Topic: [ANN][BBTC] 100% POS, No Scam, No BS - page 4. (Read 10164 times)

An Open Letter to All exchanges




Contact your favourite exchanges, help make this happen! Contact Bittrex, Bter, Cryptsy, show them their interest!


A 100% scamproof IPO




How it works:


All the coins are premined and given to an exchange, this exchange sells the coin for one BTC for a few weeks. If you buy a coin you can trade it back for at least one BTC at any time*, there is no possible loss if you buy in this phase.
After some time, the exchange stops selling and burns the rest of the coins, this introduces scarcity, the value can now go up.
After 6 months, when the coin is stable, we will also removed the buy order to make the coin completely independent.

http://www.basecrypt.org/#!finance/component_74511

We want to give all the power to an exchange, the developers will not be able to control any coins.

Launch Date - May 2014

Official Site - http://www.basecrypt.org/







Social Media

https://www.facebook.com/basecrypt

https://twitter.com/BaseCrypt






Tech Specs

POS Premine

21million


Type: Proof of stake

 Min Stake Age: 8 hours

 Max Stake Age: None
 
 Premined coins: 21million

 interest per year: 1%

 Block time: 30 seconds

BaseBTC will soon be in its distriubtion stage which will end after a feew weeks, any BaseBTC bough in that phase can be traded back at 100% of the price or higher at any time, contact an exchange now!

BaseCrypt coins are pure POS (proof of stake) based coins with 1% yearly inflation that are distributed via the market. Utilising immediate order conversion, the coin will have 3 different phases, with a guaranteed increase in value through immediate order conversion, and introduced scarcity.
Escape regulation, crashes, and transaction costs
The cryptofoundation that will shape the future. Introducing the concept of base value coins and deflationary long term markets, BaseCrypt is the safest and most fruitful cryptomarket investment.

All coins will always be stored transparently, either in an exchange or one of few designated cold storage addresses, this will always be confirmable via the block explorer and exchange data, the only way to obtain coins for any party is via the exchange method described.





CryptBase coin have the following properties

 
They are always a better investment than their base

They retain the value of at least one of the base currency per coin

They can gain any amount of value upwards of the minimum

They have all the advantages of other cryptos

 
CryptBase coins base their initial value of other coins. A large number of coins is mined and put on sale for the price of one coin of which the CryptBase coin is base on. For example, one BaseBTC will be sold for 1BTC each. Once someone has bought one coin, we put in a buy order, which means the person who bought the coin initially will be able to trade the coin back without a loss at any time. After some time we will stop selling the coins and burn all the ones which were not given out, we will only buy coins back using the initial investment from people who bought, this drives the value up as scarcity is introduced and makes it impossible for the value to drop below one of the base value. This means everyone who buys during the distribution phase will be able to at least get their investment back, assuming any kind of demand, a rise in value is guaranteed once the distribution phase is ended.

Demand is created by the POS concept, as one can assume that at least 1% of the coins will be kept as an investment at any time (due to the 1% increase in money supply), investors will aim to get guaranteed profit by buying in order to increase their stake. POS also makes a 51% attack impractical,unlike POW.

Other coins are based on an arbitrary initial price which can drop and and rise at any time, there is no kind of base to piggyback on for these coins. This essentially means that any base coins is more profitable as an investment than the coin it is based on, essentially creating guaranteed leverage after the first phase.

 

We can boil it down to this:

Stage 1

A near infinite (or the size of the base's supply) sell order is created on an exchange, any currency we get as a trade, we will put into sell orders within 24h (usually faster, once the sytem is tested the optimum time will be found), this sell order will always remain, meaning that all trading is completely transparent. The amounts present in each public account are publicly visible at any time, everything is done without any kind opaque trading, the market will be demand based and free from external manipulation. People can now buy the coin without any possible losses (except for trading fees) possible, but with potential gains, the user can trade between the two freely in this period and after.

Stage 2

The sell order is now removed,meaning that basecoins can no longer bought, but only sold, this means that there is now a buy order only that guarantees the tradeback to be at least 1 basecoin, the value will be one or higher from now on. The value essentially piggybacks of the coin the basecoin is based off, meaning that the value of that coin plus the additional coin is the new price, those who hold coins will be able to trade at a higher price due to the additional demand that has been created.



Stage 3 (potentially in the future)

An announcement is made at least 4 weeks ahead of time, the buy orders are now moved up slowly at roughly equal the rate that coins are lost at, around 2% a year, this can be tied in with a proof of burn mechanism to make the supply more scarce. Square BaseCoins (Basecoins based ot the Basecoins) may be introduced.

We want do all of this through exchanges, taking away our responsibility!

You can mail us via our site, post in this thread or use Facebook or Twitter, we will try to answer all your questions!








How to POS mine

(Take from blackcoin.co, the POS base for our coin)

PoS can only be done by an unlocked wallet. In the client it is called ‘Staked Mining’. As soon as you unlock your wallet (there is a difference between encrypted & locked) the stake miner will start. You will start to see coins being moved from your balance to your ‘Stake’ balance. Coins will not be lost. After a while you will start receiving transactions with your earned interest.

You won’t have to keep it open all the time. PoS will be generated after holding your coins for at least 8 hours in the wallet and your coin-days will not be lost during the wallet being locked. As soon as you unlock your wallet the miner will start and if your coins meet certain requirements you will be getting PoS blocks based on your coin-days generated.

Note that you will not generate stake if your wallet is locked, but it will resume once unlocked. Also keeping the wallet open and generating stake secures the network as it will replace PoW mining and is much more energy efficient.






Rewards and Bounties

Contact your favourite exchanges, help make this happen! Contact Bittrex, Bter, Cryptsy or another big exchange, submit proof (a SS or link) to [email protected] before May 11th and you can win a 0.1btc award! (3 0.1btc winners!)

3 people who tweet at an exchange and verify will get 1 BaseBTC invested for them and can claim their profit at any time (will be public and transparent) by may 30th

Best summary paper of the concept (white paper) - 0.2BTC

Best Logo - 0.1BTC (by 20th of May)

(all best awards will be voted on publicly)






Notes

All coins are stored in address BBYTo2JB65VqELpQMusJEoPdH1AdBtbPie at the momen

We are seeking out exchanges, help us!

The IPO is carried out via exchanges, as described above

Thanks guys, let's make this happen! The BaseCrypt team.


 
 

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