Ok, simply, LBT uses on chain distribution, ie everyone is using the one single chain, so its just a script  that parses and get a sending address and sends coins back. If we were to send a signed message to a bitcoin node...how will we report your actual balance? From there where do we send the coins?

we could maybe start a new chain, people get the new chains addresses, but how then to allocate their share based on the % the held in each respective coin? using that method, we lose information such as balance, and price, which are key components in trying to distribute relative % with accuracy. Also there is no "static" point of reference from which to decide allocation so people can manipulate by using multiple addresses with negligible balances, or even no balance at all.  

ah, i see

it will not work, can you guess why based off my post above or should i explain?

Let me look at it firts , but while i do that, let me leave you with a question.

How does this method deal with the questions asked by theprofileth? he talks about someone moving coins around.

Just to keep us on track let me elaborate on my method

1) I take a snapshot of balances, this means i have a static record of balances in each respective address
2) I take a price snapshot, meaning i have a price guideline which will not change anymore
3) I map the balances on the chain based on static price , meaning accurate and uniform distribution.
4) User claims their amounts either entirely, or selectively
5) this method is not chain dependent, it applies to anything that uses the bitcoin code and pub/priv key pair

Note, once i have the snapshot, you cant change the % you will get, nor will price manipulation change the % of the chain that particular participant is due.

just reading your method suggests a live system, which is flawed in the worst sense since i could keep moving coins around and sending messages , some coins have no real buys support and a 1 BTC buy could change the price my huge spans.


My method is secure, tried, tested and proven many times over. Please answer my questions while i investigate your idea, it's not good for devs to dismiss things without taking a proper look at them, and i promise, i am doing so with a open mind.  

not at all, if you look at the links in the post you'll see that was how it was originally intended, but I decided that the derived value should not "burn" existing coins, simply map them all onto a new chain. From there the value become developments based along with how the community receives and values the currency.

Before i go offline:

:- Windows Wallet

This should connect to a seed i have borrowed.

There are questions about Project X vs Project XUC

Project X is a colored coins implementation specific to the group.

Project XUC is my brainchild from far back that is coming to reality.


Project X was named as such because it has no name yet. they are different ideas with different outcomes.

On an aside, Project X benefit from XUC, since color 3 coins can simply be XUC there by eliminating the need to search for candidate coins. NRS remains color 2 and GF  maintains colour 1.

Nice when everything falls into place. 

If that happens then so be it. There is no rule that says coins must not die, However, here's a more likely scenario, you dump and go away smirking , then a few weeks or months later, as it gains popularity, the price rises where by your 0.1 BTC, could be equal to 3 BTC. your smirk becomes a grimace and those who bought your cheap coins go to town on what was once yours.

the only way to lay claim to coins on a block chain is to own the private keys, there is no way around that as far as i know, if there was, then all cryptos would fail because your value would not be safe and belong to you alone. I understand what you are trying to do, but this is a question that has been posed so many times. By design the block chain only aloows you to control coins whose private key you have . Perhaps let me explain how it works
 
I have a snapshot of  coin A

adressiamrich1232hggsu has 178 coins

I convert adressiamrich1232hggsu to the version of our new coin, meaning that the private key of adressiamrich1232hggsu can now controlls that amount in the new chain.

The public key/address is like your house address, and the private key is the master key that opens your house. everyone can see your house,  but to get in and move everything to a new house or move furniture around, they need the key to your house, a one of a kind key that only you have.


The snapshot records balances at a specific time. at 00:00 you had 10 coins in this address, if i take the snapshot at 00:00, and you move your coins at 00:01 , they will only reflect in the first address. there is no way around this.


this is why i give advance notice, two whole weeks for us to hash out your concerns and allow people time to prepare for the snapshot by moving their coins to addresses under their control. f they miss the snapshot they'll have to find ways to get the private keys of the address their coins were in at that time.


A "fair" distribution model has been suggested whereby i do not look at value and just assign equal coins to everyone, ie every chain gets an equal % of the chain. While noble, i think this model is less likely to result in actual valuation of the coin.

You really arent reading.

That proves you own the address so ok, now the chain is active and i planted coins in that address. How are you going to retrieve them?

You are not being absorbed, lol.

You are being given a free stake relative to your overall % holdings in the entire crypto sphere, you are free to do with them as you wish.

