I have a suggestion for a new currency

[MooC Tals]

https://bitcointalk.org/index.php?topic=195805.msg2320167#msg2320167

I will quote it here.

Well it's almost 30 days later and it's about 0.13 of a bitcoin however I am still interested in the currency. I don't know why, mostly watching and I tried to mine it however it seems difficult. I'm very late to all currencies and most alts seem to suggest quite a bit of hubris at the start and slowly shrink and find their spot on the market some just die all together.

Mostly from people losing interest and also jealousy from pre-mining. I know everyone knows this and is not needed by me to tell everyone.

Now I'm not currency expert but if you want to keep people attention (the right people) and you just can't really do anything about the premining of early adopters then why not have the coin offer smaller rewards at the beginning and increase as time goes on and then stops increasing at a point.


1-100k blocks  rewards     1 coins
100k -500k rewards         10 coin
500k-1m rewards            50 coins
1m-5m rewards              75 coins
5m-10m rewards            100 coins



Basically the reward is according to the currencies money supply. The more that exists the greater the reward as it matures gaining the interest of all types of currency adopters from miners to speculators. This also keeps the currency alive with miners and the processing of transactions going.

This is just a rough example just to show the idea in practice

This will make the later adopters interested and NOT jealous
this will make everyone keep interest in mining.
This will have people hold on to the currency and not dump it
This will have people interesting in investing into the currency.

I believe it solves a great deal of the issues we are seeing with alt-currencies today.

What do you guys think? Is it doable?

[Fuserleer]

That's an inflationary currency, that will inflate faster as time goes on which you don't really want.

Ideal you want a steady, nominal, consistent rate of inflation, or none at all.  The jury is still out on whether deflationary will prove better.

[MooC Tals]

That's an inflationary currency, that will inflate faster as time goes on which you don't really want.

Ideal you want a steady, nominal, consistent rate of inflation, or none at all.  The jury is still out on whether deflationary will prove better.

Thanks for your interest btw

Yes I know that but I did add this provision here.

increase as time goes on and then stops increasing at a point.

The inflation is temporary to alleviate the pre-mine stigma. At the point where it stops should likely be where the currency is full pre-mined. Then people who do become interested in the currency(speculators) along with the preminers holding giving the currency a chance to survive the IPO slaughter.

[Geocen]

Nibble did that.

[MooC Tals]

Nibble did that.

Oh crap!

Thanks I found it!

I'mma go check it out

[Geocen]

Nibble did that.

Oh crap!

Thanks I found it!

I'mma go check it out

Yeah it actually worked out really well.  Seemed really fair to everyone and it's still working.

[MooC Tals]

Nibble did that.

Oh crap!

Thanks I found it!

I'mma go check it out

Yeah it actually worked out really well.  Seemed really fair to everyone and it's still working.

Whats with all the phishing stuff. I like the idea however that's pretty concerning. I was just reading the announcement thread and it seems like any other cyrpto out there being bashed.

I dunno if I should download the client. I'm tempted to

[erk]

That's an inflationary currency, that will inflate faster as time goes on which you don't really want.

Ideal you want a steady, nominal, consistent rate of inflation, or none at all.  The jury is still out on whether deflationary will prove better.

Only if nobody mines it and the hashing power remains the same. However that would mean we don't reach the later blocks anyway. It's quite obvious that the current system implemented by BTC is extremely flawed, more and more people pour killowatts into mining BTC each day and the reward gets less and less. The price rise in BTC has not been enough to compensate for the difficulty increases for ages. CPU and older GPU's cant cover their electricity cost. It's even worse for the alt coins that are trading below the BTC profitability.

Not saying what has been proposed would be an answer, just pointing out that there is a problem which needs an answer.

[jbmiller10]

Digitalcoin did this as well

[digitalindustry]

Nibble did that.

Oh crap!

Thanks I found it!

I'mma go check it out

Yeah it actually worked out really well.  Seemed really fair to everyone and it's still working.

Whats with all the phishing stuff. I like the idea however that's pretty concerning. I was just reading the announcement thread and it seems like any other cyrpto out there being bashed.

I dunno if I should download the client. I'm tempted to

are you talking about the nibble client ? - it's totally clean - its just more attacks from the guys here on the forum - everyone know nibble is clean.

they started by trying to 51% attack it then they tried to just bag it - now they are trying to ignore it and starting to censor and tag as phishing.

actually i should update my Battle radio topic !

