On Mon, Oct 14, 2013 at 2:08 PM, Adam Back <a...@cypherspace.org> wrote: > Its a live beta, meaning real value, real contracts. But we dont want it to > be an alt-coin with a floating value exactly, we want it to be bitcoin, but > the bleeding edge bitcoin so we want to respect the 21 million coin limit, > and allow coins to move between bitcoin and betacoin with some necessary > security related restrictions. > > There is no mining reward on the betacoin network (can be merge mined for > security), and the way you opt to move a bitcoin into the betacoin network > is to mark it as transferred in some UTXO recognized way. It cant be > reanimated, its dead. (eg spend to a specific recognized invalid address on > the bitcoin network). In this way its not really a destruction, but a move, > moving the coin from bitcoin to betacoin network. > > This respects the 21 million coin cap, and avoids betacoin bugs flowing back > and affecting bitcoin security or value-store properties. Users may buy or > swap betacoin for bitcoin to facilitate moving money back from betacoin to > bitcoin. However that is market priced so the bitcoin network is security > insulated from beta. A significant security bug in beta would cause a > market freeze, until it is rectified.
Quite a neat idea... > - it avoids mindshare dilution if alternatively an alt-coin with a hit > missing feature takes off; FWIW, litecoin devs are open to having litecoin be a bit of a staging area for new bitcoin features. Obviously there is some self-interest there -- "we have new cool stuff first!" -- nevertheless, it is a live test that could demonstrate problems with new features before they land in bitcoin-stable. -- Jeff Garzik Senior Software Engineer and open source evangelist BitPay, Inc. https://bitpay.com/ ------------------------------------------------------------------------------ October Webinars: Code for Performance Free Intel webinars can help you accelerate application performance. Explore tips for MPI, OpenMP, advanced profiling, and more. Get the most from the latest Intel processors and coprocessors. See abstracts and register > http://pubads.g.doubleclick.net/gampad/clk?id=60134071&iu=/4140/ostg.clktrk _______________________________________________ Bitcoin-development mailing list Bitcoin-development@lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/bitcoin-development
