I will create a forked bitcoin chain

[wingding]

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

[1714510273]

1714510273

[btcmind]

what problem does that solve?

[FTWbitcoinFTW]

what problem does that solve?

Not be a early adopter !

Genius !

[wingding]

what problem does that solve?

Not be a early adopter !

Genius !

If bitcoin is to become a true alternative currency, the amount of users will grow exponentially over next few years. It will not be possible to realize this when 'all' coins already are held by early adapters. Early adapters will anyway become rich if the new chain is successful.

[Come-from-Beyond]

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

Count me in. Any deadlines set?

[JimmiesForBitcoins]

what problem does that solve?

I think a Keynesian would say... Lack of credit expansion? By creating a decentralized analogue to a central bank?

I guess I could see it working (though less efficiently than Bitcoin) due to the fact that people will use a fiat currency. Theoretically, as long as people would accept it in exchange for goods and services, then it would work by definition. The target inflation rate would be predictably steady. I suppose if people wanted decentralized fiat, that'd be the way to do it.

Not that I think OP is serious, since the whole point of Bitcoin is to be deflationary.

[2_Thumbs_Up]

what problem does that solve?

I think a Keynesian would say... Lack of credit expansion? By creating a decentralized analogue to a central bank?

I guess I could see it working (though less efficiently than Bitcoin) due to the fact that people will use a fiat currency. Theoretically, as long as people would accept it in exchange for goods and services, then it would work by definition. The target inflation rate would be predictably steady. I suppose if people wanted decentralized fiat, that'd be the way to do it.

Not that I think OP is serious, since the whole point of Bitcoin is to be deflationary.

This proposed currency would be pretty close to deflationary as well. A fixed sum of new coins means that inflation will decrease every year percentage wise, until it is practically negligible.

[FTWbitcoinFTW]

the amount of users will grow exponentially over next few years. It will not be possible to realize this when 'all' coins already are held by early adapters

Yes it's possible!
With 8 decimal and more if needed, a infinite value each !
You can do anything without new bitcoin.

But price need to go at 10K 100K, who know ?

[wingding]

what problem does that solve?

I think a Keynesian would say... Lack of credit expansion? By creating a decentralized analogue to a central bank?

I guess I could see it working (though less efficiently than Bitcoin) due to the fact that people will use a fiat currency. Theoretically, as long as people would accept it in exchange for goods and services, then it would work by definition. The target inflation rate would be predictably steady. I suppose if people wanted decentralized fiat, that'd be the way to do it.

Not that I think OP is serious, since the whole point of Bitcoin is to be deflationary.

This proposed currency would be pretty close to deflationary as well. A fixed sum of new coins means that inflation will decrease every year percentage wise, until it is practically negligible.

Exactly. And before it becomes negligible it will by far be outmatched by increased demand and market cap.

[Birdy]

So this will produce alle the coins that are meant to be produced in several years in one and then it suddenly stops?

[acoindr]

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

Bitcoin already accommodates broad adoption because they are divisible to 8 decimal places.

What you propose is something that has already been discussed. Your fork won't work because the forked coins won't ever have comparable value to bitcoins. The people that hold bitcoins and others interested in their value, like merchants/miners, won't support forked coins that look to disrupt bitcoin in economically messy ways. If they did then what's to stop other forks after your fork?

Bitcoins have value because people accept them. Your forked coins wouldn't be accepted on the orignial bitcoin chain, yet holders of original bitcoins could still spend their coins on your fork, so you haven't taken away wealth from people with many coins at all.

Also, all possible bitcoins are not already held by people, only about half of total bitcoins exist so far. Last, for your coins to even have a chance at comparable value to bitcoins there should be less of them not more.

[bg002h]

That is an inflation rate of 50% per year at 1 year.

[TalkingAntColony]

What ever "problem" you are trying to solve here, you are doing nothing other than delaying the problem with your new chain.

[deepceleron]

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

... "unless you pay me one hundred billion dollars, mua ha ha ha!"

So everybody will already have their same 10M bitcoins in your bitcoin fork too, but they'll be inflated out of existence? SELL!! Target value now, 0, future value 0.[/list]

[drawingthesun]

10 million coins a year sounds like a lot, but if we forward into the future then 10 million coins will becomes smaller and smaller compared to the overall amount of coins, and this supply will curve out like Bitcoins does at the moment.

A better idea would be for the network to mint new coins a function of moved coins (so we don't take into account lost coins)

So if 10 million coins move in a year, the network will mint a amount as a function of that movement in ratio to a percent.

So determine the best % for new coins. Is 3% a year a good inflation rate? 1% instead?

then the network mints 1% of the moved coins over the past 12 months. That would be more stable than 10 million a year, because that 10 million will be less and less each year, eventually it would be 0.0001% of the coin release and less!!!

[mubit]

i made a boat

[crazy_rabbit]

can we please call it bitcoin also?

[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.

[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.

[doobadoo]

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!)

Also consider dropping to a 5 min block interval, and requiring more than one nonce.  Requiring several nonces, i *think* will cause there to be move 'movements of nature' that will get us to a tighter distribution of the block generation time window.  Instead of one block in 6seconds the next in 24 minutes.

Consider, reducing bitcoin to just 4 decimal places.  With permanent inflation you will never need so many, and decimal places allow for strange 0.0000000001 txns.  

Also consider implementing a block pruning method.  You can mess with the headers if it a new change.  So try to incorporate other important changes to make it better.


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.


Just some thoughts