[ANN]DeleteCoin ***GET IN WHILE YOU STILL CAN ****

[Nullu]

If this is legit, then I'm interested in this idea.

Crapcoins should quake in their boots.

But..

Won't this just cause altcoin deflation? If you delete 10% of the supply of some crapcoin, then surely you'll just be making it more valuable, won't you? May be a flaw in this concept.

This seems to be a reoccurring question and is a valid point/concern. In no way do we plan on being able to get 100% of any coin. At most we may be able to grab 10% as most people have probably deleted their wallets or, they could simply return to mining their crap alt with the mindset of no competition = 100% of every coin generated. That being said, this coin was designed more with the mindset of giving back to the community and helping those left holding the bag of crappy alts that, if with no action taken, would potentially be worthless forever. If this does some how revive some coins, all the better as the community is getting something back for the work they put in to start. However, if we could remove a few more .dat files one miner at a time for each junk alt, I feel it is progression. The coin cap vs our equal value is so minimal, we feel this would only be beneficial to those currently holding and it would not be worth reviving a coin for.

 

I like the idea.

In a round about way, doesn't this promote the mining of garbage coins especially in the beginning stages?  So we can trade them for /d coins?

We don't feel it does unless it is a coin aimed directly at trying to exploit DeleteCoin, in which we will address it and provide 0 exchange for the coin. For example if it is a coin created before yesterday, and have a huge front end of coin rewards, we would still accept it. However, if someone makes a 100% premine coin tomorrow, we simply can't take coins like that. We will also rely on the community in cases where there is a grey area and in the end, any contributes to DeleteCoin will be ultimately deciding the faith of what new alts are accepted and which ones are not.

Well ok, provided the coins are pretty worthless, it could work. As long as you don't target valuable alts, as then you'll indirectly increase their value. Pick something with massive sell walls at 1 satoshi. You'll only be burning up dead weight, even if the coin is good.

I have a pile of ValueCoins that are absolutely worthless. I'd happily burn the for some DELs.

The other issue is verifying the coins are actually destroyed, and not just kept.

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[AltDeleter]

If this is legit, then I'm interested in this idea.

Crapcoins should quake in their boots.

But..

Won't this just cause altcoin deflation? If you delete 10% of the supply of some crapcoin, then surely you'll just be making it more valuable, won't you? May be a flaw in this concept.

This seems to be a reoccurring question and is a valid point/concern. In no way do we plan on being able to get 100% of any coin. At most we may be able to grab 10% as most people have probably deleted their wallets or, they could simply return to mining their crap alt with the mindset of no competition = 100% of every coin generated. That being said, this coin was designed more with the mindset of giving back to the community and helping those left holding the bag of crappy alts that, if with no action taken, would potentially be worthless forever. If this does some how revive some coins, all the better as the community is getting something back for the work they put in to start. However, if we could remove a few more .dat files one miner at a time for each junk alt, I feel it is progression. The coin cap vs our equal value is so minimal, we feel this would only be beneficial to those currently holding and it would not be worth reviving a coin for.

 

I like the idea.

In a round about way, doesn't this promote the mining of garbage coins especially in the beginning stages?  So we can trade them for /d coins?

We don't feel it does unless it is a coin aimed directly at trying to exploit DeleteCoin, in which we will address it and provide 0 exchange for the coin. For example if it is a coin created before yesterday, and have a huge front end of coin rewards, we would still accept it. However, if someone makes a 100% premine coin tomorrow, we simply can't take coins like that. We will also rely on the community in cases where there is a grey area and in the end, any contributes to DeleteCoin will be ultimately deciding the faith of what new alts are accepted and which ones are not.

Well ok, provided the coins are pretty worthless, it could work. As long as you don't target valuable alts, as then you'll indirectly increase their value. Pick something with massive sell walls at 1 satoshi. You'll only be burning up dead weight, even if the coin is good.

I have a pile of ValueCoins that are absolutely worthless. I'd happily burn the for some DELs.

The other issue is verifying the coins are actually destroyed, and not just kept.

The monthly purge of all wallets will be live streamed and recorded and posted to the site for reference. This should allow all to know that the coins are actually removed from circulation.


Also, launch has been moved to Sunday 12pm eastern standard time to allow miners to be able to partake that typically would be at work. This was per request.

[AltDeleter]

We are currently looking for a few solid pools to bring on board for launch. We would like to have pre-registration available to ensure a smooth launch. Please PM me to arrange. Thanks all.

[tokyoghetto]

wow these premine scams are getting more clever by the minute.

[tuaris]

wow these premine scams are getting more clever by the minute.

Now, if only there is a way for DeleteCoin to delete itself.

