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After https://bitcointalk.org/index.php?topic=223454.0. I realised the potential for this idea in the alt-coin section.

By following the lead of abstract coin i have this idea in mind.

A currency backed by other currencies.

If say i had 0.1 antimatter coin, at that moment it is worth only 0.1 antimatter coin...but if i stake 1 PXC to it, then every 0.1 antimatter coin is backed by 0.1 PXC. If someone else stakes 1 LTC each 0.1 unit is backed by 0.1 PXC and 0.1 LTC. This goes on and on, in order to keep it valuable, only coins traded on cryptsy will be used as a form of currency backing.

Keeping track of the transactions has been a hurdle for abstract coin, i intend to make a client that will handle that issue.
Simply i will premine the entire 100 coins, all blocks generated after that will produce only 0.00001 coin. I will then send 1 ANC to each individual till i run dry.
These individuals will then also divy it it up to others until the coin is widespread. The incentive to spread it around come from the fact that the more it goes around, the more people can stake to it. if i can back 1 ANC with just 10 LTC it pales in comparison to 10 people backing up 0.1 with 2.5 LTC each.

Management of the stakes will have to fall to an individual until we can get this coin onto an exchange, where by the exchange will then take over and using algo, calculate the value of the coin based on market price and how much is in the shared wallet. (another restriction for usable currencies may be a block explorer)

As a result the alts shore up this "idea" coin and as the coin gains value...so can your alts. By limiting growth of the coin to 1% a year and limiting it to 100 at the begining only over time the stakes push the price of each unit up. And as the volume of stakes rises, this "coin" may end up being worth more than BTC due to it's being backed by cumulative values of tradable alt coins. This is a project that will (just like noirbits) be community oriented, i chose cryptsy due to thier acceptance of alt ideas and the way they are easily reachable, they have accepted all our ****coins so they get first crack at this.

This idea came to us on cryptsy and google chat while we were trying to figure out a way to combine all the alts, either by merged mining, or a unifying idea. Feedback is welcomed.


Tradable currencies accepted as pledges


AMERICANCOIN (AMC)   

BBQCOIN (BQC)   
 
BITBAR (BTB)   

BITCOIN (BTC)   

CHNCOIN (CNC)   

DOUBLOONS (DBL)   

DIGITALCOIN (DGC)   

DEVCOIN (DVC)   

ELACOIN (ELC)   

FREICOIN (FRC)   

FRANKO (FRK)   

FASTCOIN (FST)   

FEATHERCOIN (FTC)   

GLDCOIN (GLD)   

HYPERCOIN (HYC)   

IXCOIN (IXC)   

JUNKCOIN (JKC)   

LUCKYCOIN (LKY)   

LITECOIN (LTC)   

MEGACOIN (MEC) 

MEMECOIN (MEM)   

MINCOIN (MNC)   

NIBBLE (NBL)   

NAMECOIN (NMC)   

NOVACOIN (NVC)   

PPCOIN (PPC)   

POWERCOIN (PWC)   

PHENIXCOIN (PXC)   

ROYALCOIN (RYC)   

TERRACOIN (TRC)   

WORLDCOIN (WDC)   

YACOIN (YAC)   

RESERVE

reserved

reserve

Good Idea, But how to implement?

most of the implmentation ideas are in the first post.. the question most have been asking is how to manage stakes and how to avoid scams, i think a publicly viewable page that highlights all the balances for each coin could be a start. i'm taking a programming break for a few hours, will have more info in 5 hours on how to manage the stakes.

Why, why on this f*cking earth there has to be *ALWAYS* someone trying to break the first law of thermodynamics?

lol because its exciting

because they are bored and cannot sit still long enough to watch tv... well that is my best guess

people practically beg for innovation out of this forum...well, here is my idea to dampen the influx of alts and try to unify and solidify existing ones that survived this mess.

thats fucking retarded. instead, their should be a buyin price. say .05 BTC per share,with an infinite number of shares. that way there is something actually backing the currency

BTC is the king of the hill currently, but that would encourage a massive altcoin dump for btc if this became successful. The issue is not to kill alts, but to make an alt that works with alts, and by combining those alts, this alt can make it to becoming the king of the hill, because you can back it up with the current king of the hill. See when BTc fell and the alts held strong, it's not an easy concept i know, but calling it retarded says a lot about your mental state.

