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

[zackclark70]

this has been done before and it was called trade coin and it failed due to lack of miners 

[creditcoin_CRD]

The last of the fractional blocks are finishing up now. I have a meeting at 7:00 my time, so for the sake of being here to answer questions I will wait to distribute wallets until I get back. I should not be long.

[Honeypot1]

I would like some - sign me up.

[subSTRATA]

Block Time: 60 SECONDS
Retarget: NEVER

Fail. You are either dumb or doing it to scam people of their money through distribution of coins. You have been warned, tards!

Well, he's right. You can't set constant block time without difficulty retarget. Not with current PoW code.

Does this mean the network won't function properly ?

No, it doesn't mean the network doesn't function "properly" It is however a paradigm shift from what everybody is used to.

Paradigm shift? You better start with very high difficulty else network will be DDoSed to death immidiately by legit miners who
are having high hashrate. Super high chance for permenant 51% attack and some other inevitable issues ...

DO NOT SEND DEVELOPER ANY COINS FOR DISTRIBUTION, THIS COIN WON'T WORK!

Over and out.

[creditcoin_CRD]

Be aware that I will not be asking for compensation for coins. I do fully intend to GIVE the coins away. Shocker....

[profitus]

Block Time: 60 SECONDS
Retarget: NEVER

Fail. You are either dumb or doing it to scam people of their money through distribution of coins. You have been warned, tards!

Well, he's right. You can't set constant block time without difficulty retarget. Not with current PoW code.

Does this mean the network won't function properly ?

No, it doesn't mean the network doesn't function "properly" It is however a paradigm shift from what everybody is used to.

Paradigm shift? You better start with very high difficulty else network will be DDoSed to death immidiately by legit miners who
are having high hashrate. Super high chance for permenant 51% attack and some other inevitable issues ...

DO NOT SEND DEVELOPER ANY COINS FOR DISTRIBUTION, THIS COIN WON'T WORK!

Over and out.

"Mining only for TX fees, no difficulty change ever, 0 incentive to hit the network with mass hashes. Slam it with all you have - premine doesn't care."

but...the OP said we could do it 

[bungholio]

The apparent hostility is odd to me, if you don't like this coin then move on to the next shite-coin...this is an interesting idea and if ya don't want to be involved then that's cool, move along.  I've worked with the dev on other projects and you'll not find many people more dedicated to NOT ripping someone off.  We are all in this to turn some profit and this coin could do just that. 

[creditcoin_CRD]

Block Time: 60 SECONDS
Retarget: NEVER

Fail. You are either dumb or doing it to scam people of their money through distribution of coins. You have been warned, tards!

Well, he's right. You can't set constant block time without difficulty retarget. Not with current PoW code.

Does this mean the network won't function properly ?

No, it doesn't mean the network doesn't function "properly" It is however a paradigm shift from what everybody is used to.

Paradigm shift? You better start with very high difficulty else network will be DDoSed to death immidiately by legit miners who
are having high hashrate. Super high chance for permenant 51% attack and some other inevitable issues ...

DO NOT SEND DEVELOPER ANY COINS FOR DISTRIBUTION, THIS COIN WON'T WORK!

Over and out.

"Mining only for TX fees, no difficulty change ever, 0 incentive to hit the network with mass hashes. Slam it with all you have - premine doesn't care."

but...the OP said we could do it 

I also should have addressed the starting difficulty, yes I am still quite unsure just where it should be. Hard to judge - Ideas?

[Nullu]

Without a retarget you may set it too high or too low. I'd say 10.

[creditcoin_CRD]

Without a retarget you may set it too high or too low. I'd say 10.

the question is: will people actually completely waste good hashes?

[Nullu]

Without a retarget you may set it too high or too low. I'd say 10.

the question is: will people actually completely waste good hashes?

Waste? No. Speculate? Yes. Too low and it will be forks and problems abound if hash is too high. Too high a diff and it will die before it starts or die as hashrate drops.

Could just change the Algo to CPU with high diff. Not a waste for us Scrypt miners then. SHA could get hash bombed with ASICs.

[hilgi]

The apparent hostility is odd to me, if you don't like this coin then move on to the next shite-coin...this is an interesting idea and if ya don't want to be involved then that's cool, move along.  I've worked with the dev on other projects and you'll not find many people more dedicated to NOT ripping someone off.  We are all in this to turn some profit and this coin could do just that. 

People are odd, for some reason they need to voice their negativity.

[mastream]

interesting, i'll give it a try

edit:
My PMC address: 1L3drcZcTvUFzT1WRafrUtfRHCgzQ4hwCT

[Cyberjnky]

This is a new twist.  I am up for it.

[zackclark70]

why dident you do this with proof of stake not proof of work ?

[profitus]

why dident you do this with proof of stake not proof of work ?

Because then it would be like all of those other "Decedent of NXT" clones. Wouldn't you be interested to see how a PoW would perform once all coins are released?

EDIT: Your post about tradecoin earlier just came to mind, although I can't find anything about it.

[creditcoin_CRD]

Wouldn't you be interested to see how a PoW would perform once all coins are released?

Very much so.

[gbomb944]

Kudos to you! Great out of the box thinking.

Please count me in.

As for the distro scheme if you wanted to avoid scam accounts you could check peoples history of posts and see if they have at least a few posts that look legit.

[The One]

Interesting concept.

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

[Pyramusx]

Okay, I am in. Will be waiting for this.