View Single Post
Old 3rd January 2018, 11:01 PM   #1387
Tippit
Guest
 
Join Date: Jul 2007
Location: Florida
Posts: 4,038
Originally Posted by Beelzebuddy View Post

My list:
No "gold rush" - It should not heavily reward the people who first start mining it, and sure as hell shouldn't start with enriching the creators with huge theoretical sums. That's begging for a pump and dump scam. Ideally it'd start with a high difficulty, as if there were already a lot of coins and everyone was already just mining the interest. The idea would be to encourage people to join the mining swarm at any time without them "missing out."
While I suppose you could make the mining of new coins very difficult from the beginning, what you can't do is control the amount of fiat money that anyone could potentially bid on such a coin. If the coin had a great deal of utility and was popular, people would front run it in an attempt to profit and there isn't really anything you can do about it.
Quote:

Inflationary - it needs to grow about 10-20% per year. More coins entering with time encourages investment and discourages hoarding.
Lol. Nobody wants inflationary currency, except governments and counterfeiters.

Quote:

Scalable - Bitcoin's model is that every transaction has to be confirmed by everyone. Which is inherently unscalable. Imagine half the world's economy using it. No way would that be feasible. No giant block chain, no "self-limiting" transaction fee. I know there's some coins that do this but I don't know the details.
See lightning network, and the concept of "sidechains".

Quote:

GPU-focused - to discourage ASIC farming. I know there's coins that do this already.
I'm not sure what the point of this is. In fact, the market prices for GPUs have been driven up so far by cryptos that gamers have begun to complain about it. Based on your comments about inflationary currency and GPU mining, I don't think you have a very strong grasp on how market economies work.

Last edited by Tippit; 3rd January 2018 at 11:04 PM.
Tippit is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Back to Top