I will create a forked bitcoin chain - page 4.

Birdy

sr. member

Activity: 364

Merit: 250

Quote

I know there is some issues with that, but I think it can be solved somehow. My goal now is to gain understanding for the need of faster money supply in bitcoin.

There is none. There is no need for more money. Maybe there will be a need for some redistribution should all fiat money fail (because there would be a lot of people ending up with nothing)

deepceleron

legendary

Activity: 1512

Merit: 1036

♨, ☹, ☒, ☠, ✞

wingding

hero member

Activity: 770

Merit: 504

Quote from: oakpacific on April 20, 2013, 11:28:48 AM

Quote from: wingding on April 20, 2013, 11:22:01 AM

Quote from: oakpacific on April 20, 2013, 11:17:55 AM

I can tell you how this is going to end: a small portion of the hashpower of the Bitcoin network will join your chain, then 51% you, then you are game over.

I would have nothing to gain from that, besides it would not neccesarily be possible. My intention starting the new chain is to allow bitcoin a future.

I am just telling you this is what is gonna happen, not making a judgement. Bitcoin's design precludes the chance of survival of any copycat, you need to come up with some new mining algorithm which is incompatible with Bitcoin(like LTC's scrypt) to survive, FYI several altcoins had been taken down by 51% attacks because they can be merge-mined with bitcoins.

I know there is some issues with that, but I think it can be solved somehow. My goal now is to gain understanding for the need of faster money supply in bitcoin.

grantbdev

sr. member

Activity: 292

Merit: 250

At 200 coins / block, would there be no transaction fees?

oakpacific

hero member

Activity: 784

Merit: 1000

Quote from: wingding on April 20, 2013, 11:22:01 AM

Quote from: oakpacific on April 20, 2013, 11:17:55 AM

I can tell you how this is going to end: a small portion of the hashpower of the Bitcoin network will join your chain, then 51% you, then you are game over.

I would have nothing to gain from that, besides it would not neccesarily be possible. My intention starting the new chain is to allow bitcoin a future.

I am just telling you this is what is gonna happen, not making a judgement. Bitcoin's design precludes the chance of survival of any copycat, you need to come up with some new mining algorithm which is incompatible with Bitcoin(like LTC's scrypt) to survive, FYI several altcoins had been taken down by 51% attacks because they can be merge-mined with bitcoins.

doobadoo

sr. member

Activity: 364

Merit: 250

may I suggest your has algo use a combination of PBKDF 2 followed by bcrypt. Should make it harder to gpu mine (bring back the cpu mining!)

Also consider dropping to a 5 min block interval, and requiring more than one nonce. Requiring several nonces, i *think* will cause there to be move 'movements of nature' that will get us to a tighter distribution of the block generation time window. Instead of one block in 6seconds the next in 24 minutes.

Consider, reducing bitcoin to just 4 decimal places. With permanent inflation you will never need so many, and decimal places allow for strange 0.0000000001 txns.

Also consider implementing a block pruning method. You can mess with the headers if it a new change. So try to incorporate other important changes to make it better.

Also 200 btc/block forever is kinda weak too, shouldn't it start at 100/block for the this year. move to 125/block next year, 150/block year 3, 200/block year 4, THEN stay there. Let inflation accelerate to accommodate more noobs.

Just some thoughts

wingding

hero member

Activity: 770

Merit: 504

Quote from: oakpacific on April 20, 2013, 11:17:55 AM

I can tell you how this is going to end: a small portion of the hashpower of the Bitcoin network will join your chain, then 51% you, then you are game over.

I would have nothing to gain from that, besides it would not neccesarily be possible. My intention starting the new chain is to allow bitcoin a future.

oakpacific

hero member

Activity: 784

Merit: 1000

I can tell you how this is going to end: a small portion of the hashpower of the Bitcoin network will join your chain, then 51% you, then you are game over.

crazy_rabbit

legendary

Activity: 1204

Merit: 1002

RUM AND CARROTS: A PIRATE LIFE FOR ME

can we please call it bitcoin also?

mubit

newbie

Activity: 43

Merit: 0

i made a boat

drawingthesun

legendary

Activity: 1176

Merit: 1015

10 million coins a year sounds like a lot, but if we forward into the future then 10 million coins will becomes smaller and smaller compared to the overall amount of coins, and this supply will curve out like Bitcoins does at the moment.

A better idea would be for the network to mint new coins a function of moved coins (so we don't take into account lost coins)

So if 10 million coins move in a year, the network will mint a amount as a function of that movement in ratio to a percent.

So determine the best % for new coins. Is 3% a year a good inflation rate? 1% instead?

then the network mints 1% of the moved coins over the past 12 months. That would be more stable than 10 million a year, because that 10 million will be less and less each year, eventually it would be 0.0001% of the coin release and less!!!

deepceleron

legendary

Activity: 1512

Merit: 1036

Quote from: wingding on April 20, 2013, 10:07:32 AM

I will create a forked chain of bitcoin to accomdate for broad adaptation.

