Post
Topic
Board Altcoin Discussion
Re: Ripple XRP distribution requires immediate formalization
by
Ignore@YourPeril
on 24/02/2013, 13:18:29 UTC
... forcing the community to use specifically XRP as a means of transaction capability is wrong.
As I've tried very hard to explain, it was mandated by technical reasons. We honestly didn't know any other way to do it. And, to this day, nobody has suggested any.

My complements on your great work with Ripple, it is extremely exiting by its disruptive potential.

Here is my suggestion for a solution:

You need some native anti-spam coin, which by default will have to carry some value. You also need funding to cover your investment; for coders to work on it for the future, etc. These are legitimate concerns that seems to call for some kind of a currency, to solve both problems at once.

But from this line of thought you immediately hit the big scary initial distribution problem - if you are successful: Hoarding; tulip mania; acrimony over the fairness over the give-aways. All this because what you have made easily will become not a postal stamp but the native currency for the network.  You have just set yourself up for the possibility of a particularly nasty death by success.

Solution: Freicoin with a twist, actually SpamFreiCoin.

You start off with premine of 1000 trillion antiSpamRipples. You sell them for 1 US cent (or a few sathoshis) each, or give them away for 3 years - the rest is destroyed. After these 3 years replacement of the destroyed ripples will be by demurrage, like Freicoin, about 5% every year. This is the miner grant for making new antiSpamRipples to somewhat replace those destroyed, and to have a distributed way of securing the network. Tulip mania is averted by making antiSpamRipple useless as a currency by having an extra large destruction of antiSpamRipples transferred from one Ripple account to another, above the mandatory tx fee. Like 10%: enough for you not to shrink from sending a few to your auntie and nephew, but enough to prevent any speculation on it becoming a currency.