People are going to create coins no matter what insults are thrown at coin dev’s. But rather than coin dev’s making a coin every week without purpose. My methodology is not to have made 52 coins in a year, but to simply develop just one and spend proper time planning, tweaking and developing a proper useful coin.
I won’t be throwing this coins onto the market in a week’s time, nor any other coins later on after releasing this one. Instead I am going to do the smart thing. To get the best choice of protocol that people think a coin should have for consumer use and for efficient mining. To then develop the business acceptance around it so that there are reasons to circulate it. Then when some fundamentals are set up, release it whilst continuing to grow the merchant acceptance.

I would have preferred smart people to have thought long and hard about what bitcoin or litecoin was lacking in regards to consumer adoption and mining constraints, to make some actual intelligent suggestions. I would have preferred smart people to have thought long and hard about what certain existing altcoins are missing that prevents them ever getting close to being used for daily consumer activities. To then make suggestions about better coin features that atleast has potential of litecoin and bitcoin.

But instead I get people that hate altcoins, insulting people making altcoins. Which to me is like someone that is alergic to strawberries, going to a strawberry farm and complaining that he is growing strawberries. So will all the insulting people that have nothing good to say, please realise they are in an altcoin category. Then realise that you need to move on with your life and not get involved with altcoins, if you truly hate altcoins sooooo much. oh by the way, if you want my project to die a death, your best solution is to stay quiet and let the topic move down the topic lists and off the front page of the altcoin category. As every insult is a bump, bringing my project to the top of the list, making more people read it.

So now i hope the insulting trolls realise their comments do nothing to stop the project and in some ways help to advertise it more.

Now to the people that DO want a true alternative to bitcoin and litecoin in the UK, that feel that bitcoin or litecoin could be improved upon, and wish to offer suggestions on making the next best solution, then please feel free to voice your ideas.

Ok Guys, here is the plan you shout out (post below) what you would like to see in a new altcoin and I will get it made. But first, read on as i have the ball already rolling in the right direction.

Services in production so far:
localbitcoins clone that does bitcoins and ofcourse this altcoin for fiat
blockexplorer
webwallet
qt client
electrum client
couple gambing games.

Most have a theme, as my name suggests, i am a Brit and very proud of that fact. Thus im thinking that this coin should be used around the UK, as it would be easier for me and my team to manage and support it long term if it’s in my country. After all no point making something for New Zealand while everyone involved is British, is there.

Now I’m thinking 100% proof of stake, as it seems to be the popular choice these days (don’t worry nothing is set in stone and we appreciate your opinions and replies). And going back to basics with litecoin protocol clone.
i have already been speaking to some UK real world merchants that are or have adopted bitcoin and are willing to also accept this coin too, i was thinking that a proud to be British coin is something needed and can be easily sold to British bitcoin merchants to also offer (which as i said, the ones i have spoken to already have shown interest).

As for things like bounties and giveaways, obviously if we premined and hoarded for a month or so (like other coins have) the end result is the hoard gets most of the rewards per block. So i think that setting a 1% premine (I know there are promotion costs and setup costs so it can’t be 0% though I wish) but having it sold as 0.001% increments before public launch so that it is sold off to different people (evening the spread/circulation) to interested parties. Thus I am not hoarding the premine, but it is spread amongst the community. Allowing us to get on with adding more services and merchants by using the bitcoin instantly instead of waiting for launch day to sell off.

Now as for the coin limit, should we go large EG With 1.2trillian coins (or more) so eventually each UK resident gets about 20k to represent their life savings should the pound be replaced. Or to go small/rare with thousands or just dozens of coins.
So I have some questions for you to answer and I accept all responses. I will add to this post as things move on and will make a proper altcoin announcement once the coin is mining and we can estimate a public launch.

