Topic: A foundation with 80% of the coins can never work. (Read 4867 times)

Freicoin is the pushing forward.

Did someone say Solidcoin?

I thought I felt a disturbance in the hash fabric of the universe! 

Well, sorry if my tone sounded arrogant to you or something. I want to stress that this is only for the initial issuing. You may think that more people will use it if it's issued in a 100% p2p fashion, but we disagree and want to find out if it's possible to distribute it in a less wasteful manner that is reasonable for the user base. My point is that many potential users don't precisely see mining as a legit way to issue the initial base. In that sense, we may be able to get people on board of the cryptocurrency ship that would otherwise be hesitant to use bitcoin. At least, this is our hope.

Many other complementary/alternative currencies have been issued through charities. We believe that this form of issuance will have more acceptance in the "complementary currencies movement", for example.

Ecologists usually see mining as wasteful in resources. While explaining them that it was necessary to maintain the network security, we realized that it wasn't necessary to issue the full base through mining. It was just Satoshi's design choice to make the issuance 100% p2p.

Other people argued that issuing it through miners was unfairly favorable to them and make the currency look like a ponzi scheme. While explaining that costs tend to equal expenditures and therefore profits tend to zero in the mining free market, we realized that this would be probably false for the initial inflationary period and/or the system as a whole would be "overpaying for security".

Finally, I think "we're giving away 80 millions" can be a useful and appealing sentence for charity organizations, free culture producers or just curious people that don't know anything about bitcoin or freicoin and may want to know more after reading that.

Of course, we may be wrong, but I definitely think that it is worth trying.
In less than 3 years we will know if this was a good idea or we should have just created a bitcoin with demurrage, giving all the issued coins to miners.

To be honest, I feel like being educate and someone "know better than the uninformed" is "doing good to me" when you say things above. A feeling of "supervised democracy"

We think the currency has more chances to take off with the foundation than without it. Freicoin will be completely p2p in the long term, only the initial distribution isn't decentralized.
Why do we think that? Well, ask any community/local currencies advocate about bitcoin miners. Ask your grandmother what she thinks about GPGPU mining compared to giving grants to charity projects. Ask the permaculture community what they think about electricity expenses as a mean to "distribute the initial supply in a p2p fashion". It turns out that not everybody has strict p2p-ness from the beginning as a first priority.

I hope this helps.

Demurrage is concept worth trying, why not give a pure demurrage version without the foundation? Why mix an unnecessary component ?

I think that promoting a user base beyond the bitcoin community is very important so the message that goes out must be carefully crafted and it must help generate trust from the get go... doing as a mass promotion not really effective I think but this is a good idea and should be discussed on the Freicoin board as well. http://www.freicoin.org/project-development-f13.html

Good ideas! You have to be careful it isn't spam though but I think agressively raising awareness of FRC is a good strategy and something which the other coins don't do so much.

FRC has a large loyal following and a foundation which in one sense puts it far ahead of the other alt coins - I just hope you guys get it right  

I can help with any of this (online marketing, promotions, press releases, web design etc) check my signature.

All pay is in BTC or LTC  

You know people can have any number of accounts on these services you've named, right?
p2p identification is an unsolved problem (probably unsolvable), but if you solve it, please, let me know: I'm really interested. There's more use cases besides distributing the initial monetary base of a new currency.

ElectricMucus


Unignore Never.
   

This user is currently ignored.

Now what was everyone saying just now?

Sorry, I missed your post.

http://www.freicoin.org/demurrage-should-it-all-go-to-miners-t20.html
http://www.freicoin.org/issuing-the-full-base-at-launch-t58-20.html

It's been in discussion for over a year. I didn't like the idea at first and was a bit of a jerk about it, myself.



So I can understand where the forum is coming from in that respect.

Since then I've changed my mind. But I understand how negative emotions are the first thing that comes up when confronted with this idea. A little thinking about the network effects of giving the coins to people who didn't mine it changed my mind. This could be just what we need if we do it properly.

Oh thats relieving.. I thought that the yellow ignore button indicates that the user had put me on ignore mode
I keep seeing it everywhere and i was sad 

As you can see, hanzac, you can't be a real person in ElectricMucus's mind because you rephrased his bad question into being a fair one. Therefore, you must be me, right? Nobody else could possibly find ElectricMucus to be irritating or obnoxious, otherwise he would have a yellow ignore link. If he had a yellow ignore link it would indicate he is one of the most ignored people on the forum and we're wasting our time reading his messages. But ElectricMucus doesn't have a yellow ignore link.  

galambo won't answer me because he is scared that the answer will not involve sock-puppets.


It's not supposed to be fair, deal with it!
say it.

Good question, hanzac.

I'd like to remind you that in the original Satoshi bitcoin client code the mining reward is called a "subsidy" for a very good reason. It is a political design decision to give the miners all of the coins and not an integral part of Bitcoin. As we've discovered, this design decision leads to an insular community of computer hobbyists with private supercomputers to be the only ones who value or use the coin. So, currently, the Bitcoin is not in the hands of users or the massive public, but instead its in the hands of speculators, gamblers, and miners.

To solve this problem we're going to try to allocate a large number of the initially mined coins to non-technical people who are productive in fields other than computers and electronics. These people exist and if cryptocurrencies are meant to succeed in the long run these types of people will need to be given something to encourage them to participate in the system. Eventually the gifted coins will slip from their fingers to be remined, just like any other Freicoins that will exists. I hope you understand and appreciate the design of Freicoin.

I think you should ask "why do you think that the foundation would do something more helpful than some other investors/users or massive public"? If they don't do anything, in what hand they can get the fortune? God bless? 

Are you so clueless that you cannot answer a simple question?
Why do you think that the foundation would distribute the coins fairly?

wait, are you part of the foundation?

based on the way you talk to people this coin will never work with or without the 80% as long as realsolid... i mean you are involved

Why do you think that the foundation would distribute the coins fairly?