Topic: As Promised: HEADS UP! Miners' Coin Coming! (Read 3194 times)

Finally someone who gets it. The hard fork idea is a good one. I like this guy but I think a few of us should get together and eliminate his tax should this go live. Not to screw the guy but to prove a point not to fuck with the people who are trying to support you. I would be willing to throw all my hashes at it just to get the point across

Spreading the block rewards wouldn't address the issue that a single miner is in control of the network and can more than easily do a 51%-style attack.

Actually it's both. Miners don't exist if they can't pay their bills so it is about making money WHILE securing the blockchain. It has to be both. The more money miners make the more secure the blockchain can become.

Cryptocurrencies aren't supposed to be a get-rich-quick scheme for miners. Miners exist to secure the blockchain for the currency. Getting that backwards does not sound like a good idea.

lol
That's even less than currencies that don't revolve around miners btw.
I do not follow. This also doesn't sound like much of a decentralized trust-not-required currency (as in, a big reason many of us like bitcoin).

I promised you guys at least a 3 day heads up warning for any coin I launch and here it is.

The coin will be Nuggets (The first true Miners' Coin) and I am designing it from the ground up, with lots of feedback from many miners and before all else, with the average, struggling miner in mind.

Every coin out there focuses on everything and everyone else but none out the miner first - the lifeblood of any successful coin - yet the masses - the large majority of miners get no real specific edge or benefit for their efforts and contributions.

I wanna change all that!

Nuggets will have no premine, no instamine (the first true fair launch per the people's specs and demands, and not my own desires and so fair that Miners even chose the name no sneak launch, as promised a minimum 3 days heads up for hackers to kill the coin if this is another CrapCoin) and I will add a new feature [I learned in Economics and Finance back in College years ago) never before seen or heard of, called the VGB protocol, which I will detail right before launch so prevent theft before my own launch.

On a % basis the VGB Protocol will favor and more generously reward the smaller miner - the smaller the miner the nicer and more rewarding the benefit.  It will also help the solo miner but also the pool miner.

The higher the difficulty goes - this new, never thought of feature (the VGB protocol) will ensure and guarantee that mining a high difficulty coin will not result in a boring flatline effect, which many coins are now plagued by and as the masses come in, mining will become more boring and less and less rewarding - so this VGB protocol will greatly help with this fundamental flaw in all coins out there right now. 

I guess it took an Economist to see what very smart computer guys, programmers and hackers missed all this time.  lol.

This new VGB feature will make mining more interesting, unpredictable (in a good way) and more fun and exciting for everyone - but especially for the average and smaller miners.

It will be fully inclusive - meaning big miners will be happy to mine it while small miners will be even happier to mine it.   It's a win-win coin for everyone involved.

The distribution of the coin which not all may love this particular idea will be like this, and this is where you have to give me a bit of trust, because this is also meant and designed with the smaller miner in mind although once again, this is a democratic coin and i promise nobody will be excluded. 

In discussing ways to level the playing field, "Zas" suggested rewarding all miners with 10% of the mined coins straight across but that would be impossible to code and it's ripe for abuse but I love the idea so much that I can't let it go.

So here's my plan:  I get 1% of mined coins (no premine and no instamine), miners get 89% of all mined coins and then 10% of all mined coins will be put in either an escrow account or a specific wallet which can be verified by everyone and anyone to show I'm not spending it.  I promise full disclosures and full oversight in any way you guys choose to implant such a watchdog.

Once we can all come to some fair understanding I will then distribute ALL of those coins, every penny back to the miners.  So then the miners get 99% of these coins but the idea is that this 10% distribution will be a flat reward which means that even the big miners get a reward but the same exact (flat) reward will be given to the small and smallest miners so on a % basis, relatively speaking, the small miners will feel a much greater benefit.

The idea is to help newbies and small guys who can't afford to keep buying hardware - this 10% reward, combined with my VGB Protocol, should really help the fast majority of miners, especially the smaller struggling miners, before the masses of people come online probably next year and you all lose the control you none possess to make a coin especially for yourselves. 

This is a win-win for everyone and I will do anything it takes to show people this is not a pump and dump.  I will do all I can to put the power and the reward system in the hands of the miners. 

This is the first coin which gives a damn about this alt community and so this coin is made specifically with the miners in mind, before all else and if it succeeds many small miners should see immediate and wonderfully uplifting benefits which will help many of you reach the next level of income and revenues. 

Good luck guys!

Begging?

When you pay someone to do something it's not begging.

When you go to a restaurant and order a steak and then pay for it would you like it if some guy outside told people you were in there begging for food?  Hardly!

These are not junk developers.  They have experience launching other coins and they're actually the most expensive here.  I could have gone with the cheaper guys but I thought I'd get more from going with someone with integrity and experience.

The longevity depends on the adoption rate and if people like what the coin offers.  I'm looking at it long term, for years to come of the govt allows it that long.

Well, a coin *could* be designed were the contribution of each individual could be equal to the blockchain (or whatever other mechanism) security.
In that case, having tons of hardware would not be helpful and thus you would not have "big" and "small" miners. Of course it could not be a hashcash derivative ...
How to design such a coin is hard, it could even be impossible (bizantine generals problem was bypassed by bitcoin in an elegant yet power hungry way using hashcash).

On the other hand, the OP speaks of mining, previously tried to make some money by buying / selling back some crappy domain names, ran some polls with equally crappy ideas ... so he probably is in no way bringing real new and innovative ideas to the cause.
Also putting a 1% tax for himself on the money supply ... lol, much worst than a premine ! (but at least not hard for some motivated group to hard-fork and get rid of it)

Why are the smaller miners owed more?

Bitcoin mining works by compensating miners for their computations that go toward securing the blockchain. It's not supposed to be a socialist "everyone gets money!" welfare system. Why should that compensation be anything but directly proportional to the work contributed? (Not to mention the complete infeasibility of any other scheme.)

Spreading the block rewards wouldn't address the issue that a single miner is in control of the network and can more than easily do a 51%-style attack.

Now that I think about it, I have an answer. The compensation shouldn't be directly proportional to the work contributed because the work isn't the only thing that matters. Would you feel safe using Bitcoin if there was only one miner? No? Even if he had a gazillion TH/s?

Now that I think about it, I have an answer. The compensation shouldn't be directly proportional to the work contributed because the work isn't the only thing that matters. Would you feel safe using Bitcoin if there was only one miner? No? Even if he had a gazillion TH/s?

They aren't owed more. I just hate the way the rich always get richer, and the poor get poorer.

Yeah, cause those big GPU farms totally don't make a gazillion dollars in profit. You act like everyone has tens of thousands of dollars to invest into mining, and they just choose not to.

Yeah, cause those big GPU farms totally don't make a gazillion dollars in profit. You act like everyone has tens of thousands of dollars to invest into mining, and they just choose not to.

Yeah, cause those big GPU farms totally don't make a gazillion dollars in profit. You act like everyone has tens of thousands of dollars to invest into mining, and they just choose not to.

Help me with just the idea of how to distribute this 10% to the miners in a fair way