A Coin Made Especially for Miners.

[Vivisector999]

And the nugget I named the coin after was a mining term like a gold nugget.  Not sure why everyone automatically related it to Chicken nuggets, or now drugs  lol. 

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[Vlad2Vlad]

Yes, I'm going with sahakziula although he's the most expensive.

I asked him about poS vs PoW cause I wanted to do both and he said since I'm doing scrypt PoS has Pow built in.

Looks like Nuggets it is. 

I don't think we can do the 10% idea csuse there no way to code for it or prevent abuse.

If you guys want a 10% distribution back to you the miners speak up now and I'll out the coin in escrow and you guys decode later on how to distribute.  I'll make sure there's oversight of some kind so I don't get accused of stealing them.

It's up to you guys but let me know soon, very soon.  I'm happy with the 1% I'm gonna get.  No premine or instamine.

Holla back of you guys want a different name, special features (like is PPcoin a good feature and is it easy to implement on a Scrypt coin).

I'm waiting to hear back on the VGB protocol from Shakezula, I hope he likes it and can code it for a decent price.  C4n10 adds features for only .02 BTC per feature.  Man, what a deal, too bad he's been asleep for 3 days now and Hazard too. 

[Vivisector999]

I say keep it simple.  Don't do the 10% distribution.  It will more then likely be tampered with to only help the big guys/shady people.  The small miner will be left with even less then if you hadn't touched anything at all.

[Vlad2Vlad]

I say keep it simple.  Don't do the 10% distribution.  It will more then likely be tampered with to only help the big guys/shady people.  The small miner will be left with even less then if you hadn't touched anything at all.

Man, but it was such a great idea.

Maybe I can out it in a wallet where everyone can check it hasn't been spent or messed with until we figure out a way to help the small miners with it.

After all, what miner wouldn't mine this coin for 89%?  Many coins don't give nearly that much to miners and they do very well.  Some only give miners 10% or 20% which is nothing yet they're on exchanges.

So what about that ?  10% of mined coins in an escrow account or a wallet which can be watched by anyone until we come up with a viable plan.

And trust me, the VGB protocol, if Shakezula, can do it will way more than make up for that 10%.  There's nothing like it out there there and this protocol makes mining much more rewarding especially for the small miner while also helping financially everyone mining it but on a % basis the small miner would once again benefit the most in a % basis.

[Damnsammit]

Can't wait to mine me some NUGs!

[Vlad2Vlad]

Can't wait to mine me some NUGs!

Lol, that name is growing on me the more I hear it.

So you guys are ok then with 10% going into a special wallet which can be verified that not one coin is being spent and it will distributed to the MINERS at a later date when we can figure out the best way to avoid unfairness and abuse.

Cause the idea is just too good to give up and I don't want to do any hard forks.  And lets face it - miners getting 89% of all coins mined with the other 10% going right back to them in some form or other is a sweet deal. 

And wait until I unveil the VBG protocol, I think miners will love this new feature.  It gets rid of the boring flatline mining you get now and it gets rid of the near ZERO rewards of high difficulty coins which give you almost nothing back - coins like Bitcoin, Litecoin but especially ixCoin where you can mine all day and barely see anything and there isn't even a hope or prayer that you'll look at your laptop or rig and get some huge surprise.

We can wrote out own tickets.  I used to work as a Mortgage a underwriter for the biggest banks in the world and this is basically underwriting a financial instrument - and the best part is, until the banks and the government get involved there are no rules, man, you underwrote the coin anyway which best fits your target audience.

And right now, for me and this particular coin, the target audience is you the miners, the lifeblood of all Alt Coins - we small miners deserve a coin which holds some sort of benefit skewed even slightly in our favor, relatively speaking but without excluding or punishing the successful, big miners.  It's win-win all the way around with VBG. 

I'm hoping Shakezula can make it happen - so far I've heard only good things about him and his programming skills.  A bit spendy but if he can do it I'll find a way to pay him right.

[tlr]

A 10 x 1MB hash won't be able to compete with a 10MB hash, simply because the 10MB is much faster... it's like trying to compare a ferrari to 5 ford transit vans.

