Topic: Valorbit | VAL | https://valorbit.com | Valorbit coins Distributed By Humans - page 204. (Read 227398 times)

With a goal to allow the members to distribute the coins at https://valorbit.com the ownership changes hands, hopefully quickly.
Clearly private sales of the premine are detrimental to the coin and very bad karma.

Have a look at the distribution site, I am not aware of any coin with a similar setup.
Effort went into that and the long term vision is to put the coin into the hands of tens of millions of people.

The question is how to distribute a coin to a huge amount of people with minimal costs and dilution?
I think that should be one fundamental goal of any coin.

At Valorbit the idea was to let them do it as they see fit.
As a logical result the distributors are rewarded a lot more than the classic miners.

So the premine was meant for that purpose, but is a two sided blade.

By all means any  coin should and will be penalized if premine dumps happen when exchanges will carry the coin.
That should hopefully be detectable.

To predict that sort of future in advance is not easy and certainly not that early.
Now it has a probability at most and "trust me" type of arguments will not be employed.


I was aware that the premine distribution method will raise questions, as other coins have tried and failed into the temptation.
But the alternative was to not create at all a Valorbit that can be distributed to tens of millions of people.

Having said that the bar set by Bitcoin and other cryptos before is high and the time will select winners.

To go forward with the valorbit distribution any questions or suggestions as to how to address these type of aspects are more than welcomed.

Thank you.

well, if your timeframe is unlimited, then you are right.

the premine practically is "amount of coins at the very early blocks"/"the maximum of coins"


your maximum is theoretically unlimited, but practically (let's say 5 years): about 925million

That is just the PoW generation not including PoS.

Please correct me if I am wrong, isn't the term "premine" defined for any coin as the ratio of
(initial create or SEED_MONEY) / MAX_MONEY ?

but how do you come to 1% premine?

125 years with 400k val you say here
50million val + 350k from the first years.
for my math, this is 95% premine.


{
"blocks" : 271,
"currentblocksize" : 0,
"currentblocktx" : 0,
"difficulty" : {
"proof-of-work" : 0.00,
"proof-of-stake" : 0.00,
"search-interval" : 0
},
"blockvalue" : 5000000,
"netmhashps" : 0.01,
"netstakeweight" : 0.00,
"errors" : "",
"pooledtx" : 0,
"stakeweight" : {
"minimum" : 0,
"maximum" : 0,
"combined" : 0
},
"stakeinterest" : 2,
"testnet" : false
}

So what is the plans for this coin , as in long term , what features and uses will it have , just looking for more info on the overall plan for this coin

yeah well i want to send them to my private wallet for staking , unless they stake here in the valorbit site and get credited to my account

just imported private key so the coins are in the wallet

You are correct as far as VAL units.

However, as you probably already know, there are no fractional numbers really down there.

If we take the CENT granularity of a coin like say DOGE ( which is using 1 COIN = 100 000 000, 1 CENT = 100)
current supply in CENTS is actually :
102,858,918,330,000,000
 
Valorbit at CENTS granularity is similar with Doge, slightly less :
92 233 802 165 488 900

So that is why notsofast probably put it that way, as he was looking at it from the lowest granularity level.

A form was developed and will go online pending testing.

The list of Payees management form is already up at:
https://valorbit.com/pay_to_addresses

It can be access in the profile menu by clicking the user icon/name in the top right corner and clicking "Payees" in the vertical menu.

A stop-gap measure is to access your public/private key and cut-n-paste the private key into your clipboard
Dashboard --> "Received" section --> [ Key ] button

One can import it in command line or from the GUI using File --> Import .
As a side note a sweep Yes/No option is planned for that dialog.

I am wondering whether people would like to have the option to add to their profile an "external" public  address
where the system automatically moves the received valorbits from time to time.
As a convenience.

Thanks for the inquiry, this needs to go in an online tutorial.

how do you send your VAL from the valorbit site to your personal wallet??

