Topic: Any experienced sha256 coin makers wanna make .4BTC? (Read 1844 times)

Why not?
Almost anything is possible.

Would it be possible to use both sha256 and scrypt in one block chain? Running the algos separate, but requiring both to return true values to solve the block? Just showing my true noob colors and thinking out loud here......

than is not entirely a correct socioeconomic assumption.

I predict/predicted a lot more of this stuff if/when ASICs are finally prolific and start to gain market traction , with out that simple principal BTC was probably dead in the water.   

so the next iteration of this story is undoubtedly the "SHA-256 alternative evolution"

now to address value:

it would be simplistic to just claim the "rarity" in its self only causes "value" we would be missing a huge and growing market of ASIC owners, creating a huge and growing information environment, there could be "innovations" in here that will duly provide a mechanism that market agrees is "valuable"

or , of course it could all fail miserably .

but the "Alternative SHA-265 evolution" will mean that real ASIC companies are producing and shipping.

You're focusing too much energy on pleasing the miners, and not enough energy on making a currency that would be a suitable compliment to the existing currencies on the market already.

One of the biggest issues that people talk about with bitcoin is the idea that when the block rewards end, will there be enough transactions every block to warrent miners to continue spending money on electricity to continue mining.  Bitcoin attempts to combat this issue by having a block reward that goes down over time, while at the same time (hopefully) the rewards from transaction fees go up overtime, and at some point when the block reward goes away completely, there will be a smooth transition for the miners, and they will not just immediately jump ship.

What you are proposing would be the opposite of smooth.  You would have a insanely huge block reward at the very last block before it stopped.  Then suddenly you would go from say a block reward of 250,000 plus 25 for transaction fees, to 25.  What's going to happen when that happens?  Everyone will stop mining immediately and switch to another coin.  Your network hashrate will drop to nearly nothing, and suddenly your coin will be extremely vulnerable to a 51% attack!  It will be a sudden death scenario for your coin.  With this in mind, the coin will never get off the ground in the first place, because everyone will be aware that one day the coin suddenly dies.

The issue of block rewards going away at some point is a more interesting problem to solve.  And Sunny King has made two attempts at solving it now.
1) PPC, with proof of stake rewards
2) Primecoin with a block reward that goes back up as difficulty goes down (exact opposite of what you are proposing)

So, like i said earlier.  If you really want to contribute something meaningful to the crypto currency community.  Start by looking at the real issues with bitcoin, and trying to find solutions for them.  And this doesn't mean focusing on the miners profits.

So do you think it would be best to give up sha256 and try for scrypt jane or simply scrypt? I mean if he starts the coin up and has services already setup wouldn't that be just as good/successful?

hence the reason i didn't bother to reply after that last post he made. this is the Vlad saga all over again

Personally I wouldn't invest in a store, with products for sale, with the chance of a big asic coming over and just raping the coin. Seems like op would just be handing over his cash to the first big rig on the network. So I would definitely want to get that worked out before I invested. I was hoping op would be looking at this as he would make profits off of the store/services and miners would profit from the coin.

the coin value will be set at first by the products that would be available (risers, cables, phone cases, ect) small at first. Possibly allow each account to trade for a small amount of BTC as well. Still brainstorming. Any small items that you would like to see in a store at actually reasonable prices?  

so set a base value, say 10millionths of the total amount

so 1 coin, total supply 10 million

*caution pseudocode ahead*

very crude but this would be the basic concept the OP is after, yes?

The problem is, he's focused on how to divide up the value without paying any attention to how to *create* the value that will be divided.

one tiny little pptp exploit and his ass would be grass

For sure. That's what I'm getting from this thread, op is looking for a way to make a coin for the people with erupters/blades etc. If he's serious about the store, and can figure out a way to stop 100+ghash rigs from taking over, I think it may work.

It's tongue in cheek, but something to consider.

Undoubtedly I'll be looking for an SHA256 alt for my block erupters at some point.

Seems like you would get a lot of rejects through a proxy. Most I've used are unstable as hell. Then there would be of course vpns and such. I think it wouldn't happen very often though. Idk about others but anytime I've ran through a proxy/vpn I wished I didn't have to.

^^This guy right here should make a damn coin. i'd mine it

It is possible, and yes, you may have some inflation for some time, which may be a good or a bad thing, I can't foretell. Reminds me of elacoin.
The easier would be to have difficulty adjust to have blocks each n seconds, and then reward = K * difficulty.
This should make a reward tied to your hashrate. You may want to adjust K for Moore's Law, for example start with 1 and halve every 2 years, under the assumption that 1GHps today should be worth more than 1GHps from 2 years in the future where hardware is faster/cheaper.
So mining power increases reward, passing time decreases reward, the balance between these will decide the amount of coins to be ever created, which may be infinite or may converge to a fixed sum, depending on coin adoption and the ability of hardware to keep up with Moore's Law.
If you are serious about paying for having this developed, PM me.

cheers!
gatra

total coins created could be the same. with bitcoin the block reward started out high when less hardware and workers were present. flipping the reward system and starting out small and increasing the reward as more hardware is thrown at it. the total coins created could be the same. instead of cutting the reward in half every four years it would increase slightly every month or so

This won't help miners -- creating more coins doesn't create more value. All you've done is ensured that people who hold the currency get screwed by increasing difficulty as well.

You will eventually end up with a block reward that looks like this
http://bitcoindifficulty.com/

The coin eventually be worth $0.

There are lots of really cool ideas in the original implementation of bitcoin. Not all of them need to be "improved upon".