[ANN] yes! another scrypt coin, Created by you!

[squall1066]

Hiya all, There sure are alot of new coins coming out, So first, Why me? Well, Alot fail due to pre-mining of coin and just out right doggyness of how the coin is priced and pumped and dumped for a false perspective.

I am going to start something that the parameters of the coin can be contributed by anyone! This will help show a "safe start" of the coin!

So, I need thought's and ideas, Here is a quick run down.

1) name of the coin, If I don't hear anything good it will be squall coin (SQC)  
2) block reward
3) block time (adv 5 min?)
4) total coins
5) something you would like to add/see in this coin?

The creation of the coin will be public so there will be no pre-mined coins, This is by the people for the people, (sorry guys, I am fed up of seeing rich people pump their own coin to make more money, This is not the spirit of the coin)

I would like to be contacted if you are a pool provider and would like to host this coin, I have a developer ready for creation of coin and wallet, I just want to throw it out there see what comes back, I will accept criticism, But please keep language nice.

I would also like to know, What do you want from an alt coin that would make you mine/premote this coin over others? Would you start early or would you wait to see if it last longer than a week?

Thanks guys and guyetts.

UPDATE - Something came up over PM, The division of a coin, I am not to keen on paying 0.0000001 amounts (which is end game I know) So how do we work out the coins as to not have too many decimal places? There are a little over 7 billion people on this planet, Do we make 100+ billion coins so there is enough for everyone? do we limit to 2 places and keep in line with current FIAT denominations?

[Gordon Bleu]

What i don't get with long Blocktimes, they can never be used as a instant Payment Method because you have to wait till a Block picks up your Transaction. With long Block Times it can only be used as Storage of Wealth but this requires Trust in your Coin.

we have Yac but what about YAS ? (yet another Shitcoin)

[loljosh]

Good idea   . The name should be PublicCoin

[squall1066]

What i don't get with long Blocktimes, they can never be used as a instant Payment Method because you have to wait till a Block picks up your Transaction. With long Block Times it can only be used as Storage of Wealth but this requires Trust in your Coin.

we have Yac but what about YAS ? (yet another Shitcoin)

Yes, I actually agree, But if we made a coin that would not release a new block untill all transactions have not been completed, This would create a huge wait time, It is better for data streaming to have it broken up. Maybe do away with fees and work the transactions according to a time index?

I wanted to steer away from something too close to another coin.

Goo idea  . The name should be PublicCoin

I like! I was also thinking of spirit coin, But this has too many religious implications.

[joeykrug]

Actually, it's not my coin ,but your coin.
Why scrypt again?  Should we like X11 more than scrypt?

[loljosh]

Actually, it's not my coin ,but your coin.
Why scrypt again?  Should we like X11 more than scrypt?

why do you want X11? It is already GPU mineable now and will be common soon. You guys just run after the name "X11" Don't even know it is full of bugs and can mine via GPU now.   Noobs be like "we want X11".

[jootn2kx]

I really suggest scrypt jane

[DeltaQuebec]

I really suggest turning the GPU's off & just trade.

[vindyne8]

Most of the other stuff doesn't matter. But, for alt coin, what I'd make if I actually had the skill to would be:

1) Mara Coin
2) 25 per block, 5% chance at 50 per block, 1% chance at 100 per block.
3) block time: 1 minute.
4) 100 million total coins
5) I would like the coin to be X11 algorithm, PoW, PoS.
6) I would like the end goal to be to actually use the coin as a real currency for goods and services.
7) Small pre-mine, 100% of which is spent on bounties for pools, exchanges, wallets, etc etc.
Long lead-up to release, so all the things in #7 can be set up before launch even happens, not after.
9) Lots of testnet work to make sure everything is working, 10 times over, before launch date/time given.
10) source/wallet posted a full day in advance, password protected.

[DeltaQuebec]

I really suggest turning the GPU's off & just trade.

