[ANN][SIM] Simcoin - A Simple Coin - page 68.

hypersire

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Quote from: NxtChg on April 10, 2014, 07:21:20 AM

Quote from: hypersire on April 10, 2014, 06:58:46 AM

IMHO a built in anonymous, encrypted decentralized marketplace is the single most important thing a next gen cryptocurrency platform should include.

Sorry, I do not share this view. I think the most important feature is that it works, i.e. performs its core function as digital money.

Asset Exchange is a confusing, niche feature, only used by a minority of users. It's inferior in performance and simplicity to centralized services.

I am not saying it has no merit, but in my opinion it's hardly a priority.

We need a coin that works first.

Well we definitely disagree then as people are screaming for decentralized exchanges so they no longer need to trust a third party web site.

Just offering "security", "speed" and "simplicity" is not bringing anything new to the table at all - it's basically one notch above saying "we have a great community".

There are already a ton of altcoins that can claim very fast processing times. As for the security and simplicity issues you brought up with NXT, those can certainly be addressed in the future. In fact, an article just came out discussing how pretty much any altcoin can be replaced by introducing "sidechains" onto Bitcoin itself:

http://www.cryptocoinsnews.com/news/adam-back-sidechains-can-replace-altcoins-bitcoin-2-0-platforms/2014/04/10

I fail to see how anyone would move over to an entirely new system just because it has some security enhancements and quicker processing, especially when there are alternatives that will offer these things PLUS built in exchanges that will allow for decentralization.

notsoshifty

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Quote from: ?? on ??

Quote from: fsonex on April 10, 2014, 08:25:43 AM

...or if he wants to close the IPO after working prototypes are available, he should probably phase the IPO so there is a different weight for early investors vs the folks sitting on the fence until the end.

...this will NOT be cool without sufficient notice...

I liked the XCP method: linearly reducing from 1500 to 1000 XCP/BTC over ~5 weeks. Of course, they were burns too, so no way for the devs to pocket free coins on the sly.

fsonex

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I agree with NxtChg.com's approach. He has several investors which are taking a chance and providing the support he needs to move his project forward. Once he starts delivering, the risk is greatly reduced...it seems that investors after that time should not be rewarded the same.

So he should either keep his current direction, or if he wants to close the IPO after working prototypes are available, he should probably phase the IPO so there is a different weight for early investors vs the folks sitting on the fence until the end.

NxtChg

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Simcoin Developer

Quote from: notsoshifty on April 10, 2014, 07:51:18 AM

- Give a date now before which you definitely won't close the IPO? E.g. IPO runs at least until 10 May.

Sure: IPO will not be closed until April 20.

Quote from: notsoshifty on April 10, 2014, 07:51:18 AM

Commit to giving at least 7 days notice of closing the IPO (e.g. in a few weeks time, write "the IPO will close sometime between 7 and 14 days from now")

As soon as people know the deadline and/or see something working, they might decide to invest big and thus will get a huge share.

Would you prefer the current style of distribution where several top investors all have roughly the same 0.5 BTC investments and have about 10% share each or one guy owning 90%?

I thought about closing it after the Test Net (i.e. a working prototype with basic client) is operational, but now I think it will be better to close it right before the announcement.

Best strategy for you is probably to put a small amount now, then increase your deposit gradually as you see things develop.

notsoshifty

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Quote from: NxtChg on April 08, 2014, 01:07:09 PM

The IPO will remain open for some time and people can wait for as long as they want and see something tangible to come out first.

Can you please either:

- Give a date now before which you definitely won't close the IPO? E.g. IPO runs at least until 10 May.
- Commit to giving at least 7 days notice of closing the IPO (e.g. in a few weeks time, write "the IPO will close sometime between 7 and 14 days from now")

Right now people are investing purely in vapourware. I would like to see something more tangible first, especially regarding the fast confirmations feature.

