SRoulettes Dream Alt Coin

[SRoulette]

Quick Confirmations: ~1-2 minutes, makes for nice gambling

New Encryption: bcrypt, No thanks to sha and scrypt. Difficulty is set by time to solve.

Reward Reduction: A smoothed curve and not the abrupt halving that bitcoin and litecoin use.

Address: Address must be unique to bitcoin type addresses, ie prefixed with a unique letter (ie D for Dream).

TX Fees: Low low low !, A high fee slowly kills alt coins (see litecoin fees for a bad example).

Coin Size Reduction: Option to re-smelt coins back into 1 complete coin. We currently do this by a script for our casino wallets to keep txfees low.

Proof of Stake: We felt PPC had a good concept that just needed more polish, reduce the cost of sending txfees by using PoS if possible.


As a small bitcoin casino operator this is what we would like to see in the next alt coin

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[Sunny King]

Oh thanks for the compliment 

Although the transaction fees cannot be too low as it's the only defense against transaction spamming attack.

[SRoulette]

Oh thanks for the compliment 

Although the transaction fees cannot be too low as it's the only defense against transaction spamming attack.

PPC fees are perfectly acceptable in our opinion We usually see automatic fees of 0.01 ppc for most transactions that require any fee.

Litecoin unfortunately, the fees are a bit unreasonable for some amounts, eg 0.1 LTC fee for sending 1 LTC = a fee of 10%.
Sending a fraction of a litecoin, eg 0.666 LTC and  the fee is often 0.4 LTC .

[crazy_rabbit]

It's nice to see a business perspective about alt coins- and you have a lot of good points. For my own buisness trying to get brick and mortar merchants to consider Bitcoin quick confirmations are the key part: 1-2 minutes max, although even shorter would be great. To win over non-technical people who don't really understand bitcoin, I see from personal experience that people would like to see confirmation times as quick as when paying with credit cards. Ordinary merchants *really* dislike the waiting period for confirmations.

As for transaction fee's I understand how Litecoin needed high transaction fees to stop tx spam- what if perhaps volume was throttled by volume from sender?

[jago25_98]

Add to list:

- network effect reduction (Barclays is the most connected company in the world that can't be brought down without damage... Mtgox is...?)
- speculation mitigation; build exchange with another currency into the network...?

?

Anyone who can do enough of these can rule the world

[Greedi]

TX Fees: Low low low !, A high fee slowly kills alt coins (see litecoin fees for a bad example).

lol ?

[SRoulette]

TX Fees: Low low low !, A high fee slowly kills alt coins (see litecoin fees for a bad example).

lol ?

Not very lol unfortunately, we feel this is this detracts from ltc as well as stagnated development.
We hope development of ltc resumes and for the fee's to be adjusted to a saner amount.

[crazy_rabbit]

TX Fees: Low low low !, A high fee slowly kills alt coins (see litecoin fees for a bad example).

lol ?

Not very lol unfortunately, we feel this is this detracts from ltc as well as stagnated development.
We hope development of ltc resumes and for the fee's to be adjusted to a saner amount.

+1

[sublime5447]

Has that been fixed? It cost 1/10 to send a ltc coin? 

[cptmooseinc]

SRoulette, you're Result Only address for the BTC Jackpot Dice game seems to be invalid. I try sending the minimum with a bet (.0006) from the BTC-qt client and it lights up pink like it's not a good address. Maybe you accidentally put a Litecoin address there? Either way, I just bet on the 91% to get a confirmation, but it seems like the Result Only address should work. (:

-Moose

[SRoulette]

SRoulette, you're Result Only address for the BTC Jackpot Dice game seems to be invalid. I try sending the minimum with a bet (.0006) from the BTC-qt client and it lights up pink like it's not a good address. Maybe you accidentally put a Litecoin address there? Either way, I just bet on the 91% to get a confirmation, but it seems like the Result Only address should work. (:

-Moose

Thanks for alerting us, I shall investigate shortly

edit: found and fixed, thanks Moose

[cptmooseinc]

No problem! I enjoy playing over there. (:

I donked off some BTC on a multi-bet earlier, luckily SatoshiDice was nice enough to allow me to make a big bet and get all the BTC back in one Tx. (:

-Moose

P.S. I love that you upped the limits on LTC! I did a multibet over there worth ~1BTC and doubled my money! 100LTC max is awesome!

[SRoulette]

P.S. I love that you upped the limits on LTC! I did a multibet over there worth ~1BTC and doubled my money! 100LTC max is awesome!

Multibet for the win

[Qoheleth]

New Encryption: bcrypt, No thanks to sha and scrypt. Difficulty is set by time to solve.