[nonameo]

Elacoin scales with difficulty. So if difficulty doubles, reward doubles. It also goes the other way around, so if difficulty gets cut in half, so does reward(up to a point, I don't think the reward goes lower than 1 just yet). There's also a divider in there that cuts the reward every 9 months, to account for things like new video card tech, asics, etc. We could use some miners! and users! unfortunately right now it's stuck in this circle where no one mines it because it's not profitable, and it's not profitable because no one mines it(no mining = network slowdown)

[MooC Tals]

Nibble did that.

Oh crap!

Thanks I found it!

I'mma go check it out

Yeah it actually worked out really well.  Seemed really fair to everyone and it's still working.

Whats with all the phishing stuff. I like the idea however that's pretty concerning. I was just reading the announcement thread and it seems like any other cyrpto out there being bashed.

I dunno if I should download the client. I'm tempted to

are you talking about the nibble client ? - it's totally clean - its just more attacks from the guys here on the forum - everyone know nibble is clean.

they started by trying to 51% attack it then they tried to just bag it - now they are trying to ignore it and starting to censor and tag as phishing.

actually i should update my Battle radio topic !

They meaning the usual suspects that try to pre-mine a currency and dump on the exchange for a quick buck. However why is the moderator adding red warnings there has to be a reason why they did that.

Please excuse my naive nature. I usually am mining litecoins and alt like yacoin has been getting my attention only due to cpu usage (however I believe people are getting around that). I am interested in the adjustable reward system and a premine resistant features of this coin as well.

Who is they? Moderators?

[|D0C|]

I dont know why people are jealous of the premined coins..

But here is my 2 cents on the topic.

First a good alt coin (well for me)  - A coin that would do huge advertisements 3 months or so before the release.
                                              - no premine.
                                              - Already on major xchange before its start (Btce, mtgox, ect..)
                                              - block reward from 1 to 50 for the like say first years (first 6 months) then start to decrease.
                                              - see peoples very active to make the coin enter the $$ market like BTC and LTC.
                                              - usable to buy goods (major market computer,electronics)

I dont think we need more coins.. I think we need more quality coins!

[MooC Tals]

Elacoin scales with difficulty. So if difficulty doubles, reward doubles. It also goes the other way around, so if difficulty gets cut in half, so does reward(up to a point, I don't think the reward goes lower than 1 just yet). There's also a divider in there that cuts the reward every 9 months, to account for things like new video card tech, asics, etc. We could use some miners! and users! unfortunately right now it's stuck in this circle where no one mines it because it's not profitable, and it's not profitable because no one mines it(no mining = network slowdown)

Probable due to competition. Yes profitability is the word here. I know what I'm paying for electricity and putting a miner that costs you to mine something that won't give back is a gamble. Most new miners have equipment costs to add too.

Then you add the fact that if your going to be paid you need to trade into bitcoins or litecoins and that kills currencies too.

Not saying that elacoin is not a good idea but it does have to compete with many coins out there.

[MooC Tals]

I dont know why people are jealous of the premined coins..

But here is my 2 cents on the topic.

First a good alt coin (well for me)  - A coin that would do huge advertisements 3 months or so before the release.
                                              - no premine.
                                              - Already on major xchange before its start (Btce, mtgox, ect..)
                                              - block reward from 1 to 50 for the like say first years (first 6 months) then start to decrease.
                                              - see peoples very active to make the coin enter the $$ market like BTC and LTC.
                                              - usable to buy goods (major market computer,electronics)

I dont think we need more coins.. I think we need more quality coins!

Yes I agree except the exchange part, I find that kills a great deal of coins. You could say its a testing ground. The quality coin needs a hedge against dumping and that is difficult when there are no services to use with the coin. I think exchanges should be after the fact. I know exchanges are in part the mechanism that allows others to know its worth but I see it as a killer of alts.

Great for pre-miners but only becuase there are guys out there who think it will be a good coin. When ppl stop buying the coin it dies. basically only speculators buy it and not anyone who needs it to trade for goods. That cant be good.

[BlazinBeaches]

How do exchanges kill a lot of these coins?

[MooC Tals]

How do exchanges kill a lot of these coins?

Good question. I believe currencies are dumped and the price suffers due to a currency immaturity.