Topic: [PRE-ANN][HVC] Heavycoin - Ultra-secure, Decentralized Block Reward Voting, Fast - page 60. (Read 140040 times)

i want to get involved but that 20btc deposit on the first day of the announcement into the IPO bitcoin wallet makes me suspicious that you just bought your own ipo or something to that effect, seems strange that someone should invest such a large amount of money in such a short space of time. Excuse my suspicious mind :p

Would it be difficult for an experienced coder (e.g. CUDAMiner, cbuchner1) to code a GPU miner for Heavycoin? How long until they ruin the coin?

CPU coins always failed in that regard

I'm not very knowledgeable so need some feedback here

We hoped it would be simple and easy too, but it's not.  In a nutshell, Anon136 and the Heavycoin devs could not formulate what a fair acceptance criteria would be for satisfying the escrow and sending the IPO capital to the Heavycoin developers.

We initially hoped for something simple and clear--- an acceptance criteria of "we launch Heavycoin on time, the IPO investors get their HVC, decentralized voting is working and the code shows that the non-visible features are implemented (eg. Ultra-secure, HEFTY1, Temporal Retargeting)."  However, Anon136 felt he must validate that all the Heavycoin contributions and innovations are satisfied over the longer term.  This process could take months or years and would ultimately be very hard for him to judge, so it was not a viable option for him (nor us).  Also, from our perspective, we did not like the idea of a 3rd party with such strong influence over Heavycoin's future.

Though we felt it a little extreme, we understand where he is coming from, as he must also look after his own reputation.  We'd encourage you to inquire with Anon136 if you need more explanation.


No.  We would still need to do all the bookkeeping, but with added complexity.  For example, there would be Anon136's layer of fees to be stripped off of each investment, which we'd have to keep track of.  Also, right now we are distributing a bulk of the coins instantly and directly through the genesis block.  It requires no lengthy manual distribution or escrow process.  If we went with escrow, then we should really bin the keygen/genesis block method and all HVC would need be distributed through him.


We don't know.  He said he's not interested and the discussion ended there, so we don't know what, if anything, would be different if he had accepted.   Maybe he's tired of IPOs after having done one himself.  Maybe he's wise to the fact that an innovative coin is harder to judge, ie. acceptance criteria.  We only asked Come-from-Beyond because we trust him more and he's more well-known than Anon136.

Because literally speaking they must mine 5+1.5m prior to anyone else mining.  It is not 98% of coins that are available to miners, it's 90-95%

#

smells fishy

The future is certainly NOT in ASICs and AMD GPUs.

I guess I don't see where you're coming from.  The 5M isn't a premine from my perspective.  It's an IPO, a chance to get something by giving something.  It's not as if the Dev's are going "The 5M coins are ours as well."  Instead, they're giving the community the chance to buy a portion of the coins.  So, I guess, I'm asking those out there, how is it you're viewing an IPO as premine?  Are you the same folks that view the NXT IPO as premine?  Are all IPOs premines to you?

The other portion is clearly stated as pre-mine and for what purposes the premine exists.

I'm not sure Worldo has the botnet problem solved but at least they're trying -- they acknowledge the issue, they tackle it head on and they want people to audit their proposal pre launch.  Being dismissive about a serious and real issue like that doesn't build up the trust you say you want us to have when you also dismiss an escrow service.  I'm really on the fence about this one.

Also the 1/2% thing is such an obvious falsehood that it must surely be an oversight.  Right?

20BTC makes it look like an opera.

And CPU coin if is's not totally a scamcoin will never have a bright future.

This looks legit

The 1% to 2% are the bounties only. 1.17% to 2.3% rather.

How exactly are they fucked? Everyone makes the same amount of profit/loss per satoshi invested..

Looks like the little guys with not much BTC will be fucked

yah, can we get an explanation as to where the 1 and 2 percent numbers came from? 5% to 10% checks out with the numbers we have

edit: looks like the premine percentage refers to the number set aside for bounties: 1,500,000
1500000/63000576 = 0.0238093061244
1500000/128000000 = 0.01171875

so the question is does the term "premine" here refer to the total of all coins set aside before the launch?

Can you please correct the premine to the correct values: 5-10% of the total supply. I don't know how you calculated 1-2%, but that's definitely wrong, I just checked this with the calculator:

(5000000+1500000) / 63000576 = 0.10317365987257 (10.3% premine)
(5000000+1500000) / 128000000 = 0.05078125 ( 5% premine )

Please do not deceive people:

This coin is 5 to 10 percent premine, not 1 to 2.

Frankly, I don't get why is it so difficult to provide escrow service during an IPO. All transactions are on record. Math is clear. Nothing different from trusting the developers. Those who try to manipulate must accept initial terms or GTFO.

it seems we're all facing hard decisions today.

After detailed discussions with Anon136, we have concluded that while
we would like to give IPO investors flexability with an escrow option,
the complexities and risks involved are prohibitive and we should
better focus our time on other tasks.

The Heavycoin developers would require escrow on very certain terms,
but we do not beleive Anon136 is able to provide this easily in an
anonymous forum environment.  The heart of the problem resides in the
usual forum behaviour: the deceptions, games, bellyaching and
"unfairness claims" that follow every single launch we have ever
witnessed, regadless of how well it actually went.  Any reasonable
escrow provider must treat every claim as legitimate until he has time
to investigate fully and come to a resolution.  We feel that this
combined with the usual level of forum manipulation would put us at an
unnecessary disadvantage for obtaining our IPO capital within a
tractable amount of time and with a reasonable amount of headache.
This is probably one reason a businesses providing IPO escrow is so
hard to come by.

To highlight the uncertainties, Anon136 has himself stated that he has
never completed an IPO escrow before (as exocoin is still in progress)
and, therefore, he has no experience to draw on as to how the
closing-half of an IPO escrow would go.  After over a year of
development effort, we are not willing to accept this risk.

While we admire Anon136's business to protect forum members, we also
have limited time and resources.  We do not want to waste precious
time dealing with overly complex and prolonged IPO procedures that
would take us aways from more important tasks related to future
Heavycoin development and promotion.  This is precisely why we have
chosen a small IPO pot and simple IPO procedure in the first place.

Thus, we will continue the Heavycoin IPO unchanged.  If you want to
invest in the IPO phase, then you must trust the Heavycoin developers
enough to do so.  We strongly encourage you to do your homework and
study our website, video demo and this thread very carefully before
deciding.  We are not making a huge, speculation based marketing
campaign.  Heavycoin is about new ideas and innovations and we beleive
investment should be guided by these.  For those individuals who still
feel the IPO carries too much risk, then we encourage you to partake
in the mining phase or bounties phase instead.

Don't be stupid and mine qubit while you can with gpu/cpu whatever...just wait for a month or two and then we'll see price of qubit

This will be my second coin to mine after qubitcoin . Qubit mining was good but as soon as the gpu miner was released it all went away. botnets are not really a problem at all I could still get a good amount of coins with my i7 3770 , but as soon as gpu guys came in it was all over . looking very forward to cpu mining Heavycoin!