[NUT] NutCoin - The Anti Scarcity Stabilized Currency

[Snard]

we are in a slowish and confidential launch because it's not very stable, no windows wallet, no blockchain, no website etc ..., and there is still have a lot of issues to be fixed.

So, basically this is being premined.

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[dmx374]

we are in a slowish and confidential launch because it's not very stable, no windows wallet, no blockchain, no website etc ..., and there is still have a lot of issues to be fixed.

So, basically this is being premined.

We can not really talk about "premining" as I've only mined about 300 blocks during the development process. It is about 0.003% of the total coins to be issued ;-)

[chip99]

already premined i guess. source is released linux users can mine. meanwhile windows users waiting for the wallet always same. try new ideas to hide your premining 

[Bassie]

we are in a slowish and confidential launch because it's not very stable, no windows wallet, no blockchain, no website etc ..., and there is still have a lot of issues to be fixed.

So, basically this is being premined.

We can not really talk about "premining" as I've only mined about 300 blocks during the development process. It is about 0.003% of the total coins to be issued ;-)

You could just wipe the blockchain and restart when launching?

[pyds1977]

Hi All,

this is my contribution to the beautiful wold of crypto-currencies:

https://github.com/dmx374/nutcoin

This is still work in progress and not ready for production.

What is Nutcoin?

Nutcoin (NUT) is a fast version of Bitcoin and Litecoin. It uses scrypt as a proof-of-work algorithm, massive supply for everyone, and a simple stabilization mechanism to limit speculation effects.

- 10 second block targets
- 5000 coins per block
- subsidy halves every 3 110 400 blocks (~6 months)
- difficulty retarget every 17 280 blocks (~48 hours)
- supply: 92 000 000 000 (92B) coins

What is the innovation?

- Anti-scarcity: 92 billions on coins will be delivered in the next 10/15 years
- Designed for easy CPU mining: NUT will ever be the fastest coin to mine
- Value stabilization via innovative APDTC system (Anti Pump/Dump Transaction Control) to avoid market manipulation (EXPERIMENTAL IMPLEMENTATION)

Scarcity Principle

An economic principle in which a limited supply of a good, coupled with a high demand for that good, results in a mismatch between the desired supply and demand equilibrium. In pricing theory, the scarcity principle suggests that the price for a scarce good should rise until an equilibrium is reached between supply and demand.

However, this would result in the restricted exclusion of the good only to those who can afford it. If the scarce resource happens to be grain, for example, individuals will not be able to attain their basic needs.

This is what is happening with Bitcoin. The experience told us that the value of a currency is defined by its popularity, by the faith, trust, and by what you can buy with the money to eat and to survive. It is not about its scarcity. 90% of the world population will not be able to get 1 BTC, so Bitcoin will never change the world.

Why another "copycoin"?

Nutcoin is not a copycoin, it was designed to have a real value based on the "real world" necessity to buy goods, services, food, coffee or nuts, hence the name. If Bitcoin is the new gold and Litecoin is the new silver, then Nutcoin is the new liquid cash.

Nutcoin is faster than all other available crypto-currencies, it's secure, and has enough supply of coins to feed the entire planet for the next 15 years. We design it to challenge the US Dollar marketcap by 2024, the main reason we created Nutcoin.

Total market capitalizations:

It is estimated that only 2% of all US Dollars in existence are in paper money and coins. The other 98% is digital. Bitcoin's scarcity and its $10 billions market is negligible in comparison with the "real world" market caps.

Bitcoin: about $10 billions USD
- Total of all publicly traded companies in the world: about $50 trillion USD
- USD marketcap: $11 trillion USD by the end of 2013
- NUT target $1.3 trillion USD market cap by 2024

