CRC: Crazy Rabbit Coin : AKA Bitcoin Testnet - The best Alt coin there is?

[crazy_rabbit]

So I'm thinking about making my own alt-coin. A number of people have written to me about the idea and I've been thinking about it for awhile.

A few characteristics I thinking about:

1. RUC style alternating hash algo to prevent (hopefully) jerks with ASICs or early adopters who want to crush the project. (that's RUC coin right?)

2. Fast retargeting a-la Terracoin, so confirmations are snappy.

3. A massive premine for me and maybe some friends who would like to be involved. Why lie? Premine sucks because people lie about it and pretend to be angels. I'd be honest and open about it- if you're cool with that, join the train, if not- well, not like there aren't enough alt coins to go around these days. How does a premine hurt you, potential miner? It doesn't. Someone always has more coins then you and life goes on. What sucks is the real sense of unfairness about being mislead about a premine. Who knows. So far all the premined coins came about where the developers lied about the premine (do I name names?), were jerks about it the whole way through (SolidCoin), or claimed noble intentions in a very odd way (FRC).

Any thoughts? Is a scam really a scam if you know it's a scam?

[FuzzyBear]

I hope I am ur friend and yeah i'd be in on this just because its you

tbh my thoughts were almost to re-release NVC without the pre-mine.. make it publicly aware ahead of the time that the release date would be in 2 weeks time at X hours GMT or something like that and offer all the necessary builds, pools, solo mining guides etc and see what people think

[jubalix]

So I'm thinking about making my own alt-coin. A number of people have written to me about the idea and I've been thinking about it for awhile.

A few characteristics I thinking about:

1. RUC style alternating hash algo to prevent (hopefully) jerks with ASICs or early adopters who want to crush the project. (that's RUC coin right?)

2. Fast retargeting a-la Terracoin, so confirmations are snappy.

3. A massive premine for me and maybe some friends who would like to be involved. Why lie? Premine sucks because people lie about it and pretend to be angels. I'd be honest and open about it- if you're cool with that, join the train, if not- well, not like there aren't enough alt coins to go around these days. How does a premine hurt you, potential miner? It doesn't. Someone always has more coins then you and life goes on. What sucks is the real sense of unfairness about being mislead about a premine. Who knows. So far all the premined coins came about where the developers lied about the premine (do I name names?), were jerks about it the whole way through (SolidCoin), or claimed noble intentions in a very odd way (FRC).

Any thoughts? Is a scam really a scam if you know it's a scam?


Count me in!!!

Also I wrote a thread on how all coins are premined in fact, or de=facto, and the declared premines actuaully let you price in the risk of the coin better than guessing....

we need a good name....

I think fast is good, and asic resistant to be broad base.

[r3animation]

I'll happily join you in pre-mining.

[temor]

Why not also set a fixed $price / coin before the launch to avoid all speculation? How about $10 / coin?

[jubalix]

Why not also set a fixed $price / coin before the launch to avoid all speculation? How about $10 / coin?

and how would you make people pay this???

[crazy_rabbit]

Why not also set a fixed $price / coin before the launch to avoid all speculation? How about $10 / coin?

That won't work. You can't arbitrarily decide the price of something, it would have to be free market.

[jubalix]

Why not also set a fixed $price / coin before the launch to avoid all speculation? How about $10 / coin?

That won't work. You can't arbitrarily decide the price of something, it would have to be free market.

Low number coin say 11 mill, but I think the les ratio pay per block is goo, keeps miner mining longer.....

[temor]

and how would you make people pay this???

In the same way you "make" people buy BTC and LTC and what have you. If someone wants it, they are gonna buy it.

That won't work. You can't arbitrarily decide the price of something, it would have to be free market.

The market would still be free. If someone suddenly decides that it's worth more than $10, then so be it, it's not like someone is going to stop them from paying more ( or less ), is there?
Having set a starting point guarantees you massive profit, and isn't that the point of premining?

[jubalix]

and how would you make people pay this???

In the same way you "make" people buy BTC and LTC and what have you. If someone wants it, they are gonna buy it.

That won't work. You can't arbitrarily decide the price of something, it would have to be free market.

The market would still be free. If someone suddenly decides that it's worth more than $10, then so be it, it's not like someone is going to stop them from paying more ( or less ), is there?
Having set a starting point guarantees you massive profit, and isn't that the point of premining?

so what would stop other miners coming on chain and underselling you?

[crazy_rabbit]

Why not also set a fixed $price / coin before the launch to avoid all speculation? How about $10 / coin?

Actually, you might be on to something there.

[pyra-proxy]

Why not also set a fixed $price / coin before the launch to avoid all speculation? How about $10 / coin?

That won't work. You can't arbitrarily decide the price of something, it would have to be free market.

It could work actually, kind of similar to a stock offering, by using a "reserve" asset.  In this case let's say you peg/reserve off of Litecoin.  What you do is "pre mine" all the coins you'll ever create, let's say you peg the price against LTC at 1000 CRC to 1 LTC.  Then on exchange you offer to sell all the coins at that rate, and conversely offer to buy all the coins back at that rate, this "fixes" the price at that rate until all coins have been bought from the reserve, after which time the coins can only rise in value from the 1000 to 1 ratio set at inception.  The funds have to be safely saved and preserved indefinitely however for this to work long term.  The best part of this is that since you potentially hold massive amounts of the reserve currency the rarity of it rises and the reserve value increases which further increases the currency you issue.  In the age of crypto the general public can easily monitor that you do in fact have a full reserve and are not gaming the system by establishing a secret fractional reserve ratio.

