Topic: Fair Profit for Coin Founders - page 3. (Read 4525 times)

Thanks for the advice.  No, I will do a dual launch to show people I'm not using a charity coin to help myself.

The shaw256, I really want that cause I want people to mergemine these coins along with Bitcoin. I think that's the best idea. 

Besides isn't there something now called proof of stake or something which prevents a 51% attack or at least helps?

Finally, I promise 100% transparency and I'm gonna give it. I'm not gonna give a 12 hour or 24 hour heads up. My guess people give such little warning cause they're afraid if groups forming to do 51% attacks.

I'm not that guy.  If this fails then so be it, this isn't afraid coin.  I will name the coin CatholicCoin cause it is the best name for what I'm trying to portray.   

And I will give this forum at least a 3 day heads up so they can get together and attack if they want.  The community should decide what's good and what should live anyway. 

And I know the odds are greatly against me - the poll showed that some 80% of the people here hated the CatholicCoin.  But I believe it's the right coin for what I'm trying to do so I'm gonna keep it.  Those who wanna hate will hate, those who wanna mine will help out and those who wanna kill the coin will attack it.

So be it, I'm gonna do what I feel is right - I've never done something right when I was led by fear.

But I appreciate your advice, it's good advice.

Sorry, I meant the philosophy of your charity coin being 100% for charity, while on the other hand it looked a lot like you were thinking about taking profits from the charity coin to help fund your other coin. 

2 words of advice for you. 

Don't name any coin catholic coin, or any other religion.  There are many people here who attack and kill coins just to "watch the world burn".  I wouldn't paint a target on my back for an attack, as I am sure they aren't the type to be hanging in church after they crush their latest coin. 

And second.  With ASIC's around, it is very dangerous to launch a new SHA-256 coin, as the ability for it to be attacked with an ASIC is pretty high.  And since the majority of the clone coins are Scrypt based, you won't be able to mine your own coin with your BFL ASIC miner.  I guess you could mine Bitcoins, and use them to purchase your coins.

I'm still waiting for my mining gear to get here and it could be until Christmas.

I'm not gonna spend money to launch a coin, then full-time work and more money to support it and then the only thing I get is what I get from spending more cash to buy it. That's like telling steve Jobs to buy shares off the market if he wants shares.  That's absurd.

The charity coin I will not pay myself even 1%.  I believe if something is done for charity it should be done so 100%, all the way.

And that's the reason for a second coin, that would be in part for profit and in part for charity and that coin I would pay myself and other developers a % from the mined coins.  No premine as that's a sure way for a pump and dump scheme.  

And anybody who thinks that's a lot of money, until a coin takes off its practically worthless and if a coin takes off its most likely due on large part to the efforts and spending of the founders/developers so let them make their money if they earned it.

As a developer i released FRK into the wild and mined/bought what i currently own.

And let me clarify what broke is to me cause some make it sound like I need a coin to eat.  Lol.

I pay $3785 per month for the house I live in.  

There's 4 people Living here and I spend roughly $1,200 per month on food.

My car payment is nearly $600 per month.

My older son goes to private school, although he's on vacation now.

I'm broke cause I'm not making the money I was making but I'm living at the same standard.  Normally, paying to launch such a coin would be trivial but now, it feels irresponsible given i have little kids to take care of.

But I also recognize a great opportunity when I see one although this is high risk and it may fail miserably, I'm blown away by the potential of alt coins.  So depending on the upfront launch costs I want to at least launch a pure charity coin.  

And depending how much it costs to launch a real coin with some new features and done right, I may launch one or maybe not.  It all depends on the cost.  Right now I have time to actually put into such a launch but I can't be careless with the money I have left and if I don't find a job I'll lose my house.

So no, I don't need anything from these coins to live my life and live nicely.  These coins, should I launch any, will be a long term thing for me with potential profits far down the line and hopefully, some money for various charities, third party orphanages and the CatholicChurch.  My dad was an orphan who ended up being raised by gypsies in Transylvania.  I'm not kidding whatsoever.  I've just always wanted to help orphanages but I never had time and frankly, I was too selfish.  

