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Offline barwizi

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First Non Invictus Fork
« on: November 13, 2013, 07:02:33 PM »

I'd like to propose a DAC forked from Protoshares.

It's main differences will be lessons learnt from Proto and benefitting greatly from the developments made so far.

1) Higher starting Difficulty
2) More reactive difficulty adjustment code
3) Set rewards per Block
4) (Not sure yet) Proof of Stake
5) Target block times adjusted by demand

5 minute Block time
Cap of 100 million PoW
Difficulty adjustment every 100 blocks
100 coins per block initial, 50 then 25 until chain is exhausted.
POS (conditional) 0,03% per day ~ 100% per annum.
Starting difficulty will be current Protoshare difficulty @ that time.

I will be consulting with bytemaster if he is agreeable, if all goes well we can have all basic infrastructure in place before launch. IT WILL BE LAUNCHED HERE, not on Bitcointalk.org.

As for uses, i'm open to ideas, myself truth be told, i'd like it to be a speculative commodity.
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Offline Lighthouse

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Re: First Non Invictus Fork
« Reply #1 on: November 13, 2013, 07:26:01 PM »
Protoshares is backed by Invictus's products to come - What will your DAC fork be backed by?
Before you say the price of PTS is too high, take a look at theThe Reason.  Protoshares are an entirely new type of Cryptocurrency, one that pays to hold.

Offline barwizi

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Re: First Non Invictus Fork
« Reply #2 on: November 13, 2013, 07:37:21 PM »
Protoshares is backed by Invictus's products to come - What will your DAC fork be backed by?

Like i said, i am open to ideas. What gives a currency value is it being an agreeable means of measuring value that can be used to exchange for goods and services. I want this not to be a currency but a commodity of sorts, one whose value is speculative, kind of like stock trading.
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Offline Lighthouse

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Re: First Non Invictus Fork
« Reply #3 on: November 13, 2013, 07:46:14 PM »
It has to be more than "good as money" because the same is true of any cryptocurrency and very much more true of Bitcoin with its large network and notoriety feeding its lead on the competition every day.     The amazing part about protoshares wasn't they were easy to mine for a minute, but rather that they have a clear point of value distribution at fairly predictable points in the future and barring complete failure of the project, the value of the cryptocurrency is secured by peoples best guesses of the future value of those disbursements.
Before you say the price of PTS is too high, take a look at theThe Reason.  Protoshares are an entirely new type of Cryptocurrency, one that pays to hold.

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Re: First Non Invictus Fork
« Reply #4 on: November 13, 2013, 07:48:02 PM »
I have to agree with Lighthouse, this sounds just like any other (worthless) altcoin.
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Offline barwizi

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Re: First Non Invictus Fork
« Reply #5 on: November 13, 2013, 11:48:14 PM »
It has to be more than "good as money" because the same is true of any cryptocurrency and very much more true of Bitcoin with its large network and notoriety feeding its lead on the competition every day.     The amazing part about protoshares wasn't they were easy to mine for a minute, but rather that they have a clear point of value distribution at fairly predictable points in the future and barring complete failure of the project, the value of the cryptocurrency is secured by peoples best guesses of the future value of those disbursements.

the last line brings it full circle to speculation. i'm in no way advocating flash mining. Distribution is a matter of stand point, and the current rates that we are minting these shares shows that predictability is leprechaun gold. I'm simply putting forward an idea which i think settles in cozy with my observations, not only of proto but of cryptos as a whole.

Many have gone the way of forking for various reasons, but none has clearly been speculative, seeing the performance of proto and coupling it with experience adjusted values may produce a commodity that combines many good qualities and can be used for any purpose people deem fit.

Bitcoin takes too long, WDC is too fast
Infinite pays too much and Franko too little
Elacoin died of difficulty and Cent was just too easy
see where i am going?

either way, this is just a proposal, nothing set in stone. and while you speak of backing value...you do know most of the world's currencies are currently unbacked?
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Offline Lighthouse

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Re: First Non Invictus Fork
« Reply #6 on: November 14, 2013, 12:26:55 AM »
You do see the PTS has skyrocketed to second place in price only to LTC right?  That's happening because the people buying lots of PTS want to hold them so they get Bitshares and other types of things later.  That real future value IS the reason why PTS is valuable and the other cryptos you describe are not.  If you have a big network like Bitcoin that can be an asset unto itself, a whole lot of people to trade, but for follow-ons it clearly isn't enough.

