Bitcoin Forum

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_{Basic Griftcoin Specs/Overview/Timeline}

• 10,000,000 Total GRIFT
  
  • PoW [2,500,000 GRIFT]
    
    • X17 PoW Algo [1st?]
    • 14 Days Only [10,000 Blocks]
    • July 31st - August 13th
    • 250 Coins/Block
    • 10% of each PoW block goes to Development Team + Grift Foundation
    • 2 Min Block Target
    • GriftGravity™ Difficulty Adjustment [All-New, Cutting Edge]
  • IPO A [2,500,000 GRIFT]
    
    • Opens July 21st, Closes July 31st
    • Price Determined by Market
  • IPO B [2,500,000 GRIFT]
    
    • Opens August 1st, Closes August 8th
    • Fixed Price [IPO A Price + 10%]
  • PoS + PoR [Proof-of-RAM]
    
    • 10% Annual PoS + 10% Annual PoR for 180 Days
    • 5% Annual PoS + 5% Annual PoR for following 360 Days
    • 1% Annual PoS + 1% Annual PoR Standard [Until Max Coins]
    • From Day 180 forward, 10% of all PoS coins go to the development team

Development team compensated as outlined above. Wallets will be released upon completion of IPO A when the 14-day PoW period begins.

---

Once we get all of the information updated and the website online, we will take all feedback into consideration and possibly make adjustments to the distribution/etc before opening the IPO. Obviously, without support and trust, this project will not succeed - we understand that. We believe most concerns will be minimized once the Grift Foundation is explained in detail, escrow services are in place, and established members of this community are elected to the board. However, our primary concern is establishing a successful cryptocurrency, business, and charitable foundation all while ensuring a profit for investors. Based on the information available right now, an informed decision cannot be made. Clearly we understand this which is why we will not open the IPO until all information has been made public. We do have intellectual property that will need to be protected and some other unique ideas that could easily be copied in a short period of time. All information will be released within the week and password-protected source and binaries will be posted shortly thereafter; passwords and GitHub source will be released simultaneously with the beginning of the PoW phase, scheduled for July 31st, 2014 00:01 UTC.

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This is only the [PRE-ANN] | More info, including detailed technical specifications, previews, and business model coming soon | Bookmark this thread

X17 IS NEW ALGO,GOOD LUCK.

when？

watching

ipo, no thanks

don't ruin a non-shitty coin(but not good either lol) with an ipo

PoW+PoS+PoR begins July 31st, 2014 00:01 UTC

I don't believe will be successful,Not a revolutionary

tired of x-N

IPO

And 10% of each PoW block goes to Development Team + Grift Foundation

Perhaps you should reserve judgment until the Proof-of-RAM specifications are released, at minimum. Griftcoin will be the first coin on the planet to implement this technology and it will benefit both distribution and security in a way never seen before. This is just one of many ways Griftcoin will set the bar.

To those disappointed about the IPO, perhaps you should approach things realistically. Typically, with coins that have a limited/brief PoW periods followed by 100% PoS, initial distribution is determined primarily by rented hash power and/or massive mining farms. By offering a 50% IPO, the funds can go directly toward development, marketing, and all of the other components that will be outlined in our upcoming business model without affecting the value of Griftcoin negatively (as would be the case, typically). We believe this is a better use of funds from both our perspective, obviously, but the investors as well - instead of simply dumping their funds into power and hash rental services those same funds go toward strengthening Griftcoin and solidifying its future.

Another bonus for investors is that there will be no premine (which negatively affects value for a number of reasons) - instead, the development team receives a cut of all PoS after 180 days (as outlined in the original post). This provides a consistent, steady flow that can be likened to vested stock options while also eliminating potential concerns for a dump/etc.

Of course, by implementing an ASIC-resistant (and, to our knowledge, first ever) X17 PoW period for the distribution of 25% of the max supply, we are fusing together a powerful blend of distribution methods that will reach further, diversify more, and offer options for everybody.

There are thousands of options out there and we are truly offering something unique with a distribution model that was thoroughly calculated, debated, and adjusted before locking it in. No coin is one-size-fits-all - Griftcoin is no exception - but the argument could be made that Griftcoin is as close as it gets.

We hope you continue to follow the thread and learn more about what makes Griftcoin so stimulating as we make additional details available.

This is correct, albeit somewhat misleading - at face value, it appears this is essentially a hidden 2.5% premine. As more details become available, you will learn the actual percentage breakdowns as well as information on the foundation - unlike most altcoin "foundations" the Grift Foundation isn't just another dev wallet - it will serve an actual purpose, we will elect a board of senior forum/community members to publicly manage it, and all coins will be stored in escrow.

