I will create a forked bitcoin chain

[oakpacific]

I can tell you how this is going to end: a small portion of the hashpower of the Bitcoin network will join your chain, then 51% you, then you are game over.

I would have nothing to gain from that, besides it would not neccesarily be possible. My intention starting the new chain is to allow bitcoin a future.

I am just telling you this is what is gonna happen, not making a judgement. Bitcoin's design precludes the chance of survival of any copycat, you need to come up with some new mining algorithm which is incompatible with Bitcoin(like LTC's scrypt) to survive, FYI several altcoins had been taken down by 51% attacks because they can be merge-mined with bitcoins.

[grantbdev]

At 200 coins / block, would there be no transaction fees?

[wingding]

I can tell you how this is going to end: a small portion of the hashpower of the Bitcoin network will join your chain, then 51% you, then you are game over.

I would have nothing to gain from that, besides it would not neccesarily be possible. My intention starting the new chain is to allow bitcoin a future.

I am just telling you this is what is gonna happen, not making a judgement. Bitcoin's design precludes the chance of survival of any copycat, you need to come up with some new mining algorithm which is incompatible with Bitcoin(like LTC's scrypt) to survive, FYI several altcoins had been taken down by 51% attacks because they can be merge-mined with bitcoins.

I know there is some issues with that, but I think it can be solved somehow. My goal now is to gain understanding for the need of faster money supply in bitcoin.

[deepceleron]

♨, ☹, ☒, ☠, ✞

[Birdy]

I know there is some issues with that, but I think it can be solved somehow. My goal now is to gain understanding for the need of faster money supply in bitcoin.

There is none. There is no need for more money. Maybe there will be a need for some redistribution should all fiat money fail (because there would be a lot of people ending up with nothing)

[Cheshyr]

Are you going to call it forkcoin?

I like the idea of altcoins quite a bit.  I'm not as enthused by this one, since it sounds like very little thought went into it.  You are changing a single variable in main.h, and doing some cross-compiling.

If you're going to fork something, maybe start with one of the recent innovations, like LTC, PPC, or NVC?  Hit up newnetcoins.com, read about other failed coins, and try to learn from how and why they failed?  Then, make your modifications, release the new coin, but have things already in place...  binaries for at least 2 platforms, a couple competing pools, a faucet, and maybe a service where you could spend it?..  a game or something?  Run a closed alpha with a small group on a testnet, and a beta with volunteers (blockchain will be deleted) so you can work out the launch bugs.

You know...  launch a coin?

Or, you could do as you've said you would, create a new coin, post a link in the JokeCoin thread, and see how many days it lasts.

[JimmiesForBitcoins]

♨, ☹, ☒, ☠, ✞

Something something something raise pirates from the dead?

[deepceleron]

Something something something raise pirates from the dead?

it's: looks like poo, unhappy user, close program, dead altchain. In wingdings for the wingding dingdong.

If the form supported emoji in Unicode 6.1, there's an appropriate character:

[doobadoo]

You could also fix the early adopter/bitdust problems.


1)  Any unspent coins generated/transferred but not spent since the first 18 mos of the network are deleted.

2)  Unspent balances less than .01 are gone

3)  Coins older than 12-18 months are divided by 2.  Coins 18-24 months old divided by 4.  Coins 24-36 months old divided by 8, and the rest are older than 18 months and are deleted.

4) to prevent windfalls to mt gox, who hold a bunch of accounts and won't give that money to their customers in the new chain, cap btc address balances at 100 BTC (currently $10k).  

This might reduce that 11 mil number to like 7 or 8 mil.   you then increase the total coins to ever be released to 100 mil, so current users wind up with 7-8% of the total future supply.

You could form a genesis block that has a special coinbase.  All the current unspent addresses would be the coinbase with balances next to them.

Then you could come up with an adoption schedule over the next 10 year:
Year   % distributed
0:          7 or 8 %  (current base of coins)
1:         +2%
2:         +3%
3:         +5%
5:         +7.5%
....
8:          +15%
9:          +5%
10:        +1%
----------------
Total:    100%


I also suggest changing the protocol to prevent dust.  The minimum unspent output should be established at say 0.001 for txs created in the next 10 years, then 0.0001 (add a decimal place) next 10 years, etc...

