Anyone out there completely control all of a coin?

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

Quote from: erpbridge on June 20, 2015, 04:07:58 PM

Quote from: jimmybuffet on June 20, 2015, 03:53:22 PM

Obviously single ownership of a coin wouldn't be feasible.
Lets say I start a poker site. What percentage of a coin do you think I would need to own? The reason I would want a large percentage is because I want the coin bootstrapped to my site so the more popular it gets the more value is add to the coin.
I guess it would be similar to how the bitcoin was bootstrapped to silkroad in the early years.
So in theroy lets say I have 30% of a coin and start my poker room it takes off and I have thousands of players. The coin was valued at $1 when I started now its at $2. Now what if when I started I only list the coin on one exchange, mine. That should increase the value immensely when my poker room takes off right? Other exchanges are going to buy large amounts thus creating the demand?

It all depends on how successful your coin becomes. If the site is famous, only then the value of the coin might go up . But since it would probably not have any other use except for being usable only on that site , therefore it could go down as well. In the start unless you have all the mining and other things, the value will likely go down. Also it will not be straight away added to an exchange just because it is just another altcoin.

You know, OP's idea is not too off from what's happening with CLAM and Just-Dice. JD only uses CLAM nowadays, and CLAM probably would have been just another altcoin, but JD's popularity and usage of it is giving it a long lasting stability which is otherwise unexpected. But, as you said, and as I said on the bottom of the last page, the casino needs to be trusted or famous for this to work. JD build their reputation with Bitcoin and nowadays it can pretty much support it's own crypto. But to try it the other way around is putting the cart before the horse.

erpbridge

legendary

Activity: 954

Merit: 1000

Quote from: jimmybuffet on June 20, 2015, 03:53:22 PM

Obviously single ownership of a coin wouldn't be feasible.
Lets say I start a poker site. What percentage of a coin do you think I would need to own? The reason I would want a large percentage is because I want the coin bootstrapped to my site so the more popular it gets the more value is add to the coin.
I guess it would be similar to how the bitcoin was bootstrapped to silkroad in the early years.
So in theroy lets say I have 30% of a coin and start my poker room it takes off and I have thousands of players. The coin was valued at $1 when I started now its at $2. Now what if when I started I only list the coin on one exchange, mine. That should increase the value immensely when my poker room takes off right? Other exchanges are going to buy large amounts thus creating the demand?

It all depends on how successful your coin becomes. If the site is famous, only then the value of the coin might go up . But since it would probably not have any other use except for being usable only on that site , therefore it could go down as well. In the start unless you have all the mining and other things, the value will likely go down. Also it will not be straight away added to an exchange just because it is just another altcoin.

In the start you could premine and take control of a certain amount of coins, and have it distributed someway to get people to play on site. Having people buy it to play on the site isn't an appealing option, unless there is also a way to convert those coins back to bitcoin if the coin is not listed on an exchange.

jimmybuffet

newbie

Activity: 28

Merit: 0

Obviously single ownership of a coin wouldn't be feasible.
Lets say I start a poker site. What percentage of a coin do you think I would need to own? The reason I would want a large percentage is because I want the coin bootstrapped to my site so the more popular it gets the more value is add to the coin.
I guess it would be similar to how the bitcoin was bootstrapped to silkroad in the early years.
So in theroy lets say I have 30% of a coin and start my poker room it takes off and I have thousands of players. The coin was valued at $1 when I started now its at $2. Now what if when I started I only list the coin on one exchange, mine. That should increase the value immensely when my poker room takes off right? Other exchanges are going to buy large amounts thus creating the demand?

canth

legendary

Activity: 1442

Merit: 1001

Quote from: TaunSew on June 19, 2015, 12:29:07 AM

Quote from: billotronic on June 18, 2015, 09:51:52 PM

Quote from: canth on June 18, 2015, 03:02:21 PM

Quote from: jimmybuffet on June 18, 2015, 02:55:10 PM

Is there a coin out there that 1 person has sole ownership or majority ownership?
I would like them to be the bank for my website.
PM me.