Ok, thanks for the info.

I guess I am not to fast. I would think 1000 Val is 1000 Val whether there is 2 decimal places or 8 decimal places
Would that not mean that there is still 922 quadrillion with fractions over 2 decimal places funding distributions.

I've added this extra info of interest in the announcement above:

Block time= 4 minutes
Coinbase maturity = 250 blocks
Minimum PoS age = 8 hours

Hi dev, whats is the mature time for POS?

LOL Funny that the "Dev" never addressed the Win64 infection!

You sir, have been CryptoCriticized; thanks for playing!
[/quote]

And it should be addressed.
A bit of CryptoCriticism is always healthy.

At this point the only way to go about this aspect is to understand what it means.

a. The Avast Drep is described here:
https://forum.avast.com/index.php?topic=163221.0
and I quote:

Quote from: HonzaZ on December 18, 2014, 04:28:10 PM
Hi,
DomainRep is a new feature of Avast, so let me explain a bit. It blocks EXE files downloads if these conditions are *all* met:
1. The file is not prevalent enough, ie. not enough Avast users launched the file yet,
2. The domain is not prevalent enough, ie. not enough Avast users downloaded (any) EXE files from the domain yet,
3. The file is not signed or Avast does not trust the signature.

Once one of these conditions are not met anymore, Avast will stop flagging the download. In other words, just wait until more people try to download the file, or digitally sign your files :-).
Honza

Isn't this a bit like the chicken and the egg (which came first) - how are you to download the file from the site if it hasn't met any of the conditions to build up a reputation of avast users.

The only way I can see this happening would be if the file was signed, otherwise the file and or domain name would remain blocked.

END Quote


As pointed out the best (only only?) mitigation would be to digitally sign it.
Currently only the Mac OSX is digitally signed.

So the take away homework is to get the Win binaries digitally signed asap :-)

LOL Funny that the "Dev" never addressed the Win64 infection!

You sir, have been CryptoCriticized; thanks for playing!

@CryptoWitch

Your intelligence is excellent for starting this topic.

The role of the premine is to reward members that distribute the coin over social networks and by email.

I agree and it is well accepted that if the premine will not be distributed to members that is a problem.
However the goal here is to actually allow the members to distribute the premine to as many people as they wish and get referrals for doing so.

This is how this coin works in trying to reach as many people as possible.

The day the distribution of the premine stops the coin will fail, but the goal here is to give as many people as possible a crypto-coin.
Somehow Bitcoin stopped spreading at some point and now can be had only by paying $$$ or by expensive mining.

The amounts received for the gifts and referrals are meant to scale the distribution to a large number of people.

Time will tell how well this objective is achieved with this set of rules.



Gifts and referrals

Event         | Gift       |    Valuation | Vesting
==============  ==========    ===========   ========

Facebook      
SMS verified  | Ruby       |  500 000 VAL | 100 days

For gifts collected by invited friends      
Referral      | Ruby(N)     |1 000 000 VAL | 100 days


With regards.

Website not working, what happen?

@notsofastcrypto

Thank you for pointing out the math from using 2 decimals instead of 8.

The original post was updated to clarify this aspect.

The scale difference from a standard 8 digits coin translates into the gift and referrals valuations that can be collected for the humans distributing the coins.

From https://valorbit.com

Gifts and referrals

Event                         | Gift       |    Valuation | Vesting
==============  ==========    ===========   ========

Facebook       
Basic account | Sapphire   |    5 000 VAL |   5 days
SMS verified  | Ruby       |  500 000 VAL | 100 days

For gifts collected by invited friends       
Referral      | Sapphire(N) |   10 000 VAL |   5 days
Referral      | Ruby(N)     |1 000 000 VAL | 100 days

 

VirusTotal scan

https://www.virustotal.com/en/file/37466f117f4923f9cc16aed8cfa363491060a0f09fb3c1bb140edb422c5e51b6/analysis/