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Author Topic: As Promised: HEADS UP! Miners' Coin Coming!  (Read 3145 times)
NickCoin
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July 13, 2013, 09:28:43 AM
 #61

lol, calling yourself an Economist just puts shame to the name, please don't use it and ruin the word until you have proven your predictions.
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Luckybit
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July 13, 2013, 10:23:32 AM
 #62

I promised you guys at least a 3 day heads up warning for any coin I launch and here it is.

The coin will be Nuggets (The first true Miners' Coin) and I am designing it from the ground up, with lots of feedback from many miners and before all else, with the average, struggling miner in mind.

Every coin out there focuses on everything and everyone else but none out the miner first - the lifeblood of any successful coin - yet the masses - the large majority of miners get no real specific edge or benefit for their efforts and contributions.

I wanna change all that!

Nuggets will have no premine, no instamine (the first true fair launch per the people's specs and demands, and not my own desires and so fair that Miners even chose the name no sneak launch, as promised a minimum 3 days heads up for hackers to kill the coin if this is another CrapCoin) and I will add a new feature [I learned in Economics and Finance back in College years ago) never before seen or heard of, called the VGB protocol, which I will detail right before launch so prevent theft before my own launch.

On a % basis the VGB Protocol will favor and more generously reward the smaller miner - the smaller the miner the nicer and more rewarding the benefit.  It will also help the solo miner but also the pool miner.

The higher the difficulty goes - this new, never thought of feature (the VGB protocol) will ensure and guarantee that mining a high difficulty coin will not result in a boring flatline effect, which many coins are now plagued by and as the masses come in, mining will become more boring and less and less rewarding - so this VGB protocol will greatly help with this fundamental flaw in all coins out there right now. 

I guess it took an Economist to see what very smart computer guys, programmers and hackers missed all this time.  lol.

This new VGB feature will make mining more interesting, unpredictable (in a good way) and more fun and exciting for everyone - but especially for the average and smaller miners.

It will be fully inclusive - meaning big miners will be happy to mine it while small miners will be even happier to mine it.   It's a win-win coin for everyone involved.

The distribution of the coin which not all may love this particular idea will be like this, and this is where you have to give me a bit of trust, because this is also meant and designed with the smaller miner in mind although once again, this is a democratic coin and i promise nobody will be excluded. 

In discussing ways to level the playing field, "Zas" suggested rewarding all miners with 10% of the mined coins straight across but that would be impossible to code and it's ripe for abuse but I love the idea so much that I can't let it go.

So here's my plan:  I get 1% of mined coins (no premine and no instamine), miners get 89% of all mined coins and then 10% of all mined coins will be put in either an escrow account or a specific wallet which can be verified by everyone and anyone to show I'm not spending it.  I promise full disclosures and full oversight in any way you guys choose to implant such a watchdog.

Once we can all come to some fair understanding I will then distribute ALL of those coins, every penny back to the miners.  So then the miners get 99% of these coins but the idea is that this 10% distribution will be a flat reward which means that even the big miners get a reward but the same exact (flat) reward will be given to the small and smallest miners so on a % basis, relatively speaking, the small miners will feel a much greater benefit.

The idea is to help newbies and small guys who can't afford to keep buying hardware - this 10% reward, combined with my VGB Protocol, should really help the fast majority of miners, especially the smaller struggling miners, before the masses of people come online probably next year and you all lose the control you none possess to make a coin especially for yourselves. 

This is a win-win for everyone and I will do anything it takes to show people this is not a pump and dump.  I will do all I can to put the power and the reward system in the hands of the miners. 

This is the first coin which gives a damn about this alt community and so this coin is made specifically with the miners in mind, before all else and if it succeeds many small miners should see immediate and wonderfully uplifting benefits which will help many of you reach the next level of income and revenues. 

Good luck guys!

Let me guess. VGB is some sort of variability to the payout?
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July 13, 2013, 10:25:16 AM
 #63

Cryptocurrencies aren't supposed to be a get-rich-quick scheme for miners. Miners exist to secure the blockchain for the currency. Getting that backwards does not sound like a good idea.

Quote
So here's my plan:  I get 1% of mined coins (no premine and no instamine),
lol
Quote
miners get 89% of all mined coins
That's even less than currencies that don't revolve around miners btw.
Quote
and then 10% of all mined coins will be put in either an escrow account or a specific wallet which can be verified by everyone and anyone to show I'm not spending it.  I promise full disclosures and full oversight in any way you guys choose to implant such a watchdog.
I do not follow. This also doesn't sound like much of a decentralized trust-not-required currency (as in, a big reason many of us like bitcoin).

Actually it's both. Miners don't exist if they can't pay their bills so it is about making money WHILE securing the blockchain. It has to be both. The more money miners make the more secure the blockchain can become.
AgentME
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July 13, 2013, 10:33:04 AM
 #64

Cryptocurrencies aren't supposed to be a get-rich-quick scheme for miners. Miners exist to secure the blockchain for the currency. Getting that backwards does not sound like a good idea.

Quote
So here's my plan:  I get 1% of mined coins (no premine and no instamine),
lol
Quote
miners get 89% of all mined coins
That's even less than currencies that don't revolve around miners btw.
Quote
and then 10% of all mined coins will be put in either an escrow account or a specific wallet which can be verified by everyone and anyone to show I'm not spending it.  I promise full disclosures and full oversight in any way you guys choose to implant such a watchdog.
I do not follow. This also doesn't sound like much of a decentralized trust-not-required currency (as in, a big reason many of us like bitcoin).

Actually it's both. Miners don't exist if they can't pay their bills so it is about making money WHILE securing the blockchain. It has to be both. The more money miners make the more secure the blockchain can become.
Bitcoin's adjusting difficulty rate minimizes their profits. If bitcoin was about maximizing miner profitability, then the block rate and difficulty rate wouldn't be constantly making it harder.
hotcoldcoin
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July 13, 2013, 10:47:29 AM
 #65

11% of every block goes to Vlad2Vlad.... sure!!!  what could possibly go wrong!!!


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