PRE-PRE-ANN NONAME What if everyone had a piece of the pie?

[ihascryptos]

Hello everyone in the crypto community. I have been thinking and thinking about how to make a coin with an exclusive group of investment minded miners.

These are the ideas i have so far and i would like your input to move forward on the project. I will also be looking for trusted and respecte pool operators, coders, and promo people in the process.

-The coin would be closed source upon launch and be made public after mining is over. This will ensure that the development team can put restrictions on mining. Code can be provided to an elected and trusted member of the crypto community to review to make sure there is no funny stuff going on.

-Hashing speed will be limited. I dont know if there is a way to limit the speed of a worker on a pool but if it can be done we could limit the speed to something like 5mh x11, or 3mh scrypt, 40gh SHA-256, or use a completely new algo with a "speed governor" built into the miner.

-One worker per account only, all accounts will be handed out by the development team.  We will work with the pool(s) and create the account and worker for you and you will receive the login/pass one day before launch.

-Harsh penalty for anyone who tries to cheat the system. If you are caught hashing at over the set speed we will penalize. say 30% over and you get your worker banned from the pool for 24 hours   50%+ over or continuous attempts at overhashing and we ban/lock your account, drain the funds into the "coin jail" and publicly burn them.

-Pool registration fee.  Pool(s) will take a registration fee of 0.001BTC at registration time and you will mine for 0.25% pool fee. This insures the pool operators get a little money in their pocket to pay for expenses. 0.001BTC is only 25 cents american.  Some remember that you could make a phone call for that much at one point in time. now it wont pay for a postage stamp.

ICO?
we could do a coin ICO but it just leads to early, scared, sketchy investors who listen to one bit of fud, dump their coins and run around like parrots screaming "game over man!" <-- and it only gets worse when the coin does well and they miss out on their 500% profit.


These are the thoughts i have so far... i need input on the idea.

[Shadow_Runner]

Pool registration fee is interesting. But I think it must be a dollar at least.

[Bank_sy]

Hello everyone in the crypto community. I have been thinking and thinking about how to make a coin with an exclusive group of investment minded miners.

These are the ideas i have so far and i would like your input to move forward on the project. I will also be looking for trusted and respecte pool operators, coders, and promo people in the process.

-The coin would be closed source upon launch and be made public after mining is over. This will ensure that the development team can put restrictions on mining. Code can be provided to an elected and trusted member of the crypto community to review to make sure there is no funny stuff going on.

-Hashing speed will be limited. I dont know if there is a way to limit the speed of a worker on a pool but if it can be done we could limit the speed to something like 5mh x11, or 3mh scrypt, 40gh SHA-256, or use a completely new algo with a "speed governor" built into the miner.

-One worker per account only, all accounts will be handed out by the development team.  We will work with the pool(s) and create the account and worker for you and you will receive the login/pass one day before launch.

-Harsh penalty for anyone who tries to cheat the system. If you are caught hashing at over the set speed we will penalize. say 30% over and you get your worker banned from the pool for 24 hours   50%+ over or continuous attempts at overhashing and we ban/lock your account, drain the funds into the "coin jail" and publicly burn them.

-Pool registration fee.  Pool(s) will take a registration fee of 0.001BTC at registration time and you will mine for 0.25% pool fee. This insures the pool operators get a little money in their pocket to pay for expenses. 0.001BTC is only 25 cents american.  Some remember that you could make a phone call for that much at one point in time. now it wont pay for a postage stamp.

ICO?
we could do a coin ICO but it just leads to early, scared, sketchy investors who listen to one bit of fud, dump their coins and run around like parrots screaming "game over man!" <-- and it only gets worse when the coin does well and they miss out on their 500% profit.


These are the thoughts i have so far... i need input on the idea.

interesting idea... i will be watching

[billotronic]

closed source AND heavy centralization = fail train

[Shadow_Runner]

We had already coin with closed source and limited hashrate... Can't remember name.

[jasemoney]

We had already coin with closed source and limited hashrate... Can't remember name.

minerals did limited hash, musta been closed source for that.
of course people just signed up multiple accounts.. then they tried filtering user ips whatever. it was a mess durring but the distribution turned out pretty good overall. I mean if you only have 100 people interested and mining a coin. theres only 100 people who will be holding it

[ihascryptos]

yes minerals was closed source but did not limit the amount of user accounts. therefore people made 20 or 30 to mine on at max of 25mh each

as for closed source code. everyone will vote on who we handed the code to for review pre-launch. it will be to insure the coin stays closed source till mining ends. If you want more than one person we could form a panel of coders.

[ihascryptos]

InsertCoinHere: No name yet. Another thing to develop.

Algo: unknown. To be developed or voted in. LIMITED HASH RATE

Coin Amount: Semi Rare. Coin amount will go to vote and be decided by the amount of total miners coming to the launch.

Pool(s):  To be voted or a private pool will be set up specifically for this coin by a trusted pool operator.  Pool will be open to Pre-Reg 48 hours before launch counter is set. launch counter is started as soon as pool operator has verified the accounts and is ready. Fee for opening a mining account is 0.001BTC (0.25 USD) this will cover the extra costs of setting up a specific pool and insures the pool operator they will have some costs covered for use of machines to host. If you cannot afford a quarter what are you doing here? am i right? 0.25 USD can only buy you a dented can of peas or maybe a pack of cheap gum.

