Topic: Wanted - Programmer for 2 new alt-coins (BOUNTY - 5oz of silver OR BTC) (Read 3781 times)

Bump to 5oz of silver shipped to you for this project or an agreed upon Bitcoin amount.

I'll take the 4oz of BTC.

lol, it's a nice idea.... it's never gonna work, or make actual money...

All this crap is why I am still intending to do the Massively Merged Mining project.

Basically we should be able to afford to pay miners more than any other pool can afford to pay them, if we simply merged mine every coin that we can.

Once we have truly massive hashing power in the Massively Merged Mining project we can add more coins easily, so at that point we should be able to very easily just add your proposed coins into the merge and our miners need not even know or care since they will already be making more mining at a MMM pool than at any other pool.

So lets get that massive hashing power marshalled...

-MarkM-

In other words, right up to the point where miners refuse to mine the coin.

-MarkM-

Right up to the point that users refuse to pay such fees.

Well we can figure a ballpark for the transaction fees: at least $54,000 per day...

Just to start. But if they get to modify them, we can expect them to rise sharply from there...

-MarkM-

A couple of reasons.  1 - As far as I can tell, Ripple isn't even open source, so having anyone audit the code is basically impossible.  2 - I like the idea of a blockchain with miners setting the transaction fees.

Can you explain why you can't just use Ripple for what you propose?
It has been proposed to you like half a dozen time on this thread, and so far you haven't bothered giving a proper answer.
Nobody is going to help you if you don't clarify why your project needs to run as a proof-of-work currency.

Growing the bounty 1 oz at a time won't help much either: 4 oz of silver doesn't even amount to 1 BTC.
Unless you convince people that this is something useful, you aren't going to get developers flocking in droves to help you at this price. Now if you change 4oz of silver for 4oz of gold, it's a different story

You evidently have not closely followed the history of merged mining.

Shop around the major pools, find out how much it will cost you to obtain enough hashing power to reasonably secure a chain.

Oh and by the way in which jurisdictions are you licensed to operate a currency backed by precious metals, since you consider jurisdiction so important?

The main reason that GRouPcoin has managed to operate so long un-molested is that it is not considered valuable. Raise its value even up to namecoin or litecoin levels and it is very likely to be attacked rather than added to the average miner's panoply of merged mined coins.

Even when GRouPcoin does get hashing power comparable to at least that enjoyed by Namecoin, if its value were to grow much beyond namecoin's it still might find that actually part of why namecoin is so cheap is because it is so insecure (so low in hashing power)...

-MarkM-

I just think you're being more than a little dishonest in your assessment of Martian Botcoins and the like with respect to whether or not they're so valuable that merged mining with Bitcoin is too risky for the users.

Well once you have gotten all your appropriate licenses in place to operate a virtual currency backed by precious metals we can look again at how best to implement such a currency. Until then it is all kind of fictional / hypothetical isn't it?

-MarkM-

I think you've just jumped the shark.

Now you are touching upon matters of jurisdiction, and some jurisdictions on the planet known as Earth might not recognise money transmitter licenses issued by Martians of the planet known as M5 and maybe vice-versa. So you are getting into the whole concept of sovereignty, and whose sovereignty is "fictional" versus whose sovereignty is "non-fictional" according to whom, and who recognises who as fictional or as non-fictional.

Let us bear in mind that  the planet known as Earth is widely considered to be mythical or fictional, so although Earthlings (if they existed) could scoff at Martians as being fictional, Martians are equally well able to claim that Earthlings are fictional.

For some corps, it might seem more practical to base their operations on  the planet known as M5, where they are able to operate without being interfered with by the mythical "Earthlings", instead of basing themselves on a mythical/fictional planet such as  the planet known as Earth.

-MarkM-

But this basically occurred in a fictional game, no?

Can you really trust the issuers of all these currencies to make good on their obligations?  If I go to the issuer of UKB with 10 million UKB's, at any point, could I leave his home with a suitcase full of 10 million pounds?

United Kingdom Britcoins (UKB) were originally intended to be worth one British Pound (GBP) each, and Canadian DIgital Notes (CDN) were originally intended to be worth one Canadian Dollar (CAD) each.

What happened though was they found that trying to keep the value that low was simply making the Martians richer, as the Martians eagerly bought up any CDN or UKB being sold that cheap. A whole lot of the richness of the Martians comes from the foolish attempts of the Canucks and the Brits to keep their own coins down in price so as to try to stay at par with the corresponding fiat they had originally hoped to be able to stay at par with. They would sell off a bunch of their coins whenever the price rose above the corresponding fiat, and the Martians would buy them, until the Martians ended up owning more of their coins than they did!

So in the end they gave up trying to make a limited edition coin (21 million only in existence) stay at par with freely printable fiat,

By that time they were among the lowest valued, per coin, of the lot. GMC, GRF, MBC, by not trying to artificially keep their value low, easily outstripped them in value.

-MarkM-

When I google "martian botcoin" I find that it is basically a currency for a strange sci-fi/fantasy game.  OK, fair enough.  I'm a little curious about how widely this game is played.

I simply have a difficult time believing that the issuers and users of BitNickels or Martian Botcoins are treating or thinking of their stashes of loot as anything like money.  It would be like me issuing a currency MMCOIN on Open Transactions and having a close friend buy .00000001 MMCOIN's for 1 dollar.  Then I issue 100 MMCOIN's to myself.

I'm a billionaire now?  MMCOIN's are so valuable that I cannot afford to have them secured by a blockchain?  Yeah right.

It could well be that Open Transactions would work well for what I'm doing, but that isn't what I'm advertising, is it?

Just use ripple. Thats what its designed for.

I am not talking about I0coins, I am talking about coins worth hundreds or thousands of dollars per coin.

You evidently did not actually go look up at the link I gave to the price charts of various coins that were forced, by lack of miners, to not use blockchains until some future day when it does become feasible to provide enough hashing power to secure them.

Try for example looking at the "asset values expressed in terms of bitcoin" tables, and notice how many are worth far more than one bitcoin, and notice that those are the very ones that have been forced, by lack of hashing COMBINED WITH BEING TOO VALUABLE TO NOT BE SECURED, to not use blockchains anymore.

It is BECAUSE THEY ARE VALUABLE that they cannot afford, like the coins you refer to as "worthless", to NOT HAVE MINERS.

I am talking about hundreds or thousands of dollars per coin.

Long long ago almost all of them surpassed bitcoin in value, which was an immense surprise as I had always assumed bitcoin would always be worth more than any of them. Yet due to all the hacks and bad press and so on, bitcoin crashed for a couple of years allowing all those coins - even bitnickels, intended to be worth only 1/20 of a coin by virtue of having twenty times as many (total of 420 million) in existence - to rise above bitcoin in price.

Sure it is fine to have relatively-worthless coins merged mined, since they are relatively not worth attacking or double-spending.

But if you want coins worth an ounce of gold each, that is comparable to being worth a Martian BotCoin each, and THAT is enough value that MERGED MINING IS TOO INSECURE.

-MarkM-

And you didn't read my reply, obviously.  You're saying, "See how people aren't merge mining IOCoin?  That's proof that people won't merge mine Goldcoin."

There's no demand for IOCoin.  There is demand for physical gold.

See the difference?