more than 20 days have past... you should post it 3 week before...
Topic: Wanted - Programmer for 2 new alt-coins (BOUNTY - 5oz of silver OR BTC) - page 3. (Read 3781 times)
April 21, 2013, 08:56:23 AM
April 21, 2013, 08:46:57 AM
This is really insane or more insane than a kid.
You'd better earn grand trust to achieve this on the internet. You're not the god father in even a small town.
If you want to be the god father on the internet. You'd better to prove yourself by show of manipulating some largest bot nets for example.
You'd better earn grand trust to achieve this on the internet. You're not the god father in even a small town.
If you want to be the god father on the internet. You'd better to prove yourself by show of manipulating some largest bot nets for example.
April 21, 2013, 08:13:48 AM
Is there anyone out there that would be willing to create a couple alt coins for me? GDC (Goldcoin) and SRC (Silvercoin).
I have a couple specifications.
1 - All 100 billion coins are premined in first block and go into vault wallet, accessible only by me, meaning I mine the first block.
2 - 50% of all future transaction fees go to me.
3 - 50% of all future transaction fees go to miners.
4 - Coin can be merge mined with Bitcoin.
This is the plan. Create one coin backed by gold and another backed by silver.
Gradually, people will begin to trust me with their gold and silver, which will be kept in safety deposit boxes in various banks and available on request from people who are able to send me units of these alt coins.
1 coin will equal 1oz of metal. If someone sends me 1GDC, they will be sent 1oz of gold bullion from my safety deposit box. If someone sends me 1oz of gold bullion, I will send 1GDC to their GDC address. GDC's are always redeemable by me in metal as there is a 100% reserve, but shipping costs will apply.
Various other details will be worked out in future posts.
The transaction fees going to my personal address may be sent to the vault wallet so that I may redeem the metal to sell and pay for safety deposit box rent, personal expenses, etc...
As a reward for this task, I'm offering to send 2SC's to the programmer, which he may keep or redeem with me for 1oz coins.
This is purely an experiment to see what, if any, demand for this sort of thing is out there.
I have a couple specifications.
1 - All 100 billion coins are premined in first block and go into vault wallet, accessible only by me, meaning I mine the first block.
2 - 50% of all future transaction fees go to me.
3 - 50% of all future transaction fees go to miners.
4 - Coin can be merge mined with Bitcoin.
This is the plan. Create one coin backed by gold and another backed by silver.
Gradually, people will begin to trust me with their gold and silver, which will be kept in safety deposit boxes in various banks and available on request from people who are able to send me units of these alt coins.
1 coin will equal 1oz of metal. If someone sends me 1GDC, they will be sent 1oz of gold bullion from my safety deposit box. If someone sends me 1oz of gold bullion, I will send 1GDC to their GDC address. GDC's are always redeemable by me in metal as there is a 100% reserve, but shipping costs will apply.
Various other details will be worked out in future posts.
The transaction fees going to my personal address may be sent to the vault wallet so that I may redeem the metal to sell and pay for safety deposit box rent, personal expenses, etc...
As a reward for this task, I'm offering to send 2SC's to the programmer, which he may keep or redeem with me for 1oz coins.
This is purely an experiment to see what, if any, demand for this sort of thing is out there.
I hope you realize that this is basically the story of fiat currency right? When you realize that hardly anyone will be redeeming coins back into metal then you'll realize you can operate on fractional reserves of coin/currency then later when there is a run on the bank you can tell people that the real money is the digital coins and not the metal behind the scenes as they are no longer attached and the coins themselves have the value...
April 21, 2013, 07:51:34 AM
Increasing the reward to 3 SRC.
April 21, 2013, 06:42:13 AM
michaelmclees,
In fact, you want to be a Ripple gateway for XAU and XAG currencies.
The only difference is:
- It's already developped, fairly slick, and it comes with an exchange built in.
- You don't have to pay 2 oz of silver to anybody
- It won't generate any fees for you, but you can take a commission to emit or redeem the IOUs.
Physical gold is costly to move around, and very difficult to keep safe at reasonable expanses. Instead, you can deal in gold certificates, which are much easier to store in a bank safety box, or to ship by express mail. The certificate can be redeemed for physical gold at the issuing institution.
