Beta
×

Welcome to the Slashdot Beta site -- learn more here. Use the link in the footer or click here to return to the Classic version of Slashdot.

Thank you!

Before you choose to head back to the Classic look of the site, we'd appreciate it if you share your thoughts on the Beta; your feedback is what drives our ongoing development.

Beta is different and we value you taking the time to try it out. Please take a look at the changes we've made in Beta and  learn more about it. Thanks for reading, and for making the site better!

How To Create Your Own Cryptocurrency

Soulskill posted about 7 months ago | from the apply-now-for-your-15-seconds-of-internet-fame dept.

Bitcoin 203

mspohr writes "Since the code for Bitcoin is open source, we have seen the creation of various Bitcoin clones and enhancements (Litecoin, Dogecoin or Coinye West, anyone?... There are about 70 listed on this site.) This article explains the process of making your own. Thanks to Matt Corallo, a veteran Bitcoin developer, you can easily create your own at coingen.io. He has automated the process of modifying the source code to create custom currencies. Just enter in the name for your new currency, a logo image and set a few parameters (or accept the defaults), and you can have your own cryptocurrency. Source code and some customizations cost a bit extra. Once you have your own 'coin,' you just need to convince people that it is worth something."

cancel ×

203 comments

Sorry! There are no comments related to the filter you selected.

There's one born every minute. (5, Insightful)

Animats (122034) | about 7 months ago | (#45892593)

As I noted on Bitcontalk to someone who bought Bitcoins for over $1000 each, "Great! We need suckers like you to keep this thing going!".

Re:There's one born every minute. (5, Funny)

davidhoude (1868300) | about 7 months ago | (#45892601)

I'm no sucker. I only buy coins named after celebrities.

Re:There's one born every minute. (0)

hguorbray (967940) | about 7 months ago | (#45892711)

reminds me of large scale IT projects I used to do at HP in the '90s/00s

'Do we have a cool name and T-Shirt for the project?'

was often the most important question

-I'm just sayin'

Re:There's one born every minute. (1, Offtopic)

noh8rz10 (2716597) | about 7 months ago | (#45892827)

Ice Cream Coin

Re:There's one born every minute. (0)

Cryacin (657549) | about 7 months ago | (#45893521)

You can create your own currency at will! You don't need bit coins, you just need to print a stack of bills. Marketing groups do it all the time, frequent flyer miles have been doing it for years. At the end of the day, your currency/cryptocurrency/method of using clamshells for trade's value is still in the eye of the seller.

Re:There's one born every minute. (2)

fuzzyfuzzyfungus (1223518) | about 7 months ago | (#45893675)

While such corporate scrip is almost invariably structured to feel more valuable than it in fact is (through a variety of expiration schemes, redemption limitations, odd allocation blocks that make getting worthwhile rewards require atypically heavy purchasing, limitations or outright restriction of transfer between customers, etc.) they really behave rather differently from currencies: They are directly pegged by the issuer to given values in a good or goods, and are frequently not transferable between 3rd parties, only 'earned' and 'redeemed' from the issuer.

Currencies, by contrast, tend not to be pegged to much (and even if they are some gold-bug special, they are pegged to a less-printable thing valued mostly as a medium of exchange and storage, not to a good or service) and are explicitly intended for transfer between third parties, with the issuer using them for seignorage and taxation but otherwise just replacing physical bills and coins as they wear out.

Re:There's one born every minute. (1, Informative)

bob_super (3391281) | about 7 months ago | (#45892905)

50 shades of Coin, or 50 Coins of Gray?

because another worthless piece of data pushed by an exceptionally successful marketing campaign should be the reference.

Re:There's one born every minute. (1)

flappinbooger (574405) | about 7 months ago | (#45893337)

50 shades of Coin, or 50 Coins of Gray?

because another worthless piece of data pushed by an exceptionally successful marketing campaign should be the reference.

where's the slashcoin?

Re:There's one born every minute. (1)

VortexCortex (1117377) | about 7 months ago | (#45893491)

where's the slashcoin?

In the couch of parents' basements everywhere.

Re:There's one born every minute. (1)

ShaunC (203807) | about 7 months ago | (#45893609)

where's the slashcoin?

I think they're called dice instead of coin, but it's a gamble either way.

Re:There's one born every minute. (2)

cold fjord (826450) | about 7 months ago | (#45892799)

I'm no sucker. I only buy coins named after celebrities.

Are coins named after celebrity twins worth double or half?