Huh? Unless you're proposing something radically different than every Bitcoin-style coin this is simply not true. Mining is very parallelizable. Ten 1MH/s miners and one 10MH/s miners are equivalent.

[iGotSpots]

Again, Vlad, you are missing the point that is upsetting people about the 10% thing. That is centralizing the currency when the entire point of cryptos is to be decentralized. We cannot possibly make this any clearer to you from all the points that people have given you.

The good thing about this, though, is that even talking about all of this stuff is getting attention to your project, but please, for the sake of you not wasting your money to pay someone, as well as your time getting everything together, do not take the 1% for you to keep, or the 10% for whatever.

Again, you are trying to centralize something that should have no controlling authority. I'm trying to be as nice as I possibly can because I really do like you and your ideas, but please don't ruin this thing before it even starts. We are all warning you that those 2 things (or even 1 if you implement either one) is going to be your downfall. It's not about us thinking you will steal the coins or not do as you say, it's about centralizing it, thus eliminating the entire point of why we are all here in the first place

It's not your place to decide where 10% of the entire currency goes. Leave it up to the miners and put up a donation address. People are a lot more giving and willing to support a good dev team than you are giving them credit for

If you really want your 1%, just make a pool and charge up to 2%

[Vlad2Vlad]

Again, Vlad, you are missing the point that is upsetting people about the 10% thing. That is centralizing the currency when the entire point of cryptos is to be decentralized. We cannot possibly make this any clearer to you from all the points that people have given you.

The good thing about this, though, is that even talking about all of this stuff is getting attention to your project, but please, for the sake of you not wasting your money to pay someone, as well as your time getting everything together, do not take the 1% for you to keep, or the 10% for whatever.

Again, you are trying to centralize something that should have no controlling authority. I'm trying to be as nice as I possibly can because I really do like you and your ideas, but please don't ruin this thing before it even starts. We are all warning you that those 2 things (or even 1 if you implement either one) is going to be your downfall. It's not about us thinking you will steal the coins or not do as you say, it's about centralizing it, thus eliminating the entire point of why we are all here in the first place

It's not your place to decide where 10% of the entire currency goes. Leave it up to the miners and put up a donation address. People are a lot more giving and willing to support a good dev team than you are giving them credit for

If you really want your 1%, just make a pool and charge up to 2%

Fine, I'll do a donation address.  Or since its not for me but the miners then I'll just eliminate the 10%.

But the 1%, I don't get the hostility,  its such low pay.  All devs make money off their coins and it's a lot more than 1%.  Even pools make 2-3%.  I don't see the harm in getting 1% of coins mined when miners get 99%.  I seriously fail to understand this.  How can you peopl expect innovation when you become hostile at the mere sight or 1% profit?  I don't get it.

Besides, no programmers are responding so this looks like a dead, never-has-been coin. Truly makes me sad as lots of miners would have loved this coin.  And I have the money to pay the programmers so I don't get it.   Truly sad.

But thanks for your constructive criticism, brother.

[Vlad2Vlad]

And 2 programmers now know my VGB protocol.  I hope they have integrity otherwise I'm sure a coin using my innovation will pop up in less than 1 week.  I'm getting so depressed from this whole horrible experience.  I trusted 2 seemingly good programmers and now they've dissapeared.   Truly sad.

[AgentME]

But the 1%, I don't get the hostility,  its such low pay.  All devs make money off their coins and it's a lot more than 1%.  Even pools make 2-3%.  I don't see the harm in getting 1% of coins mined when miners get 99%.  I seriously fail to understand this.  How can you peopl expect innovation when you become hostile at the mere sight or 1% profit?  I don't get it.

It's not a decentralized cryptocurrency when it privileges someone like that. Could you imagine if the Linux kernel had a backdoor in it just for the kernel author to use, and he tried to justify it as a privilege for him doing the work for free? Why would anyone use that system?

If you're looking to get directly paid for work, then releasing open source decentralized P2P software is not the correct place to look for it. Operate a mining pool or some other service if you want to take a cut.

[Vlad2Vlad]

I'm going to bed.

