Bitcoin Forum

Here's the previous Fractalcoin topic:

https://bitcointalk.org/index.php?topic=650173.0


The devs abandoned this coin about 2 months after they launched it, and a few of us have kept it alive for over a year. 

The main problem IMO was that the block reward dropped straight from 40 FRAC to 1 FRAC per block.  Miners immediately dropped out all at the same time, the difficulty was stuck very high, and the coin almost died. 

The coin is now running with transaction fees as the only block reward. 

On the plus side, there are only about 735,000 coins in total supply, no more are being generated, and today's dumping activity took the price from 3200 sats to 1600.  (https://www.cryptsy.com/markets/view/FRAC_BTC)

So if you like rare coins with low supply and no inflation, I don't know of any that are cheaper.




The new website is http://fractalcoin.us, please reply here with any feedback or links you'd like added.

Maybe i will add this coin to my coin list if became listed on coinmarketcap.... anyway it sucks that it passed from 30 to 1....

More info about new development?

http://coinmarketcap.com/currencies/fractalcoin/

Supply low, I like  ;)

I looked into creating a new Fractalcoin on the NXT Monetary System, and I'm talking to Cryptsy about the possibility of swapping all the coins on the exchange to a new coin.

If we did that, we would require that the old coins be burned in order to redeem coins on the new blockchain.  That way the old coins couldn't still be traded - even if an exchange kept the old version listed, there wouldn't be any coins left to trade if everyone burned their coins and swapped them for the new version.  

But then I expanded the idea;  if we're making a new coin, and destroying an old coin, in order to help people who are holding a bag of dying coins, then why not help more than one coin?  

Here are the problems we're looking at:

#1.  There are too many altcoins
#2.  Most altcoins lack development and community support
#3.  It would benefit the entire market if some of these altcoins disappeared
#4.  People are already invested in these altcoins and have no easy way out, so most coins will continue to exist
#5.  Every altcoin can continue to exist indefinitely with only a handful of users


So if we create a new Fractalcoin, have we really made any progress?  The blockchain would run smoother, the coin would survive longer, but otherwise we'd be back where we started:  just another altcoin among thousands.

Instead of issuing the new coin only to people who burn Fractalcoins, what if we accepted multiple altcoins for burning?  The idea is to get rid of entire altcoins and combine their coin supplies and communities into a much stronger coin.  

If the coin is weak then people will probably burn it for a new coin.  If the entire supply is burned, then it won't exist anymore.  Mission accomplished, we've lowered the total supply of altcoins and increased the rarity of the rest of the coins still on market.  

On the other hand, if half the supply is burned but the other half continue to be traded, then maybe the coin will become stronger with a lower supply and higher value.  Then it's not a dying coin anymore, mission accomplished.  

But I will say that if this project happens, I will burn all my Fractalcoins for the new coin, in order to keep everything honest.  I'm not going to manipulate the markets, and I'm not trying to get everyone else to burn their coins so mine are worth more.  I'm trying to swap Fractalcoin to a new blockchain, and that new blockchain might also include several other coins joining the party.  

I think this is a brillant idea that might acutally work!

I agree, great idea. I think it can be good only if you do include other dying altcoins/scams (at least 10, ideally many more).

I don't have any shitcoin(except maybe for cryptocircuits) but I will be following this.

PS: I just went to check an old account and realized I have some Globe, and SourceCoin. Would that count for example? it can still be withdrawn according to Poloniex, but your challenge will be to get a working client for all those shitcoins to verify the balances (unless you work with ss verifications etc..)

Wow... Thought Fractal was dead.

I've mine quite a lot but haven't heard about the project for quite some time now!
Happy to see that the community is still up and running and with a whole new set of ideas!

Right now the plan is to launch with 3 coins and allow 30 days for the coins to be burned and swapped. 

After that we can choose a new coin, hopefully every month. 

There won't be an IPO, ICO, pre-sale, or any premined coins for the devs.  The coins will have to be generated, but they will remain in the burnfund until exchanged.  We will only get coins if we burn for them just like everyone else.

We will announce the exchange rate and it will stay the same for the 30-day burn period, which should help prevent any shenanigans.  For example, if we decide to honor Fractalcoin at 5000 satoshis, and we estimate the value of the new coin at a launch rate of 10,000 satoshis, then we will exchange 1 coin for every 2 FRAC (or .5 coins per FRAC).

