Topic: As Promised: HEADS UP! Miners' Coin Coming! - page 2. (Read 3251 times)

I'm willing to bet he is just one of the small fish miners he wants to help, which is fine, but why should we have to help support small miners that don't want to invest their own money into rigs to compete with those of us that have tens of thousands of dollars invested? I see no point in paying for my equipment and electricity if I have to share it with other people automatically. I don't mind voluntarily donating to a pool I'm using. However, when a cut is automatically taken out of EVERY block just to be handed out to people who don't want to risk their own money buying proper equipment, as well as a cut going to the person who hired someone to write code for him...that I have a problem with. Unless you want to pay 11% of my electricity and GPU costs, I see no reason to give you 11% of my mining rewards.

That is just the tip of the iceberg, though. The centralized, controlled by one person wallet that is given to these small miners is a whole different (and substantially the bigger of the two) issue in itself

Yeah I believe he is not the type that is looking to pump and dump.  As for truly wanting to help the little guy, that I am not 100% on yet, as he has been trying all kinds of ideas which he thinks might draw a lot of people.  Let's not forget his first few ideas, such as the Catholic Coin, which he himself said he wanted as he believed it would draw in a lot of Catholic miners to come mine for him.  He is trying to promote the coin as the "Miner's" coin, yet almost every coin the miners get 100% of the coins.  So how are we supposed to see getting less as a benefit to miners everywhere.  I think he means well with his idea of handing out bonuses to the little guys, but since he has already shown a lack of even the most basic concepts, I don't think he realises how easy it would be for people to "trick" the system into giving them multiple bonuses.  I still want to hear his idea of how his VGB protocol will automatically filter things like this out. 

I do like the guy though.  But I have no idea why.

I think he means well, in the same sense the kid I knew in gradeschool meant well who had this big idea for an MMORPG that totally wasn't just a World of Warcraft clone and was better in every possible way but needed help programming it and was adamant he got a cut and that I didn't steal his idea so he couldn't explain it to me. That's the idea here too. It's a mixture of secrecy and looking for a cut on an idea that is so less than feasible.

I'm not sure why people aren't concerned. At the same time, I'm not quite convinced that Vlad is going in the right direction at all. We will see what his big hyped idea is, but it seems as if he is completely missing the point of what a cryptocurrency does and why things are set up the way they are. It just sounds like a money grab at this point which is unfortunate because I believe he is sincere in wanting to help the smaller miners but this is just so far off that its basically pointless

Honest question, assuming you aren't a sockpuppet of OP or something: What sounds interesting about this at all? Half of what he described is magic and the other half of what he described is "I get 11% of all coins".

OK Im interested in this coin. Lets see how it does and Ill throw some hash at your Nug.

I do think Bitcoin/derivatives could use a bit more economic attention toward figuring out what the optimal block reward values and progression are, whether a maximum cap is a good idea, etc. But the idea of being able to securely identify small miners (as opposed to powerful miners trying to look like many) is much further on the programming / network security side. (And I don't think his few stated ideas on the economic side are that great. Making a currency that's focused all on benefiting the money printers is a huge mis-step! Holy shit, how does this not ring more alarm bells to people?)

*edited to bold for emphasis

Exactly. I'm on your side here.

To be fair though, he does say he works in economics and I would rather an economist come up with a new idea than a programmer when it comes to distribution, but I agree with you, so far everything is looking not so great

As you say, even if we ignore those parts, what are we left with? The "VGB protocol" (which a non-programmer thought up?) that magically identifies small miners and rewards them a relatively bigger share. Until a very good explanation comes forth, he might as well say "magic". "MagicCoin" might be a catchy name.

Well Allahcoin takes 10% for "the muslim brotherhood", so maybe they will show us how well catholicoin would have gone over...

-MarkM-

Vlad has good intentions, but his stubborness to getting his 1% of everything mined is going to be his downfall, provided his other protocols aren't completely retarded and actually live up to the hype he's setting for them.