Feel free to make any suggestions not thought about, but also try to answer some questions i have for the community:
Questions
1. POS - yes or no? Explain and offer alternative and why.
2. Litecoin protocol - yes or no? Explain and/or offer alternative and why
3. Coin limit - go large or go small?
4. Premine – 1%,2%,3%?
5. name/brand?

edit: (reply to trolls that insult)
So to everyone else if you have nothing good to suggest, then realise i would rather make limited meaningful posts helping the community than have hundreds of posts being a meaningless insulting troll. then realise that you are not adding anything to the conversation or expanding cryptocurrencies to the world. and just move on.

People think that it is no big deal, but when bitcoin has the next rise in price. A 10th of a penny becomes a penny, a penny becomes a £$. Then you will look back and realise how much wealth mining pools and exchanges have shaven off the edges. I think the 'work around' is for people to make only 5 decimal orders and keep the other 3 decimals away from the order queue and safely in their balance.

But I do like it when I see people FINALLY wake up to what mining pools (yes they take more then just 1% fee too) and exchanges are doing. It is almost like watching people wake up to what bankers have done, then fall asleep in bitcoinland again. I found it quite strange that sheeple trust bitcoin businesses to be more honourable then bankers. But atleast the sheeple are starting to wake up, well atleast some.

and there's:
2,100,000,000,000,000 satoshi's. that is almost enough for 30000 satoshi's for every human being on this planet.

so lets put it into context.
in america the average life savings is $40-$50k (obviously averaged out from the super rich to the super poor)
in england the average life savings is £50-£60k (obviously averaged out from the super rich to the super poor)
in scotland  the average life savings is £30-£40k (obviously averaged out from the super rich to the super poor)

there are many other rich countries above 30000, and many countries below 30000 units of their local value

all in all on average it strangely shows that each person (based on units of value of their native country) is also proportionate to the 30000 satoshi / person. but remember within each community there will be some that have atleast double to 10000x the wealth of others meaning that some will have over a few btc(the wealthy), where others will be working minimum wage and only putting a couple satoshi's aside each paycheck for their "rainy day fund"

I am formally going to announce my non-interest in this project. There is going to be no trolling, provoing or insulting comments and as such no need to delete this message.

But here is some constructive and professional critisisms:
Using a website is centralising. If all users have to go to one location to trade it is not peer-to-peer. It is purely a localbitcoins.com clone, nothing more nothing less.  Trying to make it sound like an exclusive club requiring membership fee's is just a sales pitch to glamourise a clone of localbitcoins.

I understand moderating this topic to remove threats, but this message although it opposes the OP's opinion, does not contain anything worthy of deleting. so i should hope to see the OP accepts the constructive critisisms, and not delete this message.

May you find a better business plan in the future that has actual community need.

I have the resources to start a business/service in the near future, but I would like to find out what the community feels as being the most beneficial business/service that will help to make bitcoin grow.

As well as my own work history I have ex-colleagues, current colleagues, friends and family in a wealth of different industries and they have their contacts too, so it would not be that hard to form a business with some knowledgable employees.

Although i already have a few business plans in mind, what I want from the community is some input on what would be the best business to get involved in from their/your point of view. So this is your oppertunity to voice your idea's. Hopefully I/we can come up with something that truly helps the community as a whole, or individual's personal needs.

Thanks in advance,
BitcoinUK.

banks dont get ignored. they follow the rules in regards to asking for Id when setting up an account/setting customer limits.. what FSA does not do is tell banks not to lie about certain things or say dont leg it with peoples money. al they care about is customers traceability.

basic rule of thumb is as long as we can trace where customers send their money to its fine. if you decide to leg it with the money, thats fine too as long as you bought the government insurance from http://www.fscs.org.uk/

but amir taaki never got regulated and never got the insurance so yea, he deserved to get screwed by proving he couldnt look after customers funds legally

the issues in the UK are not to do with banks hating bitcoin, but banks hating people that don't follow regulation guidelines in regards to FIAT. such as Amir Taaki who is a known hater of government rules that never got FSA regulated with his intersango business.