Before we announce a new coin to be accepted for burn redemption, there will have to be enough coins in the burnfund to buy out that coin's entire supply.  So as the coin's price goes higher, we'll be able to afford more coins in the future because we'll have a better exchange rate.  When people invest in this coin, they'll be helping to destroy other altcoins and clear out the crowded market.

There are some limitations to which coins we can "buy out":

 - If a coin has a marketcap higher than the value of the coins in our burnfund, we can't afford to accept it for burn redemption
 - If a coin is already dead, the blockchain is forked or stalled, transactions can't be processed, then we can't accept it for burn
 - If a coin is already delisted from all exchanges, there's no reason for us to accept it because it's already off the market
 - If a coin has high block rewards or high POS, so that the coin supply could easily be replaced after we burn it, then we can't accept it for burn

makes sense, thanks for the details. I will follow once it is running, directly from the nxt client which is great :) Good luck

before moving to NXT as the 'solution'

FRAC was well designed and likely can still be a successful network

can we get some numbers on the hash rate?

x11 algo means massive hash numbers not necessary
this coin still might be able to work up the ladder of price/hash rate

NEEDED

explorer
nodes
minepools 

Nobody's mining because the block rewards have ended.  There's one mining pool still open, links are at Fractalcoin.us, we have an explorer at Multifaucet.tk, also linked at Fractalcoin.us.

But until we get a new wallet released, we won't be able to have a DNS seeder, so nobody will be able to find connections without adding nodes manually or downloading the peers.dat and/or .conf from Fractalcoin.us.

But it's up to everyone what happens.  If we burn 50% of the coin's supply, it's capable of continuing with a total supply of under 400,000 coins.  Fractalcoin.us will be up for at least a year even if we all die and it doesn't get renewed.  But then what will change? 

If the coin survives, it will need a new wallet and maybe a new blockchain.  So as long as everyone will be required to swap over anyway, why not swap to something with a better purpose? 

But like I said, it's not necessarily an either/or.  People who think Fractalcoin won't survive can burn their coins for the new coin.  People who want to stick with Fractalcoin can keep their coins and try to make it work. 

well now that there is a website ... cryptopia provides a solution to mining ... getting listed there might be the best priority ... give a little more time if/when switching to NXT


i forget the numbers but FRAC has a heavy TX fee ... that should bring on some hash power ... and the effect is that the coins don't move often ... akin to real estate ... you sit on it until need to sell ... driven in part by cost to transfer title ... FRAC kinda is the same concept.

"burn their coins for the new coin"
explain more pls  ;D

At first we wanted to make a new Fractalcoin on a new blockchain.  So all users could be issued the new coins by burning their coins from the old blockchain.  That way it's a full transfer to the new coin;  if we make a new blockchain with a snapshot, and everybody gets their new coins but still has their old coins, Cryptsy could decide to keep the old blockchain listed and then people would have the same coins on both chains.  That's what happened with Protoshares.  So burning the coins is the only way to make sure they're really being transferred to a new blockchain rather than just duplicated.

But then, even if we did it successfully, made a new coin and every single user burned his coins and brought them to the new blockchain, then we'd still have a Fractalcoin that is struggling to survive.  What is its real purpose?  Does it offer anything different from 100 other altcoins?  There are too many coins.  

Just like a coin with a high supply has a low value, the entire altcoin market has a low value because the overall supply of altcoins is too high.  Moving every altcoin to its own new blockchain would only perpetuate the problem without fixing anything in the long-term.  

So we figured if we could make a new coin and transfer our Fractalcoins to it...why not transfer Keycoin and Sapience too?  Why not offer more transfers to more coins on a continual basis?

The new coins will be earned by burning the old altcoins.  Coins that have been destroyed can never again be pumped and dumped.  For the people stuck holding a bag, with no way to sell their volume of coins at any price, they can finally get rid of those coins by burning them and earning this new coin instead.

Instead of Proof-of-Burn, it's Multi-Proof-of-Burn.  The price acts as the difficulty - at launch, let's say you can earn 5,000 of the new coin for 10,000 FRAC.  The exchange rate is fixed for the 30-day burn period.  But as the coin gains more users, the difficulty - the price - will hopefully rise.  So when we offer another burn period for another altcoin in the future, then 10,000 altcoins might only bring you 500 of the new coin.  Or 50.  Or 5.  In this way we hope to have a curve of emission over time similar to Bitcoin, which could allow us to continue buying altcoins indefinitely as we approach the maximum supply without ever reaching it.