Oh brother, you're one of these Derptards with a self reinforcing statement. Let me tell you about your self reinforcing statement. you can paint a turd gold but its still a turd. you can make up a statement to backup your idea but its still flawed. you must have accounts set up to handle these alts. not just a thread that anyone can come in and say i pledge blah blah blah blah. it has to have real verification.

 :D my word you truly are the most narrow minded fool i've ever exchanged words with.. it's called an idea. You must be one of the fools still insisting the world is flat and earth is the centre of the universe. Take a hike asshole, it's not my fault you were dropped on your head. Comments are great but if all you do is shit from your mouth i really dont have time for you. Crawl back to the hole which you came from fucktard, this is grown-ups only talk.

http://www.yorkvision.co.uk/wp-content/uploads/2013/05/meme.png

so you don't refute the underlying flaws in your proposed coin, which i love by the way. I must have misread the OP, where it said comments and suggestions were welcomed. it would appear those were merely pleasantries. otherwise you're getting butthurt because i gave resistance to your proposed modal of "security". Excuse my bluntness, i thought we were adults who could accept constructive criticism.

r3wt

Trust: 0: -0 / +0(0)
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Re: Antimatter coin version 0.2.0
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LOL you' re acting like a bitch. r3wt raised a valid point

fucking childish pussy.

economics 101, you can only give something a value when people want it. This idea coin is virtually worthless until people adopt the system. and by setting a buy in price no matter how low or high, it already set value limitations to the coin. Have you invested 100 LTC on any of the recent alts? did you get your money back? have you noticed that even for the new coin, google docs isnt an option anymore? While you are thinking on that, i'll ask you not to call me a bitch. Study first before you speak. What valid point has he raised? The point that i should set a price in any currency for something that has an initial value of zero? my goodness man. Please raise facts or valid ideas that  relate to what we are doing, even setting a buying price opens up opportunities for scammers....which you aare one apparently.. wow.  ::)

barwizi, i'm not sure what you are bitching abut. i conceded that point to you in my second post in lieu of your response. i had moved on to your second issue, that it needed to have real accounts(in whatever alt coin) backing it. that isn't placing any limitation other than what is absolutely necessary to insure viability.

This coin is an interesting concepts... I like the idea of backing it with something. I will definetly be watching this thread closely

Any real ideas are welcome, if you are against the idea please raise points that make sense and have an iota of thought in them. We are trying to develop something taht could essentially kill the pump and dump idea so it's understandable that there will be resistance.....hehehe resistance is futile.  http://business901.com/wp-content/uploads/2010/08/Capture2.jpg

looks like some people already want to jump the experience and go straight to resistance.

Well there wouldnt be any innovation without people resisting early on.

true that, i'll keep you guys update. If i don't get any feedback in two hours i'll making the client.

I'm excited to see how this coin plays out! Obe of the few with any real innovation.

watching you reply to yourself? priceless.

ok, would anyone like to suggest a means of "backing " management that is satisfactory for the majority?

wow its getting easier and easier to find the innovative topics , just look for the ones the Bittards are bashing…


I’m in support - I can suggest call it "ANT"

much more descriptive - and people will say i have so many ants - it’s a common word and it will catch on -

also don't underestimate names and psycological symbols - people want to know what an Ant is , becasue they have a human idea in their mind about what an Ant should be.

plus then the symbol becomes simple .

etc etc - more awareness -

one question:

so an Ants value is derived by the backing of those that pledge other currencies to it ?

is there a restriction on the currency list ? or is it open , you say wha tis traded on Cryptsy , does that include BTC and LTC ?

put me down for an Ant ! - {sorry its just what i'm going to call it}

i'll buy in ! - mostly becasue of that angry cunt that was calling it shit lolz

https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcS47YGxiNA0l9d3mvS1DuM_rpp-IrLAi9UW-eQepNBmGw1JX0peKw

probably needs to  look a bit  more freindly lol -

you know more like r3wt lol


the fans represent all the other backing currencies -

which are also the "ants" legs -

the Ant body represents the value of the Ant which is derived from that decentralized backing.


