[ANN] Freicoin: demurrage crypto-currency from the Occupy movement (crowdfund)

[maaku]

I would encourage anyone that takes issue with the Freicoin Foundation to express your grievances and propose constructive solutions: how should the foundation spend those coins?

We've taken a hardline approach that the foundation will only spend coins in ways which are chosen in a decentralized way by the community (e.g. matching donations to any registered non-profit). If we are unable to distribute coins quickly enough by these mechanisms then they will simply demurrage away and are issued to miners over a longer period of time. We are okay with that, as a fallback plan if community agreement cannot be reached.

There are other decentralized, distributed, p2p mechanisms that we would like to use to handle issuance, such as the republicoin proposal: using proof-of-stake voting to determine how the coins should be spent on an ongoing basis. There are a small number technical issues that need to be worked out, and a lot of infrastructure built before republicoin could be rolled out. We can use some help on this.

[1714588609]

1714588609

[jtimon]

Freicoin foundation had lots of time to move but seemed idle with the 80% of initial coins.

That's not true, the distribution has already started:

http://foundation.freicoin.org/#/donations
http://freicoin.freeforums.org/matched-donations-program-update-t732.html

Perhaps there is time now to retry demurrage, there needs to be a new tier of crypto using a different hashing algorithm. Currently solutions are scattered and there is no standard. Perhaps this is a good time for Maaku to work on the next hashing standard and put demurrage at the top of it

I don't think there's any problem with SHA256 that needs to be solved [1]
Scrypt miserably "failed"[2] at being anti-GPU and it seems we will have scrypt ASICs soon as well [3]
There's no algorithm (and will never be) for which you cannot build specialized hardware, and in fact (according to some developers like gmaxwell) it seems that memory-hard algorithms ASIC will have a greater advantage in terms of power consumption over GPUs than SHA256 ASICs have. They will also be harder to design and build so there will probably less producers competing (thus causing more centralization, precisely what alt proofs of works are supposedly try to fight).

More importantly, with SHA256 you can have merged mining and leverage the greatest super-computer in the world: the bitcoin network itself.

For all these reasons and probably more I'm missing, no, we have no interest in working on an alternative hashing algorithm.

[1] http://www.coindesk.com/bitcoin-developer-jeff-garzik-on-altcoins-asics-and-bitcoin-usability/

[2] https://bitcointalk.org/index.php?topic=63365.0
     https://bitcointalk.org/index.php?topic=69357.msg808501#msg808501
     https://bitcointalk.org/index.php?topic=143659.0

[3] http://www.coindesk.com/alpha-technology-pre-orders-litecoin-asic-miners/

[HiroS]

Freicoin foundation had lots of time to move but seemed idle with the 80% of initial coins.

That's not true, the distribution has already started:

Distribution should have started a year ago which is where my idle comment comes from. It is good to hear that it has now started using your chosen system but I hope it is not too little too late.

[maaku]

We would rather not distribute at all and let the coins disappear through demurrage, than do so in a rushed, unfair, centralized method. If we destroyed the private keys to the foundation funds, the coins would still enter circulation at around the same rate as bitcoin.

[COMKORT]

Freicoin was added to voting at Comkort exchange.

Good luck!

[jmlindn]

WTF?
I mean...Where's the FAQ?

[cinnamon_carter]

Could some of you big asic players please join us in p2pool for freicon ..... we have not hit a block in more days than i can count

Hop in for a while please http://pool.freico.in:9638/static/

[cinnamon_carter]

changing the algo would be crazy


don't let these people even get you thinking


you have a successful coin, one of the oldest alt coins , it runs sha 256 d and that's it.....


the people who want to change algo's are only looking to 'exchange' the coins they mine for bitcoin generally


mostly they have no true interest in the actual alt coin they are mining

Freicoin foundation had lots of time to move but seemed idle with the 80% of initial coins.

That's not true, the distribution has already started:

http://foundation.freicoin.org/#/donations
http://freicoin.freeforums.org/matched-donations-program-update-t732.html

Perhaps there is time now to retry demurrage, there needs to be a new tier of crypto using a different hashing algorithm. Currently solutions are scattered and there is no standard. Perhaps this is a good time for Maaku to work on the next hashing standard and put demurrage at the top of it

I don't think there's any problem with SHA256 that needs to be solved [1]
Scrypt miserably "failed"[2] at being anti-GPU and it seems we will have scrypt ASICs soon as well [3]
There's no algorithm (and will never be) for which you cannot build specialized hardware, and in fact (according to some developers like gmaxwell) it seems that memory-hard algorithms ASIC will have a greater advantage in terms of power consumption over GPUs than SHA256 ASICs have. They will also be harder to design and build so there will probably less producers competing (thus causing more centralization, precisely what alt proofs of works are supposedly try to fight).