Here's two for you:

www.ripplelabs.com - owns over 80% of the coins (Larsen, Britto and Ripple Labs)
www.federalreserve.gov (owns 100%! They can print as many as you like and take the coins they've let others use back too)

oh man this was the best response possible... i'm not even going to try to beat this.

hats off to you sir.

"Ripple" (counting everything) owns more than 90%. The Federal Reserve doesn't have that much and would salivate just to own 10% of the US dollar. While yes the Federal Reserve can print, loan out and cause all sorts of destruction - there's limits both internal and externally placed upon them. Not so much the case for Ripple, Chris Larsen is pretty much a Stalinist Führer with complete control over the Ripple protocol.

Yeah, I was giving Ripple the benefit of the doubt since Jed owns ~ 10% and the public now own ~ 10%. Agreed that Larsen is essentially in full control over 70-80bn Ripple. Gotta love that market cap calculation...sure Ripple is in the top 10. Sure it is..

EvilDave

hero member

Activity: 854

Merit: 1001

Again...issue a token on NXT and you won't have to deal with miners or blockchains yourself, everything will run over the NXT blockchain.
The token can also be traded on external exchanges, as well as used for internal business processes, so there is really no need to go to the hassle of maintaining a coin yourself.

tspacepilot

legendary

Activity: 1456

Merit: 1081

I may write code in exchange for bitcoins.

It's a fun idea from the OP, but for it to happen, he's going to have to be mining it himself too (in order to validate deposits and withdrawals. His idea is that people can start to trade it for themselves if his casino becomes popular but to allow that to happen, you have to have enough hashing power to keep others from taking over your blockchain. In the end, it seems like alot of resources to put towards the idea that your casino might get popular. If I were you, I'd focus on getting your casino popular first by taking bitcoin deposits and withdrawals and users play with an internal token (chips!). Then, if you have enought success at that, you can start offering your own coin and at that point you'll have a userbase to experiment with (offer them some discount if they start using your crypto rather than the chips).

TaunSew

hero member

Activity: 756

Merit: 506

Quote from: billotronic on June 18, 2015, 09:51:52 PM

Quote from: canth on June 18, 2015, 03:02:21 PM

Quote from: jimmybuffet on June 18, 2015, 02:55:10 PM

Is there a coin out there that 1 person has sole ownership or majority ownership?
I would like them to be the bank for my website.
PM me.

Here's two for you:

www.ripplelabs.com - owns over 80% of the coins (Larsen, Britto and Ripple Labs)
www.federalreserve.gov (owns 100%! They can print as many as you like and take the coins they've let others use back too)

oh man this was the best response possible... i'm not even going to try to beat this.

hats off to you sir.

"Ripple" (counting everything) owns more than 90%. The Federal Reserve doesn't have that much and would salivate just to own 10% of the US dollar. While yes the Federal Reserve can print, loan out and cause all sorts of destruction - there's limits both internal and externally placed upon them. Not so much the case for Ripple, Chris Larsen is pretty much a Stalinist Führer with complete control over the Ripple protocol.

MicroGuy

legendary

Activity: 2506

Merit: 1030

Twitter @realmicroguy

I haven't read the responses to keep this clean, but I think any coin completely controlled by a single person is very unlikely to succeed. Decentralization is the greatest single factor (other than community) when it comes to measuring the strength of a cryptocurrency.

The first Altcoin to surpass Bitcoin in marketcap will do so because it will possess a purer form of this quality.

billotronic

legendary

Activity: 1610

Merit: 1000

Crackpot Idealist

Quote from: canth on June 18, 2015, 03:02:21 PM

Quote from: jimmybuffet on June 18, 2015, 02:55:10 PM

Is there a coin out there that 1 person has sole ownership or majority ownership?
I would like them to be the bank for my website.
PM me.

Here's two for you:

www.ripplelabs.com - owns over 80% of the coins (Larsen, Britto and Ripple Labs)
www.federalreserve.gov (owns 100%! They can print as many as you like and take the coins they've let others use back too)

oh man this was the best response possible... i'm not even going to try to beat this.

hats off to you sir.

monsanto

legendary

Activity: 1241

Merit: 1005

..like bright metal on a sullen ground.