Re:There's one born every minute. (2)

slater86 (1154729) | about 7 months ago | (#45893269)

I'm no sucker. I only buy coins named after celebrities.

Like 50 Cent?

Is he really a "sucker"? (2, Funny)

Anonymous Coward | about 7 months ago | (#45892755)

What happens when Bitcoin goes over $2000? Or what happens when it goes over $50,000? Or what happens when it goes over $200,000? And what if that all happens within the next year?

That "sucker" you were referring to could very well be a very astute investor.

Until sufficient time has passed, you won't know for sure the long-term value of that investment. While it could be a very poor one, it could also turn out to be a very, very lucrative one. Only time will tell, my friend. Only time will tell.

Re:Is he really a "sucker"? (4, Informative)

PvtVoid (1252388) | about 7 months ago | (#45892933)

What happens when Bitcoin goes over $2000? Or what happens when it goes over $50,000? Or what happens when it goes over $200,000? [...] Only time will tell, my friend. Only time will tell.

Good luck with that. [arxiv.org]

Errors in Paper (4, Insightful)

DanielRavenNest (107550) | about 7 months ago | (#45893181)

I found mutiple errors in the first paragraph of the paper. That does not engender trust in the quality of the authors work. The first paragraph of the paper states:

> Every four years the number of bitcoins created is scheduled to be cut in half until 2040

The correct date is approximately 2140 AD. The reward per block started at 50 BTC and is cut in half every 210,000 blocks, which nominally takes about 4 years. After ~130 years you have done 33 halvings, so the reward is 50 / (2^33) = 0.58 Satoshi, where 100 million Satoshi = 1 bitcoin. Since the smallest unit in the bitcoin transaction system is 1 Satoshi, the reward becomes too small to measure, and thus mining for new coins stops.

> Mining is done by volunteers who operate servers running bitcoin software.

Three errors in one sentence. Most miners do it for income, not volunteering. They earn a share of the block reward by participating in mining pools. They don't use servers, they used to use graphics cards until that became too difficult, and now mostly use custom hardware (ASICs). Neither are servers in the client-server sense, they are nodes in a peer-to-peer network, because they have to receive new transactions and send completed blocks to the other nodes. Miners generally don't run "bitcoind", the default client, or other wallet software. They run custom mining software for the kind of mining hardware they use.

Re:Errors in Paper (0)

Anonymous Coward | about 7 months ago | (#45893333)

Most miners do it for income, not volunteering. They earn a share of the block reward by participating in mining pools. They don't use servers, they used to use graphics cards until that became too difficult, and now mostly use custom hardware (ASICs). Neither are servers in the client-server sense, they are nodes in a peer-to-peer network, because they have to receive new transactions and send completed blocks to the other nodes.

The miner is volunteering to add nodes to the bitcoin network. No one is requiring it, there is no central authority saying MINE NOW. Just like bittorrent nodes are users volunteering their resources. Servers have 16x PCI-E slots too, and usually multiple slots so you can load up multiple graphics cards in a 4u server. Also power is free (as in beer) in a datacenter. Techincally each node is a client and a server. The client connects to other servers and exchange data. The server listens for connections and initiate the handshaking connection. The client makes an outbound connection and initiates a handshaking connection. I can run an http server on two systems and turn them into a peer to peer network, however one client (say written in PHP or Perl) has make an outbound http call to another http server running software to accept the connection.

Three flaws in one paragraph, your comment has been ignored

Re:Errors in Paper (0)

Anonymous Coward | about 7 months ago | (#45893339)

When you I read defensive bitcoiner statements on forums, I always imagine in their head, this song plays and drives them:

I want money, lots and lots of money
I want the pie in the sky
I want money, lots and lots of money
So don't be asking me why

I wanna be rich, ohh
I wanna be rich, ohh
I wanna be rich, ohh

Calloway - I Wanna Be Rich Lyrics

Re:Is he really a "sucker"? (3, Insightful)

z0idberg (888892) | about 7 months ago | (#45893187)

Which part of that suggests that GPs $1000 "sucker" can't make a short-term profit and get out by selling at the right time?

An investor who bought in at $500 and sold at $1000 isn't a sucker and it isn't necessarily dumb luck either. You don't have to believe in the underlying principles or long term prospects of a company/stock/currency/anything to be able to make a quick buck off it off the back of short term investor behavior or market conditions.

Re:Is he really a "sucker"? (5, Insightful)

tftp (111690) | about 7 months ago | (#45893587)

That is very true. A wise speculator can make money on any asset, as long as the asset's price is moving. It was tulip bulbs, and it was shares, and it was metals, and it was houses... and now it is just long numbers.

