Mining Litecoins!   

From right to left are my 5850, 5850, 5870, and 6870.  Running at 1.2 GHsh right now.

The extra fans help keep temps at right around 66 deg.

For the next 20 minutes I'll be offering up to 3400 LCC for sale for $5 each. I have a long history here and I'm willing to take payment in LTC, BTC, ETH, or Tether.

Anyone want to buy my LCC over the counter? PM me your offers in BTC, LTC, ETH or TetherUSD.

Currently at around $9.00 on Yobit - PM me your offers.

I accept BTC, LTC, ETH, and TetherUSD

Is there a place to do an OTC trade to sell LCC?

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Thank you.

What happens in a typical proof of stake system if a vast majority of the coins are burned?

Suppose one creates a pure proof of stake coin and then sells 1% of the total supply. He burns 98% and keeps 1% for himself.

Does the network ignore the burned coins or does it keep randomly selecting the burn address as the next block generator 98 times out of 100?

Bump for a fresh set of eyes - Also, guys, keep in mind that the parameters aren't set in stone. For example, instead of a market cap of a trillion over 10 years, maybe it is 1 billion over 3 years.

Depending on how many people are attempting to sell, you may not need that much new money entering the system to sustain it for a long enough time period for a critical mass to be reached.

Initially it would be a vehicle for speculation, but that's not the end of the world. Primarily it would be an experiment to see how far one can take the idea of a rising peg to dollars.

If there is any interest, I'd pursue it. Or if someone else pursued it with a release under similar rules, I'd probably buy some.

Also, keep in mind that the numbers are up for debate and are only used as examples.

Sometimes I get kooky ideas, so let me run this by everyone. Also, please don't stop reading at the word "pre-mine".

New coin, rules, expectations:

- 100% premine of an arbitrary amount of coins.

- Issuer sells coins in large lumps on exchanges for very low prices, $.0001 for example.

- After 1 month of selling, all outstanding coins unsold are burned. The result is that the only coins in circulation are those that were purchased for the introductory price.

What happens to the value now?

By buying the coins in the first place, you are pledging to follow certain rules. The rules are these:

- A daily value target is known according to a set function. The value is set to rise from $.0001 to some price per coin over the course of 10 years. The function produces an S curve where the x-axis is time and the y-axis is dollar exchange rate. The upper limit of the curve is set at a target where the market cap of the coin in general is set to $1,000,000,000,000. If, for example, a million coins are sold in the initial offering, then a target price of $1,000,000 would be set at 10 years.

- Participants (buyers) pledge to buy, if possible, any coins below the daily target value and sell any coins above the daily target value.

- After 10 years, the daily target ceases to exist and the coin is free to float as Bitcoin does now.

What is the goal here?

2 goals. The first is to experiment to see if value can become a kind of self fulfilling prophecy, where most participants believe a large reward is within the realm of possibility, therefore they voluntarily behave according to the rules, knowing nearly everyone else is doing the same with the same goals in mind.

The second goal is for the initial participants to make a lot of money.

So... Any community interest in such a project?

SOLD

Price reduced to 5 Bitcoin.

Sooner or later it will sell as this is a unique item. Someone will figure out how to market it and have something valuable on their hands.

Price reduced to 10 BTC.

Price reduced to 20 BTC.