How we can extend the features of BTC without forking the chain or competing?

[QBcrusher]

I came up with an idea for an alt-coin that is is unlike other alt-coins. It would be an alt coin that is backed 1:1 with Bitcoin (and can be exchanged for BTC at any time). I need someone to work with me to make this happen. If it is something you seem interested in, refer to my other thread. Thanks

https://bitcointalk.org/index.php?topic=1634159.0

[franky1]

lol having majority consensus without a flag to block nodes, ensures there is one chain and any minority variant(old rule incase of majority having new rule) orphans out, keeping everyone on the same single chain

it happens everyday
people are always trying things, miners have tried doing small changes to get efficient but if it doesnt fit the rules(mistake or intentional) it gets rejected.
there are orphans everyday, and no one cares because consensus keeps everyone on one chain.

however creating a second chain by adding a flag (like ethereum did: --oppose-dao-fork) to intentionally stop the consensus mechanism orphaning off the minority and letting it survive because the minority go in their own direction, is an issue because it forces a fork, which is termed "controversial"

also creating an altcoin and peg it 1:1 for bitcoin is the same as a controversial fork after the dust settles.

what needs to be done is to rely on the consensus mechanism. to use the consensus mechanism and to trust the consensus mechanism. then the chain will continue in a single direction, where upgrades happen if the majority dont orphan off a certain rule due to the majority having the rule

[QBcrusher]

The difference with this idea though is that you will be able to export your keys and change it back to BTC on the original blockchain, while removing the alt-coin from existence.

It would have to be based off a technology that I am not entirely sure exists yet, which is why I am looking for help.

[franky1]

P.S

now i read you scamcoin proposition. all i see is a way for you to grab peoples private keys¹. so while they are holding a bag of your worthless scamcoins² that cannot be spent on 250,000 merchants. cant even be traded on an exchange³ YOU then have their private key to steal their bitcoin⁴.
¹

To obtain SatoshiCoins, you will import the private keys of your BTC wallet into your SatoshiCoin wallet.

²

and you will have instant access to an equal amount of SatoshiCoins.

³

nor are they purchased on an exchange.

⁴

Once your BTC keys are imported to SatoshiCoin wallet, they will be unusable.
The Bitcoin you imported will be added to the SatoshiCoin network,

"The Bitcoin you imported will be added to the SatoshiCoin network, "
translation: "SatoshiCoin network" AKA you spend the bitcoin out of peoples private keys and put them into a bitcoin address owned by "SatoshiCoin network" AKA you!

well played. but you lost

[QBcrusher]

Think of how TetherUSD maintains its 1 USDT to 1 USD ratio. The alt-coin network itself would hold the BTC in reserves so that no exchange or specific person holds the keys to the vault, and it would be designed to automatically create and destroy units as BTC is added and removed from the "vault".

P.S

now i read you scamcoin proposition. all i see is a way for you to grab peoples private keys. so while they are holding a bag of your worthless scamcoins that cannot be spent on 250,000 merchants. cant even be traded on an exchange* you then have their private key to steal their bitcoin.

well played. but you lost

And no, that's not how this would work. As I said, the technology is not there yet, that's why I need programmers. The idea would be to completely decentralize the keys so that NOBODY has access to them, not even the developers. Being an open source project to allow audits would be a must, of course.

[QBcrusher]

And again, this is a new concept. Perhaps private key import would not be necessary. If there is another way to render the BTC unusable until cashed out, I would be open to hearing it. This is why I need others to critique and come up with with a better way to do it.

Don't focus too much on small details, they are subject to change. Instead of accusing me of being a scammer, try to look at the big picture I am attempting to paint and help me come up with a more secure way to manifest it.

[coynedterm]

I came up with an idea for an alt-coin that is is unlike other alt-coins. It would be an alt coin that is backed 1:1 with Bitcoin (and can be exchanged for BTC at any time). I need someone to work with me to make this happen. If it is something you seem interested in, refer to my other thread. Thanks

https://bitcointalk.org/index.php?topic=1634159.0

good idea , but here according to your plan it seams that you are going to make an altcoin which is like bitcoin . but i think you can't because of its cost equally will be like bitcoin . and it is very very hard to invest that much money for such type of altcoin .

[QBcrusher]

I came up with an idea for an alt-coin that is is unlike other alt-coins. It would be an alt coin that is backed 1:1 with Bitcoin (and can be exchanged for BTC at any time). I need someone to work with me to make this happen. If it is something you seem interested in, refer to my other thread. Thanks

https://bitcointalk.org/index.php?topic=1634159.0

good idea , but here according to your plan it seams that you are going to make an altcoin which is like bitcoin . but i think you can't because of its cost equally will be like bitcoin . and it is very very hard to invest that much money for such type of altcoin .

That's the nice thing about it. Theoretically, it could be started up with 1 BTC initial investment of my own funds. Initially, I would import 1 BTC of my own funds for 100,000,000 SatoshiCoin. I would split this up into X amount of wallets and then distribute the wallets & keys to different people as a reward for starting up a full node. They would not be able to withdraw the SatoshiCoin into BTC until they accumulate 100,000 SatoshiCoin (.001 BTC). I would intentionally give a smaller amount than what is needed to withdraw in hopes that more people put BTC into the network, thus increasing the amount of SatoshiCoin into existence.

The important thing to remember is that it will be built natively into a full node to be able to exchange 100,000 SatoshiCoin into .001 BTC instantly, and that the BTC on reserve is held by the network as a whole, and completely inaccessible to the developers. That's the part I need a programmer for, I don't think that technology exists yet. 

[franky1]

That's the nice thing about it. Theoretically, it could be started up with 1 BTC initial investment of my own funds. Initially, I would import 1 BTC of my own funds for 100,000,000 SatoshiCoin. I would split this up into X amount of wallets and then distribute the wallets & keys to different people as a reward for starting up a full node. They would not be able to withdraw the SatoshiCoin into BTC until they accumulate 100,000 SatoshiCoin (.001 BTC). I would intentionally give a smaller amount than what is needed to withdraw in hopes that more people put BTC into the network, thus increasing the amount of SatoshiCoin into existence.

LOL now you want to hand out many many thousands of wallets as the tempter, in the hopes people then hand you their bitcoin keys.

keep going. dig your hole deeper.

The important thing to remember is that it will be built natively into a full node to be able to exchange 100,000 SatoshiCoin into .001 BTC instantly, and that the BTC on reserve is held by the network as a whole, and completely inaccessible to the developers. That's the part I need a programmer for, I don't think that technology exists yet.  

nah, it does exist. but i dont think that your intentions are honourable. your more emotionally invested in getting people to hold a bag of scamcoins then you are in explaining the problem your pretending to solve.