Also consider implementing a minimum tx fee, which would kill the need for all this 'how old is yo coin' crap code.

[LaggedOnUser]

I suggest calling it Splitcoin, since you forked or split it from the original. 

[Dacm4n]

I will create a forked chain of bitcoin to accomdate for broad adaptation.

The only major change from the old chain is:

Reward of 200 BTC per block for each new block - (never changed)

• The chain will produce 10.5 million coins/year (which is far from enough to cause inflation)
• The clients (incl source) running the new fork will be made available well ahead of the fork
• All bitcoins created before the fork will by nature be contained in the new chain

I think Litecoins can solve this problem right? Then maybe years later when Litecoins are worth $1000 another coin like PPC can be used for smaller transactions since it has no currency limit.

[pyra-proxy]

Also 200 btc/block forever is kinda weak too, shouldn't it start at 100/block for the this year. move to 125/block next year, 150/block year 3, 200/block year 4, THEN stay there.  Let inflation accelerate to accommodate more noobs.

That's an interesting concept.... perhaps a deflation model where the block reward starts at say 1 coin per block and every 4 years 1 coin is added to the block rewarded.  Someone graph the inflation rate :-)

[luffy]

the only "fair" way is to implement demurage to BTC and eventually to all other coins out there. FRC has it already!

[wingding]

You could also fix the early adopter/bitdust problems.


1)  Any unspent coins generated/transferred but not spent since the first 18 mos of the network are deleted.

2)  Unspent balances less than .01 are gone

3)  Coins older than 12-18 months are divided by 2.  Coins 18-24 months old divided by 4.  Coins 24-36 months old divided by 8, and the rest are older than 18 months and are deleted.

4) to prevent windfalls to mt gox, who hold a bunch of accounts and won't give that money to their customers in the new chain, cap btc address balances at 100 BTC (currently $10k).  

This might reduce that 11 mil number to like 7 or 8 mil.   you then increase the total coins to ever be released to 100 mil, so current users wind up with 7-8% of the total future supply.

You could form a genesis block that has a special coinbase.  All the current unspent addresses would be the coinbase with balances next to them.

Then you could come up with an adoption schedule over the next 10 year:

No I would never ever touch the earlier coins- that would certanily be a disaster. And the early adopters arent a problem. The problem is that there are not supply for tha large masses to enter - who now are completely left to the grace of the early adopters.

[Stephen Gornick]

No I would never ever touch the earlier coins

How would you do that?

From another thread by winding:

looking at this guys older posts... people have been trying to explain to him how bitcoin works... looks like he is just refusing to understand it... and really want to get his early coins... so sad... (me is still sitting here very happy finding out about it in 2013, instead of 2016, or 2020)

And yet another thread by wingding:

The address is valid in both sides of the fork.  So let's say that somehow you trick me into spending my bitcoins that I received prior to the fork and pay using them to an address in your inflatacoin fork.  But then you can then use that exact same address on the Bitcoin blockchain side as well, broadcast my transaction there and receive the full value of the transaction there as well.

Participating on your side would be seen as the way to watch your bitcoins disappear.

Because there is no way to ensure that all transactions from the Bitcoin blockchain get into your inflatacoin fork, then the only time your chain becomes interesting to me is after my transaction confirms on the Bitcoin blockchain but where I've composed and sent a double spend of the UTXO used to your side of the fork, and then pay you with those funds which are now worthless on the Bitcoin blockchain.  That's a win / win for me!

[DoomDumas]

I bet the OP intention are not a fork but an alt-coin !
Bad title, and no future to this !

FAIL

[Barnacle_Ed]

This sounds like a good JokeCoin submission to me.

[johnyj]

I think after 75% of coins are mined, these kind of thoughts will become more and more

Just feel strange that people never complain that central banks being the only early adopter of fiat money creation

[Viceroy]

may I suggest your has algo use a combination of PBKDF 2 followed by bcrypt.  Should make it harder to gpu mine (bring back the cpu mining!)

Agreed, any other ASIC HOSTILE crypto currencies out there with a working forum?

[doobadoo]

No I would never ever touch the earlier coins

How would you do that?

Seriously dude?  Thats mondo easy.  take all the adjust values for unspent outputs and write them into the genesis block to the address they belong as coinbase txs.