I'd like to give support to an underrated bitcoin gambling concept. Three cheers for the Bitcoin Tontine. But please, run it in the old way, till death do the participants part.

I was advised to change my guess because I made it way too early. I would like to guess


Epoch timestamp: 1364522970
Human time (GMT): Fri, 29 Mar 2013 02:09:30 GMT

Your client is working properly. You can also mine on coinotron.com, using the instructions found there.

You don't actually have to be running the client to mine. Because you are running a cpu miner, using one of the above pool is a better option.

The easiest way to get started mining Freicoin on Windows is to make sure you have the latest graphic drivers for your card, then launch the GUI miner program:

https://bitcointalk.org/?topic=3878.0

Create a new OpenCL miner from the menu (try the other choices if OpenCL gives you trouble), and configure it with the following options:

Server: Other
Host: pool.freico.in
Port: 9638
Username: (your freicoin address, from the client, or generate a public address and private key at bitaddress.org - make sure to print this out)
Password: 123 (can be anything, but must not be empty; not used)

Ignore the extra flags for now (efficiency settings - you can research that later). Hit 'start mining' (you may have to resize the dialog box to see the button).

NVC instructions are in this thread: https://bitcointalk.org/index.php?topic=146861.0

Thank you for your interest.

According to The Internal Security Act of 1950, 64 Stat. 993, also known as the Subversive Activities Control Act, this Communist organization (OpenCoin, Inc) must register with the United States Attorney General's Office and the Subversive Activities Control Board.

Everyone please contact The House Committee on Un-American Activities to inform on these communist activities.

I have been unable to locate the website tip form for The House Committee on Un-American Activities. This report may have to be done by spiritual medium or seance to Joseph McCarthy, former Senator from Wisconsin.

I am! At 60 MH/s

Who else is mining?

Yes. I agree. It's a convenient excuse for those who wouldn't like the coin anyways. No worries.

1362411969 - Mon, 04 Mar 2013 15:46:09 GMT


I will lose. I guessed too early. oops

Hmmm, well you could also offer another cryptocurrency which is also making itself free to as many people as possible for as long as possible as fairly as possible.

The point of XRP is spam prevention. Even if the chain gets orphaned the task at hand, spam prevention, is still accomplished. And of course the actual data would not be contained in the bitcoin blockchain, just some hash or some similar system. Its really not that hard to think of a way this could work. IIRC the clients still store orphaned chains in the blk0001.dat anyways.

There are ways you can insert data into the block chain, or colored coins, or what p2pool does. I'm not an expert on this sort of thing but I know its been done before. I'm sure if OpenCoin wanted to they could figure it out.

I don't really see why it needs to be a new currency. I'm sure they could have come up with a way to use bitcoin for this if they wanted to. Anyways, I just thought I would suggest it in case OpenCoin were listening.

Why doesn't Ripple use Freicoin instead of XRP?

There's really no reason for Ripple to make its own cryptocurrency for spam protection. After all, the Ripple protocol is a service other currencies can be loaned through. So, why not use an already existing cryptocurrency instead and focus their efforts on making web services, which the OpenCoin team looks well positioned to do?

Bitcoin is an obvious option, but its economic definition is for goldbugs who are outside of Ripple's best markets.

I think Freicoin would be an ideal choice for paying for Ripple transactions, due to the demurrage. Demurrage currency is much better at representing debts in terms normal people understand. The average person doesn't really think about time-value of money. They just know they need money and seek it from lenders. Often times they involve themselves in disadvantaged transactions because time-value of money is complicated.

Freicoin makes the time-value of money easy to understand by hiding the time value of money with demurrage. This way people can know they are getting a good deal if they borrow 100$ and have to pay back 100$ to the loan company. The combination of Ripple loans and Freicoin are a great match. Why not do this instead?

There is still a time preference. The benefit of Freicoin is it supports lower static interest rates

To put it simply, the goal is this:

High interest rate environment - Warren Buffet buys your century old company to demolish and liquidate the factory. The goal is to turn it into fixed income and insurance policies.

Low interest rate environment - Warren Buffet buys large, capital intensive locomotive company (Burlington Northern, Union Pacific, Norfolk Southern)

Which one of the above is actually better for humanity?

Please keep in mind that everything on our website has had contributions from non-native speakers and you may be reading too much into the website instead of looking at the product alone.

Freicoin is defined by this equation  

where n is the number of periods is the block height delta between the transaction input and claimed output, and r is a negative interest

This negative interest, or steady decrease in value, counteracts the time preference. This is by definition of the currency, it has a negative interest built in.

We don't argue existence of time preference. What we do say is that the way we have defined the currency counteracts time preference.

misterbigg asked me to make a new thread for this subject rather than reply to it in the ripple thread. It is not a "call out."

I don't get this comment. Freicoin has time value of money built into the currency. Where do you come up with your idea that we reject this idea? Freicoin uses the time preference (small negative interest, continously compounding, aka demurrage) to encourage longer term thinking on the part of market participants. The website is very clear on this.

I was defending Ripple's decision to not use a 100% proof of work distribution. I'm not sure about the rest of Ripple. It's kind of a decade old vaporware project and its hard for me to get that out of my mind when trying to think about its implementation. Basically its hard for me to pay attention to because I remember its history.

If Ripple is not vaporware the biggest risk is the legal risk of running everything under one for profit umbrella, OpenCoin Inc. As a veteran of the filesharing industry at least one principal of OpenCoin has a history of viewing the legal system as a technical problem. They only aim to fit exactly within the specification and tolerance. For an example that others in OpenCoin feel this way, Joel will basically respond "I do not acknowledge that Ripple has any market value" in the other thread about Ripple. He probably mistakenly believes this will allow him to avoid scienter if Ripple is doing something illegal. This guarantees failure upon scrutiny, because the legal system is more interested in seeing that actors are trying their hardest to do the right thing. Ideally the point is to soar into the net. Ripple seem to want to bounce off the goal post on their way in.

Personally, I'm glad Ripple is here to act as the canary in the coal mine for similar projects. We can at least agree they are running a lot more "hot" than Freicoin is.  Freicoin's distribution method does not involve us holding onto any tokens. To me it betrays the point of trying to make a more fair and decentralized economic system as an experiment. Keeping a large portion of the initial coins is greed with little reason. Ripple is building a dizzying array of well designed web services on their site. Why not distribute all the coin and "earn it back" by charging for their web services?