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

[BBQKorv]

You can silence my upcoming premine nagging with only like 10k coins. 

[alex_fun]

Coin mania haha

[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? :-)

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.

It might be interesting to use Coloured Coins for this, no?

[pyra-proxy]

The huge technical innovation you can probably work out with smart people is how to do this decentrally....ie. the bit coin storage is not controlled by 1 person/group but can still be accessed somehow perhaps via an innovative mining process in your new coin, maybe the reserve wallet is somehow hidden and protected in the new block chain and the default exchange is the new coins block chain.  I.e. send btc to your reserve rabbit address and the btc gets stuffed into the reserve and rabbit coins are issued to your personal rabbit address or something?  When you want rabbit reserve back you issue reserve to you btc by sending rabbit coins.  Full reserve causes btc refund.... heck you may be able to make it so that there is no such thing as full reserve and new rabbit coins are created with btc deposits and rabbit coins are destroyed when there is btc withdrawels.

A decentralized reserve based currency would have many desirable properties and provide some better solutions to questions like what happens when there are not enough btc for all humanity, shifting decimal places not being a good answer.... This type of coin system can be spawned indefinitely as liquidity demands it.

BTC --> CRC --> nanorabitcoin --> atomiccoin ......

[pyra-proxy]

It might be interesting to use Coloured Coins for this, no?

Don't know much about that effort to be honest....

[alex_fun]

join in freenode #crazycoin 

[crazy_rabbit]

It might be interesting to use Coloured Coins for this, no?

Don't know much about that effort to be honest....

It's quite interesting actually: https://bitcointalk.org/index.php?topic=106373.0

You might want to take a look. It uses regular bitcoins but allows you to track individual bitcoins so that you can create a 'private' currency using them.

[Walter Rothbard]

Rabbit, if you start a coin, I'll support it on RBCex from day 1, premine or not, whether I'm in on it or not.

[Bitsky]

As someone who worked with you before I'd take this chance to jump on the train as an early adopter

[Walter Rothbard]

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

Why does everybody think speculation is bad?  Just because governments have made speculators a scapegoat for generations, that doesn't mean they are actually a problem.

[crazy_rabbit]

So I have come up with an idea for an 'alt-coin' of sorts. I think it will be very controversial yet extremely popular very quickly. I've put everything I need together to start mining it so I'm starting now (my premine) but it won't seem like a premine. Indeed it won't be a premine at all. It's a bit 'crazy' but you'll see why. When I have my 'premine' ready I'll announce via email to everyone who sends an email to a specific email address, but I haven't set that up yet. But already people are crazy PMing me, so just hold on a little bit. I'll give an email out and everyone who writes to that email will get a message for when to start their premine and then I'll announce publicly a week after that.

Sound like a crazy enough scheme for everyone? I think it's going to be crazy controversial, yet- I would argue it was inevitable in some sense.

[pyra-proxy]

So I have come up with an idea for an 'alt-coin' of sorts. I think it will be very controversial yet extremely popular very quickly. I've put everything I need together to start mining it so I'm starting now (my premine) but it won't seem like a premine. Indeed it won't be a premine at all. It's a bit 'crazy' but you'll see why. When I have my 'premine' ready I'll announce via email to everyone who sends an email to a specific email address, but I haven't set that up yet. But already people are crazy PMing me, so just hold on a little bit. I'll give an email out and everyone who writes to that email will get a message for when to start their premine and then I'll announce publicly a week after that.

Sound like a crazy enough scheme for everyone? I think it's going to be crazy controversial, yet- I would argue it was inevitable in some sense.

You should support another bit-tech group https://bitmessage.org/wiki/Main_Page and create a mailing list there for people to subscribe to :-)   to send your announcements to, I believe you can create the address and people can subscribe to it for the notification

[bopbeep]

wowowow
this has potential
i'm loving these new coin ideas
maybe after the premine, everyone gets the same amount of coins no matter what their hash rate is
(idea stolen from coinmunism https://bitcointalk.org/index.php?topic=188474.msg1953085#msg1953085)

where can i buy some of these crazy rabies coins?

[crazy_rabbit]

So I have come up with an idea for an 'alt-coin' of sorts. I think it will be very controversial yet extremely popular very quickly. I've put everything I need together to start mining it so I'm starting now (my premine) but it won't seem like a premine. Indeed it won't be a premine at all. It's a bit 'crazy' but you'll see why. When I have my 'premine' ready I'll announce via email to everyone who sends an email to a specific email address, but I haven't set that up yet. But already people are crazy PMing me, so just hold on a little bit. I'll give an email out and everyone who writes to that email will get a message for when to start their premine and then I'll announce publicly a week after that.

Sound like a crazy enough scheme for everyone? I think it's going to be crazy controversial, yet- I would argue it was inevitable in some sense.

You should support another bit-tech group https://bitmessage.org/wiki/Main_Page and create a mailing list there for people to subscribe to :-)   to send your announcements to, I believe you can create the address and people can subscribe to it for the notification

brilliant! I agree! I will do that instead of an email.

[Walter Rothbard]

So I have come up with an idea for an 'alt-coin' of sorts. I think it will be very controversial yet extremely popular very quickly. I've put everything I need together to start mining it so I'm starting now (my premine) but it won't seem like a premine. Indeed it won't be a premine at all. It's a bit 'crazy' but you'll see why. When I have my 'premine' ready I'll announce via email to everyone who sends an email to a specific email address, but I haven't set that up yet. But already people are crazy PMing me, so just hold on a little bit. I'll give an email out and everyone who writes to that email will get a message for when to start their premine and then I'll announce publicly a week after that.

Sound like a crazy enough scheme for everyone? I think it's going to be crazy controversial, yet- I would argue it was inevitable in some sense.

You should support another bit-tech group https://bitmessage.org/wiki/Main_Page and create a mailing list there for people to subscribe to :-)   to send your announcements to, I believe you can create the address and people can subscribe to it for the notification

brilliant! I agree! I will do that instead of an email.

Haha!  I shall be forced to learn bitmessage, finally.

[Walter Rothbard]

So I have come up with an idea for an 'alt-coin' of sorts. I think it will be very controversial yet extremely popular very quickly.

Very controversial yet extremely popular very quickly?  Sounds just like every other altcoin!

[Walter Rothbard]

RBCex is officially supporting CRC, as of now.  You can place CRC buy orders immediately, in any other supported currency (BTC, LTC, BTE, TRC, BBQ, FC).  Sell orders will be available as soon as anybody has any CRC to send.

[milly6]

Has this chain actually started? Id love to get in.

[Walter Rothbard]

CRC is gonna need a logo...

[pyra-proxy]

New record? Exchange and logo before the coin exists?