Topic: [ANN] RealCoin - Targeted to the IM world! - page 8. (Read 10988 times)

What I also find even more disturbing.

There's no proper decentralisation.

He pre-mined 8m coins, and sells 6m coins on the "official" exchange. He's the only seller, so he can pretty much determine the price.

There's no independant exchange. There's just one central exchange which basically "owns" 6 million coins. That exchange owns these coins. And since that exchange is owned by one single person, he essentially gets the profit from these coins.

In addition, he personally keeps 2m coins.

That sounds very much like a "get rich"-scheme. Not for everyone who starts at block #2, but for TheGobbler.

Come on D&T, I think we all know that this ISN'T just another pump and dump get rich quick scheme !

This coins will solve world hunger and get rid of the USD, GBP, EUR, YEN etc. forever !

They can't get rich quick with Bitcoin?

Security through obscurity almost never works.  The code for CSS wasn't available and it was broken with 4 lines of code.  The code to SHA-256 is available and the global community of cryptographers hasn't been able to do more than a token round reduction attack.

No need to worry! I completely understand what you are saying.  

I had the impression that a programmer/full time member like Amir (genjix) would be more than enough to guarantee to all that anyone using it is completely safe and wont have any problems.

The decision for a closed source client is the result of the multiple attacks on alternative coins. I am sure you all have figured this out by now.

You propose a good solution (keeping it closed source but showing the source to some people that can verify it). I will speak with genjix and come to you with answer. If its feasible in a way that its safe for RLC and also verified by trusted members then i wont have a problem going with your solution.

Will post an answer as soon as i have something.

Thanks for your post!

I don't see anything that couldn't be done with bitcoins. There's no USP in this alt currency like in namecoin. It seems just like another alt currency with premined coins.

You're building exchanges around it.
You're building merchant integration around it.
You're bilding a faucet.
You're buidling escrow services around it.

All these things could be established with bitcoin too. Namecoin offers something unique, a new way of DNS. What is your USP?

Why another alt chain?

If i correctly understand what your question is then the answer is the RealCoin Fund which is explained in the OP.

All fiat currency amassed from the selling of the 6,000,000 RLC will be gathered together and work as a "reserve" (as Mark correctly pointed out earlier) as well as a funding mechanism for new businesses to develop around the RealCoin network.

I have seen numerous examples of Bitcoin businesses that provide a really good or unique service to the Bitcoin community and it would be awesome to attract them to the RealCoin network as well as create new businesses.

The key thing to notice is that the fiat currency will be thrown back in the RealCoin network.

@TheGlobber - I understand your desire to keep the client closed source, after all, some of the big attacks on Bitcoin and alt-coins were enabled by the fact that the attackers could dig into their respective code bases.

Please understand, though, that this community is based in part on ideals of open source and sharing, and regards anything closed source as highly suspect. 

You might help your launch by allowing (or paying) some respected members of this community to review your code prior to launch, perhaps even allow them to provide and sign the binaries you'll distribute, so there's no question about whether the binaries came from the source that was reviewed.  The more eyes on the code, the less likely it will ship with big bugs.

This is just a suggestion, take it fwiw.  I'm not looking to start an argument, nor am I volunteering to personally review your code.

Who will get the equivalent value for the 6 million RLC, distributed/sold in the first 30 days?

First of all, im serious. It will not be available at least till we get past the initial stages.

Secondly, i know im not wrong because i have some more info on the way genjix has designed it. 

As for not being open source at least for the beginning, i dont see any harm in it. The developers are well respected members of this community and as they stated above, you shouldnt be afraid of the code as there is no malicious code in it and they will be the ones developing the client in the future so you have nothing to be afraid of.

I will leave this to be answered by genjix as he is the only one who can adequately answer this question. Im not a programmer myself so please excuse me for not being able to reply.

R u serious?.. Then u r wrong.

Hi, could you give a hint on the algo you will be using? Now that there are really good Scrypt minerds out i would love to see yet another scrypt chain... or will it be something you tinkered yourself?

Mark,

Thank you for your valuable input!

You have captured a very important feature. Of course everything is based on economic theories but this detail you mentioned is closer to reality than to theory.

The initial thought was that one of the key features that an alternative currency must have is price stability in order to be efficiently used/accepted by merchants/consumers/business owners on a wide scale.

RealCoin will try to do that as detailed in the OP.