It's just important to note that being money and being an object of speculation are two goals that are diametrically opposite. So far BTC is an excellent object of speculation - and the better it becomes at that, the less attractive it becomes as money. The BTC picked the speculation route, and as result it is now a bubble. "Buy now, the prices are guaranteed to grow into millions per coin, the prococol is designed for that!"

Re:Is he really a "sucker"? (0)

Anonymous Coward | about 7 months ago | (#45893199)

Wow. What utter tripe that so called paper is.

Re:Is he really a "sucker"? (2)

SuricouRaven (1897204) | about 7 months ago | (#45893215)

Bitcoin has many huge flaws as a currency, as the paper points out. I can see it finding a niche as a payment service for those distrustful of conventional finance. That's quite a lot of people right now.

Re:Is he really a "sucker"? (1)

flappinbooger (574405) | about 7 months ago | (#45893371)

Bitcoin seems to be not a whole LOT more than a novelty* in the US but people in non-USA countries are using it for money and protection of wealth. That's what driving the dollar exchange rate up.

And, at $1000 a bitcoin, or $50000 per coin, I imagine people won't be buying whole "coins" but fractional amounts.

*aside from silk road equivalents.

Re:Is he really a "sucker"? (1)

Luckyo (1726890) | about 7 months ago | (#45893141)

"Long term value" usually means over several years. Not what happens in a year.

Re:Is he really a "sucker"? (0)

Anonymous Coward | about 7 months ago | (#45893153)

That "sucker" you were referring to could very well be a very lucky gambler.

FTFY

Re: Is he really a "sucker"? (0)

Anonymous Coward | about 7 months ago | (#45893177)

Or, is he really sucker if he already spent it, and VISA skimmed 0% of that commerce?

Re:Is he really a "sucker"? (0)

Anonymous Coward | about 7 months ago | (#45893221)

> That "sucker" you were referring to could very well be a very astute investor.

You mean a lucky gambler. There's no rational basis for predicting the success of a fictional currency. All currencies fail and most fiat currencies fail quicker than proxies.

Re:Is he really a "sucker"? (0)

Anonymous Coward | about 7 months ago | (#45893313)

So you believe bitcoin will hit $200,000 this year? Are you serious or just trolling?

Re:Is he really a "sucker"? (4, Funny)

Applehu Akbar (2968043) | about 7 months ago | (#45893405)

When Bitcoin goes over $2000 yes, you'll be able to buy any tulip bulb you want.

Re:Is he really a "sucker"? (0)

Anonymous Coward | about 7 months ago | (#45893537)

What happens when Bitcoin goes over $2000? Or what happens when it goes over $50,000? Or what happens when it goes over $200,000?

What happens when the rate spikes is that speculators sell coins and run off with the cash, which causes the exchange rate to fall, and reduces the liquidity in the market as well. To prevent a "run" on an exchange, they set hard limits on how much real cash you can take out of the market within a certain timespan. Usually this limit will fluctuate based on how much real cash the exchange has available, the volume of trading, and whether the trend is to buy in or cash out.

So when the value hits $200k, a ton of people are going to try and dump their coins, which will make the value plummet. If it falls far enough and/or if confidence in the coin evaporates, this trend will continue until the exchanges either run out of cash assets, or decide to take whatever cash they have left and disappear in the middle of the night like those guys over in China did. Pro-Coin fanboys will try to claim that as the value decreases people will stop selling, and this might be true, but it's far more likely to trigger a panic where everyone sells as much as they can, as fast as they can, until it's worth so little it's not worth the time spent trying to cash them any more.

Re:There's one born every minute. (-1)

Anonymous Coward | about 7 months ago | (#45892785)

BTC was well over 1000 earlier today but has since dropped back a little. I'm not sure your guy did so bad. The price always seems to recover to new highs if you just wait a bit.

Re:There's one born every minute. (0)

ClintJCL (264898) | about 7 months ago | (#45892983)

Be that as it may, there's not been a time when investing in bitcoin wouldn't beat the stock market over the course of any given 2 year peroid.

Re:There's one born every minute. (1)

Oligonicella (659917) | about 7 months ago | (#45893063)

I'd have to suspect you're cherry-picking the stocks. Got any hard information on that?

Re:There's one born every minute. (1)

ClintJCL (264898) | about 7 months ago | (#45893111)

I'm cherry picking the moment of the year, but for any 2 year combo since inception, I think I'm right.

