Topic: [PRE-ANN] Munich Project - Reinventing Bitcoin - Alt-coin / Wallet / Exchange - page 2. (Read 5693 times)

-- Important : Name and logo --

I would like to highlight an important topic : the coin name, and the logo associated to it.

If you have good ideas about the name we can choose for the coin, we would like to hear your ideas.

In case nobody feels concerned about the coin name, or no good name is found, we will choose a coin name we have in mind before the 15th April.

But we will strongly prefer if you suggest us some names.

Also, we wanted to add some rewards for the coin name picking, and also for a logo creation. We really want the community to be involved into the project, instead than doing all by ourselves.

So let's make this :

- Monday 31th March, we will open a new thread for the coin name contest. Link will be in first page. If we choose the name you suggested us for the coin, you will get free 0,5 BTC worth into the first IPO.

- Once the name will be picked, we will open a constest for the logo as well in a new thread, and if we choose your logo, you'll get 1,0 BTC worth into the second IPO.

We feel this a fair way to make a contest for the name and a logo -- but if you have a better idea for the reward, we are open to any suggestions (before we starting the constests).

If you think this way of rewarding is unfair, we also can reserve a number of coins in the developing funds to avoid touching the IPO funds.

Please let us know what do you think about it,

Donn

This text has already been answered, we don't want to "beat" anything, we want to improve, where Bitcoin devs can't do anything. Read our paper for the improvements we are bringing.

Also, contrary to Bitcoin devs who are only developing the core, one of our main goal is to develop an eco-system of services around our coin.

Donn

Hello,

Sorry for the little lack of news on our side, this week has been full of work for all of us. I have been myself away for 3 days for a big appointment -- I just came back home. Let me tell you what happen :

Julian has launched a beta 3 for the core / client. Nothing crazy to tell, all is working as it should. No new bugs has been discovered for now, we are all very happy with that right now.

Mark is working hard on the wallet UI right now. We all hope we can share with you some visuals during the first IPO the next week. Most of the work has been done, but it's still not presentable right now. I'll keep you informed very soon about that.

And on my side, I had a big appointment this last days with the CEO of a big international bank. This has come sooner than I expected, thanks to our relationships. In few words, the goal is to run a EUR, GBP and USD market on our exchange in few months. Discussions are going in the right direction for now, but I don't want to tease too much what we have in mind. All I can say is we believe we can arrange a strong cooperation between this bank and our business to facilitate the buy of crypto currencies (using visa/mastercard cards ? but in a better way in terms of security of what we seen for now. just a little hint of what we have in mind).

The main goal with this appointment is to avoid running a fiat market without a very good relationship with our bank, to avoid any kinds of problems. More details will come in the next months, it's now a little bit too early to talk more about it.

Now answering the few questions :

1) analyze what went wrong in other coin IPO projects and big failed coin projects

>>>> What is wrong is all the scams that has been done, this is harmful for serious projects, and we can't do anything more than sharing you visuals later (plus the original paper).

However, we had a great discussion the last week-end about what to do in case the IPO is not successful. Here are some new information : in case our initial IPO not going good, we will ajust the free period for our exchange between 1 and 6 months (instead of fixed 6 months). Also, in case we need more money later, we will sell some shares of our exchanges at this moment to fund our working time. The numbers are still in discussion, but we are thinking about something between 20-30% of the fees generated by the exchange in total -- and probably distributed in multiples sells. Numbers are still in discussion.

2) deliver SOMETHING (like requirement specification for your new coin) more before IPO or split IPO small one now, to start project, bigger/final one end of the year/or in 3 months, when progress is visible

>>>> No specific requirement for mining, the client and miners will just looks like that you already know. The only difference comes with the UI, but it will be compatible with OS X and Windows. Linux will come a bit later.

We will not change our calendar for the IPO, because the way we are distributing the coins require hard-coding in the core. Remember the IPO coins are not pre-mined. Once the coin will be launched, the rules for the distribution of the coin will be put definitively for the best transparency.

Donn

Hi, is there any news? IPO is supposed to start next Wednesday that this has been inactive for a week and no new work posted.

agree with you , i don't think you guys could beat bitcoin devs.

I like your answers, alot of what you saying makes sense.
I like your systematic proceeding and you being professionals.
(That is better is better then 270 or more coins, running by amateur clowns.)