Nutcoin Massive Planet Supply Plan + APDTC

    2014 : +  7 776 000 000 more coins   --> 1 NUT = ~ $0.0001 USD recommended value
            : +  3 888 000 000 more coins
    2015 : +  1 944 000 000 more coins       Transaction Limit: ~ 50 000 NUT
            : +    972 000 000 more coins
    2016 : +    486 000 000 more coins       Transaction Limit: ~ 100 000 NUT
            : +    243 000 000 more coins
    2017 : +    121 500 000 more coins       Transaction Limit: ~ 200 000 NUT
            : +     60 750 000 more coins
    2018 : +     30 375 000 more coins   --> 1 NUT = ~ $1 USD recommended value
            : +     15 187 500 more coins
    2019 : +      7 593 750 more coins       Transaction Limit: ~ 800 000 NUT
            : +      3 796 875 more coins
    2020 : +      1 898 437 more coins       Transaction Limit: ~ 1 600 000 NUT
            : +        949 218 more coins
    2021 : +        474 609 more coins       Transaction Limit: ~ 3 200 000 NUT
            : +        237 304 more coins
    2022 : +        118 652 more coins   --> 1 NUT = ~ $10 USD recommended value
            : +         59 326 more coins
    2023 : +         29 663 more coins       Transaction Limit: ~ 12 800 000 NUT
            : +         14 831 more coins
    2024 : +          7 415 more coins   --> 1 NUT = buy something that worth $15 today
            : +          3 707 more coins
(...)

That's it: even if you have the chance to mine 72 millions of nuts the first weeks, you will not be able to make big transactions or withdraw more than 50 000 NUT. This simple mechanism is the real innovative approach of NutCoin, and it will avoid large and massive buy/sell orders to manipulate the value of the currency. For now, APDTC is still experimental and will be set manually by the NutCoin developers.

How to get nutcoins?

It is not recommended to trade NUT in online exchanges (like btc-e, cryptsy etc.) before the currency is widely used and well established. We will do our best to widespread the currency to online and local merchants. We hope NUT value will stay correlated to "what you can buy with it". The recommended price for 1 NUT should be around $0.0001 USD, it should not rise to $1 value before 2018 and we recommend maximum $10 by 2022.

Next Steps :
- blockchain explorer
- website
- mining pool
- windows build (we only have a build for MacOSX 10.8+, if you want to test, just tell me)

http://imageshack.com/a/img5/6742/xy38.png

What a innovative coin, Chinese like it, wooooh!!!

[MisO69]

Windows-QT Wallet please. 

[dmx374]

already premined i guess. source is released linux users can mine. meanwhile windows users waiting for the wallet always same. try new ideas to hide your premining 

There is no premining. It needs minimum 2 servers to start operating a new coin network, a local machine and a distant hosted daemon with setgenerate set to true to start the network and keep things smooth (we NEED the network to keep going with the confirmations).

So, please do your math before talking about premining:
- I've about 2,5 million of coins since today (since the post on this forum)
- Every body can mine 8600*5000 coins per day (43 millions of coins, 301 millions of coins a week) with a simple MacBook laptop (CPU mining)
- the reward halves every 6 month or so ..

and the coin I've HAD to mine only represent 0.003% (exactly 2,5*100/92000 = 0.00271%) of the total 92 billions of coins that will be issued.

so you want my 2,5 millions of coins? no problem, just give me your NUT address, it will send it to you as a proof of my good faith.
tomorrow I will get another 10 millions on my wallet with my slow laptop.

[Snard]

Code:

./nutcoind getmininginfo     
{
    "blocks" : 12746,
    "currentblocksize" : 1000,
    "currentblocktx" : 0,
    "difficulty" : 0.00024414,
    "errors" : "",
    "generate" : true,
    "genproclimit" : 4,
    "hashespersec" : 0,
    "networkhashps" : 389569,
    "pooledtx" : 0,
    "testnet" : false
}

[dmx374]

Code:

./nutcoind getmininginfo     
{
    "blocks" : 12746,
    "currentblocksize" : 1000,
    "currentblocktx" : 0,
    "difficulty" : 0.00024414,
    "errors" : "",
    "generate" : true,
    "genproclimit" : 4,
    "hashespersec" : 0,
    "networkhashps" : 389569,
    "pooledtx" : 0,
    "testnet" : false
}

12746 blocks, this is great but unfortunately this is NOT me!
This is all of the guys here who started mining.

a few hours ago ./nutcoind getpeerinfo show me only my 2 connexions when I posted yesterday (I'm French so it's 6 am here, I posted about 24H ago)
and now, getpeerinfo dozen of connexions of peers and miners.

Do not worry, there will be enough nuts for everyone as I said in the post (92 billions of coins).
For now, the matter is not how many coins X or Y has mined, but what we will be able to buy with it within the next years. That will define the real value of the coins.

