I think we should not stake until we've raised what James considers to be a suitable amount. As this was originally intended to be a fundraising activity until we reach 2.7 million VRC, I think he can call the shots as to when we have enough in the escrow. When that happens, we will audit the donations and get both corresponding VRC and BTC addresses for each donor. That way we can split the share evenly, with precision, and know how to refund the coins. Right now, we just have a VRC address. Ultimately we will need a BTC address to pay the 10k satoshi/VRC payment. But if we start staking, the blockchain gets confusing and we really need it to be as simple as possible to track.
If my calculations are correct, there is no need to actually convert to BTC to pay people. You can pay them in VRC just returned to them. (Ex. 50,000*.5*.0001=2.5BTC, 2.5BTC buys 5000 VRC @ .0005.). Thus just return 5000 VRC to the originator and no need to sell VRC and pay in BTC. Or, actually an even better method is just use whatever the VRC price is AT THE TIME of the end of year distribution. If after 1 year the price is .0006, then your 2.5BTC of value would represent 4166 VRC plus the 1150 of interest. The key being it's not too difficult to add in the interest portion to each address once we are done with all donating for this project.
Yeah I agree we don't need a BTC address, that was the original intent for simplicity. Also drkman if you would be willing to build up the spreadsheet (which would help tremendously) then I would be happy to bring the coins online periodically to earn the interest accrued via coinage. This is also another incentive to make the pot bigger as the community would be getting some significant interest payments over time.
My point exactly... with the added bonus that it will be a significant amount of coins staking and therefore reinforcing the blockchain and protecting the coins from attacks. Especially if the pot can get anywhere near 2 million coins. I already suggested a public honor roll, at least a voluntary one, with the devs listing their contributions to the fund. This could act as an incentive... direly needed for while the "donors" have been quite generous for the most part so far, I feel a very small part of the community has actually donated... in spite of the fact that we have practically doubled the price already exclusively on the "James effect".
Thank you!
It means more to me that you are now part of VRC than whatever small effect I have had on price so far.
I now know that you meant well all this time, but circumstances just created a "brownian motion" where the conflict just made things go in circles. Now VRC will benefit from your intellect.
With everybody in harmony, the brownian motion is transformed to a laser beam!
James
P.S. Yes, I realize brownian motion are gas molecules and lasers are for photons, plz forgive the scientific inaccuracy. When people join together, anything is possible
My message has always been quite clear all along... including being the first one in this forum in favor of "your plan" when first proposed and no one knew who you were. Vericoin needed someone like you to bring the tech know-how that, unfortunately, our devs don't have. Now there's a possibility, a strong one, of going forward for real and at a good pace...
if we are able to set egos and arrogance aside before personal conflict -inevitably- arises.Back to business: Very few people has, so far, participated in "donating" (thank you, by the way, for giving back to the community the option). Like I have stated before, there are a number of things, quite positive all of them, that can and must be done with those funds -- especially if we get anywhere near 2 million coins -2.7 is completely absurd since at least 7-8 million coins are in exchanges-. Staking, to begin with, is the natural and profitable option; to create an "stabilizing fund", like Nautilus, is another worth considering for we must strive to reach a level of non-volatility that the merchants as well as non-initiated customers, will demand before adoption. And simply funding for projects that require investment. But, like I said, only a very few have gotten involved -albeit quite generously- so far. Much more is needed so it will be the bulk of the community pushing forward and pushing hard.
Hey, if having their stakes doubling in price only because of you don't bring the generosity (which in this case is only technically generosity). I don't know what will. But what we shouldn't do is to call "the community" some 50-odd (at best) people so far carrying the big burden.
Edited to add:
And this is a BIG problem going forward... for which we may have already found the solution: The vision of James with Vericoin as the entrance door from the FIAT world -a vision that coincides exactly with that of Pat, Doug and Dave, as well as the vast majority if not all in the community. We have discussed one of the main obstacles Vericoin -and everyone else- has: The be able to convert FIAT
directly to Vericoin, in the US, requires paying a pretty hefty price... anywhere around $150k. Cryptsy paid it. Mintpal -I'm quite sure- will eventually pay it. It is cost-effective, to them. Will it be for Vericoin? IF we are really to go after some kind of "mass" market, definitely. Now, to raise $150k, up until now, has been chimeric and, definitely, within the circumstances, not advisable... but now, circumstances have changed. Drastically. To foresee a very significant increase in price in the more or less close future is not chimeric at all so, where $150k was a huge figure a week ago, unrealistic to be ever assimilated by this project, has become now something (potentially) quite accessible. I am not as optimistic as to believe that we will get to 0.001 BTC within 6 months (I hope I am wrong, of course), but half that seems not too difficult (only a triple from here), so lets assume we can get to something in between, something like 0.0007. Let's also assume that the donations reach 2 million VRC. Those 2 million would be worth $700,000. Even after returning to the "donors" the 10k sat, the community would still have $600k (not even counting the staking in between... or any appreciation of BTC from here to there). Definitely in that circumstance, $150k doesn't look unreachable at all, does it?
The other "problem" that we need to provide solutions for, in advance, is the upcoming, inevitable, regulation. It is not IF, it is when. Vericoin should still welcome it. How the potential integration in the SuperNET could affect compliance depends on what the regulation will demand. But this, in any case, is premature... except that Vericoin must be prepared -with tools, disposition AND RESOURCES- to be the first crypto currency welcoming regulation and be in full compliance and, if possible, with the resources to influence that the compliance is not too strict. Some level of privacy can and must be requested from legislators. Accountability will not be a problem IF the resources are there to cover the risks... yet another reason to make of this pot one as big as we can possibly muster.
So, for those still on the sidelines: Come on: You have doubled your money in just a few days, can't you really afford to give 10% for such purposeful endeavor?
Once again, I encourage the idea of creating an honor roll, if for nothing else, to be thankful to those generous enough to, along with James, having made this actually possible. It is something to be proud of -and thankful for. And it should inspire those with less generous inclinations in the community.
It is indeed for a great set of causes.