It's still very hard to find support in me for yet another coin.
Gonna watch from now.

Maybe good ideas:

1) analyze what went wrong in other coin IPO projects and big failed coin projects
2) deliver SOMETHING (like requirement specification for your new coin) more before IPO or split IPO small one now, to start project, bigger/final one end of the year/or in 3 months, when progress is visible


But good luck.

Hello,

Why no-name -- there is mutiples reasons. Here are some :
- We usually work as contractor for institutional financial companies. Guess what, they do not really like Bitcoin, we don't want our names associated with this current project for now.
- We like to be judged only on the work we are doing.
- We have families, and we don't want to be publicy exposed with our project. For example, we like the way BTC-E team is making their business. They are anonymous, but they are doing the work very well. That's all that matters to us. We only used BTC-E for now, and we are very fine with that.
- S. Nakamoto was a no-name... 5 years ago.

We don't want to "outclass" Bitcoin, it's quite impossible considering it's the fundamental of each crypto currency.

However, we think we can improve Bitcoin, where the actual 390 developers can't do that much considering the Bitcoin market cap. Also, you should think about the way Bitcoin was created... They were certainly not 390 developers at this moment.

Linkedin, Xing, etc. : We do not like to expose our lifes publicly on the Internet. We don't need that, even profesionally, to have too much work to do. We have refused countless contracts the last 8 months cause of the Munich project.

GitHub : Guess what, Munich project will be our first open-source project. We will open the GitHub later, there is no hurry right now.

Why another coin ? In few words, to make it fair, well distributed, technically more advanced - without forgetting the security, accessible for all - even the average Joe, and with a panel of well-developed services around the coin.

As far as we know, even Litecoin does not have all the services we are planning to do right now.

Put your skills (if present) in an existenting coin. <<< If you talk about the core of our coin, Julian knows what he is doing with +10 years of profesional experience in C++ (and another low-level languages). Bitcoin is more a concept than a technologic "challenge". If you talk about the others things, we don't need any "experience" into a crypto currency to make our work, like we done the last ten years.

Donn

So to you, designing a coin and services accessible for the most people is pointless ?

I suppose you only see Bitcoin as a way to make money ? This is not our vision.

Please read our paper, this way we maybe can have a constructive discussion about it

Donn

Hello,

You are right, developing something new - even if it's on an existing base - takes some time.

We will take the time to show you some pieces of our work later, for now we need to work harder to follow our timing.

About the fact our project is innovative or not, we'll leave you judges with our paper.

--

About the escrow, we don't want to play the market with the funds we will receive. To be clear, the Bitcoins and Litecoins raised during the IPO will be sold at the market price at the end of the IPO to avoid any bad surprise when we will need the funds. We learned with the years to always make a clear planning concerning finances.

We really don't understand why people are calling Nxt, Mastercoin, etc. as the "second generation". Our sentiment is full PoS is not the way to go to create a money (not talking about an asset). To us, the only "successful" coins right now are Bitcoin, Litecoin, Peercoin, and Dogecoin. And to be quite frank, most of the people just don't care about "ecology" and "energy consuming". It's only commercial.

About pump and dump, all the coins are succesptible to have one (just check Litecoin the last week). However, we are not making the things easy by releasing a lot of coins with the IPO.

About competition, our project is clear : we want to make the most complete eco-system around our coin, to make it usable to the most of the people. The more the user-friendly services, the better the result will be. Just for example, Bitcoin is currently hard to use for the average Joe. I highly doubt average Joe will use Nxt, Mastercoin, or anything like that, because it's just too difficult to understand.

In few words, we just want to make the coin easy to use & understand, because it's probably the most important thing to gain popularity.

I hope I answered all your questions,

Donn

Hello,

We're not from Munich, we chosen this name because we were in Munich for a work trip when we initially had the idea.

Donn

Look at Bitcoin 0.9 release notes: 390 developers. You are three no-name people and want to improve/outclass Bitcoin?!?

If you want to keep claiming you are professional coders at least post your LinkedIn or XING-profiles or at very least links to your GitHub profiles.


Also very much unclear why another coin. We have 300 coins. Whats the motivation?

