Bitcoin Forum

I realise this must have been discussed many times before but with my background and previous experience of online business I am seriously looking into what it would take to create a crypto currency that had real potential from the start. But I don't technically know where to start. So how difficult is it? Does anyone have suggestions as to who could help this become a reality.

I'm a veteran of online business and marketing (made and lost millions in the adult industry) and I am serious in everything I do , I think if bitcoin is going to be around for many years to come, and develop into something we probably won't recognise in 10 years time and other currencies will be part of the game.

As an entrepreneur I see many opportunities in the Cyrpto Currency industry , specifically in taking it mainstream and I intend to jump in with both feet :)

I would appreciate all feedback on here or via DM :) I'm looking for someone serious to talk to about what it takes to make your own currency a reality.

Thanks in advance for any thoughts or assistance

Mark

PS. I'm interested to hear from any one who has information about new legitimate currencies just launching or in the works too :)

maybe you should post this at other sections of forum

what other section would you suggest ?

The biggest problem is that blockchains are insanely expensive to secure.

All these recent pump and dump scams don't care about that because once they have been dumped they just create yet another "new" pump and dump, so the problem of how to actually secure a blockchain long term is simply irrelevant to them, there is no long term, you pump, you dump, you move on.

Maybe once ASICs can be ordered right off the shelf you could figure on buying massive massive quantities of hashing power, spend a few millions on ASICs and once you have close to 50% of the hashing power of bitcoin, launch a new coin, making it merged mine able so your ASICs can secure it while still also securing (and raking in) bitcoins, namecoins, devcoins, groupcoins, ixcoins, i0coins, coiledcoins and geistgeld.

But since so many of those are still "under the radar", under-exploited, you might actually do much better by simply raking in those under the radar coins while they are still under the radar. There is probably a heck of a lot more money to be made, with a heck of a lot less initial investment, in just picking them up while their difficulties are so insanely low then promoting them once you have huge hoards of them.

It will be easier to get huge hoards of them than of a newly launched coin, if you want something that lasts, because the larger a share you get of a newly launched coin the more obvious it is to everyone that it is just another scamcoin.

These ancient but under-exploited coins on the other hand have a massive, massive "fairness factor" built in, because everyone has had years to mine them really easily, and you can delay their coming out into the limelight as long as you like to add more and more months of fairness factor, heck you could also stagger it, promote one a few months in when you have a nice number but not a vast hoard, then months later when your hoards of the rest are larger promote another, then more months later when your hoards of the rest are even larger promote another etc. There are easily a year's worth already there in play, I hope you are taking advantage of this long long time of equal access for all to pick up your fair-but-large share of them right now already...

...Notice how darn FAST GeistGeld is, too. People keep saying they want a FAST coin and GeistGeld has been right under their noses all this time, pretty much as fast as it is possible to get and still have any chance of realistically working...

-MarkM-

thanks for the great feedback ;)

That's a very good take--never thought of it that way. Do you know of a merged mining pool that offers geistgeld along with the others? I really prefer SHA526 coins over scrypt anyway as my cards simply run cooler and faster mining it.

We don't need any more coins, focus on using the ones we have.

YOLO

Yeah. Altcoins are dead.  LTC will survive but the others are just sad.

we do, just not trash coin last last couple days

Please, do not create another alt-currency until you can figure out a way to make it innovative....I'm actually thinking about starting up a non-profit research/advisory council to come up with the best possible coin/coins with all the features needed to make it successful for all parties involved (users and investors) and whoever else might have a stake in a new, long-term, stable coin with staying power. Obviously this would have to have short transaction times, security, anonymity, (perhaps charge-back features?) and whatnot if the retail commodity consumption market will ever get within 10 feet of real adoption. If we can get past all these barriers to widespread adoption we can make a coin that will truly move past these cumbersome and crooked fiats - but it is going to take work and a lot of smart minds to get there.

Yep, we desperately need a new coin, but a good coin, not junk coin

The problem for pools is the lack of free open source software for divvying up secondary-chain coins.

I have a p2pool at dvcstable01.devcoin.org:10332 that merges all the coins, but p2pool only pays out the bitcoins, so right now the best I can do is present it as a zero-fee bitcoin pool.