More importantly, with SHA256 you can have merged mining and leverage the greatest super-computer in the world: the bitcoin network itself.

For all these reasons and probably more I'm missing, no, we have no interest in working on an alternative hashing algorithm.

[1] http://www.coindesk.com/bitcoin-developer-jeff-garzik-on-altcoins-asics-and-bitcoin-usability/

[2] https://bitcointalk.org/index.php?topic=63365.0
     https://bitcointalk.org/index.php?topic=69357.msg808501#msg808501
     https://bitcointalk.org/index.php?topic=143659.0

[3] http://www.coindesk.com/alpha-technology-pre-orders-litecoin-asic-miners/

[ECF]

http://www.ecoinfund.com/images/logo.jpg

Website | Twitter  | Bitcointalk

Hi,Freicoin Community

We have added your coin to ECOINFUND vote list.（http://www.ecoinfund.com/vote）
an effective vote will cost 10 ECFC； repeating vote are allowed； the Exchange Market will be open as soon as the voting reach 1000.!
ECFC is the fee share program launched by Ecoinfund. Ecoinfund will commit 50% of trade revenue to ECFC program. (highest on market ECFC Details)

Here the ways of getting ECFC:
1. buy the ECFC through our ECFC/BTC or ECFC/LTC market.
2. taking part into our GIVEAWAY.

Big ECFC GIVEAWAY before 10.May
Tweet this green text on your own twitter account then recive 20 ECFC;

ecoinfund.com |New Exchange,multi-language support,Earn 20 ECFC(fee shares) by every retweet before 10 May,don't miss the train!

Pls post your twitter link and Ecoinfund ID on  https://bitcointalk.org/index.php?topic=501030.0 ,you will get 20 ECFC!

Happy trading !

[cinnamon_carter]

I would be greatful if someone can recommend a decent active pool to mine Freicon ,

on p2pool i get about 13% rejects no matter how I adjust difficulty and that is only with 40 ghs

[maaku]

That is normal for p2pool, and does not affect your payout. You may also try http://freicoin.us/

[ElectricMucus]

lol

[maaku]

so?

[herzmeister]

Who needs Freicoin when you have EZB: http://www.welt.de/print/die_welt/finanzen/article128066476/Deutsche-Sparer-muessen-Strafzinsen-der-EZB-fuerchten.html

(Gesell honorably mentioned too)

[ElectricMucus]

so?

exactly when even the creator doesn't care if it goes down, I'd say it pretty much failed. I can't see it from the graph is it already at the point where everybody who bought freicoins ever is in the red? Anyway "I told you so" and if it  haven't been for the freicoin foundation mining tax scam it should have turned out differently, because well it can't be much worse.

[maaku]

I'm not sure how informed you are about Freicoin, but the underlying purpose and design requirements are to explicitly avoid speculative asset appreciation. I see a very flat and relatively stable graph, minus the deceptive spike around the time of bitcoin's runup. That's a good thing.

[cinnamon_carter]

thank you and to the others who sent pm's with suggestions also....

That is normal for p2pool, and does not affect your payout. You may also try http://freicoin.us/

[ElectricMucus]

I'm not sure how informed you are about Freicoin, but the underlying purpose and design requirements are to explicitly avoid speculative asset appreciation. I see a very flat and relatively stable graph, minus the deceptive spike around the time of bitcoin's runup. That's a good thing.

Bullshit, the unit of account is supposed to represent a stable amount of wealth. It's the whole point of a demurrage scheme, otherwise there could just be constant inflation. What we are seeing here is depreciation of the net worth of the whole freicoin "economy".
Still think you are right? Show a simple time series graph on the transaction value.

No what we are seeing here is a classical example of excessive taxation (to the amount of being fraudulent) choking off any potential for growth.

[Arcurus]

@ElectricMucus
Whats the point? If you don't agree with Freicoin, then just create your own currency or use one that you agree with. There is no use in wasting time to spend on thinks that you don't agree with.

[ElectricMucus]

@ElectricMucus
Whats the point? If you don't agree with Freicoin, then just create your own currency or use one that you agree with. There is no use in wasting time to spend on thinks that you don't agree with.

You must have a very simple personality.