Hull Hell and Happyness

[AtW]

"Hull City Council is “printing its own money” by creating a Bitcoin-like digital currency called HullCoin which it will use to pay people for carrying out voluntary work, tax-free and without loss of benefits "

"Those virtual earnings would not be taxable or affect any existing benefits claims because digital money is not yet treated as traditional currency by HMRC or the Department for Work and Pensions, the council said."

Hull Council 'printing its own money' by paying digital cash for voluntary work - Telegraph

Benefit in Kind surely ...

[SunnyInHades]

Sounds like a bit of jumping on the bandwagon (I hope not naïve). Anyone who understands the process can easily and quickly create a crypto currency using open source software, there are scores of 'em - however most are worthless and considered scumcoins.

"There are many alternative cryptocurrencies to bitcoin out there for trading. Some of them are good, some of them are bad (scumcoins). Most of them had a short life..."

"
THE ORIGINAL CRYPTOCOIN LIST [version 5th January, 2014]

TRUE CRYPTOCURRENCIES
(Widely accepted, huge market cap)
-BTC Bitcoin- First Succesful Crypto, The absolute number one.
-LTC Litecoin- second only to BTC , fast. Mined on GPU(Scrypt).

BIG and IMPORTANT CRYPTO'S
(big market and important innovation)

-PPC PEERCoin- Original Proof Of Stake hybrid coin [innovative, low energy]
-MSC mastercoin- Adds new functions to Bitcoin, operates on a bitcoin blockchain.
-NXT Nxt- Not a clone, 100% new code, 100% PoS .
-NMC Namecoin- Mined While mining BTC, used for alternative p2p domain system

MAJOR ALTERNATIVES
(established, significant market)


-QRK Quark- Mixed hashing, Mined on CPU's. Extremally instamined.
-PTS ProtoShares- Mined on CPU's, generates 10% premine on new relases.
-MEC Megacoin- Well developed clone with good diff algo. 0 starting diff. GPU mined.
-XPM PrimeCoin- mining PrimeCoin helps looking for prime numbers, instead of wasting energy. CPU-mined.
-NVC NovaCoin- scrypt hashing[like LTC], proof of stake [like PPC]
-WDC Worldcoin- LTC clone. 30s blocks. 0 starting diff.
-FTC FeatherCoin- LTC clone with 4x more coins. starting diff 0
-DVC Devcoin- merged mined with BTC, 90% of generation goes to foundation, 10% to miners
-ZET Zetacoin- BTC clone, ASIC-mined.
-IFC infinitecoin- LTC clone with huge reward of 524288 and extreme fast reward drop.


NOTICEABLE ALTERNATIVES
(supported by community)

-TRC Terracoin- Early BTC clone, multiple diff algo problems. seems ok now.
-DOGE Dogecoin- A joke turned into quite big market.
-ANC Anoncoin- a coin with I2P support
-DGC DigitalCoin- LTC clone. 20 sec blocks. 0 starting diff + progresive reward.
-FRC Freicoin- 4.89% anual demurrage. for the first 3 years 80% block subsidy goes to foundation, 20% to miners.
-IXC IxCoin- merged mined with BTC, BTC clone.


OTHER ALTERNATIVES
(promising)

-CL Copperlark- hashing SHA-3. CPU only. Massively premined
-CGB CryptogenicBullion- 0.94% Premined NVC Clone
-MNC Mincoin- LTC clone, started with no binaries and 25000% reward blocks. 0 starting diff
-BQC BBQCoin- forgotten , now revived and active. faster version of LTC.
-GLD Goldcoin- LTC clone. 0 starting diff, 2000% superblocks at start [3.2% instamine]
-I0C I0coin- ixcoin without the premine. died 3 times.After very long time revived again.
-NET NetCoin- fast reward reduction clone.
-BTB BitBar- scarce, PoW + PoS. GPU mined.
-YAC YACoin- Your Alternative Currency. NovaCoin fork, with modified scrypt hashing
-BTE Bytecoin- the 1:1 bitcoin copy.Relaunched.