Are you suggesting to use bcrypt's parameters as the means by which minutes-per-block is normalized? Because I'm really apprehensive about that idea. It seems to me like it'd introduce a kind of double-vulnerability to bcrypt's effectiveness as a proof-of-work function; if someone compromises SHA-256 and it only provides 192 effective bits against a partial preimage attack anymore, well, the difficulty can adjust for that. But if an attack reduces the effectiveness of the bcrypt parameters, the difficulty adjustment process itself gets compromised, because doubling the difficulty won't actually halve the rate of block gets.

If I was going to use bcrypt, I'd rather choose big numbers to begin with, and then adjust difficulty by setting the maximum hash, just like we've been doing all along.

[coblee]

Oh thanks for the compliment 

Although the transaction fees cannot be too low as it's the only defense against transaction spamming attack.

PPC fees are perfectly acceptable in our opinion We usually see automatic fees of 0.01 ppc for most transactions that require any fee.

Litecoin unfortunately, the fees are a bit unreasonable for some amounts, eg 0.1 LTC fee for sending 1 LTC = a fee of 10%.
Sending a fraction of a litecoin, eg 0.666 LTC and  the fee is often 0.4 LTC .

Litecoin fees will be adjust as litecoin prices rise. For now, I don't think it's unreasonable to charge high fees for sending such a small amount of litecoins. 1 LTC is only 7 cents. If you don't get charged a high fee for sending thousands of 7 cents transactions, then everyone has to pay the price (relay/mine/store) for this "spam".

[SRoulette]

Oh thanks for the compliment  

Although the transaction fees cannot be too low as it's the only defense against transaction spamming attack.

PPC fees are perfectly acceptable in our opinion We usually see automatic fees of 0.01 ppc for most transactions that require any fee.

Litecoin unfortunately, the fees are a bit unreasonable for some amounts, eg 0.1 LTC fee for sending 1 LTC = a fee of 10%.
Sending a fraction of a litecoin, eg 0.666 LTC and  the fee is often 0.4 LTC .

Litecoin fees will be adjust as litecoin prices rise. For now, I don't think it's unreasonable to charge high fees for sending such a small amount of litecoins. 1 LTC is only 7 cents. If you don't get charged a high fee for sending thousands of 7 cents transactions, then everyone has to pay the price (relay/mine/store) for this "spam".

Hello Coblee , firstly thank you for creating litecoin. It was the altcoin that triggered our interest in the rest, thank you for you hard work and its great to see you active on the forums.

The issue we have is ltc fees are significantly higher than other alt coins and ltc is also the most valuable by far.
The unfortunate side effect of this is that for gambling at least, litecoin is not as attractive as say TRC.

Also it superficially it detracts from the value of a single coin, knowing the 10% of that coin is likely to be spent just transferring it.

That being said, litecoin has outlasted the other altcoins and we acknowledge that this could be the reason.
So we respectfully disagree and ask again:

lower the fees, pretty please with sugar on top  

[coblee]

Oh thanks for the compliment  

Although the transaction fees cannot be too low as it's the only defense against transaction spamming attack.

PPC fees are perfectly acceptable in our opinion We usually see automatic fees of 0.01 ppc for most transactions that require any fee.

Litecoin unfortunately, the fees are a bit unreasonable for some amounts, eg 0.1 LTC fee for sending 1 LTC = a fee of 10%.
Sending a fraction of a litecoin, eg 0.666 LTC and  the fee is often 0.4 LTC .

Litecoin fees will be adjust as litecoin prices rise. For now, I don't think it's unreasonable to charge high fees for sending such a small amount of litecoins. 1 LTC is only 7 cents. If you don't get charged a high fee for sending thousands of 7 cents transactions, then everyone has to pay the price (relay/mine/store) for this "spam".

Hello Coblee , firstly thank you for creating litecoin. It was the altcoin that triggered our interest in the rest, thank you for you hard work and its great to see you active on the forums.

The issue we have is ltc fees are significantly higher than other alt coins and ltc is also the most valuable by far.
The unfortunate side effect of this is that for gambling at least, litecoin is not as attractive as say TRC.

Also it superficially it detracts from the value of a single coin, knowing the 10% of that coin is likely to be spent just transferring it.

That being said, litecoin has outlasted the other altcoins and we acknowledge that this could be the reason.
So we respectfully disagree and ask again:

lower the fees, pretty please with sugar on top  

The reason why the fees are so high is because Litecoin was attacked by transaction spam a while back, and I had to do this to deter the attacker. If I reduce the fees, the attacker might come back. Those other alt coins just have not become successful enough for someone to bother attacking them yet. :p

I will look into reducing the fees. No promises.

[SRoulette]

The reason why the fees are so high is because Litecoin was attacked by transaction spam a while back, and I had to do this to deter the attacker. If I reduce the fees, the attacker might come back. Those other alt coins just have not become successful enough for someone to bother attacking them yet. :p

I will look into reducing the fees. No promises.

Thanks coblee, we understand and appreciate your reasons