[ANN] CHIPS - new altcoin - released soon

[vinne81]

I'm not looking to take over FIAT, I'm here for your entertainment  

Yes, another new coin, but this coin can be used for betting, without a casino site. You'll be betting within the blockchain! Please read more...

If you're not into gambling and hate new coins, skip this message

How can you bet
Anyone with CHIPS can send a number of his coins to a predefined address. (hard coded in the client/sourcecode) These coins are technically lost, no private key available. (we'd need a way to generate these in public so that there is no discussion that the private key IS unknown) Each address is matched with odds (for example 10% chance), and a multiplier. In our example: multiplier = x9.75. (Why not x10, see below) Basically, 2.5% is reserved for the miner.

What decides if you win or lose
The hash of the next generated block (or some hash related to it) will decide if your bet wins or loses, this way the network can verify. These winning coins will be generated towards the "inputs" of the bet transaction.

How can we make sure the block miner/creator includes the transactions (bets)?
For each bet, the block generator gets 2.5% of the wagered amount. This will make it interesting for them to include bets. We have no deflation/inflation, on average coin amounts stay the same. The miner is the house!


Other things will have to be decided later on (retarget time, starting diff) I’d mine a block every minute or so, so you’ll know your bet result in a minute.

I would implement a minimum fee for each transaction and/or bet to avoid small bets from flooding the chain.

Any suggestions are welcome, also, if you see any problems with the idea (technical implementation) , thanks for letting me know.

Let the flaming/bashing begin!!

Edit: nothing of course stands in the way of heavy early mining and early adopting like seems to be the rage these days

Edit2: and as the betting increased, miners get more and more coins. But those coins are generally "lost" by the others (2.5% disadvantage) - this keeps mining interesting! And the faint of heart who don't like gambling (do these people even exist) can just mine and get 2.5% from the crazy gamblers

[xibeijan]

Interesting idea.

[raintrain]

 Not the worse idea ever... When do we start?

[cheapbit]

please, no more junk alike coins

[vinne81]

please, no more junk alike coins

You don't roll the dice do you 

[raintrain]

OP, do you have necessary programming skills or just sharing your idea?

[thesnoo23]

please, no more junk alike coins

See, you see a new coin and don't even think about it before you call it junk.

the point of this coin ISN'T to compete with other coins, it's to GAMBLE, which can be FUN.

you know, FUN? that thing we sometimes go looking for?
 

[vinne81]

OP, do you have necessary programming skills or just sharing your idea?

I think I'll be able to pull it off, just not in the timeframe that I'm hoping for 

[Tobius]

This actually seems pretty fun

[tellmemiau]

the point of this coin ISN'T to compete with other coins, it's to GAMBLE, which can be FUN.

 Easy and smart concept, by the way. It MIGHT be popular...
 "released soon" - does it actually mean today?

[GSnak]

Edit: nothing of course stands in the way of heavy early mining and early adopting like seems to be the rage these days

Yeah it does, the starting diff. Start high and walk it down.

[TheSwede75]

10 posts by ONLY JR members reg. a new even shittier altcoin idea. Yeah, I'll be mining this all day long. FFS... just stop it.

[vinne81]

the point of this coin ISN'T to compete with other coins, it's to GAMBLE, which can be FUN.

 Easy and smart concept, by the way. It MIGHT be popular...
 "released soon" - does it actually mean today?

No, I'll give 7 days notice minimum. And no funny stuff, changing the date 4 hours before launch.

[thesnoo23]

10 posts by ONLY JR members reg. a new even shittier altcoin idea. Yeah, I'll be mining this all day long. FFS... just stop it.

poor swede. is us meanie jr's not paying attention to ur wizdums?

[MrWizard]

I don't like gambling, but I do encourage new alt-coins with new ideas.  Do you realize how much of crypto coins go to gambling sites.  I bet you do.  They will hate you with a passion for this and will heavily attack you.  Good luck with this, and be sure to heavy test on a testnet first before you go live.

[tellmemiau]

This concept may ruin the bitcoin economy significantly ),,,

[TheSwede75]

10 posts by ONLY JR members reg. a new even shittier altcoin idea. Yeah, I'll be mining this all day long. FFS... just stop it.

poor swede. is us meanie jr's not paying attention to ur wizdums?

^^ the quality to be expected from someone that spends more time on 9gag then he does sleeping.

[MrWizard]

This concept may ruin the bitcoin economy significantly ),,,

Well we covered the gambling angle of ALT-C's.  Now for the drugs.  How about a new coin where the reward is a stimulation of our brains reward center via an embedded electronic probe.

[thesnoo23]

This concept may ruin the bitcoin economy significantly ),,,

Well we covered the gambling angle of ALT-C's.  Now for the drugs.  How about a new coin where the reward is a stimulation of our brains reward center via an embedded electronic probe.

I like where your head is at. Very entrepreneurial

[dblink]

This coin could be fun. I like online gambling for fun without risking any money, and an alt coin is perfect for that!