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Author Topic: What Would You Want In A Coin? - 2015  (Read 1797 times)
cameronpalte
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November 19, 2014, 09:58:47 PM
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Hello Everyone,

Just curious for 2015 what features would you be interested in seeing in your 'ultimate' coin?

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November 19, 2014, 10:16:45 PM
 #2

Hello Everyone,

Just curious for 2015 what features would you be interested in seeing in your 'ultimate' coin?

The most hated feature, early adopter wise in a ponzi, is "fair distribution". They hate nothing more than that.
Just on the long ponzis have that tendency to always fail.

Well any 2015 coin should have the potential for a clean start. Unlike that Pirateat40 seizure, Silkroad seizure, Silkroad seizure again, MtGox ... most of Bitcoin are in doubtfull hands by now. And then, there was the Satoshi premine.

The thing Bitcoin was slacking the most is privacy related. On the other hand we are using Blockchain Explorers ourselfes each and every day. So ideally a transparent chain WITH privacy. Think out how you could archive that. Hint: Mixing factors.

Other details are huuge coin supply for a huuge market cap, fast confirmations without blockchain bloat. A pruning concept has to be designed from early onwards.

That are basically the eight points that come to mind.

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cameronpalte
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November 20, 2014, 03:48:55 AM
 #3

Hello Everyone,

Just curious for 2015 what features would you be interested in seeing in your 'ultimate' coin?

The most hated feature, early adopter wise in a ponzi, is "fair distribution". They hate nothing more than that.
Just on the long ponzis have that tendency to always fail.

Well any 2015 coin should have the potential for a clean start. Unlike that Pirateat40 seizure, Silkroad seizure, Silkroad seizure again, MtGox ... most of Bitcoin are in doubtfull hands by now. And then, there was the Satoshi premine.

The thing Bitcoin was slacking the most is privacy related. On the other hand we are using Blockchain Explorers ourselfes each and every day. So ideally a transparent chain WITH privacy. Think out how you could archive that. Hint: Mixing factors.

Other details are huuge coin supply for a huuge market cap, fast confirmations without blockchain bloat. A pruning concept has to be designed from early onwards.

That are basically the eight points that come to mind.

Ok so fair release is obviously a big deal without a premine - could you explain more about how to get a transparent chain with privacy?

You can't really get a huge market cap early on - the coin would have to grow - technically every single coin starts with a market cap of 0.

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November 20, 2014, 06:01:25 AM
 #4

Ok so fair release is obviously a big deal without a premine - could you explain more about how to get a transparent chain with privacy?

You can't really get a huge market cap early on - the coin would have to grow - technically every single coin starts with a market cap of 0.

You got down to the core pretty quick! Yes, obviously the "Wants In A Coin" are mutually exclusive.

Mixing is a parameter of Cryptonote coins (XMR, BBR, ++) but basically if a coin allows "high privacy" in transactions, you imediately get all of the drawbacks in an instant. Block explorers are then futile.
Means you cannot reliably do developer fundings using a publically visible adress and such. ICOs. Reasonable premines (Premine isn't bad per se, it depends upon size) and control when they are utilized.

Some coins reached top rankings by providing 28,989,252,282 or even 192,460,096,981 coins and then later accumulating value like $ 0.000002 a coin. Seems the market is reluctant to catch up there, if numbers are inside those regions.
Still, 10millions of BTC are a tad smallish on the long run. I think a thousand dollars a coin is a psychological barrier that will not get stretched further. So Coinmarketcap gets designed by possible coin supply early onwards.

Just some ramblings. Pick up what inspires you, and others are invited to brainstorm, too.

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  BUY
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ACCEPT
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November 20, 2014, 06:18:05 AM
 #5

There are programming limitations with higher numbers unless you are only fine with two or three decimal places.   Otherwise I actually agree with your points with the supply. 

 It could very well be the case that digital currencies could be a $Trillion(s) industry some day so naturally the front runner and runner up coins should have a supply which matches this scale.  If you are talking about a lot of coins with a capitalization between $20 billion to $500 billion then the best supply here is probably in the low trillions.






