new currencies based on bitcoins | Bitcointalksearch.org

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: theymos on November 30, 2010, 02:25:31 PM

It's pretty easy to do. Bitcoin already contains an alternate network with a different genesis block and different network parameters (the minimum difficulty is lower to make generating easier).

Competing with Bitcoin will be almost impossible, however. You'd have to offer something really good.

It'll probably go down like this: Circa 2014. I'll trade my 50 BTC for 0.214 of your OBX (Oprah Bux) -- which is just enough for the iPhone 6 my girlfriend wants.

[Edit: Changed currency name and added code OBX.]

wumpus

hero member

Activity: 812

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No Maps for These Territories

I hope that you are right

FreeMoney

legendary

Activity: 1246

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Strength in numbers

Quote from: wumpus on November 30, 2010, 03:03:22 PM

Better not to, fragmentation is really bad for starting open source projects...

It's not that he ought not, it's just that it won't really work. If we had to depend on everyone not doing something, we'd be screwed. Bitcoin has a good chance because the right incentives exist to get everyone to work together.

wumpus

hero member

Activity: 812

Merit: 1022

No Maps for These Territories

Better not to, fragmentation is really bad for starting open source projects...

SmokeTooMuch

legendary

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https://bitcointalksearch.org/topic/test-network-for-experimental-development-and-hacking-363

hidden_citizen

newbie

Activity: 18

Merit: 0

Quote from: theymos on November 30, 2010, 02:25:31 PM

Bitcoin already contains an alternate network with a different genesis block and different network parameters (the minimum difficulty is lower to make generating easier).

Never heard of it. Where can I read about it? Somebody, give me a link please.

theymos

administrator

Activity: 5166

Merit: 12850

It's pretty easy to do. Bitcoin already contains an alternate network with a different genesis block and different network parameters (the minimum difficulty is lower to make generating easier).

Competing with Bitcoin will be almost impossible, however. You'd have to offer something really good.

FreeMoney

legendary

Activity: 1246

Merit: 1014

Strength in numbers

Quote from: hidden_citizen on November 30, 2010, 02:14:09 PM

What if somebody wants to start a new currency based on bitcoins with some changes in mechanism (for exaqmle suggested here or any other), or even without any changes but for special purpose or within a special society? Bitcoin is open source, so I don't see any technical problems with that. Also, we would have a speculation market between two bitcoin currencies, which could be a way of earning bitcoins for newbies. So, what do you think of the idea?

It's totally possible technically. You might think about why test network coins have such an unfavorable exchange rate with bitcoin though. It always makes sense to join the strongest and most widely accepted chain unless there is some major improvement in the new one. This is good though because focusing all generation on one chain maximizes the difficulty of a takeover.

hidden_citizen

newbie

Activity: 18

Merit: 0

What if somebody wants to start a new currency based on bitcoins with some changes in mechanism (for exaqmle suggested here or any other), or even without any changes but for special purpose or within a special society? Bitcoin is open source, so I don't see any technical problems with that. Also, we would have a speculation market between two bitcoin currencies, which could be a way of earning bitcoins for newbies. So, what do you think of the idea?

Topic: new currencies based on bitcoins (Read 1764 times)