As was stated in my previous response to another individual, please reserve judgment until all details are released. This is an extremely basic [PRE-ANN] and the primary purpose is to provide the general timeline and outline so that interested parties can mark key dates on their calendar and/or bookmark this thread for continued updates.

Do you think it's so easy to cheat money by just copying other's code?

10% of each block eh... nty

Would you like to know what I think? I think you posted before reading anything in this thread.

Unfortunate? Absolutely. Anticipated? Absolutely.

Absolutely?
Absolutely??
Absolutely???

http://youtu.be/TLaZSr-f_gw

My suggestion is to rename it to "Nevskiy coin" for russian well-known bodybuilder.

Look 2 posts above yours, read it, and then rethink everything.

Measure twice, post once. If you aren't interested in reading, you have no business posting. Otherwise, you are simply contributing to chaos.

grift
grift/Submit
NORTH AMERICANinformal
verb
1.
engage in petty swindling.
noun
1.
a petty swindle.

IPO and 10% of each PoW block goes to Development Team + Grift Foundation

I have read all and its only "blablablabla" and it means only you are greedy.  :(

This looks amazing! I heard about this on the radio! I don't know much about coin specs (X17?? Prove my RAM??? 8GB ha) but if you haven't heard about what they have in store with this thing you're in for a treat. One thing they are doing is raising money to help compensate and educate people who have been ripped off trading crypto.

This is when I see that, that I think it would be a bad idea to release a gpu miners... (hope others potential gpu devs. think the same  ;D).
Because it will ruin any possible profit on the other and except from big renting farm, nobody (and certainly not the gpu devs) will get anyting out of this...

reading comprehension > you

Would you prefer a premine?

Ha ha ha dev, do you really think I discuss with your newly created sockpuppet.  ;D ;D ;D ;D ;D ;D

if you use a proof of ram (like shinycoin... they call it ramhoge, you call it proof of ram... you are first in using "proof of ram" name not first in using it... actually you are just cloning any new stuffs around...)
can you try to make it such it doesn't use more than 8Gb... shinycoin dev was completely stupid with is 16gb min requirement...
(actually can you make it 2gb so that it fit into gpu's... ?)

I like the POW-POS-RAM idea.  Will their be bounties?  I'll at least keep an eye on it.

Wow  ;D

wow no thanks

ipo + 10% going to dev yikes

10% of the PoW is essentially just an alternative to a premine which works out to effectively be a 2.5% premine. This is surprisingly low these days even if I would prefer lower. The fact that the devs want a cut could almost be seen as encouraging - after the PoW phase they don't receive anything until 180 days after launch (most devs these days don't even stick around that long!) Also, they have asked we reserve judgment until the official details surrounding the "Grift Foundation" are released as they claim it's an actual foundation, with an elected board, and not just another dev wallet like all of the other "foundations." We shall see - I will be the first to rip this thing apart if warranted - but I will respect their request to reserve judgement. Obviously, there are very few details here. It's a short thread at this point so perhaps people should run through it before posting to save everybody the confusion.

Also, this dev has managed to frame the IPO in a logical way. Would you rather your money goes to the power companies and has rental services or would you prefer it goes directly into the very coin you are investing in?

I will never understand people who ignore all of the information and make irrelevant posts or ask questions which have been answered multiple times.

This is inaccurate. Proof-of-RAM is not the PoW algorithm - GRIFT PoW is X17 and is completely unrelated. Proof-of-RAM is an entirely new, energy-efficient form of minting we designed in-house from the ground up. PoR could be better likened to PoS and there are no minimum RAM requirements. The technical details will be released soon but, essentially, the more RAM you have, up until the 32GB cutoff, the more coins will be minted. This will help contribute to a strong network verifying transactions in addition to the standard PoS. Compromising the integrity of the GRIFT blockchain will be impossible which will make it the most secure cryptocurrency ever created. There will be a minimum coin requirement in order to benefit from PoR to ensure millions of VMs with empty wallets are not minting PoR coins and, in addition to this minimum, various tiers will exist to increase rewards for those with more coins.

love it! count me in! put me down for 1 btc on IPO A.

lol, when I see all your drama/trolling on Jackpotcoin regarding their premine, and your comment here.
It make think your are just a total lunatics  ;D (a an easy-to-buy sock puppet).
Right now, I think you lost the little credibility you ever had assuming you ever had any  ;D

Take it easy tough guy - I never suggested this is an amazing investment. All I said was that there is very little info right now - how can you make a judgment without all of the info? The dev continually made it clear that there are more details coming. I make my decisions once all of the information has been collected. Did you miss the part where I said I would be the first one to tear this apart if it proves to be warranted? Jackpotcoin was (and still is) a premined piece of crap with no innovation or purpose. The jury is still out on this - it's an extremely early pre-announcement. You can't tear down everything new just because it's new.

