nice troll

Bitcoin angel investing: is that a thing at all? Does it happen? Where do I go if I have a team/idea?

I'm imagining that there's some people who have piles of Bitcoin and would angel-invest in an idea/team for a business.

(In fact that could be a business by itself... a bitcoin angel investing matchmaker of some sort.)

EDIT: also probably relevant that the idea is for a "bitcoin business."

EDIT: hey, just used my brain and googled it. Here's one: http://rogerver.com/

EDIT: ahahah: http://www.bitangels.co/

Obey

35% of the network today costs about US$ 23 million (in 2TH/s $6K Cointerras).

I'm trying to solve that exact problem with Scicoin ( http://www.scicoin.org )

My solution to the problem involves a bit of social trickery and a new (non-?)"economic" model.

The idea is to keep the proof-of-work as it is, completely useless, but, have the network "detect" that a block has been "mined by science." When the network thinks a scientific institution found a block, it multiplies the reward by 10,000. Then there's a social contract: scientific institutions should only use these coins to reward useful computing work done by people who donate their computing power to solve useful problems, at the same approximate rate that "mining" the coin itself would reward the users. E.g. if you would earn 1 coin for 1 petaCHOP (Coin Hash OPerations) of work, you would also give 1 coin for whatever cure for cancer computing effort you put in that's roughly equivalent to 1 petaCHOP. The scientific institutions would not spend these coins otherwise (i.e. let them rot). This way for ever X computing effort to "mine" the coins, OVER 9000 times that can be spent on useful work and you still get coins for that AS IF you were mining them too.

The way the network detects a "Block Mined for Science(TM)" is by checking whether there's a pool mining more than half of it. The network simply assumes that whoever mines the majority of the coins is a pool that serves scientific projects and that it does the right thing.

And about the "not-really-a-coin" aspect: the coins are unlimited and you get paid by the hashes you put in, forever. To avoid runaway inflation we can simply use Freicoin's awesome "coin rot" feature (i.e. use it or lose it).

The whole idea is for the system itself to NOT be "money," that is, it is not to be confused with a vehicle for "storing wealth," for the current cultural definition of "wealth." With this, it becomes possible to have a simple "10,000x" reward heuristic based on a simple no-stress honor system. If it is exploited, oh well, no problem, just reset the game or try something else.

And the coins are unlimited, there's no end to mining and therefore no end to the toy-incentive to contribute to science.

And Basic Income was a huge motivator of this whole train of thought. Interesting that that was mentioned in this thread too.

Didn't know about gridcoin, curecoin. Will look into them.

Take a look at Freicoin ( http://freico.in/ ). Inactive coins are slowly flushed out. As are all others, which is probably not what you want, but it you might think it is a good idea after reading the Freicoin material.

A neat pair of advantages of Freicoin is that since all coins "rot" at the same rate, mining is always relevant even with the currency having a fixed supply cap, and also the blockchain can be pruned (i.e. it doesn't have to "grow forever" for most "full node" clients).

Fun with numbers:

1 GHs today = $0.1591 per day ( https://www.byteminr.com/stats )

CryptX at 0.017 today if hashing = $13.60 per GH/s, break even in about 85 days with no difficulty increase.

CEX.io at 0.041 today = $32.80 per GH/s (plus fees?), break even in 204.85 days with no difficulty increase.

Butterfly hosted hashing two months minimum from now (i.e. March 2014) = $10.83 per GH/s, would break even in 68 days if starting today and assuming no difficulty increase.

Byteminr.com about 1.5 months ago before running out of stock: $20 per GH/s/Y, break even etc. etc. in 125 days.

Bitcoin total network speed: about 18,000 THash/s, or the equivalent of 9,000 Cointerras. I wonder how many boxes the next gen miner manufacturers can produce in a month, combined? The equivalent of 36,000 Cointerras entering the network in two weeks would trigger the protocol's protection for sudden difficult increases, limiting it to a factor of 4X every two weeks.

In fact, if somebody could manage to inject insane hashrate into the network today, they could just eat the blocks away for several months and benefit from the 4X difficulty increase protection in the protocol; the network would produce blocks faster than once per 10 minutes for a while.

