Topic: In light of Maria Success, a start your own chain guide (Read 1514 times)

No, "greed" is not the reason the world is in the mess it is in today.  The world is in this mess because of coercion.  "Greed" is just a disrespectful label to apply to people seeking their own good.  There is nothing wrong with people seeking their own good.  It is human nature that human wants are unlimited, and it is also the nature of things that pursuing the satisfaction of our wants causes us to benefit each other in the process.  The problem for the world comes in when people seek their own good using coercion, i.e., seeking their own good at the expense of others.  If I make $100 selling you something that you value at $120, then both of us have benefited from me pursuing my own good and you pursuing your own good, and it doesn't matter if my motivation was "greed" or not.  But if I simply take $100 from you, then you have obviously been harmed, and in the long-term I lose out on many profitable exchanges the two of us could have had in the future.

There was nothing inherently "greedy" about Satoshi starting Bitcoin.  I hope he profited from it.  Whether he did or not, he benefited us all.  The other blockchains may potentially benefit people, regardless of the creators' motivations.


I don't see how to make a mint off a new coin.  Nobody can guarantee the success of a new coin.  I've made peanuts off of Terracoin, but I keep investing it because I hope it will benefit me down the road.  I am taking a risk: Terracoin may fizzle out.  I am taking the same kind of risk that early Bitcoin adopters took, and the same risk any new altchain developers/investors are taking.


Who is on the "receiving end"?  I don't understand your terminology.  Are people who mine a new altchain on the "receiving end"?  People who buy the new coin?  If so, then if the creators mine or buy the new coin, does that mean they are on the receiving end of a scam, too?

I think a ready to use software that would allow any dumb person to create a currency could have its usefullness in onlinge gamming, festivals and other sort of environments where a not-so-serious concept of currency applies.

I suggest giving it about 188 weeks.

http://bitcoinclock.com/
Reward-Drop ETA: 2016-11-16 09:30:16 UTC (188 weeks, 5 days, 19 hours, 30 minutes)

Exactly!

I'm in a similar position and would also not launch a new altcoin at this point.  I have been digging in the code to try to figure out how, but my momentum slowed down when I realized how similar TRC was to BTC.  Now that Bytecoin has launched, I would not launch a new coin until the next Bitcoin halving.  Bytecoin is exactly the coin I was wanting to launch three months ago.

What!! really?? I don't see your point... is like me saying that there is a guaranteed success of not dying from cancer if u are diagnosed with the terminal illness; solution just shoot urself in the face. Doesn't mean the stupid thing was right or that you should make more guns to help cancer patients, or that issues have been addressed.... is not people just copying stupid ideas for their own greed partly the reason why we end up with a world like it is today?

Crypto-currency is a new and interesting thing to be involved in at the moment, don't belittle the original design of it and the reasons why it is such a success at the moment.  Understand the justification behind the BTC price and the reasons why some alt coins have survived, and others failed. By just rehashing someone else's work for the benefit of ur pension plan / speculation you are not contributing to the thought process behind the cryptography... and no doubt you may like making a mint off ur new coin u create, but how would you feel if you were on the receiving end of such a scam... tbh i think it would do all the n00bs in here piling their hashrate into unknown and untested coins to pick up a trojan that sends all ur BTC to someone else, or that the coin someone is hyping up to be the greatest, gets 51% attacked.... Sorry to sound like a downer... but it seems like the lessons I have learn't will only be learnt by others by making the same mistakes themselves, and getting burnt fingers by touching the iron is something you will remember more than anyone telling you not to touch the hot iron as it will burn ur fingers....

Speculate all u want, mine what coins u want, produce what new coins you want, I've said my piece and am willing to be proven wrong.

besides if u not mining LTC, BTC, TRC, PPC, FRC.... well i suppose it keeps the difficulty lower for me and more coins for me

Interesting times and I await to see what will happen in the next few weeks / months

sorry guys, there is room in the market for 1 carbon copy of bitcoin but It will be a long time (if ever) before there will ever be room for 2 carbon copies.

but stupid things have spectacular success, you know, war, 85% of what passes for central gov, religions.....