We're not quite ready for launch yet, but our website is up with some basic information at barr.me

The burn exchange for Fractalcoin begins November 1 and ends November 30.

Here's the topic:  https://bitcointalk.org/index.php?topic=1219460.0

Okay I get "it" better now.
My original impression was FRAC had a small sustain reward but it looks like it has zilch rewards, no?

So this "fee only" concept might have worked if FRAC managed 1000s of TX per day.  But FRAC is not popular today (tomorrow maybe but today it is unnoticed).  And I don't see anyone providing the hash until prices go way up.

So BARR is a good test and might get miners attention to grab some fees.  And I think keeping the option of fully transport on to NXT platform (like NAUT) ought to be on the table say March 1 2016.  

FRAC is a good brand and could become a good DAC/Asset/Community.  So I welcome the BARR experiment.    

And in a funny way this fractures FRAC (1M coins) into:

a. BARRs
b. FRACs traded on cryptsy (if it is still here in 2016)
c. FRACNXTs traded on the NXT system* b.&c. could be combined if BigVern isn't shut down by the Feds.

Actually Cryptsy wrote me back this week and said they're working on NXT platform integration.  So if FRAC moves to NXT, Cryptsy does seem open to swapping their coins.  They may also keep the original FRAC, splitting Fractalcoin into 3 parts like you say, but hopefully we'll end up with just 2.  Or if we burn everyone's coins, then just 1.  

Of course I'm burning all of mine for BARR, but if the price crashes after the burn period ends, and the coin continues to survive, then I may get re-involved.  Maybe later, since I'm already scraping up every penny to support BARR.

But yes, you're correct that FRAC has 0 block rewards.  IMO that was the original reason the coin crashed, over a year ago - the block reward dropped straight from 40 FRAC to 1 FRAC per block, and miners all immediately stopped mining.  Then the difficulty was stuck for about a month with nobody mining, and the blockchain wasn't moving.  I mined, rented hash, and gave some bounties of .01btc in the Poloniex trollbox for people to mine FRAC, and the difficulty dropped something crazy.  But the damage had already been done, as huge changes in an altcoin market often degrade into feedback loops.  Lower price, less hash, fewer users, more dumping, lower price, less hash, fewer users.

The block reward dropped to 0 a few months ago, and it did not help the price.  Even without the new sell pressure every day, there's still nobody buying.

And nobody will buy this coin, I´m pretty sure of that.

Sorry, but after Earlz, Skunkmonkey and Doge left the coin die even with the community support (including me, who supported it since the begining), there is an invincible assymetry here, specially the moral hazard issue.

You said Fractalcoin was dead 14 months ago, and the coin is only 16 months old. 

You may have supported it at the beginning, but not since the beginning.  Publicly declaring that you've dumped all your coins after 2 months isn't much support.  Or coming back to the topic repeatedly just to say it's dead.  Or when anyone posts, telling them they're "the last Fractalcoin supporter". 

After you sold your coins for a profit, you actively discouraged other people from buying.  You contributed to the decline of the coin, so that the people you sold your coins to couldn't sell them like you did. 

That's the opposite of support, and I don't see much difference between you and the devs.     

The exchange period officially begins tonight at midnight and ends November 30.

Message us here to this account before you burn your coins, tell us which coin you're burning, the amount you're burning, and your NXT wallet address (not a deposit address on an exchange).

Then send them, and message us again with the transaction ID. 

The burn address for Fractalcoin is FVAiSujNZVgYSc27t6zUTWoKfAGxc8CEW5

We are redeeming FRAC at the set rate of .5 BARR, or 1 BARR for 2 FRAC.



Full details in our ANN:  https://bitcointalk.org/index.php?topic=1219460.0

You do not understand, I did not sell my coins for profit, I loose a lot with FRAC, get tired of supporting it, when Earlz abandoned it, dump was inevitable.

Dev team is like a core, the main stakeholder, with they get down, all structure falls behind.

Well you sold for a lot more than most other people.

I really liked this coin, it was a shame what happened.

In our first 24 hours, we have already burned 308,059 Fractalcoins.