THE PURGATORY
(many new clones)


-FLO Florin coin- first coin with trasaction comments
-USC UnitedScryptCoin- first Merge-mined scrypt coin.
-BLC Blakecoin- Blake256 hashing - FPGA,CPU and GPU mining.
-TAG TagCoin- just a clone.
-Un Unobtanium- Scarce sha256 Clone.
-TIX Tickets- Instamined, Random reward.
-PXC PhenixCoin- LTC clone. 1'000'000 coins premine
-PyBC Coin- An example coin to show new "Python Blockchain" Library capabilities.
-FRK Franko- LTC clone. fast blocks. 0 starting diff. scarce.
-CAP Bottlecaps- NVC clone, with a 0.25 diff start and quick 9 years inflation
-NBL nibble- LTC clone. progresive starting reward.
-GME Gamecoin- unfinished FTC clone , killed on launch. failed to revive once, and now finaly revived.
-CNC CHNCoin- LTC clone, announced on chinese forum first.0 starting diff
-HBN HoboNickels- Fast NVC clone. Extreme, over 100% ROI. 0 starting diff.
-JKC JKC- LTC clone. 0 starting diff with superblocks, random superblocks.
-FST Fastcoin- LTC clone. 12 sec blocks. 0 starting diff.
-KGC krugercoin- LTC clone. 15 sec blocks. 0 starting diff.
-BTG bitgem- NVC scarce clone. 0 starting diff


-ZCC ZcCoin- Yacoin clone.
-FEC FreeCoin- Yacoin clone.
-MemoryCoin- SHA512 + modified scrypt coin with grands.
-PHS Philosopherstone- NVC Clone with random blocks and in-blockchain messages.
-AMC Americancoin- premined LTC clone with 6.5k-14k blocks giving zero reward
-SPC supercoin- JunkCoin clone. 0 starting diff
-doubloons- LTC clone. 0 starting diff
-LKY LuckyCoin- superblocks at start, random superblocks [JunkCoin clone].
-SPT Spots- smallchange clone, 0 starting diff.
-MEM MEMEcoin- premined LTC clone. 10 sec blocks. 0 starting diff superblocks.
-EZC EzCoin- LTC clone. 0 starting diff and superblocks
-CMC CosmosCoin- NVC fork with no fees and transaction comments
-DMD Diamond- Scarce NVC clone with random reward.
-ARG Argentum- premined LTC clone
-StableCoin- 0 starting diff, died and revived.
-SIC Sifcoin- Uses new hashing, series of SHA-3 candidates, CPU only.
-Ybc Ybcoin- YAC Clone.
-GLX Galaxycoin- Fast NVC clone with constant reward for 8 years.
-NUG Nuggets - premined LTC clone with random superblocks and constant base reward.
-LBW Lebowskis- NVC clone.
-CSC CasinoCoin- LTC clone. 0 starting diff, superblocks at start.
-EGC EagleCoin- LTC clone. 0 starting diff.
-ZTC ZenithCoin-Freicoin based -demurrage +Scrypt. 50% tax for developer.
-ONC Onecoin- a coin that has total supply of 1, Scrypt-jane
-ELP ElephantCoin- LTC Clone with random blocks and in-blockchain messages.0.4% premined.
-GLC GlobalCoin- LTC clone
-CDC Cloudcoin- 1000000 premined NVC clone with random blocks.
-GDC Grand coin- JKC clone
-PYC Paycoin - CosmosCoin clone.

-ADT AndroidsTokens- just a clone.

