Quote from: TheBestCoin on August 01, 2013, 02:46:05 PM

Quote from: Explodicle on August 01, 2013, 01:44:10 PM

Quote from: yayayo on July 31, 2013, 08:56:42 PM

Only those that are already well established (Litecoin, Namecoin) or offer true innovation have a chance to survive.

I don't see any innovation in Bestcoin. If it's a premine than it is a deadborn for sure.

+1
BitBar is already "rare", which is pointless anyways since the units are arbitrary. Premine/seigniorage means either "pump & dump" at worst or "thinks he's smarter than a market" at best.

Let me explain the idea behind BestCoin.
1. It's a long term project (atleast for me), and I can assure you it's not a pump & dump scheme, and I'm not smarter than a market (no one is).

If the market participants are rational, then they'll pledge towards these bounties voluntarily. We're already seeing this with Bitcoin; people are starting exchanges for profit because there is no risk of spent-premine "inflation", and they're donating to bounties because it makes their remaining Bitcoins worth more than their total would have been without donating.

Assurance contracts work, they're simple, and they allocate resources based on a crowdsourced assessment of importance.

Premines and seigniorage carry with them the risk of sudden inflation. This scares off speculators, which reduces liquidity, which makes the price more volatile, which scares everyone else away.

Look at the cryptocoins with the highest market caps right now - no premines, and still plenty of exchanges/pools/innovations. Every coin that did something really interesting but had a premine was subsequently replaced - Ixcoin by I0coin, Tenebrix by Fairbrix, etc. Litecoin didn't even really break any new ground other than a fair launch, level playing field, and good communication.

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2. The "rare" part is true, because in several years, there will be less BestCoin compared to Bitbar, franko...., and it will only became harder and harder to get one.

Why stop at 1,000,000? Why not just make 1 Bestcoin, or 0.001 Bestcoins?