[ANN] DoubleCoin Launch - The Most Awkward Digital Currency... In the World

[natoshisakamoto]

DoubleCoin is a light-hearted experiment in digital currencies. It is the first digital coin with an exponential pricing system, and the first one with a transaction ledger that is kept by hand.

There are 50 coins, and each one has its own number, from 1 to 50. DoubleCoin #1 was originally sold for 1 satoshi (.00000001 BTC), and the price doubles for each coin sold after that. Coin #2 was sold for .00000002 BTC, Coin #3 for .00000004 BTC, and so on.

The proceeds from DoubleCoin are securely stored in the "DoubleCoin Vault," a pile of loose change on my kitchen table, to spite my wife for saying that this was a terrible idea and that no one would ever buy any.

All buyers of DoubleCoins get:

1) their username recorded in the Owner List next to the coin they have purchased

2) control of the website image header for the duration of the time they are owner of the "top coin" (they can submit an image, or one can be designed according to their specifications). After they lose the "top coin" spot, their header is displayed in the "top coin image archive," as long as it isn't obscene.

3) an email from DoubleCoin asking if there is anything we can do to help them out (we don't have much money, but can help in other ways).

The website was updated today to

- show pictures of the DoubleCoin Vault
- add support for DogeCoin
- add a FAQ
- add a header image, which is controlled by the owner of the "top coin"

http://exponentialsatoshis.wordpress.com/

If you have any questions, shoot away!

[gargouri2001]

more ponzi

[primer-]

OMG, how old are you, 15 ??

[cryptohunter]

clever idea and funny.... i like it... need lots more coins though i think.

[natoshisakamoto]

cryptohunter - Thanks! I hope to keep it fun. And I've actually learned a lot about the challenges that cryptocurrencies had to overcome by trying to do it by hand. Regarding more coins, it's basically totally impossible for coin #50 to ever be purchased... and after 50 coins, the price approaches the US national debt pretty quickly!

gargouri2001 - It's not really a ponzi, because earlier buyers don't get any money from later purchasers. And, there is no promise of future wealth, just participation in an interesting and slightly ridiculous experiment. Without the promise of any monetary reward, it doesn't really qualify as a ponzi or pyramid scheme.

primer - I wish I had ideas like this when I was 15! Alas, I am older.

[albertdros]

im in. Can i buy number 2? What is the lowest number that is not taken yet? Let me know and ill buy it

edit: i see 2 to 20 are bought by 1 guy. This is not fair. I like the idea but it should be possible to buy ONLY 1 per user as there are only 50 coins. 40% owned by one guy makes this shitty for me. Will not be buying.

[natoshisakamoto]

Hi Albert,

I'm in negotiations with Im-Probably-Lying on Reddit to buy back some of the early coins so that I can sell one to you.

I should have one freed up soon, hopefully.

Thanks for your patience.

[saycoin33]

wow looks funny.goodluck for you.

[natoshisakamoto]

Thank you for the kind words, saycoin33!

Do you have any questions about how it works?

[natoshisakamoto]

Albert,

You'll be happy to know that we just announced a new rule -- starting now -- that people can only own one DoubleCoin at a time, not counting Im-Probably-Lying, who has been grandfathered in.

http://exponentialsatoshis.wordpress.com/2014/03/17/new-doublecoin-rule-one-doublecoin-per-person/

But, I've negotiated a deal with Im-Probably-Lying to buy back coins 2 through 10, so that I can re-sell them to broaden the ownership base of DoubleCoins.

Hopefully those two developments address some of your concerns about DoubleCoin.

Thanks for your helpful feedback,

[Mortimer452]

Payment sent for coin #20

TXID:  370bc1cd84184c7fefb6b0a8fe6762a0e1161d443ef05022c70e634b8c477cac

[natoshisakamoto]

Mortimer452 - Fantastic!

What image would you like to see in the website header in your honor?

You can send one or send specifications and we'll make it for you.

[Mortimer452]

No image is necessary . . .the honor is all mine

[beautifullcoin]

i belive the honor is all mine Smiley .

[cryptohunter]

cryptohunter - Thanks! I hope to keep it fun. And I've actually learned a lot about the challenges that cryptocurrencies had to overcome by trying to do it by hand. Regarding more coins, it's basically totally impossible for coin #50 to ever be purchased... and after 50 coins, the price approaches the US national debt pretty quickly!

gargouri2001 - It's not really a ponzi, because earlier buyers don't get any money from later purchasers. And, there is no promise of future wealth, just participation in an interesting and slightly ridiculous experiment. Without the promise of any monetary reward, it doesn't really qualify as a ponzi or pyramid scheme.

primer - I wish I had ideas like this when I was 15! Alas, I am older.

