Hypothetical New Cryptocurrency version 0.1 - page 3.

julz

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Quote from: Synaptic on September 02, 2011, 08:22:20 PM

I mean that no-one will be able to simple put a bunch of iron on the network and amass a fortune. The only way they will receive a "large" number of ?coins is by selling something or trading for them.

Again, mining is still "viable," it's just not a primary driver of the market in any critical capacity, including the "early adopter" syndrome.

Without even a basic explanation of why a 'bunch of iron' (or even virtual iron) can't simulate trading under your system and therefore game your 'activity indicators' - this doesn't sound well thought out.

What is going to verify that it's real economic activity?
A central review agency? An AI you just need someone to code up for you? A voting system of network participants? (For which you'd also need to provide mechanisms against gaming)

How is a transaction which didn't involve delivery of a good or service going to look different to the network than one that did?
How can the network know whether the 2 ends of the transaction are even genuinely distinct entities?

Synaptic

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Quote from: N12 on September 02, 2011, 08:07:35 PM

Sounds attractive to me, though I hope you’ll find a way to publish it in detail. I’m skeptical.

Also, the point of this thread is to spark conversation, and maybe if people like what they're hearing, some kind of collaboration might eventually come of it.

I know how to code, but I have no way of taking on this type of project by myself.

So please, ask for as much detail as you like, and I will try to answer as far as I'm able without giving away what I feel to be the secret sauce that sets ?coin far and above Bitcoin and it's pathetic clones.

Synaptic

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Quote from: julz on September 02, 2011, 08:14:57 PM

Quote from: Synaptic on September 02, 2011, 07:55:29 PM

B. Because of the secret sauce of A, there will never be anyone that possesses a massive number of ?coins through ANYTHING but real economic trade.

How can a network automatically detect delivery of goods and/or services and thus distinguish 'real economic' trade from fake trade (possibly run by a pool of systems around the globe) ?

Unless you have a viable mechanism for this - it sounds implausible.

Ideas are cheap - implementation is king.

I mean that no-one will be able to simple put a bunch of iron on the network and amass a fortune. The only way they will receive a "large" number of ?coins is by selling something or trading for them.

Again, mining is still "viable," it's just not a primary driver of the market in any critical capacity, including the "early adopter" syndrome.

Synaptic

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Merit: 10

Quote from: N12 on September 02, 2011, 08:07:35 PM

Sounds attractive to me, though I hope you’ll find a way to publish it in detail. I’m skeptical.

Your skepticism is not unfounded, as I personally only know how to write web apps in interpreted languages, and no idea how to code a stand-alone networked client app in an compiled language.

If this were to be actually be written, I would want it coded in Haskell (most preferable) or C, and I have only a vague grasp of how to program in either.

However, conceptually the system is sound, I assure you. It became an obsession of mine a few months back when I was mining BTC, and I spent many many hours solving all of the possible issues for a viable, long term system (that I can't believe weren't solved to begin with, they seemed obvious to me).

I very much want to publish, but as I said in another thread, what's in it for me if all I do is publish the whitepaper without any real code to my name? I get nothing, including the chance of no personal recognition either...

julz

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Quote from: Synaptic on September 02, 2011, 07:55:29 PM

B. Because of the secret sauce of A, there will never be anyone that possesses a massive number of ?coins through ANYTHING but real economic trade.

How can a network automatically detect delivery of goods and/or services and thus distinguish 'real economic' trade from fake trade (possibly run by a pool of systems around the globe) ?

Unless you have a viable mechanism for this - it sounds implausible.

Ideas are cheap - implementation is king.

N12

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Sounds attractive to me, though I hope you’ll find a way to publish it in detail. I’m skeptical.

Synaptic

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Merit: 10

I mentioned in some thread about having an alternative blockchain idea. I received some messages about it, so I'm making this thread just to gauge interest in my idea. I don't feel I should give away all my ideas, but I will try to reveal as much as I can without giving away the cake. Here's some primary considerations of my hypothetical design:

1. This new ?coin involves controls that eliminate the early adopter syndrome as it's primary introductory consequence, which fosters a slower inflation rate, and prevents the perverse speculation bubble we've seen with BTC.

2. Mining is never a primary driver of block rewards in the entire life of ?coin, though there is a nominal fee, and mining does still produce ?coin, though in a much different fashion.

3. Specific block activity indicators are the basis of future block rewards. Nothing is arbitrarily set. Every reward has a logical indicator necessitating further payouts.

4. Transaction verification is carried out much quicker.

5. Pseudo-anonymity is preserved, however the option to identify exists, and offers certain advantages.

Those are some of the basics. The primary goals of of the ?coin are that:

A. Miners NEVER control the majority ?coin generation. (this is actually the secret sauce that makes ?coin so special, and I can't fully reveal how or explain it in total)

B. Because of the secret sauce of A, there will never be anyone that possesses a massive number of ?coins through ANYTHING but real economic trade.

C. Merchants are a first class citizen. There is more secret sauce that makes being a ?coin merchant very appealing, much, much more so than Bitcoin. I really hope I can eventually publish this portion, because it's the most clever and important part of what ?coin is.

Topic: Hypothetical New Cryptocurrency version 0.1 - page 3. (Read 3982 times)