[TrollCoins]

wow these premine scams are getting more clever by the minute.

Now, if only there is a way for DeleteCoin to delete itself.

Nominated for troll of the week!

[englishbad]

The idea is very good！aid me please

[kelsey]

I vote to use the 50% premine to delete the other 50% of deletecoin 

[Relnarien]

Regardless of the purity of the intent behind this coin, its approach to the problem of the increasingly growing number of crapcoins is decidedly wrong. In fact, it is very counterproductive to its own stated purpose. Let us assume that a conversion rate was already decided between this and a chosen crapcoin. If this coin is valued at a lower BTC conversion rate than that crapcoin, then not even the bagholders would agree to the trade. If this coin is valued at the same BTC conversion rate or at a rate which would not offset any losses incurred from transaction fees, then the same scenario would occur. If, however, this coin is valued at a BTC conversion rate higher than that of the crapcoin, then this coin would essentially be incentivizing people to start mining those coins again. Rather than finally killing off a crapcoin, this coin would only revive it for the purposes of being traded for this coin, i.e. dumped, which was what made them crapcoins in the first place. Since the difficulty of crapcoins decrease to CPU-mineable levels as a matter of natural progression, mining them to then dump them for this coin becomes more profitable than mining this coin directly. The cycle would just continue. As far as I see, the best way to kill off crapcoins is to ignore them and let them die on their own.

Besides, you're not really helping bagholders by bailing them out; you're just giving them a new reason to hoard future crapcoins. If you want to help bagholders, then educate them. Let them know that crypto-mining is not a way to make money out of nothing but a method of converting existing wealth into a digital (and yes, highly volatile) form. Teach people how to fish instead of giving them fish whenever they screw up.

[allwelder]

sounds interesting.

[sumpool]

the pool

[ralexvalex]

I like the concept, but execution... To start with who would believe you deleted the coins? (even if you livestream it, or what?). We all know how it works. Just send all alts to 11111111111111111111111111 and show us transactions, we will all be happy as clams.

P.S. I doubt anyone has this address on any altcoin, but if some one does, he sure will be even happier...

[leetrump]

I call it “black hole coin” 、
interesting！

[FiniteRed]

Err.. Soooo let me get this straight... you are going to use the massive 50% pre-mine to 'buy up' all of the worthless alt coins? Which will drive up their price (along with other day trader investment) of the coins you are trying to "delete", making them not worthless - as a happy result you end up with a massive pile of the now 'not worthless' coins that you can dump back into the market to make a quick killing? 

[Ratters]

I can live stream me deleting my LTC-qt.dat........... and then not live stream me retreiving it from the recycle bin, re-syncing it, transfering the balance to Cyptsy and exchanging it for 5 BTC.

This just sounds like a way to try to get people to send you Alts for you to cash out at a higher price because you have effecivly Pumped them.

+1 the idea of sending them to 111111111111111111111111 so we can all confirm on the blockchain that they have gone.

[AltDeleter]

I can live stream me deleting my LTC-qt.dat........... and then not live stream me retreiving it from the recycle bin, re-syncing it, transfering the balance to Cyptsy and exchanging it for 5 BTC.

This just sounds like a way to try to get people to send you Alts for you to cash out at a higher price because you have effecivly Pumped them.

+1 the idea of sending them to 111111111111111111111111 so we can all confirm on the blockchain that they have gone.

To be honest we considered this idea but were concerned about the number of actual connections for older coins and being able to get transactions across and verified, which is why we decided to try the process of actually compiling wallets for each coin that is needed and removing the dat file after the fact. However, this is a progressive concept and we are 100% open to community input. If it is a consensus to try to just use that generic address and verify it in the chain, we support it entirely. Trust me, I don't want to keep any of these coins.

In regards to the pump, we don't feel that will be the case in any way shape or form. Considering how long alts have been around and how many coins have typically been mined per each, we don't feel it will revive any coins. It simply would not be worth it. If value increased, hash would return, value would disappear, and they would be back exchanging their hours of mining for 1 DeleteCoin which wouldn't make sense in the long run.

However I want to reiterate that we want to form a community with this coin. We will rely heavily on what coins are exchanged and in the end, if there is any type of question at all, it will be posed to the community to make the final decision. There are several coins that could easily try to exploit Delete, especially devs that are sitting on huge premines that could easily try to dump them over. In the end, the community will be deciding their fate, so input from you guys is crucial.

[ALIVEcoin]

HOORAY !!!

LET THE CULLING BEGIN !!!


-see also ALIVE COIN ..

https://bitcointalk.org/index.php?topic=516174.msg5704822#msg5704822

[caishendizi]

good

[aigareth]

I have a lot shitcoin!

[ariesjia]

i delete it