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Author Topic: A call for an early adopters  (Read 716 times)
haxied
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October 31, 2013, 10:21:46 PM
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    -----BEGIN PGP SIGNED MESSAGE-----
    Hash: SHA1
     
    A call for an early adopters
     
    A new cryptographic block chain will be established soon. Not a spin off of
    a Bitcoin code base, a new thing.
    This effort attempts to fix a certain fundamental, yet unwanted properties of
    the Bitcoin design,
    that are considered by me, and some others, to be the major flaws of the system
    that may, in future, lead to its eventual demise.
     
    In particular:
    * Pre-mined by Satoshi Nakamoto and others. I am announcing this block chain
    well in advance, so that everyone can prepare their mining rigs, and have
    an equal chance. Only the genesis block will be pre-mined. (by me). This also
    answers the pump and dump question. We've had the opportunity to observe the
    Bitcoin system for a 5 years, so there will not be many people skeptical about
    this part.
    * 51% attack, is an impossible to solve. That's why we will attempt doing so.
    * Slow confirmations. Our block chain will surpass all current block chains
     in a typical transaction double-spend confirmation speed.
    * Heavy disk usage.
     We will be light on resources.
    * The developers of Bitcoin are the weak spot. I, the original author of our
    system, remain pseudonymous.
    * Resistant to regulation.
     In particular, we refuse to discuss with so called representatives of people,
    where the people, who supposedly voted for them, refuse to pay them taxes.
    Secondly, people make their own choices. If they want to kill, destroy the
    environment, blast the planet with nukes, who's there to stop them, right? This
    applies both to people in power and to common citizens. Anybody can be evil,
    it's easy, and quick. Being good is an everyone's personal fight, for it's hard
    to make good decisions quickly.
    * Irreversible. We will allow optional reversible transactions. The sender
    has the choice. Reversible, up to 4 times. Enables independent escrows for each transaction.
    * Mining wastes power. Our way of mining will be beneficial.
    * Block rewards drops to zero. I will adjust the block rewards to keep just
    enough parties to avoid the 51% attack. Coupled with prolonged block decay.
    This paragraph is subject to change.
    * Hoarding. A shortened block decay solves this, encourages spending as well.
    * Bitcoin's number of transactional units are bounded. Our transactional numeric
    units are theoretically unbounded, limited only by the mining rate. (see above).
    * The mining difficulty. (see above).
    * No rewards for network nodes. We will reward those parties running the
    official client and having a good latency/bandwidth. This will allow users to
    "fishing the network" as opposed to "mining the blocks". The sampling will be
    done on random. There will be a fund for this exact purpose, created from the
    genesis block, where anyone will be able to contribute. However, when the fund
    is depleted, I will most likely discontinue this.
     
    This software shall not have a name, for it is not a product, not a pump
    and dump scheme, not a scam. I hope you understand.
     
    All these things currently are, but will not stay to be simply my claims.
    I will prove it with a math, later.
    However, I am simply a human, so feel free to expect some bugs.
     
    I don't hate the Bitcoin developers or project. I invite them to stop by and participate. The Bitcoin and our network will coexist in a peaceful manner.
    Competing for survival in a dangerous, challenging environment, full of fast
    prime factorization algorithms, and a state of the art sha preimage cracks.
     
    TL;DR: New block chain, tell everyone, prepare your machine, check back a month
    later, op is straight, the game.
     
    and it will be FOSS of course.
    haxied
     
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October 31, 2013, 10:31:40 PM
 #2

Good luck! Your going to need it. I highly doubt your system will work, unless you have the details on how you are going to do all that?
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October 31, 2013, 10:37:45 PM
 #3

Yes, good luck.  We will all be watching to see how this goes.  Great first post ever by the way!

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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October 31, 2013, 10:38:14 PM
 #4

thank you, yes, it's wip.
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October 31, 2013, 10:41:23 PM
 #5

Yet another alt-coin.

Sorry you're about 5 years late to the party.
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October 31, 2013, 10:44:12 PM
 #6

Yes, good luck.  We will all be watching to see how this goes.  Great first post ever by the way!

Seriously? Grammatical error in the first sentence ... Smiley


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October 31, 2013, 11:51:15 PM
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wow, a lot of new projects appearing now!
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November 04, 2013, 09:01:11 PM
 #8

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Quote
  • mining to help number of distributed computing projects
  • then set boundaries so while units slower than average get less profit, its not 0 or negative

Helping distributed computing is important. We should attempt to do this since it improves efficiency. It guarantees that computation has some useful
reason. It also can help, because users can give difficult math problems and the miners will compute solutions to get rewards.

Rules for mining rewards - these rules can be enforced by the crypto blockchain rule setter.
In bitcoin the developers are the central authority. So everybody agrees to what they decide.

In our system developers will not be the blockchain operator. Developers will simply make it so the system can
work with any rules. Then chain rules operator will control the rules what is hash rate, difficulty, maximum number of
units etc.

The users if they don't like the rules will elect a different operator. Each user will vote what operator (rules) they want.

If the miners or users disagree, the block chain will split. The smaller chain will be renamed by system to a different name in order
to avoid confusion.

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DeathAndTaxes
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November 04, 2013, 09:06:57 PM
 #9

Quote
Block rewards drops to zero. I will adjust the block rewards to keep just enough parties to avoid the 51% attack.

Absolute centralized power of the money supply with a single entity setting global monetary inflation = insta-fail.  Hell even the fed doesn't have that much power.

Not sure why I read past the lies about Bitcoin being premined.
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November 04, 2013, 09:13:55 PM
 #10

Nice entry , reserved.

I expected to see a flash and some smoke .

tiny rick !
- https://voat.co/v/Contact/
- Twitter @Kolin_Quark
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November 04, 2013, 09:16:27 PM
 #11

Boring.

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November 04, 2013, 09:17:18 PM
 #12

Coin?

tiny rick !
- https://voat.co/v/Contact/
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November 04, 2013, 10:24:39 PM
 #13

Yet another alt-coin.

Sorry you're about 5 years late to the party.

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