In fact, you want to be a Ripple gateway for XAU and XAG currencies.
The only difference is:
- It's already developped, fairly slick, and it comes with an exchange built in.
- You don't have to pay 2 oz of silver to anybody
- It won't generate any fees for you, but you can take a commission to emit or redeem the IOUs.
Physical gold is costly to move around, and very difficult to keep safe at reasonable expanses. Instead, you can deal in gold certificates, which are much easier to store in a bank safety box, or to ship by express mail. The certificate can be redeemed for physical gold at the issuing institution.
April 21, 2013, 05:15:55 AM
Instead storing gold and silver. I would make a NGO that buy rural land in different countries and offer the land be worked for centain amount in the eCoin.
This way the people renting should find the way to get coins back to pay.... To rent this land the NGO should give preference to people union over big companies.
And as i commented in other threads. I would add a neuronal network or a bit more advance algorithm than a fix percent to decide: the difficulty, a % of tax to transactions and the reward amount of coins.
The input could be:
the time last block was found
a vote of each person making a transaction. (meaning people happiness)
% tax on transaction
n reward by block
difficulty
historical data of all of them.
This way the people renting should find the way to get coins back to pay.... To rent this land the NGO should give preference to people union over big companies.
And as i commented in other threads. I would add a neuronal network or a bit more advance algorithm than a fix percent to decide: the difficulty, a % of tax to transactions and the reward amount of coins.
The input could be:
the time last block was found
a vote of each person making a transaction. (meaning people happiness)
% tax on transaction
n reward by block
difficulty
historical data of all of them.
April 20, 2013, 09:46:37 PM
2 new altcoins? Merged? Oh, c'mon! It's enough of alts. And yes - Ripple provides almost same service.
April 20, 2013, 09:07:00 PM
This is old news man, read the 2008 FinCen guidance. You know they're serious b/c they quoted it again in the recent guidance re: "virtual currencies". To wit,
(http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html)
If you somehow manage to avoid transferring value from one customer account to another, then you will still probably be either a virtual currency exchanger and/or issuer under the 2013 guidelines.
Quote
a. E-Currencies and E-Precious Metals
The first type of activity involves electronic trading in e-currencies or e-precious metals.13 In 2008, FinCEN issued guidance stating that as long as a broker or dealer in real currency or other commodities accepts and transmits funds solely for the purpose of effecting a bona fide purchase or sale of the real currency or other commodities for or with a customer, such person is not acting as a money transmitter under the regulations.14
However, if the broker or dealer transfers funds between a customer and a third party that is not part of the currency or commodity transaction, such transmission of funds is no longer a fundamental element of the actual transaction necessary to execute the contract for the purchase or sale of the currency or the other commodity. This scenario is, therefore, money transmission.15 Examples include, in part, (1) the transfer of funds between a customer and a third party by permitting a third party to fund a customer's account; (2) the transfer of value from a customer's currency or commodity position to the account of another customer; or (3) the closing out of a customer's currency or commodity position, with a transfer of proceeds to a third party. Since the definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies, the same rules apply to brokers and dealers of e-currency and e-precious metals.
The first type of activity involves electronic trading in e-currencies or e-precious metals.13 In 2008, FinCEN issued guidance stating that as long as a broker or dealer in real currency or other commodities accepts and transmits funds solely for the purpose of effecting a bona fide purchase or sale of the real currency or other commodities for or with a customer, such person is not acting as a money transmitter under the regulations.14
However, if the broker or dealer transfers funds between a customer and a third party that is not part of the currency or commodity transaction, such transmission of funds is no longer a fundamental element of the actual transaction necessary to execute the contract for the purchase or sale of the currency or the other commodity. This scenario is, therefore, money transmission.15 Examples include, in part, (1) the transfer of funds between a customer and a third party by permitting a third party to fund a customer's account; (2) the transfer of value from a customer's currency or commodity position to the account of another customer; or (3) the closing out of a customer's currency or commodity position, with a transfer of proceeds to a third party. Since the definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies, the same rules apply to brokers and dealers of e-currency and e-precious metals.
(http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html)
If you somehow manage to avoid transferring value from one customer account to another, then you will still probably be either a virtual currency exchanger and/or issuer under the 2013 guidelines.
