LiteAbstract Coin is a new type of good! It is an imaginary good. it exist because i says it does! LiteAbstract Coin transactions can appear anywhere on this forum, simple by making a post with the right protocol. I can send you LiteAbstract Coins by making a post anywhere on the forum, and you can then assign all or part of these coins to anyone else on this forum. Its supply is strictly limited to 4 coins. LiteAbstract Coins are infinitely divisible and impossible to counterfeit! They can be transfer between bitcointalk.org forum members.
How does LiteAbstract Coin work?
You must quote the post that proves you were sent some LiteAbstract Coins or the last transactions you pushed and then you can assign all or some fraction of these coins to someone else, by making a post. the first entry is the Genesis entry this entry will assign the one and only LiteAbstract Coin coin that will ever exist to me Este Nuno.
here is it! the Genesis entry for LiteAbstract Coin
Quote
|LC63n78dn| (1LC)Genesis(0LC) -> Este Nuno
I, Este Nuno am now the proud owner of 1LCI will now send 0.001LC to user "AdamStgBit" watch closely.
Quote
|LC63n78dn| (1LC)Genesis(0LC) -> Este Nuno
|LC8DN93M| (1LC)Este Nuno(0.999LC) -> I now own 0.999LC and AdamStgBit owns 0.001LC
Its as simple as that!
what stopping someone from being dishonest?
anyone can try and create a post and make it look like i sent them some LC and then claim to have these coins, But! since i never made a post assigning the LiteAbstract Coins the link of the quote that is supposed to prove I send them these coin wont work. It is up to the participants to make sure the person they are dealing with actually owns these coins, by clicking the link on the quote to verify the validity of their claim to some LiteAbstract Coins.
what about double spends?
If someone sends you 0.001LC what's stopping you from quoting that post over and over sending LiteAbstract Coins all over the forum to everyone!? thats what the transaction code is there for, when you send someone some LiteAbstract Coins you attach with it your personal random code that looks like this "|LC63n78dn|" you the sender makes up this random code, and you use the same code every time you send some LiteAbstract Coins. that way we can verify if a user has created a dishonest Tx or a double spend with some simple searching. See all the transaction i have ever made by searching for "|LC8DN93M|"
Beta Testing!
This is an experiment, for fun, lets see what happens In theory these coins can be moved anywhere on the forum, but i would ask we keep the transactions on this thread, during beta testing. the hope is that in the end with some tweaking to the protocol, people could place some value on these imaginary coins. I am giving away random amounts to anyone who wants some.
post your interest below.