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    Author Topic: Possible change to Bitcoin?  (Read 983 times)
    Yakamoto (OP)
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    May 07, 2014, 10:57:31 PM
    Last edit: May 07, 2014, 11:41:38 PM by Yakamoto
     #1

    EDIT: I apologize if this comes across as an attempt to de-rail Bitcoin or that I am trying to make my own alt-coin. This is simply an idea brought forward by a friend of mine that I manifested into a larger idea. This is an idea. Period.

    TL;DR at bottom.

    After a bit of research, we think we need to change the bitcoin protocol, or make a new coin.

    The change we propose: a BTC/CC doubling protocol, and standardised mining system.

    Our reason, you can almost control bitcoin by owning a large majority of it.

    "But Bitcoin is decentralised!" "Owning =/= controlling" "Trolling"

    We will explain our reasoning:
    Why we think a doubling system is needed:
    If we owned 12,000,000 BTC, that would be about 50%, give or take. Now what would happen if we sold all of it at once? According to the law of supply and demand, if we sold 50% of any one thing in existence, the price would plummet drastically, and could create a crypto-depression. This would chase possible users away from crypto-currencies, and would cause a possible demise for all crypto-currencies alike. Thus, governments could claim that crypto-currencies were a dad and will never be anything and we should only use fiat due to its "minimal" volatility.

    What if the governments did this to take down all crypto-coins alike?

    Due to this ever-likely possibility, we suggest that if the BTC/CC protocol ever deduces that a single or multiple inter-connected wallet system ever owned 45% or more of the BTC/CC in question (Traceable via public transaction), the coin would automatically double itself. Thus, the owner would own 1/2 of the percent they owned at the time (50% down to 25% in theory), but the doubling would not be public. To preserve value, it would not be announced, and would be done as discreetly as possible. Mining difficulty would remain at the amount it was at, at a certain limit, or would decrease the difficulty, again at a certain limit. This would prevent BTC from ever being possibly controlled, and would possibly allow a larger adoption of CCs, since miners could possibly get their feet wet as the difficulty would decrease if it ever was halved. This could also eventually bring the amount if coins to a nice psychological level, where it wouldn't be uncommon to own 123.72848105 BTC, although not necessarily preferred by anyone.

    The drawback is that the value would decrease over time, if anyone owned xx% or more, but would probably not be a massive problem, unless xx% was being constantly purchased. If that happens, dump the coin, forcing the owner of that amount to lose their investment. Then, if needed, move to a new coin.

    This brings us to point two; a standardised mining system.

    During the gold rush, did miners have to buy seven different and unique pick axes to get to the gold, that couldn't be used again accept for that one task?

    We propose a standard mining system, as we know how miners are not interested in shelling out $300 for a low-powered ASIC for a new coin, that uses a weird mining algorithm and has no clones that the hardware can be grandfathered to.

    A standardised mining system would assist all miners, and would by FAR increase the possibility of new miners getting into crypto-currencies. As related to point two, if a coin switch is required, then miners can use their current hardware. This allows for a continuos economy, and makes it so miners can more freely trade equipment without having to meet so many qualifications.

    We cannot recommend a algorithm at this time, but we hope that crowd-created attempts can narrow down candidates.

    Once this is standardised, CCs CAN become the currency of the future. But it NEVER will if we cannot make it simple for the majority of the populace.

    We also propose a standardised mining system that has a push-button start, as to also assist a majority of the populace with mining.

    TL;DR: We need to have a coin doubling system to prevent control and a standardised mining style to assist the populace and get more people in crypto-currencies.
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