Topic: How to clone Bitcoin to create your own crypto currency / crypto shares system (Read 48027 times)

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THE TROY

I am new to this forum but I came here as a result of searching out how to create a clone of Bitcoin.  I have a concept that dates back to Machiavellian.  He essentially said that bad currency would replace good.  This has been a truism for hundreds of years now.  We live today with most world currencies being FIAT Currency.  The power of the currency is held in the confidence of the people.  When people lose faith in the currency rampant inflation ensues.  When currency is minted in whatever fashion inflation also ensues and when rampant minting occurs then rampant inflation ensues.  My proposal is to tie a Digital currency like Bitcoin to precious metals and create a Digital currency that has a precious metal standard tied to it.  A potential name for this currency would be the TROY where one COPPER TROY is directly tied to One Troy Ounce of Copper, one SILVER TROY is tied to the value of one troy ounce of Silver and one GOLD TROY is tied to one troy ounce of GOLD, and so on for all precious metals.  TROY OUNCE COINS are already available, minted and certified by several minting houses worldwide.  Tie these coins to the new currency and you have a stable currency that is no longer Fiat Currency.  And you also now have a currency that can be used Digitally and Physically and is safe from rampant inflation.  All FIAT CURRENCY, which is either, printed money, struck coin, or digital in any form can now be measured to the ONE WORLD CURRENCY that is not FIAT in nature.

An exchange would need to be set up initially to exchange DIGITAL TROY for actual BULLION.  In so doing the Exchange would also be the Mint and TROY would only be minted when an exchange of hard metal was deposited with the Exchange.  An exchange of Fiat Currency would only have already existing TROY exchanged for it thereby avoiding Fiat inflation from ever infiltrating the value of the TROY.  To avoid interest inflated greed from infiltrating the TROY a pre-set enforced low exchange price needs to be tied to transactions.  A Physical Troy Ounce of metal will trade for a Digital TROY at par.  Fiat Currency however will have an exchange rate tied to it at, say one percent over.  So the purchase of a SILVER TROY that is say valued at $20.00 USD per ounce would cost $20.20 USD.  This will help to replace good currency for bad and mark the end of Fiat Currency worldwide.  As a result the Exchange would eventually Mint the Metals taken in into Physical TROY coin.  With the certification of the Exchange/Mint struck into the coin.  As such there would be no need for the security of places like FORT KNOX.  The Precious Metals that back the Currency would now be within the hands of the Worlds Population and the people would hold security of the currency. 

When the people hold the security of the currency and it is backed by hard metal the only danger to the currency that is left is GREED.  I am not saying that Greed is good or bad but it has one effect that does devalue the currency.  When ultimate GREED takes place and all or most Hard Coin gravitates into a few hands then inflation takes over and the people will do or offer less for more currency.  The value of hard bonded currency is only there when it is in circulation.  Hording inflates that value.   

Coloured coins are definitely looking better than more chains.

Marking more chains has already been tried, quite a few already found that even with merged mining it is not practical. You end up having to give away the coins to miners, in which case you might as well simply use a chain which already does that and actually has some miners because of it.

Coloured coins will be especially useful for tokens that are not being given away wholesale but, rather, are backed, like shares for example.

-MarkM-

We have at least two implementations: bitpaint.py and my fork of Armory. I think both kinda work, but have rough corners and are not thoroughly tested.

I'm going to make ColoredBitcoin Armory a bit more usable this week. Also I'm not far from making p2p exchange.

A system for creating secure tokens is valuable. Sure, many of the tokens created could become worthless but that's always the case for instance on today's stock markets for small companies. It's in the name of the game. The tricky part is picking the right stocks or being that one valuable company that actually delivers and provide valuable products or services that can be beneficial to others.

The fact that many high risk stock markets contain a large amount of soon-to-be worthless assets doesn't mean that the idea of the stock market itself is flawed. The service has to be there, there is a demand. There's something about it that appeals to investors and entrepreneurs alike.

How is coloured coins system coming along? From what I've understood it's not ready for active use yet.

