Great ideas CoinHoarder.
Would you be willing to commit some time in the future to the bitmark project, particularly at the adoption stage? I can see the way you think being very beneficial during brainstorming sessions and when discussing targeting specific markets / encouraging adoption - as the target is non crypto currency affiliated ventures.
To clarify regarding the RI, all Bitmark code is already open source and free to use, I just need to polish a few bits, fork, and provide some documentation so that it's easily clone-able by others.
I think what I'd like to convey is that I would like the process of others cloning the RI to be a documented manual process, rather than an automated process.
Topic: Non-IPO project funding? - page 2. (Read 1843 times)
This kind of goes against your idea to help new developers out by providing an updated code base, but you could keep it closed source until you actually release bitmark. Certainly the time you spent on the code base already would be worth something to someone creating a new ALT coin as it would save them some time. I guess this would be much easier than creating a service to fund development as you already have it done.
You could also try using indiegogo, kickstarter, or a bitcoin crowd funding website. Just think of ways to provide incentive to people to donate apart from giving them a stake in the currency.. Such as credits, shirts, etc. you aren't looking to raise a huge amount so you might be able to do it this way. I admit shirts are probably a bad idea, so the incentives would need to be thought over.
You could start a raffle where the prizes are worth less than the amount of coins raised, but big enough to where it would be nice to win by donating a small amount.
Giving people incentive is key.
You could also try using indiegogo, kickstarter, or a bitcoin crowd funding website. Just think of ways to provide incentive to people to donate apart from giving them a stake in the currency.. Such as credits, shirts, etc. you aren't looking to raise a huge amount so you might be able to do it this way. I admit shirts are probably a bad idea, so the incentives would need to be thought over.
You could start a raffle where the prizes are worth less than the amount of coins raised, but big enough to where it would be nice to win by donating a small amount.
Giving people incentive is key.
Understood. I'm not saying that making coins from generators is a good thing, but people do it anyways and it would be a source of funding.
Just think outside of the box
Just think outside of the box
Keep it up, and thanks! I've edited my response in response to your edit.
Also I have updated the OP with what has been discussed so far. It's sounding more reasonable already.
Thanks again for the feedback, it's very valuable.
Your comment on a promise of BTC is very wise. Perhaps then I should suggest a get out clause where if the bitmark supplied hasn't reached a valuation exceeding the investment by an agreed date and the donator feels uncomfortable holding them longer, I personally guarantee to pay back USD amount + xx% as a minimum return on that date, in return for the bitmarks back.
I would be keen to avoid creating another altcoin generator, but am very happy to produce a Bitmark-RI cloning guide for those with enough technical ability to do it, and of course keep the RI updated. It's a good suggestion but the goal of the RI is to encourage safe and stable project forks, rather than a plethora of useless clones created by people with limited technical ability who can't additionally support the coin they create.
Your comment on a promise of BTC is very wise. Perhaps then I should suggest a get out clause where if the bitmark supplied hasn't reached a valuation exceeding the investment by an agreed date and the donator feels uncomfortable holding them longer, I personally guarantee to pay back USD amount + xx% as a minimum return on that date, in return for the bitmarks back.
I would be keen to avoid creating another altcoin generator, but am very happy to produce a Bitmark-RI cloning guide for those with enough technical ability to do it, and of course keep the RI updated. It's a good suggestion but the goal of the RI is to encourage safe and stable project forks, rather than a plethora of useless clones created by people with limited technical ability who can't additionally support the coin they create.
Understood. I'm not saying that making coins from generators is a good thing, but people do it anyways and it would be a source of funding.
Just think outside of the box
sure just send to my address below
~CfA~
~CfA~
Thanks again for the feedback, it's very valuable.
Your comment on a promise of BTC is very wise. Perhaps then I should suggest a get out clause where if the bitmark supplied hasn't reached a valuation exceeding the investment by an agreed date and the donator feels uncomfortable holding them longer, I personally guarantee to pay back USD amount + xx% as a minimum return on that date, in return for the bitmarks back.
I would be keen to avoid creating another altcoin generator, but am very happy to produce a Bitmark-RI cloning guide for those with enough technical ability to do it, and of course keep the RI updated. It's a good suggestion but the goal of the RI is to encourage safe and stable project forks, rather than a plethora of useless clones created by people with limited technical ability who can't additionally support the coin they create.
additions in response to your edit:
Credits! great idea. Yes let's add this.
