On Fri, 16 May 2014 19:23:43 Matt Giuca wrote:
> The interesting thing about Bitcoin is that the ID of the genesis block is
> hard-coded into the client. Every bitcoin transaction must be verified on a
> chain that goes all the way back to the genesis block, or else it is
> ignored by all the clients.

One would hope that at least some of the client programs would take this as a 
parameter that can be changed.  Usually hoping that programmers do the right 
thing leads to disappointment, but it should be easy to change when source is 
available.

> What that means is that if you take the Bitcoin source code, generate a new
> genesis block, and modify the code to mention your new genesis block
> instead of the official Bitcoin one, you will have effectively created a
> new currency. Anybody who uses your modified client will be dealing in your
> currency, as their blocks will be incompatible with the main Bitcoin
> blocks. I believe this is how many of the alternative cryptocurrencies like
> Dogecoin work -- they are just Bitcoin with a different genesis block.
> 
> (I have never done it though.)

Sounds like fun.

> If you want to make different rules than Bitcoin, like you running the
> central bank, then you'll have some work ahead of you though.

My user base won't have the ability to develop their own bitcoin software in 
the near future, so I can rely on security by obscurity.  ;)

> Another cool looking technology I read about is
> Ethereum<https://www.ethereum.org/>.
> This is a new cryptocurrency based on Bitcoin that is *programmable* --
> every transaction can include code* in a Turing-complete language, which in
> turn lets you build all kinds of things directly in the Ethereum block
> chain, like trust systems, gambling systems, and even microcurrencies. Not
> sure how realistic it is, but certainly fun to think about.

Yes, an interesting concept.  Thanks for the suggestions.

> *Yes, Bitcoin transactions can include code too, but it's much more limited.
> On Fri, May 16, 2014 at 6:51 PM, Russell Coker <russ...@coker.com.au> wrote:
> > I'd like to start my own crypto currency.  What's the easiest way of doing
> > it?
> > I'd like to use an Android phone client for payments if possible,
> > hopefully a
> > FOSS Android app at least.
> > 
> > The total value of currency released will be only a few hundred dollars.
> > 
> > Also I want to run the central bank and be the only issuer of currency.
> > 
> > Any suggestions?  I guess I could just buy half a bitcoin, but it might be
> > more fun to start my own.
> > 
> > --
> > My Main Blog         http://etbe.coker.com.au/
> > My Documents Blog    http://doc.coker.com.au/
> > 
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> > 
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-- 
My Main Blog         http://etbe.coker.com.au/
My Documents Blog    http://doc.coker.com.au/

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