now he is living as a squatter in some office building somewhere

anywhere that has cheap international FIAT accepting licences. as it seems the only reason peoples accounts get suspended is that they try to be money transmitters but don't bother buying the licences.

next lesson to learn, dont use third party services as a bank. deposit into mtgox, trade then withdraw. leaving funds in a third party service for a month no matter how much you trust them is also a risk. remember the funds are not insured so why risk leaving them in an uninsured location

yet another noob poster quoting something from a non-intellectual media point, which then out of context and without much information quotes another story, which again is taken out of context.. In england we call this chinese whispers, where after passing information 3 times or more the message gets misinterpreted.

if your going to quote something atleast use the actual full context of the original person that is being quoted, not a third rate blog that grabs half a story from somewhere else. The story if you go into the details and read the whole back story is that bitcoin exchanges ARE ALREADY legally within FINCEN's grasp and accountability, this is because they deal with FIAT. Any exchanges that deal with bitcoin AND fiat that also decide to do commodities will also have to follow the CFTC guidelines as well as the FINCEN guidelines. purely because the FIAT can be linked to the commodities. So CFTC are looking at bitcoin for any 'services' that deal with commodities and fiat, because some of the naive 17yo basement dwellers believe if they have a bitcoin business they are then free to deal with FIAT and commodities purely because its linked in some way to bitcoin.

So the trick yet again. if you want to combine bitcoin and FIAT then look at being legit with the authorities. but if you don't touch FIAT, they cant touch you.

So if you want to accept FIAT in exchange for bitcoin and then offer commodities trading all in one service *cough* http://www.plus500.co.uk/ *cough* you might have to ensure you got all of your licences that government require in order to continue doing business.

i personally love this fact, as it weeds out all of them inexperienced under-age basement dwelling coders from trying to run exchanges, risking our hard earned bitcoins, crying that they have been hacked where in reality they have stolen peoples funds. But instead relies on experienced and well invested people to make services where they cant easily run off at a whim.

for all of you inexperienced guys wanting to make money by creating exchanges, try something smaller, more private, more local. EG exchanges that just swap different alt-coins, that never touch FIAT. Leave the world FIAT trading to people that have experience and money to invest by doing it legally.

even using tor here are three ways to track you

1. you use a coffee shop. some how the agencies track the tor nodes back to the coffee shop, ask for their CCTV, use face recognition software, blah blah blah

2. you get busted by the police for a unrelated crime, they take your computer, scan it and find your public addresses that you use. they then match that to other transactions. blah blah blah

3. you do a private deal with a shady person involving delivering products to your address. the other party is actually a police officer in a sting investigation.... blah blah blah

bitcoin is about as anonymous as cash, it all depends on how you trade with it and what kind of information you pass long with it. if you have a pocket full of cash and you do a deal infront of CCTV, your at risk. if you do a deal with an undercover cop, your at risk, if cops raid your house and find related cash from another crime, your at risk.

simple answer is that bitcoin is digital cash, no credit card application forms, no Bank ID required. but still not 100% anonymous

i do not condone illegal activities but the way mixing services work is simply depositing funds into a exchange and then withdrawing, chances are you don't get the same coin back. much like buying a TV from a store, never unboxing it and then returning to a different cash register in the same store for a refund

nice knitpicking, now for my counter offer.

