Topic: climbing-coin idea - has this been tried before? (Read 193 times)

I propose creating a 'climbing coin' which has builtin decay preserving the
fraction of the overall cake everybody owns. Thus its 'like bitcoin' but due to
the builtin decay it's value look stronger every day even though it is not.

Background: There is one way to weaken bitcoin -> offer something to miners which
provides more value to them, then they would start mining the other currency.

So how to provide value to miners? By faster expansion. If more people use a
crypto currency the value it represents will increase.

How should the implementation look like? Each blockchain has history.
You can builtin a proportional decay to everyone based on history of blockchain.
E.g. generated block means multiplying each coin by 0.99999.
Thus assuming a block is found every 10min this means 6260 blocks a year
which means a decay of pow(0.99999, 52560) = 0.59 or a perceived value
increase of 1.69 compared to fiat, thus approx equally strong to
companies like Amazon/Facebook/Google stocks..
Whenever you try to sell your 'coin' you'll notice that it has less value than before,
but that you can buy more for it.

Whenever a sudden accident happens such decay in FIAT for a country people will
have to decide to spend their existing value into a crypto currency - and if some can
be fooled by the decay (which is not fooling because
the fraction they own of the overall cake is the same) they might choose the
climbing coin over bitcoin.

Has anybody tried this before? Is there previous experience?
Otherwise is there anybody who would like to start such experiment with me?

If I'm a fool tell me. Lightcoin also has been 'founded' to be a competitor to bitcoin.

The value give to coins is what makes them up - and the variant I propose might
be slightly stronger. Even if it fails it will make people think about 'currencies' in general
and maybe draw them to bitcoins - thus if you own many bitcoins it might be
a win to you anyway.