[Announce] 6-Week Alt Announcement

[Tobius]

I'd just be careful about how high the coin generation can get... if the hash rate ever gets to high due to (for example) some sort of ASIC type hyper effienct miner, the coin would be subject to run away inflation... Not sure of the solution to that, but hey, there's 6 weeks

[mr_right]

what! really? you guys don't see he's joking?

[mokahless]

Someone really, really needs to make a coin called "altcoin"

[markm]

Yes, SQrtCoin (SQC) although I'd like the q to stay lowercase in the name (v not that it's my say )

Oh capitalising the letters in the name that make the symbol is just osmething I do to try to keep people aware of what the symbol is. Most folk only capitalise the initial letter, so it'd be Sqrtcoin when they write it.

-MarkM-

[FoundNemo]

WLC - WorldCoin
PCC - PeaceCoin
RDC - RedCoin
BLC - BlueCoin
UVC - UniversalCoin
ELC - EliteCoin

[FoundNemo]

WLC - WorldCoin
PCC - PeaceCoin
RDC - RedCoin
BLC - BlueCoin
UVC - UniversalCoin
ELC - EliteCoin

ZOC - ZRC - ZeroCoin

[FoundNemo]

WLC - WorldCoin
PCC - PeaceCoin
RDC - RedCoin
BLC - BlueCoin
UVC - UniversalCoin
ELC - EliteCoin

ZOC - ZRC - ZeroCoin

Donation's gladly accepted if you select my names - BTC 1FwsACfRyaH6fQhCz6BcQa7oWwyEEKueCP - lol

[kjlimo]

Congrats you're the next in line to figure out all you have to do is design a coin to make 100k within a week!

Hah, 100k what?  USD, BBQcoin, TRC, FTC...?

Ugh. All these altcoins are making me dizzy.

amen brother!

Someone really, really needs to make a coin called "altcoin"

That would really screw with my conversations!

[Vorksholk]

the best name is ChikunCoin! CHC

this is actualy an interesting experiment. some new idea of inflacoin.
just dont forget to change difficulty adjustment to PPC version.

Yeah, gonna try to tie in some difficulty adjustment scheme from PPC, might make minor changes.

I'd just be careful about how high the coin generation can get... if the hash rate ever gets to high due to (for example) some sort of ASIC type hyper effienct miner, the coin would be subject to run away inflation... Not sure of the solution to that, but hey, there's 6 weeks

Gonna add that point to op, that is another reason for the sqrt(hashRate)*C
Basically, if ASICs hit for Scrypt, the coin reward would go up, and naturally over time as hardware like GPUs gets faster the block reward will go up as well, but the square root means at some point it will reach a maturity point where large amounts of added hashing power have little affect on the reward.

Thanks for everyone's suggestions!

[Tobius]

I'd just be careful about how high the coin generation can get... if the hash rate ever gets to high due to (for example) some sort of ASIC type hyper effienct miner, the coin would be subject to run away inflation... Not sure of the solution to that, but hey, there's 6 weeks

Idea, One could have this sqrt growth until the network reaches a "hash rate of stability" Where the coin reward stops growing, and would remain there. From that point on, it could take on a Bitcoin style halving ritual up to a certain amount of coins (relative to the point at which it reaches "stability", not the initial zero point)

[Vorksholk]

I'd just be careful about how high the coin generation can get... if the hash rate ever gets to high due to (for example) some sort of ASIC type hyper effienct miner, the coin would be subject to run away inflation... Not sure of the solution to that, but hey, there's 6 weeks

Idea, One could have this sqrt growth until the network reaches a "hash rate of stability" Where the coin reward stops growing, and would remain there. From that point on, it could take on a Bitcoin style halving ritual up to a certain amount of coins (relative to the point at which it reaches "stability", not the initial zero point)

I like this idea, problem is determining the magic numbers . . .

[TheJuice]

So many coins these days. You're going to have to be very creative to make this stick.

[chriswen]

So many coins these days. You're going to have to be very creative to make this stick.

lol, do you really?

[Tobius]

I'd just be careful about how high the coin generation can get... if the hash rate ever gets to high due to (for example) some sort of ASIC type hyper effienct miner, the coin would be subject to run away inflation... Not sure of the solution to that, but hey, there's 6 weeks

Idea, One could have this sqrt growth until the network reaches a "hash rate of stability" Where the coin reward stops growing, and would remain there. From that point on, it could take on a Bitcoin style halving ritual up to a certain amount of coins (relative to the point at which it reaches "stability", not the initial zero point)

I like this idea, problem is determining the magic numbers . . .

Well, I'd try to think about what would determine "stable". Some sort of a point at which you could easily say that the coin is well supported and will continue to be mined at a somewhat regular rate. I'd cross compare with other coins, but I suppose that's for later time

Just as a random suggeston, how about a maximum of 256 coins per block (square that for a hash rate around 65GHs?) (256^2/1000 = Hashrate in KHs)

[cygnusxi]

Basically, if ASICs hit for Scrypt, the coin reward would go up, and naturally over time as hardware like GPUs gets faster the block reward will go up as well, but the square root means at some point it will reach a maturity point where large amounts of added hashing power have little affect on the reward.

This seems like a good enough effect to not need a block size cap. because as u said, hardware will get much faster. soon a teraflop card will be old news.

[Tobius]

Then from that point on, moving up towards X value of coins, (let's say 40 million)

So the total coins in circulation would be about 40 million + Whatever was made before stability

[Tobius]

Basically, if ASICs hit for Scrypt, the coin reward would go up, and naturally over time as hardware like GPUs gets faster the block reward will go up as well, but the square root means at some point it will reach a maturity point where large amounts of added hashing power have little affect on the reward.

This seems like a good enough effect to not need a block size cap. because as u said, hardware will get much faster. soon a teraflop card will be old news.

I guess you have a point... but I'd think that once this stability is reached, the coin would take on a bitcoin style difficulty management system, which would just make the hashes harder when some guy comes in with a AMD Radeon 9001X99 Super-Duper-Card GPU @ 999999999 PHs

[drawingthesun]

I think that having the supply tied by the square root is a good idea. A even better idea is to have no cap at all on coins.

After 20-50 years even though people can still mine and get a lot of coins, the inflation will be really small because the amount of coins in existence will always increase against the amount of coins mined. Because of this there is really no reason to cap or slow down the supply after a set amount of years. The volume of coins over the new coins will always increase thus decreasing inflation.

After a hundreds years inflation would be 0.0001% for example, but even this would be enough to keep people interested.

I really like this idea. If you add a cap then I think you will miss out on something important.

[Blue_oxen]

The coin itself will have a block reward that increases with hashing power.

I can see this causing a problem with value. as more miners come on it could case a surplus in coins. Having more supply than demand could cause a problem with coin valuation. IMHO I think it would be a good idea to put a hard cap on the number of coins possible no matter how high the hash rate gets.

My name suggestion: ROOTcoin a play on the square root calculation you are using. You could have the graphic on the coin be a tree showing its roots.

[NickCoin]

Name suggestions. I need them. Thanks

=> ZenCoin

I'm in. Supporting the coin as the designer. let me know if you need logo designed.
Sample work - I converted Feathercoin logo to vector lately: