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 Author Topic: No Alternative to Bitcoin -Just another useless idea  (Read 1634 times)
spndr7
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 May 21, 2011, 05:33:58 AM

1) Changing the process of mining coins
In the current model of bitcoin block is solved which is a mathematical puzzle.Instead of using cpu power (with some luck) as the unit of
creation,transfer delay between the nodes is made the basis for minting of coin.

It may be done by trying to solve some network topology problem by all nodes on basis of chance and its relative position in the network.

2) Making the maximum limit of coins variable
Making the maximum coin generation at any time as the function of number of nodes at that time.

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FreeMoney
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Strength in numbers

 May 21, 2011, 05:37:42 AM

Someone just make this endlessly created coin already.

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FreeMoney
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Strength in numbers

 May 21, 2011, 05:41:24 AM

1) Changing the process of mining coins
In the current model of bitcoin block is solved which is a mathematical puzzle.Instead of using cpu power (with some luck) as the unit of
creation,transfer delay between the nodes is made the basis for minting of coin.

It may be done by trying to solve some network topology problem by all nodes on basis of chance and its relative position in the network.

Why not have it make pancakes at the same time?

There is a reason for the type of work bitcoin does. It needs to be checkable orders of magnitude faster than it takes to solve and smoothly scalable. If you know a set of topological problems like this please share them. Oh, and it has to incorporate data from the previous block. And not just incorporate, but there needs to be no way to do any of the work in advance.

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spndr7
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 May 21, 2011, 05:45:24 AM

Variable does not mean endless.If the maximum limit is made linear function of number (without any proportionality constant) of nodes then if there are 2 nodes in the network than maximum coin generation cannot be more than 2 coins until more nodes join the network.

This will add scalability to the network in the sense of limit to coin generation.

wumpus
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No Maps for These Territories

 May 21, 2011, 05:48:06 AM

So... instead of talking about it, make it and write a paper about it like Satoshi did. It's the only way to figure out whether it will be succesful.

Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
FreeMoney
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Strength in numbers

 May 21, 2011, 06:28:52 AM

So... instead of talking about it, make it and write a paper about it like Satoshi did. It's the only way to figure out whether it will be succesful.

It's not that talking about making something better is pointless it's that people keep coming in here and saying "Hey, cool thing, why don't you make it actually do something?" Sweet rapturing Jesus, it solves an amazingly difficult problem in the world. If you have an idea for simultaneously solving this huge problem and another please tell us, but just saying it would be nice is useless.

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wumpus
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No Maps for These Territories

 May 21, 2011, 06:36:20 AM

I agree it's good to discuss actual technical details/merits, but then don't call your thread 'alternative to bitcoin'. And do search the forums first whether someone (or 1000 people) had the idea before.

Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
spndr7
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 May 21, 2011, 07:36:52 AM

I wanted to delete this topic,but unable to do so renamed it according to your wish .

wumpus
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No Maps for These Territories

 May 21, 2011, 07:41:16 AM

Thank you spndr7

Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
spndr7
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 May 21, 2011, 07:43:50 AM

I agree it's good to discuss actual technical details/merits, but then don't call your thread 'alternative to bitcoin'. And do search the forums first whether someone (or 1000 people) had the idea before.

1000 people had had the idea of node traversal for coin generation(even if the idea is a scrap) ?

wumpus
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 May 21, 2011, 08:03:48 AM

No, I don't think so. I have been a bit too harsh there.

Can you explain the idea in more detail? How would it work as proof of work?

Bitcoin Core developer [PGP] Warning: For most, coin loss is a larger risk than coin theft. A disk can die any time. Regularly back up your wallet through FileBackup Wallet to an external storage or the (encrypted!) cloud. Use a separate offline wallet for storing larger amounts.
FreeMoney
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Strength in numbers

 May 21, 2011, 08:44:39 AM

I agree it's good to discuss actual technical details/merits, but then don't call your thread 'alternative to bitcoin'. And do search the forums first whether someone (or 1000 people) had the idea before.

1000 people had had the idea of node traversal for coin generation(even if the idea is a scrap) ?

Counting nodes is a natural thought. But then you have to police it. It's not that hard to make more and more nodes. It is hard to make more and more hashes.

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FreeMoney
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Strength in numbers

 May 21, 2011, 08:45:45 AM

Variable does not mean endless.If the maximum limit is made linear function of number (without any proportionality constant) of nodes then if there are 2 nodes in the network than maximum coin generation cannot be more than 2 coins until more nodes join the network.

This will add scalability to the network in the sense of limit to coin generation.

What you are going to make a cap, but sometimes raise and lower the cap? That's another way to say that your cap isn't a cap.

Like the debt ceiling, lol.

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