Linus (Float) Coin suggestions

[ChalkChalkson]

I thought after some LMG coin being confirmed in today's WAN, I thought it might be nice to collect some suggestion, so feel free to add your own!

 

Here are a few of my ideas:

 

1. When starting a coin, you can basically set the initial ledger, so LMG could decide to allocate ~10-30% of the total coin supply to them, increasing stability and allowing them to sell the coin on their website with a decent stock
2. Sell the LMG coin for like 0.01 per coin on the website as long as the stock lasts and taking LMG coin for the LMG/CSF/TQ FPC at a fixed rate of ~18000 LMG coins per month. This would essentially create a gold-standard, holding the value of the coin stable.
3. Set the difficulty corrections to give out 1coin/block and ~1block/minute this makes LMG lose at most 50$/month of potential FPC income to mining, essentially turning mining into a lottery giving out ~2.5 FPC subscriptions every month

With this setup, they could show off some things that could be harnessed for EVIL very easily, while also creating a coin, that was

• Fun!
• secure for people buying it
• not expensive for LMG
• still could potentially blow up (as the LMG stock would be limited, but high)

This way they wouldn't need to feel bad for people losing money on a coin, while still creating a fun coin with exploitative properties.

 

Also, from an economic standpoint, these would essentially be FPC giftcards, which might even come with a markup. Giftcards have a lower value than equal amounts of money and are still popular, as they are acceptable presents, this giftcard would also be fun, incentivizing people buying it even for themselves. So for the relatively low cost of ~50$/month LMG could essentially profit from people forcing themselves to spend money on FPC, which might actually be cheaper than offering physical FPC giftcards

[LTTfanfromSweden]

they are making their own coin? like a cryptocurrency? 

[ChalkChalkson]

BTW one VERY important thing: LMG needs to mine a few coins on the initial ledger before going public, to avoid people taking over the main coin with a fork and a different initial ledger (which is an attack I will definitely try if it turns out to be a script coin).

They should also provide a link to a compatible piece of mining software and a pool on the website, otherwise very few people will mine it, even for fun

[ChalkChalkson]

1 minute ago, LTTfanfromSweden said:

they are making their own coin? like a cryptocurrency? 

jup, will be the next part of mining adventure

[LTTfanfromSweden]

1 minute ago, ChalkChalkson said:

jup, will be the next part of mining adventure

lol out of all the currencies made only a few have been successful haven't they?  the main sites only sell BTC, ETH, BTC and LTC. 

 

or is their other markets I dont know about

[ChalkChalkson]

Just now, LTTfanfromSweden said:

the main sites only sell BTC, ETH, BTC and LTC.

I assume you meant to include BCH, so yeah, you covered the major ones. Monero and ZCash are also decently popular. But most don't make it. And the LMG coin will more be an illustration of a few concepts about cryptocurrencies they want to cover in the series. But I saw an opportunity to make it something that can stay around as a gag longer than the current half-life of memes

[LTTfanfromSweden]

1 minute ago, ChalkChalkson said:

I assume you meant to include BCH, so yeah, you covered the major ones. Monero and ZCash are also decently popular. But most don't make it. And the LMG coin will more be an illustration of a few concepts about cryptocurrencies they want to cover in the series. But I saw an opportunity to make it something that can stay around as a gag longer than the current half-life of memes

yes the second BTC was supposed to be BCH. I guess it can be just for that but im assume they hope it does take off but if not a loss because they are doing it for other reasons I guess thats better then jsut doing it to to do it. and with how LTT people are I can see a lot of people on the forums mining it.

[ChalkChalkson]

6 minutes ago, LTTfanfromSweden said:

but im assume they hope it does take off but if not a loss

I didn't quite get that sentence. could you rephrase?

[Crunchy Dragon]

1 minute ago, ChalkChalkson said:

I didn't quite get that sentence. could you rephrase?

I believe what he means is that LMG hopes this currency will take off, and if it doesn't then it's a loss.

[LTTfanfromSweden]

2 minutes ago, ChalkChalkson said:

I didn't quite get that sentence. could you rephrase?

