[SATIRE] How to design a CoinChoose-constantly-profitable coin?

[mat5x]

As logic is of absolutely no threat in dealing with CC hashwaves/pumpdumps, I've decided to switch sides to the demonstrative position, one of technological satire:

Since the supposed purpose of CC and Cryptoswitcher or other CC-etc-tracking pools was to show the ridiculousness of valuing all ALT coin based on its next block of  against a 0.5BTC-deep vapour-market (*or smaller!), I suggest a project to assist with the ultimate expression of this total stupidity.

A coinchoose-gaming, or compliant coin. Also known as CoinchooseCrapCoin, CCC.

This coin would somehow get the value off exchanges of the current coin's trades, and set the difficulty so that the coin would remain at some profitability. Perhaps something modest, so that people' dont realise it's a total joke (ie at 500%). I suggest something plausible, like 110%. Or even just 100.

The tricky part is to get this information into the blockchain reliably without being spoofed, and with forewarning Crypsty et al that they're about to be ddos'ed even harder for the uncreative hacker who doesnt just turn to spoofs. That's a real tricky problem: injecting external metrics into any coin.

If this problem is solved however, it benefits our communities hugely - external metrics reliably imported into coins behaviour would allow real world usefulness to increase. But this is possibly intractable. Hopefully not. Get your brain juices flowing.

I fear the only issue with such a project might be that the pricing drops to <1 ALToshi within a short time, thus nuking the coin. Perhaps this wont be the case though? Theorize!

* Please note that the forums-compliant SATIRE flag has been set on this thread, so be careful how you reply. The moderator may find you humourless and reject your postings.

[nonameo]

Problem:

1.Coinchoose causes miners to mine whatever is listed as most profitable. This results in coins jumping high in hash power until they are no longer profitable. When a new coin becomes profitable, miners jump to the next coin leaving the last one in stall city.
2. Miners who mine based on coinchoose end up holding coins that well, aren't worth what they thought, or they get stales which reduce real reward.

Solutions:

1a. Get miners for your coin that aren't in it for profit. (hard to do, still susceptible to coinchoose syndrome unless supporters hash high enough)
1b. Design your coin so that it does not fall victim to coinchoose effect. (might make coin less profitable, so it never gets mined. Also could cause other issues. See 1a.)
1c. keep your coin off coinchoose(feathercoin? coin will end up on other sites, you'd have to manage all of them - hard to do. Also see 1a.)


2a. Get coinchoose modified to better reflect profitability, or choose/make new site with same goal in mind(1st already done, 2nd as well)
2b. Learn how to accurately determine profitability(miners not likely to want to put effort into learning or using knowledge unless perceived benefit is great enough)
2c. Mine the coin for more reasons than just profit(not a solution for many, people want profit)
2d. Make your coin more profitable(expensive, and potentially hard to do)
2e. 51% Coin attack(fun for some and destructive, but not really related. Only an emotional vent.)



Did I forget something?

[Noitev]

I feel like if demand goes down, the difficulty would spiral to something like 0, now that would be awesome.

[nonameo]

I feel like if demand goes down, the difficulty would spiral to something like 0, now that would be awesome.

lol, that's what happens with coins now anyway it's just a seesaw, diff goes really low, miners jump on. Diff goes really high, miners jump off. if the coin isn't profitable, it is MADE profitable temporarily by having the diff drop to extreme levels.

[Noitev]

I feel like if demand goes down, the difficulty would spiral to something like 0, now that would be awesome.

lol, that's what happens with coins now anyway it's just a seesaw, diff goes really low, miners jump on. Diff goes really high, miners jump off. if the coin isn't profitable, it is MADE profitable temporarily by having the diff drop to extreme levels.

Yeah but sadly, it can only go so low

[mat5x]

right, so you need a coin that doesnt pump out 50,000 blocks in 3 minutes when the difficulty drops to 10kh/s.  thats not too hard. and a coin that retargets frequently, without succumbing to TRC-yoyo diff issues.

but trc-yoyoing is only an issue with a static reward. ELC and QTC's scaled rewards (tho elc is a linear direct ratio) solve that problem as there's no direct benefit to mining when easy and not when hard if the difficulty follows hashing rate.

i'd like to see a coin that is pegged at the exact profitability of 110% or whatever. hehe.

what would happen to the price of the coin if that were the case?