People want to psychologically think they are getting a good deal, like exchanging $1 for 10 of *insert coin*.  In the reverse case, we're seeing people whine because they don't even have the disposable income to afford a single BTC and that's discouraging user adoption.  There was a time last year that a single BTC went for the equivalent of an apartment's rent in a lot of countries and not everyone in this world is making enough money to spend $1000+ on a high risk "magic internet money" coin that could go down to $0.


As for people who want anonymity - I'm not sure if it's works as trust is built around having a public ledger so anybody in the public can do a public audit.  Granted this is an invasion of your privacy if people can link your wallet to say the Bunny Ranch but there are already proposed solutions like coin mixers and maybe in the future payment processors who'll keep your anonymity.




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November 20, 2014, 07:35:09 AM
 #6

Hello Everyone,

Just curious for 2015 what features would you be interested in seeing in your 'ultimate' coin?
Merchant support or real life economic utility.
No more coins should be made if the main purpose is merely to be listed on an exchange and to hope for some vague future purpose.
cameronpalte
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November 20, 2014, 08:32:50 AM
 #7

Hello Everyone,

Just curious for 2015 what features would you be interested in seeing in your 'ultimate' coin?
Merchant support or real life economic utility.
No more coins should be made if the main purpose is merely to be listed on an exchange and to hope for some vague future purpose.

Interesting point - but how would it be possible to get merchant support for a currency not yet created.

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November 20, 2014, 09:43:17 AM
 #8

There are programming limitations with higher numbers unless you are only fine with two or three decimal places.   Otherwise I actually agree with your points with the supply. 

Please explain these limitations?

As for all the other wants, already covered here.

Fast Transactions - Check
Selectable Anonymity - Check
Light Ledger (pruning I guess) - Check

Other things of note:

Transactional Embeddable Data - Check
Decentralized Marketplace - Check
Decentralized Exchange - Check
Turing Complete - Check
Mail, Chat & IM - Check
Alias, Profiles & Ratings - Check
POS Ready - Check
...
I can keep going Smiley

and most important of all

Reactive Economics Model - Check

I await the trolls Tongue

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November 20, 2014, 10:08:11 AM
 #9

Just curious for 2015 what features would you be interested in seeing in your 'ultimate' coin?

Hmm, lemme think.. something like this:

* No pre-mine
* Super secure hashing
  9 rounds of hashing from 6 hashing functions
  (blake, bmw, groestl, jh, keccak, skein)
  3 rounds apply a random hashing function
* CPU / GPU mining
* Quick block generation: 30 seconds
* 2048 coins per block (halving every 60480 blocks ~ 3 weeks)
* Block reward will never drop below 1 coins
* Total of 247 million coins will be mined in ~ 6 months, after that ~ 1 million coins p.a. (~ 0.5% p.a inflation)
* Difficulty re-targets every 20 blocks (maximum 10% up or 50% down)
Extra features:
* Bill Still endorsement
* Mentions in Max Keiser show
* Video game
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November 20, 2014, 02:55:40 PM
 #10

How about somebody just makes a platform with a good clean client that starts up fast and just works.  And how about a really good phone app.

I don't really care about the algo used.  I don't really care about the Proof-of-X.  I just want something that is fast, clean, pretty, and works.  How about that?

Ripple is fast and pretty, but I am still not sure how to use it.

Bitcoin is actually works, and some nice interfaces have been built, but it isn't very fast.


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November 20, 2014, 02:58:50 PM
 #11

Other things of note:

Transactional Embeddable Data - Check
Decentralized Marketplace - Check
Decentralized Exchange - Check
Turing Complete - Check
Mail, Chat & IM - Check
Alias, Profiles & Ratings - Check
POS Ready - Check
...
I can keep going Smiley

Which of these could get included into classical Bitcoin?

One of the early innovation has come from Peercoin, adding POS to POW mining. Sometimes marvelling if Bitcoin will pick that up later on the road, to keep TX fees low and still secure the network on dwindling hashrates.

Perhaps we are a tad to much focusing on a new coin, and not enough on coin evolution of any older one.

Bitcoin is actually works, and some nice interfaces have been built, but it isn't very fast.

