Topic: Announcing ProzCoin : Proof of Action (PoA) - page 26. (Read 78512 times)

I wrote this article in April, and feel it has never been more relevant:

http://thecoinfront.com/how-can-cryptocurrency-move-forward/

"If there is one thing that almost everyone in the crypto world has in common, it is the loss of money through scams or larceny.

Whether it is a pump and dump, an attack on an exchange, or a long con, it has been nearly impossible to remain unscathed in the free market of the crypto economy. With new regulations on the horizon from the US government concerning tax laws, many crypto users are looking at the potential to have their currency taxed not only for the coming years, but also retroactively.

What has NOT been discussed, however, is any protection for cryptos. It seems governments want to take money from the crypto communities through taxation, but they want to leave us to fend for ourselves. Who can the crypto community trust to protect it from the scammers and thieves?

To better understand this dilemma, we should examine why “trust” is fundamentally at the basis of a functional community.

In social scientist Francis Fukuyama’s book, Trust: The Social Virtues and The Creation of Prosperity (1996), he presents the following argument: at the basis of every functional society, trust must exist, and even further the more trust a society has, the easier it is for that society to create prosperity.

To summarize, Fukuyama posits that a society with laws can function not just because of the laws, but because people trust the laws will be enforced, so things like ownership and legal contracts become possible because people invest their own trust in the system.

He makes the case that it’s easier to create a large consolidated firm in a place where there is more trust. He also mentions that in light of new technology, people would be able to connect on smaller scales and create firms that were not based around countries or local economies, but also functioned on the trust between individuals. In essence, it is the trust that allows firms to work as a unit towards the same goal.

While it’s not easy to accurately measure trust, it’s easy to see that trust in the crypto world is fading, and it is mainly due to the scammers and thieves, not because of the systems themselves.

Since the crypto world is largely based around anonymity, our first level of trust is gone. We don’t know the names or faces of people we are dealing with. Such a simple gesture goes a long way in establishing trust, but not many people in the crypto world want to take that first step.

Now that we know that many countries will not only tax crypto, but they will not actively protect them, another level of trust is gone, which would have been the legal system to protect this realm.

But the worst thing affecting trust now, is the thieves and scammers themselves. While these types are not unique to the crypto world, since this technology is so early in its inception, they have the potential to cause mass distrust in the crypto world and cause it to fall apart.

With the current state of the crypto economy, we are all faced with a choice. Do we retreat to what feels safe, and what we feel we can trust in the old legal system and old currency, or do we band together as individuals and force the thieves out on our own since the governments will not and cannot do it?

The crypto world is the Wild West. We have no Wyatt Earp, so we must all be the sherriff."



Chris

Believe me, I want to shout everything from the rooftops as excited as I am, but as I have experienced in software development, releasing deadlines before the proper time can sink the project, so we are not putting anything in writing that can't be executed by when we say.  Oh, things are coming.  I will be apprehensive about being too excited, but I can put my personal assurance that we will produce some game changing results from our tests.


Chris

One little spoiler for unbelievers who posted a lot of things before, please

Haha, we are working on that sir!  That is one of those things that I don't want to spoil.  I truly apologize for the miscommunication earlier!  

In fact, the way you provided your critique was crucial for how we solve that problem. THAT was ultimately the need to test the PoA system for an alpha, then we readjust it and do the beta campaign, and hopefully the adjustments will address all of the issues including the way to track the PoA "Proof" in a non-cumbersome manner.

I think when I was initially responding to you, I had incorrectly assumed you knew more about our project, and then Shannon came in and told me where I had misunderstood.  Apologies!


Chris

Will this initiative carry proofs, or will this again be a practice-of-action campaign?

If it were my call, Proz wouldn't run any more practice-of-action and would just hold off until proof-of-action was ready to be unveiled. While I understand the enthusiasm, all that running more practice-of-action can really do is create more opportunity for "FUD."

My pleasure!

I can assure anyone reading this that we WILL deliver on some major things coming up here soon.  We are going to do some great things, and I truly feel sorry for anyone who panic sold.  




Chris

PS:

I would HIGHLY recommend anyone who has never read anything I have written to read this article:

http://thecoinfront.com/proto-dynamism-death-of-the-middle-man/


It is the last of an 8 part series, but as you will be able to tell, we have some large scale plans, and an understanding of Macro/Micro/History/Tech/Psychology/Marketing

My papers are in the top 1% of academia.edu for views this last month
https://iub.academia.edu/ChrisBates
https://iub.academia.edu/ChrisBates/Analytics/30

Yeah, sending to another omniwallet isn't an issue at all, and some of the PoA payments have already gone out.  It's 100% an issue with C-cex, but they had a backlog to deal with.  I apologize for the delay, but as I have said I cannot do anything about C-cex but check for updates.  I will keep the thread posted!

Thank you for your patience!


Chris

Is this true or is it the C-Cex issue? I assume you can send to a private party.

Thanks for the update.


As a side note. I know it is common place for people to panic and sell below the ICO price but don't make that mistake. The last ICO I invested in was NEOS. Look at that chart and see how much money the panic sellers lost. There are no guarantees in Crypto but these devs strike me as honest and level headed. Progress will be steady and those who can be patient for even a few weeks will be rewarded.

If you invested in the ICO for a quick profit within 48 hours I can understand selling.  I also appreciate you allowing me to increase my holdings at a discounted rate.

Please be patient with C-Cex as they are working on the issues with the wallets, but that is not their only issue to deal with as they were making some upgrades to their system.  I ask that people be patient, as this project is centered around crossing the mass adoption threshold, and not about arbitrage games on the exchanges.  We will get the problems fixed, but please be patient.  As far as why we went with the Omniwallet, it works on Mac/PC/Linux/web, and the Masterchest has been in development for months because that team is trying to make sure it is solid for release.  You will see that we will not be doing a lot of the same things that other altcoins have done.  Since our company has larger goals than most of the altcoins that are not even companies, you will not see anything rushed.

We have some MAJOR things we are working on, but will not make any official announcements until details are finalized...EVER!

We will have office hours this Friday at 12 PM eastern, so anyone who wants to chat directly will be able to do that.


Chris

just another scam

which is not working!!!!

And the so-called web wallet can't work?

How can c-cex.com give them money without a working desktop wallet???

Such sells. No buys

so it looks like those that bought the original 2m coin IPO are the ones getting screwed hardest then.

the first people to invest are the ones holding useless coins in an omniwallet that you cant even send anywhere.

STILL no PROZ coin showing up on c-cex 8 DAYS AFTER SENDING THEM.

guess ill write this one off as a loss then and never use c-cex again either.

total waste of time and money.

this project had potential but i fear now it is DOA.

neither PROZ dev's or c-cex seem to be able / willing to anything about it.

can i have my initial investment back then prozteam? no, thought not.

 dev, you said "We have been working on the Coin Proz project for almost 6 months now, and put over 10k USD into the project alone."  so, what is the project did you do for 6 months and put over 10K USD?  for 6 months, you devs just dont even have a wallet and a website?

Definitely it is not XBoT, at the moment.

Hi how is this project going.I have seen someoen is dumping and i don;t know why