This is an easy way to try something that may end up actually working and doing a lot of good and if it doesn't work, then I'll just lose a few bucks and some time.  I can live with that, but one thing I'm sick of is regrets so I definitely wanna try this if the costs are reasonable.

And please don't start with the catholic thing again.  Miners mine coins and nobody gets anything from them. At least I'm trying to do something good while at the same time doing something for myself and my family.

And I'm not bouncing around with my philosophy.

I'm talking about 2 different coins.  A pure charity coin: OrphanCoin, and then my coin, maybe CatholicCoin.

My personal coin I will spend time and money to develop while the charity coin I'll let destiny make it or break it, I have nothing to gain from an OrphanCoin and the only loss to me is the cost to launch it.

I'll leave orphan coin's success up to the community and God.

Funny, I wish I had that much faith in God for my own personal CatholicCoin.  With my luck it would be ironic for the one I don't back up and don't work on to succeed and the one I put money and effort behind to fail miserably.  That's kind of how life works in my world.  

I totally agree with and the only reason I'm rushing is because once Bitcoin gets an ETF there's going to be a mad rush for alt coins.

So if I wait 6 months then it may be too late.

The charity coin, no, all the coins would go to orphanages.  I'm sure there's a way to check to see who got the coins.  I don't own an orphanage nor am I associated with one.

My own coin, that's a different story.  Yes, I see what you mean but if I don't have programming talent what am I gonna offer another dev?

I'm gonna at least give the charity coin a shot depending how much it costs for me to get it launched.  And depending on how that goes I'll maybe launch my own coin.

I'm educated and an economist - I shouldn't have to be a programmer to launch a coin.  Jobs wasn't an engineer he was a salesman. And I don't think I'm a jobs or a gates, I simply used them to prove a point.

What I am is:  on time.  These things where you can start something revolutionary for little money is once ina lifetime. I'm dead serious about this and what I can offer compared to other devs is 100% transperancy.

Read my posts , I'm not hiding anything.  I'll even post my real name and address if anyone wants to see what kind of a person I am.

Well, I have small kids, no address but I'll give out my city and I can't meet up any locals at say, Starbucks.  How many devs offer that?  This is not a get rich thing for me as I can make way more money at a regular job, but I Believe so much in the future of alt coins that I want to be a part of it - do some good and maybe, maybe if it takes off then I can make some money.  But I'm a realist, I've made and lost lots of money on stocks and I know a long shot when I see one.

Just a few questions because you're really bouncing around with your philosophy's. 

First off, how will you get the money to launch your own coin, off a coin that you deem to have 100% of profits going to charity???  Are you the charity the money will be going towards? 

Second.  Even if someone launches a coin for you, how are you going to take care of it with no programming skills/background.  How do you think you will gain people's trust in a coin that can easily be 51% attacked, because even if it did take off, people will know if they attack your coin, you will post an ad on here offering $30/hour to help you stop the attack.  That and the fact there should be constant watching / innovation going on.  How will you put in check points?  or anything else that you need to do as a coin dev?    Personally I hope you have luck trying, but I really think you should take the advice of others, and try to partner up with someone that has their own coin, but needs assistance getting it somewhere, or partner with a programmer and together launch a coin under the name of your choosing. 

There is to much to take care of if you really want to be a developer of a coin that will rise above the thousands of other coins out there, and I think you're getting in over your head especially with your goals. Slow down, don't expect to become the next Jobs or Gates.  Because they both have/had something you don't.  And thats a total understanding of their product. Plus it took not 1 but 2 Steve's to get Apple where it is today. 

And if hazard has launched new coins for free for fun, I'm sure I can work out a deal with him to at least launch a charity coin. There's no such thing out there.  Just a pure charity coin with all the money going to orphanages.  I'm sure there's an easy way to prove where the money goes.

And if that works out then I'll get the money to launch my own coin right.

People get poor for various reasons.  Among them is family issues and hospital bills, among others.  

I'm not working at this moment (not a regular bank job anyway) but that can change in 24 hours in which case I would have to pull 16 hour shifts to make this work.

And trying to launch a pure charity coin is hardly trying to get rich.  I wouldn't be making anything off the orphanCoin.