{hey digitalindusty ,} {yeah...?}  {are you a genius?} {. naa ,} {aw come on , your good at some things ,} {oh yeah don't get me wrong , I know what i'm good at, i'm not down on myself or anything like that ,} {, oh alright then, i just wanted to say , you know , i think you're great,}  {hey man thanks ...., it really made my day. }  < {hey also your talking to yourself } , {oh my bad, i'll keep an eye on that ...} {yeah probably should} ..

nice to see your interest. Yes the value is derived by the cumulative value of pledges that will be placed in one account that lists the balances of all the wallets and displays it as a number in selected currencies such as BTC,LTC and maybe later monetary currencies. I think it is a great name and your points are valid. I'm hoping we can get good designs now that i can incorporate into the client now, so that we release a full project that runs smoothly. The list for accepted currencies is limited to currencies listed on cryptsy since they support the most of them. And yes BTC and LTC are included on that list, someone suggested backing with USD and RUR (i think he's russian) but i think that would be difficult to implement unless cryptsy adds support for those currencies.

There was however a physcological hurdle that was highlighted to me... it seems people wont like to over divide their share... say you get a share six months from now... 0.001 and it is worth 0.1 btc... the worth at today's price is high but apparently people want to see larger numbers in their wallet. It was suggested i raise the initial number to 10k~ 100k, then per consequent block reward to 0.0001 for those who leave their client mining. What are your thoughts on this? And since you are a dev also, how would you suggest we clean out the risk of a farm or data mining the crap out of subsequent blocks?

wow you work fast!!  :) do you mind if i ask the guy who did the new Noirbits icons and logos to give a crack at your idea?

as for people like r3wt, him and his friend have rather scary "trust" levels , and their approach was confrontational rather than helpful. I just ignore them, because this coin although it is still in dev, it kind of brings a new idea.

hmm i have to think on this - because I’m not all that smart , but i have streaks of genius sometimes,

yes

 I think there is value in setting a number value for the ANT , but not too high , at a very high point , you start to go back the other way - 1000's is good but not 100k ,
Humans set values based on what they see every day, I spend 20 "dollars" I spend 1000 "dollars" . < the largest proportion of the population sees this way <

as for - the data mining - { to tell you the truth i didn't know there was mining ? } i thought this was a derivative - that is to say its value is derived from the others value -

but in essence an ANT has to exist to exist right - so hmmmm , it makes me think of the shit fight on Etlas2 topic of a consensus block idea.

i have to think .  

but if an ANT is a derivative - the mining is of a secondary nature - but we still have the laws of the market to obey - the velocity , image and perceived value/rarity .


so

Q 1. - yes not into the many 100k < than 10K .

Q 2. much harder - we need more input.

yeah no worries - everyone should have a go - ANT looks too anrgy anyhow lol - but you don't probably want a cartoon all the same -

: D

glad to help.

the mining serves to make transactions work faster by having an actual blockchain that rewards miners for keeping their clients online and helping make the network secure and fast. it's secondary function is to grow the cap at a very slow pace that takes into account the way alts are produced and accepted.  But yes, more input is required.

mANT onna peanutbutter cup nice!

i got chuuu

ok, i contacted the guy who makes nice icons and logos. he is looking into it and we'll see results soon. Should i begin mocking up the client? i think it would also be fair if i mainly gave the initial distribution to everyone who showed an interest. I dont believe in the "0 reward until everyone is ready" coz the the guys who show initial interest who get an idea going.

so lets decide on a few specifics and i can get to making the client. i suggest the cap be 50k and a block size (for growth) to be 0.00000001 (almost like onecoin) with block target of 5 minutes to discourage farms from trying to rape the coin. another option is to make every tenth block have the reward to really piss of the opportunists.

thoughts and ideas? these are the currently tradeable ones that we can back with, the list is being added to the op and will be updated regularly.


