Have you looked at my proposal at all? It's a little different than OP's in a way that it still rewards early adoption due to difficulty, but not as in the form of a block reward until 50% of the currency has been minted.
I am not that interested in being even in the same district as bitcoin, which strikes me more as a velociraptor than a gorilla. It might evolve into a bird some day but when the comet comes in its current form has to go.
I am not even interested in creating another cryptocurrency per se, but an engine to drive a self-sustaining civilization.
I took a quick look. I'll take a better look before commenting on it though. |
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This is a tired topic for me, but I will once again offer a quick response to the OP.
1) Bitcoin does not provide for fractional reserve banking (what you really mean by 'credit' here), because it's designed to be a rigid monetary base, just like gold was prior to 1900. This does not mean that fractional reserve banking is impossible. If Google or Amazon decided to jump on the Bitcoin bandwagon, and offer deposit accounts in bitcoin, they could rationally loan out more than they actually had because there would be at least some people willing to accept the word of Amazon as being functionally as secure as if Amazon provided the actual bitcoin transfer. However, this would also mean that the ratio would be more rationally limited. Instead of a 9:1 lending ratio, as is the current limit for FedReserve member banks in the USA; Bitcoin banks would not be limited by law, but by the threat of competitors forcing a run. This would likely result in a ratio closer to 2:1 for healthy banks, and unhealthy banks would go bankrupt when a competitor forced a run. Such runs would also destroy the value of deposits. This is how banks worked prior to 1913.
The trick is to eliminate the possibility of runs. When you put your money in an interest paying account, it is agreed that it is not in the hands of the bank and it may take you time to have access to it. The fiction that you still have it needs to stop. If you want the bank to hold your funds, they would be required to actually have them on hand and provide them to you immediately on request (they would also likely charge you for the service). |
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Richy_T: People often try to hide their fear behind sarcasm. Since you think Bitcoin is perfect there is no point with you being here, is it? We are discussing an alternative to perfection, that's a waste of time.
It's not perfect, as I said. Perfection may not even be close to being required. Heck, we get by with pieces of paper with a dead guy's face on the front well enough. I just think you need to look closely at what you're hoping to do before you go massively adjusting the protocol. No rewards for early mining will likely mean it's DOA. Allowing long-term inflation would be much more damaging than people realize (I suspect). Trying to make things "fair" will typically remove many of the incentives for generating and using such a currency in the first place. Heck, I'm almost at the point that I've almost mined my first complete bitcoin. I'm no big player and it's mostly just a curiosity for me. I think the focus on mining is misplaced. In a short enough time, it will "Go away". Will some people who got in early make out like bandits? Of course. That is the nature of being in the right place at the right time. Is there room for other crypto currencies? Possibly but they will have their own niche and their own problems to solve. In the arena that bitcoin fills, it is likely to be the 800lb gorilla in the room. Even technically better solutions (and I don't believe the OP's is) would have a hard time competing against it. There may be some interesting options in alternative currencies. Heck, one which did gradually redistribute itself might be interesting to some. |
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Think of DIablo3, WoW, EVE Online etc botfarms as CPU mining. http://devtome.org/wiki/index.php?title=CPU_miningAfterall with even litecoin moving to GPUs, miners still need things to keep their CPUs busy, right? The page linked is a start at exploring such CPU mining. (You need unpredictable-path "random" stuff like scripted non player characters in multiplayer online games have to deal with in order to stay in realms where CPUs outperform GPUs...) -MarkM- Would that be more like PC mining (player character). The strength of the CPU would not really be an issue. Minecraft might be more of a fit though. I think a mod has even been suggested that would allow mining for actual BTC in the game. |
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Nah, you'd be safe.
My point: If you feel threatened by us discussing innovating the cryptocurrency concept you shouldn't make it so obvious.
OK, we're good then. I'm not feeling threatened. My original post was more satirical. A lot of the original poster's concerns seemed to be based on some perceived need for fairness and the solutions he was suggesting either seemed to further unbalance things, damage the chances of adoption of the currency or both. The motivation seemed to be to want to get a share of the loot once all the work had been done. One might look to the story of the little red hen. Everything about Bitcoin appears to have been done for a reason and those reasons seem to have been calculated by someone who was both a genius and had some serious experience in the field. It's not perfect for sure but it seems to me that every part of the spec is at least "in the ball park". So there really needs to be a very good reason to change any of those decisions. One does alter an aircraft and take away the front window and yoke because it's not "fair" to the passengers. With that said, I'm up for getting into the nitty-gritty of things so let's jump on in. |
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Richy_T, I encourage you to leave this thread.