Another thing, yes, I'm aware that there's a huge cost for securing a chain but I have a hunch that the Bitcoin system itself will be replaced eventually, perhaps soon. Think about it. The fundamental idea behind the Bitcoin software is already a few years old. Back then not too many developers were working on the code. Now, especially considering wordpress.com's recent announcement that they will accept bitcoins, the news are starting to spread to a huge amount of developers all around the world. You think none of them will come up with a better solution? The Bitcoin system demands too much resources. There could a better solution and maybe it's just a question of time before someone finds it.

The important thing is that Bitcoin has shown how valuable this type of product is (the crypto currency). Not Bitcoin itself, let's not cling to it too tightly.

I just want to make it easy for people to create their own blockchain. If securing it is too costly then I hope that the very skilled developers who are active within this community will find a way to make the process of securing it less costly.

There are already a dozen or more blockchains, so obviously some developers believe in the idea of a spectrum of blockchains. Others believe in the coloured coins concept. Let's see which one lasts.

I started up a couple of projects on GitHub pertaining to this matter:

https://github.com/Entrances

You still don't seem to understand that using a proof of work based blockchain is horribly expensive. You need to solve the problem of how you are going to pay the huge cost of securing a chain. Compared to that creating a chain is already trivial. There are in fact already so many chains around that if you need one for something you can just adopt it, the hard part is securing it.

Coloured coins are actually looking much better for every idiot to make up some worthless crap tokens with, since at least they can be secure.

-MarkM-

When I was young I thought so too. But now I understand this ritual.

It is like a secret handshake of the members of masonic lodge or some other gang. It allows to quickly recognize impostors and other newbies.

You can be sure that almost nobody will start their post: I'm a complete newbie to the computers, have very little idea how they work and understand only how to click with the mouse. I'm also slow with this "typing commands" thing. Listing the running processes in Task Manager/Resource Monitor (or equivalent method) is beyond me.

On the other hand people will freely post: "I clicked, black window popped up and disappeared." or "typed a command and nothing happened".

It declares the same informational content. In addition to the above one can frequently guess just from the writing style if the newbie is going to be a friendly, curious, inteligent person or a nasty, obnoxious dumbass. Or maybe somebody inbetween? Like a person who claims to be a writer but doesn't know which side of the postal stamp to lick?

As with many human social rituals: it works because it saves time overall for the society.

here there is plenty of space: https://bitcointalksearch.org/topic/nmcann-namecoin-stock-control-v01b-123271

for people new to this concept it would be nice behavior to print a line: bitcoind daemon running, please run bitcoind help from separate command instance

Ok, I will test that.

I set up a repo on GitHub for the project I initially created this thread for, namely creating software which can produce bitcoin like clients so that everyone in the world can make their own blockchain based system.

https://github.com/Entrances/Software-for-cloning-the-Bitcoin-client-and-adjusting-its-parameters-conveniently

Maybe we should start a new thread on this forum for the stuff we are discussing now, something like "using Namecoin as (bit)shares" or something like that, what do you say?

I also updated the website:

http://bitcoinfreelancing.t15.org

At the moment it just refers to the new GitHub projects and a Google Group I set up a while back.

Actually this weirdness is as old as Unix, so it dates to mid-seventies of the last century. It allowed people to work efficiently with multiple programs in a single session over 300/1200bps modems.

And the "no news is good news" principle is even older than that.

If you are spooked by bitcoind running silently then use an argument "-printtoconsole" or put "printtoconsole=1" in "bitcoin.conf". You will get a nice, reassuring real-time spew scrolling in the window you used to start the bitcoin server.

killerstorm answered your question above:

Probably it should say so... (some old bitcoin weirdness)

I got no visual output when I ran it from the command window. Is that supposed to (not) happen?

hey! were you waiting for anything? From my limited testing everything seems to be fine.

Any updates, Phelix?

It means that server works

Now open another console window and try communicating with this server, e.g. namecoind getnewaddress

Ok, I tried running it from a command window.

I could read the error message and I created the configuration file.

Tried starting it again from a command window.

This time it does nothing, i. e. no visual output, just a blinking cursor on the next line in the command window.

never tried running it through tor.

did you try to run it from a cmd window? from the console you will be able to actually read the error message...

Phelix,

Can the namecoin client run behind Tor?

The error message is something like: Warning, to use namecoind...