Topic: [ANN] FoldingCoin - MINE FOR MEDICINE- PHASE 2.0 - page 107. (Read 473654 times)

dev, the official launch time, set the countdown,
What are your plans, please with pictures, thank you!

I guess unlike other coins, we do not see the crowdsale as an investment, rather a donation to FoldingCoin. Instead of just asking for BTC's, we figured we would at least give something back, and we the devs have a lot of coins since early on when it started, 6 million of them total. No premine happened but in the first few payouts we had 75% of the mining power, we are now down to 9.62% (17vBohqAPj1tAtVahxqWELw5VZ3zUWrW81 is us)

This is something we will address very soon. We actually are going to leave it up to the holders themselves. Unlike other coins, with counterparty we have the ability to distribute VOTE coins. Each person who has 1 FLDC will also receive 1 FLDCVOTE coin. if you have 100, than you get 100 and so forth. Come December 1st we will implement the first vote asking if holders would like to half the distribution at a certain time. If you the holder says yes, then you send your vote coin(s) to address 1, if you want no then you send to address 2. The address with the most FLDCVOTE coins wins.

We plan on holding these once a month starting on December 1st with the most requested change at the time. The voting period will last until the following first of the month, so Jan 1st. On Jan 1st we will also announce the vote for the following month.

Spot On

Assuming this aprox. 5.5 years to distribute all coins = 10 BTC thrown to market every day = 1000000000*0.00002 = 20,000 BTC. Are you kidding us? "PoW" period must last much longer.

Just some remark for the power required for a PC: yes, a Pentium can fold technically but it will take quite some time to finish some of the work units, could be easy more than a day.

It is expected that once a user start with a work unit (WU) it should be finished for the simple reason as the WU are sequential in nature. When such a sequence get interrupted by not finishing in certain timelines the overall science progress get delayed.

Plus modern GPU will get much more points will much less energy. So if your goal is folding & money: don't go in with too slow equipment.

Is your goal is primary the science: every hardware is useful and welcome.

There is also a client running under Google Chrome browser (NaCL). That one has smaller WU which easier could be finished on a Pentium.

That said: a Pentium driving two or three GPU is a great use of older hardware.

Welcome to folding ...

One way of mitigating dumping would be to have a huge number of participants folding daily. This would mean that the 500,000 coins would be spread across a large number of people, effectively making the coin rare. I don't think this is very realistic though (at least in the beginning) because you'd need to have 1000's of folders.
Maybe you could consider lowering the number of coins distributed daily. You really need to work this out properly though if you want to be fair to both early investors and folders.

We are going to alter the way we do the distribution once we receive funding for the new website. Creating the off-chain system will allow funds to be held in an online account in our website by the users. This will keep funds on foldingcoin.net until members wish to withdrawal them (similar to how a mining pool website works). Then donors of other teams will register with FoldingCoin using their existing FAH name and team. Verifying the user is still something we are working on. We have a couple of ways that we can do this and haven't decided on one yet.

By 'setup' I mean your formula for distribution, folding/daily 500,000 coins + crowdsale. I don't have a problem with you raising 100 BTC or more. What I'm worried about is that you're not providing enough security for investors. Your daily distribution of 500,000 coins means that people receiving those coins can easily drop their ask price to way below what the investors paid  for in the crowdsale. Daily distribution of 500,000 coins makes this coin extremely easy to get which is in direct contradiction with the high value set by the 1,000,000 coins crowdsale. This means that there is absolutely no privileges in being an early investor. Quite the opposite, investors are likely to see their investments greatly reduced because people receiving free coins can outbid them anytime. For this to work, you would need to try and mitigate the effects of dumping by people who received the coins for free/folding.

How do you plan on implementing Foldingcoin with other teams and donors? Your distribution looks as if it only pays for usernames with BTC addresses

I have to run this by my team tomorrow, but the 10 is all we need at this moment. I also think that this coin will be more valuable i think the way to get it to be the most valuable is by integrating the other FAH teams and donors. The crowdsale is going to make this a possability. just think, there are 200,000 members of FAH that are active, probably way more than any coin other than BTC and LTC. If all of those participants are given a currency for their work, the coin will grow in value fairly quick

Yes i agree that this is to high as well. From your previous posts it looks as though you only need 10 BTC. I think this would be a fair price making it 0.00001 BTC per FLDC (current rate on https://masterxchange.com is 0.00000103) making this only 10x the price. Honestly i think this is still undervalued on MasterXchange due to it only being on there recently.