 

9 minutes ago, LTTfanfromSweden said:

yes the second BTC was supposed to be BCH. I guess it can be just for that but I assume they hope it does take off, but if not its not a total loss because they are doing it for other reasons I guess thats better then jsut doing it to to do it. and with how LTT people are I can see a lot of people on the forums mining it.

fixed.

[ChalkChalkson]

Just now, Crunchy Dragon said:

I believe what he means is that LMG hopes this currency will take off, and if it doesn't then it's a loss.

Nah, Linus specifically said he is pretty sure it would tank. Which BTW isn't possible with the goldstandard style setup I suggested

[Crunchy Dragon]

Just now, ChalkChalkson said:

Nah, Linus specifically said he is pretty sure it would tank. Which BTW isn't possible with the goldstandard style setup I suggested

I was providing a rephrase for the sentence you were confused about. I didn't listen to or watch the latest WAN show yet, I usually don't have the time to get through an episode.

[ChalkChalkson]

1 minute ago, LTTfanfromSweden said:

 

fixed.

Ah, ok, that makes a ton of sense, and I agree.. Though I don't think anyone actually believes it would blow up

[ChalkChalkson]

Just now, Crunchy Dragon said:

I was providing a rephrase for the sentence you were confused about. I didn't listen to or watch the latest WAN show yet, I usually don't have the time to get through an episode.

Didn't disagree with your rephrasing, just the point Thanks btw for offering your version, even though it seems to be not what @LTTfanfromSweden intended

[Edison1]

I'm going to buy this coin even though I know this is probably going to crash, like what Linus said.

I found a fake "Linus coin" which is funny: https://linuscoin.org/index.html

[Justin_]

As long as this is a CPU/GPU coin I would mine it for at least a few days. Electricity is free so I could lose a few bucks from not mining something profitable, but it can still be a cool thing to do.

[closetcat]

ready to get in on this, what with the markets going pants on head bananas lately, its not like im taking any significant losses, and it will be at least as fun as dogecoin was back in its early days.

[SirGamesalot7]

Quote

 

I dont know a ton about making a crypto, but i do know it needs a dank ass logo. I dont invest in anything unless its got that curb appeal.

[Justin_]

5 minutes ago, GamingRadar101 said:

Another thing.... You need to get into contact with some exchanges as I would gladly convert my BTC and LTC to the LMG coin

I dont think that any legit exchanges (bittrex, Cryptopia, ETC) would be willing to take on a meme coin like this. After hearing about what it is taking for BTCP to get on exchanges as a legit coin I can say that it won't be worth their time.

[vanished]

6 minutes ago, GamingRadar101 said:

Ill buy a few coins, but what about the algorithm? I think that you guys should go with Blake2B because right now there is only 1 coin for that algorithm but there are PLENTY of miners.

 

Miners for that coin: Antminer A3, Baikal Giant B, Obelisk SC1(Pre-Order), and DragonMint B52(Pre-Order)

 

So ya... The LMG coin could benefit from an algorithm that only has 1 coin in it so far but 4 different high end miners are joining the race.

 

The algorithm is GPU and Asic mine able but it also depends on the difficulty for profitability... lol

They probably want something people can do on their existing gaming computers, but I'm sure they also don't want to contribute to the issue of people depleting hardware reserves to be used for mining, leaving gamers with nothing.  Then again I can't imagine there would be much demand for this so that probably wouldn't be an issue

[johndms]

[Arika]

i have a question. Can we not?

[porina]

I think the biggest question is, what is the goal of this coin? Beyond just existing... a decision needs to be made early on if it will have some financial value or not, as I hate to imagine what the tax and regulation implications are if it is used in that way. 

 

It was some time ago, Ars Technica created their own coin as a learning exercise. They tightly controlled it as they specifically didn't want it to run forever, beyond the time it took for them and regular visitors to try it out and see how it worked, before they killed it. I think it unlocked some forum or similar badge. So maybe that's a similar model that could be used. No particular cash value as such, but may be used to gain a forum bade or other minor perks. Without ongoing uses for it to feed, interest will likely be ever present but never at a high level.

[Princess Luna]

Oh I hope it's GPU mining based I might mine it for fun [:

where can we have more information towards it?

[sikari2015]