I tried so hard to make an innovative coin for the people but it looks like instead I got my best ideas ripped off.  Naive I was and now others will make money off my hard work and my ideas.  I'm honestly feeling so depressed.  Thanks to everyone and good night.

[Vlad2Vlad]

But the 1%, I don't get the hostility,  its such low pay.  All devs make money off their coins and it's a lot more than 1%.  Even pools make 2-3%.  I don't see the harm in getting 1% of coins mined when miners get 99%.  I seriously fail to understand this.  How can you peopl expect innovation when you become hostile at the mere sight or 1% profit?  I don't get it.

It's not a decentralized cryptocurrency when it privileges someone like that. Could you imagine if the Linux kernel had a backdoor in it just for the kernel author to use, and he tried to justify it as a privilege for him doing the work for free? Why would anyone use that system?

If you're looking to get directly paid for work, then releasing open source decentralized P2P software is not the correct place to look for it. Operate a mining pool or some other service if you want to take a cut.

I don't know how to do mining pools and I see lots of devs getting paid directly using various schemes.  I wanted to avoid schemes I wanted to be upfront and honest.   Now I see why all devs use clever schemes to get paid.  Now I don't blame them.

Thanks for the advice anyway.  Good night.

[Vlad2Vlad]

But the 1%, I don't get the hostility,  its such low pay.  All devs make money off their coins and it's a lot more than 1%.  Even pools make 2-3%.  I don't see the harm in getting 1% of coins mined when miners get 99%.  I seriously fail to understand this.  How can you peopl expect innovation when you become hostile at the mere sight or 1% profit?  I don't get it.

It's not a decentralized cryptocurrency when it privileges someone like that. Could you imagine if the Linux kernel had a backdoor in it just for the kernel author to use, and he tried to justify it as a privilege for him doing the work for free? Why would anyone use that system?

If you're looking to get directly paid for work, then releasing open source decentralized P2P software is not the correct place to look for it. Operate a mining pool or some other service if you want to take a cut.

I don't know how to do mining pools and I see lots of devs getting paid directly using various schemes.  I wanted to avoid schemes I wanted to be upfront and honest.   Now I see why all devs use clever schemes to get paid.  Now I don't blame them.

Thanks for the advice anyway.  Good night.

Just premine.

I thought that was a big no-no but the way everyone is acting at a measly 1% payout - a premine is starting to look like the best option.  But I may do 5% instead of 10% with 1% going to me and 4% to bounties, rewards, etc.  thanks, wolf.

Now I just need one honest and gutsy programmer who isn't gonna dissapeared after I tell him my VGB idea.  I'm honestly worried they're off right now doing their own coin using my VGB protocol. I think I got robbed.  I thought I found a guy with real honest integrity but he won't even respond to PM's.   Sad.  Really sad.

[Vlad2Vlad]

Good nights everyone.

Hopefully I'll hear back from muddafudda and Shakezula when I wake up cause I'm seriously worried right now at the lack of response once I gave them my VGB protocol details.  Maybe they're just busy but it still worries me since I don't know them at all.  I'm feeling extremely depressed by all the negativity, bashing and now 2 good programmers vanished with the only edge I had.  Sob!

Goodnight and God bless everyone.  I'm hopeless right now so it's all in God's hands now.

[Vivisector999]

Lol, I keep telling you.  Everything here is copyable.  It's not if they are running away with your secret, that a different coin will pop in a week after yours.  In reality, if you idea is that good, 50 coins will pop the very next day with your VGB protocol.  Even if the programmers don't give it to anyone.  But don't worry.  If they are truly working on trying how to get your protocol working, they are going to be to busy to be reading forums.  And I am sure both of them have day jobs and go to sleep as well.

[Vlad2Vlad]

Lol, I keep telling you.  Everything here is copyable.  It's not if they are running away with your secret, that a different coin will pop in a week after yours.  In reality, if you idea is that good, 50 coins will pop the very next day with your VGB protocol.  Even if the programmers don't give it to anyone.  But don't worry.  If they are truly working on trying how to get your protocol working, they are going to be to busy to be reading forums.  And I am sure both of them have day jobs and go to sleep as well.

