Topic: AI Coin Development Diary - page 3. (Read 49301 times)

This is mostly a separate discussion, but either complete-information monetary policies are best, or human-controlled ones are. The idea that one tweak of some complete-info algorithmic policy is better than another tweak of a complete-info algorithmic monetary policy is ridiculous and fundamentally misunderstands what monetary policy does.

Specifically, monetary policy in the central banking era seeks to attenuate peaks and troughs of natural economic activity through explicit human action. The overarching assumption, which is probably correct, is that the instantaneous supply optimum for some future date cannot be known with much certainty beforehand. So the solution the world has come to today is to give control over that supply number to a studious committee of economic custodians. The idea is that they'll be better able to determine today's optimal supply than some pre-set policy.

Bitcoin changes the question entirely and simply posits that maybe perfect knowledge of future supply, by all economic participants, will allow for more optimal allocation (by businesses/humans) today, and that perhaps this will more naturally attenuate the tendency of economies to generate large peaks and troughs. Whether you have a monetary policy with a fixed supply, 2% inflationary forever, or something else, shouldn't matter in this context so long as all economic participants have complete knowledge of the dynamics. So trying to tweak the alg doesn't matter.

But adding alt-coins that don't support the dominant monetary policy (bitcoin's) does matter, because that action implicitly erodes the perfect-information base of this entire experiment.

Lost coins would have to be accounted for wouldn't they? Be too scarce and you risk losing the title of "currency"(Lack of liquidity). I find it odd that many people here use the word currency, but through their arguments, instead, support the notion of commodity. I know that the "too scarce" aspect would be eliminated if we used the term "bits" instead of "bitcoin"(denominations), but just talking in terms of full bit/coins.

I don't believe following bitcoin's distribution model is the best idea if you want to create a "currency". Odd I know, haha.

Wait... What happened to:




Edit: cuz I'll support a project which preserves the effective scarcity of bitcoin (if the tech, etc, is good), thereby supporting the idea that cryptocurrency can be scarce and therefore valuable.

But if you are creating an alt-coin that doesn't tie into bitcoin's ledger (ie, the utxo-set), you are directly attacking the notion of crypto-scarcity, and therefore the idea that crypto-currency can be good money. In which case I will vocally not support this project. And FWIW, I've been approached in the real-world by your representatives.

Your business development model resembles Ripple.

The company is the sole miner of AI Coin. The 7,200 aicoins created each day will be sold on an exchange or otherwise directly paid for expenses.

AI Coin, the company, will initially own the aicoins minted each day, and will transparently pay expenses with them, or with fiat obtained from daily sold aicoins. Our expenses are planned to optimally promote the value of aicoin, and to benefit our community. We will hold a substantial reserve in fiat to cover customer losses that are our fault. We will pursue both a Bit License for New York State operation, and Money Services Business licenses in the 50 US States, as well as similar licensing in other jurisdictions that are important to our customers.

We are seeking integration with at least one payment processor before launch, and that depends on obtaining an exchange before launch.

Would I be able to mine AI coin? Or just buy on exchange?
And are there already uses for it when it launches?

Hi everyone.

Drew Hingorani, myself, and our active community plan to launch AI Coin at the Inside Bitcoins Conference New York, April 27-29. I have been silent the past few months here as we worked on the first provisional patent covering our solution to what we characterize as certain Bitcoin problems.

We now have a dedicated modern forum where you can see technical information, as well as our pre-launch activities. The super peer demonstration network has been minting 50 test aicoins every 10 minutes for over 60 days. We have branded a MultiBit wallet for AI Coin, which you can download for Windows. We have a branded QT wallet for the Mac. You can see our minting and transaction activity on our branded Insight Blockchain explorer.

Our chief innovation vs Bitcoin for customers is that AI Coin has immediate settlement - sub second response time. The QT and MultiBit wallets have been modified to permit immediate spending of received transactions. Our chief innovation for the business is that our cooperative mining secures the blockchain with network-wide algorithmic trustworthiness, and without conventional mining expense.

AI Coin, the company, will initially own the aicoins minted each day, and will transparently pay expenses with them, or with fiat obtained from daily sold aicoins. Our expenses are planned to optimally promote the value of aicoin, and to benefit our community. We will hold a substantial reserve in fiat to cover customer losses that are our fault. We will pursue both a Bit License for New York State operation, and Money Services Business licenses in the 50 US States, as well as similar licensing in other jurisdictions that are important to our customers.

Customers can buy aicoins from an exchange after launch, or can perform specified tasks as contractors for us and be paid in aicoins. The company will subsidize certain customer, payment processor and merchant activities to give aicoin a comparative advantage over other crytptocurrencies with regard to transaction friction. Our transaction fees will be 100x lower relative to Bitcoin and we will likewise accommodate microtransactions.

Important among our contractors are the operators of our network. We plan to pay $1000 per month to super peer operators which host their servers in DDoS-protected secure datacenters. We anticipate having enough of these in the network backbone to claim that AI Coin is more decentralized than Bitcoin with regard to the geographical locations in which new blocks are added to the blockchain. Likewise we plan to pay $50 per month to operators of ordinary computers that dedicate home or office computers 24/7 for the purpose of archiving the AI Coin blockchain. We need between 50 - 100 of the archiving peers to assure redundancy, and to have plenty of network gateways for customer wallets.

We have a growing, active community who contribute ideas, artwork, programming, social networking and so on. They enthusiastically want to bring AI Coin to the mainstream.

Our forum:  ai-cointalk.org .
Website: ai-coin.org
Demonstration blockchain explorer: texai.dyndns.org:3000

Join Us

-Stephen Reed

It probably has got far too big for that now - but at least newbies won't really lose anything by creating a new account.

You can also buy senior accounts (assuming one for sale has a name you like) for well under 1 BTC.

Here is what the staff member Eal F. Skillz has to say about whether it's possible to have your username changed.



Here's what the administrator BadBear has to say about getting theymos to change a username.


I agree with rpietila, theymos might do an old timer a favor and change his name, but his time is too limited to do it for the rest of us.

I take offence at that remark, biggus dickus is my real name.

@theymos is a good guy but it does not mean he would change the usernames for random newbies, so consider yourselves a part of old guard 

Well then I am not sure what he is referencing in that bit, lol. 

I changed my user name - and it cost me nothing (just a request to @theymos).

So I am not sure exactly the point (apart from that you can change your username without requesting a mod to do so if you have that status).

He is talking about being a donator in order to change your username.

Sorry but in what forum does it cost $2,500 to change your user name?

I would not go against established members with 3 months / 100 posts experience. 

Do you realize the guy is 45 years older than you, and changing the name in the forum costs $2,500? He's had 1000x gains from Bitcoin and in the old days, stupid names were ok.

I'm sure you are a legit guy.... but that name is terrible.

and anyone with a name "slipper slope" should be somebody I can totally trust to give my money to, no?

just saying....

anybody with the name biggus dickus is a person that I'm guessing wouldn't lie, no?

This project is not a rush job. According to the OP is a multi-year effort. He is trying to create a new innovation instead of the usual cut and paste job.