-CPR Copper Bars- just a clone.
-SAU Sauron Rings- just a clone.
-PLT PlayToken- just a clone.
-BOC BountyCoin- just a clone.
-SRC SecureCoin just a clone.
-TEK TEKcoin- just a clone.
-EXC Extremecoin- just a clone.
-NBCOIN- just a clone.
-DPS DollarPounds- just a clone.
-CRC Craftcoin- just a clone.
-KING KingCoin- just a clone.
-KED + UFC StarTrek insipred coins- just a clone.
-CP2 CPU2coin- just a clone. premined
-ASC AsicCoin- just a clone.
-MAP Maples- just a clone.
-COL Colossuscoin- just a clone.
-ITC ItalyCoin- just a clone.
-MSC Mason Coin- 100% premined. "MSC" ticker is taken by mastercoin.
-LK7 Lucky7Coin- Random reward and 5% RoI.
-BEC BeaoCoin- just a clone.
-PPL PeopleCoin- just a clone.
-XJO Joulecoin- just a clone.
-MMM Mavro- Clone under the name of the worst coin in the history.
-SAV avingCoin- just a clone.
-SHT tulipcoin- Clone combining all bad things on purpose.
-NYM NaanaYaM- just a PPC clone.
-FZ Frozen-
-SEC Secondscoin- mixed hashing clone.
-GRA Grain- random reward clone.
-OSC OpenSourcecoin- premined PoW+PoS clone with messages.
-EAC Earthcoin- random reward clone.

-CENT Pennies- Hidden launch Yacoin clone.
-NEC Neocoin- NVC-like, with messages. Multiple failed relaunches until finaly ok.
-JPC Jupitercoin- Scarce LTC Clone. 0 starting difficulty, 0.27% premined.
-CRM Crimecoin- A little (0.03%) premined LTC clone.
-VLC ValueCoin- 0,75% premined LTC clone
-GRW Growthcoin- Super quickly mined NVC clone, halving every 3 months + 100% RoI! Exponential inflation.
-SYC Skycoin- premined LTC clone
-SXC Sexcoin- JunkCoin clone, overtaken.
-RYC RoyalCoin- starting superblocks LTC clone
-DNC Dragoncoin- smallchange clone, 0 starting diff.
-Emerald- LTC clone. progresive starting reward. scarce.
-NAN NanoTokens- premined LTC clone
-MST MasterCoin- premined LTC clone
-USC UScoin- premined LTC clone
-FEC FerretCoin- LTC clone. 0 starting diff.
-Noirbits- LTC clone
-GIL- premined LTC clone with random reward.
-CDC Cloudcoin- 1000000 premined NVC clone with random blocks.
-RCH RichCoin- premined LTC clone
-XNC XenCoin- premined LTC clone
-REC RealCoin- premined LTC clone
-ALF Alphacoin- LTC clone with 1000000 premined and starting superblocks.
-RED Redcoin- 1000000 premine, random reward, transaction messages.
-One last Coin- premined LTC clone
-ORB Orbitcoin- The most(66%) premined coin since MMMcoin . 0 starting diff.
-Quantumcoin- dead and relaunched clone

"

[original PM]

I think this is slightly different

what they are effectivly saying is that unemployed people will gain 'credits' of some form if they do voluntary work

because they are not officially being paid or taxed it has no impact on their benefits etc...

however it all seems to fall apart becuase at some point some will have to accept these credits in excahnge for real goods and so will be out of pocket.

[AtW]

what they are effectivly saying is that unemployed people will gain 'credits' of some form if they do voluntary work

That's payment in kind for sure - disguised employment also, because the job is either voluntary or it isn't.

[vetran]

interesting idea, but I'm sure the Robbinu will torpedo it sooner or later.

It does at least deal with identifying the people who want to work.

[SunnyInHades]

Looks like Hull are doing a closed 'pre-create' and 'pre-mine' of this currency on a private desktop rig. Anyone reading this forum could do this same on their laptop using open source software.

Now, Hull's master stroke .. by handing a small percentage of 'generated' coins to 'volunteers' and encouraging their use they legitimise the crypto currency so avoiding the 'scumcoin' fate - this could make them virtual multi-millionaires quickly.

Gov pre-mining looks like a recent trend. Greece and Iceland jumped on the band wagon last week ..

Mar 22nd 2014 Greececoin:
"Greececoin will have a total of 32,000,000 coins and it will have a 50% premine so the Citizens and Businesses of
Greece can claim their free coins. The 50% premine will be split into to two accounts of 40% (12,800,000 12.8 million) and 10% (3,200,000 3.2 million)."

Mar 25th Iceland 2014 Aurocoin:
"Next week on the 25th March, all citizens of Iceland will receive a payout. Not from the Government, but from an individual,
distributing coins from his own crypto-currency, to all registrants in the national Icelandic ID database as midnight
strikes that evening."