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Author Topic: A Proposal for a New Kind of Coin  (Read 1569 times)
wmcorless
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October 09, 2013, 07:48:34 PM
 #1

The problem with Bitcoin, as I see it, is the difficulty factor increasing. I have spent a sizable investment in mining equipment, been burnt by butteryfly labs, and still haven't received anything form them yet, etc.
I started with Radeon 7970 cards 4 in each computer, and bought 4 computers thats 16 cards at 500 bucks, do the math. I had problems with blowing circuits and resetting breakers.
Then when I could get my hands on USB block erupters (Asic) I bought as many as I could afford (120), The price dropped tremendously after buying a bunch, and boy trying to keep all of them running and  in good shape is a full time job.
working with them I saw my profits increase, only to steadilly decrease as the difficulty increases.
I bought ASICMiner Blades (10) so now I'm in the 130+ GH/s realm, but now I'm getting about the same amount of coin per day as when I had with the video cards.
I've spent too much money on the hardware only to be getting nowhere.

I propose a new crypto currency based on the SHA256 that never increases in difficulty, there are no limits to the number of coins you can mine, that as long as you have hardware mining, you will get coins. The reason I have chosen Sha256 is because ASIC mining hardware can only mine it. When bitcoin shuts down people will need to mine a currency that wont shut down because they don't want to waste their investment.

So if anyone else has any ideas what would be a perfect coin, or join in the discussion please respond below.

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October 09, 2013, 07:54:55 PM
 #2

Hilarious.

wmcorless
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October 09, 2013, 08:08:56 PM
 #3

Hopefully my pain is your gain.

Proof of work or Proof of stake? Which is better?

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btc4ever
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October 09, 2013, 08:17:43 PM
 #4

zimbabwecoin?

Psst!!  Wanna make bitcoin unstoppable? Why the Only Real Way to Buy Bitcoins Is on the Streets. Avoid banks and centralized exchanges.   Buy/Sell coins locally.  Meet other bitcoiners and develop your network.   Try localbitcoins.com or find or start a buttonwood / satoshi square in your area.  Pass it on!
wmcorless
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October 09, 2013, 08:20:33 PM
 #5

paccoin for the new nation pacifica.
it will be the first crypto currency for a sovereign nation.
pacifica-nation.com

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wmcorless
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October 09, 2013, 08:37:05 PM
 #6

How about merged mining?

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Luno
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October 09, 2013, 08:52:10 PM
 #7

The only reasons for mining is anonymity in solo mining and less hassle if you have difficulty buying because you don't have a credit card or there are no local sellers or Bitcoin economy in your area.

Every miner have the same choice and mining for most is barely break even or a slight loss. However, price have gone up so, last years mining has always turned out to be very profitable if you can wait before selling. Paying running costs out of your own pocket and not expecting your hardware to have any substantial resale value after you are finished with it.

When the market crashed in 2011 from 30$ to 1.1$ a lot of cheap second hand GPU's went on the market. That's a good position to start a mining farm from. But then again in such a scenario, you'd be better off just buying coins.





 
 
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DoctorBTC
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October 09, 2013, 08:56:46 PM
 #8

BUY BUY BUY!

Not a real Doctor...
wmcorless
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October 09, 2013, 09:05:33 PM
 #9

I recently visited the great state of Nevada, and there are a number of Gold mining operations there. The larger the operation, the more Gold they are mining.
If the purpose of the difficulty factor rising was to mimic mining in the real world it has failed. The more earth a mining company processes the more gold that is extracted.
The same should be true for mining a crypto-currency, the more hash power you have, the more reward in currency you receive.

Mining crypto-currencies should be treated like any other business. In order to attract investment, there must be predictable, and sustainable profits.
That's where all the current slate of crypto-currencies fail. The rising difficulty factor as more miners jump on board, the less attractive the currency becomes to investors.
Who wants to invest in mining equipment only to find the mine petered out.

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Luno
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October 09, 2013, 09:13:58 PM
 #10

I recently visited the great state of Nevada, and there are a number of Gold mining operations there. The larger the operation, the more Gold they are mining.
If the purpose of the difficulty factor rising was to mimic mining in the real world it has failed. The more earth a mining company processes the more gold that is extracted.
The same should be true for mining a crypto-currency, the more hash power you have, the more reward in currency you receive.

Mining crypto-currencies should be treated like any other business. In order to attract investment, there must be predictable, and sustainable profits.
That's where all the current slate of crypto-currencies fail. The rising difficulty factor as more miners jump on board, the less attractive the currency becomes to investors.
Who wants to invest in mining equipment only to find the mine petered out.

"The great disclosure":

Mining is not intended to be profitable. It's purpose is to secure the network and support scalability, so it's pays enough to have enough still mining. Mining was not invented to support a certain lifestyle with cutting edge hardware and open windows in the mist of winter. Sorry. It' has been purely coincidental that rise in price have followed an exponential function and by that, have generated a larger than intended profit for miners.   


 
 
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wmcorless
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October 09, 2013, 09:34:07 PM
 #11

Quote
"The great disclosure":

Mining is not intended to be profitable.

This is what I'm talking about. This is another obvious problem.

Mining should be extremely profitable.

My proposed currency will make the average user a millionaire in their lifetime, and a successful business BILLIONS or TRILLIONS.

Who's with me?

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aa
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October 09, 2013, 09:38:39 PM
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Nobody.

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October 09, 2013, 09:50:31 PM
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You apparently don't understand currency very well.  If there is an infinite supply of currency, then it will have zero value, because why would I trade something for it when it is infinite and I can get some basically for free on my own.  Look up the history of Zimbabwe's currency for a good example of what happens in hyper-inflation.

