Let's learn about XC, And why it's the Future of Crypto "currencies"

battbot

hero member

Activity: 616

Merit: 500

Quote from: rdnkjdi on August 14, 2014, 11:39:26 AM

Can you explain about Dan being a CEO of a currency - and how it makes sense / where his funding comes from / what other employees there are of the company?

About 100 years ago - there were sub currencies for companies where they refused to pay employees cash but offered you "tokens" that could only be spent only at their stores . So they were able to monopolize on whatever they paid people. In that sense - I suppose the owner of the company issuing tokens was the boss / CEO of a currency ....

It's just a title, and can easily be changed (or removed)... He funds XC development from his own pocket & from the premine. I'm sure there are also private investors that contribute towards development as well.

rdnkjdi

legendary

Activity: 1256

Merit: 1009

Can you explain about Dan being a CEO of a currency - and how it makes sense / where his funding comes from / what other employees there are of the company?

About 100 years ago - there were sub currencies for companies where they refused to pay employees cash but offered you "tokens" that could only be spent only at their stores . So they were able to monopolize on whatever they paid people. In that sense - I suppose the owner of the company issuing tokens was the boss / CEO of a currency ....

battbot

hero member

Activity: 616

Merit: 500

Anyone not in XCurrency right now is doing it wrong.

Every XC wallet is automatically an Xnode and no balance needs to be held in it (aka, completely decentralized).

Privacy Mode is on-chain, and breaks transactions into fragments and utilises trustless mixing to forward fragments on to the recipient. (It's not a ring signature either; it's a unique m-of-m multisig transaction.)

Since every node forwards fragments, there's no telling whether a node is the originator or final receiver of a fragment. Therefore receiver/sender address is concealed.
Since fragments are sent, there's no telling what the full amount of any given transaction is. Therefore the amount sent/received is concealed.
Since trustless mixing is m-of-m multisig, no node can steal coins. They can either sign or opt out. (In the latter case, fragments are sent via spare nodes).

XC will soon be adding "stealth addresses" to its arsenal. This will allow the receiver to publicise a receiving address, while payments sent to it will arrive in another address, prevent associating the receiver with amounts received.

Finally XC nodes can run as TOR nodes, so that not only are their IP addresses concealed, but since they do not use exit nodes they're immune to packet sniffers.

As such, XC claims to be completely private. Sender address, receiver address, amount, and IP address are all kept private. Future developments will allow increasing control over degrees of privacy, enabling XC transactions to be flexible and tailored to a wide variety of use-cases.

In addition to completely anonymous transfers, XC has XChat, instant p2p encrypted messaging (also available on the XC TOR Stick, www.xcmerch.com). XC is also developing encrypted voice + video to be used across PC & mobile platforms.

http://www.cryptocoinsnews.com/news/xcurrency-begins-selling-highly-anticipated-xchat-tor-stick/2014/08/07

Lead developer: Dan Metcalf -- http://www.linkedin.com/pub/dan-metcalf/12/1a8/b82

http://www.xc-official.com/

brownmon

full member

Activity: 139

Merit: 100

Quote from: fluffypony on August 13, 2014, 04:38:02 AM

Quote from: brownmon on August 12, 2014, 10:54:08 PM

Lazy coin devs! Why aren't they working hard?! Why aren't they advertising more?

Let's pay them no money! I'm sure that will help them develop the coin and advertise more!

As one of the 7 core team members working on Monero, I can assure you that despite us getting paid nothing, having no premine, having no instamine, we work hard and Monero is progressing accordingly. You don't need to cheat to be able to push out excellent code.

I don't see what getting paid has to do with 'cheating'.

Just because a few dozen people are happy to work for free, doesn't mean most people are.

therightmintality

member

Activity: 98

Merit: 10

Quote from: fluffypony on August 13, 2014, 12:12:32 PM

Quote from: therightmintality on August 13, 2014, 11:19:11 AM

i just want to understand... so you and none of the core dev team own any Monero?

