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

[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.  

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.

Actually there are some fractional coin blocks to be had. It is more difficult than it sounds to mine them ALL up.

Also, yes. The difficulty is something I'm still working out, but the current setup (should) work for a time.

[creditcoin_CRD]

What's the setup file for?

There is a QT executable and an installer, you may chose which one you like - they both work the same way.

[creditcoin_CRD]

Sent a TX with 5 PMC in fees....


I wonder who will get it ?

[hilgi]

Where are the wallets? This sounds interesting, I would love some coins.

Found it. :-)

PMC   1JdoK5aNt3kMnmSCaBKTK1B6JgiZszc4hM

[creditcoin_CRD]

Where are the wallets? This sounds interesting, I would love some coins.

Links in the first post. Right above the sample .conf file

[Pyramusx]

Here's my Premine Address: 15LDvMUWsVs7fiZCwBoHbQkYVnw7dUvXU1

Edit: Added .conf file where needed and wallet is synching normally. All is going well!

[MisO69]

Wallet looks safe - https://www.virustotal.com/en/file/4a374d133627e5e71a682b56474d35369d3259103ffe095f693e1da54cecbff8/analysis/

[romawi]

my AD: 1NE28V7oAHbo71CCaGKNbqEg9F5GgFgAHa

but wallet no sync
no block source available ?

[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!

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...

Thanks for the quick reply. Now CPU mining from the wallet. Hopefully catch some tx fees

1DaEztg1BFMkUm9ZuJoEawauNSi7dMwN3n

[creditcoin_CRD]

my AD: 1NE28V7oAHbo71CCaGKNbqEg9F5GgFgAHa

but wallet no sync
no block source available ?

include the .conf file above to your %appdata%premine folder

[romawi]

I have done of course 
but i´m still waiting

[Musent]

Wallet seems to be working.

1NsRocttBM2DWX5oRXFtYQeCZin98shUBh

[creditcoin_CRD]

Will start distributing coins very soon. Those who supported the idea early will get a bonus.


There will also be 5 PMC added as fees to every transaction.

[Warning__3]

soo, how do we get them coins?

17pyWohmuPTAoKo3BxmPYamjwUvEM292fk

[Musent]

Will start distributing coins very soon. Those who supported the idea early will get a bonus.


There will also be 5 PMC added as fees to every transaction.

Awesome! I like the idea of this coin more and more.

[mueller37]

haha mined a 5PMC tx fee  
http://img21.myimg.de/pemine9b925.jpg

my address: 17UUgE95P88Hbnk9cUiSKPT1VV3nNqg7KU

[creditcoin_CRD]

haha mined a 5PMC tx fee  


my address: 17UUgE95P88Hbnk9cUiSKPT1VV3nNqg7KU

Outstanding!

[EcuaMobi]

First Vanity Address
 

1PrEMineCjDhJRaafhf4wyvTYLwD6SJfq3

[Pyramusx]

What settings are being used to cpu mine? I tried to do this in a .bat file with the minerd.exe program:

1) minerd.exe -a sha256d -o http://127.0.0.1:9935 -u xx -p xx

2) minerd.exe -a sha256 -o http://127.0.0.1:9935 -u xx -p xx

First, I add the "d" at the end of sha256 not sure why, but I had an old mining .bat using that for BTC and it was the only way to get the thing to start, is that how it works? Otherwise, with just -a sha256 it doesn't work.

And either way, it won't connect to 127.0.0.1 it says http:// request failed


---

PMC: 15LDvMUWsVs7fiZCwBoHbQkYVnw7dUvXU1

[creditcoin_CRD]

First Vanity Address
 

1PrEMineCjDhJRaafhf4wyvTYLwD6SJfq3

* creditcoin_CRD is jealous!