[RFC] æthereum: a turing-complete coin distributed as per bitcoin's blockchain

[Siegfried]

Simply brilliant.

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[DigitalHermit]

What about BTC I hold at an exchange? Would I need to move all my BTC to a personal BTC wallet before nucleus?

Yes, you would need to move all BTC to an address for which only you control the private key before the nucleus was initialized.

In fact, any BTC you left on an exchange at that time would essentially be a donation of your share of æthereum to the exchange owners since they control the private keys for all exchange funds (cold storage and hot wallet).

Exchange owners could choose to either hold on to these new æthereum funds themselves or donate funds back to their users.

[DigitalHermit]

Where do i get the wallet

There is no wallet yet. This is just a proposal/request for comment.

Stay tuned for future developments though!

[GTO911]

Rewarding to bagholders having loads of bitcoins - SCAM

[wachtwoord]

Simply brilliant.

Exactly. I saw the discussion in the original thread. Top notch idea

[DigitalHermit]

Rewarding to bagholders having loads of bitcoins - SCAM

"Rewarding" bagholders... Oxymoron much?

As compared to what... punishing bagholders further by diluting the value of their coins with an endless supply of new alt/scam coins?

[Hazard]

4.  In what ways is æthereum different?

The initial distribution of coins in æthereum is different.  If you are a bitcoin user, you can use your bitcoin private keys to claim a percentage of æther exactly equal to the percentage of the bitcoin market cap you controlled at the time of nucleus creation.  This claiming process is trustless and decentralized and doesn't cost you anything.  

Great, so exchanges will have a massive stake at no cost to them. Truly a great distribution mechanism.

I hope you plan on blacklisting addresses that hold over 10000 BTC.

[cypherdoc]

4.  In what ways is æthereum different?

The initial distribution of coins in æthereum is different.  If you are a bitcoin user, you can use your bitcoin private keys to claim a percentage of æther exactly equal to the percentage of the bitcoin market cap you controlled at the time of nucleus creation.  This claiming process is trustless and decentralized and doesn't cost you anything.  

Great, so exchanges will have a passive stake at no cost to them. Truly a great distribution mechanism.

I hope you plan on blacklisting addresses that hold over 10000 BTC.

Did you even read the responses to this question?

[DigitalHermit]

4.  In what ways is æthereum different?

The initial distribution of coins in æthereum is different.  If you are a bitcoin user, you can use your bitcoin private keys to claim a percentage of æther exactly equal to the percentage of the bitcoin market cap you controlled at the time of nucleus creation.  This claiming process is trustless and decentralized and doesn't cost you anything.  

Great, so exchanges will have a massive stake at no cost to them. Truly a great distribution mechanism.

I hope you plan on blacklisting addresses that hold over 10000 BTC.

Per my earlier comment: Exchange owners could choose to either hold on to these new æthereum funds themselves or donate funds back to their users.

Presumably, if this sort of thing becomes more common exchange owners will publish their stance on generated funds up front. Users could then choose the exchange with the friendlier policy. Of course, if you don't trust the exchange owners then you are strongly incentivized to keep funds under your own control.

[Hazard]

donate funds back to their users.

Yeah, that's sure to happen.

This project is dead before it even begins.

[Adrian-x]

donate funds back to their users.

Yeah, that's sure to happen.

This project is dead before it even begins.

Agree with your sinister comment in bold. This will be an exchanges nightmare. All exchanges running fractional reserves will be tested if there customers withdraw there BTC. It's an opportunity for exchanges to prove holdings, and grow.

It is actuality the EFT's that have the advantage here not so much exchanges.
Ultimately Wall St. Will control Bitcoin price with derivatives and futures. This idea allows the innovators to control the demand for Bitcoin by doing innovation, and rocking the derivative boat.

If the idea is good the Bitcoin price will not be set by Wall St. like it is with gold, silver and everything else, it will be set by lots of individuals wanting control of there Bitcoin, shorting EFT's and buying actual coin.

[Peter R]

Per my earlier comment: Exchange owners could choose to either hold on to these new æthereum funds themselves or donate funds back to their users.

Presumably, if this sort of thing becomes more common exchange owners will publish their stance on generated funds up front. Users could then choose the exchange with the friendlier policy. Of course, if you don't trust the exchange owners then you are strongly incentivized to keep funds under your own control.

Interesting.  

Exchanges would be incentivized to "auto claim" your aether and credit your account.  They could charge a 10% fee for this service (exchanges would be competing against each other and against people's ability to simply withdraw, so this would eventually set a fair price for "auto claim" service).

This also means that we'd have automatic aether liquidity available at all participating exchanges.  In fact, trading could begin after vetting of the nucleus by the community, and before the actual launch of the network.  

Most people won't care and will do nothing.  Some people will think the whole thing is a "scam" and will dump their free aether first chance they get for say a 1 : 100,000 market cap valuation.  Developers who know they will launch could purchase these coins.  If they actually do launch and if the coin has merits, they would reap financial benefits.  These benefits would only come at a small expense to the dumpers and not at the expense of those in the community that remained impartial to the entire experiment.  Most of the benefit comes from the increased usefulness of cryptocurrency (should the alt coin genuinely be useful). 

[illodin]

Who will be bothered to mine and secure the network if they can get crapload of coins for free?

[anonuser777]

You are asking for a lawsuit with that name. Even if they haven't trademarked the name there are laws against trying to imitate people.

http://www.transjurlex.com/ustm/passoff.htm

[cypherdoc]

Who will be bothered to mine and secure the network if they can get crapload of coins for free?

who will mine after they spent all their fiat on an IPO?

the point is, ppl should mine based on the merits of the tech.  if there is merit, i could argue they'd be more likely to mine aether since their sunk cost is 0 from the free distribution.

[Come-from-Beyond]

æthereum

I like the idea but don't like the name. Why not use something not so similar to "Ethereum"?

[opticalcarrier]

and why use etherium to clone?  are you going to do anything at all different?  or is the only difference going to be etherium will have an IPO and aetherium's distribution will be based off BTC blockchain?

[Peter R]

and why use etherium to clone?  are you going to do anything at all different?  or is the only difference going to be etherium will have an IPO and aetherium's distribution will be based off BTC blockchain?

Indeed, the OP was a RFC for a distribution model that could be applied to any alt-coin.  The aetherium clone is simply our first case study.  

The only difference is the initial distribution of coins: ether costs real bitcoins while aether is initially distributed freely according to the unspent outputs in the bitcoin blockchain at the time of nucleus formation.  Everything else is the same.  

[l4p7]

Sorry but this is crap. For it to work you (the developers) would need to be better at developing and maintaining the ethereum services than the origional Ethereum theam (induding their supporting community). Now is there a dev team plus a supporting community for every innovative altcoin?

Edit: Plus you ad a bad token distribution which is bad for security if it is a POS project....

[Momimaus]

double the amount of senseless and worthless altcoins. weeeeeeeeee