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

[creditcoin_CRD]

How can I get some?

Coins and wallets will start being passed out today (within a couple of hours)

[Sarahiko]

Reserve

Count me in, really want to know how will this project turn out.

[SlidingHorn]

I think I want to try this out just to see how this would turn out.

Very interesting concept, if you ask me...

Hope you guys are prepped for linux users! 

[creditcoin_CRD]

I think I want to try this out just to see how this would turn out.

Very interesting concept, if you ask me...

Hope you guys are prepped for linux users! 

Yes, we will provide source to compile, no problem.

[ficilan]

Count me in, nice idea

[Musent]

Any ETA on the wallet and coin distro so we can start an alarm or something? Thanks.

[Nullu]

Could we not have some sort of reserve list so the people who showed early interest won't be left out?

Unfortunately I have a job, so I can't participate until I get home. 

[643399]

Can use graphics mining?
Need your reply

[tonylinux]

ok.it is intresting!

[Musent]

Could we not have some sort of reserve list so the people who showed early interest won't be left out?

Unfortunately I have a job, so I can't participate until I get home. 

Nullu has a great point here. It's hard for a lot of people to keep checking back to see when wallet drops. Can you start a list of the early bird people interested in this coin?

[nunya_coin]

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.  

Maybe make the tx fees start high and halve over time, so in the beginning when there are few transactions the fee is 1 coin, and every 6 months it halves as the transactions theoretically increase.  If there was a way to tie the fee % to average number of observed transactions this could work nicely.

Edit:  in the beginning when the coins value is low the fee of 1 coin isn't much, but as the value increases the avg transaction size would drop so it would make sense that, say a .1 PMC fee makes more sense and might have a similar real world value to the 1 PMC fee today.

[anonuser777]

Nice idea, but what percentage of the coins are you keeping for yourself? How about reserving some (5%?) to be given to charitable organisations, if the coin ever goes mainstream?

Also, everyone should have a chance at getting coins, even latecomers. What are your plans (i.e timescale) for distribution? Days/weeks/years?

Good luck!

[creditcoin_CRD]

Nice idea, but what percentage of the coins are you keeping for yourself? How about reserving some (5%?) to be given to charitable organisations, if the coin ever goes mainstream?

Also, everyone should have a chance at getting coins, even latecomers. What are your plans (i.e timescale) for distribution? Days/weeks/years?

Good luck!

Keeping none, but feel free to donate back so I can have some too. -plan to distribute all of the coins within days. ASAP



Downloads added, lets get this show on the road...

[Musent]

Nice idea, but what percentage of the coins are you keeping for yourself? How about reserving some (5%?) to be given to charitable organisations, if the coin ever goes mainstream?

Also, everyone should have a chance at getting coins, even latecomers. What are your plans (i.e timescale) for distribution? Days/weeks/years?

Good luck!

None, but feel free to donate.



Downloads added, lets get this show on the road...

So how's the distro going to happen when we start mining?

[creditcoin_CRD]

Nice idea, but what percentage of the coins are you keeping for yourself? How about reserving some (5%?) to be given to charitable organisations, if the coin ever goes mainstream?

Also, everyone should have a chance at getting coins, even latecomers. What are your plans (i.e timescale) for distribution? Days/weeks/years?

Good luck!

None, but feel free to donate.



Downloads added, lets get this show on the road...

So how's the distro going to happen when we start mining?

If you mine you will get some residual income - but I will not be distributing any coins yet. It will still be a couple of hours before I start passing out coins.

[Musent]

Nice idea, but what percentage of the coins are you keeping for yourself? How about reserving some (5%?) to be given to charitable organisations, if the coin ever goes mainstream?

Also, everyone should have a chance at getting coins, even latecomers. What are your plans (i.e timescale) for distribution? Days/weeks/years?

Good luck!

None, but feel free to donate.



Downloads added, lets get this show on the road...

So how's the distro going to happen when we start mining?

Sounds good. Thanks for the fast updates on this.


If you mine you will get some residual income - but I will not be distributing any coins yet. It will still be a couple of hours before I start passing out coins.

Sounds good. Thanks for the fast responses on this.

[brokeminer]

Looks like seed nodes are working, downloading chain now.

1AzAPBVUzjJvspbbbKGJN8JbR9Y3kJgcXa

[nunya_coin]

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.  

Maybe make the tx fees start high and halve over time, so in the beginning when there are few transactions the fee is 1 coin, and every 6 months it halves as the transactions theoretically increase.  If there was a way to tie the fee % to average number of observed transactions this could work nicely.

Edit:  in the beginning when the coins value is low the fee of 1 coin isn't much, but as the value increases the avg transaction size would drop so it would make sense that, say a .1 PMC fee makes more sense and might have a similar real world value to the 1 PMC fee today.

Thinking about this some more, like you said a page or two back there's little incentive to throw massive hashes at this, lots of people mining from their wallet with proc=1 would be plenty to keep the blockchain moving.  You would need fast diff adjustment though to avoid some yahoo throwing 10 MH/s at it for a few hrs then leaving with the diff sky high and multi hour block times till the next adjustment comes.

You could also consider making it a 95% premine with a small block reward over a few months just to get it off the ground.  This really is an interesting idea.

[creditcoin_CRD]

Looks like seed nodes are working, downloading chain now.

1AzAPBVUzjJvspbbbKGJN8JbR9Y3kJgcXa

Once we have some more miners I will send some transactions with nice TX fees.

[Musent]

What's the setup file for?