What, you think I conduct a study and write up an abstract to leave a slashdot comment? Bitcoins were 8 cents. Now they're $920 or so. The stock market certainly didn't beat it since inception, regardless of cherry picked intervals.

Anyone whining that it's a bad investment just comes off as sour grapes. If I'd put $100 in back when I thought it was a cool thing, I could have paid off my house last year.

Re:There's one born every minute. (2)

buchner.johannes (1139593) | about 7 months ago | (#45893039)

Lets ignore the point of the website -- creating similar source codes from a template -- for a moment.

The *business model of this website* is interesting. Could it be the future of revenue for developers? You set up your Software as a Service, and ask for payment in a quick and painless form (BitCoin, or what Mozilla tries to do with WebPayment). With the rise of electronic currencies that can handle small transactions without friction, is everything going to be online, and commercial?

All these "convert your image to another format" websites that are frontends for ImageMagick, the "video effect" websites, the themes for Facebook websites, promoting posts on Facebook, additional filter effects for Instagram, sounds, game levels, etc.
All these are useless to a poweruser, but neat fun for the average computer user, who could be milked 1 cent per person. There is large money to be made from their large number?

If so, the AGPL is more important than ever.

Re:There's one born every minute. (1)

Filter (6719) | about 7 months ago | (#45893233)

This seems weird to me, why would you bother to do that?

California Gold Rush (1)

Anonymous Coward | about 7 months ago | (#45892621)

The only ones making money are the ones selling the tools.

Re:California Gold Rush (2)

Ralph Wiggam (22354) | about 7 months ago | (#45893505)

No. The people who mined or bought bitcoin more than a year ago have made a shitload of money.

Re:California Gold Rush (1)

PopeRatzo (965947) | about 7 months ago | (#45893577)

So did the guy who bought the winning Lotto ticket last month.

Do you know why all those financial services commercials on the radio and TV always include "past performance is no predictor of future earnings"?

Re:California Gold Rush (1)

Ralph Wiggam (22354) | about 7 months ago | (#45893605)

What does that have to do with anything?

The parent post was "The only ones making money are the ones selling the tools."

Which is contradicted by the 3 people I know who have made tens of thousands of dollars off bitcoin and one friend who's made over $200,000. Like a thousand other financial instruments, the people making money are the ones that got in front of the herd.

Re:California Gold Rush (1)

Algae_94 (2017070) | about 7 months ago | (#45893643)

Since you want to be so strict about what the AC originally posted, he also titled his comment "California Gold Rush". I find it hard to believe you know 3 people that were involved in the California Gold Rush, and even harder to believe that they mined bitcoins during it.

Namecoin (1)

Anonymous Coward | about 7 months ago | (#45892643)

Look into it before all of you scoff at this.

Re:Namecoin (1)

Anonymous Coward | about 7 months ago | (#45892675)

Mine will be peencoin. With a pic of Rob Malda in a gimp suit wanking off his 2-incher.

Re:Namecoin (5, Insightful)

Anonymous Coward | about 7 months ago | (#45892681)

At least that's more visually appealing than the goddamn Slashdot beta site.

Re:Namecoin (0)

Anonymous Coward | about 7 months ago | (#45893607)

or the mobile site.

wait 10 years into the mobile revolution to make a mobile site. when all phones render desktop sites better already. slashdot logic.

Re:Namecoin (1)

psyclone (187154) | about 7 months ago | (#45893645)

The /palm or palm pilot site was the best. (I actually read it on my palm III)

I present DUSHCoin (-1)

Anonymous Coward | about 7 months ago | (#45892657)

Because Dogecoin is so 2013

Version 1 cryptocurrencies... (1)

mlts (1038732) | about 7 months ago | (#45892667)

These new coins are great, but IMHO, these are just version 1.x of the coins.

What would be interesting would be a coin that would combine the obvious market value of eGold, the anonymity of a Chaumian currency, with the popularity of BitCoin. Someone does this, it has a better chance of becoming a currency of choice.

Of course, this would mean that mining and stuff wouldn't be a part of the process, but it would mean that the currency has some real world backing.

Re:Version 1 cryptocurrencies... (1, Insightful)

lgw (121541) | about 7 months ago | (#45892807)

Mining is the same as "transaction authentication". If you have a better idea for incenting people to authenticate transactions without a central server, the world would benefit.

"inciting" (1)

Anonymous Coward | about 7 months ago | (#45892925)

There's no such word as "incenting".