Exchange, perhaps later. I do not want to over commit and would prefer to keep development efforts on things which benefit end users and adoption. Existing exchanges are already quite good and improving.
Creative ways to fund development.. always exploring this, I think long term is covered, it's just the initial setup phase that needs addressed.
Again thanks for the brainstorm!
Your comment on a promise of BTC is very wise. Perhaps then I should suggest a get out clause where if the bitmark supplied hasn't reached a valuation exceeding the investment by an agreed date and the donator feels uncomfortable holding them longer, I personally guarantee to pay back USD amount + xx% as a minimum return on that date, in return for the bitmarks back.
I would be keen to avoid creating another altcoin generator, but am very happy to produce a Bitmark-RI cloning guide for those with enough technical ability to do it, and of course keep the RI updated. It's a good suggestion but the goal of the RI is to encourage safe and stable project forks, rather than a plethora of useless clones created by people with limited technical ability who can't additionally support the coin they create.
additions in response to your edit:
Credits! great idea. Yes let's add this.
Exchange, perhaps later. I do not want to over commit and would prefer to keep development efforts on things which benefit end users and adoption. Existing exchanges are already quite good and improving.
Creative ways to fund development.. always exploring this, I think long term is covered, it's just the initial setup phase that needs addressed.
Again thanks for the brainstorm!
If it helps any, part of the project entails making a clone-able reference implementation available to the public so that we can have clones which at least use a stable new codebase, hopefulyl that alone has some value.
You could build an ALT coin generator as a source of funding.. (just an idea, not sure if it's a good one.) I think most of the generators are not generating coins with current codebases.
Or, give credits like at the end of movies to donators somewhere in the client (in the about screen showing current version etcetra) or on the webpage. People like being famous...
You could build an exchange in which a percentage of the trading fees go towards the development of your coin and the rest goes to maintenance of the service, or any service for that matter could be made and a percentage of the profits sent to the development fund.
Creative ways to fund development is something that Litecoin/Bitcoin is lacking IMO. Their development funds pretty much all come from donations, I think both could spend more time thinking of creative ways to fund development.
Thank you for your reply.
I must be honest in what I will have at my disposal:
I've calculated the cost of all resources needed to be about 0.6 BTC.
In return I could offer a portion of A for an agreed time.
Also, If required a percentage of B for an agreed time.
In the worst case, should the project have zero value I could recompense from my personal income.
Perhaps part of the problem is that this is not a pump and dump with "10000% gains tomorrow!", it's a long term development project who's value will be earned rather than presupposed.
I must be honest in what I will have at my disposal:
- a) A development fund of the currency from the 0.250% block tax
- b) An amount of personal coins which I will be legitimately mining myself
- c) I'm a working man with an income which varies from month to month, some months it has more disposable income than others
I've calculated the cost of all resources needed to be about 0.6 BTC.
In return I could offer a portion of A for an agreed time.
Also, If required a percentage of B for an agreed time.
In the worst case, should the project have zero value I could recompense from my personal income.
Perhaps part of the problem is that this is not a pump and dump with "10000% gains tomorrow!", it's a long term development project who's value will be earned rather than presupposed.
Just don't tell people you'll pay them a certain amount of BTC back, it could get you in hot water if BTC value goes up a lot.
I learned this lesson the hard way.
Thank you for your reply.
I must be honest in what I will have at my disposal:
I've calculated the cost of all resources needed to be about 0.6 BTC.
In return I could offer a portion of A for an agreed time.
Also, If required a percentage of B for an agreed time.
In the worst case, should the project have zero value I could recompense from my personal income.
A+B have an unknown value, which we must assume to be zero, but that we hope to be higher.
Perhaps part of the problem is that this is not a pump and dump with "10000% gains tomorrow!", it's a long term development project who's value will be earned rather than presupposed.
If it helps any, part of the project entails making a clone-able reference implementation available to the public so that we can have clones which at least use a stable new codebase, hopefully that alone has some value.
