NullCoin - An alternative cryptocurrency.

[sd]

I'd like to introduce nullcoin - an alternative cryptocurrency

Nullcoin has a number of advantages over bitcoin, these are:

* Instant transactions. There is no need to wait for 6 confirmations as all transactions are instant.

* Guaranteed stable exchange rates with IXCoin, IOCoin, and Solidcoin. Although not with bitcoin.

* Significantly lower electrical use due to the alternative way hashing is handled.

* Lower hardware requirements.

* A far fairer coin distribution method. No longer will the people who can sink the greatest amount of money into hardware get the most coins. Everything is fair and equal.

* A system that is literally impossible to game.

* Better security. Incidents like the mtgox hack, the mybitcoin hack, or the Bitomat loss will be quite impossible with nullcoin.


A quick FAQ:

How can I get rich really quick using nullcoin?

You can't, it's not designed like that.

Did you premine a whole load of coins like IXcoin?

Nope. Everyone has the chance to get the same.

How can you claim that you will maintain a stable exchange rate with IXCoin, IOCoin, and Solidcoin? That sounds impossible.

The exchange rates may vary for a short time but will always tend towards a stable rate. Complex mathematical modeling shows a 1 to 1 exchange rate with all 3 of the above currencies will develop over time. Sadly it's impossible to predict the exchange rate between Nullcoin and Bitcoin using the same methods.

What mining software does nullcoin use?

NullCoin does not use conventional compute heavy and power wasting mining software. The client handles all mining requirements.

What client software does nullcoin use?

Special null software that only runs when your system is powered off. In this way it saves significant electricity and ensures perfect security.

So it doesn't actually do anything then?

No. The clue is in the name.

Are you taking the piss?

Yes I am.

Why?

Because I'm started to get bored with people inventing new currencies every couple of days. They are transparent get rich quick schemes and won't work. Stop forking bitcoin, it's getting old already. We can live with bitcoin and namecoin, the rest of you bring something truly new or get out of town.

[1714062336]

1714062336

[indio007]

Can I solve blocks with my abacus?

[andrepcg]

oh god please

[Trader Steve]

Can I solve blocks with my abacus?

LOL

[Clipse]

I'd like to introduce nullcoin - an alternative cryptocurrency

Nullcoin has a number of advantages over bitcoin, these are:

* Instant transactions. There is no need to wait for 6 confirmations as all transactions are instant.

* Guaranteed stable exchange rates with IXCoin, IOCoin, and Solidcoin. Although not with bitcoin.

* Significantly lower electrical use due to the alternative way hashing is handled.

* Lower hardware requirements.

* A far fairer coin distribution method. No longer will the people who can sink the greatest amount of money into hardware get the most coins. Everything is fair and equal.

* A system that is literally impossible to game.

* Better security. Incidents like the mtgox hack, the mybitcoin hack, or the Bitomat loss will be quite impossible with nullcoin.


A quick FAQ:

How can I get rich really quick using nullcoin?

You can't, it's not designed like that.

Did you premine a whole load of coins like IXcoin?

Nope. Everyone has the chance to get the same.

How can you claim that you will maintain a stable exchange rate with IXCoin, IOCoin, and Solidcoin? That sounds impossible.

The exchange rates may vary for a short time but will always tend towards a stable rate. Complex mathematical modeling shows a 1 to 1 exchange rate with all 3 of the above currencies will develop over time. Sadly it's impossible to predict the exchange rate between Nullcoin and Bitcoin using the same methods.

What mining software does nullcoin use?

NullCoin does not use conventional compute heavy and power wasting mining software. The client handles all mining requirements.

What client software does nullcoin use?

Special null software that only runs when your system is powered off. In this way it saves significant electricity and ensures perfect security.

So it doesn't actually do anything then?

No. The clue is in the name.



Are you taking the piss?

Yes I am.

Why?

Because I'm started to get bored with people inventing new currencies every couple of days. They are transparent get rich quick schemes and won't work. Stop forking bitcoin, it's getting old already. We can live with bitcoin and namecoin, the rest of you bring something truly new or get out of town.

Damn unlucky, do you want some tissues?

There will be another fork soon, maybe you can get rich from that one

[Zoomer]

* A far fairer coin distribution method. No longer will the people who can sink the greatest amount of money into hardware get the most coins. Everything is fair and equal.

I believe you are looking for equitable, not equal, and everyone has their own idea of fairness.

[ElectricMucus]

come on guys this is getting ridiculous 

[gw4tt]

still waiting for the next fork.... 

[joulesbeef]

Because I'm started to get bored with people inventing new currencies every couple of days. They are transparent get rich quick schemes and won't work. Stop forking bitcoin, it's getting old already. We can live with bitcoin and namecoin, the rest of you bring something truly new or get out of town.

now what is getting really old? these people complaining about the new gambling currencies when it is reducings the hash rate for teh bitcoin chain.