We are currently reviewing our crowdsale and taking into factor the fact that we may be asking to much. Anyone who purchased FLDC so far will receive an adjusted amount to make up for their purchase.

We feel a use is probably the most important thing for a crypto coin. If it doesnt have a use, it becomes a pump and dump coin which cannot sustain in a market for very long (ex: Worldcoin). Also it seems to be a huge positive in the BTC community that the energy isnt wasted on a blockchain, and we agree with that

Thats cool you are trying to find a use for it. Even if its not worth anything, it is a good utilization of computing power instead of a coin. You are right, not many coins have a real use case scenario. I do like this LTBcoin, I had never heard of it before

We also notice that many coins out there do not have a real use. They are just created to copy Bitcoin with no possibility of comparing to BTC. I know when i used to mine the different Altcoins, i sold them immediately. My friends used to ask me "what gives those coins value?" and i couldn't honestly answer. I always liquidated my altcoins mined as they are meaningless. In reality only a select few actual have real uses to my knowledge:

-Dogecoin, for fun
-LTBcoin, for publishing content on the LTB network
-Litecoin, only true copycat BTC that is accepted
-Ripple, for fiat currencies
-Counterparty XCP, for "user created assets" (FLDC and LTBcoin are among these)
-NXT, coin built from scratch with built in assets, exchanges, and marketplace
-Ethereum, anticipated 2.0 project compared to NXT and XCP with more features

We focus on finding a use for FLDC. Currently we are working on FLDC to be a tax write off token and used as a MeetUp.com currency to reward participation in your group. We have been talking with many people about this and should have something set soon for the MeetUp currency. As for the Tax write off will take some time as there are many details.

One other future plan would be to use this token as a way to receive discounts for the medicine developed from the FAH research. This is way in the future as we have to get FLDC to integrate with all FAH donors first, not just our team members. Also this would requiring talking to Stanford University directly. We have been in communication with Stanford, but talks are very early and no early collaboration is on the horizon, it will take time. Also would have to talk to the drug companies benifiting off of the FAH project which no talks have happened yet.

Curecoin does exists with the same concept, i get this question a lot. We feel we have a few advantages over Curecoin:

-We do not have a blockchain that we must secure and update. The BTC miners secure and verify all FLDC transactions. BTC is the most developed blockchain far more than any other AltCoin chain. You never have to worry about our wallets lacking development since we do not develop it. We strictly develop our distribution system and website.

-Many coins are underdeveloped with features such as mobile wallets, as most time with developers is spent on the coins code. When https://counterparty.co releases features compatible with their assets, FLDC is automatically included in such development.  

-the only fear of a 51% attack is if it happens to BTC itself

-Since we dont have to worry about coin development, we have the time to go around and advocate FLDC to actual medical research communities. I myself have attended multiple organizations in my local area promoting FLDC with positive review. We also are very active on the internet, facebook, twitter, forums, and so forth.

-Its much easier for those interested in the coin to understand exactly how it works, since there isnt a bunch of coding talk, people can focus on how the coin can be used and ask more questions about FAH itself, not so much the coin.

-We want the general public (not just the crypto world) to start help folding with the FAH program. With a traditional AltCoin that has a QT client, many people do not wish to install such a program on their computer because they either do not believe in cryptos, or it seems to "over their head" for them. Also people generally like things on the cloud or online. I know i am a BTCer so i love paper wallets and desktop clients.... But nonBTC people do not. They want to be able to access things online from anywhere. Counterparty makes this barrier very easy and secure by implementing a secure 12 word password that can be saved as an encrypted bookmark with a single simple password to remember password.

-The ultimate goal of our crypto currency is to be useful, to promote FAH, and to promote BTC. Since we use a BTC wallet, this gives people who do not have BTC to start exchanging a crypto based on BTC and become more familiar with it. You do receive a small amount of BTC when you receive FLDC so its helps in the awareness. Its great for education to those not using BTC yet.

Correct me if i am wrong but we already have Curecoin which is exactly the same concept.For what do we need foldingcoin?

Just to clarify because i love feedback, by "the setup" are you referring only to the crowdsale or do you have concerns about the project itself?

And we really only need 10 BTC at this moment, so would lowering the crowdsale to 10 BTC seem like its fair to you, because we have had about 4 people agree with you so far and i would love to adjust this to what seems fair.

Interesting project but I'm not convinced about the setup. Depending on the number of people folding on a particular day, your daily distribution of 500,000 could really hurt investors in the crowd sale.
The value of the coin set by the crowd sale is very high, distribution of 500,000 coins a day could dramatically lower that value if there are only a few folders. Investors would be at a serious disadvantage