[Chris180Z]

Code:

./nutcoind getmininginfo     
{
    "blocks" : 12746,
    "currentblocksize" : 1000,
    "currentblocktx" : 0,
    "difficulty" : 0.00024414,
    "errors" : "",
    "generate" : true,
    "genproclimit" : 4,
    "hashespersec" : 0,
    "networkhashps" : 389569,
    "pooledtx" : 0,
    "testnet" : false
}

12746 blocks, this is great but unfortunately this is NOT me!
This is all of the guys here who started mining.

a few hours ago ./nutcoind getpeerinfo show me only my 2 connexions when I posted yesterday (I'm French so it's 6 am here, I posted about 24H ago)
and now, getpeerinfo dozen of connexions of peers and miners.

Do not worry, there will be enough nuts for everyone as I said in the post (92 billions of coins).
For now, the matter is not how many coins X or Y has mined, but what we will be able to buy with it within the next years. That will define the real value of the coins.

Erm, call me blind but where is the information in the original post that shows you how/where to mine this coin? Clearly people are mining it, so how do I?

[jrslyrics]

Maybe you should offer a bounty for a Windows QT and a website.

[DJTrey]

Erm, call me blind but where is the information in the original post that shows you how/where to mine this coin? Clearly people are mining it, so how do I?

I'm using the mac osx client. I uploaded it here - http://206.214.211.212/~ncoin/

You can build from source too.

[Pustul]

Solo mining works great for this coin

[dmx374]

Maybe you should offer a bounty for a Windows QT and a website.

Yes, this is an excellent idea!

I can send 30 LTC to the first guy who provide us with a deployable Windows QT Wallet.

1) post a download link on this thread
2) send me the LTC address in PM

For the website, I will take care of it (soon)

[theking7426]

Don't get me wrong but i find this system of launch a bit of a joke.
I get that you are putting a "value" to it from the start and recommending people not to sell till it is established but that is just not how it works.

If people decide that trading it in  forums is worth $1 then that is what they will trade it for.

As for the daily cap it does seem to deal with pumps and dumps, the issue is it does not change the fact that any Windows user can not currently mine the coin. Just because you can't spend all your coins doesn't mean you don't have so many coins. If someone is already mining for instance then by the time a person with windows can mine that other person will already have a days accumulation of coins. Whether it is 50 cents or ten thousand dollars.

The fact is that if people are mining then the coin is launched

Maybe I am missing something.

[Pustul]

Maybe you should offer a bounty for a Windows QT and a website.

Yes, this is an excellent idea!

I can send 30 LTC to the first guy who provide us with a deployable Windows QT Wallet.

1) post a download link on this thread
2) send me the LTC address in PM

For the website, I will take care of it (soon)

30 LTC, you're generous

I will probably do a giveaway later today to promote the coin, stay tuned!

[DJTrey]

Has anyone compiled a windows client yet???

[haggis]

Has anyone compiled a windows client yet???

I already tried it with QTCreator without success. I'm just wondering, why the .pro file differs that much from i.e. the one by Mooncoin?
@OP: did you fork the Litecoin Source...and did you edit the .pro file?

[Pustul]

FIRST GIVEAWAY:
[GIVEAWAY] NUT Giveaway 120000 coins

[albertdros]

already premined i guess. source is released linux users can mine. meanwhile windows users waiting for the wallet always same. try new ideas to hide your premining  

There is no premining. It needs minimum 2 servers to start operating a new coin network, a local machine and a distant hosted daemon with setgenerate set to true to start the network and keep things smooth (we NEED the network to keep going with the confirmations).

So, please do your math before talking about premining:
- I've about 2,5 million of coins since today (since the post on this forum)
- Every body can mine 8600*5000 coins per day (43 millions of coins, 301 millions of coins a week) with a simple MacBook laptop (CPU mining)
- the reward halves every 6 month or so ..

and the coin I've HAD to mine only represent 0.003% (exactly 2,5*100/92000 = 0.00271%) of the total 92 billions of coins that will be issued.

so you want my 2,5 millions of coins? no problem, just give me your NUT address, it will send it to you as a proof of my good faith.
tomorrow I will get another 10 millions on my wallet with my slow laptop.

how do i mine with my macbook? im running the client here but it says no block source available (not getting any connection )and i dont see a miner button anywhere.