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[lexusivan888]

UPDATE - Something came up over PM, The division of a coin, I am not to keen on paying 0.0000001 amounts (which is end game I know) So how do we work out the coins as to not have too many decimal places? There are a little over 7 billion people on this planet, Do we make 100+ billion coins so there is enough for everyone? do we limit to 2 places and keep in line with current FIAT denominations?

no, we dont need places at all.
the coin should and must have its smallest unit is  ONE. ( 1 coin )
this should be its unique characteristics, and this can play the role in the trading.

[ymer]

UPDATE - Something came up over PM, The division of a coin, I am not to keen on paying 0.0000001 amounts (which is end game I know) So how do we work out the coins as to not have too many decimal places? There are a little over 7 billion people on this planet, Do we make 100+ billion coins so there is enough for everyone? do we limit to 2 places and keep in line with current FIAT denominations?

no, we dont need places at all.
the coin should and must have its smallest unit is  ONE. ( 1 coin )
this should be its unique characteristics, and this can play the role in the trading.

Yes, please make this coin indivisible.

[lexusivan888]

my thinking is to create a coin, which contributes to the crypto world.
no need another one, which is barely just ALT.
 

[Mortimer452]

I would be happy to setup a pool for this coin at launch, I'll try to keep an eye on this thread, but please PM me once you've got everything decided.

I can do scrypt, sha256d, scrypt-N, probably X-11 as well but I may need some time to figure that one out as I have not setup an X-11 pool yet

As far as the coin specs go, here are my opinions:

- I dig the traditional scrypt algo, or maybe scrypt-N, not a huge fan of X-11
- 1 minutes block times for fast transactions
- Something around 40 confirmations for newly minted blocks, nice compromize between security and getting your mining rewards quickly so you can spend/trade them
- I am not to keen on KGW as the diff algo, it's not nearly as good as everyone thinks it is, especially on coins with lowish network hashrates (less than 1GH or so).  DigiShield seems pretty solid but I don't know enough about the technical details to "endorse" it or not.
- Total coins 250 million.  I don't really have any reasoning behind this other than the fact that most coins released these days with a large # of total coins (1billion or more) seem to be destined to die in the litoshi market

[squall1066]

Thanks Mortimer452 for your input, Things are moving a head, Lots of people have contacted me about this, I think were on to something here!!

There will be an official announcement for this coin before the months out, I will contact you as soon as I have coin specs and hopefully you can implement that into a pool, I think it will be a normal scrypt algo, So best to go with PPLNS, Don't go PPS! as people jump on board you will loose money!

[sussex]

UPDATE - Something came up over PM, The division of a coin, I am not to keen on paying 0.0000001 amounts (which is end game I know) So how do we work out the coins as to not have too many decimal places? There are a little over 7 billion people on this planet, Do we make 100+ billion coins so there is enough for everyone? do we limit to 2 places and keep in line with current FIAT denominations?

no, we dont need places at all.
the coin should and must have its smallest unit is  ONE. ( 1 coin )
this should be its unique characteristics, and this can play the role in the trading.

Yes, please make this coin indivisible.

If you make too many coins you will end up on the XPM exchanges and ignored. It needs to be tradeable with BTC.

[sussex]

I really suggest turning the GPU's off & just trade.

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How are you going to trade when there are no miners to deal with transactions?

[sussex]

The biggest problem for all coins is a real-world use.

People need to get off the technicalities, which only interest a few, and make a real, genuine marketing push.

The coin with the best marketing is going to win, real people don't give a shit which algo was used to create the blocks.

[sussex]

Actually, it's not my coin ,but your coin.
Why scrypt again?  Should we like X11 more than scrypt?

why do you want X11? It is already GPU mineable now and will be common soon. You guys just run after the name "X11" Don't even know it is full of bugs and can mine via GPU now.   Noobs be like "we want X11".

So what do you want?

[squall1066]

The biggest problem for all coins is a real-world use.

People need to get off the technicalities, which only interest a few, and make a real, genuine marketing push.

The coin with the best marketing is going to win, real people don't give a shit which algo was used to create the blocks.

I agree up to a point, The coin has to have a good footing or people won't consider it for real world use at all.