Quote from: jimmybuffet on June 18, 2015, 02:55:10 PM

Is there a coin out there that 1 person has sole ownership or majority ownership?
I would like them to be the bank for my website.
PM me.

I can help you out.

Dollarcoin: https://bitcointalksearch.org/topic/pre-ann-dollarcoin-earths-first-consensus-fixed-value-cryptocurrency-cfvc-702098

EvilDave

hero member

Activity: 854

Merit: 1001

Nah...EvilCoin is purely a having a laugh asset issue, not to be taken seriously.

For real NXT assets, take a look here:
http://coinmarketcap.com/assets/
These are all real projects, based on the NXT Asset Exchange system:
https://wiki.nxtcrypto.org/wiki/Asset_Exchange

Assets aren't mineable, but you can create a mineable currency using the NXT Monetary System:
https://wiki.nxtcrypto.org/wiki/Monetary_System

Check out www.nxtforum.org for further info or questions.

jimmybuffet

newbie

Activity: 28

Merit: 0

Thanks a lot EvilDave you opened up my eyes to different avenues that might work. Are your evil coins being mined though?

EvilDave

hero member

Activity: 854

Merit: 1001

I was waiting for MarineCoin to raise its ugly (99% pre-mined and in the hands of the dev) head. Grin

The OP could always use EvilCoin......I've got pretty much 100% of those. Market cap is around the million $ point, so if the OP would like to roll 4,000 BTC my way, he can have the lot.

The sane explanation for EvilCoin: I created a vanity asset on Horizon, issued 10 million, set a sell price at 625 HZ/EvilCoin, and voila !
Instant million dollar market cap........it really is that easy.
But don't buy any of it, ffs

If the OP simply needs a token for his casinos internal operations....take a look at the NXT Asset Exchange or Monetary System. This is what they were designed for.
(or if you want to be cheap like me, use Horizon, which is an less advanced NXT clone)

Twipple

sr. member

Activity: 462

Merit: 250

Quote from: jimmybuffet on June 18, 2015, 05:56:47 PM

Twipple - I want it to be mined that way the coin goes up in value as more people want it and myself and partner still hold a majority.

If thats the case then even I would recommend creating an altcoin from scratch. But how do you intend to have people obtain the coins ?

erpbridge

legendary

Activity: 954

Merit: 1000

I seriously doubt that even if there is a dead coin out there , it would be under one person's control as it would have been distributed already. Creating your own coin would be the best option.

bitillionaire

sr. member

Activity: 369

Merit: 250

phm.link

Quote from: marine4u on June 18, 2015, 03:02:57 PM

Quote from: jimmybuffet on June 18, 2015, 02:55:10 PM

Is there a coin out there that 1 person has sole ownership or majority ownership?
I would like them to be the bank for my website.
PM me.

can you give details, what do you have in mind?

Surprise surfuckingprise

jimmybuffet

newbie

Activity: 28

Merit: 0

MJ - Well that is who I am looking for someone with a bunch and is still mining them, that way you leave the door open for the coin to take off a bit. Ideally I would like to find someone with a good percentage of litecoins and try and revive that.

Twipple - I want it to be mined that way the coin goes up in value as more people want it and myself and partner still hold a majority.

Any of you know of anyone who is sitting on a bunch of dead coins we could try and revive?

Twipple

sr. member

Activity: 462

Merit: 250

You should just create your own altcoin and have it premined 100% and maybe make it so it can't be mined if thats what you need. But it will lack any development work so unless you land in on an exchange , I don't think anyone would prefer playing with that as essentially people would be paying fiat or bitcoin to obtain it to gamble on the site.

spazzdla

legendary

Activity: 1722

Merit: 1000

I hold around 8% of a specific coin, muhahahahhaa.

Mountain Jew

member

Activity: 60

Merit: 10

Quote from: jimmybuffet on June 18, 2015, 03:08:48 PM

"www.federalreserve.gov (owns 100%! They can print as many as you like and take the coins they've let others use back too)"

I fell off my chair laughing!!

Lol, I found it amusing too. Not sure what op is on about though. I'm sure there must be a few devs who launched coins and they ended up being the only people that mined them.

Topic: Anyone out there completely control all of a coin? (Read 1594 times)