Bitcoin Forum

Altcoins => Altcoin discussion => Topic started by: mushroomized on December 29, 2011, 01:19:37 AM

Title: Strange coin idea, Daycoins?
Post by: mushroomized on December 29, 2011, 01:19:37 AM
I like thinking of ideas for silly alternative cryptocurrencies, but recently this idea I had seems to sound somewhat more interesting than the rest. The idea itself is pretty simple actually, each coin produced would be "dated" and grow in value over time, to a degree. The genesis block would contain the oldest coins in the chain, and be used comparatively to other coins. For example, say the chain has existed for one week. The gen-coins would be eight days old, while coins mined today would be one day old (for the sake of the math). So, if I had 8 coins mined today, it would be only worth one genesis coin. Using the client you could break your coins up into different types, and use it sort of like breaking change. I'm not sure if this would be useful, but I thought I would share some of my crazy ideas with you guys.
Title: Re: Strange coin idea, Daycoins?
Post by: mrbubl3s on December 29, 2011, 11:12:32 PM
Interesting idea, what would be the motivation to use them? Why not wait a year?
Title: Re: Strange coin idea, Daycoins?
Post by: mushroomized on January 06, 2012, 05:10:26 PM
Because after a year one year old daycoin would be worth 365 daycoins

I don't know why I though of this idea, but I think its pretty cool
Title: Re: Strange coin idea, Daycoins?
Post by: viperjbm on January 07, 2012, 10:03:58 PM
What you kind of described is kind of a "lending free" form of interest, also might be easier to implement that way.  Intriguing concept but I would be afraid it would invite runaway inflation in the future no?
Title: Re: Strange coin idea, Daycoins?
Post by: mushroomized on January 08, 2012, 02:27:24 AM
Yeah, your right. Maybe the coins would "rot away" if they are not circulated or something?
Title: Re: Strange coin idea, Daycoins?
Post by: viperjbm on January 08, 2012, 03:33:17 AM
Don't think they would "rot away", but it certainly is very Hoarder friendly.

The scenario I see is that they become valuable rapidly until hoarders who have accumulated tons can buy their retirement home and then the value plummets to nothing.... it's kind of a bubble promoting coin but I'm sure there are some things that could be changed in order to try the idea out and avoid that dynamic.

At a very minimum you could require that the growth can only occur when spending the coins.  This would obviously stop hoarding to some extent, but the follow on problem is people repeatedly spending to their selves, which would be the new form of hoarding.

You could also cause there to be only a single generate in the genesis block of 100 coins.

Tx Fees to miners should be large, say 95% of the growth or some such, the remaining growth returned as change, essentially to replace non-generate blocks.

Miner Finding Block get's 20% of the Tx Fees, the Remaining 80% get's paid out to the miner for seeding the transaction for confirms in the network to at least 8 other nodes.

Make the inflation rate drop per annum starting at say 100% and dropping by 10 or some such every year until you reach a minimum inflation of say 0.01% or some nominal value.

<Numbers are hypothetical for explanation only by the way>

This coin would be slow growing and obviously in the early years be very early adopter friendly, since the rarity is early, at some of the hypothetical numbers I used it would take a really long time before the coin count even reached the BTC max.
Year 1 - 100 coins
Year 2 - 200 coins
Year 3 - 380 coins
Year 4 - 684 coins
Year 5 - 1162.8 coins
Year 6 - 1860.48 coins
Year 7 - 2790.72 coins
Year 8 - 3907.008 coins
Year 9 - 5079.1104 coins
Year 10 - 6094.93248 coins
Year 11 - 6704.425728 coins
Year 12 - 6771.46998528 coins (This is the year nominal inflation is hit)
Year 13 - 6839.18468513 coins

Someone more math savy could probably run the numbers to tell you better parameters and/or how long this would take to reach bitcoin max and beyond.  In any case this is still % inflation, while the curve may be slow growing it will still grow faster and faster.... question is will the growth of humans out pace it? :-D  (Humans grow the same way lol .... as a matter of fact you could be safe to make nominal growth equal to "e" which mimics biological systems in the long run anyway....)