4. at first, every block include no less than 1024 coins, every 10 years this goes half down, until after 50 years the coins in a block come to a stable number: 32.

I wanna implement the money liquidity and credit extensibility in this new coin like real money, and keep the good features that p2p bring to the coin.

Do you guys have any advice, please give me some advice.

You need some transaction fee to prevent spam.

an author who writes 'you' instead of 'u'?

 ;D

Not trying to be mean!  But "who wrote it" is more important to me for trusting vs. what crazy new features you can think of. What are your qualifications?

Why not try a different approach which accounts for adoption time to some extent and keeping mint rate very low.

I.e. 1.5 min blocks, reward starts at 1 coin per block and annually adds 1 additional coin to the block reward indefinitely.  Also, create the coin merge-minable with other scrypt coins.

free gift givaways. you get a free bicycle if you solve a block. or free blow and strippers to whoever solves every 1000th block. you could call it "cuntcoin"

Change the Scrypt parameters to make it more memory intensive and destroy the cost/performance ratio of GPUs.

Hmm actually why not just try 1 coin per block indefinitely...  1 min block times.  You'll get half mill coins every year and will give you some number of years to grow an economy around the coin.  Will take a little less than 40 ish years to match btc supply but yours keeps growing to assist with liquidity.

You could add PoS as well like PPcoin but reduce the minimum time to say a week instead of a month as well.  Make the PoS reward 0.1% instead of 1% as in PPC now.

Dude, we gots a winner right here/ thread closed!

lol

I will change this.

Yes, I know that, what ratio is proper?

rewards start at 1 coin per block ad annually adds 1 additional coin to the block rewards sounds like a good idea, but what's the profit of doing this? I'm not very clear, can u explain this?

very good idea

This is a good idea, people may have more passion in mining.

I like, rewards very low for first 6 months, so nobody can be accused of pre-mine

then rewards become "normal" like 50 per block

I will consider this and modify the scrypt to make gpu mining more difficult.

liquidity is the most important factor, so your advice is a good one, but i think at first people will be disappointed while they get only 10 coins after 5 days mining? how do u think about that? I wanna make a big number of coins in a block is just because I think people need more coins to lighten the comparation between transaction fees and the coins people own, do u agree with this?

ou
No, it's not closed, it's not enough, I need more advice, what features do you guys really want?

I see, meanwhile, in first 6 month, the transaction fee is 0, and after 6 months, transaction fee becomes to be 1/10000 in a fixed ratio, is this ok?

No, you don't. Proof-of-work prevents spam too.

Proof-of-Burn

but people more send very big amount of little coins to attack the whole network.

what's proof of burn?

They can't. 1000x transactions require 1000x calculations to be made. If 1 transaction requires 1 minute of calculations on average CPU then not more than 1440 transactions can be sent during 24 hours.

uh, u mean one user can at most send 1440 transactions under ur condition?

Yes. It's the same as http://en.wikipedia.org/wiki/Hashcash.

I would very much like to see a coin generated like it is suggested by Adrian-x: https://bitcointalk.org/index.php?topic=110708.msg1207871#msg1207871.

I want a coin that randomly selects any miners gpu on the network and just blows it up everytime a block is found.

New block found on pool 0
Incoming!!!
 ZAp!!.Smoke!!..a little spark and fire!!

Fun for all ages. Would make mining hell of a lot more fun.

oh, oh,...and dont forget a massive pre-mine..like 35%-100%... just for shits and giggles.

oh,oh,oh ...and call it something bird/weight related...like lintcoin, dodocoin, duckfeathercoin, extremelylitecoin.....

:D

Try something more challenging. What about 146% of pre-mined coins?

Nah. i think Cripple[xrp] already has that market cornered.

While that is technically a no fee system...
1) everyone still pays transaction costs (if not fees) in the form of hashes
2) hashes are one use only so that payment never recirculates, wasted heat
3) you'd need Brunic's hash algorithm (above) to prevent spammers from using GPUs
4) drained smartphone batteries
5) coins are just portable hashes anyways

Use this hash function: http://en.wikipedia.org/wiki/Fast_Syndrome_Based_Hash

Back to CPU mining here.

I read this message, but i don't get any suggestions.

While premined so much? I don't wanna break the rule.

I will consider the algorithm seriously.

Do you guys have any other algorithms?

Sorry, it is the one with a chart two messages above the one referred to:

https://bitcointalk.org/index.php?topic=110708.msg1207805#msg1207805

The problem with using a hashcash style spam-prevention is that it almost has the opposite effect on a distributed network. One user who can make 1,440 transactions per day can have the networks bandwidth multiplied by 1,440 txes X the number of network peers. "It shows work! I must pass it on to everyone I know!" Multiply this by a botnet and you have complete network collapse. In addition, providing a nonce as proof of work with each transaction will increase the size of each transaction by at least 32 bytes, perhaps 64 bytes or more. That is a significant increase in bandwidth to avoid paying transaction fees. Proof of work as tx fees is more easily DDoS'd and less scalable.

http://en.m.wikipedia.org/wiki/SHA-3 (http://en.m.wikipedia.org/wiki/SHA-3). Use one of these (a fast and likely candidate), these are being designed to replace the sha2 hashing bitcoin is currently using to prepare for the possible likelihood that sha-2 has a critical vulnerability in the moderate future timeframe.  Also consider a 512 bit variant up from currently used 256 bit.

I got it, thanks, I'm still thinking about new features.

Do you want to create a Coin which is infinite and you can create it with no limits (inflation), which has borrow and lend support (banks)?

Man, we already have that since a long, long time ago, and that is the reason why BitCoin exist...

your analysis is really valuable, the transaction fees will be 1/10000 in a fixed ratio after 100 transactions per user per day, do you think this is acceptable?

I think the FSB algorithm is a good one, http://en.wikipedia.org/wiki/Fast_Syndrome_Based_Hash#Description_of_the_hash_function

I don't think so, it's not me who can create the coins with no limits, it's the network, and I hate premine coins, borrow and lend support in anonymous is really hard to implement in p2p network, but anonymous borrow and lend is really a good feature.

You can't keep track of users, this will be very intolerant of sybil attacks (http://en.wikipedia.org/wiki/Sybil_attack).

no, I mean every client or every wallet, not every true person.

Doesn't matter who create the coin, no limit = inflation.

I don't think so, think about the real world, and at last, the money will be more and more difficult to generate.

In the long run, a stable nonzero subsidy means its relative %-of-total-supply decreases.

Would subsidy eventually be outpaced by growth, then the coin starts deflating?
Would subsidy eventually become insignificant compared to transaction fees?
Would lost coins cause the circulating supply to converge?

Enable merge mining that also supports projects like SETI@home and other BOINC projects like helping find a cure for cancer.

Integrate this with the GUI of your coin so that miner can drag and select a percentage of their hashing power to contribute to the BOINC network (from 0% to 100%).

Do it  ;)

you should call it India Coin  INC