[ANN] #coin

[coinpr0n]

Hash, Pound or Crunch ... Looking forward to it. CPU-only would be good for some of us.

The thinking is CPU mining offers the average user a chance to mine, but with pools now that idea seems to be redundant.

CPU only is not good for local miners any more. Cloud miners are take over CPU coins.
I think scrypt-jane is good for miners, and multipools can't attach it.
But all published jane coins are pre or flash mined on start, so do something for that.
Like microCoin is planning to start with ~zero blocks at first 10000 blocks and then diff and nfactor start handle the speed.
Other way to handle this, is give bigger target time, but it will slow transfer speed on the future.

Good luck with that.

Thanks halibat. I'm starting to like the idea of Scypt-jane after reading some blogs online. It's definitely the algorithm we are leaning towards. Some good points made about pre and flash mining and thanks for the reference to microCoin , having a look at it now.

That would be great! Along with a fair(-ish) launch, this could be revolutionary! Keepin' a close eye on this project, as it seems really promising.

[hashtagcoin]

In terms of premining it is not something we want to do. We will need to pay for things such as devs, website hosting and we will need to decide how we fund these initial setup costs, we were thinking donations. We also want to actively drive marketing for this coin so it can raise itself above the rest. That is something we want to discuss amongst the community and see what people would considered fair. I've taken your advice about editing the first post and thanks for the ronpaulcoin example. Your suggestions are much appreciated.

Wondering if an IPO (in BTC) for the HashTag Coin would be feasible while still maintaining the coins financial integrity.

Offer an IPO in a fair publicly ledgered way, using a controlled verifiable premine to reward the initial investors, while keeping the miners motivated to mine the coin?

Would require a budget for all the initial costs: web site hosting, logo/marketing, reward for wallet, coin development, etc.

A similar example for funding a coin would be MSC, maybe we could do something on a much smaller investment scale.

Of course, it would be under the onus of "high risk, high reward, invest at your own risk."

Thoughts on this?

Hi Stew, that sounds like a good way of handling it. Having a transparent and accountable IPO could be a better way to deal with this as well as offering people who aren't miners a way to obtain #coins early on. Keeping the solo-miners on-side is important to us. We want to increase the level of participation and for people to feel like they are able to realistically mine on a standard home computer. To be honest I believe if the coin starts trading it will be worth next to nothing. My other way of thinking to help fund this besides donations which are probably going to be unreliable was to actually let people mine and buy up the coins myself early on. That would at least be fair and open, but your idea seems better. Thanks for your suggestion stew, could you send me a link to how MSC ran theirs?

[hashtagcoin]

make sure twitter does not have a trademark on "hashtag" also...

Good pick-up FiatKiller. The phrase "hash tag" was actually coined by a blogger to describe twitters adoption of the # for word groupings. The idea to use # actually came from a twitter user, not twitter,  although the use of # infront of a word has been around since the 70's. So it could be easily argued hashtag has fallen into public domain as it hasn't officially been trade-marked and has been allowed to be freely used by most social media-sites including g+, instagram, you-tube & vines so it usually means it can't be protected as a trademark as its considered "abandoned". I hope not anyway.

[hashtagcoin]

I actually like this concept so far. Keep up the good work

Thanks maco. Anything on your wish list?

[lumpycustard]

Good to see POS. 
Great name.

I don't think it's a good idea in the long run to help CPU miners, unless it's simply a result of the algorithm used.

[nesco1805]

I want proof of work not from calculating useless numbers.

Yes please.

Useless coin is useless.

[hashtagcoin]

Good to see POS. 
Great name.

I don't think it's a good idea in the long run to help CPU miners, unless it's simply a result of the algorithm used.

Thanks for the feedback lumpy.

Do you mean CPU mining is not good for the coin in the long run?

[mnightwaffle]

ye imma go with pound coin

or... hash
http://www.youtube.com/watch?v=PXH9Z3JPxd8&feature=player_detailpage#t=140

[maco]

Good to see POS. 
Great name.

I don't think it's a good idea in the long run to help CPU miners, unless it's simply a result of the algorithm used.

Thanks for the feedback lumpy.

Do you mean CPU mining is not good for the coin in the long run?

I prefer CPU mining over anything... So keep up the good work.

[hashtagcoin]

Hash, Pound or Crunch ... Looking forward to it. CPU-only would be good for some of us.

The thinking is CPU mining offers the average user a chance to mine, but with pools now that idea seems to be redundant.

CPU only is not good for local miners any more. Cloud miners are take over CPU coins.
I think scrypt-jane is good for miners, and multipools can't attach it.
But all published jane coins are pre or flash mined on start, so do something for that.
Like microCoin is planning to start with ~zero blocks at first 10000 blocks and then diff and nfactor start handle the speed.
Other way to handle this, is give bigger target time, but it will slow transfer speed on the future.

