/drg/ Digital Reichsmark General - a decentralized digital ethnocurrency

ITT we discuss and develop a decentralized digital ethnocentric cryptocurrency.

Things accomplished so far:

1. Name is the Reichskoin with ISO-style currency code XRK 2. Logo is pic related 3. Decided to fork Monero codebase with minor tweaks (e.g. changing the inflation rate) and start a new blockchain from scratch 4. Decided not to pre-mine coins or have an initial coin offering, and to avoid setting up a real world foundation of namefags to control this thing 5. Set up a Discord room Xftnx6p for ongoing discussion Things to do:

1. Keep the dream alive by creating follow ups to this thread to maintain interest (we will need anons running nodes/miners once the tools are set up)
2. Decide on monetary policy issues like inflation rate 3. Develop tools that make it easy for anons to set up a node/miner/wallet from information provided in this thread (e.g. pastebin link to script, list of seeds nodes to connect to in a post) 4. Have a fair launch (no namefags, no pre-mine, no profit to namefags from initial coin offering)

Past threads:

UPDATE 1/3

(1) The Monero source code hardcodes an initial limit to the money supply (basically the largest possible native integer on a 64-bit CPU): 2^64 - 1 = 18,446,744,073,709,551,615. I don’t think there’s any reason to change this number since it’s just the largest possible number.

(2) This amount is in terms of an atomic unit that can’t be subdivided further (e.g. what a penny is to a dollar). The source code defines 1,000,000,000,000 as making up one coin (i.e. one Reichskoin). We should think of a name for this atomic subunit too. Bitcoin is subdivided into satoshis (named after the creator). We can name it something like “kek” (then we can tip “keks” to each other), or something else (need to discuss and decide).

UPDATE 2/3

(3) Coins are awarded to miners during an initial phase for each block they mine at a rate that smoothly decreases to 0.3 coins per block (a new block is generated every two minutes). After the entire initial supply is mined (this will take around 10-20 years), then it continues at this rate forever (0.3 coins per block). This means that there is actually no limit to the number of coins that can ever be mined which is good if we want this to be used as a currency and not a store of value like Bitcoin. But at the same time we don’t want the rate of increase to be too high, otherwise we get hyperinflation making the coins worthless as a currency (the coin would devalue relative to real world goods/services too fast). This rate of inflation (or tail emission) is what the user from the previous thread was talking about adjusting. The 0.3 coins per block tail emission rate translates to an inflation rate (after the initial money supply of 2^64 - 1 is mined) of around 0.8% in the first year and decreases to 0.4% after one hundred years. Compare this to the Federal Reserve target inflation rate for the US dollar of 2%. We need to discuss and decide on the inflation rate in advance. It would be possible to change it after launching the coin, but it would require everyone to agree or else we’ll end up with a hardfork situation like Bitcoin vs. Bitcoin Cash which is not ideal.

(4) If we don’t tweak any of the default parameters in the Monero codebase (like the inflation rate), then it will actually be very easy to set everything up and we can get this up and running very soon.

UPDATE 3/3

(5) The key thing is we will need anons who will volunteer to run seed nodes (nodes mine blocks and confirm transactions, and seed nodes are a list of nodes that every other node knows about and connects to initially). The seed nodes will need public IP addresses that will be published in this thread, but a VPN can also be used to hide the true IP of the computer that’s acting as a node. In principle, the list of seed nodes can change over time, but we want a reliable and stable list that doesn’t change too quickly. It may also be possible to set up nodes as Tor hidden services with an anonymous .onion address.

(6) One user has proposed that we speed up the rate at which coins are awarded to miners, so that rather than taking 10-20 years to award the approximately 18 million initial coins, this would happen in about 1.5 years. This is worth discussing because while on the one hand it would differentiate our coin from other cryptocurrencies, it will also radically change the dynamics of how coins are distributed at the outset.

Lovely. Will be an interesting ride

How do we make sure only whypipo use this coin?

I will join the ride for sure

We can't, nor do we necessarily want to. However, by having this as a focus, a fair launch, and getting the word out on Sup Forums and to interested parties, the mining and direction of this cryptocurrency can be controlled by people in the ethnonationalist movement.

Thanks

Oh, nice pic. Saved

The fall of the rare pepe market foreshadows the downfall of crypto currencies, divest while you still can

Rare pepes can be priced in Reichskoin.

Actually, there could be a rare pepe coin, which could actually guarantees non-duplication of rare pepes. Thanks for derailing this thread.

Bump. There is a lot of discussion happening on the Discord server and we are actively discussing setting everything up and making it easy for anons to participate.

Can confirm. Got some fresh participants so things might speed up a bit

Some anons are proposing the logo of the coin have a fashwave aesthetic.

I'd put $1000 into this

Hahahahahahahahahahahahah

We want to have a fair launch without an initial coin offering, so we aren't selling anything. However, if you are willing to operate a seed node or miner, that would help a lot.

Bump

you can get some "free" by mining after the launch, but it helps to have buyers when the coin goes on exchanges

For a desirable future

when will it be launched?
are we close yet?

