Topic: The Creator's Cut. (Read 588 times)

lol.

I'd have to say though, that I think people are being OVERLY harsh..

No one forces anyone to buy an alt-coin.

The idea that ONLY bitcoin should have our undivided attention goes against the whole spirit of decentralised money.

Don't get me wrong, I LOVE a good toke on the BitCrack pipe, but as a programmer and mathematician, cannot help but feel that there are NEW ideas and concepts that have still to rear their heads up, and blow this space WIDE open.

The Creators of these new ideas, cannot be expected to JUST DO IT FOR NOTHING - (YOU SCAMMER!).. Have we learnt nothing from the Miners !?

Bitcoin understands that miners do whatever makes them money. They're not doing it for nothing.

Creating a NEW coin (With New Teck Hopefully) should be considered the same. A task that people will throw themselves into, if they know that they'll be treated with respect when they launch it, and not just grilled to a burnt cinder, for even suggesting that they might make a little on the side.

These are humans we are talking about after all. 

They won't do it for a kick in the teeth, they may have families to feed!?, so let them know that their work is appreciated, and that a SMALL pre-mine, (which means NOTHING to anyone unless the coin succeeds), is an acceptable price to pay for their work.
 
IF people CHOOSE to buy an alt-coin that has NO real value, just a straight COPYPASTE of btc, then i would say that is their fault.. and more importantly, their choice.
 
Litecoin, PeerCoin, Emunie, BCNXT(?), GridCoin and someday ZeroCoin - are all good examples of NEW ideas that may prove invaluable later on.

Keep it coming - Just remember we need NEW stuff to excite us.. 

Obligatory Simpsons quote:

"Let me assure you that this is not one of those shady pyramid schemes you've been hearing about.  No sir.  Our model is the trapezoid!"

I agree that 90% of the current crop of coins are - to be frank - a waste of space.

BUT - I disagree that there aren't any NEW COIN paradigms, different to Bitcoin's, that have value.

Many interesting features have been implemented in alt-coins. I'm always interested in seeing if they implement something new. It's like a test bed..

I'm sure many people thought MySpace was the SH*T.. until FaceBook came along. Now THAT, was a steaming pile of..

probably the biggest example for this is Nxt, 100% were given to early investors, and you can't mine it without having deposit, and even if you have its 100% PoS so you dont get much anyways if you are not already rich.

wtf? 1%? that's a lot!
they should ask for donations and not have any premine at all

The point you seem to be missing is that it is not good to have an incentive for people to create more scamcoins.

All the stuff that is actually needed in the coin world is stuff that can be done with/for pretty much any coin at all.

It is not the coins themselves that are needed, we have way way way to many coins already.

What is needed is services around all the coins.

Basically if no existing coin can serve the purpose for which someone thinks of creating a coin, it is damn near certain that the purpose is not one which we should support.

In short, the purpose is mostly likely just to start a new scam / ponzi / pyramid with the author at the top of the scam/scheme.

Almost any actually useful to the community purpose can be much better served using existing coins, and we could scrap 90% or more of existing coins and still have more coin types than we actually need.

So, having any incentive to create yet another clonecoin / scamcoin / crapcoin is NOT GOOD. It is because scammers see an incentive in starting a scam of their own that we have all these scams already.

Most of the coins already existing are never going to have enough hashing power to be secure.

Securing a blockchain is insanely expensive. We cannot afford to secure more than a tiny fraction of the coins already in existence. More coins just dilutes the hashing power more, making more pathetically vulnerable blockchains.

There are way too many coins already, any use anyone other than a scammer is likely to have for a coin can be much better done using existing coins.

What makes the creation of new coins tempting is simply what makes it tempting to start any other pyramid/ponzi scheme: the desire to be at the top of the scam/scheme.

The very fact that it is so tempting makes it abundantly clear the objective is the scam/pyramid.

That is why you see serial coin-creators too, they launch a new coin, dump, launch another and so on. Total scam.

Making the scam even more lucrative by pre-mining or insta-mining just makes it more of a scam.

Also, for the most part they are not creators at all, they are just taking someone else's work and re-naming it and maybe changing a few numbers here and there to pretend it is somehow "different", or adding more blockchain bloat (like this datacoin thing), or any other hack they think might fool people into thinking it is somehow "new" and/or "different".

Consider the sci fi coins even, those would be much much better as simply "themes" for bitcoin, they could for example code in a hard "conversion rate" from whatzitthingies to bitcoins, and display all your bitcoins as whatzitthingies, and you'd have a pretty bitcoin client that uses your sci fi race's word for money as its word for bitcoins or for 0.123456 bitcoins or for 1/1337 of a bitcoin or whatever. All the fan theme stuff, with a really valuable coin underlying it that is accepted "everywhere in known space".

-MarkM-

Thanks for your input.

I am curious though..

Other factors aside, do you feel you would be MORE INCENTIVISED to work on your coin, if you had a 1% premine ?

I built FRK with 0 premine, and 0 instamine. Ive only got 1.3mh and every FRK I own. I either bought or mined fairly. I think this should be the standard.

VGER..

A lot of people are working on new coins..

I would like to say that a MASSIVE PRE-MINE or an unfair/bias coin distribution (say 10x in the first few weeks) - unless for very VERY GOOD/explained reason, seems only to inspire despair in us users..

Also - For the creators of coins, there is this looming dread, that if they take ANY, they will be flamed to a cinder in the forums. And all the hard work they put into it, will be ignored.

I certainly feel that the creator of a coin should be allowed to keep some of the coin stock back. For a very good and simple reason.

Incentive.

Knowing that your initially WORTHLESS stake MAY some day be worth something, gives the creators of a coin an incentive to stick with it. To work out the issues that will definitely arise in the early stages of a new-coins infant life.

I would suggest 1%.

Too small to be considered a massive pre-mine, and really only of any value if your coin should become valuable someday.

When Bitcoin kicked off, 1% was 210,000 coins, which at $0.01, would be $2100. Hardly a fortune. But now, with effort, sweat and time.. it certainly is a king's ransom.

You could also pledge to not dump the lot, or keep them for the first year of a coin's existence.. So as to show you're not a 'Pump and Dump Scheme'.

I wish all the new Coin Creator's Success!

(But if you have any desire to keep us Users sweet, don't be 'too' greedy, initially.. ;-p)