For this coin it is easy to judge, someone released the first x17 yesterday coin and that dev jump right on it to release an other x17 coin adding on top of it when some people start to complain ramhog of shinycoin (thinking five second to that, let you realise that with ramhog there is no need of 17 different algo but hey...) And for all this cloning he haven't started yet: an IPO (must be noted that both shinycoin and peoplecoin have been released without an IPO nor premine... )

So basically that dev have absolutely no idea of what is doing, nor how he will do it, but he wants an IPO for mostly his hugly logo (that's basically the only thing he has at the moment...)

Regarding JPC, they have an innovative algo (no clone yet...), random jackpot, and independent pow/pos... and actually there are more work into it than this dev will ever put in the coin for which he claims an ipo...

Any coin that has an IPO will have a thread full of FUD because people hate to see coin developers turn a profit. People expect devs to work for free and make everybody rich while getting nothing in return. Also people hate taking a risk to make a profit which is why they almost always lose in this game. How much more sense does an IPO make than just mining the whole time? You invest in the dev and the technology and the business model and they then have the funds to market, support, develop, and make it happen instead of trying to build and market a currency with zero funding while everybody is paying the power company, weakening the power grid, and contributing to global warming with none of the waste going back into the coin itself. With premines the devs just dump them to make money which hurts the value of the coin. This is a great concept and I've already heard radio ads for it already in the UK. This is the first altcoin that interests me enough to get involved because before this I never understood the point of having alternative currencies. I love bitcoin but never understood the point of a bunch of copycats with no purpose. These guys actually have a gameplan and a purpose. They put up an announcement so that people can keep an eye on things and mark down key dates and we have 2 pages of people flipping out before hardly anything has been announced. It's like a bunch of crazy politicians that complain just to complain.

yep that's true... that's why I called all other gpu dev to not release x17 until that coin has been released  ;D
Because I don't understand why this dev will take out profit which could be made from developing proper software by literally hijacking the soft to his own profit (and against the original coin for which it was developed it without premine or else...)...
As you see, it works both way...

sorry no talent, no innovation just opportunism... from someone who doesn't even have a single idea of his own

It's easy to judge? We still don't know anything. Okay so it isn't the first X17 algo - did they even claim it was? Either way the X17 algo has been defined for a while I just haven't seen any other coins use it. The PoW period lasts for 2 weeks so why is the algo even that big of a deal? After the first 2 weeks in August it will be completely irrelevant.

What does Ramhog have to do with this coin? That's just a RAM-heavy PoW algo which has nothing to do with this. I typically don't buy into IPO coins either but they have their place and I felt like the dev gave a good explanation as to why they went that route. We all know how JPC will pan out - it's a piece of crap. Don't bring your dirty laundry into a pre-announcement thread with no info. If this guy was already asking people to send in BTC for the IPO I would say that would be a red flag but he isn't. And the logo is super ugly but it's one of the only coins that has an actual LOGO and not just some crappy/rowdy rendering that looks like something from 1996 made by a 12-year-old on 3DSMax. Also, this logo is hilarious and genius despite the horrid color scheme. All altcoin logos are fucking awful other than OctoCoin - these are mainly code guys making this stuff and they don't know shit about logos and branding - but who gives a fuck about the logo? If that's how/why you pick coins you are a moron.

This guy isn't asking you to send in you hard-earned cash based on this pre-announcement (unless I missed something?) No website, no details - all I'm saying is you have to reserve judgment until all pieces are in place. Then you can decide. If he is accepting BTC for the IPO already show me where and I'll change my tune quickly because this is certainly lacking the required info.

This is the level of intelligence I would expect from a JPC guy.

I'm confused? Have you seen the code for this coin? Where is it? Where are you getting all of this info? All I can find is what is in this thread. If you are basing all of this off nothing then it is truly the definition of baseless FUD. If you have proof to back up the claims, then by all means you know I would be doing the same thing but it appears you're pulling this all straight out of your ass.

Also no other coin has ever even hinted at "Proof-of-RAM" and we still don't even fully know what it is. Just because it has "RAM" in the name you are saying it's the same as "Ramhog" PoW? How does that make sense when this has nothing to do with PoW based on the description? Also, you have the grammar skills of a 5-year-old.

getting place

x17 doesn't use much ram so he want to had something on top (hence my reference to shinycoin).
But as you said that's a lot of trouble for 2 weeks of mining.
So for me it shows he has nothing else than what he wrote on the OP (and the logo).