NONE

i wont get personal. but back to the topic at hand sticking with bitcoins as 100,000,000 satoshi and a satoshi as 0.00,000,001 bitcoin. should be enforced. and then having other names inbetween wont be confusing.

but changing the decimal values of what a bitcoin/satoshi is.. now that is confusing

having names for smaller denominations is not confusing..

back in the Victorian days the UK had:
farthing £0.0025
penny £0.01
tupence £0.02
shilling £0.05
pound. £1.00
fiver £5.00
tenner £10.00
..and so on


even now the americans have:
penny/cent $0.01
nickel $0.05
dime $0.10
quarter $0.25
dollar/buck $1.00
lincoln $5.00
benjamin $100.00

i do however reject the idea to call a bitcoin anything less then 100000000 satoshi's and i reject calling a satoshi anything more then 0.00000001 bitcoins.

anything else in between can be named something, but knowing human evolution, using the terms microbitcoin and millibitcoins will if fully adopted, be reduced to a mike or milly as people start giving them lazy names using less syllables

if you want to set up an exchange have these three things

1. get the licences / regulation requirements fr dealing with large amounts of fiat
2 have alot of your own investment in the project EG paying for licences yourself
3. set up the code to be secure and reliable to do many many trades per millisecond.

WHY you may ask?
1. it shows your within the law so fincen cant shut you down for breaking the law
EG don't be dumb working from china accepting dollar for instance, thinking they are immune due to foreign location
EG don't avoid regulation thinking that its regulation that gets your bank closed (actual fact its lack of meeting regulation that gets bank accounts closed)

2. having a lot of money shows that (A)you are good at money management. (B) more positive signs that you probably have experience in Forex markets to know what your doing professionally

3. nice code that works well will get you great reputation as a stable service and many people will trade with you.

for all those guys with just 4BTC to their name thinking that they can be the next billionaires by starting up an exchange. forget about it, do something small scale like trading locally, using OTC.

we don't need run of the mill script kiddies opening 300 clones of MTGOX for just 1BTC worth of labour and domain registration, We need proper forex experienced coders with large investments to do the job right, and then set up multiple branches where each bitcoin/FIAT is based on average incomes of the locations not based purely off of a central exchange price.

well people with certain 'medical' issues already do spend their bitcoins on 'medicine'

the punchline:
.. SR sells their 'medicine'

i think getting the medical industry to take on bitcoin is a long term option in many decades. The more important goal for today, is food and utilities.

to do a SUCCESSFUL double spend requires alot of speed and hardware. but to send out 2 transactions to 2 different addresses using 2 clients but only using one private key supply does not require expensive equipment. A successful double spend requires a confirm on both sides. meaning the 10 minute wait. but sending out 2 transactions that don't require waiting the 10 minutes is piss easy.

accepting unconfirmed transactions should only be allowed on products with delayed delivery. such as bitpay which can inform merchants that the payment has failed in 10 minutes and the merchant still has time to email the customer to attempt the payment again before losing their next-day delivery slot.

it is never EVER acceptable for instant access content.

examples.
if i sent
0.1BTC from 1HomeMachineAddress to 1VendMachineAddress
0.1BTC from 1HomeMachineAddress to 1VendMachineAddress

one of those transactions would instantly be ignored as it would appear as just an echo of the other, where many nodes pass around the same transaction (to avoid repeats)

but if i sent
0.1BTC from 1HomeMachineAddress to 1HomeMachineAddress
0.1BTC from 1HomeMachineAddress to 1VendMachineAddress

it would appear as 2 different transactions and would require a confirm to sort out the mess (10 minute wait)

pre-loaded? yep, if you like trojans and other malware that will take anything at a moment notice

you are all thinking first generation bitcoin transactions based purely on the blockchain. I still think a reputable vending machine will add a loyalty/membership card system where you deposit bitcoins to your membership balance and then the machines deduct the amounts from the membership balance. off the blockchain.

That way coins are preconfirmed when you have deposited your funds into your balance and you are spending the coins much like MTGOX/BTC-e using databases not blockchains for internal transactions.

At my work we are given a Kenco card which has a 2 free coffee's per day and then any other coffee's add to a balance which you pay off on payday.

it would only be declining to participate in them if when trying to do a transaction of 0.00000001 the client says to the person using it "i decline to send this press override button below to override this option"

but having it built in as a no-option/choice for those that do upgrade the client. is called BLOCKING by definition