That is over 30% of the entire supply.

We encourage all remaining holders to do the same.

there are some proof that all those coins got burned at the end or those ended in someone wallet ready to dump them? sorry but if those got really burned like you said you should have a proof

If you say so, for what i know some users that are making PoB coins are increasing and who knows which one are doing with for real things or just for speculation, anyway i know that BARR_Official checks bit1 dead coin list for sure but i don't know for the others

There is plenty of proof.  We have every burn transaction available for anyone to see, and the burn addresses are unspendable because they return a hash with a string of zeroes. 

For example, the Sapience block explorer already has the address labeled as a burn address.

You might want to avoid libel, which is a crime itself.  Of course, since you're posting with an anonymous account that was just created a month ago, you're probably not too worried about breaking the law.  In your other thread you said it doesn't matter if you lie to everyone, and here you go again.

If burning coins is a crime, why have you announced that your new coin will burn coins in an attempt to copy BARR?

BARR is a community takeover of these coins and offers a full swap for all holders.  It's not a crime to send coins to a burn transaction, and it's not a crime for us to give away BARR for free to everyone who burns their altcoins.  "Insider trading" would require us to be "insiders" in the coins we're buying.  Altcoin exchanges are publicly available for everyone to see at all time, and so are all of BARR's transactions.

Anything else?  The last time we talked, you said there was a spike in buy orders on the blockchain.  I tried to explain to you that Fractalcoin doesn't have any buy orders on the blockchain, but I don't think the truth matters to you. 

I recently started a thread asking questions about BanxShares.  That thread led to a cointelegraph article, and that led to BanxShares being delisted from coinmarketcap.

The people from BanxShares hinted that they would find me and get revenge, and they said "karma is a bitch".

When we launched the ANN for BARR, people started creating new sockpuppet accounts and spamming the thread.

Then 3 other "proof of burn" coins were announced, after BARR.  I don't believe any of them are real coins, including intristin's coin.  He doesn't have a coin, he doesn't have a name for the coin, and he doesn't have details about how it will work.  But he claims that he's been working on it for 6 months.  But even though he said he's not hiding behind a fake account, he's only been a member here for 1 month. 

So there is no "trend" of proof-of-burn coins.  There is only BARR, and some people who are trying to confuse everyone.

If you want to know the status of BanxShares when i did the check it was alive directly from the download link, the fact being delisted is normal because coinmarketcap removes them if doesn't have a market.

Anyway the fact that went against you because of a single research is bad, i will see the the thread for curiosity.

About the other PoB think i only added on the coins on my quede list of checks and because is long it will take some time

BanxShares was #8 at coinmarketcap.  It's not normal to go directly from #8 to 0.

They still have the same market, which is their own exchange.  They say it was delisted because coinmarketcap decided not to list coins still in ICO.  BANX has been in ICO for over 12 months, selling shares but not allowing investors to sell.

I never knew that was on ICO for over a year... on which website it was as ICO? maybe at the end the website bugged the ICO end time and maybe somebody should let the website notice the error or try to open the change on another exchange website

The only exchange that sells BanxShares is Banx.io. 

Since they are the only exchange, they were able to report false volume data to coinmarketcap, and that is how they got to be listed at #8.

Since they have never ended the ICO, they are able to control the price.  They have raised the ICO price several times, from .002 originally, and now it's .007.  But the only sell orders that get filled are from Banx themselves.

Runpaints at it again pmsl. You cant even tell the truth runpaint so god knows why amyone would trust you.

Cointelegraph released a pro banx article. I think you are reffering to your friend ians article from coin journal not coin telegraph. Coin market cap removed all coins still in ico phase from front page not just banx. Caught you out pal spreading crap as usual. Stuff like this is why no one should trust anything you say.

http://cointelegraph.com/news/114361/banxshares

well done you found the link from a cointelegraph article dated 24/5/2015 well before your attempt to deface banx which you started in september 2015. Clap clap so yeah your lying to that other guy. Well done thanks for showing everyone. Right there is your karma pal haha

Yes, I said cointelegraph when I meant coinjournal.  Who cares, most of the articles available are paid advertisements containing nothing more than Mark Lyford's own words.


http://coinjournal.net/ponzi-accusations-fly-as-banxshares-is-set-to-be-removed-from-coinmarketcap-rankings/






https://vimeo.com/108802291


















Why did Mark Lyford announce in October that Banx acquired its 1st ATM, when BanxATM.com has been claiming there was already an ATM for several months?

