This thread deals with that topic, and it doesn't look as cut and dried as you make it seem. How many colors should be assigned? How should they be assigned to the different nicks?

Depending on the background color, there can be different number of different colors you'd want to use. If your background is black, you could use 3-green 4-red 8-yellow 9-neon-green 11-sky-blue. But 2-blue would be bad. On the other hand, with a white background, 8/9/11 are bad, but 2 and 12 are good. Other colors start to become marginal, so how to decide when enough is enough.

Should the color be calculated based on the 'nick'? or their address so they stay the same color when they change nick? If the address, which mask should be used? Right now, your example looks like 3 nicks are using green, and a 4th uses a shade of blue that looks almost the same. It took me a while to figure out that bold meant that $1 was someone's nick.