And if I launch my own coin it would be done right and it wouldn't be anymore pollution than already exists.  At least the orphanCoin has a altruistic purpose.

And what is the reason to launch a coin if its not to make money.  You think all these coins being launched are for some unselfish, community loving reason. Hahahahaaa, let's get real man.  The number 1 reason anyone has launched a coin is to try their luck and hopefully make lots of money.  That's it.

Any other reason is secondary.  At least with the orphanCoin, my primary reason (with just this coin) is 100% charity.  If it doesn't work I don't care since it's not my personal coin. And if it works then that would be an amazing thing for a lot of people.

But since I have nothing to gain (financially) from orphanCoin I wanted to know how much it would cost me to get it launched, since I cannot afford to throw money around play pretend philanthropist until I do get a regular bank job back.

Usually Hazard will launch new coins just for the fun of it, for the purpose of showing how absurd it is that people try to launch coins for no legitimate reason and try to manufacture new wealth out of thin air.  I think a lot of us are trying to figure out the opposite problem, what do we need to pay Hazard to stop launching new shitcoins.

If you're launching a coin just because you see it as a get-rich-quick scheme and because you have financial problems (broke investor syndrome?), then just stop right now.  And come back when you have a legitimate reason for launching a new coin that isn't centered around remorse that you were late to the launch of earlier coins or that you need money.

My thoughts exactly.  If there's a real inventive we'll start seeing real teams of developers come on board.

This is what I think a bitcoin ETF will do.  Much more but this will be one huge positive. It will bring in a different class of developers.  Super devs.  Then you're gonna see crazy good innovation and those guys will demand huge % and they'll deserve it.

Can somebody tell me what I expect to pay a guy like hazard for prepping a coin for launch, for me?  I know nothing about programming. TIA.

My thoughts exactly.  Obviously if the dev is a scammer he's not gonna grow the talent so that's when you abandon his coin but if he shows real effort in growing that coin then they deserve the 25%. That's not a lot of money unless the coin actually takes off. That's why most of these guys have full-time job.

If I get a job back at a major bank I can't quit that kind of money for a piddly coin which pays me $500 per month. That's what 5% would probably equate to for most of these coins.  And that's if they dump all their coins. 

If I had my own coin I wouldn't want to do that, I'd want to keep a big portion for the future.

But then again, if dev team is open and it keeps growing with skilled people, then this works as well.  Hence peer to peer on all facets. 

How can they devote 100% of their time to a coin on 5%?  Most of these guys are educated making at least $70,000 per year.  At 25% it may be worth it but at 5%, no way.

That's what I was trying to say.  If devs get paid right they're more likely to promote the coin more then miners will come out ahead.

Yeah, I can't believe the guy made that.  He must be an engineer.  I've just never seen anything that nice and professional as far as GPU miners.  And for only $18,000, he must have gotten some deals cause I figured minimum $25,000.

He should get all his money back in probably 6-9 months off LTC Coins.  That's the best investment there is.  Well, ASIC machines are better but it may be Christmas before I get mine and by then who knows what's gonna happen to bitcoin and without bitcoin those ASICS are worthless.

25% of minted coins allocated towards the devs is absurd.  I was thinking 1 to 5% at most.  I'd actually feel more secure knowing devs were devoting 100% of their time working on the coin, instead of trying to fit in the time around their day job.  Personally, I find it a bit worrying when LTC devs need to post fund raiser thread on this forum.  But hey, that's just me...

Nice case... what is it made of?

I agree with you that there will be 100's of new coins.  But people have this tunnel vision that all coins will have to be like Bitcoin.

I think it will be the other way around, not all coins will be like Bitcoin and Litecoin.  In fact, we will see coins were mining is just not available to the public.  We've seen the first of that come out in Tradecoin.   ZenithCoin is like previous coins with a percentage allocation.   I am betting that in the long term, coins with an incentive for developers will eventually win out over pump and dump coins.


You are an economist, and clearly you see the lack of incentive for most developers to maintain a coin.   

Anyway if you are interested in creating a coin,   I can do that for you.  But first you need a good idea.