That's explain also why no webpage or anything else.
It means the coin exist only in his mind at the moment.

I think before asking for an IPO, he should at least had himself invested a bit of its time (and its money... website and so on) so he can show that he believes in what he wrote and that there is a chance it will go somewhere...

where is your souce code?

Now cheater too much!

May-be we can continue this discussion in french, my mother tongue, and see where you fit between totally illiterate and that same 5-year-old grammar skills  ;D

fail

lol, I never said I saw the source code (as it doesn't exist at all...  ;D), I just read what he wrote regarding the algo he will use.
x17 was released yesterday for peoplecoin (so yes I saw that code) and it is a bit strange that someone just come up with some brilliant idea using x17 the next day.
(that's opportunism nothing else... no web page, nothing... but an IPO with a new algo released the previous day)  ;D

Look very interesting! When launch? Look like safe! Will mine big!

I understand English isn't your native language but is it fair to confuse everybody else just because you cannot read English very well? I mean I don't get it man. Proof-of-RAM is completely new and has nothing to do with X17. You seem convinced it's some add-on to the PoW phase - why? If the translation is an issue ask for clarification but quit thinking you know what you're talking about. X17 is the PoW alto... Proof-of-RAM is completely separate. I hate to defend this coin but damn - get it through your thick skull. It has been repeated multiple times by multiple people including the dev - not that hard to understand. Your arrogance and ignorance have once again created a mess.

so 50% of the coin is a IPO? Really? there will be some serious bag holders and a stagnant market.  Do it right make it fair.  10% block cut plus 50% ipo?  Not gonna cut it. 

Once we get all of the information updated and the website online, we will take all feedback into consideration and possibly make adjustments to the distribution/etc before opening the IPO. Obviously, without support and trust, this project will not succeed - we understand that. We believe most concerns will be minimized once the Grift Foundation is explained in detail, escrow services are in place, and established members of this community are elected to the board. However, our primary concern is establishing a successful cryptocurrency, business, and charitable foundation all while ensuring a profit for investors. Based on the information available right now, an informed decision cannot be made. Clearly we understand this which is why we will not open the IPO until all information has been made public. We do have intellectual property that will need to be protected and some other unique ideas that could easily be copied in a short period of time. All information will be released within the week and password-protected source and binaries will be posted shortly thereafter; passwords and GitHub source will be released simultaneously with the beginning of the PoW phase.

As it's easy for important information to be missed when skimming through these FUD-filled Pre-Announcement threads, I will add this response to the OP as well until we have it updated. It's important to us that everybody understands our mission.

I had to come check this out on name alone!  That logo is pretty hilarious as well.  I have no idea what it is about or how much I will get grifted out of, but I am watching this!

My ability to read english hasn't much to do with what I said. As "Proof-of-RAM" doesn't mean anything at all (actually I thought it was during PoW, but since then it has been moved to the PoS  ;D hilarious... ) who want a wallet using N Gb on ram while it is just sitting on the computer ? fyi a normal wallet already use 150Mb of ram...

Sorry but all this is only words to attract morons (not even the slightest info about what it would be... if there was anything technical behind, he would say a lot more...).

Your insistence at pointing how bad is my english rather than any technical details (while the OP changed...) make me think this coin is just a scam.
Feel free to defend this scam, it won't be my money  ;D

edit: I found dev message regarding PoR: using 32gb of ram isn't energy efficient (no matter what you do with it) and this is certainly a lot less efficient than PoS as PoS doesn't use any resource at all (and PoS is linked to coin age, not to the wallet).

There are two problems here. One, this forum is written primarily in English and you cannot read English. Two, you aren't very smart.

You say your ability to read English does not have much to do with what you said but you are wrong - it has everything to do with it. Either your English-reading skills are the problem or you are mentally handicapped - I guess pick the explanation you prefer.

I'm not even trying to defend this coin, honestly. I just feel like there is no reason to confuse people (or lie) with inaccurate information in the thread and that's all you have contributed. I read this thread 60 seconds after it was created and PoR was never under PoW - I specifically remember the details because I was interested to learn what PoR was. You are a liar and attempting to disguise your stupidity with bullshit. Anybody that read this thread can tell you the specs have remained untouched.