I must be honest in what I will have at my disposal:
- a) A development fund of the currency from the 0.250% block tax
- b) An amount of personal coins which I will be legitimately mining myself
- c) I'm a working man with an income which varies from month to month, some months it has more disposable income than others
I've calculated the cost of all resources needed to be about 0.6 BTC.
In return I could offer a portion of A for an agreed time.
Also, If required a percentage of B for an agreed time.
In the worst case, should the project have zero value I could recompense from my personal income.
A+B have an unknown value, which we must assume to be zero, but that we hope to be higher.
Perhaps part of the problem is that this is not a pump and dump with "10000% gains tomorrow!", it's a long term development project who's value will be earned rather than presupposed.
If it helps any, part of the project entails making a clone-able reference implementation available to the public so that we can have clones which at least use a stable new codebase, hopefully that alone has some value.
People like having incentive to donate money, so I'd just make sure there is some upside in it for them, and I'm sure you will find donators.
That's the only thing good about IPOs.. the incentive if the project does well is apparent and people are more likely to "donate".
I like your idea of funneling the development transaction fee tax to people whom fund the project early on.
That's the only thing good about IPOs.. the incentive if the project does well is apparent and people are more likely to "donate".
I like your idea of funneling the development transaction fee tax to people whom fund the project early on.
I'm running the Bitmark project, which should serve to benefit the crypto currency sector.
After taking feedback from the community I've worked out a fair long term development fund.
The project is currently in need of urgent (minor, one off) funding in order to keep momentum and pay for some resourses. I've already put out details and an alternative proposal to IPO funding.
Do any of you have alternative approaches that may be viable?
Is anybody willing to take a small punt on a legitimate project?
Thank you for any advice.
Clarifications
I must be honest in what I will have at my disposal:
I've calculated the cost of all resources needed to be about 0.6 BTC.
In return I could offer a portion of A for an agreed time.
Also, If required a percentage of B for an agreed time.
In the worst case, should the project have zero value I could recompense from my personal income.
A+B have an unknown value, which we must assume to be zero, but that we hope to be higher.
Perhaps part of the problem is that this is not a pump and dump with "10000% gains tomorrow!", it's a long term development project who's value will be earned rather than presupposed.
If it helps any, part of the project entails making a clone-able reference implementation available to the public so that we can have clones which at least use a stable new codebase, hopefully that alone has some value.
----
I could suggest a get out clause where if the bitmark supplied hasn't reached a valuation exceeding the investment by an agreed date and the donator feels uncomfortable holding them longer, I personally guarantee to pay back USD amount investment + xx% as a minimum return on that date, in return for the bitmarks back.
---
Give credits to donators somewhere in the client (in the about screen showing current version etcetra) and on the website.
Special thanks to CoinHoarder for his valuable contributions to the discussion
After taking feedback from the community I've worked out a fair long term development fund.
The project is currently in need of urgent (minor, one off) funding in order to keep momentum and pay for some resourses. I've already put out details and an alternative proposal to IPO funding.
Do any of you have alternative approaches that may be viable?
Is anybody willing to take a small punt on a legitimate project?
Thank you for any advice.
Clarifications
I must be honest in what I will have at my disposal:
- a) A development fund of the currency from the 0.250% block tax
- b) An amount of personal coins which I will be legitimately mining myself
- c) I'm a working man with an income which varies from month to month, some months it has more disposable income than others
I've calculated the cost of all resources needed to be about 0.6 BTC.
In return I could offer a portion of A for an agreed time.
Also, If required a percentage of B for an agreed time.
In the worst case, should the project have zero value I could recompense from my personal income.
A+B have an unknown value, which we must assume to be zero, but that we hope to be higher.
Perhaps part of the problem is that this is not a pump and dump with "10000% gains tomorrow!", it's a long term development project who's value will be earned rather than presupposed.
If it helps any, part of the project entails making a clone-able reference implementation available to the public so that we can have clones which at least use a stable new codebase, hopefully that alone has some value.
----
I could suggest a get out clause where if the bitmark supplied hasn't reached a valuation exceeding the investment by an agreed date and the donator feels uncomfortable holding them longer, I personally guarantee to pay back USD amount investment + xx% as a minimum return on that date, in return for the bitmarks back.
---
Give credits to donators somewhere in the client (in the about screen showing current version etcetra) and on the website.
Special thanks to CoinHoarder for his valuable contributions to the discussion
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