Litecoin is the perfect example of this, the great hope is for it to get onto an exchange where... more people will be able to speculate that more people are going to want to speculate on it.   It's circular logic and greater fool investing.

Just calling your protoshare fork protoshares will fail if it's just an altcoin that forked from a different codebase.  What's special here is the commitment of a real company to deliver a real product, find me another coin out there trying what Invictus has created - You won't find one.
Before you say the price of PTS is too high, take a look at theThe Reason.  Protoshares are an entirely new type of Cryptocurrency, one that pays to hold.

Offline barwizi

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Re: First Non Invictus Fork
« Reply #7 on: November 15, 2013, 01:49:21 PM »
I think it's happening due to the high introductory price that went even higher when china got involved. i like the invictus idea, but it's time to begin building on it, PTS is now stable (apart from pools) a venture must always be breaking ground.

Myself i support the idea of a speculative commodity with an open end. For all i know, i could add it to the currency suit i am picking for Noirbank.
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Offline Lighthouse

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Re: First Non Invictus Fork
« Reply #8 on: November 15, 2013, 03:12:03 PM »
I think it's happening due to the high introductory price that went even higher when china got involved. i like the invictus idea, but it's time to begin building on it, PTS is now stable (apart from pools) a venture must always be breaking ground.

Myself i support the idea of a speculative commodity with an open end. For all i know, i could add it to the currency suit i am picking for Noirbank.

You've got the cart before the horse, at least from my perspective and I got here on day 2.  I only care about Protoshares because it's NOT an openended speculative greater-fool investment vehicle.  It has defined value over a period of time from holding, not from selling.   The price started high because there is a reason to hold this altcoin rather than just churning it, and china has been involved since very early in that process due to Invictus's chinese financing and influential members of their staff.

You are free to launch a "protoshares" that is not backed by any value, and I'll sadly watch it fail just like 99% of altcoins out there that offer nothing except an attempt at early adopter frenzy for no reason.  With Protoshares there is a reason, take that away with your fork and you'll have a rough time.
Before you say the price of PTS is too high, take a look at theThe Reason.  Protoshares are an entirely new type of Cryptocurrency, one that pays to hold.

Offline phoenix

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Re: First Non Invictus Fork
« Reply #9 on: November 17, 2013, 02:17:12 AM »
Remember, PTS will give you a position in future DACs by Invictus (and hopefully other people). Each of these DACs will have a clearly defined purpose and plan for making money for their investors, by means of offering some service to their customers. This is what gives PTS their value. Your argument that most fiat isn't backed by anything is like saying that Bitcoin isn't truly backed by anything. The reason why most fiat isn't backed is that they've been around so long that everyone just accepts them. It's the same with Bitcoin, it's been around long enough that there are merchants who accept it, in addition to the large population of people who invest in it.
Protoshares: Pg5EhSZEXHFjdFUzpxJbm91UtA54iUuDvt
Bitmessage: BM-NBrGi2V3BZ8REnJM7FPxUjjkQp7V5D28

Offline fran2k

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Re: First Non Invictus Fork
« Reply #10 on: December 31, 2013, 05:10:55 AM »
Wow, I was talking exactly about this yesterday.

Then I found about matternet and now this, which is by far more similar to what I thought.

Its key to understand how to manage property p2p to create this drone mesh, DACs ISPs and more.
Witness: rmglab /// Buenos Aires BTS Meetup http://www.meetup.com/es-ES/BitSharesBA/ /// [old BTS 1.0 chain] Delegate bitshares-argentina (ex argentina-marketing-matt608) Thread https://bitsharestalk.org/index.php/topic,15781.0.html

Offline toast

Re: First Non Invictus Fork
« Reply #11 on: December 31, 2013, 05:31:10 AM »
Still not seeing how it's any different from any other copy/paste altcoin, modulo minor parameter tweaks
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Offline barwizi

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Re: First Non Invictus Fork
« Reply #12 on: December 31, 2013, 06:27:15 AM »
https://bitcointalk.org/index.php?topic=364180.0

i've had many ideas for a long time. DACs just give me a clean way to deploy
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Offline toast

Re: First Non Invictus Fork
« Reply #13 on: December 31, 2013, 07:02:06 AM »
Just read through some of that thread
Quote
Still not seeing how it's any different from any other copy/paste altcoin, modulo minor parameter tweak
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Offline toast

Re: First Non Invictus Fork
« Reply #14 on: December 31, 2013, 07:11:15 AM »
Oh ok I found two things: a proposal to merge in dying altcoins, and something about being able to operate a bank in africa.
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

 

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