I like the guy, but I think he will be the thing that ruins it if he keeps getting so upset when people tell him they don't want to be forced to give him 1% of the total coins, as well as the 10% "let's centralize a currency that is fundamentally designed to be decentralized" idea

Lol, I don't want any credit for it.  I just think it's cool I had some small tiny factor in it, and that alone makes me want to mine it.  And also to hope it doesn't die a fiery death.  But you really seem intent on watching it burn.  LOL.  Please name all these coins that developers are getting a cut on, and I wil show you a handful of coins that failed because they were created not by people who understand cryptocurrency, or how it can exist.  Instead you will see developers that came here because they heard cryptocurrency is the next bubble, and they want a get rich quick scheme. If you look at the cryptocurrencies that have actually made something of themselves, you will see a pile of coins where the developer is not taking any cut in "owning" the coin.  If you want to make money off people there are 2 ways that are totally acceptable by the community.  Set up a Coin Developer Donation Fund, and create a pool.  Pools charging 2% are accepted even though a lot of the pools run only under donations as well.

Just premine. Premine a few coins for yourself, use the rest of the premine to set up bounties and giveaways.

How are you going to afford to check people's passports or social insurance numbers or whatever so as to be sure they are actually distinct different people?

It is very expensive to be reasonably sure no two purported "miners" are actually the same "scammer" in disguise.

I do have a way to reward small players, but it depends on them actually being players, because the way it makes a botnet controlling person's millions of "non player characters" less effective per fake person aka "non player character" than characters played by "real players" is by having the "game" (the actual process of standing up, drinking when thirsty, bathing when dirty, eating when hungry, getting to a mine that has valuable resources available to be mined without being robbed or killed, etc etc etc) be difficult for scripts to fully handle.

A botnet owner could deploy a million characters (at the same cost per player-account or per character as anyone else pays to cover the costs of the game servers) but one superhero of higher level with better armour and magic sword, or one high level thief,who observes the botnet characters' actions carefully with insightful thinking about exactly what the scripts running them are really triggering on, can screw up thousands of them at a time. Or one artisan demolishing a fountain the botnet characters all fill their waterskins at could make them all die of thirst until the botnet owner improves their scripts to make botnet characters who find a fountain gone or gone-dry call in an artisan to construct a new one, maybe meanwhile also having a whole list of fallback fountains and pools and rivers and so on to fall back to.

Basically until scripters have developed amazingly fully-adaptive character-running scripts a player who can put a few minutes now and then into putting each character back into a situation its scripts expect should be able to do much better per character deployed than the botnet player who will tend to regularly need to manually get thousands of characters back on script...

And of course once amazingly adaptive scripts have been developed wow, what amazing populations of non player characters games will be populated by!

See http://www.devtome.com/doku.php?id=cpu_mining

-MarkM-

"I get 1% of mined coins", Every miner is contributing 1% to you.
That's what you want. Try to learn something from Sunny or Satoshi, give before you take.
Thanks for the offer, But I will pass.

may be interesting - I say try it and let's see

Hello nail head...meet hammer. Can't really be much clearer than is explained right there

You can't ask people for their opinions and then completely ignore or argue the points that you personally don't like. If you don't want to know what we think, then just launch your coin with you getting a cut of what everyone mines and watch it die. If your idea is so amazing that it makes us all feel the need to give you 1% of our mining, then it will succeed. Simple as that

What possibly stops a single powerful miner from pretending to be many small miners? Short of requiring all miners to submit proof of identification (such as a government-issued ID) that's an impossibility. And frankly, if you're not a programmer, I have much less trust in your judgment of the security of the protocol, but I welcome you to surprise me.

Bitcoin doesn't exist to benefit miners. It exists to provide a decentralized value transfer system, and the miners are a requirement for the system to function at all because it's decentralized. To try to create a cryptocurrency that exists purposefully to profit miners and isn't fully decentralized misses the point on multiple levels.

This system does not seem feasible in several ways, and it doesn't appear likely to be successful. There are already many successful centralized payment systems which are less plagued by issues.

The VGB protocol isn't closed and it can be copied by anyone once it gets out.

It's simply something that cannot be abused or subverted or overcome while rewarding everyone who mines while rewarding the smaller miners more.  

So many miners here and nobody is even interested in this at least for themselves.  I hardly mine Desiree the difficulty is too high for my crappy rig yet I still care enough to have come up with a protocol that I think will work and improve the mining enjoyment and reward for everyone.  

What does a guy have to do to get a programmer on board.  For crying out-loud, I'm paying for it and most programmers can do this in an hour or two.  This is really quite shocking.

Well, no point nesting a dead horse.  

If there's a programmer who wants something better for yourself and your fellow man then let me know.  

Take care, everyone.   God bless!