Topic: Developer for new cryptocurrency (Read 949 times)

Is there an scrypt coin that is hasn't yet happened to? Maybe litecoin?

(And even then mostly because the attack was a bluff that brought enough miners back to "defend" the chain against the announced intent of an attack.)

It is pretty much normal for all these new coins to get chain forks, their own miners attack them inadvertently even it seems, they are so insanely vulnerable.

As soon as there are three scrypt chains it is mathematically inevitable that at least one of them has less than half the hashpower.

There are more than three. Oops, worse and worse...

-MarkM-

OK, we know that if anyone has 51% of hashrate power, he can manipulate with the coin network. But do you know about any case like this?

Litecoin will not be secure until litecoin ASICs come out, or, at least, massive massive massive number of scrypt FPGAs.

Even then it will only be secure if it turns out to be the majority of the scrypt hash power coin. (And all the rest will then be the insecure ones. Maybe even if they do turn out to be capable of being merged mined alongside it.)

It is not certain yet that with some fixes to p2pool and/or cgminer speeds less than I0Coin/CoiLedCoin will be practical, that is, that GeistGeld's speed (which I think is more than 15 seconds, like at least 20 I think) might be workable given some fixes to cgminer and/or p2pool.

So lets complete the determination of what exactly the speed limit for merged mining is before choosing a speed, otherwise you will end up not being merged alongside whatever other scrypt coins are capable of being merged mined, so you will be insecure unless somehow you manage to be the scrypt chain that has more than half of the world's scrypt hashpower (and thus be the one all the others will be wanting to use as parent chain).

-MarkM-

Yes, we want have 15 seconds block target and 3 confirmations per transactions. Is it secure? Litecoin have 3 confimations too and it is actually secure, as far as I know.

GeistGeld kind of shows this: the only merged mining pool that did try to merge it claimed its being so crazy fast (faster, admittedly, than most johnny come plately coins the go on about being super fast) that it screwed up all the other coins in the merge (because they have to get new work like every few seconds, because its difficulty is so crazy low, because cgminer hits on p2pool insanely fast with responses to crazy-low difficulty shares compared to the rest of the coins in the merge. Possibly maybe fixable by mods to cgminer or p2pool or both?)

Without merged mining you get on no major pools at all, you are then looking at having to first get some kind of new ASIC unique to your new coin designed and built, then at how to distribute those without anyone getting more than 50% of them.

So yeah, too fast a block speed seriously undermines security.

I think though that I0Coin is maybe 2.5 minutes or 1.5 minutes or somesuch and CoiLedCoin 1,5 minutes or 1 minute, maybe? Whatever their speeds, they seem to work okay, so between them and GeistGeld where the too fast to be practical spot is is fairly well bracketed I think.

(GeistGeld is like 40 or 30 or 20 seconds. But ends up "instamined" because compared to the other coins in the merge its difficulty tends to be horribly low due to so few of the merged mining pools mining it. Apparently cgminer spams p2pool to death. I have been experimenting though with pointing some block eruptors directly at GeistGeld to keep its difficulty up despite the merged p2pool having trouble, plus I think it possible that if p2pool honoured clients requests regarding difficulty of shares desired that might even fix the problem, since it seems like p2pool imagines that when you say you want difficulty 100 you really mean that you only want difficulty 100 if none of the coins in the merge have difficulty less than 100 other wise you want whatever insanely low difficulty the lowest difficult coin in the merge has...)

-MarkM-

All coins have "superfast transactions" (almost instant), this is all just about confirmations. You can't make superfast confirmations without loosing security.

First go through all coins that might maybe actually have some chance of being secure. There are very few such coins.

Then explain what it is about each one of them that makes it unusable.

(Because if it is not unusable presto you found a coin that might be reasonable to use, and furthermore all the development and so on is already taken care of for you.)

Generally what one finds when witnessing such an exercise is that ultimately they don't give a damn about their users thus they don't care that they are deliberately with aforethought launching a train wreck that is going to ruin gosh knows how many lives, take food off the tables of gosh knows how many children and all that; the real reason no existing coin is in their eyes suitable / useful /usable is the fact that none of them seem to them to be sufficiently fast-buck get rich quick at other people's expense and damn the starving children types of scheme, so they somehow convinced themselves they need to launch a new scam in which they get to be in on the ground floor so to speak.

Since we already know that you think even a simple scrypt-based coin based on Satoshi's code can do what you want that kind of pretty strongly implies that almost any existing coin can. So around comes the loop again, why is it that scamming shitloads of people with an insecure as a wet paper bag scam is of benefit to anyone but scammers?

If you seriously want to accomplish something useful and good using cryptocurrency, just stick to bitcoin and build your services around that. Maybe think about plugging in one or more other coins once you are fully up and running doing whatever it is that you thought a cryptocoin could help you do. Even the merged mined coins are not very secure maybe compared to bitcoin, how much of bitcoin's hashpower would they need in order not to be 50+%'d by a foe who could not quite 50+% bitcoin itself? (Plus what if all the bitcoin miners who don't mine a particular merged mined coin all decided to PWN the merged coin instead of merely choosing not to merge it?)

-MarkM-

That is why we need a developer - to make it safe because we know that we can't guarantee safety only by ourselves.

BTW we have already moved the thread, thanks for telling us.

markm, how do you know the distribution of hash-power? can you elaborate what you mean by "First figure out how to ensure more than half of the world's hashing power is dedicated to securing your blockchain."? thanks.

Scrypt hashrate is way too fragmented, you are likely to end up with way the heck less than half of the world's GPUs and scrypt-FPGAs securing your chain, and thus basically you are designing from scratch to be already out-hashed umpteen times over before you even launch.

It is irresponsible to deliberately set out to build an insanely vulnerable system given that the system will be dealing in effect with other people's money.

First figure out how to ensure more than half of the world's hashing power is dedicated to securing your blockchain.

Hint: look up merged mining.

Or, design and build an ASIC for a kind of hashing no other coin uses, then launch your coin after you have the ASICs up and running.

By the way this thread too seems like it is in the wrong section, I think you can move your own threads so maybe don't bother waiting for a mod to move it to alternative currencies section, be polite and move it there yourself.

-MarkM-

Yes, we know. No premine doesn't mean it will be a good coin. But we want to create a good coin with superfast transactions, good name and some functions inpired by existing coins. It's going to be a litecoin-based currency.
It really doesn't have to be a pump & dump. We want to create just a coin easy to use and trade. But we have some technical problems and so we need some help to complete this coin

No premine doesn't mean it will be a good coin. It has to have some reason for existing to not be pump and dump.

No fear. This isn't a pump & dump scheme. We want just create a good cryptocurrency with none coins premined. It's not going to be a scam coin.

Many Lawlz

Create new coin, so can stash million, hope for profit to cash in million. crash market and run with coins.

There's enough bloody alt coins on the market.

Hello,

We want to create a good coin with superfast transactions, good name and some functions inpired by existing coins. It's going to be a litecoin-based currency.
It's not going to be a pump & dump. We want to create just a coin easy to use and trade. But we have some technical problems and so we need some help to complete this coin so if you are interested, please send me PM.