A Coin Made Especially for Miners.

[Vlad2Vlad]

Running these polls the past few days I've found a few shocking things.

A) It's way too easy to launch a coin and way cheaper than I first thought.

B) People here are set on default to automatically hate any new dev or new coin.

At first I thought you were all very sick people but Now I see most of you are just sick and skeptical of scammers and pumpers looking to dump another CrapCoin on everyone.  

And I gotta respect that.  But here's another shocking thing.  You guys are computer literate and many of you can program - you can literally write your own ticket, create the best coin for YOU, with yourselves in mind - first and foremost.  Yet nobody has done that.  Nobody cares about everyone else: the focus is always on ME.

Now, there's nothing wrong about caring about yourself but why not do something for everyone else too, especially when it's easy and affordable to do.

So I wanna launch a coin aimed at benefitting the miners the most.  After-all, miners make or break all alt coins so where's a coin designed for them, to benefit them the most, especially the many at the low end of the hash-rate spectrum?

I have a feature in mind, a concept I learned in Business School that would make mining a lot more exciting, and more rewarding, but most of all would benefit the smaller guy more than the guy with a $50,000 rig, on a % basis.

This would be a coin for the alt community and you guys would have to adopt it and make it your own.  I'll pay for it and launch it and in return I'd take 1%.  No premine or instamine.

And I'll give at least a 3 day heads up, that's a true fair launch.  That way anyone against it has plenty of time to mobilize enough people to kill this thing.  I'll even make it SHA256d so it can be merge mined and those with ASICS can kill it even faster if it's another crapcoin.  There should be a 3 day rule: sneak launches are a big sign of another crapcoin scared of a killer attack.

So what do you guys think?   Any good names you guys want for such a coin:  a coin by the people for the people?  

What about special features:  what are some features you'd really wanna see?


Shout it out!

Edit:

I can't keep giving hints about this new feature I call:  the VGB Protocol.

Be assured it will be fair to all miners but more rewarding to the smaller miner which is most people.  And it will make mining more fun and exciting for everyone, even the big miners.

LoL, looks like Nuggets  is so far the more popular name.  It's your coin, pick any name you want most.

[DeathAndTaxes]

First of all not sure why you want to reward less security however with the nature of anonymous peers a single "large" miners can appear as hundreds or thousands of "small" peers.

i.e. if I have 1 TH/s of hashing power I can easily make that look like 1x 1000 GH/s worker, 10x 100 GH/s workers, 100x 10 GH/s workers, 1000x 1 GH/s workers, etc.

[Vlad2Vlad]

First of all not sure why you want to reward less security however with the nature of anonymous peers a single "large" miners can appear as dozens or hundreds of tens of thousands of small peers.

i.e. if I have 1 TH/s of hashing power I can easily make that look like 1x 1000 GH/s worker, 10x 100 GH/s workers, 100x 10 GH/s workers, 1000x 1 GH/s workers, etc.

I wouldn't target the large miners.  In fact the large miners would get the same rewards but on a % basis, the feature I have in mind would be much more rewarding for the smaller guy.

So the security wouldn't change and large miners would want to mine this coin as well because it should be more fun and rewarding to mine than any other coin.

But I haven't talked to any programmers so I don't know what it would take or how much it would cost to implement such a feature.

[Zas]

Call it Thatchercoin! Hehehehe.... then see the hatred from all the socialists out there just pour in. Thatcher is accused of destroying a 'thriving' mining industry in the UK. (Subsidized to the tune of 70% but apparently that's thriving).

Tehe. Personally I'd call it Coal (COL) or Black Diamond (BDi), as I think that's pretty much the concept we're going after here. Something that doesn't necessarily look fantastic initially, but yields its own rewards and has its own unique selling point.

DeathAndTaxes has a point though.... it's going to be quite hard to pin down the different workers...

[Vlad2Vlad]

Call it Thatchercoin! Hehehehe.... then see the hatred from all the socialists out there just pour in. Thatcher is accused of destroying a 'thriving' mining industry in the UK. (Subsidized to the tune of 70% but apparently that's thriving).

Tehe. Personally I'd call it Coal (COL) or Black Diamond (BDi), as I think that's pretty much the concept we're going after here. Something that doesn't necessarily look fantastic initially, but yields its own rewards and has its own unique selling point.

DeathAndTaxes has a point though.... it's going to be quite hard to pin down the different workers...

Lol, I didn't know that.

This feature wouldn't hurt the big miners, it would simply be a bit more rewarding on a % basis to the smaller guy.

[Zas]

I'm not exactly sure how you're going to manage the % basis to the smaller guy unless there's a slight transfer of wealth going on...or perhaps IP addresses aren't mining as much as they could be. I don't see how you're going to overcome the barrier of them using virtual machines to masquerade as smaller machines to get the better %. I think D&T has the same concern.

Now as for features: Support linux! (It's hard to find an alt-coin that has rpms for Linux, especially mining clients...at least, I'm finding it tricky).

[Vlad2Vlad]

I'm not exactly sure how you're going to manage the % basis to the smaller guy unless there's a slight transfer of wealth going on...or perhaps IP addresses aren't mining as much as they could be. I don't see how you're going to overcome the barrier of them using virtual machines to masquerade as smaller machines to get the better %. I think D&T has the same concern.

Now as for features: Support linux! (It's hard to find an alt-coin that has rpms for Linux, especially mining clients...at least, I'm finding it tricky).

There is a simple way and it also makes mining more fun for everyone, to reward the smaller miner, on a % basis, more so than the larger miners.  But they would all get the same benefits. 

[Vlad2Vlad]

I haven't talked to any programmers so I don't know what it would take to code this feature but in my mind it should be fairly simple.  I did take an intro to C++ class back in college.  Ha.