IF YOU DONT WANT TO PLAY WITH THE COUNTER CURRENCIES THEN DONT PLAY, IF YOU WANT TO WHINE THEN GO FIND AN ELEMENTARY SCHOOL WHERE THAT IS PREVALENT.


Seriously what the hell did any of the alternative currencies do to you to make you actually "tired of them"


are you carrying them arround with you? are you do any work at all except to complain? lose any money? NO then wth are you crying about it? grow some skin, this is the free market.

do you get tired of all the gambling games in the gambling section? why not? dont play? doesnt effect you? then why are you crying over some coin you neither mine, nor buy nor sell?

I thought we had too many coins coming out at once, but just to piss you off I am going to release two my self this week.


(FYI i made 12BTC with a 5770 in 12 hours.. but yeah I guess it is silly and I should give the money back since you are crying about it)

[sd]

[...]

My problem with these new currencies is that they don't bring anything new. They are schemes designed to extract wealth from the naive and nothing more. Invent something that isn't just a rip off of the same ideas and I'll consider using it. It is entirely possible that something will replace bitcoin but bitcoin is not going to be replaced with a clone of itself with only minor tweaks.

I never mentioned gambling at all so I'm not sure why you mention that, but I do consider it just a way to extract money from the stupid and/or addicted. That's not really related to me taking the piss out of all these alternative currencies though and is not limited to gambling with bitcoin.

[smoothie]

[...]

My problem with these new currencies is that they don't bring anything new. They are schemes designed to extract wealth from the naive and nothing more. Invent something that isn't just a rip off of the same ideas and I'll consider using it. It is entirely possible that something will replace bitcoin but bitcoin is not going to be replaced with a clone of itself with only minor tweaks.

I never mentioned gambling at all so I'm not sure why you mention that, but I do consider it just a way to extract money from the stupid and/or addicted. That's not really related to me taking the piss out of all these alternative currencies though and is not limited to gambling with bitcoin.

They do bring insights into how the block works with different parameters for difficulty adjustment and also for block rewards and security.

They may all die but they give insights that none of us would be able to pass on without utilizing them as a test bed for what may become the next bitcoin currency (competitor to bitcoin).

[julz]

I'm not terribly concerned with people who are already familiar with bitcoin, getting into these things knowing the risks.

It is a bit of a worry that some people may come across i0coin.org or solidcoin.info etc as their first taste of cryptocurrencies and not realize that bitcoin is the serious chain.

The new user may think that bitcoin is the 'older' one and that the newer ones are genuine improvements.
e.g from the solidcoin.info site:
"It features improvements over the original Bitcoin protocol which aim to keep the transaction network flowing freely and to avoid deliberate denial of service attacks by malicious pool owners."

The existence of these crap chains is another point the bitcoin naysayers can use to push FUD.

Hopefully this is a relatively minor issue .. as presumably it's the ability to spend coins with merchants and exchange directly to national currencies that will be the real driver.. and bitcoin I think will remain the obvious leader in those regards.

[ElectricMucus]

FUD.

Hopefully this is a relatively minor issue .. as presumably it's the ability to spend coins with merchants and exchange directly to national currencies that will be the real driver.. and bitcoin I think will remain the obvious leader in those regards.

If you were paranoid (like me) you might see these clones as FUD campaigns themselves

But I think it will not damage bitcoin permanently since imo FUD actually helps bitcoin in the long run. It's like this water-ball analogy the harder you push it down the further it jumps up. When people are exposed to the bullshit they realize how ridiculous it is since it gets more and more ridiculous over time. So even if some do believe the bullshit at some point they won't and then it's over.

[kwukduck]

Source and download link please 

[wolftaur]

Source and download link please 

file:///dev/zero

[SomeoneWeird]

Source and download link please 

file:///dev/zero

lawl

[Explodicle]

That made me smile. 

[BombaUcigasa]

Sounds good but I'm waiting for trollcoin to be invented first...

[sd]

Sounds good but I'm waiting for trollcoin to be invented first...

With no new peer discovery method, no new method to create, distribute, or store transactions, no improvements in crypto, no better user client or server, the same currency generation setup, the same network communication method, and still no encrypted wallet.dat, what do you think IOCoin, IXCoin and Solidcoin were?

[BombaUcigasa]

Sounds good but I'm waiting for trollcoin to be invented first...

With no new peer discovery method, no new method to create, distribute, or store transactions, no improvements in crypto, no better user client or server, the same currency generation setup, the same network communication method, and still no encrypted wallet.dat, what do you think IOCoin, IXCoin and Solidcoin were?

SameCoin? SummerCoins?

If i would create a new p2p cryptocoin, i would have the decent sense of creating an exchange at least, and not against bitcoin, but against national currencies.