Topic: A foundation with 80% of the coins can never work. - page 5. (Read 4873 times)

Shitcoins already have Foundations? WOW 

Yes - except for the part that mentions me specifically. The plan is for the Foundation funds to help facilitate the creation of a sustainable freicoin economy by either helping directly create a marketplace priced in freicoin (bounty/prize grants, subsidies), or providing freicoins to charitable organizations which would buy from that marketplace, thereby helping bootstrap industries.

Is that a little vague? Yes. Because I won't be the one doing it - the Foundation will, and I am not the Foundation. Once the Foundation is set up the private keys will be handed over and the people running the Foundation will handle disbursement.

It's not going to be my proposals that get selected, but yours. Have an idea that has communal value and helps bootstrap the Freicoin economy? Write it up as a proposal.

So what your plans to put value into the currency?

You selling products? setting up service websites? creating applications for merchants to include FRC in their existing website? or u looking for other developers to do this and then u set up rewards and bounties? if so what are your desired projects you want to see?

Very interested to hear your proposals for the 80% coins in the dev pot... tell us some initial thoughts and maybe people will get off ur backs... otherwise yeah does seem like a disguised premine...

Even one of the devs doesn't want you rabbit. lol
Then let's wait the blockchain die.

Then don't use Freicoin.

Marketing.  If the FRC team said:



How many takers do you think they would have?  None right.  Thus their hoard would be nothing ($0 * x = $0.00).  By giving miners a token amount they burn up electricity, time, resources and it makes the currency seem more real.  The funny thing is the miners are in direct competition for the scraps while the bulk of the coin supply is just handed to the "foundation" (= some buys).   Even CoinHunter wasn't that ambitious.  He got tore to shreads for having a x% tax going to his personal wallet (which he also tried to give a lofty name "the coin protection fund").  The marketing gives the perception of value.  Suddenly that 80% hoard is worth (as long as they can find suckers to unload them) a lot more.  

Very clever marketing.   Essentially it is solidcoin garbage all over again except this time they have the marketing down.

I just think it's waste of electricity & hashing hardware. Because it's like a centralized currency distribution, why don't they just create a centralized digital currency at all instead of wasting the miners hash-power?

freicoin seems like realsolids dreamcoin

I know this has probably been hashed over quite a bit in your own forums, but I have a feeling that at the FRC forums most members were probably all of the same mind and perhaps didn't question as vigorously some of your initial premises.

My big question is, why take any coins for the "foundation"? We all know "Power Corrupts, absolute power corrupts absolutely" so why set yourself up like that? There is no way you can honestly stay open/true/transparent/fair/just forever. It would be arrogance on an greek tragedy scale to assume the foundation will ever be able to measure up to it's own values.

I mean, be honest- the 'users' don't know you. We don't know who you are, where you live, what you do, what you look like. You're not Mother Theresa or some other living/dead saint. How on earth can you expect for users to trust your word? If FRC had been Bitcoin you would be sitting on ±8 million BTC or 80 million Euros by now. You promise to distribute "transparently", but for the number of FRC supporters here with post counts under 30 i can't help but feel that transparently might not mean 'honestly'.

Bitcoin works because no one controls it with anything other then their hash power. It's the most 'transparent' decision making process possible. Fairness is relative so yeah, you could say it's not so fair. But it is guaranteed that there isn't a secret committee in control of some vast wealth.

Hard wiring the foundation to posses 80% of the coins just can not work. Even if FRC managed to build a following, no one will ever sleep at night knowing that  at any moment a "transparent" process could sell the entire user base out.

Not to mention if someone nefariously gets control of the private keys of that 80%, then what? Greatest hack of all time?