I think there is a need for something like this. The problem is it is not very convenient.
For Proof of Work algorithms you could lock a wallet away and use a separate one for your daily business.
How would you make a withdrawal?
How often could you withdraw?
How would you prove it was yours if someone robbed the place?
I assume you are storing the wallets in encrypted form. How are you protecting the encryption keys?

For Proof of Stake algorithms it would be counter productive.
The coins in your wallet are your stake and any new coins received for forging are proportional to the stake (as I understand it).
So if you lock your wallet away you loose out on the forging of new coins.

Having said that there is a clear need for something that will calm some users nerves. Presumably the ones with more then 100 BTC. How many of them are there?

Can you point me in the direction of something that expands on these benefits?

I see your point, however, perversely as it may seem, the fact that people have it and use it may add to its chances of success. Botnet owners may be less likely to pump and dump because it affects the price tomorrow and so is not in there medium term interests (if they are still mining the same coin). I'm not saying Botnets are a good thing but people interested in the price they can sell tomorrow are.


Good point, which is why any new function the coin brings gives the coin more chance of success. If its useful, you hang on to it, so no dumping just pumping:) .

I think the problem is that it is very easy to launch a coin. Everything you need is freely available. What is not easy is to support and promote a coin. So anything that looks remotely like a scam gets a lot of hate mail at first until it has proved itself.

Things that look like scams:
1) Proof of work based coins that have been pre-mined (mined before they launch to the public) such as the one you linked to. Really there is no need to pre-mine, as long as the development team have the hardware they can mine just as well with the few new followers that a coin picks up at the start.

(I am not completely certain but it appears that proof of stake coins are pre-mined by default if that actually means anything for this type of coin. I am sure someone will correct me.)

2) Poor support, but this is harder to tell at the beginning.

3) Name copying, such as the coin you mentioned. Using someone else's good name to support your coin is just deceptive.

4) Just a copy. If it can only be used to do what BitCoin does then whats the point? See below.

What's should a new coin have:
1) A niche, for example NameCoin is use to buy .bit domains which means that it has a real value as long as people want .bit domains.
NXT or Mastercoin or Bitshare which all have the goals of representing real items so they can be traded. Again there is real value there other than what you can already do with BitCoin.

2) Good support. Meaning questions get answered, bugs get fixed quickly, you do not loose your money... Support is hard work so it represents commitment. All praise to the people supporting the coin.

3) A good brand image. For example Annon Coin for the dark web is probably not the best image for your coin if you expect to have a large following (I may be wrong ).

4) Support in the bricks and mortar world (but that is hard for a new coin to achieve). If you can use it to do something then its worth having.

4) Better technology. Proof of Stake which uses far less energy than Proof of Work is better technology. The Primes based mining of PrimeCoin offers a better use of mining as a foundation for a coin. But Protoshares, which represent a stake in future niche Coin launches is also a better use of the current technology and a better approach to pre-mining which produces an instant user base instead of a few 'wealthy' people.

Anything I have missed out?

It is improvements in application and technology that are important at the moment. This means, at least form my point of view, some coins have to fade away and new better coins have to take their place. So new coins are not bad. New coins that offer nothing new, however, are a waste of good people, energy and time.

Perhaps its time to move on to something that is not as vulnerable? Well it has to happen at some point doesn't it? Or can/should BitCoin go on forever?
BitCoin may have done its job by making the creation of better algorithms possible. For example Proof of stake seems to be less vulnerable. Or am I missing something? Nxt (Coin) for example, certainly think they have something better.

Hi Newbie here, doing the Newbie dance of the 5 postings.
Is it 5, the number changes as you read

I have been reading this site for a few months now and would like to thank everyone for their contributions. I learned a lot.

I would also like to know how effective this Newbie processing is?
Does it create more work than you had previously?
How many Newbies make it through the process and start contributing directly?
How many do not?
Do Newbie questions get answered?

I do agree with pushing Newbies to read the rules and basic guidelines by the way. I would recommend stressing that users should use the Preview before they hit Post. It gives you a little distance before its too late
It would also help if the preview button landed on the preview and not the text being edited.

For my self I doubt I will get to 5 postings any time soon.
There is little to say until I find a problem that has not been solved yet or get involved in some of the finer details of Crypto-Currencies. So far my questions have been answered just by searching the site.

Till the next dance