there was this really great post I was reading that talked about how to compile or create your own coin. My question is how hard is it to create new logic and not just be the same PoW / PoS, etc? I have some ideas on how to make it so a coin cant be ‘pumped and dumped’ no matter how hard someone tries. I wouldn’t mind contributing to the success of Peercoin and the many efforts I have seen already in the short time being here.
I wouldn’t mind sharing this theory and process change as long as it gets to good use and I can make a coin out of it too!
there was this really great post I was reading that talked about how to compile or create your own coin. My question is how hard is it to create new logic and not just be the same PoW / PoS, etc? I have some ideas on how to make it so a coin cant be ‘pumped and dumped’ no matter how hard someone tries. I wouldn’t mind contributing to the success of Peercoin and the many efforts I have seen already in the short time being here.
I wouldn’t mind sharing this theory and process change as long as it gets to good use and I can make a coin out of it too![/quote]
Unless you plan on sustaining 100% control over the markets that your hypothetical coin trades on I cannot envision a way that you could adapt your coin’s base protocol to be clairvoyant (or even really, really, really adaptive). Predictive models (and the subsequent validations/updates) of supply and demand will always lag real-world conditions.
No, there isn’t a need to have 100% control as long as the methods are new. One of the things that I have noticed with PoS is that it doesn’t matter the source of the coin. The first part of the design is that the only coins that can be staked are the ones that have been mined.
I’m sorry to be blunt, but this is like saying you have some ideas for a perpetual motion machine. Those who have been around markets for a while know how difficult this task is. If you would like some details on why your ideas wouldn’t work, feel free to post them.
Feel free to pm me your idea, I am trusted member and far to busy to run off and steal your idea if you are concerned about fully public discussion.
Otherwise please outline more what you code would do and how it would work. I am always interested to hear peoples ideas and thoughts, after all this is where Jordan lee spawned the idea of peershares and nubits.
Launching new coin really not that hard of u happy with Ltc clone, the more u deviate away from the well tested methods the more involved the dev work becomes and the need to understand how blockchain code base works, note the number of straight ppc clones is very low.
Anyways share your idea, better to discuss than have is speculate on your abilities and understanding of cryptocurrencies
Thanks guys for the positive feedback, and this is the entire idea…
The coin would be a CPU only coin.
It would be a PoW and PoS
The only coins that can be staked are the ones that are mined. - The idea is someone doesn’t keep moving coins around for the next person to stake without actually have done the work.
Depending on the difficulty of the mining depends on how long it took for the block to be mined. If the block was easy then the staking time is longer, so the difficulty of the block determines the staking time. This way it helps prevent it being pumped and dumped. Wont be 100% proof of it should help prevent it though.
Double or triple the payout. The longer the coins are held and staked the more on return is given back. (sort of like the traditional savings bonds)
3) The only coins that can be staked are the ones that are mined. - The idea is someone doesn't keep moving coins around for the next person to stake without actually have done the work.
5) Double or triple the payout. The longer the coins are held and staked the more on return is given back. (sort of like the traditional savings bonds)
There’s a problem with this approach, but I can’t put my finger on it yet. The big picture here on point 3 and 5 is you are creating a coin which actively encourages not being exchanged, meaning people mine it and sit on it and don’t actually use it to complete transactions. If I can mine a bunch of coins and triple my payout, why would I buy and sell items with this coin, when there are others out there that I can use for this purpose? Essentially your coin becomes an empty vessel.
Without a strong incentive for the coin to actually BE in circulation, it loses its value to the dollar.
Your coin is now dead.
As long as there will exist a value of cryptocurrency to FIAT, and as long as there exist exchanges, you cannot practically prevent pump and dump schemes. Accept this as fact and instead of creating a technical solution, try to work towards establishing a mindset solution.
Here is something for you worth considering.
When people invest money, they expect a return.
When people invest emotion, they want to contribute. Peercoin has plenty of that going for it.
Thank you for the input. It isn’t to keep people from trading it’s for people to get maximum value. This CPU coin already has a focused group of people to contribute and ‘spend’ for goods and services that can’t afford to pay. This coin would be something nice to add the services that are being considered behind the scenes already.
If the coin became publicly traded then that would the greatest accomplishment.
http://iamkey.net is being designed to provide services for free. It was the idea of having a coin that people could ‘spend’ their saved coins for extras such as web storage or a nice owncloud account with 1TB of drive space. Other services being built such as E-portfolio to help organize a resume and create a portfolio.
This post isn’t meant to be an advertisement, though to give examples of the purpose. Then of course its been a slow process to get non-profits on board to accept a coin for service animals. Another service is to provide computers to those that need it, whether they are housebound, or need one to learn how to use a computer.
Now that the rest of the information is out here, what would be your suggestion to make it more adoptable?
I understand that the intended design is not to hoard up coins, and yet that is exactly what it seems to encourage. You need to consider how people are likely to use the coin, not how you think it should be used, or what the ideal usage scenario should be. The two don’t always coincide. I only say this as constructive criticism and feedback, I am not bashing. If I get a hold of a “thing” that, the more I store the more valuable it becomes, then I have an incentive to store it up to the time limit required to get a maximum payout. This may not necessarily be a bad thing, because after X days of storage and having gotten maximum return, I am going to probably put this coin into circulation, but the considerations now become along the lines of what is going to be the INITIAL incentive to bring value to this coin?
I wish I had an answer on how to make it more adoptable. If I did, I would probably start my own coin
You have to ask yourself what kind of added value this coin brings to somebody that other coins don’t already accomplish. Being pump-and-dump proof may not be achievable. As long as it is matched to a value, if that value is not fixed, like NuBits, it’s going to be vulnerable to pump and dump. Again, I could be wrong so I would love to hear some counter-examples.
What I am trying to avoid is the rest of the community calling it another ‘crap’ coin, and see it worth more than 0.00000001. I’m ok with a lot of other changes to make it more adaptable… What I will do is work on it so that if the coin you are staking, you mined then there is a much higher stake rather than just buying the coin and then staking. I think would still encourage more circulation, though the rewards are worth more when mined yourself.
You have some great feedback, and I will be posting in some other areas to get a developer or two. I have been working on some promotion videos for youtube and the site, though I will also have this out hopefully in june (if I don’t travel too much) with a few billboard ads and maybe a commercial. (late night where its cheaper)