April 20, 2013, 11:07:19 AM
There are a lot of e-gold issuers out there, but it would be somewhat novel to have the certificates distributed via cryptocoin. But instead of using your own e-currency, why don't you use killerstorm's colored coin concept, and base it off an existing coin either btc or an alt chain. You don't need a whole new chain just for this test project.
However, a word of caution -- unless you know about AML requirements, success at this project may be hazardous to your freedom: http://www.wired.com/threatlevel/2009/06/e-gold/
However, a word of caution -- unless you know about AML requirements, success at this project may be hazardous to your freedom: http://www.wired.com/threatlevel/2009/06/e-gold/
I guess I'm a little confused how AML requirements could be involved if no dollars are ever in my hands.
April 19, 2013, 07:16:33 PM
LMFAO!!!! 
April 19, 2013, 07:04:03 PM
There are a lot of e-gold issuers out there, but it would be somewhat novel to have the certificates distributed via cryptocoin. But instead of using your own e-currency, why don't you use killerstorm's colored coin concept, and base it off an existing coin either btc or an alt chain. You don't need a whole new chain just for this test project.
However, a word of caution -- unless you know about AML requirements, success at this project may be hazardous to your freedom: http://www.wired.com/threatlevel/2009/06/e-gold/
However, a word of caution -- unless you know about AML requirements, success at this project may be hazardous to your freedom: http://www.wired.com/threatlevel/2009/06/e-gold/
April 19, 2013, 07:00:41 PM
I'm confused why he needs a programmer for this. Isn't this a pretty trivial task?
I think it would be more interesting to take that first 100B coins and put them into pre-established services for disbursal, like faucets and FTP games and such, with bonuses from the games purchasable using said coin. Generate transactions, a market, and a high difficulty for predictable pool mining, all at once.
I think it would be more interesting to take that first 100B coins and put them into pre-established services for disbursal, like faucets and FTP games and such, with bonuses from the games purchasable using said coin. Generate transactions, a market, and a high difficulty for predictable pool mining, all at once.
April 19, 2013, 06:38:04 PM
What happens if you die? Who gets the gold and silver?
PS: Please say me!!
PS: Please say me!!
April 19, 2013, 06:30:58 PM
Is there anyone out there that would be willing to create a couple alt coins for me? GDC (Goldcoin) and SRC (Silvercoin).
I have a couple specifications.
1 - All 100 billion coins are premined in first block and go into vault wallet, accessible only by me, meaning I mine the first block.
2 - 50% of all future transaction fees go to me.
3 - 50% of all future transaction fees go to miners.
4 - Coin can be merge mined with Bitcoin.
This is the plan. Create one coin backed by gold and another backed by silver.
Gradually, people will begin to trust me with their gold and silver, which will be kept in safety deposit boxes in various banks and available on request from people who are able to send me units of these alt coins.
1 coin will equal 1oz of metal. If someone sends me 1GDC, they will be sent 1oz of gold bullion from my safety deposit box. If someone sends me 1oz of gold bullion, I will send 1GDC to their GDC address. GDC's are always redeemable by me in metal as there is a 100% reserve, but shipping costs will apply.
Various other details will be worked out in future posts.
The transaction fees going to my personal address may be sent to the vault wallet so that I may redeem the metal to sell and pay for safety deposit box rent, personal expenses, etc...
As a reward for this task, I'm offering to send 2SC's to the programmer, which he may keep or redeem with me for 1oz coins.
This is purely an experiment to see what, if any, demand for this sort of thing is out there.
I have a couple specifications.
1 - All 100 billion coins are premined in first block and go into vault wallet, accessible only by me, meaning I mine the first block.
2 - 50% of all future transaction fees go to me.
3 - 50% of all future transaction fees go to miners.
4 - Coin can be merge mined with Bitcoin.
This is the plan. Create one coin backed by gold and another backed by silver.
Gradually, people will begin to trust me with their gold and silver, which will be kept in safety deposit boxes in various banks and available on request from people who are able to send me units of these alt coins.
1 coin will equal 1oz of metal. If someone sends me 1GDC, they will be sent 1oz of gold bullion from my safety deposit box. If someone sends me 1oz of gold bullion, I will send 1GDC to their GDC address. GDC's are always redeemable by me in metal as there is a 100% reserve, but shipping costs will apply.