The premine on XC was 2% of supply, which some is being used on development. Look at the distribution of XC, we have a broad base and a strong community. Good luck with dilution, I don't want to buy a coin that PS3 miners using dorm electricity are dumping to pay for their college text books and beer.

We own very little - collectively we own less than 50 000 Monero between all 7 of us. We earned it legitimately, either by buying on the OTC trading thread / first exchange, or by mining.

I don't get the PS3 comment, are you meaning that XC should lie in the hands of only a few?

so the monero team owns 2% for now and I'm sure continues to mine. Them, along with college kids mining on their gaming machines with free electricity, or large multi pools both selling daily, or huge farms which can manipulate the price. Oh, is claymore one of the devs as well? Any POW coin will fight dilution and eventually inflation... no thanks.

fluffypony

donator

Activity: 1274

Merit: 1060

GetMonero.org / MyMonero.com

Quote from: therightmintality on August 13, 2014, 11:19:11 AM

i just want to understand... so you and none of the core dev team own any Monero?

The premine on XC was 2% of supply, which some is being used on development. Look at the distribution of XC, we have a broad base and a strong community. Good luck with dilution, I don't want to buy a coin that PS3 miners using dorm electricity are dumping to pay for their college text books and beer.

We own very little - collectively we own less than 50 000 Monero between all 7 of us. We earned it legitimately, either by buying on the OTC trading thread / first exchange, or by mining.

I don't get the PS3 comment, are you meaning that XC should lie in the hands of only a few?

therightmintality

member

Activity: 98

Merit: 10

Quote from: fluffypony on August 13, 2014, 04:38:02 AM

Quote from: brownmon on August 12, 2014, 10:54:08 PM

Quote from: Buffer Overflow on August 12, 2014, 02:50:57 AM

I lost interest after I read the word 'premine'.

Lazy coin devs! Why aren't they working hard?! Why aren't they advertising more?

Let's pay them no money! I'm sure that will help them develop the coin and advertise more!

As one of the 7 core team members working on Monero, I can assure you that despite us getting paid nothing, having no premine, having no instamine, we work hard and Monero is progressing accordingly. You don't need to cheat to be able to push out excellent code.

i just want to understand... so you and none of the core dev team own any Monero?

The premine on XC was 2% of supply, which some is being used on development. Look at the distribution of XC, we have a broad base and a strong community. Good luck with dilution, I don't want to buy a coin that PS3 miners using dorm electricity are dumping to pay for their college text books and beer.

Teka

hero member

Activity: 840

Merit: 1000

Quote from: fluffypony on August 13, 2014, 09:58:42 AM

Quote from: Teka on August 13, 2014, 09:38:04 AM

The premine is a tiny percentage and honestly more of Dans personal funds have been used then the premine. Unlike other coins, we are building a privacy platform that is based around solid code. We also don't have issues regarding blockchain bloat Wink

So you've gotten pruning working in XC, then? Can you link to the code on github? Because not even Bitcoin has pruning right now. Until you've written the code that lets you prune the blockchain and run off a new merkle root, your claim is spurious and incorrect. Don't claim to have solved a problem when what you mean is "we will solve it later...once Bitcoin does the work for us".

Quote from: Teka on August 13, 2014, 09:38:04 AM

p.s you've lost quite a few potential orders today

Doubtful, 99% of our orders since the market tanked in March are from large farms and are based around our 19" rack ASIC grids that aren't even on the website. None of them have stopped ordering. But it's completely fine to tell yourself that's the case if it'll make you feel better.

Let's be honest, there are some coins with terrible blockchain bloat. Also, the code for current rev won't be accessible for some time to prevent theft of our technology.

fluffypony

donator

Activity: 1274

Merit: 1060

GetMonero.org / MyMonero.com

Quote from: Teka on August 13, 2014, 09:38:04 AM

The premine is a tiny percentage and honestly more of Dans personal funds have been used then the premine. Unlike other coins, we are building a privacy platform that is based around solid code. We also don't have issues regarding blockchain bloat Wink

So you've gotten pruning working in XC, then? Can you link to the code on github? Because not even Bitcoin has pruning right now. Until you've written the code that lets you prune the blockchain and run off a new merkle root, your claim is spurious and incorrect. Don't claim to have solved a problem when what you mean is "we will solve it later...once Bitcoin does the work for us".

