Topic: if someone wants to make an altcoin that actually brings new utilility... (Read 665 times)

1 moar! who is next?

Memorycoin is a new coin that aims for rapid distribution, followed by low inflation of money supply . . 2% a year. 

1st year mints 900,000 Coins
2nd year mints 100,000 Coins
3rd year+ 20,000 Coin (2%)

First of all, thanks for the OP for the great thread. What wonderful idea to share such thoughts. About +-1 year and a half ago, I started to think the exact same thing. About creating a coin, that could be mined "forever". It's just great to know that projects are done using this inflationary type of currency. Amazing, really.It's funny, to not say picturesque; things that I thought by myself, being shared collectively.

I don't think I agree with destroying coins to "balance" the production/price ratio. Coins are lost anyway, by human mistakes, so that would be already a natural balance, perhaps. Probably, that is what's all about those new type of coins, how to find the perfect balance of a healthy supply of coins, but at the same time not devaluate the currency.

What I most like about this new concept, is that it's more realistic, in a way that is similar to gold, which is the actual real value behind our fiat money(or at least, what "they" say to us).

Gold can be hard to find, rare and all, but no one ever said that the existence of gold is limited to a certain amount.

In my head, when I had the first thoughts about this, I also were questioning myself about how to find the "perfect balance" of coins supply and preserve the actual value of it. I was thinking of trying to find a balance using math concepts, such as PI and computational algorithms, but nothing really defined in my head, just thoughts on...

good to know. thanks markm.

Several of the merged mined coins already do keep minting forever. Also some will stop minting sooner then bitcoin. Also they have various block times.

Basically a nice array of such experiments has already been in place a long long time now, long enough maybe that over the next few years we will start to garner some empirical results from them.

-MarkM-

A Proof of stake model without the counterbalance would essentially achieve this .

although the continual block would also .

I understand what you are saying fully with regard to a balance being found .

basically it could be achieved with the existing units minting new units at a set predictable rate , or with a decline into a 1 (x) unit block reward.

inflation has been a favored bogy man of our current system because simply humans have been trained that way  , inflation is a normal part of any functioning monetary system.

Ben dreams about moderate inflation , most Central Bankers do in 2013.

its a counterbalance to to the deflationary side effect of Proof Of Stake. PPcoin uses a similar model

thats weird why would you destroy coins in a transaction when you could use those coins to secure the network instead.

have you checked out j-coin? its 1 coin per block for 400k blocks, then halves periodically to the minimum of .0777 per block. transaction based demurrage destroys coins on a per transaction basis. nearly 1 whole coin has already been destroyed in its brief history.

yes i think so though you have to remember as the money supply expands 1 coin becomes worth less. eventually it will not be very good incentive for miners. It will be the same as bitcoin in that respect. still the major advantage is an eventual stable money supply.

*edit* 30 second block time... ew...

Zetacoin does this. It has a minimum block reward of 1. This is probably a better incentive for miners to keep going than only transaction costs.

There is some debate as to whether deflationary currency is a bad thing. I personally am inclined to believe that it is not however i could be wrong. In light of this fact someone ought to create a currency with a never ending block reward. 1 coin per block for ever would work well i think.

If you think through the logic the money supply wouldn't actually increase for ever because it would get to the point where the marginal value of newly minted coins would be less than the cost of taking the precautions necessary to prevent loss of more than one coin due to carelessness over that same period of time. It would never be deflationary and at some point in the future it would also stop being inflationary, at some point in the future these two opposing forces would balance out and lead to a more or less self correcting system resulting in a stable money supply.

I think it ought to be merged mined with bitcoin so it cant be ddosed by pools and mirror bitcoin in every other way just in case we find at some point in the future that the deflationary model is flawed it will be in just the right place to seamlessly take over where bitcoin left off.

hope for the best but plan for the worst.