... "unless you pay me one hundred billion dollars, mua ha ha ha!"

So everybody will already have their same 10M bitcoins in your bitcoin fork too, but they'll be inflated out of existence? SELL!! Target value now, 0, future value 0.[/list]

TalkingAntColony

member

Activity: 62

Merit: 10

What ever "problem" you are trying to solve here, you are doing nothing other than delaying the problem with your new chain.

bg002h

donator

Activity: 1464

Merit: 1047

I outlived my lifetime membership:)

That is an inflation rate of 50% per year at 1 year.

acoindr

legendary

Activity: 1050

Merit: 1002

Quote from: wingding on April 20, 2013, 10:07:32 AM

I will create a forked chain of bitcoin to accomdate for broad adaptation.

The only major change from the old chain is:

Reward of 200 BTC per block for each new block - (never changed)

The chain will produce 10.5 million coins/year (which is far from enough to cause inflation)
The clients (incl source) running the new fork will be made available well ahead of the fork
All bitcoins created before the fork will by nature be contained in the new chain

Bitcoin already accommodates broad adoption because they are divisible to 8 decimal places.

What you propose is something that has already been discussed. Your fork won't work because the forked coins won't ever have comparable value to bitcoins. The people that hold bitcoins and others interested in their value, like merchants/miners, won't support forked coins that look to disrupt bitcoin in economically messy ways. If they did then what's to stop other forks after your fork?

Bitcoins have value because people accept them. Your forked coins wouldn't be accepted on the orignial bitcoin chain, yet holders of original bitcoins could still spend their coins on your fork, so you haven't taken away wealth from people with many coins at all.

Also, all possible bitcoins are not already held by people, only about half of total bitcoins exist so far. Last, for your coins to even have a chance at comparable value to bitcoins there should be less of them not more.

Birdy

sr. member

Activity: 364

Merit: 250

So this will produce alle the coins that are meant to be produced in several years in one and then it suddenly stops?

wingding

hero member

Activity: 770

Merit: 504

Quote from: 2_Thumbs_Up on April 20, 2013, 10:32:52 AM

Quote from: JimmiesForBitcoins on April 20, 2013, 10:28:33 AM

Quote from: btcmind on April 20, 2013, 10:10:02 AM

what problem does that solve?

I think a Keynesian would say... Lack of credit expansion? By creating a decentralized analogue to a central bank?

I guess I could see it working (though less efficiently than Bitcoin) due to the fact that people will use a fiat currency. Theoretically, as long as people would accept it in exchange for goods and services, then it would work by definition. The target inflation rate would be predictably steady. I suppose if people wanted decentralized fiat, that'd be the way to do it.

Not that I think OP is serious, since the whole point of Bitcoin is to be deflationary.

This proposed currency would be pretty close to deflationary as well. A fixed sum of new coins means that inflation will decrease every year percentage wise, until it is practically negligible.

Exactly. And before it becomes negligible it will by far be outmatched by increased demand and market cap.

FTWbitcoinFTW

sr. member

Activity: 476

Merit: 250

Quote

the amount of users will grow exponentially over next few years. It will not be possible to realize this when 'all' coins already are held by early adapters

Yes it's possible!
With 8 decimal and more if needed, a infinite value each !
You can do anything without new bitcoin.

But price need to go at 10K 100K, who know ?

2_Thumbs_Up

sr. member

Activity: 323

Merit: 251

Quote from: JimmiesForBitcoins on April 20, 2013, 10:28:33 AM

Quote from: btcmind on April 20, 2013, 10:10:02 AM

what problem does that solve?

I think a Keynesian would say... Lack of credit expansion? By creating a decentralized analogue to a central bank?

I guess I could see it working (though less efficiently than Bitcoin) due to the fact that people will use a fiat currency. Theoretically, as long as people would accept it in exchange for goods and services, then it would work by definition. The target inflation rate would be predictably steady. I suppose if people wanted decentralized fiat, that'd be the way to do it.

Not that I think OP is serious, since the whole point of Bitcoin is to be deflationary.

This proposed currency would be pretty close to deflationary as well. A fixed sum of new coins means that inflation will decrease every year percentage wise, until it is practically negligible.

JimmiesForBitcoins

newbie

Activity: 56

Merit: 0

Quote from: btcmind on April 20, 2013, 10:10:02 AM

what problem does that solve?

I think a Keynesian would say... Lack of credit expansion? By creating a decentralized analogue to a central bank?

I guess I could see it working (though less efficiently than Bitcoin) due to the fact that people will use a fiat currency. Theoretically, as long as people would accept it in exchange for goods and services, then it would work by definition. The target inflation rate would be predictably steady. I suppose if people wanted decentralized fiat, that'd be the way to do it.

Not that I think OP is serious, since the whole point of Bitcoin is to be deflationary.

Topic: I will create a forked bitcoin chain - page 4. (Read 6922 times)