Quote from: Teka on August 13, 2014, 09:38:04 AM

p.s you've lost quite a few potential orders today

Doubtful, 99% of our orders since the market tanked in March are from large farms and are based around our 19" rack ASIC grids that aren't even on the website. None of them have stopped ordering. But it's completely fine to tell yourself that's the case if it'll make you feel better.

Teka

hero member

Activity: 840

Merit: 1000

Quote from: fluffypony on August 13, 2014, 09:28:30 AM

Quote from: Lauda on August 13, 2014, 07:47:22 AM

Quote from: Teka on August 13, 2014, 04:43:04 AM

To hire the best people in the industry, you need funds. This let you push the best code. Also so far a lot of things have been funded by Dan himself and not from the premine like xchat. You're obviously going to dismiss this point due to your biased opinion and conflict of intrest.

Okay I'll make a 99% premine code so that the best devs will work on that coin. Roll Eyes

Best people in the industry? They are so into coding random coins.

Hah hah - exactly!

We need the best, so we premine the most!

The premine is a tiny percentage and honestly more of Dans personal funds have been used then the premine. Unlike other coins, we are building a privacy platform that is based around solid code. We also don't have issues regarding blockchain bloat Wink

p.s you've lost quite a few potential orders today

fluffypony

donator

Activity: 1274

Merit: 1060

GetMonero.org / MyMonero.com

Quote from: Lauda on August 13, 2014, 07:47:22 AM

Quote from: Teka on August 13, 2014, 04:43:04 AM

To hire the best people in the industry, you need funds. This let you push the best code. Also so far a lot of things have been funded by Dan himself and not from the premine like xchat. You're obviously going to dismiss this point due to your biased opinion and conflict of intrest.

Okay I'll make a 99% premine code so that the best devs will work on that coin. Roll Eyes

Best people in the industry? They are so into coding random coins.

Hah hah - exactly!

We need the best, so we premine the most!

Teka

hero member

Activity: 840

Merit: 1000

Quote from: Lauda on August 13, 2014, 07:47:22 AM

Quote from: Teka on August 13, 2014, 04:43:04 AM

To hire the best people in the industry, you need funds. This let you push the best code. Also so far a lot of things have been funded by Dan himself and not from the premine like xchat. You're obviously going to dismiss this point due to your biased opinion and conflict of intrest.

Okay I'll make a 99% premine code so that the best devs will work on that coin. Roll Eyes

Best people in the industry? They are so into coding random coins.

A 99% premine would be ridiculous, a tiny percentage of a coin is not. Have you looked at xc outside of the premine? Because if you are focusing on a premine then your missing a lot of information.

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: Teka on August 13, 2014, 04:43:04 AM

To hire the best people in the industry, you need funds. This let you push the best code. Also so far a lot of things have been funded by Dan himself and not from the premine like xchat. You're obviously going to dismiss this point due to your biased opinion and conflict of intrest.

Okay I'll make a 99% premine code so that the best devs will work on that coin. Roll Eyes

Best people in the industry? They are so into coding random coins.

Teka

hero member

Activity: 840

Merit: 1000

Quote from: fluffypony on August 13, 2014, 04:38:02 AM

Quote from: brownmon on August 12, 2014, 10:54:08 PM

Quote from: Buffer Overflow on August 12, 2014, 02:50:57 AM

I lost interest after I read the word 'premine'.

Lazy coin devs! Why aren't they working hard?! Why aren't they advertising more?

Let's pay them no money! I'm sure that will help them develop the coin and advertise more!

