Topic: [ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!! - page 843. (Read 946658 times)

Again, as I stated, it seems to be a difference of intent and interpretation.  What was stated was bids were accepted for X time and the price was shown (and stated) as an "example".
This led to my (and it seems others) impression that you were offering a "Closed Bid"; 

   The definition of which, found here: http://dictionary.cambridge.org/dictionary/business-english/closed-bid
"a system of choosing the best offer to supply goods or services by asking companies to offer their best price without knowing what the other companies are offering"

From the Global definition of a closed bid, no;  you are not being greedy to accept a higher offer;  that is just how a closed bid is "supposed" to work.

My offer (sent to pm since email link was gone) was considerably higher than your "example" (.00005);  which should, at the least, corroborate my interpretation of it being a closed bid.

Moving forward, my future concerns are with the "few" large stakeholders and few insta-miners having a large controlling share for the initial months.   I dread the thought of what would happen, if a couple of these people would work together.

In general, I do not participate in Alts, outside of LTC.  I keep an eye on the forums here regularly, but this was the first thing to get me to log-in for the last 6 months or so.  If I was washing my hands of this coin, I wouldn't have posted at all;  but my concerns are definitely weighing more heavy.
Good luck, no hard feelings.

Having a small group of investors owning large chunks of any coin that is pre-mined and pre-sold is a recipe for disaster.  Mass dumping will ensue at first sign of profitability.  As soon as the prices of any coin that is pre-mined and pre-sold starts to go downwards, mass exodus will ensue.  I'm new to mining but after seeing so many of these tactics repeated over and over again, I was hoping that a larger base, even if doesn't include myself, which was the original intention of the bidding system.  However, I feel a small group of larger investors got the most coins because they sold out so quickly.  To me, I see that's just asking for trouble and adds more risk and volatility to the coin where it could have been marginalized by spreading the coins out more evenly. Anyways, hope for the best and hope people don't start dumping immediately like every other coin that has been pre-mined, forget about the pre-sale.

ok great.


not the case.

i have accepted the offers, that is the same as giving your word.anything is this world can be taken awayfrom you, but not your word.it means something...

We are very gratefull to the people believing in our future succes,so we are happy with their offers.

you are blowing things way out of proportion, btc-e have asked me not to promote the coin and i have complied.there is nothing to "fight", normal users are free to talk about any coin they please in the chatbox, including ultracoin...just not me who has an investment in it.This matter has been resolved

just send the money back since its free & do the bidding system right. simple

i see the logic in some of the points being made here, but i can not go to people who have already paid and reverse bids already accepted.

Without an open bidding system we dont know who owns the pre mine....im thinking they banked almost all of it.

The best way to fight back is to complain if this coin gets mentioned @ BTC-e... even the few corrupt MODs cant mention other coins & other exchanges.

Other MODs who aren't in on this have already banned people mentioning this coin.

I agree.

Bumface, without changing the original terms, is it possible to renegotiate some of the larger bids of large quantities and possibly spread some out evenly over a larger base?  I'm sure your ultimate goal is to have this coin succeed long term.  Usually when you have investors buy and hold large chunks, they flood the market as soon as they feel profitable and move on to the next new coin with no intention of investing or supporting the coin long term.  If you spread these coins more evenly and among a diverse group with smaller amounts, you can avoid the mass dumping and build a solid base. (which I think by your post was your initial intention) Hardly anyone would dump 2-5K shares and you would have a larger community of people committed with an investment in the coin and motivation to support it.

Just makes a lot of business sense to me, if you are looking to make this coin viable long-term, the more investors you have money invested pre-sale the more assurance you will have that they will mine and support the coin long-term.  If you limit the initial investors to a small group of larger investors, you are asking to have a lot of coins dumped as soon as they hit the exchange.  I think it would be reasonable to ask bids for large quantities to reduce their holdings to accommodate a larger base for the long-term success of the coin.  Just my 2 ultras.  

nice 80btc for them pre launch...

What's done is done. Now let's focus on the launch of this coin.

guys, the orininal plan was to entertain more offers, but that would mean choosing one person over another, for example person A bids 0.00005 per coin and the next person bids 0.00006 per coin,

now we have to say no to person A,this just seemed to be to greedy, so we closed it up and we said yes to everybody

everybody should be limited no more than 2000UTC on the presale！


then more people will involved！

Definitely "feel" them, since they get deleted. Any coin that can't stand up to the light of negative comments and they delete messages should be avoided.

For me, I see now there was a mis-interpretation of the language.

I "thought" bidding for the 1.6M coins would go from Jan 13 - 27 as stated.
   Now the word "bid" is where my problem lies.  I assumed this meant the highest offers by the end of window; totaling 1.6M would be sold.  I did NOT realize the first people to offer to buy 1.6M @ 5 cents was the deal. 

To me, this seems to miss the statement

I am one of these who doesn't have a great ability to mine coins.  I came here as soon as I saw ramblings, but still "bidding" was closed (along with address to bid) in less than one day of announcement.



It would seem then that possibly large amounts of coins went (are going) to just a few people.  Again, this seems to miss the original statement to allow everybody a chance who cannot mine.

Further, of these people who purchased large amounts;  aren't most going to insta-mine as well?  Doesn't this, then, exacerbate the first quoted statement; rather than help?

If someone happened to buy say 500k stake coins and has 50MH of mining;  they could control a significant market share for a few months

There was another post in this thread, where a user suggested 2k coins should've been the max for a single buyer and I feel I have to agree here.  Heck if not enough sold, maybe THEN you could sell large chunks.

I do not mean to spout negative and I do wish you and your coin success.  I tend to be leary of new coins, as it is;  I cannot deny that so far I'm even more hesitant.  I can say with assurity, though, if the evident backers weren't btc-e devs;  I'd have no part of it.

Thanks

Please explain to me how selling 1.6 million of your coin is not akin to a premine with a guaranteed dumping profit.... say someone buys these coins. Who gets the BTC from the transaction? I'm guessing you guys. You like to say that you're only getting 0.1% of the total number of coins, yet you have this huge chunk you're auctioning off in the beginning for something actually WORTH money right now

no new bids, 98% wil be mined thats it, you cannot present a deal then get people interrested, and then start changing the terms. This is immoral.

^ now youre just pushing it LoL

in response to requests from the community we have decided to release a new version of Ultracoin which changes the retarget time to 6 hours, to prevent instamine.

You ask, we listen!

Just reading comments here... I feel lot of negative vibes. Failcoin?