The long con here is a mass sell off of the reserve once its been filled, leaving a now unbacked currency in its wake ala the Nixon/USA gold/usd severence.

[crazy_rabbit]

Why not also set a fixed $price / coin before the launch to avoid all speculation? How about $10 / coin?

That won't work. You can't arbitrarily decide the price of something, it would have to be free market.

It could work actually, kind of similar to a stock offering, by using a "reserve" asset.  In this case let's say you peg/reserve off of Litecoin.  What you do is "pre mine" all the coins you'll ever create, let's say you peg the price against LTC at 1000 CRC to 1 LTC.  Then on exchange you offer to sell all the coins at that rate, and conversely offer to buy all the coins back at that rate, this "fixes" the price at that rate until all coins have been bought from the reserve, after which time the coins can only rise in value from the 1000 to 1 ratio set at inception.  The funds have to be safely saved and preserved indefinitely however for this to work long term.  The best part of this is that since you potentially hold massive amounts of the reserve currency the rarity of it rises and the reserve value increases which further increases the currency you issue.  In the age of crypto the general public can easily monitor that you do in fact have a full reserve and are not gaming the system by establishing a secret fractional reserve ratio.

The long con here is a mass sell off of the reserve once its been filled, leaving a now unbacked currency in its wake ala the Nixon/USA gold/usd severence.

Indeed!

[wizzardTim]

I'll happily join you in pre-mining.

Me too!! I also own a bunny, so it's kinda a must 

[mr_random]

Smoothie will troll you to the ends of the earth if you release this coin  

I'm not necessarily against a (small) pre-mine to reward the development effort, but only if the coin offers new ideas and takes time to develop. Otherwise... you know how it looks

[crazy_rabbit]

Smoothie will troll you to the ends of the earth if you release this coin 

I'm not necessarily against a (small) pre-mine to reward the development effort, but only if the coin offers new ideas and takes time to develop. Otherwise... you know how it looks

I promise to a) make it different, if only in a really small way and b)not promise to solve any new problem. :-)

[crazy_rabbit]

Why not also set a fixed $price / coin before the launch to avoid all speculation? How about $10 / coin?

That won't work. You can't arbitrarily decide the price of something, it would have to be free market.

It could work actually, kind of similar to a stock offering, by using a "reserve" asset.  In this case let's say you peg/reserve off of Litecoin.  What you do is "pre mine" all the coins you'll ever create, let's say you peg the price against LTC at 1000 CRC to 1 LTC.  Then on exchange you offer to sell all the coins at that rate, and conversely offer to buy all the coins back at that rate, this "fixes" the price at that rate until all coins have been bought from the reserve, after which time the coins can only rise in value from the 1000 to 1 ratio set at inception.  The funds have to be safely saved and preserved indefinitely however for this to work long term.  The best part of this is that since you potentially hold massive amounts of the reserve currency the rarity of it rises and the reserve value increases which further increases the currency you issue.  In the age of crypto the general public can easily monitor that you do in fact have a full reserve and are not gaming the system by establishing a secret fractional reserve ratio.

The long con here is a mass sell off of the reserve once its been filled, leaving a now unbacked currency in its wake ala the Nixon/USA gold/usd severence.

What if I backed the coin with gold? :-)

[conspirosphere.tk]

To get the resources to back it or fix its price in BTC at least initially, you could find a way to sell pre-mining "licenses" i.e. to restrict the permissions to mine it at least initially.
But I concur that your Rabbit-coin must offer some substantial improvement /advantage to have some chances.

[akumaburn]

Count me in  

Price-fixing is easy(as mentioned above), just offer to sell it at a given price, and then buy your own coins. That will create a precedent for its value(don't make it too obvious- we will have to bury this thread later ).

[pyra-proxy]

Why not also set a fixed $price / coin before the launch to avoid all speculation? How about $10 / coin?

That won't work. You can't arbitrarily decide the price of something, it would have to be free market.

It could work actually, kind of similar to a stock offering, by using a "reserve" asset.  In this case let's say you peg/reserve off of Litecoin.  What you do is "pre mine" all the coins you'll ever create, let's say you peg the price against LTC at 1000 CRC to 1 LTC.  Then on exchange you offer to sell all the coins at that rate, and conversely offer to buy all the coins back at that rate, this "fixes" the price at that rate until all coins have been bought from the reserve, after which time the coins can only rise in value from the 1000 to 1 ratio set at inception.  The funds have to be safely saved and preserved indefinitely however for this to work long term.  The best part of this is that since you potentially hold massive amounts of the reserve currency the rarity of it rises and the reserve value increases which further increases the currency you issue.  In the age of crypto the general public can easily monitor that you do in fact have a full reserve and are not gaming the system by establishing a secret fractional reserve ratio.

The long con here is a mass sell off of the reserve once its been filled, leaving a now unbacked currency in its wake ala the Nixon/USA gold/usd severence.

What if I backed the coin with gold? :-)

You could but then it becomes hard for john q public to verify you still hold the gold you promise to hold.  If you actually wanted to test this idea, backing with btc is the way to go given the current value of bitcoin.  1000 to 1 ratio would help reduce tx fees and keep smaller payment amounts more readily available.

If you keep your confirmation times low, say 1.5 mins or some such it also provides a quicker way for people to move btc between exchanges etc.  so something that might prove useful to people... heck you could do a 100000000 to 1 ratio and call your coin satoshis or something with the whole goal of keeping micro payments a realistic possibility for bit coin.  The tight coupling should work well for adoption too.