I would tell you what I would encourage you to do but I don't want a ban. |
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The central question for all cryptocurrencies long term success is if we are building a money system people can use or a money system that only 'Diablo3' players can use. If America still can't get on the metric system, you're not going to get people to wrap their heads around .00150243601BTC.
That's about 1.5 Millis or 1502 Mikes. I think "Mike" might catch on, BTW. :-) There's quite a good thread on it somewhere. (Can't find it right now). I think it used "Millie" for the thousandths rather than Milli |
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The central question for all cryptocurrencies long term success is if we are building a money system people can use or a money system that only 'Diablo3' players can use. If America still can't get on the metric system, you're not going to get people to wrap their heads around .00150243601BTC.
That's about 1.5 Millis or 1502 Mikes. When I was younger, one GBP was worth about 1000 Italian Lira. They have since tweaked that but I don't think it was a big issue (other than being a bit embarrassing for the Italians) |
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I'd like to propose the "Really fair coin (with social justice)". At midnight GMT, all the coins are added together and evenly divided between all users. This solves the early adopter and hoarding problems and since everyone has access to cash, the rfcoin economy should be booming.
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Okay, it's easier to trade Bitcoins around the world but what makes them worth trading for? Why would I want a Bitcoin over a half ounce of silver?
You may not want bitcoin over half an ounce of silver. It depends what your requirements are. |
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Everyone has a soul mate.
That's a lie. But there's quite a few people out there you can live with without wanting to kill them  |
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I'm just saying that if a cop had done this, he would be facing charges. Cops are (rightly) held to higher standards than 12 year old girls alone in their home with an intruder. In principle. |
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She is a child who may well have saved herself. More power to her.
I'm just saying that if a cop had done this, he would be facing charges. Here in Wisconsin I assume I would go to jail for these actions. You can stop a threat to your life, but you can't shoot through a door at a scary noise. At least I think that's correct.
In many states, once you have entered someone's home*, all bets are off. (Castle doctrine). *as an intruder |
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I have noticed that the media is being the media
Fixed that for you. |
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...
I was just kidding. In reality perhaps she should be charged with reckless endangerment for taking a blind shot?
Oh she put the intruder in danger by not shooting him in the open? Brilliant. She put everyone around her in danger by shooting at what she thought was an intruder. Good thing luck was on her side. I'm sure she had a reasonable belief that "everyone around her" was the intruder. Rather than luck that it was, it would have been extreme bad luck if it wasn't. |
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You can choose to spend your money on insurance companies, or you can choose to spend the money on doctors, hospitals and medicine. The latter will improve your health at a lower cost than the former. Send the money directly where the money are needed, and don't let unnecessary people and companies take their cut on the way.
I think you had a quote-fail there. Hopefully I got it right but if not, apologies in advance. Agreed that insurance companies are part of the problem. Not so much for their existence per se but in how they are implemented. They remove the coupling between the paying for and receiving of medical care. In the US, this is largely a holdover from government enforced wage controls where companies had to find a way to adequately compensate employees and health insurance turned out to be it. Now it's an expected part of the employment contract and no one pays directly for what they receive. It's no wonder costs are out of control really. Obamacare is just making it worse unfortunately. |
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By failing to see the wood for the trees, it seems that Capitalist (bordering on Fascist) dogma trumps the importance of having a healthier society.
Racist communist Nazis now. Three chuckles. |
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People are stupid, and ideological. They don't want to pay taxes because morons convince other morons that the "others" are getting more from the way taxes are spent than us "good folk". In the US it's blacks, in Canada it's natives... but it's universal. Regional tribalism I think it's called.
Haha. We're racist communists now. I guess that rates two chuckles on the chuckle scale.  |
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I guess in theory, it could have been a cop or family friend who'd scared off the intruder and come to check she was OK. No harm, no foul in my opinion though.
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