Put your skills (if present) in an existenting coin. Win-win-win for everybody.
(you, the coin u join, cryptocurrency scene - because of no failed IPO/project)



Look at man power EMunie or Ethereum project had. All failed IPOing.

why a no name developer?  What's your real BTC account?

Already too many pointless altcoins. Also, I could never support an IPO coin from a newbie.

sounds interesting, sounds like you already put in a lot of work. Im not familiar with the specifics regarding setting up a new coin. I guess true innovation is what takes time.
Other stuff can be copied from bitcoin. 80% of the work done means you'll be ready in 2 months and you need some money to continue after august. Sounds like there is plenty of time to show that you guys walk the walk. Of course you''ll need some guarantees of people investing. And thats where for most guys here the problem is. They've seen a lot of not innovative clones and too many pump and dump scenes to trust just anybody.

Would you be willing to accept the IPO investments under escrow terms? I guess if you have dough to keep working until august and produce the products that you promise, i'd be more comfortable to put some bitcoin in escrow to be released under specific terms.

Of course there is always the risk of being overtaken by the next innovative coin, but thats inherent to all in the crypto sphere. It's too bad that it's not 2nd generation in the sense that the possibilities on top of your coin are somewhat limited, in regard to other bitcoin v2 alternatives. How would you deal with those kinds of competition? Do you aim for a selected market / use?
I'm a believer of a multicoin financial landscape, where certain coins attract certain services to run on top. This means that v2 functionality might not be required but then I ask what market you aim to serve with this coin.

I think you don't understood what we wanted to mean, let me explain better :

I understand the fact you are worried after all the scam we all seen these last months -- there is nothing we can do against that, except by sharing more "proofs" of our work in the future. We will do that as we already planned.

This is why we took an oportunity to make the IPO in a better way. We are not selling X of our coin for Y of your BTC or LTC. We also don't encourage anybody to invest more than they are willing to "loose".

Our main objective with the IPO is a good repartition of the pre-sold coins. It means you can invest 1mBTC if you like to. If nobody trust us, and you're the only one who invested, you'll take the 2% of the first or second IPO.

It also means if 1000 people invest 1mBTC, we will not get a lot from the IPO, but I'll say it's fine for us, because the repartition will be good.

About the funds we will gather, even if it's not good enough to get us more months of full working on the project, it's not a real concern as we already planned a repartition of our work time later.

Unfortunately, it's quite difficult to make an IPO after the launch of the coin

By win-win, I wanted to mean the coin have more chances of a great success if we can work more on it after August of this year.

Anyways, I encourage the people interested by our coin to judge our work on the pieces we are giving, and to invest accordingely.

I hope the another pieces of our work we will share later will disperse the "doubts" about our work.

And to be 100% honnest with you, if I was at your place, I will not invest more than 0.1 BTC right now (what I'm willing to loose), considering there is only a paper right now -- even if I think it is good and detailed.

Donn

And it also means that there's also no vested interest should things go south in a hurry.  You have other peoples' cryptocurrency in your hands as funding - completely non-refundable with no way for them to get it back should you break your promises.  You hide behind the anonymity of the internet with no contractual obligation of delivering a working product and no liability should you not deliver a working product.

Of course YOU think it's a win-win situation.  YOU can't lose!

The IPO is here to permit us to work some more months full time on the project, until we make it work properly (core & services associated). Is also permit people to be more involved if they want in the success of this project.

We thinks it's a win-win situation.

The more we will get, the longer we can work full time after August of this year, and the more services we will develop around the coin.

However, even if we don't get a lot, we already planned how we will distribute our time with anothers projects we have to follow.

To be clear, it's just a question of a % of work time we will dedicate to the coin after we launch the coin, the exchange, the explorer, and the wallet / web-wallet

I edited the OP to be more clear about the fact we don't need money for the period before August -- we are a little short, but it will be OK.

Donn

Looks interesting. Definitely worth following this thread.

But I don´t really get the idea of the IPO. Could you please clarify or describe it in a way that avarage Joe can understand?

Please avoid trolling, you can't call our project "another clone crapcoin" if you read all the improvements and the eco-system we are bringing around our coin in a very near future.

Donn

yes I was into that well before BTC ever came about lol, I was saying the guys write up on his coin is a confusing waste of space, and what can be understood is just taking pieces from here there and everywhere and making another clone crapcoin.