I'm starting a currency project that won't get off the ground for another 3 months.  I'm currently working on the specifications for it.

I hope to have a preliminary architecture in about 2-3 months as my existing projects wind down and I can focus more on the development of this digital currency.  First off I do not expect this currency project to be released this year.  I'm expect to have a testnet for the project in the next 9-12 months and a full release in 18 months.

What I'm planning to do.
Primary goal -

A digital currency

Expected FeatureSet for release

• 01. Integrated coin exchange (no plans for fiat conversion)
• 02. Money Velocity based on a formula that uses network hashing power, total circulation, number of transaction and transaction volume
• 03. New additional reward features based on a previous post I made on the subject https://bitcointalk.org/index.php?topic=219568.  In addition 10% of fees go to future development foundation
• 04. Push and pull transaction requests.
• 05. Account verification and transactional locks on funds.
• 06. Wallet with built in coin exchange to support several alt currencies
• 07. Plugin to add alts to the exchange as they are created
• 08. Rewrite of the bitcoin source
• 09. Scrypt
• 10. 10 Second Block Retarget (testnet)/5 Second Block Retarget
• 11. 4 Confirmations
• 12. Managed language codebase.  Hate me if you want.. C#
• 13. Cross platform (Android/Linux/Mac/Windows).  Mono library

I have several other more powerful features that I'm planning to add after release that will either leverage the existing features listed here or over new applications.

My experience.  15 years application development and network engineering and solutions architecture.
Application language experience.  C, C+, Java, PHP, C# primarily on windows based system but I have about 5 years working with java application on Linux and Android.  Sorry very little Mac experience.  No Objective-C.

I'm looking for other developers to assist in various capacities to move the project forward from design to development to quality assurance.  I'd like to do this in C#/Mono, OOP.

Some thoughts I"m debating.  Closing the source on some of the unique algorithms for the project like the reward algorithm.  I'm about keeping things open source but I think that it might increase speculation if the mechanisms behind how rewards are generated are blackboxed.  I've seen a lot of people invested tremendous amounts of time and money trying to revere engineer closed source algorithms.  It think it might benefit the currency over all.

Thoughts?  Criticisms?  Complaints?  Open to hear them all.

It won't directly explode a coins value.  Short term its going to be nasty for all cryptocoins.  Long term it will be stable or continue to appreciate.

Sequence of events as I predict.

1. Current ASIC miners try to recoupe investment into hardware.  Sell off BTC ahead of future ASIC miners.
2. Price of BTC goes down.
3. GPU miners finally exist BTC
4. GPU miners move to LTC
5. GPU miners do not invest aggressively in hardware as most have recouped hardware costs (matured hardware).  LTC difficult rises slowly.  Most GPU miners moved to LTC when it was 20% more profitable that BTC for a few months.
6. With tight profit margins, rising summer electrical costs, some marginal GPU miners exit the market (maybe to return in winter)
7. Existing miners either:
      a. sell off their BTC/LTC as part of the exist strategy
      b. hold some of their assets for future appreciation
      c. reinvest in other speculative coins.


So short term
1. BTC and LTC will drop in price.  Panic amongst the ASIC miners and big GPU miners
2. BTC/LTC Clones will be stagnant.
3.  Any alts with sought after features will see difficulties spike but will be volatile as miners dump and investors accumulate.

Long term
1. BTC and LTC will stabilize and appreciate
2.  BTC/LTC Clones will still be stagnant.
3. Sought after alts will show long term appreciation trends and investors build bases and miners start to hold for longer periods and miners selling is smaller relative to buying.

I can't speak for anyone else.  I'm not on any band wagon.  I'm mining BTC up until the next difficulty spike which will put me never breakeven if difficulty comes in as I expect it to.

LTC has suffered as of late and it is not as profitable to mine but I'm using it as my base cashflow as it is not as volatile as the other alts and has liquidity. 

Speculatively I'm mining WDC and DGC.  I sell up to break even to support my operations and keep the rest for long term.  I expect they will be trading near LTC in about 18 months.  If that means LTC falls in price, WDC and DGC rise or the combination of the two I'll be fine.  I think they have the best chance for a future until the really innovate coins come out in the next year.

FtW - I have one under development but it is very slow coding it right now as I have other projects I need to complete.  It's a complete ground up rebuild of the bitcoin source using a modified scrypt algorithm.  It's going to implement a multicoin wallet and will be inflation and deflation resistant.  No announcements other than this tidbit because I need to iron out a lot of the new features.  I'm projecting I can have a testnet ready for UAT in 9 to 12 months with a deployment in 18.

