The Entry fee of $1000 might work in a Bull market.
Right now it looks pretty high.
Topic: [Spec w/POLL] Weekly, month-long contest pegging 6 Alt-Coins against each other. (Read 787 times)
April 13, 2014, 01:14:31 AM
April 12, 2014, 01:19:09 AM
Bump, before I call it a night.
April 11, 2014, 09:43:18 PM
reserved, because that's how I roll...
I submitted the first vote (a Yes) so that I can easily see the results as they come in.
I submitted the first vote (a Yes) so that I can easily see the results as they come in.
April 11, 2014, 09:42:39 PM
Introducing The Great Alt-Coin Race, or GacRac (or GacRace/GACrace) for short.
Each week, starting at the exact same time (to-be-determined), 6 new Alt-Coins are pegged with one another to determine which one at the end of a 28 day period has the best exchange rate (probably based on BTC or USD, again to-be-determined), whereupon the winner takes all (sans ONLY a 1% escrow fee - no other deductions).
Entry fee would be $1,000 USD via BTC, all of which would be held in escrow by some trusted member of this community. I stronger suggest Rassah to fill that capacity, earning a 1% escrow fee. There should be no problem with the escrow being paid out within 48 hours of the contest ending.
I would not earn one satoshi from the entry fees, but may partake in the trading of some Alt-Coins, or may partner up with some viable exchange in some capacity for having them host the weekly contests entries (thinking out loud).
If the $1K entry fee happens to be outta reach for some, perhaps a group buy may be in order, with all you'd have to do is sell/market your coin to the best of your ability.
All 6 Alt-Coins would be evenly matched with one another, e.g. SHA-256, Scrypt or some other innovative hashing algorithm, alternating on a regular basis. Likewise, the max coins that'll be available, the difficulty parameters, etc. would all be set the same at the onset of the contest.
No pre-mining will be allowed. This may cause some Alts to be sluggish coming outta the gate, but a 28 day proof-of-viability should be more than enough time to refine/resolve any issues at the onset and also garner support for your Alt-Coin during the duration of the contest.
Even though there'll be a strict time frame (28 days) for the contest, this doesn't mean the Alt-Coins would cease to exist at contest's end. Far from it! The contests would act as a springboard, so to speak, for the various developers versed in developing sound Alt-Coins.
A queuing mechanism could be put in place for the various developers of their Alt-Coins so that once 6 Alt-Coins having the similar hashing algorithm express interest, then the next available contest date can be set once the entry fees are paid. An alternate contestant or two in the wings may be prudent, again to-be-determined.
The beauty aspect of this idea is that traders who love moving in and out of Alts may feel safer trading Alt-Coins participating in some regulated contest, i.e. this one.
I suggest that only one specific exchange (yet to be determined) be used to determine a winner, albeit the Alt-Coins would be free to be listed on the various other exchanges concurrently, perhaps bolstering their position. I'm sure there's at least one viable/honest exchange that would love to have 6 new Alt-Coins added weekly, with traders following suit, to boot.
Even though I've stated that only 6 Alt-Coins would be pegged with one another, it's not outside the realm of possibility to have that weekly number between 5 and 12, inclusive. 6 just seems more practical/fairer at this penning.
The contests could be managed on this forum, a dedicated website, or a combination of both. I just secured gacrac.com and gacrace.com to hedge my bet in case this endeavor gains traction.
Ideally, I would like to work with a viable exchange while overseeing the various contests, making sure that all parties involved are treated fairly.
Discussion.
~Bruno Kucinskas
Each week, starting at the exact same time (to-be-determined), 6 new Alt-Coins are pegged with one another to determine which one at the end of a 28 day period has the best exchange rate (probably based on BTC or USD, again to-be-determined), whereupon the winner takes all (sans ONLY a 1% escrow fee - no other deductions).
Entry fee would be $1,000 USD via BTC, all of which would be held in escrow by some trusted member of this community. I stronger suggest Rassah to fill that capacity, earning a 1% escrow fee. There should be no problem with the escrow being paid out within 48 hours of the contest ending.
I would not earn one satoshi from the entry fees, but may partake in the trading of some Alt-Coins, or may partner up with some viable exchange in some capacity for having them host the weekly contests entries (thinking out loud).
If the $1K entry fee happens to be outta reach for some, perhaps a group buy may be in order, with all you'd have to do is sell/market your coin to the best of your ability.
All 6 Alt-Coins would be evenly matched with one another, e.g. SHA-256, Scrypt or some other innovative hashing algorithm, alternating on a regular basis. Likewise, the max coins that'll be available, the difficulty parameters, etc. would all be set the same at the onset of the contest.
No pre-mining will be allowed. This may cause some Alts to be sluggish coming outta the gate, but a 28 day proof-of-viability should be more than enough time to refine/resolve any issues at the onset and also garner support for your Alt-Coin during the duration of the contest.
Even though there'll be a strict time frame (28 days) for the contest, this doesn't mean the Alt-Coins would cease to exist at contest's end. Far from it! The contests would act as a springboard, so to speak, for the various developers versed in developing sound Alt-Coins.
A queuing mechanism could be put in place for the various developers of their Alt-Coins so that once 6 Alt-Coins having the similar hashing algorithm express interest, then the next available contest date can be set once the entry fees are paid. An alternate contestant or two in the wings may be prudent, again to-be-determined.
The beauty aspect of this idea is that traders who love moving in and out of Alts may feel safer trading Alt-Coins participating in some regulated contest, i.e. this one.
I suggest that only one specific exchange (yet to be determined) be used to determine a winner, albeit the Alt-Coins would be free to be listed on the various other exchanges concurrently, perhaps bolstering their position. I'm sure there's at least one viable/honest exchange that would love to have 6 new Alt-Coins added weekly, with traders following suit, to boot.
Even though I've stated that only 6 Alt-Coins would be pegged with one another, it's not outside the realm of possibility to have that weekly number between 5 and 12, inclusive. 6 just seems more practical/fairer at this penning.
The contests could be managed on this forum, a dedicated website, or a combination of both. I just secured gacrac.com and gacrace.com to hedge my bet in case this endeavor gains traction.
Ideally, I would like to work with a viable exchange while overseeing the various contests, making sure that all parties involved are treated fairly.
Discussion.
~Bruno Kucinskas
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