This seems to have the one key feature that most of the people who had been having me experiment with blockchains for them have all along been asserting to be absolutely key: the "reserves". If all fiat that anyone pays for the coins on issue/minting of them is held as "reserves" with which to "back" the coins by "buying them back" (minus a small "spread", of course... but basically at close to what the buyer paid for them) then their value basically cannot crash massively, at most they can only creep down by the amount of the "spread".

It will be interesting to see this attempted on a larger / more public scale than the folk who have been having me muck about with code for them have yet been able to deploy. (Some of them have even put off the idea of deploying their coins in the form of a blockchain in favour of first establishing trade, a kind of "battle of the coins" in which only those that end up with enough transaction volume to support the idea of deploying them as a chain will ever end up actually doing so.)

-MarkM-

Hi,

We (https://bitcoinconsultancy.com) were contracted (paid) to work on Realcoin by Antonio. We can guarantee that there is no malicious code in there to steal your funds. We have made a number of changes inside the system's functioning internally - block validation is different and mining uses a different algorithm. There are also some minor changes to the GUI and JSON-RPC interface.

However we are not lobbying for people to invest in any crypto-currency, and that includes Bitcoin. We never advocate for people to invest significant resources in these relatively experimental and volatile commodities. Instead I advise people to do their own research and make their own decisions. Invest only small amounts you can afford to lose and spread the love! Caveat emptor.

Just what we needed !

Time to jump on this P&D right about ... NOW ( 27 January ) !

When I think about it, this whole coin concept sounds more and more like ... ( yeah, you guessed it ! ) SolidCoin !

What mining algorithm does it use ? Is this another one of those scrypt-based CPU coins ? Same algo as SolidCoin ?

Thank you !

UPDATE: The RLC creators have decided to revise the current plan and bring to life something even more different than BTC.

This was decided after 2-3 members of the BTCtalk posted some very good ideas and suggested ways in order to differentiate from BTC.

The announcement of the revised RLC will be done in the following days. It will be created having in mind the average Joe, the businessman/merchant, the advanced user as well as the experienced user (miner).

The launch day of course will probably roll back some days.

This thread will be locked and a new opened when the revised plan is ready to be announced.

Thanks to all for your valuable comments and hoping to bring some fresh air to BTC.



Important Statement: RealCoin’s view towards BitCoin is friendly. The whole BitCoin community is respected and it’s what helped get to this point. RealCoin is NOT competing against BitCoin. It will peacefully co-exist with BitCoin and exchange ideas as well as trade knowledge. RealCoin has sustained some changes compared to BitCoin and will sustain more changes as we go. It has a key difference as well as a very different route to follow.

First of all, it has been created by Internet Marketers for Internet Marketers as well as Business Owners and Consumers.

Secondly, it will follow a different path from BitCoin since the RealCoin community will work as a completely independent community (apart of course from the occasional exchange of knowledge). RealCoin is supported by a professional, dedicated and highly efficient team of developers(the Bitcoin Consultancy)* who are also developing several other projects around BitCoin.

Lastly, it should be noted that the biggest difference with BitCoin is that there will be no early adopters. The launch is scheduled at a later date so everyone will have the chance to get in at the very beginning.

Having said that, RealCoin will gear towards:

· Usability: The client is very easy to use and will become even better as we go with added functionality and features
· Transactions: Payment gateway integration, Buy now buttons etc.
· Escrow: Different services for personal, point-of-sale and international trades including mobile phone apps, POS machines etc.
· Exchanges: 100% secure plus guaranteed low cost fees

The client will be available to everyone on January 27. As a security measure the source code will not be available for now. This is done to protect it during the earlier stages.

RealCoin uses the same algorithms as Bitcoin in terms of reward, difficulty etc.


RealCoin will start as a pretty similar coin to Bitcoin (in terms of functionality) but will early gear towards making the client lighter, more friendly for regular internet users and add many functions (such as simple payment integration buttons) in the client that will help online and real world businesses easily accept RealCoins without any hassle. To explain this as simple as possible, it will gear towards providing the internet marketing community with something a lot better than Paypal is right now.

How can I get some RealCoins? RealCoins can be acquired in a number of ways. Let’s take a look:

· RealCoin Faucet: A predetermined amount of RealCoins will be distributed to the first 10,000 people to join
· RealCoin Exchange: A regular exchange where fiat currency such as the $/€/etc can be exchanged for RealCoins
· Mining: The 1st RealCoin client will have CPU mining already enabled on it so every user will be auto mining with the option of turning it off. For the earlier stages of RealCoin, mining will be done only through the official client
· Trading: Trading as in providing services/products and getting paid in RealCoins

Since RealCoin wants to get up to speed with Bitcoin, there will be premined coins (in block #1).