NxtChg

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Quote from: ultra x on April 10, 2014, 06:53:52 AM

it'll be sha256 or scrypt? i cant see info. thx

Neither. It's a 100% PoS cryptocurrency, there will be no mining.

Quote from: hypersire on April 10, 2014, 06:58:46 AM

IMHO a built in anonymous, encrypted decentralized marketplace is the single most important thing a next gen cryptocurrency platform should include.

Sorry, I do not share this view. I think the most important feature is that it works, i.e. performs its core function as digital money.

Asset Exchange is a confusing, niche feature, only used by a minority of users. It's inferior in performance and simplicity to centralized services.

I am not saying it has no merit, but in my opinion it's hardly a priority.

We need a coin that works first.

hypersire

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NxtChg, will Simcoin contain a built in asset exchange?

I have no doubt that the first crypto 2.0 platform to introduce an integrated anonymous decentralized marketplace that allows people to exchange any "asset" (not just other cryptocurrencies) will see widespread adoption as it will spawn a hundred SRs. If the transactions are done via encrypted IMs between the two parties involved then there would be no risk to the platform itself as nobody other than the people conducting the transaction could see what is being traded. For example, if someone shares a pirated file via a torrent, do the authorities go after the individual or the creator of say uTorrent?

IMHO a built in anonymous, encrypted decentralized marketplace is the single most important thing a next gen cryptocurrency platform should include.

ultra x

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it'll be sha256 or scrypt? i cant see info. thx

sonysasankan

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Quote from: NxtChg on April 10, 2014, 04:23:39 AM

Quote from: sonysasankan on April 10, 2014, 04:21:07 AM

What's the bounty for Logo? I'm interested in submitting some for review

Well, I guess the first thing would be to decide whether we go with Simcoin or something completely different

There's too few people here yet to conduct any meaningful votes, so let's wait a bit.

I think "Simple Coin" would be more simple :p and it could have the acronym SIM. Simcoin is kinda neither here nor there.... stuck in crypto purgatory Grin

Plus Sim city is here for decades... can't help not thinking of associations.

NxtChg

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Simcoin Developer

Quote from: sonysasankan on April 10, 2014, 04:21:07 AM

What's the bounty for Logo? I'm interested in submitting some for review

Well, I guess the first thing would be to decide whether we go with Simcoin or something completely different

There's too few people here yet to conduct any meaningful votes, so let's wait a bit.

sonysasankan

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What's the bounty for Logo? I'm interested in submitting some for review

NxtChg

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Simcoin Developer

Quote from: pandaisftw on April 10, 2014, 02:00:32 AM

1) Will the whitepaper come out before or after the IPO ends? I hope before, so I can make an informed investment instead of simply speculating.

Not a full whitepaper, but I will setup a wiki soon and start filling it with technical info and ideas for people to comment.
So you still have time

Quote from: pandaisftw on April 10, 2014, 02:00:32 AM

2) What is the BTC used for?

Bounties, what else. We will need logo, branding, apps, tools, etc. I can't pay people with simcoins at this moment, many wouldn't accept them.

Plus initial server setup - hosting companies don't (yet

) accept simcoins either.

Quote from: pandaisftw on April 10, 2014, 02:00:32 AM

TF will enable instant transactions (<1 second confirms), but I am definitely interested if you have a working model right now.

I don't see how that is possible with block time = 1 minute.

Or you mean that other BCNext idea, about N/10 limit for transactions? Maybe it could work. But again, this is just a kludge.

pandaisftw

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I sent you a PM earlier, but perhaps these questions are best answered where everyone can see it:

1) Will the whitepaper come out before or after the IPO ends? I hope before, so I can make an informed investment instead of simply speculating.

2) What is the BTC used for?

Pandaisftw

PS:

Quote from: NxtChg on April 08, 2014, 03:18:04 PM

Quote from: pandaisftw on April 08, 2014, 02:51:14 PM

Not to rain on your parade, but NXT TF will allow speeds like this as well.

