Bitcoin Forum
December 09, 2016, 05:28:01 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: alternate cryptocurrency idea  (Read 527 times)
peak
Jr. Member
*
Offline Offline

Activity: 37


View Profile
September 11, 2011, 08:13:41 AM
 #1

I just come out these ideas this weekend and found the forum down...

1. 10s to generate 1 block and 100 coins. All coins(~20M) will be found in 1 month.
2. Different from current xxxcoins, this coin will not save all the transaction and sum them up to get ballance of a certain account. A globel sum up bill for every none zero account will be updated hourly. Only most recent globel bill and transactions are needed to calculate balance for a certain account. So, only recent bill and transaction are nessary for the whole net.
3. For the generation of every globel bill, every account will be charged 0.0005% of his/her balance, this fee will give to the one who succesfully generate the bill, that will be about 100 coins.
4. Every transation will be charged .5%.
-------------------------------------
Advantages:
1. Light database. Only a globel bill and maximum 720 blocks are useful.
2. A nearly instant transaction, every transaction will be processed in 10s and confirmed in 1 min.
3. No dead account. For every account, The annual globel bill fee will be about 4.3%. If an account with 100 coins sleeps about 15 years, it will be only ~50 coins left, and if this account sleeps over 400 years, there will be nothing left.
4. All the coins will be found and spread in 1 month. The return of minning will suddenly becomes very low(36000->100 per hour, neglect transaction fees) to cool down digging rush.
5. Because of large amount of generation and low minning cost afterwase, there will be very little value of the coins. The value will increase only if it spreaded and there is really some use of it.
6. .5% transaction fee to restrict transaction between multi-account of one person and to keep the data file slim.

To make the coin spread, maybe it will be better to give half of the coins freely via a website like bitcoin faucet. And if there is a JS client that common users can specify certain private key(although its not as safe as current method), it will be more easy to make the coin popular.

For example: If I'm a newbee of this coin, I can sign up with my email address to the faucet website, and I can specify a private address "tangbohu9527", for example, to generate private/public key pair with JS client and the website will send 50 coins to the public address automatically. I do not need to do any thing(install a local client, update block information, save my wallet...), the only thing I need to do is to remember the string "tangbohu9527". If I want to spend my money to some one else, I just need to  provide this private address "tangbohu9527" and receivers account to any website with JS client of this coin.

It is true that I will take a risk that others might find the same string and transfer my coins, but it will really help to spread when the value of the coin is low. And after long term of use, if this coin become popular, people will learn to use more complex string as there private address. If someone really want to make his/her accound safe, he/she can use additional tools to generate private address complex enough by him/herself.
---------------------------------------------
So, is there anything possible above?
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Lolcust
Member
**
Offline Offline

Activity: 112


Hillariously voracious


View Profile
September 11, 2011, 03:47:54 PM
 #2

So, if I just keep money in this coin, they burn up?

Why not just keep them in dollars then ? :p

Geist Geld, the experimental cryptocurrency, is ready for yet another SolidCoin collapse Wink

Feed the Lolcust!
NMC: N6YQFkH9Gn9CTm4mpGwuLB5zLzqWTWFw67
BTC: 15F8xbgRBA1XZ4hmtdFDUasroa2A5rYg8M
GEG: gK5Lx6ypWgr69Gw9yGzE6dsA7kcuCRZRK
peak
Jr. Member
*
Offline Offline

Activity: 37


View Profile
September 12, 2011, 02:59:54 AM
 #3

So, if I just keep money in this coin, they burn up?

Why not just keep them in dollars then ? :p
Hi Lolcust, your GG is really crazy!

While, It depend on how you think. We need coins to use, not gold for collect.

At the beginning, the coins do not have any purchasing power(because there is only little diffculty to minning all of them out). You will lose nothing even you have 4.3% of your coins disappeared every year, since you get them nearly free. And speculator may not like to buy them for the same reason. The price of the coin will increase more gentlly. When people geting to use them, the value of the coins will increase, you still will not lose any thing if the purchasing power increases over 4.3% per year.

The value increase period will last very long for public to accept it. As long as the purchasing power increase of the coins over 4.3% per year, no one will suffer from losing money and if the purchasing power increase of the coins do not over 4.3% too much, we wont suffer much from speculating either.

If this coin succeed someday in the future and every one getting to use it, and it becomes to be the main currency in the world, with the productivity growth of the whole society, you can alway buy more with less coins and do not feel losing money. But the circulating of the coins by transaction fee can fulfill the large requirement of the coins in the market and it will always keep active, which will still a good thing.

This idea is tend to prevent speculation and disproportion earn of early adopter, which are two of most blames of Bitcoin and other coins in public.

For Bitcoin, early adopters that more like to see it succes other than earn millions of dollors him/herself will give out their coins for free to make it spread, while greedy speculators will keep all of their coins as long as the price is increasing, unfair, isn't it? Why don't we use everyone's coin to make it spread and stablize the market?
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!