The dificulty of bitcoin to mine makes it harder to get and people want it because they can trade it for things of real value.  Look at the tons of altcoins that are basically worth nothing because the only thing you can do with them is trade for bitcoins, and at that point you might as well just have mined bitcoins.
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October 09, 2013, 10:31:28 PM
 #14

But if the coin is backed by real estate that is valuable?

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October 09, 2013, 10:48:58 PM
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October 09, 2013, 10:52:17 PM
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i'm sorry but the parameters you describe are what is or at one point in time was the biggest knock on peercoin(PPC), the infinite generation of coins caused deflation(rapid). as a boon against the deflationary nature of peercoin, fee's were removed. So while I appreciate your desire for changing the current system that still rewards the rich, when it comes to mining, it is what it is, and that's go Big or Go Home, and the mining needs to be more structured and this will
i think one possible solution would be making a standard network rule that pools have to be hardcapped at 400,000 gh/s apiece. this means more pools and a slightly more structured but still opensource, ie decentralized. think of what it would be like if every pool at the same luck, hitting a block every hour and a half, so matter what pool you mined at you made the same average.

My negative trust rating is reflective of a personal vendetta by someone on default trust.
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October 09, 2013, 11:49:03 PM
 #17

Although on the surface decentralization seems like a good idea, the reality is that if a group were to obtain 51% of the market, they can control it. Certainly if this becomes the case, then putting caps may seem to be a way to prevent that from happening.
Another possible method is to invoke a centralized authority. The reason I think this is good, is you have a venue to take disputes to. Right now if someone rips off your coins, you have no recourse.
If you can take a dispute to a centralized authority that is trustworthy and benevolent, then you can rest assured that your money is protected. That's why if a robber takes your fiat money from the bank you don't lose, because your deposits are insured by the government. The same is also true in commerce, if you purchase something from the internet with a crypto currency, there is always the possibility that you wont get your item, hence this causes lack of trust, and the economy suffers because people wont spend their money easily if they have the fear of loss.

So having a crypto currency backed by a government, gives you the best of both worlds. The government I propose is for a new nation that will be built on the pacific ocean. It will be a government that is based on law, not like the lawlessness we see taking root in governments around the world.

A currency based on mathematics like crypto currency is a good currency, a government based on law is a good government. The two compliment each other when it comes to value.

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October 10, 2013, 01:35:10 AM
 #18

You should move this thread to the politics-and-or-culture forum.

If it actually made any economic sense maybe the economics forum but unfortunately so far it doesn't seem a proper fit for that one...

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October 10, 2013, 01:59:05 AM
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I recently visited the great state of Nevada, and there are a number of Gold mining operations there. The larger the operation, the more Gold they are mining.
If the purpose of the difficulty factor rising was to mimic mining in the real world it has failed. The more earth a mining company processes the more gold that is extracted.
The same should be true for mining a crypto-currency, the more hash power you have, the more reward in currency you receive.

Mining crypto-currencies should be treated like any other business. In order to attract investment, there must be predictable, and sustainable profits.
That's where all the current slate of crypto-currencies fail. The rising difficulty factor as more miners jump on board, the less attractive the currency becomes to investors.
Who wants to invest in mining equipment only to find the mine petered out.

"The great disclosure":

Mining is not intended to be profitable. It's purpose is to secure the network and support scalability, so it's pays enough to have enough still mining. Mining was not invented to support a certain lifestyle with cutting edge hardware and open windows in the mist of winter. Sorry. It' has been purely coincidental that rise in price have followed an exponential function and by that, have generated a larger than intended profit for miners.   

Spending $150,000,000/year to "secure the network" is a scam...
It's just another fucking Monopoly sucking the Middle Class dry...
But it's Heresy to point this out to brainwashed dupes.

And let's not even talk about what $150,000,000 in resources looks like...
It looks like burning 3 million TONS of coal/year = lots of black smoke.

Maybe only half of that now...
I feel better that more $$$ is going to China, fast cars, big houses, hookers, blow, etc.

 
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October 10, 2013, 02:01:20 AM
 #20

I recently visited the great state of Nevada, and there are a number of Gold mining operations there. The larger the operation, the more Gold they are mining.
If the purpose of the difficulty factor rising was to mimic mining in the real world it has failed. The more earth a mining company processes the more gold that is extracted.
The same should be true for mining a crypto-currency, the more hash power you have, the more reward in currency you receive.

Mining crypto-currencies should be treated like any other business. In order to attract investment, there must be predictable, and sustainable profits.
That's where all the current slate of crypto-currencies fail. The rising difficulty factor as more miners jump on board, the less attractive the currency becomes to investors.
Who wants to invest in mining equipment only to find the mine petered out.

"The great disclosure":

Mining is not intended to be profitable. It's purpose is to secure the network and support scalability, so it's pays enough to have enough still mining. Mining was not invented to support a certain lifestyle with cutting edge hardware and open windows in the mist of winter. Sorry. It' has been purely coincidental that rise in price have followed an exponential function and by that, have generated a larger than intended profit for miners.   

Spending $150,000,000/year to "secure the network" is a scam...
It's just another fucking Monopoly sucking the Middle Class dry...
But it's Heresy to point this out to brainwashed dupes.

And let's not even talk about what $150,000,000 in resources looks like...
It looks like burning 3 million TONS of coal/year = lots of black smoke.

Maybe only half of that now...
I feel better that more $$$ is going to China, fast cars, big houses, hookers, blow, etc.

 
My power doesn't come from coal.

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