Right. I'll believe it when I see it.

So far it looks like a very fragile and artificial construct (not to rain on your parade too

)

Anyway, with block time = 1 minute, you cannot achieve 1 sec transactions. TPS is not equal to confirmation speed.

TF will enable instant transactions (<1 second confirms), but I am definitely interested if you have a working model right now.

yanglei504

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I will pay attention to it,keep working plz

MadCow

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I invested. This guy ran his NXT exchange honestly (returned all of the NXT & bitcoin before he closed) so escrow is not needed with this one IMO.

Good Luck!

Scharfenberger

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Quote from: NxtChg on April 09, 2014, 03:09:23 PM

Quote from: klee on April 09, 2014, 03:02:52 PM

I invested cause I think you are a smart & honest guy - don't disappoint us mate!

Thanks! I will try my best not to

Quote from: klee on April 09, 2014, 03:02:52 PM

No anomymity though in this Undecided

Anonymity is important and I will keep an eye on the zerocash guys, but in my opinion it should not be a default protocol, both for performance and transparency reasons.

"Privacy for individual, transparency for institutions." -- Assange

As for unique deposit addresses - they will still be possible, but I don't think that removing the comment field from transactions just to force services to generate them is worth it.

Comment field in transactions has other legitimate uses.

Hello NXTChg.com

Whats about Escrow? Is it possible?

Thanks in advance for your answer

NxtChg

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Simcoin Developer

Quote from: klee on April 09, 2014, 03:02:52 PM

I invested cause I think you are a smart & honest guy - don't disappoint us mate!

Thanks! I will try my best not to

Quote from: klee on April 09, 2014, 03:02:52 PM

No anomymity though in this Undecided

Anonymity is important and I will keep an eye on the zerocash guys, but in my opinion it should not be a default protocol, both for performance and transparency reasons.

"Privacy for individual, transparency for institutions." -- Assange

As for unique deposit addresses - they will still be possible, but I don't think that removing the comment field from transactions just to force services to generate them is worth it.

Comment field in transactions has other legitimate uses.

klee

legendary

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I invested cause I think you are a smart & honest guy - don't disappoint us mate!

I find extremely interesting that someone finally looks at the Ripple code and mix things with NXT's PoV..

No anomymity though in this Undecided

anonymousxx1503

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Quote from: NxtChg on April 09, 2014, 11:33:15 AM

Quote from: anonymousxx1503 on April 09, 2014, 11:09:05 AM

That's not the response I'm looking for, I'd rather you don't avoid a real answer and stop the winking smiley faces, lots of those in the stackcoin thread if you get what I'm saying. I asked my question in a polite manner and I expect a real answer.

There was no question in your post.

If the question is "why don't you use escrow?" then I've explained it 3 times already.

The short answer is: because I don't have to.

I am not sure what kind of answer you are looking for.

"Aye, captain, I will setup an escrow right away just because you told me to!"
Or:
"Duh, how can I scam people with escrow?"

Just don't send any money if you find the lack of escrow suspicious.

Yeah that was the question. I thought there was a better response available. If your project ends up being legit, then good luck with it. I still think you need some better reasons for completely denying escrow though.

NxtChg

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Simcoin Developer

Quote from: anonymousxx1503 on April 09, 2014, 11:09:05 AM

That's not the response I'm looking for, I'd rather you don't avoid a real answer and stop the winking smiley faces, lots of those in the stackcoin thread if you get what I'm saying. I asked my question in a polite manner and I expect a real answer.

There was no question in your post.

If the question is "why don't you use escrow?" then I've explained it 3 times already.

The short answer is: because I don't have to.

I am not sure what kind of answer you are looking for.

"Aye, captain, I will setup an escrow right away just because you told me to!"
Or:
"Duh, how can I scam people with escrow?"

Just don't send any money if you find the lack of escrow suspicious.

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