As one of the 7 core team members working on Monero, I can assure you that despite us getting paid nothing, having no premine, having no instamine, we work hard and Monero is progressing accordingly. You don't need to cheat to be able to push out excellent code.

To hire the best people in the industry, you need funds. This let you push the best code. Also so far a lot of things have been funded by Dan himself and not from the premine like xchat. You're obviously going to dismiss this point due to your biased opinion and conflict of intrest.

fluffypony

donator

Activity: 1274

Merit: 1060

GetMonero.org / MyMonero.com

Quote from: brownmon on August 12, 2014, 10:54:08 PM

Quote from: Buffer Overflow on August 12, 2014, 02:50:57 AM

I lost interest after I read the word 'premine'.

Lazy coin devs! Why aren't they working hard?! Why aren't they advertising more?

Let's pay them no money! I'm sure that will help them develop the coin and advertise more!

As one of the 7 core team members working on Monero, I can assure you that despite us getting paid nothing, having no premine, having no instamine, we work hard and Monero is progressing accordingly. You don't need to cheat to be able to push out excellent code.

Buffer Overflow

legendary

Activity: 1652

Merit: 1015

Quote from: brownmon on August 12, 2014, 10:54:08 PM

Quote from: Buffer Overflow on August 12, 2014, 02:50:57 AM

I lost interest after I read the word 'premine'.

Lazy coin devs! Why aren't they working hard?! Why aren't they advertising more?

Let's pay them no money! I'm sure that will help them develop the coin and advertise more!

Absolutely. That way I know a coin is created for the right reasons.

brownmon

full member

Activity: 139

Merit: 100

Quote from: Buffer Overflow on August 12, 2014, 02:50:57 AM

I lost interest after I read the word 'premine'.

Lazy coin devs! Why aren't they working hard?! Why aren't they advertising more?

Let's pay them no money! I'm sure that will help them develop the coin and advertise more!

Buffer Overflow

legendary

Activity: 1652

Merit: 1015

I lost interest after I read the word 'premine'.

almond

sr. member

Activity: 407

Merit: 254

Quote from: drawingthesun on August 11, 2014, 10:42:29 PM

Quote from: dadon on August 11, 2014, 06:38:32 AM

Quote from: Phillis on August 11, 2014, 06:34:47 AM

Quote from: Silly Money on August 11, 2014, 06:19:48 AM

Lol, I see no evidence of why it's the future. Just looks like another dime a dozen alt to me.

thats because it is, plus its POS...

you peeps make me giggle, go ahead name something better, i dare you, real working tech no vaporware allowed, and what's wrong with POS no new coin mintage means stable price, can't see the faults.

XC cut off proof of work early making all XC holders preminers, so XC is in scam territory for that.

Also POS, good luck with that, no new blood allowed to mine coin, they must buy from you.

If XC technology is truly worthwhile (I'm not sure it is) then a clone that is POW will emerge and become the dominate coin.

The advent of multipools blunts the pos vs. pow argument. Most all POS coins have their own multipools so miners can add their new blood to whatever pool they want.

drawingthesun

legendary

Activity: 1176

Merit: 1015

Quote from: dadon on August 11, 2014, 06:38:32 AM

Quote from: Phillis on August 11, 2014, 06:34:47 AM

Quote from: Silly Money on August 11, 2014, 06:19:48 AM

Lol, I see no evidence of why it's the future. Just looks like another dime a dozen alt to me.

thats because it is, plus its POS...

you peeps make me giggle, go ahead name something better, i dare you, real working tech no vaporware allowed, and what's wrong with POS no new coin mintage means stable price, can't see the faults.

XC cut off proof of work early making all XC holders preminers, so XC is in scam territory for that.

Also POS, good luck with that, no new blood allowed to mine coin, they must buy from you.

If XC technology is truly worthwhile (I'm not sure it is) then a clone that is POW will emerge and become the dominate coin.

Topic: Let's learn about XC, And why it's the Future of Crypto "currencies" (Read 5305 times)