Agreed... is why I didn't get involved in Rucoin, Novacoins release and pump and dump discouraged me from even downloading the client, can't get mincoin to connect to peers and again only from fear of a coin making something of itself have I downloaded the Bytecoin client and have 10 coins i'll sit on a wallet for a few years to see if it does anything, but not expecting it to... and tbh expecting if more altcoins come on the scene then a large miner will just clean the books and wipe them all out with 51% attack.

Now if a coin was launched which was NOT designed to be a currency, but rather allowed you to upload files to the blockchain with a cap on the size of file to stop blockchain bloating and the cap was set that people would only upload .torrent files to it so there was a public network record of all the torrents available across all networks and you could destroy the coins in the process in uploading a torrent to the chain then I would be very interested in pointing my hashing power at this, but till there is an actual change in code all these copies of BTC are in need of some Smoothie sense talk on these threads.

TRC was the closest replica to BTC a few months ago, it has taken many months and hard work for it to get to where it is today, and still it is a pretty risky investment really, not to say that it is not worth the speculation, but if TRC fails as an altcoin, then why would Bytecoin succeed?

More and more alts for no reason(or a change in the code) make this look like more and more stupid...

I'm not trying to discourage people starting new blockchains, just to try to encourage some reading, research and thought about undertaking such a project, and a few tips to help it be a success as opposed to a failure.
Who says i'm not!! I am my own central bank after all for myself... and I am my own government for all the alt personalities that live in my mind!!.... maybe a little too much insight into my personal psyche!!
are you aware of the work that Gavin Anderson and the other bitcoin devs have done? Have you looked closely at PPCoins history for example where Sunny king reacted to an exploit that was found by another user and how that played out and what was required to perform the fix?  
All i'm saying is launching a new coin is easy.... maintaining and fixing bugs is more work and you need to know what you are doing befor you find yourself well out of your depth.  But doesn't mean you can't learn as you go along... that is what the Testnet is for.  But are you aware of the SolidCoin story ??

Also my views on the current altcoins that have been launched by people who complain that they were not there at the start of BTC and hence feel they can't get any coins by mining are jumping on the new altcoins just because they see these as new opportunities.  Hey this is all well and good free market and all and free choice to point your hashing power somewhere, but honestly do these people even know how vulnerable these new coins are to a 51% attack? and the new miners wasting their hashing power on a coin perhaps doomed to fail in the current climate.

When i started mining i used to have to wait 5 days mining 24/7 just to earn 1BTC, now it is about 20 days for me to mine 1BTC, getting the coins is not easy at any rate.. difficulty tends to follow price valuation as there is electricity costs to consider when mining... and it is a myth that you will make millions by mining coins.... clarification that if you are on free electricity or mine right from day one and speculate and get lucky then yes you can make a tidy profit, but this is not always the case....

I have 54,000 Liquidcoins... how much are they worth?
I have 70 Solid coins... how much are they worth?
I have 10,000 BBQCoins.... how much are they worth?

each of these I spent some days mining, and missed mining BTC or LTC or other coins in those days and now the hoard of coins I have... who wants them?? what can I do with them? Would I have been better to have mined LTC more in those days i wasted my hashing on the alts and be sitting on more now, yes without a doubt, but true would I be complaingin if LQC had taken off and each coin worth $1 now??

Free market allows freedom to chose what you want to do... doesn't mean you will make the right decisions... I was merely trying to highlight that over the year I have made many mistakes, and tried many things, some good some bad, and just launching a new coin is proving rather attractive atm and for the new masses that have only joined the BTC wagon now it has passed the $100 mark.  If only one person reads this and decides to stick to LTC for then next month, and watches their ability to mine decrease dramatically over the month, but is pleased that they mined LTC when they did as the difficulty just continued to rise and makes coins harder to come by, then they will be dam pleased that they got the few coins they did at the start as opposed to sitting on coins in a dead chain and faced with the massively increased difficulty on the LTC network a month from now.  I was pleased I mined BTC back in april last year for as long as I did and not divert off to an altcoin at the start as at least I have been able to pay for my GFX card with the BTC i got from back then.  ASIC's will hit the BTC network and make GPU mining basically worthless, so these GPU's will point somewhere and LTC is the first place it seems, PPC and TRC also close behind.  These coins have proven that they have survived so far without an attack but individual miners do have over 100GH in GPU's and ASIC's will potentially point on PPC and TRC as well, so expect these difficulties to skyrocket to.  

