1,000 Timekoin Challenge

Discussion of the 1,000 Timekoin bounty competition.
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KnightMB
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1,000 Timekoin Challenge

Post by KnightMB »

This has been going around the group for a while, I figured it would be a good time to discuss it here.

As a way to promote digital currency, it was suggested to put out a "bounty" on a Timekoin collection of a large amount as a way to encourage users to try it, use it, etc.

The suggested figure was 1 thousand timekoins for $1000 USD bounty and the rules would be simply, like no stealing from other users, etc. Basically users could pool together and split the bounty or go out and seek others to help. The amount would be high enough to be of interest to users and help better secure the software as I'm sure it will peak the interest of others to take a further look at the code and poke at it for security holes or bugs.

Feedback is certainly welcome! :)
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koinmaster
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Re: 1,000,000 Timekoin Challenge

Post by koinmaster »

Hey!
Been a while since I posted here, just read this.

I think it is a great idea, I'm already 1/12th of the way there :lol:

But yes in all seriousness I think it is a great idea in that it will certainly propel timekoin into the limelight once the news gets out I am sure.
warmach
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Re: 1,000,000 Timekoin Challenge

Post by warmach »

Who would be fronting the money? Also will there be a list of people not able to participate? Kind of like store employees not able to win a contest?
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KnightMB
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Re: 1,000,000 Timekoin Challenge

Post by KnightMB »

warmach wrote:Who would be fronting the money? Also will there be a list of people not able to participate? Kind of like store employees not able to win a contest?
The Timekoin team would, including myself would set the money aside and front the cash.

Basically anyone who develops Timekoin would not be able to participate, which is a very small list, but would include myself for example. I did write a quick script to scan the entire Timekoin transaction history and about the biggest balance any one person has is about 100k which probably took a year to build up, so no one should come forward as an instant winner. :mrgreen:

We will have to get a "template" of sorts for the bounty, with all the legalese in it about who can participate, rules, what is defined as the winner, etc.

I think overall the rules can be fairly simply and it should certainly be presented as a bounty I believe and not a contest because the winner isn't determined by a drawing.

The bounty will have a "start" date and will basically continue until someone wins, so if it takes months (years? maybe not) to happen, someone will win it. :lol:

It will more than likely start after the v2.0 release here in the near future.
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koinmaster
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Re: 1,000,000 Timekoin Challenge

Post by koinmaster »

I was going to say, what if someone buys a bunch of raspberry pi devices? But if the bounty is only $1k then it would cost more than that in raspberry pis to win, so it should help self-defeat that type of cheesy win. Plus getting a raspberry pi seems to take a month, I am still waiting on mine to arrive.

I give it the thumbs up, it would really draw a lot of attention to Timekoin. I still believe is the best digital currency software I have seen to date and that is no kissing up. :lol:
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KnightMB
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Re: 1,000,000 Timekoin Challenge

Post by KnightMB »

This is an idea floating around, feedback is certainly welcome.

The rules could start off with must use latest version (2.0 in this case when released) and that amount has to be generated after the start date of when it begins (whenever it turns out to be), but maybe only 3/4 of the amount needs to be generated, the other 1/4 could be bartered from other users for example (be it a split of bounty money or what-not). That way if someone has some large stash laying around, they can use it get a head start on others or barter it to others that need it to complete their 1 million total in exchange for some part of the bounty?
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koinmaster
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Re: 1,000,000 Timekoin Challenge

Post by koinmaster »

Would people complain that John Bloe gave/sold his Timekoins to "Generating Group Zeta" and not to "Zombie Eater Alpha" ?

If you open up part of the bounty to being bought, I think some would cry foul of not being fair to others. That would mean someone could have a 250,000 to start before anyone else and it's a heck of a start. I would say just make it open season on anything, people will figure out something interesting I'm sure. Just as long as you can tell where it comes from, since I imagine a lot of those first contact server operators that have been running 24/7 since last year have a large stash and it would be easy to tell if they sent it to someone else.
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KnightMB
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Re: 1,000,000 Timekoin Challenge

Post by KnightMB »

Yeah, I have a list of all the public keys (not private), so it's easy to check the history before / after the bounty begins for those server operators. All of them so far are on board for the bounty and agree not to interfere or participate. Everyone is interested to see what happens.

So if someone comes out of the woodwork with 100k, it should be up to them what to do I take it?
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koinmaster
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Re: 1,000,000 Timekoin Challenge

Post by koinmaster »

KnightMB wrote:So if someone comes out of the woodwork with 100k, it should be up to them what to do I take it?
Certainly because if you don't, someone will just fire up Timekoin for 5 years and claim the prize after they generate a million. You will not have learned anything.

Unless there is "incentive" to cheat, no one will try. So if someone else thinks that I have an advantage because I have a 60k head start for example, they will go looking for ways to defeat the system to beat me. That is the only way to really learn where any hidden issues are is to encourage people to find them by being unfair.

I do understand keeping the first contact operators out, they don't want to be big hacking targets if everyone thinks they have a hidden treasure of 100k just sitting on the server waiting for someone to take it. I don't think stealing should count because it does not help anyone if I'm trying to learn how a car security system works for example but someone else just says "go steal it", it's easier.
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KnightMB
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Re: 1,000,000 Timekoin Challenge

Post by KnightMB »

Ok, rough template then.


The Timekoin Team challenges anyone to bring in a 1,000,000 Timekoin Bounty!

The rules of the bounty are short and simple.
  1. Bounty Starts on (date here in the future)
  2. The Public Key that will bring in the bounty must be registered first by sending an E-mail to bounty@timekoin.org with the following information.
    Name or Group: (Can be anonymous if preferred)
    Public Key: (this is where you put all the Timekoins for monitoring, so if some amounts trickle in or some large amount lands in the key that is fine. This will allow anyone a way to trace if the Timekoins come from legitimate sources such as trading with other users, generation, hacks, bugs, etc. to keep competition fairness)
  3. The only way to reach the goal that is not allowed is stealing from other users (steal balances, keys through hacking other computers and not the Timekoin software specifically) or receiving any amount of Timekoins from First Contact server operators
  4. Everything else is up in the air, be in some unknown hack or bug in the software or just brute force generation.
  5. The reward is $1000.00 USD
  6. Payment is made after the Timekoin Team can verify that the winner's key does have at least a 1,000,000 balance and this amount can be successfully transferred to designated Timekoin Team member via any public key address desired for proof.
  7. All best efforts to pay winner will be in whatever form is desired (check, cash, paypal, bitcoin?)
  8. The bounty is collected by exchanging the 1,000,000 balance for the $1000.00 bounty amount.
  9. Anyone can donate $$ to increase the bounty amount, perhaps make a paypal donation link or something.
Feedback certainly welcome!
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