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Author Topic: new currencies based on bitcoins  (Read 1388 times)
hidden_citizen
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November 30, 2010, 06:14:09 PM
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What if somebody wants to start a new currency based on bitcoins with some changes in mechanism (for exaqmle suggested here or any other), or even without any changes but for special purpose or within a special society? Bitcoin is open source, so I don't see any technical problems with that. Also, we would have a speculation market between two bitcoin currencies, which could be a way of earning bitcoins for newbies. So, what do you think of the idea?
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FreeMoney
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November 30, 2010, 06:24:14 PM
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What if somebody wants to start a new currency based on bitcoins with some changes in mechanism (for exaqmle suggested here or any other), or even without any changes but for special purpose or within a special society? Bitcoin is open source, so I don't see any technical problems with that. Also, we would have a speculation market between two bitcoin currencies, which could be a way of earning bitcoins for newbies. So, what do you think of the idea?

It's totally possible technically. You might think about why test network coins have such an unfavorable exchange rate with bitcoin though. It always makes sense to join the strongest and most widely accepted chain unless there is some major improvement in the new one. This is good though because focusing all generation on one chain maximizes the difficulty of a takeover.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
theymos
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November 30, 2010, 06:25:31 PM
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It's pretty easy to do. Bitcoin already contains an alternate network with a different genesis block and different network parameters (the minimum difficulty is lower to make generating easier).

Competing with Bitcoin will be almost impossible, however. You'd have to offer something really good.

1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
hidden_citizen
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November 30, 2010, 06:32:51 PM
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Bitcoin already contains an alternate network with a different genesis block and different network parameters (the minimum difficulty is lower to make generating easier).
Never heard of it. Where can I read about it? Somebody, give me a link please.
SmokeTooMuch
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November 30, 2010, 06:53:22 PM
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http://bitcointalk.org/index.php?topic=363.0

Date Registered: 2009-12-10 | I'm using GPG, pm me for my public key. | Bitcoin on Reddit: https://www.reddit.com/r/btc
You like what I'm doing? Why don't you send me a coin: 17Pj8jpUgY6qTaKgiopL5U48zxU4rTrkuB
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November 30, 2010, 07:03:22 PM
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Better not to, fragmentation is really bad for starting open source projects...

Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
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November 30, 2010, 07:06:52 PM
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Better not to, fragmentation is really bad for starting open source projects...


It's not that he ought not, it's just that it won't really work. If we had to depend on everyone not doing something, we'd be screwed. Bitcoin has a good chance because the right incentives exist to get everyone to work together.

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wumpus
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November 30, 2010, 07:27:37 PM
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I hope that you are right Smiley

Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
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December 01, 2010, 09:10:07 AM
 #9

It's pretty easy to do. Bitcoin already contains an alternate network with a different genesis block and different network parameters (the minimum difficulty is lower to make generating easier).

Competing with Bitcoin will be almost impossible, however. You'd have to offer something really good.

It'll probably go down like this: Circa 2014.  I'll trade my 50 BTC for 0.214 of your OBX (Oprah Bux) -- which is just enough for the iPhone 6 my girlfriend wants.



[Edit: Changed currency name and added code OBX.]

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