Re:"inciting" (1)

Fluffeh (1273756) | about 7 months ago | (#45893235)

There's no such word as "incenting".

I for one, am incented by your incenting statement about incent!

All (1)

The Cat (19816) | about 7 months ago | (#45892705)

Bitcoin, crowdfunding and all other upstart mechanisms by which small ideas become money-making ideas will be declared illegal soon.

You see, money is only speech if it's being spent by a rich guy. Otherwise, it's contraband.

Re:All (1)

Ralph Wiggam (22354) | about 7 months ago | (#45893529)

I've been hearing for a long time about how the Big Evil Government is going to make all kinds of shit illegal- handguns, bitcoins, encryption. But they keep not doing anything like that.

Have you considered the possibility that you're a paranoid nutball?

Yeah No. (2, Insightful)

Anonymous Coward | about 7 months ago | (#45892729)

Bitcoin. The best pyramid scheme since I can't remember when.

Re:Yeah No. (0)

Anonymous Coward | about 7 months ago | (#45892851)

Oh no it's not. Obamacare is..

Re:Yeah No. (1)

SuricouRaven (1897204) | about 7 months ago | (#45893245)

You need to look up the definition. A pyramid scheme is one in which early investors are paid back using funds collected from later investors - thus the scheme can provide a return only so long as it maintains exponential growth. As exponential growth isn't sustainable, at some point the scheme must collapse and a lot of people lose their investment. Usually the scheme administrator sees this moment coming, packs up all the money a week before and heads off to some country he can safely disappear in.

Re: Yeah No. (0)

Anonymous Coward | about 7 months ago | (#45893555)

I think you need to look up the dedicated itiob as well. A pyramid scheme usually involves selling things and recruiting others to do the same. The only way for any person (other than the top) to make a profit is to recruit more and more people. Hence the widening pyramid.

Tl;dr I think you were thinking of a ponzi scheme

Re:Yeah No. (1)

Anonymous Coward | about 7 months ago | (#45893017)

social security?

Re:Yeah No. (1)

DanielRavenNest (107550) | about 7 months ago | (#45893255)

Unless you consider PayPal and Western Union to be pyramid schemes, then no, neither is the Bitcoin Network. All three are in the business of moving money from one place to another. The Bitcoin Network happens to use it's own internal accounting unit, the "bitcoin" unit, which is transferable once purchased. But if you buy some bitcoin units in the US with dollars, and send them to someone in Poland who exchanges them to Zloty, it looks just like PayPal or Western Union: money goes in one end, money comes out the other. Oh, and the Bitcoin Network is distributed, and the fees are lower than the competition.

So if you think it's a pyramid scheme, what's the false promise that was made? Making lots of money because you were an early adopter or investor is normal for technology business.

Kimcoin? (2)

IonOtter (629215) | about 7 months ago | (#45892739)

Once Kim Dotcom gets that whole mess worked out with the US DOJ, he can make his own cryptocurrency.

And depending on how he ties it to his services, I bet people will use it and/or find it valuable.

Re:Kimcoin? (2)

santiago (42242) | about 7 months ago | (#45893225)

Sure you mean Kim Dotcoin, yes?

Re:Kimcoin? (1)

Ralph Wiggam (22354) | about 7 months ago | (#45893551)

Considering that Mega has bombed so badly that Kim was recently forced to resign as Director, I don't think the demand for his services is large enough to warrant a new currency.

I'm in the process of making a coin! (5, Funny)

chris200x9 (2591231) | about 7 months ago | (#45892761)

I'm in the process of making a coin! I named it HLC or HighlanderCoin, it's halves every 500000 and has an initial block value of 0.000001 HLC. Best part is, there can be only 1!

Re:I'm in the process of making a coin! (1)

R3d M3rcury (871886) | about 7 months ago | (#45892943)

I'm going to make my own currency! With Blackjack! And Hookers!

Re:I'm in the process of making a coin! (0)

Anonymous Coward | about 7 months ago | (#45893117)

you know what, screw the currency!

Re:I'm in the process of making a coin! (0)

Anonymous Coward | about 7 months ago | (#45893539)

and screw the blackjack!

Re:I'm in the process of making a coin! (1)

Anonymous Coward | about 7 months ago | (#45893641)

I'm going to make my own currency! With Blackjack! And Hookers!

you know what, screw the currency!

and screw the blackjack!

then screw the hookers!

