Why can't we just release what everyone's thinking.

[Gamesfreak13563]

A new coin that has:

One-second transactions
Dynamic difficulty (readjusts every block)
A way to reclaim lost coins (No transactions for 365 days, coins start to trickle out of your account back into blocks at a slow rate)
sCrypt

[1715167687]

1715167687

[1715167687]

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[1715167687]

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[1715167687]

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[1715167687]

1715167687

[Matthew N. Wright]

One-second transactions

Bitcoin already has one second transactions, but it takes longer than one second to make sure no one is using 2 wallets in different locations for example to try and buy two different things with the same money. (Think of it as having a copy of your VISA card, taking it to two different stores and maxing it out at the exact same time. With a window of only 1 second, it'd probably be possible to rip one of those stores off).

Dynamic difficulty (readjusts every block)

Bitcoin already has dynamic difficulty, but it's hard to get a good average of how things are moving just by a single block. It'd be like trying to gauge how fast a car is going by taking just one picture of it. When the financial stake of all bitcoin holders is in play, a longer difficulty readjustment time is probably better.

A way to reclaim lost coins (No transactions for 365 days, coins start to trickle out of your account back into blocks at a slow rate)

This is a controversial subject, but the general rule is that if you lose money, there's a good reason for it. If you lose your USD from your wallet or your gold from your pocket, will the banks refund it? Why should Bitcoin? Especially considering the price of bitcoin is affected by the knowledge of how many coins there are. Randomly being able to bring those back now, after 4 years of bitcoin mining, would have an adverse effect and probably no one would agree with it imo.

sCrypt

I'd like to hear someone smarter than me explain why we can't have both.

[CoinHoarder]

1 second blocks would make for an extremely bloated block chain. Bitcoin's block chain is already nearing 7000 Mb and it's only a few years old, and its blocks are found 599 seconds slower than your idea.

This starts to be a problem when you increase block speed like some of the newer currencies. Feathercoin and Chinacoin block chain's will be extremely bloated if they are around long. Eventually it could take days to weeks to download their block chains.

[zerodrama]

Because people who think ahead use multiple wallets. So I could EASILY have a limit on each wallet and never reach into the wallet unless I go on a cruise.

How about we don't build a currency based on the impulsiveness and willingness to compromise strength for convenience that Joe Sixpack seems to have?

Also good luck explaining to Joe Sixpack that the money they put away from Xmas last year drained out because of non-use.

You take your daily routine for granted.

[zerodrama]

1 second blocks would make for an extremely bloated block chain. Bitcoin's block chain is already nearing 7000 Mb and it's only a few years old. And it calculates blocks 599 seconds slower than your idea.

This starts to be a problem when you increase block speed like some of the newer currencies. Feathercoin and Chinacoin Block Chain's will be extremely bloated if they are around long. Eventually it could take days to weeks to download their block chains.

Crypto Suicide: your blockchain downloads too slow for any new miners to be able to withdraw any coin for days. So they drop out, so the difficulty drops, so there's more blocks, SO IT TAKES LONGER TO DOWNLOAD.

[Gamesfreak13563]

One-second transactions

Bitcoin already has one second transactions, but it takes longer than one second to make sure no one is using 2 wallets in different locations for example to try and buy two different things with the same money. (Think of it as having a copy of your VISA card, taking it to two different stores and maxing it out at the exact same time. With a window of only 1 second, it'd probably be possible to rip one of those stores off).

Dynamic difficulty (readjusts every block)
A way to reclaim lost coins (No transactions for 365 days, coins start to trickle out of your account back into blocks at a slow rate)
sCrypt

Fair enough about the blockchain.

I've actually been thinking of some coin ideas. My idea's called CycleCoin and it would have ideas to get people to keep making transactions. Here's some more ideas:

-Built in distributed pool: No hitting solo blocks
-a built in donation system - request a donation of CycleCoin in the client and people can donate, like Kickstarter. As a reward for donating some of their coins, donaters will get a larger share of coins from mining until the difference is paid, but not past a certain point. Likewise people requesting donations must mine, and they get less coins from mining and can't make requests for donations until the difference is paid. This facilitates small transactions, a kind of "pay it forward".

[Matthew N. Wright]

-Built in distributed pool: No hitting solo blocks

Who would decide who "hit" the block? It could always be cheated. There are very real and complicated problems with decentralizing power and control. Bitcoin is a very, very sloppy mickey moused solution, but it is indeed intended to give us better ideas later.

-a built in donation system - request a donation of CycleCoin in the client and people can donate, like Kickstarter. As a reward for donating some of their coins, donaters will get a larger share of coins from mining until the difference is paid, but not past a certain point. Likewise people requesting donations must mine, and they get less coins from mining and can't make requests for donations until the difference is paid. This facilitates small transactions, a kind of "pay it forward".

Who would decide who is viable for donation or not? What if a scammer set up a fake donation group? This sounds like it needs complex oversight and management by people skilled in doing so, not just blind acceptance from some people on the network (which is what bitcoin currently does).

[evilpete]

Dynamic difficulty (readjusts every block)

This undermines some of the anti-blockchain-fork mechanics.

Suppose that due to a bug (or politics), 5% of the users split off on their own minority chain.  If difficulty adjusts *quickly* then their chain acquires blocks at the same rate as the main chain.  If the 5% guys get a lucky run suddenly their chain is longer than the main chain and the network reorganizes.

Bitcoin's 2 week adjustments are a feature, not a bug.  It is there to ensure small minority forks are dead in the water and can't reasonably catch up anywhere close enough to risk causing a reorganization - and unconfirming a whole pile of transactions.

[Walter Rothbard]

A new coin that has:

One-second transactions
Dynamic difficulty (readjusts every block)
A way to reclaim lost coins (No transactions for 365 days, coins start to trickle out of your account back into blocks at a slow rate)
sCrypt

Release it, and let's see what happens.