The initial distribution of the pre-mined coins will be close to 8,200,000 in order to match the number of BitCoins at the specific date that RealCoin will launch (January 27th).

The 8,200,000 RLC (RealCoins) will be broken down to:

· 6,000,000 RLC that will be distributed through the exchange to anyone interested in buying
· 1,050,000 RLC that will be kept aside for the R&D and A&P explained below
· 1,050,000 RLC that will be distributed between the founders and investors to hedge the risk taken for this project explained below as well
· 100,000 RLC given away for free from the RealCoin Faucet to the first 10,000 people who help get the project going

R&D/A&P: R&D stands for Research and Development and A&P stands for Advertising and Promotion. A specific fund will be created containing 1,050,000 RLC that will be used towards the future development of RealCoin as well as the promotion of it.

Founders/Investors: The team of investors together with the founders of RealCoin spent a bit more than $10,000 for the development of RealCoin and therefore 1,050,000 RLC will be used to hedge the risk taken for this project as well as insure the continuous development of RealCoin. In addition, the official exchange will have no fees in the beginning (the money for it to keep running will come out of the investors’ pockets) until its deemed necessary to charge a very small fee (e.g. $0.25) just to make sure that the exchange is not running at a cost.

RealCoin Fund: All the fiat currencies amassed from the initial distribution of the 6 million RLC will go to the Fund which will be the base to build new businesses around the RealCoin. There will be a list of businesses, services and products and the Fund will bring all these things to life. This simply means that all fiat currency ($/€/etc.) will be thrown back into the RealCoin economy thus making it even stronger.

These businesses, services, products etc. will be run by YOU. The best possible solution for the RealCoin to take off is for the businesses/services/products to be community driven. This simply means that you will be able to start a new business within the RealCoin network and you will be funded from the fiat currencies amassed at the exchange. It is common sense that everyone cannot be funded since the amount will be limited and also there will be strict criteria for choosing someone to be funded to start a business.

The RealCoin Fund will be operated by a team of people who will be picked based on certain skills such as a background in economics, programming, management etc. Each one of the members of this community will be treated the same and will be given the chance to post his/her resume with a potential call for an interview to finally become a member of the Fund’s committee.

The RealCoin community will be a fair and equal place for everyone and this means the creation of a set of rules that will be posted and be in effect at all times.


The pre-mined coins that will be distributed through the exchange (6,000,000 RLC) will be given at a specific rate, within a specific time frame and following certain rules. Let’s see some details:

Time frame:The 6,000,000 RLC will be distributed within 30 days
Rate:At a rate of 200,000 per day
Price: As previously explained, a bit more than $10,000 was invested into this project in return for 1,050,000 RLC to the investors. Doing a simple division you get an exchange rate of around $0.01 per RLC which seems as ideal for the introduction of the coin to the exchange. Therefore the first batch of 200,000 that will be exchanged through the exchange the very first day will be for a price of $0.01 per RLC.

RealCoin’s target is to become a very strong currency and the first goal is to reach an exchange rate of $1 per RLC. By achieving this, the RLC will already have a very huge advantage over most other digital currencies as well as fiat currencies.

Benefits from joining this project include and are not limited to:

· Community driven network
· Complete control of your financial assets
· New, strong, emerging economy
· New, strong, emerging technology
· Open source funding
· Opportunities for startups and new business models
· Your current business model available to a network of potential customers
· More profit for your business through higher demand as well as lower/zero costs
· Being part of a network that could change your life in many ways

The launch date for the RealCoin is January 27th.


*[Statement from the Bitcoin Consultancy: The Bitcoin Consultancy was contracted by TheGlobber (Antonios Metaxiotis) to develop RealCoin. We highly encourage the development of competing digital currencies based on the decentralized Bitcoin platform. In the relatively short future, we envision an evolution of digital currencies competing in a rich ecosystem. As it stands now the mission of RealCoin is not to compete with Bitcoin but to eventually provide a different service more adapted to Internet Marketing. While RealCoin is not a project headed by the Bitcoin Consultancy, we plan to continue to work with RealCoin managing its technical development. Our hope is that RealCoin demonstrates an alternative application of the Bitcoin software for private business and independent communities alike.]