Topic: [ANN] || [FDRY] || BitFoundry -X13 Mining into Pure POS (Economic Decay Model) (Read 2839 times)

when launch?

dev where news?

Still Rebuilding the source code. Ick.

We have ran into quite a bit of complications upon launch. One of which was a leak in the source code, from one of the early contributors and they instamined the first 9000 blocks gathering well over two million coins.

We are working on bot identifying the root cause of the leak as well as repairing the source code so that we can re launch.

It's funny how even when we launch, or try to launch with wonderful ideals that someone has to come along and ruin it for us. But we will not be backing down. Stay tuned please, and keep checking the website/twitter for updates!

Here the same, don't understand why it needs to be 2.000.000 (!) coins, fair distribution aaaaaaaaand it's gone....

By the sounds of the OP and the look of the wallet, the dev is the FindYouCoin dev.

Still shooting for a launch on sunday?

Watching this one.

No technical info yet? Such as block reward, etc... 

Thanks for the response, press announcement sounds like a good idea to me, will be watching.

Fixed the link thanks!

Also we will be releasing a press announcement on POS decay later this week.

Stay Tuned.

I can't see much on this PoS decay model in this ANN or on their website other than them just mentioning it once in the title. Would anyone like to explain what this is or why it's exciting? If it's a selling point then not explaining it really isn't a good start in my opinion.

Also, the kiwiirc link on the website goes to facebook by the way.

We understand your position. While I know that it may be hard to get involved and I understand that, our position comes from the fundamental ecomonic theory of income distribution.
Having a large amount of allocated funds that aren't going to our pocket books allows all of the users who do not mine the currency to buy into it and be able to use the innovative Proof of Stake algorithm as of day one. The timing on the introduction percentage and beginning distribution curve will work much like a difficulty rate loosely based on how many wallets will come online based on our projections.

Distributing a large amount of funds via giveaways and charity IPO will give us a sound launch in terms to regulation. We side step securities trading if we distribute currency at little or no profit or retainment.
 
Premines are crucial to a developing currency. We aim to gain trust to make users feel comforatble that this is not legitimate.

Also it helps the world through Charity. Which is always a goal here.

If you don't agree we are sorry but we feel that this is the best way to launch and give oppoortunity to those who don't have the knowledge or hardware to mine in the initial phases.

Thanks!

Straight up, how am I supposed to invest in this when you are pre-mining to  "donate to charity".  It makes no sense.  In your mind it is probably attractive to people and they will think that you are a good guy for wanting to help others.  That is fine and being charitable is a good thing but this is such an inefficient way to be charitable it comes off as a ploy rather than an actual initiative. 

Drop the premine and I will consider participating.

Good luck with your project.

10% premine, thats ballsy

Will be watching. This decay model of PoS has me interested.

I can't wait to smith some FDRY

I just came up with a funny of the name, that chick is so F*$kin! Dry [FDRY] lol

I don't understand what you are saying here?

Is half stop this topic.
Dev some new information?

Yes absolutely, We will be helping the initial mining push with the X13.

Exact Block information will be released on the mining phase. Should last around a week or so.

As far as the 10% Pre Allocated Funds
2.5% of the allocated funds will be converted via exchange into United States Dollars and donated with proof to Habitat for Humanity.

• This will help a fair distribution to those who can't mine and can only buy to invest

5% of the allocated funds will be held in a publicly verifiable ledger with multiple signers. We will leave the community to elect a official to help us verify and distribute the funds for the bounties.
2.5% of the Allocated funds will be use to pay for launch fees. We want to be honest.
I paid for nodes, web design software, It took my countless hours to learn coding, design the graphics for the wallet, and build the website.
I have been working on BitFoundry since June of 2014. This has not been an overnight project. 

My statement of the 3.4% above pertains to the fact that I foresee myself completing some of the bounties as time progresses.

This has been the brainchild of multiple economics students, technology students, and finance students who are sick of getting burned by anonymous developers who can code, but refuse to "Brand" and give a face to the currency.

We are unique because of that fact. I am more than willing to negotiate and abide by international laws to push a viable and future forward currency. In our opinion the key to the future is not anonymous technology. It is a public face to work towards the common goal of building a truly publicly acceptable currency. Regulation has to come if there is to be large scale adoption, if you can't accept that this probably isn't your cup of tea.

Not to mention an economically sound Proof of Stake Decay model that is responsive to inflation and based on the economic models we have created combats the communities tendencies to trade by the minute and kill off coins by the week.

We also have a wallet tech theory that is in fruition that will make public adoption way easier. (Hint* Is your cash wallet the same as your friends? I bet not, Your Forge Wallet will hopefully have that ability to be different and function as you want it, as well.)

We are here to create a community who thinks like us and is willing to take the honest ride with us. As we see more support; we can put more in, and you will get more out. We as developers look to work with the community as a team.

Not to mention I have the fire in my heart to change this world for the better, and I will sure try my hardest.

If you have that fire and want to make a difference shoot us your resume. We may just bring you on board.

Thanks,

-Alec Kloss

I´m wathing. Premine is 10%? What for? 
Fair distribution is the key.....