Topic: Get rid of daily New coins - page 2. (Read 2108 times)

We are making progress:
What if a dev had ideas for a worthwhile project with at least 5 features never seen before, and he was going to spend a lot of valuable time on the project?

Now we consider 2 options:
>> Crappy Alt world (what we actually have today) = Premine and IPO are frowned upon and there is no legit way for an honest admin to be rewarded (without competing with hungry miners) == Dev decides to scrap the project since he cannot earn a fair ROI on his time.

>> Dynamic, Creative Business World (A much healthier environment) = Devs are encouraged to create worthwhile projects since they know it will be worth their time / "Dev Stakes" are a respectable option and successful projects do not have to fear some possible selling by early innovators/investors. == Dev decides to create the project since he can earn a fair return on his valuable time.


Quick Summary:
Crappy Alt world gives you the endless list of copy/paste garbage we have now and almost nothing "real" for honest investors.

Dynamic, Creative Business World encourages true innovation, imagination, and creativity;
Investors move in this direction and Crappy Alt world rapidly dies out since the money is finally gone.

The reason real startups do equity with vesting is that a low salary does not compensate success enough (or in total) and a high salary doesn't align incentives enough.

But I agree that's better than a premine.

Actually, there is another way, its to pay the dev salary in the blockchain.
MemoryCoin did it, and it worked out more or less (The dev is elected by the shareolders).
But finding the right parameter is tricky !

I like dickcoin

It was announced in the best forum to announce it at the time (crypto list), and the code was made available to anyone who wanted to mine. Obviously this worked out pretty well didn't it.


Again, nothing prevented anyone from developing a GPU miner. It was open to anyone who wanted to do it and had the talent. And again this worked out quite well (though tiny by comparison to bitcoin).

Both of these cases are quite different from an IPO or premine which simply puts money into the developers pocket essentially by fiat.


Actually, in the "real world," developers and entrepreneurs (unless they invest their own money) have things like vesting periods and other mechanisms to ensure that they only profit over a long period of time and only if the venture is successful. Furthermore, many ventures are started in a pre-funding phase where the founders are not compensated at all.

They don't get to just take the investors money and run. That is very different from an IPO or premine where the developer/entprepeneur is free to dump his coins at the first opportunity.

Something that could work, and this is very rough, is a premine where the developer's coins are protected by a time lock transaction (say for 2-4 years) and even then can only be sold if the shareholders haven't fired the developer.

As for why there are so many shitcoins, I would suggest that you have it backwards. It is a structure that encourages developers to go for a quick hit (i.e. pump-and-dump) that encourages it. The shitcoins get worse and worse (and less successful) because eventually people figure out that they are being scammed, but it takes a while for this to happen, which is why IPOs and premines continue to persist to some extent.

Bitcoin had no IPO or premine.
Satoshi was mining with literally "one or two others" at first.
Are you going to suggest that the early distribution of BTC was balanced, or admit that some of the earliest miners are incredibly wealthy?

Litecoin had no IPO or premine,
Are you aware of the small group that mined millions (or at least a very large amount) of LTC before the GPU mining code was released to the public?
LTC has an extremely shady history and there are plenty of threads to prove it.

The developer should buy some coins or mine if he believes in what he's doing
Now you know why there are endless shit coins and very few good ones.
In the real world developers/entrepreneurs are allowed to be rewarded without having to buy their own product.

Wake up man.
Based on your responses, I would ask you the same thing. 

That is like asking how do you get a sun tan if you don't go in the sun. Simple. Go in the sun.

The developer should buy some coins or mine if he believes in what he's doing. It's called having skin in the game. Bitcoin had no IPO or premine. #1 crypto currency by a wide margin. Litecoin had no IPO or premine, #2 crypto currency by a wide margin. Wake up man.

Furthermore you should study the open source business models. There are many ways to pay for development of open source software, which obviously must be true or there wouldn't be any.

Are you actually serious?
Did you look at the post I was responding to? (post #16 says you did)

0. No IPO...
1. No premine
...
3. Active dev

Then I asked, how does the "Active dev" get paid, especially if he is not a miner and has literally none of his own coins?
Yes, I'm serious: Under those conditions how does the (non-miner) dev get coins, other than "begging" for donations?
Allow honest innovators to make money and you will get better projects.
 

No one should trust a coin where the developer has none of his own coins. Are you actually serious? Don't trust a skinny chef or a deaf music critic.

Have you ever heard the phrase "eat your own dog food" (popular in the high tech startup community)?

Anyway, I suggest everyone check out Monero. https://bitcointalksearch.org/topic/xmr-monero-a-secure-private-untraceable-cryptocurrency-583449

It is missing slick artwork and the Mac build is still very new, but the coin is amazing and has every one of points 1-6 above.

When we buy a product we know where this product was made. We should at least know the nationality of the dev team. I have a little idea where most of these useless coins are coming from...  

sammy007, how does the "Active dev" get paid, especially if he is not a miner and has literally none of his own coins?
Perhaps, if people with great ideas had more of an incentive, then you would see higher quality projects.

It would be nice if these devs actually worked together and made something worth while but in reality the majority are only hoping for a quick buck and will just be wasting everyone's time and making cryptos look bad.

I'd love to see any and all coins released in 2014 to be immediately deleted forever.
There is nothing new that will succeed 3 years down to road. They are all here to be hyped for a little while so the premine or instamine people can dump them. Then the coins die off.
Rinse and repeat.

rofl

just request a screen with the wallet/date of creation and the finger/hand of the user with his name, would be pretty fair in this way


you mean via sidechain?

and any innovation can be copied to bitcoin.. if its open source

100% premine you can dream it will be fairly distributed..

pure pos erase the hash, make it not minable, which is kinda the same if there is fair distribution, if the coin was 100% premined

You must have a problem with my infinitely awesome DickCoin.

pos limit the hash then is every pos good.I need your suggestion so that we together can do something for this community