[ANN][ONC] Onecoin - CPU only - Pools opened!

[Luckybit]

Ok, you detractors, I might be incorrect here, but I don't think this is meant to be a serious coin. It's meant to make fun of all the supporters of new altcoins with smaller and smaller caps that are 'designed' to help 'increase the coins value'. It's drawing attention to the fact that all you're really doing with ultimate caps is moving the decimal place around.

Of course, I could be wrong, and this could be serious, in which case I would have to say it's fairly retarded.

I'm one of the supporters of coins with smaller and smaller caps because coins with larger and larger caps just end up being pump and dump coins.

Prove otherwise. Make a coin worth more than Bitcoin or Litecoin with a higher cap.

That said Onecoin takes it too far to the extreme. I support SLIGHTLY less than Bitcoin. 10 million coins is half of Bitcoin. 5 million is half of 10. But 1 coin is too much less. That's like if I make a coin called cloud coin and I say the cap is 500 trillion. This would be fine right?

[Rampion]

What a joke.

Go guys! Feel the rush to be an early adopter! Go make some money in scam coins and pump and dump schemes! Jump now on the train, because is leaving the station!

Pooooh pooooh...

[Petr1fied]

So the reward for finding a block is 0.0000005 OTC. Anyone want to guess on the starting LTC exchange rate?

10 LTC per 0.000005 OTC (10 blocks)?

Or will people just think this concept is taking the Bitbar (less means more) idea way to far.  

[Luckybit]

Here's a little tip, that all these new coin developers seem to miss out on. Do NOT start beginning difficulty at 0.  I can't tell you what the best starting difficulty would be, but I think we all should agree that 0 is not it.  

That's a good point, do you think that 0.25 is a suitable starting diff?

Ok, you detractors, I might be incorrect here, but I don't think this is meant to be a serious coin. It's meant to make fun of all the supporters of new altcoins with smaller and smaller caps that are 'designed' to help 'increase the coins value'. It's drawing attention to the fact that all you're really doing with ultimate caps is moving the decimal place around.

Of course, I could be wrong, and this could be serious, in which case I would have to say it's fairly retarded.

I don't make conclusions of seriousness of this attempt. It's just a try to make something a bit different, and if it won't be supported by the community, I won't be upset.

Too little differences versus already existing altcoins. Check how Royalcoin failed and get some clues from it.

So did Bytecoin, Feathercoin, CHNCoin fail?

I would mine your coin because I like deflationary coins from a collectors point of view but One coin kind of extreme don't you think?  That said I'll mine if and only if you actually intend on providing long term development support. If you're going to release this coin and walk away why should we bother with it? I like collecting coins, but not coins which developers don't support.

So the reward for finding a block is 0.0000005 OTC. Anyone want to guess on the starting LTC exchange rate?

10 LTC per 0.000005 OTC (10 blocks)?

Or will people just think this concept is taking the Bitbar (less means more) idea way to far.  

It's just numbers. I support deflationary instead of inflationary but not necessary to this extreme at this time. It would be like going from Bitcoin with 21 million to 2100 trillion the next coin. That is very very bad because the change is too significant. Going double the amount or half the amount of Bitcoin is safer.

That said it's all psychological. It's numbers. I'll support any coin which the developers take seriously and which provides a novel feature and this coin does provide a novel feature. It's worth collecting some portion of it just to see what happens with it so I'll mine a bit of it just to see, if the mining is fair and not premined garbage or set up so it's instamined.

[runam0k]

Need at least 2 of these - first to mine 2 coins, I'll buy!

[mc_lovin]

ETA?

[thesnoo23]

Ok, you detractors, I might be incorrect here, but I don't think this is meant to be a serious coin. It's meant to make fun of all the supporters of new altcoins with smaller and smaller caps that are 'designed' to help 'increase the coins value'. It's drawing attention to the fact that all you're really doing with ultimate caps is moving the decimal place around.

Of course, I could be wrong, and this could be serious, in which case I would have to say it's fairly retarded.

