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Riecoin: A Cryptocurrency With a Scientific Proof of Work
An anonymous reader writes "Enter decentralized, open source mining with the first scientific proof of work. Riecoin is a decentralized (p2p), open source digital currency. Proof of work is about finding Hardy-Littlewood k-tuples. Ultimately miners are verifying the Riemann hypothesis. Unlike for Primecoin the probability of accepting a false positive goes to zero as the network grows. Primecoin uses Fermat Test which runs the risk of accepting so called Carmichael numbers. Riecoin uses a stronger test to ensure correctness."
What we're really going to need, and soon, is a program to know what all these *coin currencies are, and maybe some exchanges to change your Xcoins to Ycoins to dollars. Maybe even a consumer report on the issue: "We recommend avoiding FraudCoin as a poor value."
https://www.cryptocoincharts.i...
To be honest though FraudCoin was kind of a dead give away just by the name.
I neglected to mention one important step:
... And THAT makes the price come back down toward the "intrinsic value", because of supply and demand.
"... more people will start producing them because there's good profit to be had."
And this is only true because of Bitcoin's dual nature: it is not just a currency, like fiat dollars, but also a commodity that can be produced at home.
Which is why I say the market for Bitcoin is completely irrational. There is no economic reason for it to bounce all over the place. Investors are being stupid.
Look up CureCoin.
Go read just about any current textbook on microeconomics. Then get back to me.