There have been no detailed explanations on the PoR algorithm, no technical specs, and since the coin doesn't launch for nearly 3 weeks this is par for the course. Of course nobody is going to invest in the IPO unless this information is made available but, once again, it has been repeated over and over that everything will be available before the IPO opens. The IPO is not open - get it? This is a bare bones pre-announcement. Get it? I highly doubt PoR fills your RAM with BS to generate coins rendering your computer unusable - you have a mental issue when it comes to RAM. Nobody ever said it uses your RAM - PoS doesn't mean you have to jam a stake into your chest to get coins.

I believe your problem is you just want to hate everything but Jackpot coin. Your poor English skills, stupidity, and rage over all of the money you have lost on JPC has turned you into an angry, lying jackass. You have no business posting in threads until you can grow up and quit acting like a baby. Maybe learn to read and start making actual contributions to discussions instead of just wasting everybody's time. You haven't made 1 worthwhile post ever in your entire post history. You are also now a confirmed liar. This is insane man - grow up.

Civility, please. djm34 has fabricated information to support his agenda and defend his inaccurate statements, yes. Anybody who has been here can see this. He is here to argue for the sake of arguing and he will say whatever it takes to keep the argument going and continue to stir things up - please ignore him. Continuing to exchange posts with this person will only further pollute the thread. Let's eliminate the insults and labels, let him have the last word (no matter how inaccurate it may be) and be done with it. We need to minimize the parasitic components of this thread so that people who are actually interested in learning more about Griftcoin won't have to wade through page after page of childish posts to learn. It's extremely early to already be attracting crazy people - we haven't even explained anything yet.

Now we can simply move on. We will not ask for a dime nor a moment of your time until all information, technical and otherwise, has been made publicly available. We are still fine-tuning and testing things behind-the-scenes.

The main problem with you, Megaman, is that you are a moron who think he is always right because he is never wrong (I am not lying (sic) I am just paraphrasing what you said elsewhere... ;D  you have apparently no technical knowledge (you admitted it, you just have as argument a bag of btc that you throw or not at various coin which actually is good for Grifter...)
May-be my english is bad... well nobody really complained so far, so I think I will just take that as the expression of your inability to make a point without resorting to personal attack...

And calling me a liar, show also your poor knowledge of english (which is kind of pathetic... as it is your mother tongue).
I never lied, I made suppositions (and presented them as suppositions not as facts) based on the information present on (or rather absent from) that thread and found that asking for an IPO based only on a buzz-word as Proof-of-Ram
which doesn't mean anything is, should make sane people question the existence of something called proof-of-ram

My english is bad, but the understanding you have of your own language is so low that you can't even tell the difference between a catch phrase and a technical innovation.  ;D (so forget about pointing your finger at the poor-foreigners-who-doesn't-speak-english-well-enough-for-you.... the understanding, you have of your own language doesn't allow you to do so...  ;D)

Grifter, I don't need to fabricate anything to point out the absence of reliable information about what you are trying to sell us through an IPO as there is nothing. And speaking of parasite, creating a thread about a new x17 coin one day after the first x17 coin has been released makes you the parasite.  ;D
(I hope what I just said here is accurate enough for you Grifter and that I don't distort too much  ;D).

There is certainly an absence of reliable information at this stage which is why we haven't even opened up the IPO yet. In this market, releasing information too soon is detrimental to a successful launch and opens the doors for competitors to duplicate and release them in close proximity. You seem quite upset that we opted to go with the X17 algo - if that is an issue for you, for whatever reason, there are plenty of other coins out there with other PoW algorithms. X17 has been defined for months and we just happened to be one of the first coins to implement it. We didn't invent the X17 algo, the coins your are referencing didn't invent it, and even if we aren't the first we are one of the first coins to put it into production. Also, Proof-of-RAM is an entirely new concept and is completely unrelated to whatever you continue to liken it to. The PoW phase is standard X17 and has absolutely nothing to do with our exclusive Proof-of-RAM implementation which was developed 100% in-house and has never been leaked. Again, no detailed information on any of this has been released because we are still a week away from opening the IPO. We certainly hope nobody would buy into an IPO based on the information currently available - there is virtually nothing here yet.

When is the ANN going to be announce??  :)

Is this still going to happen?? I see it's late already.  Devs are you pushing it back?

I hope!  X17 very good!  Good coin to mine.  Proof of RAM very interesting!

deadcoin?

It looks like, not a single update and no launch time...

I hope your coin logo doesn't mean you will eventually run with the money  :D

:DIt tell us
run away with money~

run away

Good luck!

Dont forget to add it to our calendar.

Wow.

Releasing a coin called GRIFT with a logo of a dude running away with a load of cash.  And it has an IPO.  You got balls son, I give ya that.