Looks like you were right.  He responded. He's working in my coin. He asked for half payment so I paid him in full.

Now I have to decide if 5% premine is a good idea for money for things like bounties. People flipped at 10% so hopefully 5% is ok.

[thef]

In reality, if you idea is that good, 50 coins will pop the very next day with your VGB protocol.

Exactly. If the idea is good, someone is going to take your source code and remove the part that gives you 1% or whatever premine you have and release it as his own coin. Now why would I mine your coin and give you 1% instead of the copy where I get 100% of the reward?

[Zas]

Provided that it the 10% + 1% are hard-coded then it remains decentralized.

Secondly. In regards to 10x1MB not being equivalent to 1x10MB.... the reason for this is not because of the protocol itself, but because of the extra energy required to set up these identities. It may not initially seem like much difference but the difference is still there. My analogy may have been a bit off in terms of what I wanted to portray, but you are taking a cut to your maximum processing power when you start dividing up your system. As Vlad has pointed out, 89% is a hefty chunk.

If there is abuse it simply won't matter anyway. The idea isn't equality or that you are rewarded for the exact amount of work that you put in, but that you took part in the first place and attempted to mine. It is true that some will be able to boost their income, but they are not going to be able to get all of that 10%. Lots and lots of others will get a share of that too. The point is, that everyone is rewarded for their contributions not just the big miners who get a huge stonking reward anyway especially later on in the difficulty.

As for Nuggets, I'm wholeheartedly behind it.

Thef, that can happen to 100% of the other coins out there, to some it has happened, yet they have still thrived. What matters is if a coin brings something new to the table, a new way of thinking about something. It won't matter if someone releases a coin that gives 100% of the benefit to the miners, as Vlad pointed out, there are many coins which only give 30% to the miners yet have still got onto the small exchanges without issue. It's up to each miner whether they want to mine it or not. Should it be brought out, I'd be happy to mine it and I hope that a lot of other small miners will also be encouraged.

[AgentME]

Provided that it the 10% + 1% are hard-coded then it remains decentralized.

Debatable definition of decentralized.

Secondly. In regards to 10x1MB not being equivalent to 1x10MB.... the reason for this is not because of the protocol itself, but because of the extra energy required to set up these identities. It may not initially seem like much difference but the difference is still there. My analogy may have been a bit off in terms of what I wanted to portray, but you are taking a cut to your maximum processing power when you start dividing up your system. As Vlad has pointed out, 89% is a hefty chunk.

I'm assuming by "energy required to set up these identities" you're referring to some proof-of-work system (and not a manually verify your government ID to Vlad system). How is it imaginably possible that managing two identities' proof-of-works on a computer would be harder than managing one identity on a half as capable computer? (Or multiple identity proof-of-works over a botnet, with one identity per bot.) The idea is pure fantasy.

If there is abuse it simply won't matter anyway. The idea isn't equality or that you are rewarded for the exact amount of work that you put in, but that you took part in the first place and attempted to mine. It is true that some will be able to boost their income, but they are not going to be able to get all of that 10%. Lots and lots of others will get a share of that too. The point is, that everyone is rewarded for their contributions not just the big miners who get a huge stonking reward anyway especially later on in the difficulty.

So now you're backtracking on the idea that the VGB protocol is secure, and admitting it's just fantasy. If you remove the VGB fantasy from the picture, what you have is a "currency for the miners" which gives only 89% of the currency to the miners.

It won't matter if someone releases a coin that gives 100% of the benefit to the miners, as Vlad pointed out, there are many coins which only give 30% to the miners yet have still got onto the small exchanges without issue. It's up to each miner whether they want to mine it or not. Should it be brought out, I'd be happy to mine it and I hope that a lot of other small miners will also be encouraged.

What sort of screwed clonecoin gives only 30% of the block rewards to the miners? And how does comparing against that make this one any better? (Suggested advertising line: "Nazi gold was obtained from killing jews; at least MagicCoin doesn't do that! Please use MagicCoin, it's not that bad!")