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Author Topic: A crypto currency you can't store?  (Read 1177 times)
Stinky_Pete
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February 20, 2014, 08:27:26 PM
 #21

Freicoin

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February 20, 2014, 09:17:25 PM
 #22

So you're just now becoming aware of a basic topic in the economics of currencies after thinking that you had invented it independently but you'd still like to go forward on making your own anyway? Do you understand why that's not a good idea?

Is this the second or the third clash we've had? Aggressive little arsebiscuit aren't you? Nevertheless, I'll answer you.

Yes, I am now just becoming aware. I consider it an education, and am happy to learn even a modest amount about it.

Do I still want to go forward? Yes, of course - that's the nature of evolution, both biological and intellectual.

Making my own anyway? No. As clearly stated. I can recommend some really good resources on learning to read, if you need them. Whoever helped you write that, or transcribed it from crayon for you, or whatever, can no doubt help you through your ABCs. Sorry! I accidentally delved into an ADVANCED topic there - perhaps you should start with the basic grunts and hoots.

Understanding of why it is not a good idea....hmm. Well, that's why I started the thread. Some people that very clearly know what they are talking about have commented in some detail, outlining the pros and cons. All of these I accept as an education I am pleased to receive for free. But you....well, you haven't really added anything, have you? If you're under the impression that your mighty intellect is somehow aware of something which could not possibly be more obvious to us unwashed masses, were we not cretins, then good for you! I can pretty much assure you that that view on life won't work out well Wink

So! With that all said (*phew*), thank you again to all of the people who have contributed positively in this thread, and apologies if I came off as a tad frustrated just there.

I'll check out Freicoin - thank you to the guys who suggested it!

Rit.

Newbie oriented mining site - http://cryptoexperiment.wordpress.com/ --- Free BTC - http://freebitco.in/?r=231531
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February 21, 2014, 09:10:51 AM
 #23

So you're just now becoming aware of a basic topic in the economics of currencies after thinking that you had invented it independently but you'd still like to go forward on making your own anyway? Do you understand why that's not a good idea?
Making my own anyway? No. As clearly stated.

Clearly stated where? I don't see it.

To save you some time, allow me to explain why demurrage will never work. Let's say we have coin A and coin B. They are both near-exact clones of Litecoin, except coin B automatically imposes a 4.89% annual demurrage rate on all holdings and coin A does not. As an economically rationally individual, what is my incentive to use coin B? There is none. Even if it would be better for the economy as a whole if everyone used coin B, it is incompatible with the individual's incentives and so it has no chance of getting to that point. The only way that demurrage can work is if people are forced to use a demurrage-based currency above others that better preserve their wealth. The moribund state of Freicoin should prove my point.

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COINECT
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Ritual (OP)
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February 21, 2014, 10:23:54 AM
 #24

Quote
PS: Oh, and I have no idea how one would go about creating a currency like this. I am no coin maker

First post. Not edited - you can check that.

The whole thing was only to open discussion.

In any case, you are clearly more well-read on this than I am, and also have obviously researched the issue. That's fair enough - I respect your comments, and I can see your point.

Thanks,

Rit.

Newbie oriented mining site - http://cryptoexperiment.wordpress.com/ --- Free BTC - http://freebitco.in/?r=231531
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February 21, 2014, 11:20:34 AM
 #25

Quote
PS: Oh, and I have no idea how one would go about creating a currency like this. I am no coin maker

First post. Not edited - you can check that.

The whole thing was only to open discussion.

In any case, you are clearly more well-read on this than I am, and also have obviously researched the issue. That's fair enough - I respect your comments, and I can see your point.

Thanks,

Rit.

I guess I didn't interpret that as a clear statement of your commitment not to pursue making such a coin. I don't even remember responding to one of your posts before this thread so I'm sorry if I come off as an "aggressive little arsebiscuit". I simply wish to see an end to the rampant cryptocurrency inflation caused by altcoin flooding.

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COINECT
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February 21, 2014, 11:48:57 AM
 #26

Freicoin tried (trying) the same principle. Somehow it wasn't a very popular idea.
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February 21, 2014, 11:59:16 AM
 #27

@anti-scam: Understood completely. I apologise for my rude remark - it was impulsive and ill-considered.

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