A kind of service provider in between phone and your wallet could act as a proxy for lightning fast transactions. Like a prepaid mobile wallet. At the end of the month (or paid in advance) you transfer X BTC to ballances.
Admitting that is pretty much going back to let's say PayPal or similars. But not "all the way back" since one would use that ONLY for the small and quick transfers, think cup of coffee.

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▀██████████████████████████████████████████████████████████████████████████▀
  BUY
  SELL
ACCEPT
   ███████████████████████████
  .CRYPTOCURRENCY..
███████████████████████████
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November 20, 2014, 03:07:14 PM
 #12

nxt currently have or have in his plans everything I need, in adittion, emunie seems also great.
If you launch something for distributed computing before nxt would be great anyways, or develop the sidechains also Smiley
Make something usefull and and working, not another shit for quick bucks, although it worth pennies for years, but should be usefull!
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November 20, 2014, 04:09:59 PM
 #13

I don't know what I want see in a 2015 coin, but I know what I don't want to see:
no ipo/ico/CFC or whatever it gets called by that time

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November 20, 2014, 04:32:54 PM
 #14

I predict that the only thing that will matter in a few years is how good a currency's smart contract implementation is. There are lots of other things that make some cryptos better or worse than others, but the runaway technological explosion that will happen when some smart contract system catches on will quickly make all the other variables irrelevant.
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November 20, 2014, 05:13:30 PM
 #15

Other things of note:

Transactional Embeddable Data - Check
Decentralized Marketplace - Check
Decentralized Exchange - Check
Turing Complete - Check
Mail, Chat & IM - Check
Alias, Profiles & Ratings - Check
POS Ready - Check
...
I can keep going Smiley

Which of these could get included into classical Bitcoin?

One of the early innovation has come from Peercoin, adding POS to POW mining. Sometimes marvelling if Bitcoin will pick that up later on the road, to keep TX fees low and still secure the network on dwindling hashrates.

Perhaps we are a tad to much focusing on a new coin, and not enough on coin evolution of any older one.

He wasn't talking about Bitcoin.  He is the developer for Emunie and it was his sly way of saying that he built a platform that has done all those things.
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November 20, 2014, 06:30:49 PM
 #16

I don't know what I want see in a 2015 coin, but I know what I don't want to see:
no ipo/ico/CFC or whatever it gets called by that time

So you don't want to see an initial investment - then how would the dev make money.

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November 20, 2014, 08:19:46 PM
 #17

I don't know what I want see in a 2015 coin, but I know what I don't want to see:
no ipo/ico/CFC or whatever it gets called by that time

So you don't want to see an initial investment - then how would the dev make money.

By mining and trading?

He has the inside info he should be able to make a killing by trading.  Tongue
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November 20, 2014, 08:32:54 PM
 #18

i want a fully functional and operational MLM coin

where I get paid every time I invite a friend to download the wallet to their hard drive

For me to get paid we use the staking feature

So instead of the stake getting paid into my friends wallet it goes into my wallet on my hard drive

For that we use a nifty little code

If I can get 100 people to download this wallet I make loads of coin and so I'm forced to trade

so this coin will always have a value

the indians will go crazy for a coin like this.... they love free monies

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November 20, 2014, 11:03:25 PM
 #19

Hello Everyone,

Just curious for 2015 what features would you be interested in seeing in your 'ultimate' coin?
Merchant support or real life economic utility.
No more coins should be made if the main purpose is merely to be listed on an exchange and to hope for some vague future purpose.

Interesting point - but how would it be possible to get merchant support for a currency not yet created.
Get the support in place first or just use an an existing currency.
Why create currency #1867 if there is no infrastructure in place, and the entire point of creating it is none other than to enrich the dev?

I don't know what I want see in a 2015 coin, but I know what I don't want to see:
no ipo/ico/CFC or whatever it gets called by that time

So you don't want to see an initial investment - then how would the dev make money.

Hopefully, the dev is a gainfully employed professional with a respectable career behind him and does not need charity from the community to "make money".
Besides, most of  the 'devs' seeking investment from the community thus far are just con artists.
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November 20, 2014, 11:18:49 PM
 #20

There are programming limitations with higher numbers unless you are only fine with two or three decimal places.   Otherwise I actually agree with your points with the supply. 

What is the programming limitation in total places?

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