It's a nice idea. (2)

gallondr00nk (868673) | about 7 months ago | (#45892787)

I imagine for most people in the future, the point of crypto currency is not to speculate or profit from mining, but to facilitate a sort of cash analogue online. Having a load of different currencies might introduce an element of stability which is lacking in Bitcoin.

It might be interesting to see these new currencies made completely fiat. Mining seems to just waste energy, since the scarcity (unlike say, gold) doesn't actually stabilise the price, as Bitcoin has demonstated.

I imagine the problem then is converting the myriad of cryptocurrencies back into "hard" money.

Re:It's a nice idea. (0)

Anonymous Coward | about 7 months ago | (#45893015)

We already have fiat currencies which act like cash online: USD, EUR, GBP, JPY, CHF, ...

The can all be converted into "hard" money at various online bullion dealerships.

Re:It's a nice idea. (1)

Velex (120469) | about 7 months ago | (#45893167)

The problem it solves as I see it is being able to pay someone else without needing them to be a merchant or needing to send a check or money order in the mail or needing to hit them up at their place and give them some USD.

Paypal attempts to solve the problem, but as we all know here on /. is not to be trusted.

Bit/doge/prime/lite/whatevercoin have almost the same characteristics as gold. Those calling them a pyramid scheme might as well call gold a pyramid scheme. It's not. It's simply a scarce resource with a nearly finite supply.

I'm sure the first man with a gold vein in the back of his cave got accused of starting a pyramid scheme, too, when folks started switching from barter or seashells or what have you to gold.

Getting back on topic, I've been looking into cryptocurrency more lately. I just got my first 500 DOGE (no, it's not worth much of jack shit other than me mucking around and getting familiar with the practical aspects) the other day. Looking around exchanges and the other currencies supported by my mining pool, I found myself scratching my head at the idea that there are SO MANY different cryptocurrencies.

I think what it'll come down to is that a currency that's new will remain worthless because mining is trivial. My 500 DOGE won't even get me an appreciable fraction of a bitcoin. Why? Bitcoins are much, much harder to mine. I suppose it boils down to the question of why we value gold and silver so highly, then copper to an extent, but not aluminium or iron. (Assuming all metalurgical aspects being equal, which they aren't obviously.)

Also one thing that's constantly discussed on dogecoin's freenode channel is that as the price of BTC continues to rise, the price of DOGE declines. What's really happening is that the price of DOGE is remaining steady in terms of USD, but most (all?) exchanges will only exchange BTC or LTC to USD, so if I want to get my penny's worth of DOGE, I'd need to convert to BTC first.

Re:It's a nice idea. (5, Informative)

DanielRavenNest (107550) | about 7 months ago | (#45893375)

> Mining seems to just waste energy,

No, mining is "proof-of-work" to enable reaching consensus on the order of transactions. This is necessary to prevent spending a balance multiple times. Only the first spending event counts. It is done by searching for hard to find hashes for a block of transactions + the hash of the previous block + a random number you insert until you meet the hard-to-meet condition (a low hash value). Using the hash of the previous block as part of the data for the current block puts the blocks in sequence, so you can know the order of transaction events. Attempting to change any block contents, such as altering transaction values or adding another transaction will change the hash, so it no longer matches the value stored in the next block. If you attempt to find a matching hash for your altered block, now the second block will no longer match the value in the third block. You end up having to find hashes for every block after the altered one up to the last one.

By making finding hashes so hard that the entire mining network can only succeed every ten minutes, you force everyone to collaborate on the search, leaving no computing power to generate an alternate history of transactions. The longest chain of blocks had the most work put into it, and thus represents the consensus of events.

If you can figure out another way to ensure digital transaction data isn't altered, great, you can become famous. Nakamoto's big invention is chaining hashes + requiring work to find the hashes, so that altering the data would require even more work. As long as a majority of the network is honest, a hacker can never catch up.

Re:It's a nice idea. (0)

Anonymous Coward | about 7 months ago | (#45893513)

>Mining seems to just waste energy, since the scarcity (unlike say, gold) doesn't actually stabilise the price, as Bitcoin has demonstated.
Gold is rare but is being mined by the hundreds of tons per year. (This could change obviously.) Its price is more stable than bitcoin because it is so much more liquid, with innumerable traders and billions of dollars worth traded a day in physical or paper gold. The big currencies are even more liquid and stable, with over a trillion dollar's worth of volume traded a day.

The more time passes, the more volume bitcoin is used for trade, the less volatile its price will be.

This should be enough (3, Funny)

Xeno-Root (2914175) | about 7 months ago | (#45892805)

To educate people into not using altcoins.