I'm one of the supporters of coins with smaller and smaller caps because coins with larger and larger caps just end up being pump and dump coins.

Prove otherwise. Make a coin worth more than Bitcoin or Litecoin with a higher cap.

That said Onecoin takes it too far to the extreme. I support SLIGHTLY less than Bitcoin. 10 million coins is half of Bitcoin. 5 million is half of 10. But 1 coin is too much less. That's like if I make a coin called cloud coin and I say the cap is 500 trillion. This would be fine right?

Sigh. Again, I see people talking about how much individual coins are worth.  

the success of a coin is not how much the individual coin is worth, but in how stable, accepted, and useful it is. So far, yes, bitcoin is winning. But it had a huge head start on most of the others, and litecoin is giving it a good run in terms of stability and acceptance.

[GSnak]

Hmm. BTCe smallest unit 0.00001. Oh well.

[NickCoin]

I can certainly do the logo design part of it, providing I get advance coin release notice 

[Luckybit]

Ok, you detractors, I might be incorrect here, but I don't think this is meant to be a serious coin. It's meant to make fun of all the supporters of new altcoins with smaller and smaller caps that are 'designed' to help 'increase the coins value'. It's drawing attention to the fact that all you're really doing with ultimate caps is moving the decimal place around.

Of course, I could be wrong, and this could be serious, in which case I would have to say it's fairly retarded.

I'm one of the supporters of coins with smaller and smaller caps because coins with larger and larger caps just end up being pump and dump coins.

Prove otherwise. Make a coin worth more than Bitcoin or Litecoin with a higher cap.

That said Onecoin takes it too far to the extreme. I support SLIGHTLY less than Bitcoin. 10 million coins is half of Bitcoin. 5 million is half of 10. But 1 coin is too much less. That's like if I make a coin called cloud coin and I say the cap is 500 trillion. This would be fine right?

Sigh. Again, I see people talking about how much individual coins are worth.  

the success of a coin is not how much the individual coin is worth, but in how stable, accepted, and useful it is. So far, yes, bitcoin is winning. But it had a huge head start on most of the others, and litecoin is giving it a good run in terms of stability and acceptance.

Bitcoin already is acceptable and useful. We need coins to store our wealth also. Where do we put our money when Bitcoin crashes? Cash out into USD? Hell no. We need store of value coins for the same reason we need gold bars so the concept behind Bitbar or Bitgold or whatever is sound.

You're looking for a currency, nothing stops you from just buying Bitcoins and trading them since they are clearly the most useful coins. But when those coins crash due to volatility then tell me the worth of each coin doesn't matter. When people buy Bitcoins and they find out their $260 purchase is now worth $50 you tell me it doesn't actually matter how much each coin is worth. It does matter when people start putting life savings into it. And yes we need coins for people to put their live savings into and clearly it's not Bitcoin.

[thesnoo23]

Ok, you detractors, I might be incorrect here, but I don't think this is meant to be a serious coin. It's meant to make fun of all the supporters of new altcoins with smaller and smaller caps that are 'designed' to help 'increase the coins value'. It's drawing attention to the fact that all you're really doing with ultimate caps is moving the decimal place around.

Of course, I could be wrong, and this could be serious, in which case I would have to say it's fairly retarded.

I'm one of the supporters of coins with smaller and smaller caps because coins with larger and larger caps just end up being pump and dump coins.

Prove otherwise. Make a coin worth more than Bitcoin or Litecoin with a higher cap.

That said Onecoin takes it too far to the extreme. I support SLIGHTLY less than Bitcoin. 10 million coins is half of Bitcoin. 5 million is half of 10. But 1 coin is too much less. That's like if I make a coin called cloud coin and I say the cap is 500 trillion. This would be fine right?

Sigh. Again, I see people talking about how much individual coins are worth.  

the success of a coin is not how much the individual coin is worth, but in how stable, accepted, and useful it is. So far, yes, bitcoin is winning. But it had a huge head start on most of the others, and litecoin is giving it a good run in terms of stability and acceptance.