If the mining profitability sites are correct such a pool should actually be able to pay out 105% to 110% of the bitcoins people mine, but although there is a bounty offered by the DeVCoin project for tools to which a pool operator can give a bunch of coins and tell the tool to divvy them up to miners in proportion to the number of bitcoins p2pool gave the miners there is not yet a tool a pool operator can use to send out the extra earnings.

I eventually want to run at least two pools using such a tool, the current one, being devcoin-oriented, would send the miners their bonus in devcoins, a second one would send out the bonus as bitcoins.

Basically the pool operator would sell the secondary-chain coins for whatever type of coin (s)he plans to pay the bonus with, take whatever fee the pool needs to pay its hosting and bandwidth and operator-salary or whatever, and send out the bonus.

Actually expanding p2pool to be able to actually track and send out all the various altcoins would be a big programming-job.

The code that mmpool at Bitparking uses is not free open source as far as I know so thus far if you want the actual coins of the secondary chains you have to merged-mine yourself or use mmpool which only gives you a few of the types of secondary chain coins.

The DeVCoin project is offering bounties for a tool to divvy up coins to send to p2pool miners in proportion to the number of bitcoins p2pool sent them, because the plan is to pay miners in devcoins some bonus over and above the 100% of the bitcoins. But so far the only tool for divvying up secondary chain coins themselves seems to be the proprietary code used by bitparking for mmpool.

Though of course given the generic (pick a coin to send as bonus) tool the DeVCoin project has put bounties on, a pool operator could if they chose send out one bonus per type of coin, paid in that type of coin, if there were some way to link a user of p2pool to their various addresses for various other chains. Some users do not even like having the devcoins bonus sent to their bitcoin address because they dislike having to export their bitcoin address from a bitcoin wallet and import it to their devcoin wallet. In principle the same bitcoin address can be converted to any other coin, so the same thing could be done for any other coin, but, with devcoin addresses the form of the address when displayed for humans actually looks like the exact same bitcoin address, whereas for other coins it would not look the same so would be additionally confusing. (Refusing to let people use one address for all currencies is a big problem with blockchain based currencies, Ripple nicely fixed that in Ripple so we will see whether in reality users find RIpple's same address for all currencies approach more or less useful/confusing than the blockchain coin family's insistence on making users deal with different address for almost all blockchains...)

-MarkM-

The merged mining pool at bitparking is the one I use, was wondering if there was a similar site with the other legacy merged coins. Thanks for the detailed explanation!

Well, GeistGeld windows binaries have disappeared from the internet and mediafire, and building the linux source has given me all kinds of possible errors, most of which I could find posted on this forum but were never resolved. So most likely my cpus will have to stay above radar and torture themselves with yac D:

Porncoin? :D

That is weird, I compile geistgeldd on Linux, heck I even use Fedora which means I have to link against my custom openssl libs that include elliptic curves since Fedora doesn't ship with elliptic curves enabled.

Maybe you are using a different version than I am?

Unfortunately "git help" does not seem to offer any "show where you are pulling from" command so I do not know where I am pulling from other than that I think it might be a repo under the Lolcust username at github.

Of course trying to make a GUI would be painful because it would want wxWidgets, an old and maybe quite particular version of wxWidgets, possibly the version I tarballed into my sourceforge Galactic Milieu file downloads directory. But GUIs are useless crud anyway that just make it really awkward to run the thing on the server where it needs to be for the whole merged mining thing anyway so not a big deal.

Once the time comes to come out into the limelight it will probably be with a new codebase based on a recent version of Bitcoin, the same recent version all the other merged mined coins will be updated to; then it and all of them will have a QT based GUI. That of course will tend to foster mass adoption thus putting an end to the era of fair access for all and a start to the era of even the lazy bums who cannot be bothered to learn stuff being able to jump on it, which would reward ignorance so is best left until those willing to learn have had a chance to learn and to apply what they have learned...

-MarkM-

I think that if you don't know where to start, and need to ask here, you shouldn't be creating yet another altcoin..

Only those that can add something valuable to the code should be doing so, but well, some are just in for the chance of making a quick buck..