I'm willing to put a dedicated mining box with a fixed VPN IP up, even if mining isn't necessarily profitable, just to have a fixed node. As adoption goes up this will likely be less important once mining pools start to show up.

canada OP just has to finish tweaking his monero fork, make or adapt a mining program and make a wallet. Im not a coder like he is so I have no idea how long this process takes; id guess a week or two

how do I help

Same.

the best way you can help is to volunteer a seed node

come on the discord
>XZE5H7y

make a wallet? dont I need to download one that is specifically made for this coin?

yea, I meant to say make a wallet program

I can host the seed nodes on VPSs, and I'll look into making a preconfigured disk image so anyone can start one easily.

By developing a tool that test your DNA and gives you the results within milliseconds, if white transaction will continue.

awesome! cant wait for this all to get started

Bump

> preconfigured disk image

Might be worth making a container for the software instead (or in addition) so that people can run whatever linux flavour they want, but a disk image would be a great start.

Speaking of mining, GPU based miner?

Same

Can we get a quick rundown on mining? I like this concept but I'm not an expert at computers

Also, Jesus Christ there are so many faggot net neutrality shills tonight

Inflation in a cryptocurrency is not the same as inflation in a fiat currency. The inflation is mined by miners, who have a cost basis for each block they mine.

An simple way to think about it is like mining for gold. Gold is inflating every year, but it’s a store of value because it cost money to mine it. The curve of gold inflation is nothing like the curve of bitcoin, where bitcoin halves every certain amount of blocks. Gold remains rather constant and additional gold mining produces more gold. Without gold in the ground, there is no purpose to mine. There would be no miners. The same should be applied to a crypto currency.

So at minimum I would say 2.5% inflation.

I'm not an expert either but these threads will keep coming and others that knows their stuff can answer you. I think OP is off now though. Just expect anothe to be up the same time tomorrow

What would happen if everyone had their own personalcoin?

I’d like to be the first to buy some

It's a monero fork, so almost certainly. I have several 280x that I'll be putting to use.
imho, I'd avoid that, as newbies could screw up easier, and it'd add difficulties when providing technical support. If you're familiar enough with linux that you want to pick your own distro, you should be able to host a simple node. I might make a script at some point if I end up hosting a lot of nodes.
Lookup guides and videos for mining monero, it's pretty easy to do.

Since the point of the XRK is the ethnocentric aspect, would it be worth integrating the blockchain with a patreon-like service? Support creators of /ourcontent/ with XRK. Mine or buy to get the currency for the support.

Or should that simply be a service one layer above the chain? I.e., someone developing a support site like Patreon based on XRK and that's it.

What level of hardware is needed to start mining in the initial phase? Mac desktop?

Monero does pretty good on the desktop, so CPU mining should be ok to start with using anything relatively modern.

I'd put in $100 for fun

Yes and of course I would get a better setup, I am just seeing this for the first time so would have to research the best equipment and shit.

Bump, I'll buy your shutcoin i already cashed all my other crypto

Mining is done through the utilization of CPUs and GPUs. Hashrate may vary, but GPUs mine faster.
When mining, your device does solve some algorithmic puzzle. If it does so, it's rewarded with some coins. The mining difficulty increases when every new block is found, so early involvement is more likely to produce higher rewards.

Mining can be done solo (your device tries to find a new block on its own) or on pools (a group of miners contribute in finding a new block, the rewards are shared based on the hashing contribution of each mining device).

Thanks. If you haven’t already, join the Discord server and let us know there, or keep monitoring these threads, and we’ll provide more information when the tools are ready.

Been a while since mining, are nvidia cards ok for mining now?

As with the other posts, you can research monero guides to work it out. I suggest making a spreadsheet of what potential hardware you would use, and calculate initial cost, power usage, power usage per hashrate (kWH/MH/s), electricity cost per kWH/MH/s, daily/weekly costs, daily/weekly gross & net profit in coins and in fiat, ROI, etc. You can also use an online profitability calculator, but it's easier to compare hardware and change variables on a spreadsheet
Monero is designed to minimize the advantage of gpu over cpu mining. With intel cpus, aes-ni is recommended, as it's basically an accelerator for mining, not sure what the AMD equivalent is.

If you are the user who proposed to write a whitepaper on this issue, it would be helpful if you did that, including analysis as to what effects it would have on the different parties involved: miners, early vs. late adopters, ordinary people using it as a currency, even speculators. Even if we don’t initially implement these changes, if you present a compelling argument and present it to anons in these threads, then we could introduce them later. I think you are raising a very pertinent question, so it would be worthwhile if you could help us have a deeper understanding of it (i.e. will there be a clear benefit given the stated goals for this ethnocentric cryptocurrency?).

Should be .1488 coins per block.

We will start with a fair launch so everyone in the movement has a chance to mine/get in on the ground floor. In terms of being able to buy, that’s something that would happen later once it has traction within the movement.

I'm in. Lovely project I'd love to be a part of.

It would be a service one layer above the chain. The great thing is if we get this cryptocurrency going, lots of things can be built on top of it, like what you proposed.

It's gonna be with no fixed supply like Monero?

Even if you don’t have the best hardware available, since we are using Monero as a base, you’ll be able to use existing Monero pool mining software that lets you join with other miners and share the rewards.

Yes, it’s going to be like Monero.

Oi I like this.