Bitcoin already is acceptable and useful. We need coins to store our wealth also. Where do we put our money when Bitcoin crashes? Cash out into USD? Hell no. We need store of value coins for the same reason we need gold bars so the concept behind Bitbar or Bitgold or whatever is sound.

You're looking for a currency, nothing stops you from just buying Bitcoins and trading them since they are clearly the most useful coins. But when those coins crash due to volatility then tell me the worth of each coin doesn't matter. When people buy Bitcoins and they find out their $260 purchase is now worth $50 you tell me it doesn't actually matter how much each coin is worth. It does matter when people start putting life savings into it. And yes we need coins for people to put their live savings into and clearly it's not Bitcoin.

Bitcoin is being set up to be the default store of value coin. It's valuable, but while it IS currently used for most real world buy something transactions, it's not very good at it, due to block times and long waits for confimation. It's got a good setup as a savings account, but not so much as a checking account.

[TheSwede75]

I suggest you create something REALLY groundbreaking. ZERO-Coin! NO block reward at all! It's a purely imaginary coin with an arbitrary value depending on nothing at all. Best part, you wouldn't even need code. Just an announcement! I'm mining it already!

[cre8r]

I would mine your coin because I like deflationary coins from a collectors point of view but One coin kind of extreme don't you think?  That said I'll mine if and only if you actually intend on providing long term development support. If you're going to release this coin and walk away why should we bother with it? I like collecting coins, but not coins which developers don't support.

It's just numbers. I support deflationary instead of inflationary but not necessary to this extreme at this time. It would be like going from Bitcoin with 21 million to 2100 trillion the next coin. That is very very bad because the change is too significant. Going double the amount or half the amount of Bitcoin is safer.

That said it's all psychological. It's numbers. I'll support any coin which the developers take seriously and which provides a novel feature and this coin does provide a novel feature. It's worth collecting some portion of it just to see what happens with it so I'll mine a bit of it just to see, if the mining is fair and not premined garbage or set up so it's instamined.

I'm planning to support this coin until there is nobody to use it. Merging changes from upstream is a quite an easy task.
As a proof of my best intents the genesis block will include a URL to my latest post in this thread (which cannot be guessed before the post is sent), and the sources will be released as soon as the genesis block is mined.

[Petr1fied]

Need at least 2 of these - first to mine 2 coins, I'll buy!

There will never be 2 coins. The clue is in the name. It'll take a million mined blocks just to mint the first half of a single coin at which point the subsidy will half.

just another in a long line of joke alt coin announcements if you ask me.

[darkmule]

Okay.  I'm going to create a coin that is limited to a number of coins equal to the complex number, i - 1, divided by zero.

[Luckybit]

Ok, you detractors, I might be incorrect here, but I don't think this is meant to be a serious coin. It's meant to make fun of all the supporters of new altcoins with smaller and smaller caps that are 'designed' to help 'increase the coins value'. It's drawing attention to the fact that all you're really doing with ultimate caps is moving the decimal place around.

Of course, I could be wrong, and this could be serious, in which case I would have to say it's fairly retarded.

I'm one of the supporters of coins with smaller and smaller caps because coins with larger and larger caps just end up being pump and dump coins.

Prove otherwise. Make a coin worth more than Bitcoin or Litecoin with a higher cap.

That said Onecoin takes it too far to the extreme. I support SLIGHTLY less than Bitcoin. 10 million coins is half of Bitcoin. 5 million is half of 10. But 1 coin is too much less. That's like if I make a coin called cloud coin and I say the cap is 500 trillion. This would be fine right?

Sigh. Again, I see people talking about how much individual coins are worth.  

the success of a coin is not how much the individual coin is worth, but in how stable, accepted, and useful it is. So far, yes, bitcoin is winning. But it had a huge head start on most of the others, and litecoin is giving it a good run in terms of stability and acceptance.

