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Topic: [ANN] || [FDRY] || BitFoundry -X13 Mining into Pure POS (Economic Decay Model) (Read 2834 times)

sr. member
Activity: 315
Merit: 250
sr. member
Activity: 315
Merit: 250
full member
Activity: 182
Merit: 100
Official BitFoundry Dev
Still Rebuilding the source code. Ick.
full member
Activity: 182
Merit: 100
Official BitFoundry Dev
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!

legendary
Activity: 938
Merit: 1000
BTC | LTC | XLM | VEN | ARDR
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.


Here the same, don't understand why it needs to be 2.000.000 (!) coins, fair distribution aaaaaaaaand it's gone....
legendary
Activity: 1526
Merit: 1001
Crypto since 2014
By the sounds of the OP and the look of the wallet, the dev is the FindYouCoin dev.
hero member
Activity: 827
Merit: 1000
Twitter: @bitcoin_dad
Still shooting for a launch on sunday?

Watching this one.
hero member
Activity: 714
Merit: 500
No technical info yet? Such as block reward, etc...  Huh
sr. member
Activity: 257
Merit: 250
BUY BUY CELL CELL
What does it do that makes it special?

I would say unusal POS Decay model is quite special. Also the full transparency of dev and honesty are quite unique features of character in crypto community

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.

Fixed the link thanks!

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

Stay Tuned.

Thanks for the response, press announcement sounds like a good idea to me, will be watching.
full member
Activity: 182
Merit: 100
Official BitFoundry Dev
What does it do that makes it special?

I would say unusal POS Decay model is quite special. Also the full transparency of dev and honesty are quite unique features of character in crypto community

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.

Fixed the link thanks!

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

Stay Tuned.
sr. member
Activity: 257
Merit: 250
BUY BUY CELL CELL
What does it do that makes it special?

I would say unusal POS Decay model is quite special. Also the full transparency of dev and honesty are quite unique features of character in crypto community

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.
full member
Activity: 182
Merit: 100
Official BitFoundry Dev
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.


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!
legendary
Activity: 1131
Merit: 1007
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.
hero member
Activity: 706
Merit: 500
https://twitter.com/CryptoTrout
10% premine, thats ballsy
legendary
Activity: 1517
Merit: 1042
@notsofast
Will be watching. This decay model of PoS has me interested.
legendary
Activity: 1554
Merit: 1001
I can't wait to smith some FDRY Tongue

I just came up with a funny of the name, that chick is so F*$kin! Dry [FDRY] lol
full member
Activity: 182
Merit: 100
Official BitFoundry Dev
Is half stop this topic.
Dev some new information?

I don't understand what you are saying here?
full member
Activity: 210
Merit: 100
Is half stop this topic.
Dev some new information?
full member
Activity: 182
Merit: 100
Official BitFoundry Dev
I´m wathing. Premine is 10%? What for?  Roll Eyes
Fair distribution is the key.....

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
legendary
Activity: 1064
Merit: 1000
I´m wathing. Premine is 10%? What for?  Roll Eyes
Fair distribution is the key.....
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