New coin FairCoin (FAC) Concept, needs ur opinion

[wisscot]

Are you tired of so many new and pump&dump coins? Once a new coin comes out, people jumped in and then flee away when the difficulty increases. The author and the people mining in the first couple of hours or days gained huge profit which is not fair to others. That’s the problem for every kind of coin so far.

Here I would like to propose a new coin FairCoin without the “huge early adoption advantage”.  The basic idea is that:
1.   Base on Scrypt. (Maybe another one for SHA1 later)
2.   Coin rewards are proportional to difficulty. A 1000khash/s machine will generate 1 FairCoin/day approximately, no matter when you join.
3.   The reward/difficulty decreases linearly to fit the Moore's law. After 18 month, the ratio of reward/difficulty will be halved.
        So, the annual FairCoin production rate would be almost constant.
4.   Annual coin production rate: 18 millioin
        (estimated at 50Ghash/s network hashrate right now)
5.   Maximum coins available:  2 billion FairCoins
6.   Years to mine all the FairCoins: about 111 years.
7.   Retarget difficulty time: 1 day
8.   Block generation time: 1 minute

So what do you think? It is fair for most people to me. No one even the developer can take advantage of that. Leave me a comment. Any input is appreciated.

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[markm]

Change the name, it is too easily confused with fairbrix.

e.g. bitstart.sh, devstart.sh, fairstart,sh, namestart.sh, groupstart.sh startup scripts for starters.

Then on into greps and wildcards too, adding keystrokes needed to find stuff.

Etc.

-MarkM-

[Praxis]

What about RedCoin ?

[markm]

2.   Coin rewards are proportional to difficulty. A 1000khash/s machine will generate 1 FairCoin/day approximately, no matter when you join.

Is basically not possible, sorry.

(No way to know your machine details, lots of ways to split up stronger machine into appearing as smaller ones etc.)

EDIT: Maybe you just mislead with that wording.

Machine maybe irrelevant. Coins per hashpower is do-able, machines we have no knowledge of.

It just means the more of the earth's entire energy budget we burn hashing, the more coins in total we will create, so the more money people spend on mining gear the more the market will be flooded with coins, so insane amounts of hashing farms lead to insane amounts of coins, at some point presumably lowering the value of the coins, whereupon what does it matter how many coins you have, what really matters is whether prices in terms of that coin skyrocket so high that no amount of coins will ever be enough for little sally's smartphone to put her children and grandchildren through university.

EDIT: Nowadatys really about the only thing you need to make a coin fair is for its difficulty to be approriate to the amount of hashing it is getting, which is accomplished best by simply mining coins that already exist instead of launching new ones.

-MarkM-

[seleme]

Could coin be time based and not computing power one?

Like you get as much of reward as how much time you run it's "miner" on your pc.

It's still favorize botnets and it's not really based on bitcoin idea but it's probably the most fair option that could be adopted by highest number of people.

[gabbynot]

Change the name, it is too easily confused with fairbrix.

e.g. bitstart.sh, devstart.sh, fairstart,sh, namestart.sh, groupstart.sh startup scripts for starters.

Then on into greps and wildcards too, adding keystrokes needed to find stuff.

Etc.

-MarkM-

Too close to Freicoin as well.

[markm]

Real fairness is maybe best aimed for by taking advantage of certain habits of the rich and the poor.

For example if you reward actual human behavior rather than the behavior of machinery, owning machinery could become less of a factor. If you reward more per day than a poor person could live on but less than a rich person would charge for performing personally some mindless turing test task, the rich people might hire poor people to do it instead of doing it themselves, and take just a cut from each of many poor people's award instead of the entire amount they could get by performing the mindless turing test themselves.

The concept of a turing test that is mindless though seems possibly oxymoronic, thus worth meditating upon I think.

-MarkM-

[wisscot]

2.   Coin rewards are proportional to difficulty. A 1000khash/s machine will generate 1 FairCoin/day approximately, no matter when you join.

Is basically not possible, sorry.

(No way to know your machine details, lots of ways to split up stronger machine into appearing as smaller ones etc.)

EDIT: Maybe you just mislead with that wording.

-MarkM-

Sorry I didn't make it clear. What I mean is that the coin in one block is proportional to difficulty but still in one block. It will be awarded to the people who mined it. The "1000khash/s=1 FairCoin/Day" is the average value, e.g. when joined a pool.

[Luckybit]

What if the coin takes turns between optimizing for ASIC, GPU and CPU at different times during the day?

[thesnoo23]

Elacoin is doing the reward increase/network hashrate thing

https://bitcointalk.org/index.php?topic=203647.0

[wisscot]

What if the coin takes turns between optimizing for ASIC, GPU and CPU at different times during the day?

I don't quite understand your question. Do you mean later on people use ASIC to mine scypt-algo coin? The miner would still get the same proportion coins compared to the total coins mined at the moment.

[wisscot]

Elacoin is doing the reward increase/network hashrate thing

https://bitcointalk.org/index.php?topic=203647.0

I know that. I am glad that someone implement it since I don't have time to do it.

[cryptohunter]

Are you tired of so many new and pump&dump coins? Once a new coin comes out, people jumped in and then flee away when the difficulty increases. The author and the people mining in the first couple of hours or days gained huge profit which is not fair to others. That’s the problem for every kind of coin so far.

Here I would like to propose a new coin FairCoin without the “huge early adoption advantage”.  The basic idea is that:
1.   Base on Scrypt. (Maybe another one for SHA1 later)
2.   Coin rewards are proportional to difficulty. A 1000khash/s machine will generate 1 FairCoin/day approximately, no matter when you join.
3.   The reward/difficulty decreases linearly to fit the Moore's law. After 18 month, the ratio of reward/difficulty will be halved.
        So, the annual FairCoin production rate would be almost constant.
4.   Annual coin production rate: 18 millioin
        (estimated at 50Ghash/s network hashrate right now)
5.   Maximum coins available:  2 billion FairCoins
6.   Years to mine all the FairCoins: about 111 years.
7.   Retarget difficulty time: 1 day
8.   Block generation time: 1 minute

So what do you think? It is fair for most people to me. No one even the developer can take advantage of that. Leave me a comment. Any input is appreciated.

sounds good and i like the name, was thinking one would come out called faircoin since there has been so much hate on the instamining.

[rouf553]

Too many coins............

Please make it "UnfairCoin"

[LOG123]

FAC your SUC coin

[TheSwede75]

IMHO, JR members should not be allowed to Announce Copy-pasta coins. This is getting out of control. Why don't all you JR members just join hands and start 'N00b-Coin' that you can buy and sell with eachother?

[thesnoo23]

IMHO, JR members should not be allowed to Announce Copy-pasta coins. This is getting out of control. Why don't all you JR members just join hands and start 'N00b-Coin' that you can buy and sell with eachother?

In my opinion, anyone who wants to can make any kind of coin they want to whenever they want to, because the entire point of crypto currencies is that no central authority controls then, and no one gets to dictate what they're worth, when, how, and by whom they can be launched. It's about the free market. In a free market, I get to sell an idea however I want, even if it's someone else sold it before me and I just slapped on a new coat of paint.

[AlexRu]

No longer need coins!