Yes, that is true (if we don't account for either the lost coins or growing userbase, at least). Transaction fees could still be necessary at some point. That point will be pretty far away though.

I'd like to think that the inflation rate wouldn't have that major effect in Altcoin than it has on the traditional currencies, because it is predictable and known to everyone. You do know that there will be X% more coins the next year and your coins will probably lose Y% of their value. It makes things a bit harder for those willing to make investments, but doesn't really prevent the adoption of the currency for the normal everyday online shopping where it doesn't matter there the coins are a year from now. In fact, Bitcoin is rather unpredictable in this matter too. The fluctuations are very big, sometimes for no visible reason. And no-one will know how it will behave after it reaches maturity. As I said, Altcoin would stabilize over time, Bitcoin could become more unstable over time...

And if you look at Bitcoin, it has so far had the same inflation rate as Altcoin would have. The second phase where block rewards will be split half will not be reached until next year or so.

I can't speak for Satoshi of course (he could probably provide us an clarification), but as an open-source developer I would be quite proud myself that I've developed that's worth copying. If you had a business and someone did copy your business model, you would feel bad. Of course, it would probably mean less profits for you. But I'd like to think Satoshi didn't create Bitcoin to abuse it and gain profit from it. Instead he did something he felt could provide everyone something valuable. Why wouldn't he let someone to make derivates of his work, as long as he is properly credited (I'd like to mention Bitcoin's license does allow and does encourage to do this)? It's not like we're stealing from him, but rather developing his concept forward. With forks from Bitcoin of this kind, we as a community could create even something better than what Bitcoin is (it has it's flaws too).

Also, you of course have the right to criticise this project as much as you want. I would like to see your opinions. This is a proposal for the community. I'm not profiting from this myself obviously (some could say Satoshi profited from Bitcoin, Nasakioto profited from IXCoin etc.). Yes, they kinda have the right to do whatever they want with their own projects, but I can assure that's not my objective with Altcoin.

They do still have a slight advantage. And the less there are early adopters, the more profitable it is to be one (lower difficulty). I believe the supply and demand will match themselves here too.

Along with the launch of other BitCoin forks, I'd like to present the following:

Altcoin - The alternative cryptocurrency?

- The currently will have constant inflation: there is no total limit for the maximum coins existing, rather, they're generated as long as there are people mining
-> this will encourage people to spend their coins rather than holding them back
-> there will be no significant advantages for early-adopters (although it will still be easier to mine coins in the beginning, due to lower difficulty)
-> the problem "do people still mine after they don't get any block rewards, but rather only tx fees" doesn't exist
-> the inflation rate will slowly decrease, as the proportion of the coins generated will become smaller and smaller compared to existing coins: as bitcoins will have more and more deflation on the time axis, altcoins will have less and less inflation...
-> I personally think that inflation > deflation.
-> coins lost (there will be lots of as the time goes by) will not be that significant problem as there is a constant supply of new ones

- Six AltCoins will be generated every six minutes, that is 60 Altcoins per hour or 1 440 per day or 43 200 per month or 518 400 each year.
-> block generation is faster than on Bitcoin, transactions will be processed faster

- Launch date will be set far in advance
-> 11.11.2011 or 11/11/11, pick your poison!
-> This will give enough time for advertising this fork, which makes more widespread adoption much more likely, than if it started as an inside-thingy with handful of people mining majority of the coins themselves

- Absolutely no coins will be mined before the official launch
-> Bounties will be paid via bitcoins / namecoins / altcoins / USD / euros donated to the project

This kind of an currency wouldn't have been existing if Bitcoin didn't exist. However, as cryptocurrencies have become more widespread, I feel this could succeed. I feel that miners can put up to that rewards aren't that good for early adopters on Altcoin, than on other bitcoin forks. And even if they don't, it's easier for them to hop on the bandwagon late than it's on other currently available cryptocurrencies.

This is only a proof of concept. All criticism is welcome. This topic is rather a showcase for my ideas than an actual project. However, if necessary, I do have enough resources to make something like this happen (and help is welcome too, just hit me up!).


A graph concerning the inflation rate

OP fucked himself up telling he got hacked on Linux. He should have said "OMG i was storing my wallet.dat on my win95 pc running IE2 and for some reason i got robbed while downloading all kinds of porn screensavers all day long!!11". Though, he would have been fucked up in that case too.

Still available.

I'm selling my Rift MMO account, because I don't have time for completing the end-game content anymore! This account has been active since pre-launch! I've been playing on EU shards, but you can migrate from EU to US if you want to. You can't transfer the characters though!

A maxed lvl-50 cleric (EU shard) comes with the account. It has raid-ready gear for all three capable roles: tanking, healing and DPSing. Pick your poison! All 10 expert dungeons completed & on farm. Been attending raids, but due to lack of guild activity, only first boss down at GSB. Capable of much more! All three gathering professions (foraging, mining, butchering) are maxed at 300/300 with few rare recipe drops included. Currently has +300 plat, which is enough for all your end-game consumables and much more (in comparison, epic mounts cost 125plat).

Free server transfer is included, migrate to shard of your preference and start building your own online presence! :> It has also worth mentioning that the character has an active Founder's subcription running, benefit from the subsription rate of only ~ 7.9€ instead of the standard 11,99€/mo rate (3-month plan).

Only serious bids, thanks! This has cost me ~ 120 euros and over 600 online hours! :> Bidding on this is a great way to help a bitcoin newbie and get yourself hundreds hours of enjoyment

- bitv

My guess is that BTC will be around 12$.

And yes, a large proportion of bitcoin's price today comes from speculation and from the few big players playing on the market. Not from it's "real value".

That's certainly possible I'd say.

I think it's not implemented yet, because everyone already has their chance to open a new exchange. You don't have to use Mt. Gox if you don't want to etc., it's your choice what you pick up.

Is this of any help http://sourceforge.net/projects/bitcoin/files/Bitcoin/blockchain/ ?

- bitv

E: Or this topic right here: http://forum.bitcoin.org/index.php?topic=19296.0

When I used slush, I think they pay out to your bitcoin address with the accuracy of 2 decimals and leave the rest decimals on your pool's account. I could be wrong though.

You CAN encrypt the original wallet.dat, bitcoin folder or even your whole hard drive. You just have to decrypt it while you're running bitcoin, because Bitcoin client obviously can't read from or write to your encrypted file

I'm working on a eWallet service. If anybody is interested in credit card payment processing and exchanging USD/EUR/whatever to BTC, it would easy to implement, just hit me up.