Re:This should be enough (0)

Anonymous Coward | about 7 months ago | (#45893011)

To educate people into not using altcoins.

I'm going to invest more, because I can get first mover advantage over and over again now!

Re:This should be enough (1)

gatfirls (1315141) | about 7 months ago | (#45893033)

If the fact that pretty much every "legitimate business" that has been involved with bitcoin has either gotten royally screwed or has royally screwed its customers hasn't dissuaded them this surely won't.

I wouldn't be surprised if the coin client linked in that article has some trojan.

Lame. (1)

MiKM (752717) | about 7 months ago | (#45892809)

The article is pretty lame. It doesn't describe how to create your own cryptocurrency. It just tells you how to pay some guy to do it for you.

Re:Lame. (0)

Anonymous Coward | about 7 months ago | (#45892893)

The article is pretty lame. It doesn't describe how to create your own cryptocurrency. It just tells you how to pay some guy to do it for you.

That's how you create your own. Don't you understand how capitalism works?

Re:Lame. (0)

Anonymous Coward | about 7 months ago | (#45893131)

It's better than that! The guy running this operation has no clue how to do it; he just pays some genius teenager in a 3rd world country to do it for him.
So you pay someone to pay someone to do it for you. :)

Re:Lame. (4, Informative)

shakezula (842399) | about 7 months ago | (#45893265)

Might I recommend this one instead: http://www.devtome.com/doku.php?id=scrypt_altcoin_cloning_guide [devtome.com] Written by yours truly back in May. Source is no longer on line for the examples (foocoin) but there's so many clones out there, one can use any of them.

open source == costs more? (1)

Obfuscant (592200) | about 7 months ago | (#45892815)

The code is open source but getting the source "costs extra"?

Re:open source == costs more? (2)

Galatamon (1771768) | about 7 months ago | (#45892919)

Bitcoin and its imitators are open source. The web app that the article is about allows one to generate their own altcoin for 0.01 BTC, with the release of the source code for your custom altcoin costing extra. I'm not sure if the licensing of Bitcoin allows you to distribute a derivative without source, but even if it did no one would take it seriously. Even Dogecoin provides source.

Re:open source == costs more? (0)

Anonymous Coward | about 7 months ago | (#45893095)

It's ridiculous to generate source code based on templated parameters. This guy should create one generic altcoin source code, which becomes a custom currency by loading parameters from a JSON file at runtime.

Great (1)

easyTree (1042254) | about 7 months ago | (#45892837)

He has automated the process of modifying the source code to create custom currencies. Just enter in the name for your new currency, a logo image and set a few parameters (or accept the defaults), and you can have your own cryptocurrency.

Crypto-currency kiddies > Script kiddies ?

and now: (1)

king neckbeard (1801738) | about 7 months ago | (#45892859)

Dickcoins in 3...2...1...

Peercoin PPC (0)

Anonymous Coward | about 7 months ago | (#45892903)

There are endless clones and there's a few that actually offer something new. Peercoin was the first to offer a hybrid PoW/PoS system. So many Bitcoin and Peercoin clones, it's ridiculous.

Perfect for Company Scrip (1)

Forever Wondering (2506940) | about 7 months ago | (#45892911)

- Saves on printing costs
- Makes direct deposit easier
- Helps attract trendy brogrammers
- Helps corporate tax avoidance without such plans as "Double Irish Dutch Sandwich"
- The new hot topic in boardrooms

Just in time for my Crowdsourcing Currency! (1)

Idou (572394) | about 7 months ago | (#45892937)

Instead of hashcash, it would use proof-of-work like "cat"aloging lolcat pics. The masses of homeless people would "mine" lolcat pics all day instead of panhandling ("I canz has a coin,man?").

Seriously, though, hashcash needs to be replaced with something more useful. Prime coin seems to be on the right path, but I am sure this area is still way under tapped.

Re:Just in time for my Crowdsourcing Currency! (1)

SuricouRaven (1897204) | about 7 months ago | (#45893267)

It has to be a function which can be verified in much less time than it can be computed. That limits the selection of potentially useful functions.

Re:Just in time for my Crowdsourcing Currency! (1)

Idou (572394) | about 7 months ago | (#45893511)

Yes, I understand that. However, certainly there are more possible functions that meet this verifiability requirement than just meaningless hashing algorithms and Cunningham chain searching algorithms.

Crypto-currency is a technology that taps into the limitless supply of human greed. Surely there is no more noble geek cause than hacking the most destructive force of man to do good.