If there is a rock solid way of doing it, lets find it and i will use it. I promise to search diligently. But my understanding of how proof of ownership works with BTC based currencies, is that you need private keys in order to claim and control your coins, there is no way of getting around this since it is the backbone of the security which prevents arbitrary claiming of coins by any random individual.

So that is all you take from this...how much i will have?

talk about priorities.


So my implementation should be based on hypothetical scenarios? Well then hypothetically, this reaches 1 dollar per coin...will we still have potentially unclaimed majority?

Hypothetically, a new laptop comes out and it does 500TH/s Scrypt mining, what then will Litecoin become the ne world currency?

People are free to participate or not, i am not asking for anyone's money, matter of fact i am offering them value less tokens that will only gain value depending on how they are recieved and traded. So yes, i will be holding on to my good 1% of the total supply, worthless or not.  

There is no IPO ICO or anyone holding a gun to your head, its a simple choice, in or out.

LOL, this is antimatter syndrome, very strong effects i see.

Lots of fear about the community coming together as one in this currency. Is it such a threat that people resort to FUd to try and kill the idea?

1) Your comment assumes that private keys have some other job other than proof of ownership. 
2) You raise the issue of key loggers
3) You claim that this enables having password gives access to all private keys
4) You then suggest a method of proof of ownership that does nothing for Proof of % stake and has no means of redeeming said stake.

And i answer

1) The job of private keys is proof of ownership with the ability to redeem which is what I am acheiving with my method
2) Key loggers have always been around and it is your responsibility to make sure you do not install any on your computer, does BTC have any anti- keylogger code or are you asking me to make one for you?
3)Which password do you mean? if it is the login password, am i supposed to start teaching people to create secure login passwords? If it's the wallet password, am i supposed to teach people how to secure their own respective wallets? NO to both questions, it is your job as a user to secure your wallet. It is like that with every coin.....why are you looking for it to be different here?
4) Your method can prove address ownership...but do tell me HOW will someone be able to redeem? It is called a public key because it is public and available to all. Your coins are yours because you have the private key to prove it.

Funny how a lot of coins have done chain swaps and distributions in a similar manner without any of the issues you are trying to invent.

So long as the code is open source, it can be reviewed at length anytime.

I tend to not take people who send this kind of message seriously.:-

We are satoshi added to list of participating coins.

This coin has been suggested for addition to Project XUC :- Project XUC

Yes, that is actually the way it is meant to be, open source software must be vetted all the time, it's made open source to increase trust because if there is anything funny in the wallet, it will be discovered and reported.

How do you suggest that people gain control of their share without use of a secure means available only to themselves?

This is simply an adaptation of the use of private keys there is no change in how they function. Their purpose is not wallet recovery as a lot of people seem to think, private keys are your proof of ownership.  Public keys and addresses just server to tell/describe where to send a transaction and i see no way of accurately distributing the coins without use of addresses. And the only way you can redeem coins attached to a particular address, is to have the proof ownership.

A lot of if's in your statement.

FUD


Your statement has no basis in fact and is mired in suscipicion, if you can present some solid grounds on why i'd release a malicious wallet, then i'll take your comments into consideration. I'd rather not moderate this thread, but it would be wonderful if you'd post something with substance.

Security and privacy concerns are important, but lets not try to raise them as a means of FUD in this thread, genuine questions and concerns will always get my full attention.

I think that only applies if you use a wallet other than the one i will provide. The risk is there for those who go outside the prescribed directions, the keys are only imported and no other copy is kept, so if your wallet is kept secure there will be no problems.

As for key loggers if a user opens themselves up to it then there is little we can do to help , it's no different a situation from right now, you could be unfortunate enough to have one on your machine already trying to get at your keys, how is that in anyway related to this project?

This is a crypto currency that will be based off Bitcoin code, securing your wallet is your job , how have you been keeping them safe all this time and how does this project change that?

Again this is just FUD since all the security issues are on the users end not the actual app itself.

As for using your suggested method, i agree that would be great IF it was possible, but we are not worried about ownership in this case. we are concerned about your balance to use to calculate your % stake.

The method you described above still requires you to have a way to redeem the coins attached to your address, which plain and simple is still your private keys.

Then you really dont knwo why BTC is trusted or any other coin for that matter, they are trusted because they are OPEN SOURCE, ie, if you have any doubts you can read the code yourself. Your question is a genuine one and i'm not frustrated, just that you seem to think there are categories of being open source.

either way, you are free to participate or not, so if your concern is your private keys then either read the code or leave well enough alone.