Topic: Rimbit is not just Asic Resistant or GPU Resistant, but it is Miner Resistant (Read 790 times)

99% of the scams in altcoin scene has been with premine/ico/pos coins.

Do you know why distribution through POW mining is fair? Because it allows outsiders to get coins WITHOUT BUYING THEM FROM A CURRENT HOLDER.

Premine 100% ? What a fucking joke. Do you seriously think there is any future to this setup.
DEV can take as much as he wants. He can say coins has been distributed across 100 000 wallets (but he will say people) but that doesn't mean jack shit if he owns 80% of those wallets.

And BTW, why the name? Do you know what a RIMJOB is??

I posted this in RimBit ann but  I think it will be deleted since it's moderated, so I'm posting here too.

What do you think is wrong with premined coins?

Sounds more like they want to bite than lick...which is OK I guess, if you're into that sort of thing.

Perfect name for the perfect scam.

http://www.urbandictionary.com/define.php?term=rim-licker

We built Rimbit to be "anything to do with mining" free and have been running since 2014.

We built it because as miners in 2013, it became difficult for us to keep continuing to purchase more expensive miners and in multiples.... and it was at that stage, we believed that mining has only one real purpose and that is as a distribution model and anything else is just an incidental by product.

When we looked at a miner free coin, it was distribution that became the sole issue of contention and no matter how we looked at it, it could not be distributed anything like current crypto.

We had 2 solutions and I hope anyone that comments on how we distribute, does realize that these are the only 2 real options.

First option was to give it away.
This did nothing for the value, nor did it help develop the coin, even though we do admire people working to create free software, but also knowing these people have bills to pay

The second option was to premine 100%, an option that we didnt want to do, due to public opinion, but we did want to do, because it solved many issues surrounding crypto.
We could pay for developers, staff and services needed to run a coin
We could setup a system that when the community started to increase in numbers, that the community could start taking over the daily operation of Rimbit and get paid to do it as we slowly started taking a backseat to the community, thereby moving it from full centralization to a community group managed decentralized coin.

We are getting closer every day to moving to the community run system and with it will be the financial income to run Rimbit that comes, not from corporations, but from the growing community.

We have been watching ASICS go from a peoples tool to a corporate tool with some coins touting that they are ASIC resistant, which is a step in the right direction, but not a full one, which would be to completely remove mining altogether.

To keep the network alive, most coins need miners to do all the confirmations and verification's.
We made some changes using a mix of coins to make the wallets that are open to the network, to do all the verification's and confirmations.
Mining rewarded those who mine with the chance to get new coins via mining
Rimbit had to reward its users who left their wallets open to be rewarded or else it would be a futile effort, so thats why we used a POS coin with 5% stake per annum to offer that reward.

We dont believe we need any whizzbang features, because Rimbit is built just to be a simple currency

But, as we decided to take the big chance of going against everything Crypto by doing what we did, We knew that there would be an inherent dislike for our model as it removed a lot of the tech knowledge required to get free coins, plus some belief that it has to be done "their" way and no other way is acceptable... Of course we disagree and have been running for 2 years now to prove it works!
Now we need to start growing bigger with you on board!

We also believe that we can use the same simple principals to build new chains for other services other than currency, that would allow information to continue to move, without ever being at the mercy of mining, whether ASIC or GPU or a corporate run system... If you believe that financial backing from a corporations means that it is still decentralized, then perhaps you should take a second look at why corporations fund projects... Its not because of some need to give back to society, but to increase profits for its shareholders..

Rimbit's shareholders are its members and thats why we believe this is the closest you will come to full decentralization!

If every wallet is doing the confirmations and verification's, and all profits of newly created coins are distributed throughout the community... isnt that the ultimate solution?