[sal002]

Why not?  These are the days of wild-eyed alt-coin experimentation.  Sort of like the 60s, but replace LSD with crypto-currencies.  Same concept, however.

[mat5x]

Why not?  These are the days of wild-eyed alt-coin experimentation.  Sort of like the 60s, but replace LSD with crypto-currencies.  Same concept, however.

Your wry humour is great. Im glad we're in this together!

[TheSpiral]

You could have a coin that has a high chance at a higher block reward. 60% chance you get 100, 40% chance you get 10. If coinchoose lists block reward as 100, jackpot, the average reward is only 64, making it look more profitable than it is. The issue would be if the block reward was listed as the smallest reward of 10, like it does for LuckyCoin. But LuckyCoin's bonus blocks are only 6%, not the majority.

[sal002]

You could have a coin that has a high chance at a higher block reward. 60% chance you get 100, 40% chance you get 10. If coinchoose lists block reward as 100, jackpot, the average reward is only 64, making it look more profitable than it is. The issue would be if the block reward was listed as the smallest reward of 10, like it does for LuckyCoin. But LuckyCoin's bonus blocks are only 6%, not the majority.

I would only list the lower block reward, so that won't work. Back to the experiment

[sal002]

Your wry humour is great. Im glad we're in this together!

How could I not have a sense of humor?  My site has been accused of everything from killing alt-coins to being a scam that steals Bitcoins directly from your wallet (still trying to figure out that one).

More importantly, I wrote my site to bring out information and hopefully encourage innovation in the alt-coin market.  That goal remains to be seen.

[area]

i'd like to see a coin that is pegged at the exact profitability of 110% or whatever. hehe.

what would happen to the price of the coin if that were the case?

Miners flock to it, difficulty goes up. For everyone to maintain profitability, the block reward increases. Supply has now increased, so the price goes down, and to maintain profitability the block reward must increase. This is a positive feedback loop that leads to hyperinflation, generally regarded as a bad thing.

[coinerer]

I think it is impossible to be constantly profitable especially if you follow coinchoose.com or similar sites. That is my experience.

I don't have the solution yet:)

[sal002]

I think it is impossible to be constantly profitable especially if you follow coinchoose.com or similar sites. That is my experience.

I don't have the solution yet:)

Depends on what you mine.  CoinChoose was created after I mined RUCoin (remember that) and made a killing compared to mining straight BTC during that same timeframe.  Opportunities exist still to do better than BTC, but you need good pools, take into account stales, and make sure you are trading at the pricing originally listed or as fast as possible.

[sal002]

i'd like to see a coin that is pegged at the exact profitability of 110% or whatever. hehe.

what would happen to the price of the coin if that were the case?

Miners flock to it, difficulty goes up. For everyone to maintain profitability, the block reward increases. Supply has now increased, so the price goes down, and to maintain profitability the block reward must increase. This is a positive feedback loop that leads to hyperinflation, generally regarded as a bad thing.

Maybe - but wouldn't it be fun to see it fly?!

[coinerer]

I think it is impossible to be constantly profitable especially if you follow coinchoose.com or similar sites. That is my experience.

I don't have the solution yet:)

Depends on what you mine.  CoinChoose was created after I mined RUCoin (remember that) and made a killing compared to mining straight BTC during that same timeframe.  Opportunities exist still to do better than BTC, but you need good pools, take into account stales, and make sure you are trading at the pricing originally listed or as fast as possible.

I agree, opportunities always exist but blindly looking at choinchoose.com only is not enough. Some modifications are needed, but that is my secret which I try do do.

Btw. I am pretty new in this, so I don't remember that case of you and RUCoin But, I think I understand what you did.

[sal002]

I mean "remember RUCoin" - now dead but it was a heck of a ride during its pump and dump.  It STAYED at 1000% profitability for like days.