Any one interested in working on the project with me can PM me. 

interesting.  I was under the same impression.  I assumed that when btc difficulty shot up that the last of the gpu miners would stop mining btc.  but what if this is the point in time when sha and scrypt coins finally decouple, in that they are more freely traded.  we already see that in many of he alts out there that they trade somewhat independently of each other.  maybe we leave bitcoin to the few asic owners and let them fight it out until there is only one (highlander style).  then we see how strong of a network bitcoin really is when only 10% of the miners control 90% of the hashing power.

When if scrypt coins are finally free to make their own future?

built in coin exchange.

or

distributed network where clustered nodes that are isolated from each other for prolonged periods could reintegrate into the network without orphaning.

IBM is still around.  Xerox is around too.  Being one the first gives you seniority, and stamina.  But it can be whittled down or removed from relevance in time.  The whole crypto currency industry is what 3 or 4 years old.  Lets see where it is at in 10 year or 20 years even.

That's the strategy I"m working with now.  I sold all my initial WDC and DGC at much higher prices when thy first same out.  Just followed a classic mining strategy, dump at the market price.  Now that they are a little older I've started switched to selling only to maintain operational expenses and keeping the rest for a longer haul.

what happens when you send a quit command to cgminer?  do they hard crash as well?

When the new coins first started coming out (FTC, CNC, etc) I was mining them concurrently.  Distributing a percentage of rigs to each.  However the failure of those coins to maintain profitability led me to mine every coin that came out.  The problem with that was that many coins were being released the same day.  It was difficult to distribute the rigs to so many.  So I had to become speculative on which coins to mine.  I was predominately mining WDC, NIB and DGC.

I didn't bother mining anything new after Luckycoin.  Even LKC was worthless to me.  So after the dust settled I'm left to 4 coins.  BTC, LTC, WDC, DGC.  WDC and DGC are similar and I"m hedging my bets by mining both.  BTC and LTC of course, but as of late I haven't really found incentive to keep mining it.  Profitability is getting worse.

So what are you mining now and why?

if anyone has noticed most coin prices float around btc price or they get dumped to drastically below it until their difficulty lowers from lack of mining.

So what makes people think that litecoin price will surpass bitcoin.  people still don't treat it like a real currency.  most miners still trade it for btc.  it used to be worth more when people were trading their crap coins for ltc but a lot of the exchanges converted straight to btc so ltc was cut out as the middle man.

So where is it going?  BTC is getting a massive difficulty jump very soon.  its going to cripple gpu mining.  not kill it but people are going to get half the profits they used to get.  does that mean that ltc miners will just accept half the profit for mining ltc?

what happens when you cant gpu min btc at all and you are locked out because of the asics.  all that is left are scrypt coins.  and where is the scrypt coin community?

what makes alt coins valuable.  yes the development team.

by developers I mean the programmers.  how many years of experience.  how much code they've implemented.  how much cross functional experience they have in other fields. 

so in reality it makes the 2013 batch of alt coins worthless as they are all minor tweaks of the existing code base.  nothing interesting at all.  even yac just replaces sha2 with sha3.  no big deal.  still uses the same crappy peer to peer implementation, still uses the same crappy wallet.  that coin bay far is the most innovative but is still lightyears from being innovative.

yeh look what happens tot he community when bitcoin source was shared.  crap coins galore

all the other coin comparison website just use coinchoose's api.  they are just hacks.  so when coinchoose goes down they all go down.

its not so hard to write it.  you just have to choose the right metric.  hint, its not price.  I've written an app for my miners that switches coins rig by rig but it doesn't use price.  I accumulate the coins and then I have a spreadsheet that determines profitability and break even.  I put the orders in for the profitability price and leave it at that.  sometimes they hit sometimes they don't.

low liquidity exchange means it can easily be manipulated.  I think it was a bad idea by the developer of coinchoose.  it doesn't stop the fact that crypsty still exists.  it means that the dumb miners who can't tell a coins profitability don't have an easy route to determine profitability.

it just means I'll have to code something this weekend.

that is purely inflationary.  you need some way of destroying money supply as well. 

die

not discouraging you just asking you to work harder.  tell me.  if I spend 1000 hours writing some software and you take the copy and make a few minor changes, maybe add a data entry form, or change the interface color, should you be rewarded just the same.

to make something worth anything you need to look at how my software sucks and improve on it.  not by tweaking it but building it from the ground up.

that can never happen.  but I have an idea for long term price stability in a coin.  It is an incentive for market participants (miners, traders, and general transactors) to be more conscious of their transactions.  One thing we can never cure is the participants who are careless and think short term.

implement a new encryption algorithm.
eliminate the potential for orphan blocks.
add the ability to make non computer transactions.
implement the ability to pull as well as push from accounts...
the list goes on