[ANN] [CFN] ConfessionCoin | Secrets are better shared | NEW WALLET NOVEMBER 6

[771696]

WelCome China Pool
中国矿池欢迎您

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http://cfn.72f.com/

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[Hirofumi]

Korean

https://bitcointalk.org/index.php?topic=609429.0

[ConfessionCoin]

Korean

https://bitcointalk.org/index.php?topic=609429.0

Thanks so much -- Linked from the OP!

[LuckyBtc]

Add countdown timer will be good 

[ConfessionCoin]

Add countdown timer will be good 

There's one on the main website: http://confessioncoin.com

[CoolGecko]

Unless I'm mistaken, there is a big problem with the design of your coin. In your original post you say

"Mining ends ~1 year from launch"

Well if POS doesn't take over after 1 year your coin will stop working because there won't be any miners to make the network function.

[ConfessionCoin]

Unless I'm mistaken, there is a big problem with the design of your coin. In your original post you say

"Mining ends ~1 year from launch"

Well if POS doesn't take over after 1 year your coin will stop working because there won't be any miners to make the network function.

Thanks for pointing that out.  It's a wording issue only (OP updated).  The block reward mining will end ~1 year after launch.  Miners are still needed for transactions.  All confessioncoins will be in circulation at that time.

[CoolGecko]

The problem is that people won't mine if they aren't getting paid for it in some way. If you are not going to have a POW block reward, the only solutions I see are either use POS which will perform the transactions, or give high enough transaction fees to draw miners.

[Nthused]

This seems all too Similar

[CoolGecko]

This seems all too Similar

What do you mean?

[ConfessionCoin]

The problem is that people won't mine if they aren't getting paid for it in some way. If you are not going to have a POW block reward, the only solutions I see are either use POS which will perform the transactions, or give high enough transaction fees to draw miners.

Also a good point!  Given that this coin is used primarily for creating content on the website, one could argue it's a smaller community than the general purpose cryptocurrency for daily spending, etc (such as Bitcoin, Litecoin, etc).  That said, we have not yet commented on transaction fees, since we are not close to the end of the block reward just yet.  But yes, increased transaction fees will likely be a part of the system in time.  It can actually be built into the system pretty easily too, as content creators (i.e. people writing confessions) have to pay for their confessions.  Once the payment is received, a different transaction is issued to store the confession in the blockchain, and that one could have the higher or automatic transaction fee attached to it so that users don't necessarily feel the weight immediately (for example on tips to the content creators).

[Nthused]

This seems all too Similar

What do you mean?

Almost Identical minus the Total amount of coins + I'm Currently working on Implementing Digishield before this was announced.

Also mining wont end in 1 year like this, there is 4+ years of mining depending on the Network & Difficulty.

Denarius: https://bitcointalk.org/index.php?topic=591323.0

[buttersX]

The problem is that people won't mine if they aren't getting paid for it in some way. If you are not going to have a POW block reward, the only solutions I see are either use POS which will perform the transactions, or give high enough transaction fees to draw miners.

Also a good point!  Given that this coin is used primarily for creating content on the website, one could argue it's a smaller community than the general purpose cryptocurrency for daily spending, etc (such as Bitcoin, Litecoin, etc).  That said, we have not yet commented on transaction fees, since we are not close to the end of the block reward just yet.  But yes, increased transaction fees will likely be a part of the system in time.  It can actually be built into the system pretty easily too, as content creators (i.e. people writing confessions) have to pay for their confessions.  Once the payment is received, a different transaction is issued to store the confession in the blockchain, and that one could have the higher or automatic transaction fee attached to it so that users don't necessarily feel the weight immediately (for example on tips to the content creators).

Hrm, that clears up what I've been wondering.  We'll see if it works.

[ConfessionCoin]

This seems all too Similar

What do you mean?

Almost Identical minus the Total amount of coins + I'm Currently working on Implementing Digishield before this was announced.

Denarius: https://bitcointalk.org/index.php?topic=591323.0

Interesting comparison.  I don't see any similarities to our core features (site, usage, etc) ... ?

In fairness, it's hard to see the whole picture as we see it because the site and tools have not yet been released.  But that will be remedied soon (launch is this weekend, see the timer on our site: http://confessioncoin.com)!

We also have DigiShield built in already.

[Berric]

http://cfn.0feepool.com/


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[bamsterdam]

I must say I like that this is something complete different than other new alts, but also wondering who on earth is going to use this..

[redwhite037]

Here's a better idea: If your secrets are eating away at you, then find a different religion (one that will allow you to keep secrets, unlike Christianity, which expects you to blab everything).

[ConfessionCoin]

Just saw that we're the "Strange Alt of the Week" on CoinDesk ...

http://www.coindesk.com/things-alt-vertcoin-gets-hot-bitcoin-backed-coin-crypto-confession

Kudos -- here's to being strange!

[Vitalogy]

Who keep the penance? The dev?

[ConfessionCoin]

Who keep the penance? The dev?

Just like the church, the middleman who facilitates the confession unto the almighty (blockchain) receives the offering ... i.e. the devs :-)

... we have not yet commented on transaction fees, since we are not close to the end of the block reward just yet.  But yes, increased transaction fees will likely be a part of the system in time.

Really, the site will receive the penance, and in order to keep things liquid when the block reward mining ends, we'll also be paying it out mostly in the form of transaction fees to keep our community going.