Topic: A foundation with 80% of the coins can never work. - page 2. (Read 4810 times)

I'm starting to get the impression that you are very disturbed by what we are doing. Most replying are just curious, initally negative, or "hating." Thats totally understandable when dealing with a new technology.

But you concern me. Please don't read our threads if you feel this threatened by a computer program.

We not gonna settle for that, anyway. This shit will be brought down one way or the other. And the ones responsible tared and feathered.
I'll be just like Realsolid and BitcoinExpress, can't wait. 

Still waiting for a response to my bold question above ^^

I agree and im with you then only if you have a way to prove that noone ever touches them. Why not release the TF client as the original one? That way all problems solved, and you keep this 7mil you already have. Either way you should distribute those coins to the miners.. but its your decision.. (my address is in my sig lol)

This is becoming ridiculous, you freicoin sockpuppets avoid one simple question:

Why do you think that the foundation would distribute the coins fairly?
You claim that, but besides that there is no indication that this is going to be the case.
Every instance of centralized finance proves otherwise. Think the 50+ percent of btc in the hand of early adopters is bad? Think again, in freicoin it would be much worse.

People recieving the funds would be those who are friends of foundation members, and their friends and so on down the road. The issue is that this is unjustified.
now answer that!

Which requires absolute implicit trust = fail IMHO.  If I trusted the FED to do the right thing I wouldn't need cryptocurrency.  If I trusted PayPal, or eGold I wouldn't need Bitcoin.  A decentralized "solution" which requires implicit trust in a central authority is of dubious value.  You combine all the flaws of central authority with all the overhead of decentralizing the blockchain.

Still that is a little off point I was just clarifying that while all the coins will go to miners "eventually" the half life on that eventually is about 13.5 years.

You are forgetting the point of the foundation, to get rid of it's funds. The bylaws are being created right now, go help and suggest that all coins must be disbursed to end users within 5 years.

Also, the math for 5%/year as a miner subsidy is dead easy at steady state. 100M coins at 5% demurrage (acutally 4.89%) is 4.89 million coins per year, or about 93 coins per block.

Yes, if noone ever touches the foundation funds the miners will eventually end up with it anyways. So, it's really not as much of an issue as everyone makes it out to be.

You do know it is 5% per year right?  So the 80M FRC the foundation has (or will have) will still be ~62M FRC in 5 years, 48M FRC in 10 years.  Yes slowly all funds will be converted via demurage into miner rewards but this isn't something special with the foundation, it applies to all FRC coins held by all wallets, all the time.

Wait a sec, that is good, if noone ever touches the "foundation" funds. If i understood that right, the foundation demuraged funds are back for mining, right? (no? duh, explain)
Then there shouldnt be any foundation at the first place, and miners should get the same amount (this 5%(dunno if its even close to 50 frc/block)
Then all those threads wouldnt exist and everybody would be happy with our new coin lol

The miners get the foundations funds at a rate of 5% per year. The miners will eventually have all of the foundations funds. There is no halving, the miners will always get the 5%.

After that? What miners will get? Will that be after halving or something? (if there is halving)
When will this happen, and what guarantees me that you will not sell everything and abandon frc?
Maybe even now you could "sell frc" as i see always threads popping up "wts 10k frc" etc etc..

With the current rate 7mil frc(which you own) are at about 2240.0btc (if my calculation was correct)
Since you are so greedy to put a "tax" like that, what says to me that you will not start selling them and run away?
Its what I contributed to be mined, thats why i ask

and i cannot forget this from maaku:
Those coins were never the miner's to begin with. Why do you feel entitled to them?

No. It eventually decreases to zero.

Can I see the discussion where it was decided 80% would go to a foundation ?

80% seems like the dumbest ratio, I would find anything above 10% to be stupid and greedy.

Is this 80% expected to stay forever ? is so, this has to be the worst idea for a crypto currency yet.

This ^

I second this notion.
1+2 are probably overkill but you are trying to be innovative aren't you?   

Where as you would distribute my work amongst a wide community to enrich all instead of me selfishly keeping it. That sounds nice for the community but it totally removes my incentive to mine and makes the whole community poorer because of it. Your shadowy foundation can have 80% of the zero I'm mining.

What you are attempting to implement is communism not democracy. Communism is a beautiful idea but it has never worked in practice. To quote an evil old dragon 'The trouble with socialism is that eventually you run out of other people's money.'

You have a fundamental misunderstanding here.

Miners are paid for confirming the transactions with a subsidy, they don't exert any more work to generate coins for themselves AND the Foundation vs. just for themselves. There is no ironclad rule that generation all has to go to miners, or that miners are entitled to 100% of all coins created by their efforts. If the creation of 750 coins was 3 times more intensive than generating 250 coins you might have a point, but in this case you are conflating a reward for work with the work itself.

This is a rule/parameter/behavior of Bitcoin, not something that must be true of all p2p mined PoW cryptocoins.

By the same logic I would have a right to get upset that the block reward fluctuates on PPCoin, or any number of other unreasonable complaints. But I looked up the rules to the PPCoin game, and decided I liked them well enough to play. If I missed something (like I did when I initially thought PPC would be deflationary) then that was my own fault.

Greed? I don't have mining rig... I am not part of the dev team or a FFoundation member. You are limiting the scope of what is possible. If you mine it you are accepting the 80% and the 5% and if you don't mine it you accept the 80% and 5% and if you trade it you accept the 80% and 5%. So now that we have settled that how about actually taking a leap of faith and get involved in DEMOCRATICALLY dispensing the trust? Rather than having a small foundation board decide why not the whole community? Isn't having an 80% stake initially of the currency for all better than a fraction of that in a few hands? I think you want to be a 1% and hold as many coins as you can compared with the alternative is having a currency that actually is useful and used for trade not accumulation of wealth. Very very limited view you have and ultimately very UN-democratic of you. Basically you want to screw over the users of the currency so you can mine and get rich... well Freicoin is not that kind of currency.

The intent is there all you need to do now is get involved and ENSURE that the 80% is dispensed democratically. You are debating changing the Freicoin into something that it is not and that debate is over. It was over months and months and months ago. Move forward and find the best way possible to dispense the trust. What is so difficult about that concept? Furthering DEMOCRACY in currency not something that interests you? You would rather have a few pools of miners control it all right from day one and there would be little hope of reversing that. Look at Bitcoin now. Look at it very carefully. Freicoin is offering everyone a freedom to be part of the FFoundation and offer your suggestions. Much much more democratic.

You are the one being blinded with greed... you want cryptocurrencies to be a way for you and your ilk to get rich at the expense of the currency community as a whole. Sad that you have no vision of the future of humanity, let alone the Freicoin.

If I mine coins I see them as mine. They were created with my equipment, my electricity, my time. If you plan to steal them before they are even created I'm going to avoid you like I'd avoid any other thief. No miner will gave away what he could otherwise keep no matter how pretty your reassurances are.

But you are blinded by greed and can no longer see anything but dollar signs. Look at this from the miners viewpoint.

It was posted in several place prior to it being launched as has been indicated many times already.