Faircoin: the one year bitcoin fork announcement

[grondilu]

I'm kind of annoyed by all those people who keep complaining about the initial distribution on bitcoin, how it is unfair that early adopters get rich as the price of one bitcoin climbs up etc.   So, what could be done about it?

Well, here is an idea: a one year announcement of a bitcoin fork.  Let's call it "faircoin".

Faircoin is a fork of bitcoin.  Exactly the same software, just slightly modified so it does not interfere with bitcoin (different port number, version number and stuff like that).

The most significant different part is the time at which the genesis block would be created:   one year in the future.  Starting from today.  So in other words:  on march, the 5th 2014 midnight UTC.

I will create it and I will put the block hash of the first bitcoin block of this day, just as Satoshi used the title of the Times newspaper.  So nobody (not even me) will be capable of premining faircoins.


Everybody should let everyone know this will happen (or not, I'm just suggesting the idea, I don't plan on actually doing it).  So all those frustrated morons should get ready to mine their faircoins.


I have reasons to believe this would fail, or at least it would not meet the requirement of "fairness" the frustrated morons would hope.  But I don't feel like explaining it to them.  I might as well let them figure it out by themselves.

[celkaris]

what prevent one to setup a group of nodes, with system clocks set a few seconds after your genesis block timestamp, starting to mine it right after the blockchain data was published ?

EDIT : or ... will the genesis block data be published one year in the future too ? (in what case, your "just" announce the coming-soon altcoin one year earlier?)

[grondilu]

what prevent one to setup a group of nodes, with system clocks set a few seconds after your genesis block timestamp, starting to mine it right after the blockchain data was published ?

Nothing prevents that.  But at least everyone can do something like that.  So it's "fair".

EDIT : or ... will the genesis block data be published one year in the future too ? (in what case, your "just" announce the coming-soon altcoin one year earlier?)

Yes, nobody can foresee which data will be included in the future genesis block.  Not even me.  As I said it will be the hash of the first bitcoin block for this day.

[Bit_Happy]

I have never complained about the initial distribution of bitcoins, but I do know why this will not make anyone rich.
There are too many people paying attention now.
The good old days are gone, unless...

Someone starts something new, unique and not just another blockchain.