Runpaint your getting desparate now buddy. Rofl the barr.me devs should considor putting you as far away as possible from that project because you are bad news pal. Unless you are one of the devs in this case i would avoid barr.me like the plague

Runpaint this isnt a thread for discussing banx is it you have your own thread for that and we know how well that went for you. Im here because i just caught you lying to other community members and thats what im highlighting. So stop changing the subject.

   


You wouldn't avoid it if you thought it was a scam.  It would be your favorite thing.

If you want i can create a thread here on bct and get a shabby article thrown together to coincide with a planned event if you like it will explain why your project is shady and worthless. but i wont stoop to your level. It already seems the community can see straight through your plans. No intervention needed. I know that you are involved with barr.me and that is enough for me to not take it seriously becuase you are a joke runpaint.

Just wait until Banx is traded anywhere else besides Banx.io.  Then you can come back here and tell me how wrong I was. 

Until then, don't bother saying anything.  There are too many questions you aren't able to answer.

Timmy,

Save some face mate.

1.  FRAC was a coin in trouble, so far the BARR involvement has brought attention to the coin, a price increase (rise in BTC value), and the network has improved.  A good thing. And Runpaint gets some credit there.

2.  Who's desparate? Check the mirror ... your mirror.  And that is a reflection upon Banx as you are a rep. of Banx.  This is PR 101 stuff.

3.   Is the banx network working?  The FRAC network works ... reflect up that too ... the little unknown coin called FRAC is a healthier network than BANX worth millions.

4.  Your concern should be proving any critism of BANX wrong by getting the product to work as claimed and prove it's value by having it traded on multiple markets.

Regards,
BN
   

Thanks for your points BN but

#1.I have no issue with kudos what ever.
#2. Im not a rep for banx im just a longterm investor of the project.
#3. The banx network does work and has a wallet. I have not said anything about FRAC. I have no problems with the coin project whatso ever.
#4. My concern is avout runpaint and his lies he tells. Look over the last few post i have pointed out his lies. He is not trustworthy many people have noticed this. Banx is a share still in ico phase trading it is not the idea because its still in ico phase and you buy shares to recieve a % of profits each month which banx has been providing for over 12 months now.

I think you have misunderstood me. I was exposing runpaints lies its right here in this thread.

lol, because I said cointelegraph instead of coinjournal?  Anything else?

You seem to make a habit of twisting stuff runpaint. Coin telegraph is a reputable source. Coin journal however isnt. You know exactly what you were doing. Also you state cmc removed because of said article when you know that cmc had planned to remove all still in ico phase coins. Good luck runpaint your getting good at making "friends"

But coinjournal isn't the source of the facts we're discussing.  Mark Lyford is the source.






There are no other coins that are still in ICO for over a year, so the decision only affects Banx.

Coinmarketcap is only supposed to list coins that are traded on legitimate markets, and the numbers reported by Banx.io have been shown to be false on more than one occasion, causing Coinmarketcap to remove or change its charts for Banx multiple times.




Anyway, like I said you can come back when Banx is publicly traded.  There's nothing else to discuss until then.

We'll see if anyone will really pay "the ICO price" of $3.70 as claimed today, when all original ICO investors got their shares for $0.50.

Because its hard to be good liar. Good liars need to have a good memories.

http://imgur.com/gallery/vwqlm

Is there some progress here?

What about the flaws of FRAC like the fee, will they be fixed?

This particular community takeover is complete.  We fixed the network problems and the transaction fee problems by swapping FRAC for BARR.

For people who still hold FRAC, there's still the possibility of fixing the coin.  But so far, no coders have volunteered.

 :-[ mm, i dont see too much interest for continue of development of this coin, perhaps the best option should be let it die

In March of 2017, the Goldcoin ($GLC) Team recovered billions of coins from the court appointed receiver handing the liquidation of the Cryptsy exchange.

https://bitcointalk.org/index.php?topic=5197283

FractalCoin is in the group of coins currently being offered for sale. FractalCoin still has a CMC listing which is a plus!

https://coinmarketcap.com/currencies/fractalcoin/

If you are interested in these wallets, please contact me via DM here are on Twitter: https://twitter.com/realmicroguy