We need more proof-of-burn altcoins - page 2.

freshman777

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Quote from: r0ach on May 17, 2016, 06:05:34 AM

Quote from: freshman777 on May 17, 2016, 05:25:21 AM

How do you pay for development if seed capital is burned?

The goal of cryptocurrency is not to make scamcoin devs rich. We already have a decentralized currency, it's called Bitcoin and it was released for free. No altcoin has improved on it whatsoever.

Many coins have improved on Bitcoin.

Bitcoin is not decentralized, it's controlled by three gigantic Chinese mining farms. All of them can be shut down in one hour by their government if Bitcoin gets big. But it won't be big, it is no longer the idea it used to be - one CPU = one vote. Time to move on.

r0ach

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Quote from: freshman777 on May 17, 2016, 05:25:21 AM

How do you pay for development if seed capital is burned?

The goal of cryptocurrency is not to make scamcoin devs rich. We already have a decentralized currency, it's called Bitcoin and it was released for free. No altcoin has improved on it whatsoever.

RealBitcoin

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Quote from: freshman777 on May 17, 2016, 05:39:21 AM

Counterparty did what you propose, nothing spectacular came out of it.

It's still holding, but it was probably a bad management or they were just unlucky.

However the methodology is still good in my opinion, at least it benefits bitcoin.

freshman777

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Counterparty did what you propose, nothing spectacular came out of it.

RealBitcoin

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Quote from: freshman777 on May 17, 2016, 05:29:49 AM

What is wrong with NOT burning and having the same distribution ratio and funds locked in a multisig wallet by trustworthy community members/exchanges?

Because then we can be sure that the coins wont be moved ever again, and it will make bitcoin more scarce and bitcoin will go up.

From the POV of the altcoin, it signals that the developer is trustworthy and wont just create another pump and dump coin.

freshman777

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Quote from: RealBitcoin on May 17, 2016, 05:26:33 AM

Quote from: freshman777 on May 17, 2016, 05:25:21 AM

How do you pay for development if seed capital is burned?

You dont burn all of it, but only like 80-90%. The rest of it should be enough to fund the development process.

+The developer will ask for donations after if is needed

What is wrong with NOT burning and having the same distribution ratio and funds locked in a multisig wallet by trustworthy community members/exchanges?

RealBitcoin

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Quote from: freshman777 on May 17, 2016, 05:25:21 AM

How do you pay for development if seed capital is burned?

You dont burn all of it, but only like 80-90%. The rest of it should be enough to fund the development process.

+The developer will ask for donations after if is needed

freshman777

sr. member

Activity: 406

Merit: 250

How do you pay for development if seed capital is burned?

RealBitcoin

hero member

Activity: 854

Merit: 1009

JAYCE DESIGNS - http://bit.ly/1tmgIwK

We need more proof-of-burn type altcoins, that transparently and provably burn bitcoins in order to distribute altcoins.

Yes folks, i really want the bitcoin price to go up, so any altcoin people want to create, it should be proof-of-burn, to lock away bitcoins forever.

Any other type of distribution mechanism is a waste, and generally signals a scam coins, since the funds will most likely be stolen by the creator.

So it also adds transparency to the altcoin, and makes the developer more trustable.

Topic: We need more proof-of-burn altcoins - page 2. (Read 1219 times)