[ANN] [PMC] Premine Coin | Rare | Mining Transaction Fee Proof of Concept

[Nullu]

Interesting concept.

TXfee would need to be 1 and not .001 etc, to mine for fun.

Can't be too high or nobody would trade it. Coin would die. 0.01 at most.

[The One]

Interesting concept.

TXfee would need to be 1 and not .001 etc, to mine for fun.

Can't be too high or nobody would trade it. Coin would die. 0.01 at most.

For free coins and no one will trade......oh yes they will as the dumpers will trade and the holders like me will see how it goes.

No one will mine for .001.

[gtac01]

In for some premine of preminecoin !

[profitus]

Interesting concept.

TXfee would need to be 1 and not .001 etc, to mine for fun.

Can't be too high or nobody would trade it. Coin would die. 0.01 at most.

For free coins and no one will trade......oh yes they will as the dumpers will trade and the holders like me will see how it goes.

No one will mine for .001.

I just had a thought... If all miners get are TXfees, then we would have to do some transactions. If there is no platform for doing these transactions besides initial distribution, how would miners benefit? This would work great with a fully mined and traded coin with lots of volume (or any at all), but I'm not so sure how it would work with one like this. Anyone want to chime in?

[Pyramusx]

I just had a thought... If all miners get are TXfees, then we would have to do some transactions. If there is no platform for doing these transactions besides initial distribution, how would miners benefit? This would work great with a fully mined and traded coin with lots of volume (or any at all), but I'm not so sure how it would work with one like this. Anyone want to chime in?

I see what you're thinking but maybe this adds another element to alt coin trading and mining? As the miners want something to mine and therefore get something to trade or dump for btc (as is true for many people here), then the miners would need to get fully invested in the success of a coin such as this one so that they can have both something to mine and something with a value to trade once they mine (which then gives them more to mine, right, as this is mining for the tx fee?)

[MGGB]

Super cool.  I am interested

[profitus]

I just had a thought... If all miners get are TXfees, then we would have to do some transactions. If there is no platform for doing these transactions besides initial distribution, how would miners benefit? This would work great with a fully mined and traded coin with lots of volume (or any at all), but I'm not so sure how it would work with one like this. Anyone want to chime in?

I see what you're thinking but maybe this adds another element to alt coin trading and mining? As the miners want something to mine and therefore get something to trade or dump for btc (as is true for many people here), then the miners would need to get fully invested in the success of a coin such as this one so that they can have both something to mine and something with a value to trade once they mine (which then gives them more to mine, right, as this is mining for the tx fee?)

I guess we won't really know until we start. Every thought experiment I come up with takes me back to the TXfee amount problem. What if it's really high, like 10? Sure the guy with the big ASIC would get it, but trade volume would be low due to the high fee, so he wouldn't get much and might even lose interest and allow a better spread (does it even spread, or does it always go to the fastest hash?) to the smaller miners. What if it's really low? Increased trade volume would invite the big fish and the little guys wouldn't get much, if anything.

If you really think about it, it's a whole different beast altogether but I could just be totally missing the point. Obviously, I'm still learning about the crypto world. 

[creditcoin_CRD]

I just had a thought... If all miners get are TXfees, then we would have to do some transactions. If there is no platform for doing these transactions besides initial distribution, how would miners benefit? This would work great with a fully mined and traded coin with lots of volume (or any at all), but I'm not so sure how it would work with one like this. Anyone want to chime in?

I see what you're thinking but maybe this adds another element to alt coin trading and mining? As the miners want something to mine and therefore get something to trade or dump for btc (as is true for many people here), then the miners would need to get fully invested in the success of a coin such as this one so that they can have both something to mine and something with a value to trade once they mine (which then gives them more to mine, right, as this is mining for the tx fee?)

I guess we won't really know until we start. Every thought experiment I come up with takes me back to the TXfee amount problem. What if it's really high, like 10? Sure the guy with the big ASIC would get it, but trade volume would be low due to the high fee, so he wouldn't get much and might even lose interest and allow a better spread (does it even spread, or does it always go to the fastest hash?) to the smaller miners. What if it's really low? Increased trade volume would invite the big fish and the little guys wouldn't get much, if anything.

If you really think about it, it's a whole different beast altogether but I could just be totally missing the point. Obviously, I'm still learning about the crypto world. 

I'm thinking of keeping the TX fees very low. If the coin never gets used, it isn't worth mining anyway. If the coin does get used the value will come up and the TX fees will be worth it. Part of the point is that throwing a ton of hashes at the network is nearly pointless. People could, at least in theory mine from the wallet itself with the setgenerate command and the network would carry on happily. People very likely won't, but could. Network latency is also going to be a major factor. I'm always open to ideas, but it seems like keeping the fees low gives miners with very fast setups even less of an incentive to pour hashes into a network for a very small fraction of a reward, indeed possibly no reward at all. Just my two cents.



On to updates -  Still hashing the rest of the coins. The vast majority of them are mined, but there are blocks with very small fractions of coins still being mined. Once it FINALLY finishes, I have a list of checkpoints to add, a switch to the difficulty, and a recompile. Some testing of things in between is also appropriate. Although I claimed I would release the wallet today, there is still more to do. It is probably best to have everything in order and not jump the gun.

Do keep your insights coming, I realize this is somewhat imperfect at the time, but is worth doing.

[profitus]

Well going to bed for now. Keep me in mind when it comes time to distro I'll be throwing my little 7Gh/s at it when I get up in the morning.

[Nullu]

Still interested in this. Hope for news when I get home from work.

[supersuber]

interested

[creditcoin_CRD]

Have no passed out any coins. But WILL be passing out a few wallets within the hour.

[Ximp]

Definitely count me in, this actually has some potential

[643399]

interested
Count me in

[Merozih]

can we already mine? and who will giveaway the coins

[ruletheworld]

Count me in. I am curious to see how the final distribution takes place.
Have you considered proof of stake if you feel proof of work wastes a lot of hashing power? Proof of burn?

[creditcoin_CRD]

Proof of burn?

 

[SuzukiAkito]

HOLY WHAT O_O

LOOOOL premined 100%

I'm in. I'm curious how this experiment would end. 8D

[unbuffd]

How can I get some?

[creditcoin_CRD]

http://premineco.in
你提供的网站怎么打不开？

Webhost apparently has some issues with DNS recently. Need to move hosts soon. ...Just one more thing on the list of to-do.