Well, with an open source code base this was bound to happen sooner or later. For the low, low price of 0.05 BTC Coingen will automatically modify the source code of BTC or LTC to generate your own, personalized cryptocurrency. All you need to do next is convince people it's actually worth something. I have often wondered if people realize that the creation of unlimited currencies by random people isn't exactly much different than the creation of unlimited currency units by central banks. One more United States dollar rolling off the printing press is obviously bad, but the release of BigADCoin will be, like, totally a new paradigm, man! Well, for about forty bucks you can find out for yourself how worthless "your" coin is to the rest of the world.
Yes but you would also have to reproduce, bitpay, mt gox, btc china, btce, bit stamp, blockchain.info etc etc and the 13,015,926 GH/s of hashing power...
If nothing else.. Crytpo is sheding light on all currencies backed by nothing and making it obvious that its a confidence/ shell game.. this is cool.. id be keen for some BIGAD coin.. trade you some fiat.. SS coin sounds quite elitest but still, count me in.. its backed by the SS community But i do think the $40 to create it would be the start of much more spending and time to actually float a serious crypto.. What are we up to now? 100+ right? Where/ When will it all end? 1for1
Hahaha. Should just create a random coin. Who knows you could attract a large enough fan base and make a lot of money!
I reckon this little experiment in creating multiple alternative cryptos is great. Because for the vast majority of them, they are bound to fail. And this will only support bitcoin in the long term, once people figure the alts are nothing to be excited about and only a short term pump. I think people will also not get into them as much, unless they bring true innovation to the table, which is good for cryptos as a whole.
I was thinking that the other day, Either have it as like a tips thing that you can throw around for good comments, Or somehow back it with silver from invested members, or unallocated stocks. It would have to be premined though to work, if backed by PM I'm not sure on that side of it but an Aussie coin would do well in Australia and could be easily used for PM transactions. we have a big Crypto community here I'm starting to find... to many neck beards left over from Movember
Please do! I am excited already.. ill throw some M/Hash at it! and get behind it.. ill even put up the $40! RE: premined... i dont think it would have to be pre mined.. i think a POS Interest like system would work with less actual coins to mine... but with premining someone is always benefitting.. unless the premined SSC is fairly distributed to existing members ETC or with some type of chronological release mechinism.. i think the GPU mining is a massive waste of our money given the OTT price we pay for energy around here. Since i first started learning about Crypto i have been thinking about the most FAIR method of distributing a coin so as not to be advantageous to early comers or those with access to more expensive rigs... so CHRONO coin would involve signing up.. and then recieving a dilay amount of coins (thats all.. no work.. just sign up)... the proof of stake would keep the block chain valid offering a lesser incentive like interest on your chronowallet .. happy to use this as a SSC (although i was hoping we could free humanity from the banks with it) --- lol.. just need someone to code it ( i have the full idea in my head!) 1for1
Could it not somehow use Silver as a backing? giving it a real value? A lot more of the members here would be more accepting of it if it was. Though I cant think of how this would be feasible, Maybe a 'Proof of Stack' then say every 100 coins is worth an ounce of silver thats sitting in unallocated. But then it's value is fixed too i suppose.
LOL.. Proof of Stack -- haha ... thats what the Show us you stack thread is for.. i dont think we need to tie it to silver.. prefer the idea of making it a complimentary good to our silver and gold stacking .. we can even start transacting with it.. but for starters just tips for helping people out or sharing good info with the community.. Exciting if it happens! 1for1
Given we already have a community here, why not allocate SS Crypto-Coins to all members. Larger quantity to all SilverStackers More so to the Sponsors. It may be a way to increase both Members and SilverStackers, bit like a reward system. Even if they don't want them, that's upto them.
This is the question that I've been pondering. Yes most of the alts will probably go by the wayside, but if just a few rise up to equal the strength of the bitcoin network, then how will the competitive marketplace value them ? What is the value of a bitcoin if litecoins can do the same thing? Shouldn't the natural laws of free markets eventually equalise the values of both currencies ? Or will the natural laws of free markets strengthen only the strong and kill off the rest ? Won't there always be newcomers willing to challenge the entrenched establishment ? Bitcoin has flaws - will new, better currencies take over or will bitcoin adapt fast enough to keep in front ? Libertarians have wanted a truly free market place - well we have one here with virtual currencies. No laws, no govt control, not even controlling companies competing with each other - just the currencies and the free market around them. Great experiment - will be fascinating to see how it develops.
+1 Premine allocated to GP, sponsors, paid up stackers and members. Rest can be mined like any other coin.
Chris Duanne is already onto the silver backed 'coin' can't see it working though as long as the bankers have control!
Nice The question then becomes how are they mined.. i guess 100% pre-mine just means someone (trusted) mints 100,000 (or x number agreed on) and the allocation gets done semi manually.. either by time release (as i propose) where each registered stacker gets 1 per day (or 10 or 100) until they run out.. Sponsors can get double (or agreed %) It does not sound too hard to pull off d anas i say i am very excited about doing something like this, but i dont have the coding smarts personally... 1for1
fixing prices isn't very free market, backing it with silver is pegging the value of it to silver and i envisage this as a compliment to silver that can aid in transacting eventually after it starting off as being a cool "whats this Free Silver Stackers e-Trade-Token". Id (personally - this is just my opinion) rather people get them, and for demand & supply fundamentals to dictate the price they transact at.. i see this being a gesture system like "say thanks" is to begin with... from there it may be worth a cent or more depending on take-up and demand.. I see a potential where they can become E-trade-tokens for SS or any good/service in the world... and if they don't ever make us rich, its a great marketing idea for this site.. sign up to receive 10 SS e-tokens per day.. Site Sponsors get double.. also Proof of stake incentives (this is another more advanced option but encourages longevity of the demand as wallets stay open and synced.. I am sure anything like this would need to be approved by site owner but its a great idea.
I actually created the coin today. Umming and arring over whether or not to throw 0.2BTC to the website to take delivery of it. Seems a great scam to pull if the website is just a BTC phishing site for people who THINK they're going to receive their own cryptocurrency.