Various other details will be worked out in future posts.
The transaction fees going to my personal address may be sent to the vault wallet so that I may redeem the metal to sell and pay for safety deposit box rent, personal expenses, etc...
As a reward for this task, I'm offering to send 2SC's to the programmer, which he may keep or redeem with me for 1oz coins.
This is purely an experiment to see what, if any, demand for this sort of thing is out there.
whats the point in a decentralized coin for a centralized service. Just maintain a centralized ledger.
April 19, 2013, 06:29:43 PM
I've thought about doing exactly this for gold or dollars for quite a while. I always bumped into a few problems I could not solve:
- What happens if my main wallet gets hacked, stolen, or otherwise compromised? Some method of reversing transactions would have to be available for such cases. But then, what happens if a hacker gains access to the method of reversing transactions? The whole idea breaks down.
- For gold, I would have to pay to have the gold stored securely. How would I be able to fund this?
- For dollars, I would have to register as a MSB/MT, would have to keep full AML/KYC records. It would be expensive. I could potentially hope to fund this expense with investment income on the dollars I received, but then people would be less likely to trust the whole thing if I was actively investing the money they gave me.
- What happens if my main wallet gets hacked, stolen, or otherwise compromised? Some method of reversing transactions would have to be available for such cases. But then, what happens if a hacker gains access to the method of reversing transactions? The whole idea breaks down.
- For gold, I would have to pay to have the gold stored securely. How would I be able to fund this?
- For dollars, I would have to register as a MSB/MT, would have to keep full AML/KYC records. It would be expensive. I could potentially hope to fund this expense with investment income on the dollars I received, but then people would be less likely to trust the whole thing if I was actively investing the money they gave me.
April 19, 2013, 06:26:40 PM
There are ancient bullion repositories that are insured by LLoyd's of London and all that good stuff, that provide notarised cetification of balances and stuff like that, so I don't think proving the cold-storage bullion exists is a problem, although how expensive such storage places tend to be, and how much they charge for each audit of how much you really have in them, I do not know offhand. It'd be an expense to take into account for sure.
-MarkM-
-MarkM-
April 19, 2013, 06:23:58 PM
(The bullion the tokens represent never moves, except some day when the whole business shuts down; it just sits forever in a secure vault backing tokens that hot-wallet / hot-vault operators buy and sell for bullion.)
-MarkM-
-MarkM-
This is what would ultimately happen, however, it becomes difficult to trust an entity holding your bullion if you can't periodically test it out, just like it becomes difficult to trust the Fed when they won't let anyone inspect the gold at Fort Knox. It gets easier if there is a 20 year history of everyone, no matter how large an account holder, being able to withdraw their bullion without issue.
April 19, 2013, 05:55:05 PM
This is pointless, because people have to trust you, the centralised authority, for the bullion thus they might as well also trust you for the accounting system, so it is insanely expensive to use a blockchain for this, you should use Open Transactions or Ripple, or even Cyclos.
Possibly a good method would be to have me hold a cold-vault storage of bullion that will never move, and issue gold and silver tokens in Open Transactions, and you run a hot-vault service where you buy and sell the secured (fully backed) tokens for bullion from a "hot wallet" aka "hot vault". People then know the tokens are fully backed regardless of what accidents might befall the hot vault or any bullion that is in the mail etc.
(The bullion the tokens represent never moves, except some day when the whole business shuts down; it just sits forever in a secure vault backing tokens that hot-wallet / hot-vault operators buy and sell for bullion.)
-MarkM-
Possibly a good method would be to have me hold a cold-vault storage of bullion that will never move, and issue gold and silver tokens in Open Transactions, and you run a hot-vault service where you buy and sell the secured (fully backed) tokens for bullion from a "hot wallet" aka "hot vault". People then know the tokens are fully backed regardless of what accidents might befall the hot vault or any bullion that is in the mail etc.
(The bullion the tokens represent never moves, except some day when the whole business shuts down; it just sits forever in a secure vault backing tokens that hot-wallet / hot-vault operators buy and sell for bullion.)
-MarkM-
April 19, 2013, 05:51:50 PM
10/10 trolling
I think it's an interesting approach to the inconveniences associated with trading precious metals. Probably needed some community vetting before publicly soliciting a programmer, however.
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