Bitcoin already is acceptable and useful. We need coins to store our wealth also. Where do we put our money when Bitcoin crashes? Cash out into USD? Hell no. We need store of value coins for the same reason we need gold bars so the concept behind Bitbar or Bitgold or whatever is sound.

You're looking for a currency, nothing stops you from just buying Bitcoins and trading them since they are clearly the most useful coins. But when those coins crash due to volatility then tell me the worth of each coin doesn't matter. When people buy Bitcoins and they find out their $260 purchase is now worth $50 you tell me it doesn't actually matter how much each coin is worth. It does matter when people start putting life savings into it. And yes we need coins for people to put their live savings into and clearly it's not Bitcoin.

Bitcoin is being set up to be the default store of value coin. It's valuable, but while it IS currently used for most real world buy something transactions, it's not very good at it, due to block times and long waits for confimation. It's got a good setup as a savings account, but not so much as a checking account.

And we are on the same side here. What I'm promoting is virtual commodity coins which take on the role of default store of value so Bitcoins can evolve into a currency. Bitcoins will never evolve into a currency when there are no coins worth more than Bitcoins to put our savings into.

When I want to put my savings somewhere right now Bitcoin is a better place than the banks, maybe even could be better than gold someday, but that is not what Bitcoin was designed for and that is not going to be good for the long term viability of Bitcoin. Bitcoin has to transition into becoming a currency and the way to speed this up is to create virtual commodities so people can take their Bitcoins and buy these commodities and let these commodities go way up in $ value so that if Bitcoin goes down then through diversification our life savings, retirement, etc are safe. The idea of buying gold bars is silly, but the idea of buying virtual gold bars makes a lot of sense if you buy them with Bitcoins and who knows maybe something like Bitplatinum could come along and we can buy that when the price of Bitcoins is sinking and protect our selves knowing the value of Bitplatinum will never really lose it's $ value.

The niche exists, fill it and Bitcoin and Litecoin can become currencies. This would mean the price of Bitcoin and Litecoin would have to be around $60-70 not $100+. Eventually the Bitcoin price would even go down as people buy the virtual commodities for their long term investment purchases.

[eddyfitz]

What is the point for this coin? With old hashes and scrypt it will be just another altcoin...

[Luckybit]

I would mine your coin because I like deflationary coins from a collectors point of view but One coin kind of extreme don't you think?  That said I'll mine if and only if you actually intend on providing long term development support. If you're going to release this coin and walk away why should we bother with it? I like collecting coins, but not coins which developers don't support.

It's just numbers. I support deflationary instead of inflationary but not necessary to this extreme at this time. It would be like going from Bitcoin with 21 million to 2100 trillion the next coin. That is very very bad because the change is too significant. Going double the amount or half the amount of Bitcoin is safer.

That said it's all psychological. It's numbers. I'll support any coin which the developers take seriously and which provides a novel feature and this coin does provide a novel feature. It's worth collecting some portion of it just to see what happens with it so I'll mine a bit of it just to see, if the mining is fair and not premined garbage or set up so it's instamined.

I'm planning to support this coin until there is nobody to use it. Merging changes from upstream is a quite an easy task.
As a proof of my best intents the genesis block will include a URL to my latest post in this thread (which cannot be guessed before the post is sent), and the sources will be released as soon as the genesis block is mined.

Okay what about mining? is it going to have a 3 day rule where the difficulty is low and then on the third day a spike or is it going to be fair to mine over a period of weeks?

[cre8r]

Okay what about mining? is it going to have a 3 day rule where the difficulty is low and then on the third day a spike or is it going to be fair to mine over a period of weeks?

Right now I'm doing some calculations. The reward will gradually grow up during first 25000 blocks (I believe this will be enough for difficulty to settle), and after that default rules will apply.

[Luckybit]

Sounds good. I'll mine it. This reminds me of Obama's platinum coin http://gawker.com/5973717/your-guide-to-the-trillion+dollar-platinum-coin-that-obama-can-mint-to-save-the-world

People think the idea is unheard of but this was proposed as a solution to the deficit before it got blocked by expert economics who thought that it was too crazy.