The energy efficiency is the key magnificent feature of this design. No need to buy hardware, simply buy some shares and earn a profit. This would be popular.
Bad money drives good money out-of-circulation. Money is supposed to be bad. It is human nature.
You could radically simplify this design and make it popular, if stop trying to end human nature and socialization of money.
Could limit SH, then let shares be sold on the market. Yet another reason to buy shares. Yet another demand for the currency and for a rising currency value. SH get the transaction fees, so their value is related to the expected velocity (usefulness as a medium-of-exchange) for the currency. How do or should try we stop users from sending their transactions only to SH which refund the transaction fees, thus driving down the value of SH shares that don't? Hey if they want to refund them to clients of their cartel, that won't always speed up their client's transactions, unless they own 100% of the shares, unlike the vulnerability I identified for Bitcoin cartelization.
Limiting SH, eliminates the overload problem. Every SH gets a turn within a CB.
A cartel could buy up all the SH, but they can also buy up 51% of the difficulty in Bitcoin. The difference is that unless they buy 100%, the transactions still go through (even though delayed by up to one CB).
Some honest people can buy initial shares and vow to always do good. I will be one of them!
I love it! Super easy to implement. Super popular.
Let's make money, compete with Bitcoin, and provide a better digital currency. How could life be any better?
What about minting? How could we improve on Bitcoin in a way that would be more popular or better performant? In a simplified view of the quantity theory of money, the money supply should increase proportional to the velocity. Since we have mandatory transaction fees, we can measure velocity, something Bitcoin can't do.
Also this design would fix the 10 minute delay for transactions in Bitcoin? Because the signing SH for each TB period is known in advance.
(be a realist)
Above I radically simplified Decrits' design.
The above post improved upon Bitcoin's transaction processing, while providing more early adopter speculator incentive than even Bitcoin's speculator model.
The remaining item was mining for new coins (i.e minting).
I had the thought that the most important function of minting is so users have an realistic option to obtain coins without converting from fiat.
Bitcoin fails miserably at that, because it requires ASICs and long-term capital bets and risks. Users don't want to commit to the long-term risk, just to obtain some coins without having to jump though AML identification checks and when the exchanges are down or just because it provides an alternative to the exchanges.
Find a solution to that, then we've got the winning design that trumps every aspect of Bitcoin.
I agree we need the incentives for speculation. And we need to reward the people who develop it.
And we need it to be as simple as possible. K.I.S.S. (Keep It Simple Stupid) is a famous engineering principle.
You don't need to include the kitchen sink or make a perfect society. You just need to make something that works and is popular. Later someone can make another that adds complexities, if they think the market wants it. Simplify implementation and quicker to market. Incremental development is a superior engineering principle.
As for stable currency, that is an illusion that can only be enforced by the state (until it fails and value goes to 0). Has gold ever been stable in price throughout history? No!
If you attempt something unnatural, you will surely fail.
Details versus big picture again.
The big picture is that bitcoin is a currency pyramid, and any design that copies this is going to meet the same fate.
That's not bitcoin's fault.
You did not understand what I was saying. It is most absolutely bitcoin's fault, not the fault of the infrastructure. Bitcoin is in every way a commodity that can be traded easily. It is not a currency. The mentality of "having to be there first" means that anyone who isn't there first will learn that it is a complete joke. You won't be able to keep finding a new breed of sucker when the presence of something that is actually designed to be a currency stands right next to it.
People are looking for an answer to the problems of modern money. Bitcoin keeps telling them that it is not that answer.
That is why the lack of infrastructure you blame does not exist. This community feeds off of itself.
If you took the time to understand the implications of the decrits monetary system, you might actually find it to your liking, regardless of how I might proselytize.
Minting should allow users to moderate the price by creating new coins. The speculation can also go into the SH shares.
Yet minting shouldn't be able to destroy the price and speculation in the price of the coins. Speculation is necessary for price discovery. Return on capital is a necessary feature of money, otherwise no one will hold it (because the universe is always expanding, i.e. deflation is the natural result ... see the Second Law of Thermodynamics that the entropy of the universe trends to maximum, not a localized closed system).