Me too.

Obey

I hope The Market(TM) rejects it, otherwise I've done something wrong.

--Obey

I named it "Scicoin" because I already had the domain for another idea (which I will retrofit into this one). http://www.scicoin.org ; I wanted to make a coin that you do something useful like e.g. SETI@Home or fold proteins or search for prime numbers and then you get coins. What I realized is that there's a way to do that with a higher layer on top of a pure proof-of-work coin... which is what Scicoin is now, just another Bitcoin with two twists.

The code is almost ready. I just have to figure out a way to add some backpointers in the code so that a CTxOut can find its block in the blockchain... which may not be trivial at all to do :-)

By the way, this is completely absolutely awesome and is related to what I'm doing: http://www.tomatleeblog.com/?p=175326906

Obey

Altcoin.

Thanks!

I'm thinking about setting the inactive-coin detector to 819200 blocks (about ~15.5 years with 10 minutes per block). With my ~1.66% demurrage charge per month, that would leave only about 4% of the value left on the coin after ~15.5 years anyway, at which point it would then vanish. With about 8 years, the value left is around 20%.

And, in any case, you won't have to "spend" it in 15.5 years, you can send it to yourself to reset the 15-year clock...

Obey

I mean literally wiping it out -- grant it a value of 0.

Here's one about inactive accounts -- http://www.yourlifechoices.com.au/news/government-grab-for-inactive-bank-accounts ; there's a better one about that guy who worked his whole life, died, had millions, and their children took too long to reclaim his account so they lost it under the new 3-year australian rule.

Obey

In how many years of account inactivity ("unspent transaction output," in the case of Bitcoin) do you think it is OK to wipe out someone's money?

- 1 year?
- 5 years?
- 10 years?
- 20 years?
- 50 years?
- 100 years?
- 200 years?
- 500 years?
- "IT IS NEVER OK!"
- Other?

As a reference, in some countries in the "real world," if you don't make a transaction on your checking account for 3 years, your money can be taken away (in Australia it was 7 years and they reduced it to 3).

It's for a Bitcoin fork that I'm developing where there's not a hard limit on coins. The block reward is to be the primary source of coins (1:1 on hashrate, forever) and the main sink is an ~1% depreciation on every coin per month, plus I'm think about adding an "abandoned coin" heuristic to be able to wipe out outputs that go too long unspent, hence this poll.

Thanks!
Obey

Screw $700, get to $205 so I can make myself buy it before it rises again.

"LOL"?

    https://www.pokerbyproxy.com/results/2013/11/29.html

Meanwhile I had found another scam marker: the flashing graphic in the front page shows a blackjack table (or some similar game) with a dealer, completely unrelated to poker. And the site opens with "Do you love Poker"? Clearly the maker of this website does not love poker...

Obey

Exactly.

Every single person hailed as "spiritually enlightened" has said something along these lines. The middle path. Live in the present, where you actually are -- not your thoughts. Etcetera.

I fucking hate these people. Extremism, mental self-flogging and pretending you can "help save the world" while not causing 1000x misery to everybody else along the path of your tiny mind trying to figure out something that's so big....... is so much more fun than looking like a lobotomized happy retard that stares into the world and keeps babbling that this moment is all so breathtakingly beautiful blah blah blah blah

It's fine. We'll probably not figure it out in time and just disappear like every other monkey civilization/zergswarm on this planet.

It's all way too complicated. Give up like I did and let's play satoshi dice.

One can argue that the "human animal" has, historically, been organizing tribes hierarchically. However, there was no social meta-hierarchy tying all those "tribes" around the world together under the same system. Which is what we have now. It's called global industrial civilization and it is killing our habitat.

As I understand it, "anarchy" is not about the negation of real human sociality. You can project a "topology" into human sociality and call it "the natural tendency to be hierarchical." That's not what "anarchy" is "against." "Anarchy" is about negating the ultra-large-scale singleton social hierarchy that sucks up all humans into this unsustainable and violent Zerg Swarm that's headed nowhere very fast.

Yes, they paid me back.