Good luck with that.

Thanks halibat. I'm starting to like the idea of Scypt-jane after reading some blogs online. It's definitely the algorithm we are leaning towards. Some good points made about pre and flash mining and thanks for the reference to microCoin , having a look at it now.

That would be great! Along with a fair(-ish) launch, this could be revolutionary! Keepin' a close eye on this project, as it seems really promising.

Thanks for the encouragement coinp0rn. We wont let you down.

[Kooness]

   I like this coin!

[hashtagcoin]

  I like this coin!

Thanks Koones! Do'nt forget us, we launch on 25th Jan.

[hashtagcoin]

Just a notice that I will not be contactable for the next day as I am going on a trip for the weekend (Gold Coast) . I'll be back on Sunday so chat to you all then. PM me if there is anything you wanted to specifically discuss.  Have a good weekend

[illodin]

Ok be careful out there though, we don't want you to die or anything of that sort that might delay the release.

[hashtagcoin]

Ok be careful out there though, we don't want you to die or anything of that sort that might delay the release.

lol thats true. I'll take care 

[StewartJ]

In terms of premining it is not something we want to do. We will need to pay for things such as devs, website hosting and we will need to decide how we fund these initial setup costs, we were thinking donations. We also want to actively drive marketing for this coin so it can raise itself above the rest. That is something we want to discuss amongst the community and see what people would considered fair. I've taken your advice about editing the first post and thanks for the ronpaulcoin example. Your suggestions are much appreciated.

Wondering if an IPO (in BTC) for the HashTag Coin would be feasible while still maintaining the coins financial integrity.

Offer an IPO in a fair publicly ledgered way, using a controlled verifiable premine to reward the initial investors, while keeping the miners motivated to mine the coin?

Would require a budget for all the initial costs: web site hosting, logo/marketing, reward for wallet, coin development, etc.

A similar example for funding a coin would be MSC, maybe we could do something on a much smaller investment scale.

Of course, it would be under the onus of "high risk, high reward, invest at your own risk."

Thoughts on this?

Hi Stew, that sounds like a good way of handling it. Having a transparent and accountable IPO could be a better way to deal with this as well as offering people who aren't miners a way to obtain #coins early on. Keeping the solo-miners on-side is important to us. We want to increase the level of participation and for people to feel like they are able to realistically mine on a standard home computer. To be honest I believe if the coin starts trading it will be worth next to nothing. My other way of thinking to help fund this besides donations which are probably going to be unreliable was to actually let people mine and buy up the coins myself early on. That would at least be fair and open, but your idea seems better. Thanks for your suggestion stew, could you send me a link to how MSC ran theirs?

Hey Hash Tag,

I PMed you some MSC info. Enjoy your vacation!

Stew

[Honeypot]

Chinese posters, there is a chinese sub forum. For main forums, post in english only. Get the message?

[penambang]

Let me in... 

[hashtagcoin]

I've updated the working specifications for #coin (see below). Your feedback is welcomed so we can move to the development phase. As always, we are happy to listen to any idea's as long as reasons are provided to back your case.

• Based on Scrypt-Jane ---> Promotes solo CPU mining
• Protocol  POS+POW hybrid ---> Improves resilience to network hash attacks
• Block generation - 2.5 min ---> Allows faster, transactional type payments when compared to Bitcoin
• Difficulty change Kimotos Gravity Well algorithm ---> Stabilises network hash rate & protects against large multipools
• Confirms 2 ---> Arbritary
• Coins per block 50 (halving every 500,000 blocks ~ 868 days ) ---> Arbitrary
• Total ~ 50 million coins ---> Arbitrary
• Premine ~ 500k-1million coins(1-2%) ---> IPO for investors who wish to purchase but not mine #coin (beneficial to all miners as it creates an initial value for #coin). These IPO sales will be used to cover initial and ongoing costs to drive #coin's development and profile. A public ledger is being considered to allow tracking of these costs to cover things that must be paid for dev's, website hosting and ongoing marketing. Thanks to StewJ for this idea.  

• Block reward: Low nominal value till block 2,500 ---> On release initially first blocks upto block 2,500 (~4.5 days) pay-out only 1 coin. This allows everyone to setup their wallets and lets us fix any teething issues at this stage. Thanks to Halibat and illodin for their ideas here.
• Block 1 = 1
• Block 2 = 1
• Block 3 = 1
• …
• Block 2,500 = 50
• …
• Block 500,000 = 25
• …
• Block 1,000,000 = 12.5

[hashtagcoin]

Another key question is how do we encourage a healthy and sustainable network. Would compulsory transaction fees be the preferred method? Do we use some of the pre-mined coins to pay nodes a monthly lease ?