I believe infinitecoin is going to run out in about 1 year...
No irony there, right?
Topic: [ANN] The Most Perfect Coin [UPDATED] (Read 991 times)
I believe infinitecoin is going to run out in about 1 year...
No irony there, right?
Especially the latecomers
As OP is already in sarcasm mode, we'll likely have to wait until late 2014 when IX/I0 are finished with their subsidy.(to have a fully minted crypto-coin in the world)
I believe infinitecoin is going to run out in about 1 year, so it might be early 2014 (assuming no new coins come along).
People are greedy. If anyone was willing to dedicate hash power to a 2 week old coin, with no block reward, than the fees for moving these few coins around, would have to be more profitable than mining any other coin in existence.
having coin fully minted is the great way to check what would happen then and as it would be done soon such a coin could get much traction just from the sheer miner interest in the coin. Large interest in mining could then lead all kind of websites appearing as they would want that miner audience directed to their services fast. Then is just a question of the number and quality of the services in question. If there is enough of them someone would keep processing those transactions for a fee... Just this few weeks or 2 months seems quite short time for those services to appear. I would think of something like 6-12 months, but then again it is quite long time just to get the idea tested
Last but not least if it is not going to be tried then we would never know does it work or not, would we?
Last but not least if it is not going to be tried then we would never know does it work or not, would we?
PERFECT COIN
Want a highly successful coin?
Make a coin with all of the following:
1. A coin that can be fully mined to the hard limit in less than twoweeks months by just a few hundred users with good machines.
2. Make the difficulty high at the beginning and then get lower as more users join in mining, and as the hash rate goes up.
3. Create LESS than 500,000 coins total
4. After twoweeks months all of the coins will be minted and no more can ever be made!
5. Then request the rare coin to be added to exchanges for trading.
6. NO PREMINE (FOR ANY REASON)!!!
I guarantee you, that you will have a popular coin that everyone will love. Especially the latecomers! Plus, you will have the only fully minted crypto-coin in the world!
Want a highly successful coin?
Make a coin with all of the following:
1. A coin that can be fully mined to the hard limit in less than two
2. Make the difficulty high at the beginning and then get lower as more users join in mining, and as the hash rate goes up.
3. Create LESS than 500,000 coins total
4. After two
5. Then request the rare coin to be added to exchanges for trading.
6. NO PREMINE (FOR ANY REASON)!!!
I guarantee you, that you will have a popular coin that everyone will love. Especially the latecomers! Plus, you will have the only fully minted crypto-coin in the world!
Want a succesful coin?
First create places to spend it... We have enough coins that can't be spent, except for an exchange without any trading volume...
Doesn't anyone understand how the crypto network functions? How do you suppose people will move coins around, if there are no miners to find blocks and get confirmations?
This is a huge point I'm still trying to understand about cryptocurrency as a whole. Will transaction fees be enough to keep miners going on any coin. The rationale is that once all the coins are minted, there will be more in circulation and thus more transactions and more tx fees. Those fees are supposed to subsidize the miners. The crazy thing that will probably happen with bitcoin is that towards the end, there will probably be huge hashes fighting for the last coins. That will push up the difficulty and then they will probably fall off when those last coins are minted, I think, leaving the difficulty stuck too high for a while. That is a ways off though, so maybe something will be done about that, or there already has been something done and I just haven't heard about it or haven't understood it fully.
But with the case of this coin. If all were minted in 2 weeks, there wouldn't be many services set up for people to spend their coins at, so there would be minimal transaction fees and hardly any incentive to mine at all.
This would be a good way to find out.
Generally transaction fees should keep the miners busy. But who knows?
Lets do it and see what happens next.
Build it and they will come.
Doesn't anyone understand how the crypto network functions? How do you suppose people will move coins around, if there are no miners to find blocks and get confirmations?
This is a huge point I'm still trying to understand about cryptocurrency as a whole. Will transaction fees be enough to keep miners going on any coin. The rationale is that once all the coins are minted, there will be more in circulation and thus more transactions and more tx fees. Those fees are supposed to subsidize the miners. The crazy thing that will probably happen with bitcoin is that towards the end, there will probably be huge hashes fighting for the last coins. That will push up the difficulty and then they will probably fall off when those last coins are minted, I think, leaving the difficulty stuck too high for a while. That is a ways off though, so maybe something will be done about that, or there already has been something done and I just haven't heard about it or haven't understood it fully.
But with the case of this coin. If all were minted in 2 weeks, there wouldn't be many services set up for people to spend their coins at, so there would be minimal transaction fees and hardly any incentive to mine at all.
This would be a good way to find out.
Generally, transaction fees should keep the miners busy. But who knows?
Lets do it and see what happens next.
Doesn't anyone understand how the crypto network functions? How do you suppose people will move coins around, if there are no miners to find blocks and get confirmations?
This is a huge point I'm still trying to understand about cryptocurrency as a whole. Will transaction fees be enough to keep miners going on any coin. The rationale is that once all the coins are minted, there will be more in circulation and thus more transactions and more tx fees. Those fees are supposed to subsidize the miners. The crazy thing that will probably happen with bitcoin is that towards the end, there will probably be huge hashes fighting for the last coins. That will push up the difficulty and then they will probably fall off when those last coins are minted, I think, leaving the difficulty stuck too high for a while. That is a ways off though, so maybe something will be done about that, or there already has been something done and I just haven't heard about it or haven't understood it fully.
But with the case of this coin. If all were minted in 2 weeks, there wouldn't be many services set up for people to spend their coins at, so there would be minimal transaction fees and hardly any incentive to mine at all.
Doesn't anyone understand how the crypto network functions? How do you suppose people will move coins around, if there are no miners to find blocks and get confirmations?
Basically relaunch MNC without premine.
Isn't this coin a 2 week long premine though? lol
Isn't this coin a 2 week long premine though? lol
Two weeks is kind of short. Expand it to... let's say... maybe two months?
Basically relaunch MNC without premine.
Isn't this coin a 2 week long premine though? lol
Isn't this coin a 2 week long premine though? lol
Especially the latecomers
As OP is already in sarcasm mode, we'll likely have to wait until late 2014 when IX/I0 are finished with their subsidy.(to have a fully minted crypto-coin in the world)
i love this
PERFECT COIN
Want a highly successful coin?
Make a coin with all of the following:
1. A coin that can be fully mined to the hard limit in less than twoweeks months by just a few hundred users with good machines.
2. Make the difficulty high at the beginning and then get lower as more users join in mining, and as the hash rate goes up.
3. Create LESS than 500,000 coins total
4. After twoweeks months all of the coins will be minted and no more can ever be made!
5. Then request the rare coin to be added to exchanges for trading.
6. NO PREMINE (FOR ANY REASON)!!!
I guarantee you, that you will have a popular coin that everyone will love. Especially the latecomers! Plus, you will have the only fully minted crypto-coin in the world!
Want a highly successful coin?
Make a coin with all of the following:
1. A coin that can be fully mined to the hard limit in less than two
2. Make the difficulty high at the beginning and then get lower as more users join in mining, and as the hash rate goes up.
3. Create LESS than 500,000 coins total
4. After two
5. Then request the rare coin to be added to exchanges for trading.
6. NO PREMINE (FOR ANY REASON)!!!
I guarantee you, that you will have a popular coin that everyone will love. Especially the latecomers! Plus, you will have the only fully minted crypto-coin in the world!
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