Quickcoin [Current Bounty: Derp]

[Anonymous]

Here's the idea: An alternative Bitcoin that will fully generate within a years time. Difficulty will rise at the same scale but just quicker and adjusted for a lower amount of power. There will only be 21 million Quickcoins for good arbitrary measure.

The main benefit of Quickcoin is better stability due to all currency being mined relativity quickly which

1) leads to a faster possibility of crypto-currency-based loans and

2) demand based solely on goods and services.

It will of course have all of the same features as vanilla Bitcoin except the "quick" part, heh.

Feel free to make a pledge to bring this idea to life. Suggestions are encouraged.

PS I pledge Derp.

EDIT: No longer any bounty.

[theymos]

That requires only a slight change in the code:

Code:

int64 GetBlockValue(int nHeight, int64 nFees)
{
    int64 nSubsidy = 5000 * COIN;

    // Subsidy is cut in half every 4 years
    nSubsidy >>= (nHeight / 2100);

    return nSubsidy + nFees;
}

Initial subsidy will be 5000 QC, and this will halve every 2100 blocks. You'll end up with 20999999.99972700 QC in 1.6 years, which is as close as I could get without changing the final reward from 21 million or increasing precision.

You can play with these parameters here:
http://blockexplorer.com/q/changeparams?interval=2100&precision=8&subsidy=5000

Here's the closest I could get to a year, by changing precision:
http://blockexplorer.com/q/changeparams?interval=210&precision=70&subsidy=50000
(Initial subsidy of 50,000, halving every 210 blocks.)

[Anonymous]

Thank you! This is contrary to Txyru telling me it would have to be made from scratch. I could probably learn to compile this myself.

[genjix]

You owe theymos 20 BTC.

[TiagoTiago]

Is it easy to modify the client to use a parallel network other than the testnet and the main network?

[FreeMoney]

There are some fundamental economic problems with this, and the reasons for doing it.

1.) Making loans of a currency that increases in value over time would effectively necessitate charging negative interest.
 

If there are no holding costs there will be zero supply of neg rate loans. There will be some people who need coins asap and are willing to pay a little positive rate. Likely there will be some supply of positive rate loans. So the equilibrium/necessary/whatever rate will be positive.

[Anonymous]

You owe theymos 20 BTC.

It's not compiled. : P

[Anonymous]

There are some fundamental economic problems with this, and the reasons for doing it.

1.) Making loans of a currency that increases in value over time would effectively necessitate charging negative interest.
 

If there are no holding costs there will be zero supply of neg rate loans. There will be some people who need coins asap and are willing to pay a little positive rate. Likely there will be some supply of positive rate loans. So the equilibrium/necessary/whatever rate will be positive.

It will result in a tiny economy that will eventually be gobbled up. Still, it could be a sort of economic 'demonstrator model' that would operate on a time scale much shorter than that of Bitcoin.

IMO Satoshi found a real sweet spot when the parameters for the BTC economy were coded. Slow enough to allow for organic growth, but fast enough to capture and maintain interest. Ultimately, I think you could also make a 'Slowcoin' that would eventually eclipse the Bitcoin economy, but I think that would take a very long time.

It would be gobbled up but the gobblers have no interest to just sit on their Quickcoins. It will spread around through means of trade.

[genjix]

You owe theymos 20 BTC.

It's not compiled. : P

I don't understand this.

He did everything you asked for in the OP.

Him not compiling his changes (which is the easiest part) suddenly invalidates his bounty? Reminds me of a friend whose landlord refused to pay him his deposit on leaving because my friend hadn't hovered the floor.

You were asking for a task which takes a programmer 15 mins of his time + 10 years of experience. He did that and crunched the numbers for you. Then you came out with an excuse not to pay up.