AMERICANCOIN (AMC)   

BBQCOIN (BQC)   
 
BITBAR (BTB)   

BITCOIN (BTC)   

CHNCOIN (CNC)   

DOUBLOONS (DBL)   

DIGITALCOIN (DGC)   

DEVCOIN (DVC)   

ELACOIN (ELC)   

FREICOIN (FRC)   

FRANKO (FRK)   

FASTCOIN (FST)   

FEATHERCOIN (FTC)   

GLDCOIN (GLD)   

HYPERCOIN (HYC)   

IXCOIN (IXC)   

JUNKCOIN (JKC)   

LUCKYCOIN (LKY)   

LITECOIN (LTC)   

MEGACOIN (MEC) 

MEMECOIN (MEM)   

MINCOIN (MNC)   

NIBBLE (NBL)   

NAMECOIN (NMC)   

NOVACOIN (NVC)   

PPCOIN (PPC)   

POWERCOIN (PWC)   

PHENIXCOIN (PXC)   

ROYALCOIN (RYC)   

TERRACOIN (TRC)   

WORLDCOIN (WDC)   

YACOIN (YAC)   

Sounds good so far ,  I can make the logo , but let the other  guy have go first .

Are you sticking with the ant ?

I can 3d vector all that , no problem it's natural to me. I taught myself illustrator over a couple of days . You may see some of my work soon , the BTC devs already have , well the mods anyhow .

I'm a hands on person so I'll be interested to see the client , and how the ant derivative works.

Waiting for the Client......

ok, i am making the client now. i'll put my pledge up when i post the sources and windows client.

Compiling windows client

When will you finish?

so wait - this was like abstract coin where people asked for it and got it -

when the client comes out will those people have thier requested units?

or will we all have to mine ?

 

and how will the backing , be linked to the Ant -

so i guess we put currency in the Ant legs?

lol - so i guess those currencies go to the Ant legs in the client then each other client knows the other clients whole Ant value ?

which is the Sum of its legs right? which is just literally any currency that is put in a leg?

ok if that's how this works i like it a LOT more now.

should not even need mining - should have made it a pure derivitave - but as you said to secure the network etc.

but it could have been overcome lol - anyhow i like it as is.  

 

sorry guys, i had an accident last night, haven't been allowed near a computer. I'm guessing the client is already compiled since i left it. once i get out of this damn bed (when noone is watching) i'll upload the windows client and we can get started, really sorry for the delay.. apparently alcohol and uphill walks don't mix.  :-[



kind of like abstract coin, but we have an actual client that if we develop we can trade the coins... also show of interest = coin in the beginning, because later when it has actual value (from pledges)  people will be less willing to spread coin.
Hopefully everyone will dedicate one core of their cpu's to mining, by doing this we ensure network security. the first units are given away free to get the coin going, then the very slow rate of growth will come into play maybe a few months from now. I havent had any luck contacting vern (cryptsy guy), i'm guessing he is swamped, either way i will open an account that will have publicly viewable balances. Backing will not be centralized in that sense, it is derived from the total value of all balances backing it, we will display this in BTC, USD and RUR for the time being.

Don't worry, those court orders usually have an expiration.

http://www.chickpeasandhulahoops.com/blog/wp-content/uploads/2012/02/depends.jpg

We'll have that client in no time !

updated pledges for r3wt:

5 DGC
1 Million Infinite Coin
100 Megacoin
100 Alpha Coin
10 ARG
100 GLD
10 SBC
.5 LTC
5 PXC
1 TRC
10 DBL

arGh!! not funny...ok it is funny but my ribs hurt  :'( i'm running testnet a few more minutes just to be sure then i'll upload the source and binary.

if you wann avoid the upload sites(and the viruses that lurk on them, you are more than welcoe to upload to my servers.

Interested  ;D

hehehe, thanks for all the interest. If anyone is online please Pm me, i need help.

what happened with this ?

where did the ANT crawl too ?

now has my full attention.

need to test old code and compare with new one