That's sounds pretty serious man. Better do what he says!

How is he going to know who's money is who's if there's no backups?

I don't have any money there myself but I would suggest having a poll to decide which charity all the money should be donated to.

Maybe start it off just trading LTC until you get all the bugs out

When people trade on local exchange trading systems (LETS) some people like to offer their goods and services in a combination of LETS currency and dollars. For example if they exchanged something that cost them money to produce they may want dollars but if they are trading their labor or time they may be happy to accept the LETS currency. What you may want to do is encourage people to use a combination of the LETS currency and a meta-currency like Phoenix coin. You would then have an exchange where people could trade Phoenix coin with bitcoin or USD or NMC or EUR etc. You would encourage people to keep trading a combination of LETS currency and phoenix coin with each other but they could cash out their phoenix coin if they need to pay bills, buy raw materials and so on.

This is something that Hugh Bernard of CClite was thinking about when Bitcoin was just starting.

The other possibility when dealing with trust is of course the ripple project. A combination of ripple pay and meta currency could work wonders. Help get rid of those pesky bankers!

Some of the ideas about licensed mining being more of a trust chain than a centralized model are also quite good. Something like those public key signing events.

What about private blockchains?

He wants a local currency. I have often wondered how you might try to attempt this. Possibly it would have to be with licensed mining. IP ranges would be subject to hacking, botnetting, proxying etc.

BTW Microcash is an anagram for "Scam Choir"

Are you planning to allow margin trading of alt coins?

Also they appear to have a website: http://ringcoin.com/

So who gets to make it onto the "Official troll feeder" list?

The people of Palestine.

definitely don't forget caston ... really bad socket puppet (and a cry baby) that one

You wouldn't dry hump a a girl in a nightclub?

I think I can see some bitconica spin off filling the void. Hey even vircurex has a open API... why not make an alt-coinica?

Will bitcoinica open again?

Were any personal documents leaked during the intrusion that could potentially be used to make fraudulent claims against accounts?

BTW for historical references here is the original post on hackernews:

http://news.ycombinator.com/item?id=2973313

I think the issue is now that hackers have a very deep understanding of the inner workings of bitcoinica.


I would not be surprised if it were the same people that made the first hack.

Bitcoinica if it wants to continue will need to be audited by white hats in the community.

You see the scrypt coins are more memory hard than the SHA coins but that's it. Their level of "memory hard"ness is static. Make a coin that has the potential to get more memory hard by offering higher block rewards to people that mine at this increasing level of "memory hard". Block rewards for lower levels of "memory hard" gradually diminish pushing miners to upgrade their hardware and and speculators to get excited about the possibility of new hardware that is faster at increasingly more memory hard math.

So make the block reward elastic but based on  the level of "memory hard" not on the difficulty. This directs the network away from energy consumption and towards technological innovation.

  

This is an interesting idea. I also suggested making a coin that gets more "memory hard" over time. You could let the system cut the block reward if difficulty drops but consider allowing people
to mine at a higher level of "memory hard" if they wish. Blocks mined at this higher level have a higher reward.

You could also look at paying interest to holders so that there is incentive for investors to hold onto coins rather than pump and dump.

So is the exchange P2P and block chain based?

Do exchange fees go to miners?