Quote from: Nullu on March 12, 2014, 03:05:32 PM

Quote from: AltDeleter on March 12, 2014, 12:53:11 PM

Quote from: Nullu on March 12, 2014, 12:09:35 PM

If this is legit, then I'm interested in this idea.

Crapcoins should quake in their boots.

But..

Won't this just cause altcoin deflation? If you delete 10% of the supply of some crapcoin, then surely you'll just be making it more valuable, won't you? May be a flaw in this concept.

This seems to be a reoccurring question and is a valid point/concern. In no way do we plan on being able to get 100% of any coin. At most we may be able to grab 10% as most people have probably deleted their wallets or, they could simply return to mining their crap alt with the mindset of no competition = 100% of every coin generated. That being said, this coin was designed more with the mindset of giving back to the community and helping those left holding the bag of crappy alts that, if with no action taken, would potentially be worthless forever. If this does some how revive some coins, all the better as the community is getting something back for the work they put in to start. However, if we could remove a few more .dat files one miner at a time for each junk alt, I feel it is progression. The coin cap vs our equal value is so minimal, we feel this would only be beneficial to those currently holding and it would not be worth reviving a coin for.

Quote from: jam52633 on March 12, 2014, 04:49:12 AM

I like the idea.

In a round about way, doesn't this promote the mining of garbage coins especially in the beginning stages? So we can trade them for /d coins?

We don't feel it does unless it is a coin aimed directly at trying to exploit DeleteCoin, in which we will address it and provide 0 exchange for the coin. For example if it is a coin created before yesterday, and have a huge front end of coin rewards, we would still accept it. However, if someone makes a 100% premine coin tomorrow, we simply can't take coins like that. We will also rely on the community in cases where there is a grey area and in the end, any contributes to DeleteCoin will be ultimately deciding the faith of what new alts are accepted and which ones are not.

Well ok, provided the coins are pretty worthless, it could work. As long as you don't target valuable alts, as then you'll indirectly increase their value. Pick something with massive sell walls at 1 satoshi. You'll only be burning up dead weight, even if the coin is good.

I have a pile of ValueCoins that are absolutely worthless. I'd happily burn the for some DELs.

The other issue is verifying the coins are actually destroyed, and not just kept.

The monthly purge of all wallets will be live streamed and recorded and posted to the site for reference. This should allow all to know that the coins are actually removed from circulation.

Also, launch has been moved to Sunday 12pm eastern standard time to allow miners to be able to partake that typically would be at work. This was per request.