Bitcoin Forum

Please consider the following proposal and comment:

https://sites.google.com/site/shatosimakanoto/ (https://sites.google.com/site/shatosimakanoto/)

Moderator, please consider this post for transfer to the "Development & Technical Discussion" thread.

    -- Shatosi

lol if admin transferred this thread to developement you wouldnt even be able to post on it.

lol exactly

I may have missed this, but is the new coin generation process lasting forever?

What?

He is asking if the Coin Generation during each round has a limit for how many rounds it will happen or if ti goes on forever.

This seems like too much of a change from what bitcoin already is, not to mention the tons of people with mining rigs and ASICs who would fight this change tooth and nail.

I like this thread a lot  ;D

Thanks wiseman, you got my question right.  :)

I'm a little confused with the incentives for keeping participating nodes online in this new proposal. Thus my previous question.
I don't know if the proposal adopts a similar rewarding approach like BTC (using new block lottery in early stage and transaction fees after all coins are mined).

It doesn't look like there is such a thing as transaction fees in this system, so I guess they the lottery portion to go on forever? But really though, this will never get added into bitcoin itself, waaaay too different from some of the defining things of bitcoin. He might as well make an altcoin using this system.

lol totally  :D

I believe the concept (while interesting in some aspects) is deeply flawed in the concept of not having a proof of work and thus no way to control or predict earnings. You've effectively removed greed as a motivation to develop services and hardware to support the network.

As far as truncating the block-chain I think some progress might be suggested in that aspect that could in fact make bitcoin nodes less annoying on initial setup.

However, I think what you'll find is that your 'ledger' will grow exponentially larger as people cycle through addresses and more people used the new currency... eventually growing it to the point that the data size would become unmanagable.

interesting ideas i doubt it will be implemented tho

I dont think hes  logged on since he made this thread..

You realise you cant comment if its moved right?