Difficulty may not be as low as you like it for the coins u see in front of you on offer to be mined, but trust me there will only be an increase in the difficulties as more people become aware of the crypto currencies and new hardware comes out, so use your time wisely, research and only invest what you can afford to loose.  But most importantly have fun!! remember you are still adopting befor the mainstream, so count yourself lucky to have got in now as opposed to 1 year time when BTC at $500 and difficulty 200x what it is now, and same with all the other coins....

It's all about people. Technology is just a tool .

I agree with much of this....but in the spirit of free market....people should not be discouraged from blockchaining on as many alts without approval from anyone.....because this is another form of stress testing for BTC/LTC etal

I have to say Fuzzy, you sound a tad like a Gov / Central bank...

It is interesting that this idea has caught your attention.....

My exposition of an idea....has just opened another pandora's box

it will only now be a matter of time until a DIY Block chain for dummies comes out where you install and go.


nope stress testing


I read

what if there was no Helicopter Ben  of  FED?

Interesting times

Before you launch a coin though,.....
1) discuss it with the community well in advance
2) don't premine it unless u want to receive a hounding from the community
3) USE THE TESTNET!!
4) Launch a coin that you will be able to maintain and develop, nothing worse than launching a coin when you don't know all the ins and outs of the code... what if there was no Gavin Anderson of BTC? would we have the patches and bug fixes we do on BTC?? so basically what i'm saying is KNOW UR CODE.  If its too much for you to know how to figure out a fork of github, able to dig around in the code and change parameters, follow what is going on then its probably a little too advanced for your current programming lvl and your coin will be doomed to failure.

Don't forget that there is a helpful and eager community out there so maybe a joint effort is something that is best.

Also for every altcoin that is launched... take note and learn from the mistakes of others... basically
Be aware of the hardware available today and what difficulty adjustment is best for the early days... (look at Freicoin, and Bytecoin and the network hashrate of these in early days)
Be aware that by supporting an altcoin you are diverting you hashing away from the main chains and other alts so you are diverting network security away from the main chains with actual value.
Be aware that your coin is worthless, unless it adds something different, or can stand up on its own market economics.  So don't expect to launch a coin and it to be worth lots without any services / development / intergration / adoption by pools and exchanges etc

But best of luck to you all... just a point of note, I am a developer myself, C#, little C++ and python, been round here a year or so, mostly in the altcoin forum, and I am a masive altcoin fan, but even I would not look to launch my own coin, except for a bit of fun and then I would make it clear that this is not a serious coin.  There are plenty of alts out there at the moment, y not support one of those? save you a lot of hassle trying to maintain code that only you work on... you could look into say PPC and see if you can get up to the same coding lvl as Sunny king and then you would feel more confident about launching your own coin in a year or so.  Or Markm and his coins and excellent work.

If you want me to hire me to make you a coin, send me a PM.

There's absolutely nothing wrong with people making new *coins every day, I don't know why some people dislike the idea.
All these competing currencies will go through a "natural selection" kind of process and the weak will die out while the fit survive.

Aha. Can't corrupt an idea - make it absurd.

Sooner or later, there will be an unlimited amount of blockchains.

Sounds like a deal...!

Business idea: put together The Alt Chain Kit : client + wiki + exchange + [ANN] thread + irc channel, all for 1 BTC.

Could be automated too: create new alt chain every month/week, use this template for the name [B-DF-HJ-NP-TV-Z][aoeiu][b-df-hj-np-tv-z]Coin.