Topic: 2013-7-10 Rimbit gets seed capital from investor (Read 4921 times)

Thank you.
But on the other hand they have used a total different distribution.
Total other community than Bitcointalk.
I 've no illusions I be rich with my 500 RIM but I like the way they do this.
On Bicointalk this coin was DOA I think but now they have a change to find a niche.

I can answer the "is it good" question. I recently performed an audit of Rimbit's code repository on Github. It is, quite simply, a clone of Novacoin with absolutely no new features. All they've done is tweak a few of the parameters from Novacoin and re-branded it. There is no reason to use Rimbit so far as I can tell.

http://rimbit.com/ is live now!
Nothing here on Bitcoin Forum about this new coin.
Is it good?
I have a little share.

Everything was agreed to but at the last minute the investor pulled out before the funds hit the bank.
As you can imagine, it was devastating as we had spent so much time with legals etc.
Until its in the bank, it never a surety.

The project is still there, but inactive (thats why we took the site down) until we can proceed again.

Interestingly, it has been a good thing as some developments with other online wallets has concreted our concept as extremely viable.

Also, with those recent developments, our concept has not changed at all.

Its an online wallet

Main Website: Nothing is actually stored on that location except a database with basic information
Site 1: Stores part of a users information, accessed via an encrypted URL
Site 2: Stores another part of a users information plus a key to unlock Site 1 information, accessed via an encrypted URL
Site 3: Stores further information with a key to unlock Site 2 plus a key to complete the chain for Site 2:, Site 1 and the Main Website, accessed via an encrypted URL

At any stage, Site 1 can be Site 2 or Site 3 and vice versa, as they rotate their roles with keys changed to express the role changes. All keys are one time usage then discarded.

Instead of a 2 factor security code, it simply sends a SMS requesting Authority to send the transaction (Yes or No) and this is randomly sent by Site 1, 2 or 3 and must be processed by that sending site. Then its all displayed on the main website, which is pulling the information from the other 3 sites, unencrypted and shown to the user. The Main website can be hacked all day and night as it doesnt matter. The 3 sites will not function if there is a break in information or if the information does not correlate with the other 2, as they check each others work request.

The reason we went this route is simply because the system needs to be as secure as possible and for Bitcoin to be used by anyone, even with basic PC skills. It has to remain as easy to use with all the complexity handled by the system and not the user, as in the case of needing to DL authority apps and so on, which if you think about it, your mom, dad, sister, brother, uncle or auntie may not grasp the next procedure with the current online practices.

There is also an APP that comes with the system, not for identification or security, but to carry out another function associated with person to person, physical meeting. Thats another story and will also be a "game changer" APP as well, which we believe will take the number 1 spot for that type of transaction.

Perhaps the time was not right for us to develop the system, but at some time, we will go forward and put it all together and hopefully change the world

If anyone is interested in helping us go ahead with the project, PM me.

[edit]
Overcomes the need for escrow
One more thing. It also overcomes the need for escrow as a sender can place a release restriction on the transaction, which the recipient is fully aware of. For family trade, close friends and trusted individuals, you can set this at Instant transfer. For untrusted/new individuals, this would have a preset time frame which will be lowered with each transaction that is not challenged. Disputes effect both sender or receiver and shown accordingly during the next transactions until a predetermined time and it is then archived.

This will encourage trade, to lower release times and then with disputed trades, it will hopefully ensure clean trades thereafter, to lower those added restrictions. So for the first time trader on the system, unless they know the person, a restriction will be in place, unless authorized by the sender to not do so. Authorized removal on restrictions do not count towards lowering the automatic imposed restrictions. There are some other things added in there to avoid collaboration in lowering restrictions, but it starts to get long winded now

So what happened to all the investor's seed money? And free trips to Thailand for developers and beta testers?

rimbit.com

I'm really getting tired of self-promotional "news" posts.

Can we have a "advertising news" forum? That's where this belongs.

Reported for no link. Also, date is still wrong.

Hmmm....

wait you mean as more people join the mining pool, you find more bitcoins?

lmao how is this any different then using any other mining pool software or p2pool

Date wrong. Should be 2013-07-10.

Also, this Rimbit sounds bollocks.

Thanks for your comment... Opinions matter, whether right or wrong.

Also... Great job on the VM2 shopping cart... 

So why post press releases if you are not actually giving any information?

"We got an investor for an unnamed company doing something unspecified; related to Bitcoin"...sounds like trawling for suckers *investors*.

Unfortunately we cannot be to descriptive if we are to maintain a competitive edge...

And yes, with the seed investment, we will be bringing in some developers into Thailand 

Yes, they have a business plan.
Because the system is different in the way its used, we cant say too much yet

Thanks... Much appreciated 

So what is Rimbit? Your website seems heavy on promises, very light on *any* specifics.

I don't understand what you mean about releasing bitcoins back into the mining pool? Please expand on how this works.

Also what does your slogan mean: "Rimbit - the new Google of Bitcoin"...you are trying to build some kind of Bitcoin search engine...or what?

P.S. Promising Beta Testers that they'll get job offers and free trips to Thailand makes you seem like a bit of a cowboy

I assume you explained this to your investors a bit better

Congrats on your first seed round!

No link?

Rimbit.com is speaking with its first seed investor and its now confirmed that the capital injection is now being finalized with the respective party legal teams.
What this means for Rimbit is that the first Beta version of the system will be ready for public distribution in the 4th quarter of 2013.

Rimbit has taken a slightly different approach to the transfer of Bitcoin by means of a Transaction Engine that has the ability to use current Bitcoin miners and in turn, issue mined Bitcoins back into the mining pool. As a result, current miners, should see an increase of Bitcoins available for mining, some of which are already in existence and put back into the mining pool as a reward for services rendered. However, here is the interesting part, as the transaction engine gets more widely adopted, the results will be that more Bitcoins are released into the mining pool. Its a win win situation for everyone.

Right now, details of the Rimbit Transaction Engine are still under wraps, but the outcome is hoped to change the way Bitcoins are managed and also allows for compliance adaptability around the many countries that are adopting Bitcoin. As the saying goes... Rimbit, the Google of Bitcoins.