[ANN] Awesome new coin concept

[hendo420]

First there was Proof of Work.


Then there came Proof of Stake.


Now, there can be Proof of Spending.


The idea is that when you send coins you have a randomized chance to mint new coins to your wallet. Like a randomized % back rebate.

So not only are coins created by mining, they would be created randomly as new coins given as a "cash back" for spending coins.

I know this is exploitable by sending coins to yourself, to combat this It would need to be a scalable percent back. Also tweaking the tx fees could prevent this too.

Example.
sending 1-499 coins has the chance to return 0.5%-0.8% to your wallet.  
sending 500-1499 coins has the chance to return 0.5%-5%
sending 1500-infinity coins has the chance to return 0.5%-7%

Also make the coins not eligible to mint new coins using Proof of Spending until they have 120 confirms.
Example.
User 1 sends 300 coins to user 2. User 2 must wait until 120 confirms before those coins are eligible for a % back again. User 2 could send the coins after 1 confirm but would not get any % back.

This should discourage people writing scripts to send a bunch of small transactions to themselves and in the process bloating the blockchain.

This would encourage people to spend their coins instead of hording them.


Discuss  

[nocoin]

I know this is exploitable by sending coins to yourself, to combat this It would need to be a scalable percent back. Also tweaking the tx fees could prevent this too.

Example.
sending 1-499 coins has the chance to return 0.5%-0.8% to your wallet.  
sending 500-1499 coins has the chance to return 2%-5%
sending 1500-infinity coins has the chance to return 4%-7%

This should discourage people writing scripts to send a bunch of small transactions to themselves and in the process bloating the blockchain.

Can't understand how this should stop somebody from getting free coins.

• Send from addr. A to addr. B and get free coins
• Wait for next block
• Send from B to A and get free coins again
• Repeat infinitely
• Profit!

[hendo420]

I know this is exploitable by sending coins to yourself, to combat this It would need to be a scalable percent back. Also tweaking the tx fees could prevent this too.

Example.
sending 1-499 coins has the chance to return 0.5%-0.8% to your wallet.  
sending 500-1499 coins has the chance to return 2%-5%
sending 1500-infinity coins has the chance to return 4%-7%

This should discourage people writing scripts to send a bunch of small transactions to themselves and in the process bloating the blockchain.

Can't understand how this should stop somebody from getting free coins.

• Send from addr. A to addr. B and get free coins
• Wait for next block
• Send from B to A and get free coins again
• Repeat infinitely
• Profit!

It could be considered another form of mining.  

How about making the coins not eligible to mint new coins using Proof of Spending until they have 120 confirms.
Example.
User 1 sends 300 coins to user 2. User 2 must wait until 120 confirms before those coins are eligible for a % back again. User 2 could send the coins after 1 confirm but would not get any % back.

[nocoin]

How about making the coins not eligible to mint new coins using Proof of Spending until they have 120 confirms.
Example.
User 1 sends 300 coins to user 2. User 2 must wait until 120 confirms before those coins are eligible for a % back again. User 2 could send the coins after 1 confirm but would not get any % back.

This should work, but such coin will be super-inflationary.

[markm]

So its kind of back to coin-age, thus kind of proof of stake, assuming it is yourself you are sending to, which it might as well be since we cannot tell it is not.

So its like making proof of stake less convenient by making you do sends periodically, so convenient/nice clients will do it for you, so you are back at proof of stake but with free constant bloating of the blockchain added, which sounds like a mis-feature...

-MarkM-

[ZKRiNG]

Now i think the most important is offer a new GPU mining with SHA/Scrypt ASIC resistance.

When the Scrypt asics start arriving to the owners the price of Scrypt coins will decrees a lot

Who will make the new Litecoin?

[hendo420]

Now i think the most important is offer a new GPU mining with SHA/Scrypt ASIC resistance.

When the Scrypt asics start arriving to the owners the price of Scrypt coins will decrees a lot

Who will make the new Litecoin?

Primecoin   

[ZKRiNG]

Ok, will take a look

[Amph]

what about a new algoritm?

[hendo420]

whhat about a new algoritm?

Like Blakecoin, Quarkcoin, Primecoin, ect ect

We have quite a few algos to choose from. lol

[dE_logics]

This should discourage people writing scripts to send a bunch of small transactions to themselves and in the process bloating the blockchain.

No. They're going to wait for 120 blocks.

See, the problem with PoS and this is that you're getting coins without doing any work; how is this supposed to give it value?

In PoS you need to have investment instead of work, but --

Proof of stake is not good.
        It encourages holding the coins as investment, avoiding it's circulation, i.e. true use as a cryptocurrency. Then worst -- PoS looks at the coin age; the longer you're holding a large amount of cryptocurrency, the higher the chance of mining a block, which further reduces chance of circulation. However if the profits proof of stake is giving you is negligible, then we may nullify this disadvantage.

This coin encourages spending, but this'll always result in false transactions.

I'm not sure about attacks though.