Mining:  Mining length will be detirmined by the community and be voted on. this will affect the block times and rewards in the code.

Post-Mining: we will vote on PoS. personally i am not for it. just mine transaction fees like you do with BTC is my thoughts.

Features and blinky bullshit: We can contract out to put the usual coin features and bright blinky bullshit on it that everyone loves but has no extra way of actually increasing value. but whatever helps you sleep at night.

ICO: dunno.... too many ICOs lately and too many people burned. It would be great to use it to cover operating costs and get the coin running but if donations can be made.

[louiseth1]

We had already coin with closed source and limited hashrate... Can't remember name.

I think you're reffering to Minerals ?

It's technically difficult to ensure limited hashrate, for the reasons mentionned before and for technical reasons within the pool. Since hashrate is determined by the shares, discarding most of them can hurt the ability to find blocks on a pool.

Also, users can circumvent by using VPN's to mine with or proxies/tunnels and whatnot.

Closed source is almost a guaranteed fudfest. Pools will likely scream too, personally I don't like to run anything I can't check the code and compile myself.

[bathrobehero]

exclusive group of investment minded miners.

I fail to see the point of that or the problem it suppose to solve. I get the point of limited hashrate but crippling the distribution means poor distribution. From an investor standpoint tell me why should I want to invest into a coin (and therefore give it value) if only a couple of people own all the coins? It's beyond risky to invest into a coin with poor distribution because all coin owners can heavily alter the price.

[ihascryptos]

exclusive group of investment minded miners.

I fail to see the point of that or the problem it suppose to solve. I get the point of limited hashrate but crippling the distribution means poor distribution. From an investor standpoint tell me why should I want to invest into a coin (and therefore give it value) if only a couple of people own all the coins? It's beyond risky to invest into a coin with poor distribution because all coin owners can heavily alter the price.

You are looking at this like an investment minded investor. not a miner.  The limited hash rate allows a fair distribution of coins to everyone in the crypto community who wishes to mine this with some of their low end hardware. This is not a coin for big ASIC or GPU farms.

[bathrobehero]

exclusive group of investment minded miners.

I fail to see the point of that or the problem it suppose to solve. I get the point of limited hashrate but crippling the distribution means poor distribution. From an investor standpoint tell me why should I want to invest into a coin (and therefore give it value) if only a couple of people own all the coins? It's beyond risky to invest into a coin with poor distribution because all coin owners can heavily alter the price.

You are looking at this like an investment minded investor. not a miner.  The limited hash rate allows a fair distribution of coins to everyone in the crypto community who wishes to mine this with some of their low end hardware. This is not a coin for big ASIC or GPU farms.

I'm looking at it as a miner who doesnn't have free electricity/hardware and who understands that without investors (or utility) coins have no value. So again, I don't see the point and it's also worth noting that the hashrate limitation will end up hurting legit users more since it's easy to exploit any of the current hashrate limiting methods.

[animalroam]

I really do like the limited hashrate idea; Minerals has proven that fair distribution is possible with the method.  I would do around 1-2 TH/s per miner Sha256 to make it fair.

[ihascryptos]

I really do like the limited hashrate idea; Minerals has proven that fair distribution is possible with the method.  I would do around 1-2 TH/s per miner Sha256 to make it fair.

i really think minerals had it right but people got around it with multiple accounts.  I think if we charged a small fee for each account and limited it to one worker and a set speed it would work.  We could even do a premium package where you pay a little more for a higher cap.
There will always be ways to attempt to get around the hash limits but if we know how many coins you can generate and know how many possible (adjusts with diff) a day we could catch the cheaters.

[Bank_sy]

InsertCoinHere: No name yet. Another thing to develop.

Algo: unknown. To be developed or voted in. LIMITED HASH RATE

Coin Amount: Semi Rare. Coin amount will go to vote and be decided by the amount of total miners coming to the launch.

Pool(s):  To be voted or a private pool will be set up specifically for this coin by a trusted pool operator.  Pool will be open to Pre-Reg 48 hours before launch counter is set. launch counter is started as soon as pool operator has verified the accounts and is ready. Fee for opening a mining account is 0.001BTC (0.25 USD) this will cover the extra costs of setting up a specific pool and insures the pool operator they will have some costs covered for use of machines to host. If you cannot afford a quarter what are you doing here? am i right? 0.25 USD can only buy you a dented can of peas or maybe a pack of cheap gum.

Mining:  Mining length will be detirmined by the community and be voted on. this will affect the block times and rewards in the code.

Post-Mining: we will vote on PoS. personally i am not for it. just mine transaction fees like you do with BTC is my thoughts.

Features and blinky bullshit: We can contract out to put the usual coin features and bright blinky bullshit on it that everyone loves but has no extra way of actually increasing value. but whatever helps you sleep at night.

ICO: dunno.... too many ICOs lately and too many people burned. It would be great to use it to cover operating costs and get the coin running but if donations can be made.

limited hashrate has been done many times... any other way?

[animalroam]

I think limited hashrate is the best method so far.  There might be other methods like the more hash you put on the network, the larger the fee you have to pay.