Topic: [ANNOUNCE] New alternate cryptocurrency - Geist Geld - page 22. (Read 74190 times)

I suggest you create a set of board members who will hold each an equal amount of those 7 million for bounties so that there is accountability.

Say you had like 10 people with each 700,000 GG and they were reputable in the community. I think users of GG would be more apt to want to put trust in this project.

Good point. Where did you say anything about 7 million premined coins?

You just said "bounties".

As I indicated it will take the network at least 93 days to generate 7million coins.

You think 3 months head-start is more than enough time to get things in place?

But i'm not trying to troll I'm just wanting answers like coblee.

Also, one of conditions for bounty projects (which GG will traditionally have, stand by for list) will be that they are made open-source, so that everyone can benefit from them

a wonderful laundry service that guarantees 100% squeaky clean GeistGeld (mined, no history attached)

Eh ?

I thought long and hard about the 7 mil figure.

If I was making a coin that has "max amount" and isn't churned out at a rate of 7 units every 15 seconds, it would have been excessive.

Given lack of deflationary anticipation in GG (and upper limit that borders on astronomical), if anything, I'm afraid that I pre-mined too little to allow my (planned) laundry serve a large order of bitcoins (via abovementioned scheme), should such arrive.

cough  cough cough didn't I mention having a fund for starting up a laundry and posting bounties ? I definitely did no less than twice in this thread.

How   does baby bounty form?

premining   !

I could premine them the ugly way, and burden the network with a crapton of Fund Blocks, or I could do it the economic way and waste only one block on the affair.


My current budget is 7769999 in bounty + laundry superfund, and a couple hundreds I couldn't send a guy because his address seems broken.



Don't forget that I intend to sink no less than four (maybe more) mils into my Laundry Buffer, to never ever be spent (and provide a service to the community, yay!)


 

You bring up valid points.

There are major difference and improvements yes.

Who did you give the 200 blocks to?

The fact that I will earn, at most, a grand 'o bucks in bitcoin, while instead I could use the Superfund as bounties (or convert small fractions into bitcoins to pay folks who don't like being paid in Geist) to make Geist better, implement optimizations that will prevent it from choking to death on its block-speed and c00l tricks like Contracts, hidden transactions and shit-whatnot, make my laundry, and insure a steady income from helping simple Joe Sixpack Bitcoinlaunderer   launder dirty bitcoins via "DirtyBTC->GG->LolcustLaundry->squeaky-clean GG->Squeaky-clean BTC (from a different exchange)" scheme ?

I could earn a grand o'buck by smuggling cellphones into Belarus.

What I want is to take a stab at viable alt-chain, with possibility of stable (if small) completely automated income via provision of much required community service

Not everyone is a dim short-term maximizer, dude.


Only with actual, you know, differences, and actual benefit to community (which has already manifested in the form of Timetraveler-eviction patch)

1 worth 7 mil, and 200 worth 7. You see, Multicoin code allows to put X into first block, and then apply a different ruleset to the rest. Neat feat.

I have given away every single Geist in the latter 200 blocks (to which any subsequent Block-exploration will trivially attest)

Lolcust exactly how many premined GG coins do you have?
At the rate we have been generating these blocks it would take 93 days just to mine 7,000,000 GG.

That seems like an awfully long head start on bounty coins (over 3 months time at current rates).


 

Wow, this was never mentioned. That's very sneaky of you. This is even worse than ixcoin. I'm glad this came out before I waste more time with this scamcoin.

Yeah, had to be on the right chain, had the right block number in the 1600 range, was using the raw console, also tried doing the 'client' and straight out of box getting application exception crashes saying something about txn_ and the save point and to run database recovery. I wiped all the database and lock files, only the wallet was left and it redownloads most of the basics and then crashes there again before it gets very far into the process of setup.

This chains been nothing but trouble from the start for me :| Hours wasted to get reset then all the shares dont exist or are stale, and crashing. Was trying to dedicate some time to the chain, but this is just hassle after hassle.

It'd be cooler to put something like "Block velocity exceeds 88mph"

LOL
So i'm guessing its not my client making the wrong timestamp?

Thanks for this! After finally getting on the right chain (was on the ~240 chain) and setting ntp=1 I'm starting to see some accepted shares.

Okay lolcust,

Do you see anything wrong here?



It's probably right there and I don't even see it.  Still can't get any work done.

Thanks again for your help.

Tell me this. What's to stop you from dumping them on the exchange when one does come along?

This is starting to sound like the ixcoin story all over again...

7 million premined coins in a single block? How many blocks did u get?

The seven millions are legitimate, and are the bounties and laundry fund that I think I mentioned in the first post.

The reasoning behind the sum is the following - geist has neither production drop-off nor upper limit on amount of gg in the chain (well, there sorta is, over a hundred billions, lol) which (combined with very fast blocks) means no expectation of deflation and thus a lower (compared to other alt-coins) price per unit (when exchanges open, that is)

Thus, I need much more than other coins in terms of bounties.

I also want to organize a "cryptocurrency laundry" that does not suffer from the usual crap of having too little coinage to ensure that you don't get fed your own coins.

After some guesstimations, I've reasoned that I need no less than four millions as buffer for laundry (never to be spent, but instead serve as "clean coin" supply for the laundry while "dirty" coins are accumulated in separate  wallet to eventually become the new buffer, while commission is diverted to yet another wallet) and about a pair of millions for bounties and stuff, so I can more easily persuade competent people to lend their helping hands to the effort. I added a bunch o'geists on top of that "just in case" so I can also open a "Geist Faucet" and keep it running for at least half a year (I am confident in my peer's ability to milk it dry)

Then, I proceeded to contemplate how should I organize pre-mining those, since forcing other people to download a crapton of blocks just because I want to start the cleanest e-money laundry of all times would be kinda mean.

I've figured a way of doing so in just one block without ruining the coin's operation via multicoin's inflation trigger thing, thus achieving pre-mining without encumbering the chain with a swarm of Laundry&Bounty Fund blocks
None of that was secret since post one, and BTW those coins are quite "canonical"


TIMETRAVELLER EVICTED.
HUGE SUCCESS.

I am so putting this instead of usual error text in the next build.

I just got this
ERROR: CheckBlock() : block timestamp too far in the future
ERROR: ProcessBlock() : CheckBlock FAILED

Thank you.

Block 1676
Connections 13
Diff 132
hashespersec 0

Yeah, if your system clock is off more than 10 sec or so, you pretty much need ntp=1 (hrrrm... actually it should be gracefully falling back to median-of-peer-time in that case... wtf?)

I have a suspicion that some coins were mined that weren't legitimate. I had my first block orphaned and it containe dover 7 million coins.

Now can someone create a simple block explorer so we can verify the first 1000 blocks to see that no monkey business was done?

Thanks