Ah yes i read the OP over again and now notice you are doubling each time not adding 1.... well that will get expensive very quickly.  

Yep like the idea for sure.... personally though i would refund people and start again because the one position per person is certainly the way to go.  

[cryptohunter]

Albert,

You'll be happy to know that we just announced a new rule -- starting now -- that people can only own one DoubleCoin at a time, not counting Im-Probably-Lying, who has been grandfathered in.

http://exponentialsatoshis.wordpress.com/2014/03/17/new-doublecoin-rule-one-doublecoin-per-person/

But, I've negotiated a deal with Im-Probably-Lying to buy back coins 2 through 10, so that I can re-sell them to broaden the ownership base of DoubleCoins.

Hopefully those two developments address some of your concerns about DoubleCoin.

Thanks for your helpful feedback,

i will take coin 3 or 4 or 5 whatever is the lowest one available to be part of the new experiment.... pm me and tell me how much btc it will be.

[natoshisakamoto]

CryptoHunter -

We bought back coins 2 through 10 to re-sell them to individuals, so that will improve the situation a little bit hopefully, and maybe more people can offer Im-Probably-Lying some doge, or cool barters, to try and pry some more of those coins out of his (or her) hands.

It wouldn't really be fair to him (or her) to refund and start over, because they were the first big initial supporter of the whole thing, and they took a chance on buying all those coins when no one else was interested in even paying a fraction of a penny for a DoubleCoin, so it would feel like I was betraying the very first person to believe in the whole thing.

But, it is in his/her interest to ensure that DoubleCoin appears fun and fair for people, so hopefully he/she transfers ownership of a few more coins over time.

Also, ridiculousness is a core element of DoubleCoin, so the fact that a person named Im-Probably-Lying is hoarding early coins is kind of appropriate, from a certain perspective, and ripe for entertainment down the line. This person is sure to be a central character as the saga unfolds, whether for good or evil, only time will tell...

[cryptohunter]

CryptoHunter -

We bought back coins 2 through 10 to re-sell them to individuals, so that will improve the situation a little bit hopefully, and maybe more people can offer Im-Probably-Lying some doge, or cool barters, to try and pry some more of those coins out of his (or her) hands.

It wouldn't really be fair to him (or her) to refund and start over, because they were the first big initial supporter of the whole thing, and they took a chance on buying all those coins when no one else was interested in even paying a fraction of a penny for a DoubleCoin, so it would feel like I was betraying the very first person to believe in the whole thing.

But, it is in his/her interest to ensure that DoubleCoin appears fun and fair for people, so hopefully he/she transfers ownership of a few more coins over time.

Also, ridiculousness is a core element of DoubleCoin, so the fact that a person named Im-Probably-Lying is hoarding early coins is kind of appropriate, from a certain perspective, and ripe for entertainment down the line. This person is sure to be a central character as the saga unfolds, whether for good or evil, only time will tell...

okay cool so i sent btc for coin 2... will pm you transaction id

[Mortimer452]

It's worth a risk I guess at the 0.005ish BTC that I paid for #20.  Made me smile, it was worth the BTC

But I doubt we will see it go much further than this . . . couple more coins and we're getting into some real money.  By the time we're at coin 50, the entire stash will be worth (2 ^ 50) * 2 -0.00000001 BTC, which is like, a bajillion dollars.

So far, we are talking about a "cryptocurrency" with a ledger kept track of on a piece of paper, and the owner stacking up loose change.  

No wallet, nor a promise of one

[cryptohunter]

It's worth a risk I guess at the 0.005ish BTC that I paid for #20.  Made me smile, it was worth the BTC

But I doubt we will see it go much further than this . . . couple more coins and we're getting into some real money.  By the time we're at coin 50, the entire stash will be worth (2 ^ 50) * 2 -0.00000001 BTC, which is like, a bajillion dollars.

So far, we are talking about a "cryptocurrency" with a ledger kept track of on a piece of paper, and the owner stacking up loose change.  

No wallet, nor a promise of one

yeah i like the idea..... had to way over pay though lol noticed i paid a transacton charge a magnitude more than the position cost

i can see it now.... soon there will be a bidding war to become top dog on this.... next a media frenzy as someone pays a fortune in btc for top double coin spot.........next his site is getting millions of views per day to see what is all about ..... the next bigger company sees opportunity to advertise and write off big tax .....pays even more.......

the guys bed is full of bank bonds for millions.... my spot2 won't even have a cent on it... although if you include the tx fee i should really deserve one on there. But who would bother looking at spot 2 when we are talking about spot 42 being bid for.