Peter R



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LegendaryActivity: 1162Merit: 1007 Re: [ANN] BlackCoin (BC) | on exchanges | PoS | No premine April 16, 2014, 09:59:25 PM #19689 Quote from: bitcoin carpenter on April 16, 2014, 08:49:27 PM I would love to be able to switch freely between the two using blackcoin as my savings and big purchases and dogecoin as my currency for all things digital





With bitcoin side-chains and spin-offs becoming a reality over time, many alt-coin communities will face tough choices in order to survive.



I thought of a "defence" that pro-active cryptocurrency communities could employ to increase their expected life span. Here's how it would work:



There seems to be a lot of support in this thread to work with the DOGE community, right? And it seems many in the DOGE community are interested in PoS due to the problems DOGE will soon encounter when all their coins have been mined. So why not merge both your blockchains?



You essentially create a new network called "blackdoge" where the initial pre-mine is distributed exactly as per the sum of the DOGE and BC unspent outputs (with some agreed upon "peg" between the two currencies to account for market cap differences). People can claim their share of the pre-mine in a trustless and pseudonymous manner using the private keys they already have.



This is very low risk, because for a while all three networks would run simultaneously. So if "blackdoge" fails, holders in either coin lose nothing. However, if blackdoge succeeds, you'd expect to see a collapse in the market price in BC and in DOGE and a sharp rally in Blackdoge. But in that case, people holding DOGE and BC win because they get piggybacked to the new coin for free which automatically has a larger user base.



If the ecomomic majority of DOGE and BC viewed the new ledger as legitimate, then according to the Metcalfe model, Blackdoge should be up to twice as valuable as the combined value of BC and DOGE prior to the merger.



Altcoin wars are here. Successfully merging blockchains with like-minded communities is the way to live to fight another day.

With bitcoin side-chains and spin-offs becoming a reality over time, many alt-coin communities will face tough choices in order to survive.I thought of a "defence" that pro-active cryptocurrency communities could employ to increase their expected life span. Here's how it would work:There seems to be a lot of support in this thread to work with the DOGE community, right? And it seems many in the DOGE community are interested in PoS due to the problems DOGE will soon encounter when all their coins have been mined. So why not merge both your blockchains?You essentially create a new network called "blackdoge" where the initial pre-mine is distributed exactly as per the sum of the DOGE and BC unspent outputs (with some agreed upon "peg" between the two currencies to account for market cap differences). People can claim their share of the pre-mine in a trustless and pseudonymous manner using the private keys they already have.This is very low risk, because for a while all three networks would run simultaneously. So if "blackdoge" fails, holders in either coin lose nothing. However, if blackdoge succeeds, you'd expect to see a collapse in the market price in BC and in DOGE and a sharp rally in Blackdoge. But in that case, people holding DOGE and BC win because they get piggybacked to the new coin for free whichIf the ecomomic majority of DOGE and BC viewed the new ledger as legitimate, then according to the Metcalfe model, Blackdoge should be up to twice as valuable as the combined value of BC and DOGE prior to the merger. Run Bitcoin Unlimited ( www.bitcoinunlimited.info