Topic: An altcoin that punishes holding and longterm owning (Read 52 times)
This would force people to keep investing or earning but it would destroy the economy of the coin. This would only work if the coin was worth anything at the start and would need to be backed by something other wise it is just a feature that negatively hurts those that believe in the coin.
We had this idea with my brother about a new altcoin that has a fee for holding it in your wallet if you don’t use it and the bigger amount you are sitting on the faster it decays away. If you won’t interact with your wallet in any way in a long time it will empty itself in the reward pool. This makes it possible for lost wallets to return the currency in circulation so the amount in circulation is not decreased permanently over time.
This idea has few simple rules:
1. The total amount of currency remains always the same. It doesn’t decrease and it certainly doesn’t increase.
2. Owning fee is given into the reward pool so that miners have a reward to look forward to.
3. Keeping yourself rich means that you have to work for it either by mining a lot or by selling services. But being rich is still possible. You just have to pay for it. A lot.
4. For your money to stay in your wallet, you have to be active user of said currency. However it will still have to pay a fee simply for being non-empty.
5. Every wallet emptying event icreases the amount of normal mining reward but the reward will drop to base rate after it has been used. This also gives mining a little excitement
We had this idea because we want an non-centralized currency that is not so volatile and therefore a better every-day currency. This concept doesn’t reward rich for simply being rich. The currency always finds itself into circulation. It is also semi-clean because ”dirty money” always eventually finds itself into the reward pool. But.. Would anyone be interested of using a currency that just vanishes from your wallet eventually? Fiat money does that in form of inflation already and nobody seems to care. The difference between fiat and this altcoin is that fiat seems to increase in total value if you own it a lot. It rewards you simply by owning it. This altcoin would not.
So what problems would this concept have? Is it a dead idea from the beginning? I think this might be a cornerstone altcoin. It could be so stable that it would play a huge role in peoples everyday lives. However many people don’t like the idea of losing their money. How big the fee for holding should be in percent so it makes it harder to own a lot for long time but not hard for owning a short time? If the fee is a daily fee then just buying it for investing purposes is very unattractive but for trading purposes it might play an attractive role.
This idea literally was barn yesterday so it possibly has many holes in it. However it might be intriguing.
Any thoughts?
This idea has few simple rules:
1. The total amount of currency remains always the same. It doesn’t decrease and it certainly doesn’t increase.
2. Owning fee is given into the reward pool so that miners have a reward to look forward to.
3. Keeping yourself rich means that you have to work for it either by mining a lot or by selling services. But being rich is still possible. You just have to pay for it. A lot.
4. For your money to stay in your wallet, you have to be active user of said currency. However it will still have to pay a fee simply for being non-empty.
5. Every wallet emptying event icreases the amount of normal mining reward but the reward will drop to base rate after it has been used. This also gives mining a little excitement
We had this idea because we want an non-centralized currency that is not so volatile and therefore a better every-day currency. This concept doesn’t reward rich for simply being rich. The currency always finds itself into circulation. It is also semi-clean because ”dirty money” always eventually finds itself into the reward pool. But.. Would anyone be interested of using a currency that just vanishes from your wallet eventually? Fiat money does that in form of inflation already and nobody seems to care. The difference between fiat and this altcoin is that fiat seems to increase in total value if you own it a lot. It rewards you simply by owning it. This altcoin would not.
So what problems would this concept have? Is it a dead idea from the beginning? I think this might be a cornerstone altcoin. It could be so stable that it would play a huge role in peoples everyday lives. However many people don’t like the idea of losing their money. How big the fee for holding should be in percent so it makes it harder to own a lot for long time but not hard for owning a short time? If the fee is a daily fee then just buying it for investing purposes is very unattractive but for trading purposes it might play an attractive role.
This idea literally was barn yesterday so it possibly has many holes in it. However it might be intriguing.
Any thoughts?
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