Euro (1)

pesho (843750) | about 7 months ago | (#45893007)

At the end all these currencies will join the Euro.

"Source code and some customizations cost a bit +" (1)

csumpi (2258986) | about 7 months ago | (#45893049)

Now _THAT_ is how you make the big bucks.

SlashCoin? (1)

Anonymous Coward | about 7 months ago | (#45893091)

You can use your SlashCoin in place of moderation points. Earn money with clever posts!

Joe owes me $1 (1)

kwerle (39371) | about 7 months ago | (#45893097)

Write "Joe owes me $1" on a piece of paper and use it instead of $1.

Done.

Nobody will accept it. Nobody knows who joe is. Nobody knows where the paper has been or why.

Just like all the e-currencies. Just a little more anonymous and transparent.

Re:Joe owes me $1 (1)

Anonymous Coward | about 7 months ago | (#45893543)

Write "Joe owes me $1" on a piece of paper and use it instead of $1.

Done.

Nobody will accept it. Nobody knows who joe is. Nobody knows where the paper has been or why.

The US Mint writes $1 on a piece of cloth and claims that it's valuable for some reason.

I haven't found bank to be very nutritious, nor do they seem to have any real utility. Well, other than tricking some sucker into giving me food in exchange for the worthless paper.

All you need to create a currency is a store that only sells things in exchange for that currency, that's how you get "receive wages as credit at the company store" to work. The US government uses the "pay tax or we'll take your stuff" approach to make US dollars valuable (you need dollars because the government demands it be given them to pay off your tax bill, that's the only reason they're useful).

I don't get it (4, Insightful)

dave562 (969951) | about 7 months ago | (#45893099)

Flame away, but I think the whole trend of digital currencies is stupid. It basically comes down to people tasked their computers with solving math problems. Okay, big deal. Whoopie for those people. Their math problems are not worth anything. The inverse of the old saying, "Nothing of value was lost." fits here. Nothing of value was created.

People want to trade one fiat currency, for another? Okay. What's the point?

Our economic challenge is one of resource scarcity. Coming up with schemes to trade compute time for fiat paper is not doing anyone any good.... With the exception of those few who are fortunate enough to convince some suckers to trade their paper for solutions to complex math problems.

Re:I don't get it (1)

Anonymous Coward | about 7 months ago | (#45893283)

Bitcoin is valuable because of its properties as a payment system. The complex math problems are just the means to achieve the goal.

Re:I don't get it (1)

lister king of smeg (2481612) | about 7 months ago | (#45893631)

you say that as if you think that green papers with pictures of dead people and masonic imagery on them are inherently worth anything. as for the math problems not be worth anything they secure and process the transactions so are of great value to currency.

Diluted legitimacy (3, Interesting)

Okian Warrior (537106) | about 7 months ago | (#45893109)

Well, here's a new section for my "beating down democracy" book.

Suppose you want to discredit crypto-currencies, or at least dilute their effect. What can you do?

You can start a raft of new currencies with sketchy names and origins. Currencies based on celebrities, currencies based on businesses, sports (such as Nascar commemorative plates [ebay.com] - good as gold in many US locations), and even personal currencies!

"We can't stop people from using BitCoin! What can we do?"

"Let's generate alternatives - so many that people won't know which ones to use."

"You mean like software standards?"

"Yes - exactly like software standards."

"Heh. They'll never see that coming..."

Sounds good for some cases (2)

nurb432 (527695) | about 7 months ago | (#45893323)

It sounds like a good idea for some cases, like for custom in-game currencies, and for 'private groups' of people.

cryptocoin marketplace (0)

Anonymous Coward | about 7 months ago | (#45893391)

The viability of traditional currencies exchanged on Forex markets is already marginal to critical. Having a crypto currency, or a hundred normalized to last used price would work. Especially if volume and float were published numbers. Like penny stocks!

JJ

Re:cryptocoin marketplace (0)

Anonymous Coward | about 7 months ago | (#45893451)

Why would you exchange your Bitcoin for USD or GBP if you could get Joe's Crypto?

Load More Comments
Slashdot Login

Need an Account?

Forgot your password?

Submission Text Formatting Tips

We support a small subset of HTML, namely these tags:

  • b
  • i
  • p
  • br
  • a
  • ol
  • ul
  • li
  • dl
  • dt
  • dd
  • em
  • strong
  • tt
  • blockquote
  • div
  • quote
  • ecode

"ecode" can be used for code snippets, for example:

<ecode>    while(1) { do_something(); } </ecode>