Topic: [ANN] Slimcoin : Proof of Burn NEW BLOCK GEN, Mineable by low power computer! - page 214. (Read 284958 times)
May 17, 2014, 09:34:58 PM
Very interesting concept, it may work for the time being at least.
May 17, 2014, 09:31:43 PM
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So after all the coins are generated and coins continue to burn, won't there be less and less?
This is true, but it would take a bit of time until that cap is reached.Quote
Also, what if someone by extreme luck discovers that address in years away from now?
That extreme luck would really need to be super extreme. Also, Slimcoin could be made to detect any outputs coming from a burn address and have the network deny it, regardless if the sender has the private key. 
May 17, 2014, 09:18:44 PM
As time passes, burnt coins do decay. That means that the strength at which they mine at decreases as time passes. Also, by burning coins, they are forever destroyed and in-spendable again. That will tequinally lower the amount of coins, but since the total amount that can be generated is 2 billion, that will compensate for the destroyed coins through burning.
So after all the coins are generated and coins continue to burn, won't there be less and less?Also, what if someone by extreme luck discovers that address in years away from now?
May 17, 2014, 09:16:58 PM
As time passes, burnt coins do decay. That means that the strength at which they mine at decreases as time passes. Also, by burning coins, they are forever destroyed and in-spendable again. That will tequinally lower the amount of coins, but since the total amount that can be generated is 2 billion, that will compensate for the destroyed coins through burning.
May 17, 2014, 09:09:58 PM
The justification behind the 2 billion coins is since PoB involves the destruction of coins, making them unusable again, if a relatively small limit is set, the coins could get exhausted and then people would not want to burn them anymore, thus making the entire PoB useless.
Hello.
Does it mean that the number of coins will be lower as time passes
or is there any relation between mined coins and burned coins to keep
more or less the same coin supply during time?
May 17, 2014, 09:01:16 PM
good concept and better than ipo
May 17, 2014, 08:58:56 PM
The justification behind the 2 billion coins is since PoB involves the destruction of coins, making them unusable again, if a relatively small limit is set, the coins could get exhausted and then people would not want to burn them anymore, thus making the entire PoB useless.
May 17, 2014, 08:46:11 PM
Total 2 billion coins. Way too many.. I wouldn't go past 20 million coins. If you want the price to appreciate 
May 17, 2014, 08:33:37 PM
Good new concept! Another energy saving coin!
May 17, 2014, 08:16:18 PM
White paper reading!!! Good to see some innovation.
May 17, 2014, 08:14:11 PM
I suspect I will need to read that white paper again more carefully because it just sounds too good to be true.
May 17, 2014, 08:10:08 PM
Yes - but why do POW at all when you can just do POB?
May 17, 2014, 07:54:24 PM
If there is the opportunity to generate Slimcoins, people will do it. People can generate Slimcoins through PoB, PoW, and PoS. As for PoB's dependability to PoW, given coins can be generated through PoW, people will enact in classic mining. Now, given the block reward is greater for PoB than PoW, and given PoB is more assessable to the larger public, PoB will most likely be bigger than PoW, but PoW mining will not be nonexistent.
May 17, 2014, 07:52:25 PM
https://bitcointalksearch.org/topic/--604387 giveawaycoin coin,you can get it!
May 17, 2014, 07:50:55 PM
I'm definitely interested - if I haven't missed a huge point - here and the jokes on me:)
May 17, 2014, 07:49:41 PM
I'm not sure people would psychologically accept the burn concept - although if the POW supply keeps compensating it shouldn't matter. I suppose the point then becomes why would anyone do POW when they can just do POB? You can't have POB without the POW supplying the coins in the first place. The compensation for POW would need to be greater hence creating the same kind of imbalance you're trying to solve.
May 17, 2014, 07:46:06 PM
I always wanted to try mining but I only have low power hardware. I'll give it a go on May 21 when Slimcoin launches. Do we just type something like setgenerate true into the wallet debug window to start mining?
May 17, 2014, 07:43:12 PM
That was one of the goals Slimcoin attempts to manage. Slimcoin will also play well when there is a hardware shortage due to massive demands (like for GPU's during February of this year). With Slimcoin, there are not pre-order queues nor any backorders. If one wants to mine, they simple burn coins and within minutes, they should be up and running.
May 17, 2014, 07:40:30 PM
I'm sure this will be very successful if the proof of burn concept works. I doubt the vast majority of people involved in crypto have powerful enough hardware to consider mining. All those people will jump at the chance to mine Slimcoin.
May 17, 2014, 07:29:25 PM
The coins that are burnt are forever gone. They are compensated by the proof of burn blocks that are generated as a result of the burning. That destruction of coins is why the coin cap is set to be as high as it is.
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