[Vlad2Vlad]

What do yo guys think:  SHA256d for merged mining or scrypt?

[Zas]

scrypt is apparently better and quicker. However my personal vendetta would be which ever is most secure and I have a hard time understanding why bitcoin uses sha256d instead of sha512... but my opinion here is someone tainted by newbism.

[Vlad2Vlad]

scrypt is apparently better and quicker. However my personal vendetta would be which ever is most secure and I have a hard time understanding why bitcoin uses sha256d instead of sha512... but my opinion here is someone tainted by newbism.

How is scrypt quicker?  I tried mining LTC AND it was the lamest thing. 

And don't you want the option to merge mine with Bitcoin?   Think about a year from now when you may buy an ASIC, it would be nice to merge mine Bitcoin and this coin.

I think SHAW256 is the best for these reasons, its future proof.

And I think most coins today avoid SHAW256 to avoid killer 51% attacks by ASICS.  I don't care about that, if this coin gets killed it deserves the brutal death it gets.

[Zas]

I'm by no means advocating Scrypt as I don't really understand one or the other. However merge mining isn't the top of my priorities. If needs must I'll simply purchase the parts for a new system and have it run independently as a server more than likely.

Considering you're actually putting money into this, I'm kinda worried for your bank manager that you don't care if it gets killed. Hehe. I'm sure the miners will put the bounties together to upgrade and develop so that the coin doesn't get squashed under the foot of the mighty asic.

[Vlad2Vlad]

I'm by no means advocating Scrypt as I don't really understand one or the other. However merge mining isn't the top of my priorities. If needs must I'll simply purchase the parts for a new system and have it run independently as a server more than likely.

Considering you're actually putting money into this, I'm kinda worried for your bank manager that you don't care if it gets killed. Hehe. I'm sure the miners will put the bounties together to upgrade and develop so that the coin doesn't get squashed under the foot of the mighty asic.

Yesterday I thought a new coin cost $10,000 to launch that's why I wanted 25% and was a bit worried about a coin getting killed.

Dude, launching a coin is way cheaper than that.  If it dies it deserves it and I'll be out a bit of money.  No big deal in my mind. 

[Damnsammit]

I'd be interested in hearing more about this... going to call it the MarxistCoin?

[Zas]

Rewarding smaller investors is actually the basis of capitalism... otherwise you just end up with Microsoft and nothing else, because microsoft own everything. Then again, decentralized currencies are the bane of Marxist ideology...so that'd be a bad idea.

[Damnsammit]

Rewarding smaller investors is actually the basis of capitalism... otherwise you just end up with Microsoft and nothing else, because microsoft own everything. Then again, decentralized currencies are the bane of Marxist ideology...so that'd be a bad idea.

Sounds like this is pooling all the blocks and giving people a percentage... that is going to make people destroy the coin by their own greed.  Sounds like Marxism and why it will never work, to me...

[Zas]

Well, lets wait and hear his solution if he does in fact have one.

From what I gathered, every time a block is mined, the dev takes a 1% cut and the rest of us just mine blocks. I suspect that if a user only manages to mine one block, then they're given a bit of a bonus (linked to the difficulty no doubt) to encourage them to keep at it, while larger miners aren't given any help but no penalties either allowing them to mine as much as possible. The other solution would be to increase the difficulty for larger miners while giving smaller units the lower difficulty blocks...dunno though >.<;

[Vlad2Vlad]

Rewarding smaller investors is actually the basis of capitalism... otherwise you just end up with Microsoft and nothing else, because microsoft own everything. Then again, decentralized currencies are the bane of Marxist ideology...so that'd be a bad idea.

Sounds like this is pooling all the blocks and giving people a percentage... that is going to make people destroy the coin by their own greed.  Sounds like Marxism and why it will never work, to me...

No, but that's a good guess.

I don't want to give anymore hints cause I want to me the first to launch this feature since I thought of it.

I wish there was a programmer I trusted to run this by them.  The Hazard guy ain't responding.

But I'm not socialist bro, and I'm launching this particular coin mainly cause I tried mining and it sucked cause I didn't have a huge rig.  Why should the majority suffer when they have the power to write their own ticket?

And I promise the big rigs will be happy too and this feature will encourage more mining not less.  It's fair to everyone but more-so to the smaller miner, the smaller the bigger the benefit.

But I promise it's not a feature any miner, big or small, will dislike.

In fact, after mining with this feature all other mining will appear, archaic, dead, boring and unfair if you're small.

I sincerely expect most if not all new coins from now on to employ this "VGB Protocol" feature.

I can't say anymore - too many idea thieves lurk about.  

[ondratra]

Oh man... you are asking indirectly why people hate crappy coins and then you want to create another one.

Here is why people hate them:
- most of them add 0 new value (thats 99% of coins) - people think forking litecoin plus changing constants in code makes new coin with added value - that is false of course
- most of people creating new coin think (as you do), that main purpose of coin is mining - that is false too of course; main purpose (if we don't take experimenting with cryptography as main purpose) is safe transaction of value from one user to another user - serious coins are not made to make any subject rich (neither devs, miners or scammers)
- many of devs care more about coin name than about it's "guts"
- lot of devs don't understand the fundamentals of coins

I mean no offense versus you, but please don't step to same river again - lot of people are already drowning in this river.
You think you have something revolutionary - but as DeathAndTaxes said - that thought is flawed - you can't know how many real users do you have. There were attemps to make benefit for small miners like in YAC (at least i think that was the coin name - coin minable by cpu only), but every coin has two sides - so it opened doors for botnets.

Like i said i mean no offense. But please don't make another crappy coin and instead of it use your time and power for making service for any already stable coin like BTC, LTC, FTC - and we will all profit

[Damnsammit]

Sounds cool.  I'll definitely follow it's release.  Good luck