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The only way you could do that is if you create a crypto currency that had its own central bank. That would be ripe for scammers.
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Whats Qubic? I havent heard of that before.
It's only a whitepaper at the moment. It uses IP addresses instead of proof of work. It's an interesting take on the problem. It was suggested that this could be used along with PPCoin's proof of stake to additionally change the way the network is enforced if that is wanted. I think this is a genuine (albeit small) step forward for innovation. Sounds foolproof to me, we should all just drop crypto entirely and rely solely on IP addresses. |
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What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day?
edit: or as said above faucets.
like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days.
So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed? Because the fed printed a few thousand dollars then backed off?  Seriously premining isn't controlling a currency as soon as it goes public all hell breaks loose anyway, also how do you propose making the default difficulty high, AFAIK difficulty relies on hash power. Hardcode it to start at a certain target. Do you even understand how crypto currencies work? You have a block found in x amount of time worth x amount of coins and it'll adjust difficulty to keep you finding a block in x amount of time as needed according to hash rate. You can't just hardcode a high difficulty with a low hash rate or a block will never be found. The only way I can see what your suggesting working is if you had a hardcoded minimum difficulty, but then if the hash rate is low no blocks would get solved in a timely manner so no transaction confirmations. Basically you want a screwed up currency with wildly fluctuating transaction times, got it. No, you will end up with a currency that will remain inactive until there is sufficient network participation (ie no chance of unfair first mover advantage). |
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jti, you guys have no credibility whatsoever in my eyes. Last minute completely changing the idea of freicoin to give yourselves all kinds of power. Why should anyone care? Does anyone? What was the point of releasing when you did if you weren't ready to implement whatever system you have planned? Worried about missing the boat? Was Indiegogo giving you deadlines? The actions of your team do not make logical sense to me.
After many discussions I was convinced myself that although "mining is needed for security" and "miner's profits should tend to zero by competition", everyone else was right: initial issuance through mining is wasteful. 'Should' and 'is' are two very different realities: http://blockchain.info/charts/miners-operating-profit-margin |
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What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day?
edit: or as said above faucets.
like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days.
So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed? Because the fed printed a few thousand dollars then backed off? Seriously premining isn't controlling a currency as soon as it goes public all hell breaks loose anyway, also how do you propose making the default difficulty high, AFAIK difficulty relies on hash power. Hardcode it to start at a certain target. |
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Freicoin + PPcoin = Frei PP
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What about premine that is given away to many people or organizations until a halfway reasonable difficulty is built up so that the first guy jumping on mining doesn't make like 1k coins a day?
edit: or as said above faucets.
like I haven't been on in like a week so i got in "late" already I can only mine about 50 feather coins a day but people who jumped on it the second it was realeased have thousands in a few days.
So instead of just defaulting the difficulty at a rate where one guy cant make 1k coins a day, the dev's deign themselves the fed? |
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Here is a list of Alt-Coins with Private Pre-mines:
* Freicoin
* DevCoin
* Ripple
Factoid: Pre-mines are when developers give themselves and their friends central banker status (and like our central bank, under the guise of democracy).
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*ASIC vulnerability
*Gpu vulnerability
*Cpu vulnerability
*Punchcard vulnerability
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Namecoin, devcoin, groupcoin, i0coin, ixcoin, coiledcoin and geistgeld are like free extra bonus points you can pick up pretty much for free while you mine bitcoins (or while you mine terracoins, for that matter, since terracoins presumably as a very close clone of bitcoin is equally able to be used as the primary chain in merged mining).
So although you might not personally see much use for them, they are pretty much free to pick up if you choose to pick them up. If you don't want to, fine. But it is unlikely that they undermine the value of bitcoins so who do you hurt other than yourself by not bothering to pick them up?
-MarkM-
Users want something different, a bitcoin wihtout volatility and without massive consumption of resources (not that most users are mining, but people dont like the idea of this adding to the environmental problem). None of these alt-coins offer anything unique much less solve any of bitcoin's problems. I see some attempts on here at trying to solve the volatility problem but they remain either unimplemented or they're just really weak attempts at social engineering. It seems like turning bitcoin into a dns system has been the only real progress made so far, though in what direction. Since you're complaining that the crypto currency market is too volatile and requires too much energy consumption, it sounds to me like it's not for you. Try NASDAQ or NYSE. No thanks, i prefer to work exclusively in bags of potatoes, which unlike bitcoins can either be eaten or fermented into alcohol. |
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Namecoin, devcoin, groupcoin, i0coin, ixcoin, coiledcoin and geistgeld are like free extra bonus points you can pick up pretty much for free while you mine bitcoins (or while you mine terracoins, for that matter, since terracoins presumably as a very close clone of bitcoin is equally able to be used as the primary chain in merged mining).
So although you might not personally see much use for them, they are pretty much free to pick up if you choose to pick them up. If you don't want to, fine. But it is unlikely that they undermine the value of bitcoins so who do you hurt other than yourself by not bothering to pick them up?
-MarkM-
Users want something different, a bitcoin wihtout volatility and without massive consumption of resources (not that most users are mining, but people dont like the idea of this adding to the environmental problem). None of these alt-coins offer anything unique much less solve any of bitcoin's problems. I see some attempts on here at trying to solve the volatility problem but they remain either unimplemented or they're just really weak attempts at social engineering. It seems like turning bitcoin into a dns system has been the only real progress made so far, though in what direction. |
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Democracy doesnt work, we all should know that by now.
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Ive been reading alot of alt-coin descriptions and they all seem to be more or less the same as bitcoin, like litecoin, they advertise it as being quicker but if you actually follow that it takes just as much time as bitcoin to have the same transaction security. None of the adopted alt-coins really do anything different or offer anything unique past what bitcoin already does. Can anyone name one coin that has a unique property that bitcoin doesnt have?
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Platcoins main feature is that only 100 coins will ever be made and the first two miners will get half of them, with a block reward that halves every 12 seconds. The upside is that each platcoin is divisible down to the .000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000th.
Go git em!
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These "time based" anti-hoarding penalty ideas IE freicoin, just dont work with bitcoin. Anyone can move their money from one address to another and skirt them.
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Take water cooling..
Noisy method. Try sealing your tower and filling it with an inert oil, it basically makes it a giant heatsink. |
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I was thinking of something similar...
Have a coin with a new RPC function called "get_market_value". This could then be increased by a fix percentage at each found block. The value is arbitrary, but hardcoded. Let's say for example that the value is set to double each year.
Both ideas want miners to request MtGox for the current market value or something. That's an outside dependency and probably a Point of Failure. That's not what I meant. My idea is that such an external factor is not necessary. The transaction volume alone should be sufficient and decide how many new coins are minted. And the transaction volume alone is intrinsically known through the blockchain. http://blockchain.info/de/charts/n-transactionsI think this chart (evened out a bit) pretty accurately reflects the true Bitcoin adoption. What do the amount of transactions have to do with the volume or price of a currency? |
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This papers grand idea is to fix the difficulty. The author isnt aware that the difficulty cannot be fixed due to the 10-minute window that must be maintained (by the difficulty) in order to restrain orphaning of blocks. |
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Tie it to fiat? Then you're giving the fed free reign to print your currency.
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It would be nice of the ripple site actually explained how it worked instead of just telling us what it can do.
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