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Topic: [ANN] White-Board Coin Development [NoirBits] - page 2. (Read 2141 times)

hero member
Activity: 714
Merit: 500
innovation 1 - integrate exchanges into the network
innovation 2 - balance coin inflation rate with exchange demand.

barwizi:  If you can't see the benefit of those two features you don't have much business developing a coin, as solving those issues would give us the holy-grail of crypto-currency a stable value.

don't make suggestions you can't back up. explain to us why that is innovative, throwing bullet points and pretending to be smart says otherwise.

Trying to balance coin inflation and demand is like trying to sent prices and interest, that is not the purpose of crypto-currency, in a way you are suggesting a form of market control which is  self-defeating. If you know what "free market" mean, you'd understand that it's the markets that decide on those factors and any tampering with that mechanism is trade control.

production of coins faster than the rate they are transacted is a form of price control.  you are effectively destroying the value of the coins by producing them.  creating new coins by mining them is a form of price control.  if you do not want price control in your coin simply do not provide block rewards.  simple as that.

I assumed that this thread was a brain storming session.  if you mean to attack a couple ideas immediately before trying to see what value they have then why should I bother going into them any further.
legendary
Activity: 882
Merit: 1000
innovation 1 - integrate exchanges into the network
innovation 2 - balance coin inflation rate with exchange demand.

barwizi:  If you can't see the benefit of those two features you don't have much business developing a coin, as solving those issues would give us the holy-grail of crypto-currency a stable value.

don't make suggestions you can't back up. explain to us why that is innovative, throwing bullet points and pretending to be smart says otherwise.

Trying to balance coin inflation and demand is like trying to set prices and interest, that is not the purpose of crypto-currency, in a way you are suggesting a form of market control which is  self-defeating. If you know what "free market" means, you'd understand that it's the markets forces that decide on those factors and any tampering with that mechanism is trade control, which will cause wild fluctuations in price and availablity, making for an unstable medium of exchange. Please consider reading up on how markets work and maybe we can discuss the merits of such a system on a global scale.
sr. member
Activity: 350
Merit: 250
surely wait until the shitcoin storm ends Tongue then you might have chance Tongue i would personally mine such coin
sr. member
Activity: 826
Merit: 250
CryptoTalk.Org - Get Paid for every Post!
innovation 1 - integrate exchanges into the network
innovation 2 - balance coin inflation rate with exchange demand.

barwizi:  If you can't see the benefit of those two features you don't have much business developing a coin, as solving those issues would give us the holy-grail of crypto-currency a stable value.
sr. member
Activity: 826
Merit: 250
CryptoTalk.Org - Get Paid for every Post!
Most of your innovation is just rules for fair-launching of any coin or a combination of features from other coins, I'd recommend you join and assist a development team that actually has some major improvements on its plate, such as Netcoin.
legendary
Activity: 882
Merit: 1000
What would be the benefit of that?
hero member
Activity: 714
Merit: 500
innovation 1 - integrate exchanges into the network
innovation 2 - balance coin inflation rate with exchange demand.
legendary
Activity: 882
Merit: 1000
hahaha, please all suggestions should be on the thread, Pms make it seem like they are my ideas only.
legendary
Activity: 882
Merit: 1000
it would be great to have a large-ish dev team that covers all the corners and really pushes a coin to the front. True it will take a while, but it's also good as it gives the discussion a lot of time to develop and refine ideas.
legendary
Activity: 1064
Merit: 1002
Sadly it may be a while till the storm is over. Im learning more and more about programming so maybe by the time its out ill be able to contribute Wink
legendary
Activity: 882
Merit: 1000
Yes, that is the point, i'm fed up with these ****coins, i'd like to have a part in making a real alt that has long term life span, innovation and has stability.
legendary
Activity: 1064
Merit: 1002
Yay some innovation. Well not innovation but something good. Maybe let the community decide on certain factors?
legendary
Activity: 882
Merit: 1000
I have shelved my idea of a crypto-currency until the storm passes.  Embarrassed But i'd like to keep up the development process.

The name is still up for debate. I currently call it Noirbit

There is really no fair coin in terms of mining, someone always has more hash than you or got the client before you, or has a better connection than you. The factors are too many, and the trade offs sometimes worsen the situation.

The sudden influx of coins has made a mess of this forum and i am not going to add to this mess. I had an idea and had hoped to release by 1 june, however **** happens. So i'd like to hear feedback while i go back to the drawing board.


These were the intended features.

- 180 second target block time, this has proven to not be too affected by network latency.
- 4 hour difficulty adjust that works with another condition that changes diff after 120 blocks.
- Starting difficulty of .5 , i know its high, but yeah  Wink
- Algorithm sha-512 or scrypt-jane (Yacoin) The sha-512 would keep ASIC's out for a while, FPGA's and ASIC's are part of evolution, i cant completely prevent it, but i can slow it down to manageable rate.
- Block reward proportionate to difficulty, (if i fail, i'll ask for help on this one) starting reward will be 5 "bits"
- I figure total coins should be 8 mil. This coin runs out after a while, and instead of further mining, holders of coins will see them gain interest.
- Check blocks or "King Blocks" will have double reward, apart from being a bonus to miners, they act as security checks to maintain chain intergrity.
-Testnet chain running concurrently on my servers that will be used for development of more security and innovation.
 
These are some of the small ideas in mind. I have been following these new alt coins and i'd like to borrow some ideas.

- Either the first blocks have meager rewards or no reward at all while the community prepares. 8 hour period to allow worldwide prep.
- Early blocks will gain 0.5 more interest than later blocks. People always speak ill of early adopters, i think they are ok, as they are the ones who get the coin going in the first place. This will be the thank you for their efforts. (if it wasnt for the early adopters of bitcoin, would that beta have been a success?)
- The pre- mine will be a single block of 4000 "bits" which i state clearly is for myself, i think if the community sees value in this currency then the bounties should be community funded. Attempting to fool people by stating that a premine is for bounties is under-handed and will devalue my ideas.
- I hope to have 5 running pools, each with a different pay-out system to allow users choice.
- Any other coin i develop will be merged mined with this to ensure simplicity of function.
- There shall be no price setting, the market decides use and price. i would ask however that all exchanges wait 4 days after release to even consider it. I do not intend for this to be pump and dump.  
- Mobile wallet, as you know bitcoin and litecoin have them, i would release one if i see the coin taking a firm hold in the market. I am unfamiliar with web-wallets those i'd leave to the community.
- I intend to be a an active OP and will continue development of the coin, may add some members to the dev team and community suggestions are valued.
- Instamine and Botnets and GPU farms are parts of the trade, i am working to try and mitigate the effect, but frankly, there is always someone with more hashing power.
- I believe the escrow service and private trade sites are good ideas but they are gimmicks deviating from the main idea and so loose value quickly.

Windows Client will be compiled by me only

After the wallet stealing fiasco, i'd rather not get dishonored.

Any construcitve ideas are welcome, and btw, i will not release this coin until the shit storm is over.
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