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Well, the great thing is we planned out the coin distribution to be extremely resistant to the whales. I won't get into details, but if someone bought up all the Prozcoin that is on the market, they wouldn't own more than 20% of the total coins, thus they can manipulate small pumps and dumps if they so choose, but at this point the community distribution has it so that one person would have to put a tremendous effort into controlling a large percentage of even the 20%.
Part of the logic behind the ICO was that we wanted a legitimate community involved with our coin so that they wouldn't in fact want to just PD it immediately.
I know that once we REALLY kick our marketing plan into action, everyone will realize that we haven't even started our marketing campaign. The first Proof of Action block was a test for Proof of Concept, and it worked perfectly.
Now, we can really get the ball rolling.
Chris
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#Prozcoin ICO live at C-CEX https://c-cex.com/?p=proz-btc official thread is https://bitcointalk.org/index.php?topic=740383.0 … here to earn free PROZ #prozcoin #PROZ isaw everyone with this same stuff i just dont get it as well i wont get the 1 free coinz i did it for freebut guys heres the question how will coinproz get the money from ico to buy the 3 three prototype somethings that code boy is creating $30000 as last we talked is this your buy to end sale so you can cash out for development project which is why ipo was tell us brother how will coinproz get the invwester money from the ico to code boys hardware thingy of 30000 usd as earlier acknowledged  C-Cex holds ICOs for 3 days past the end to check records. The prototypes are being budgeted piece by piece, and will be on line item ledger. Chris |
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And https://bitcointalk.org/index.php?topic=769881.msg8689010#msg8689010 as well. My proposed solution for him applies doubly so for Proz. Either offer up actual proofs, or remove the word "proof" from your literature entirely. If you are not able to offer up a construct that automates formal proof, I have a simple solution for you! Just remove the words "proof of" from all of your materials and replace with "payment for" instead - problem solved.
Don't call something a proof unless you mean it. People might accidentally take you seriously
Simple Forum Poster: X = Posts Y = Upvotes Z = PoA Score X(.25) * Y(/\2) = Z Conditional adjustments If X/Y < 10, then Z * 5 If Y/X > 100, then Z *.5 Article Contributor: X = Articles submitted Y = Unique Page Views Per Article Z = PoA Score X(.25) * Y(/\2) = Z Conditional adjustments If X/Y < 5, then Z * .1 If Y/X > 100, then Z * 5 PoA/PoW Merged Mining Variables: A = 10,000,000 ProzCoin B = Mining hours Used C = Base Block reward of 1141 Proz D = leftover proz from previous block + C F = minutes of mining from last 24 hours for an individual N = F/1440 Q = Cumulative individual minutes of mining across network (1,000,000 miners = 1,000,000 minutes) X = Number of miners in real time Y = Number of ProzCoin mined so far We came up with the concept/equations months ago. Chris |
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 We have received a TON of new e-mail addresses from people who took part in the campaign. I thought that's what you were asking for. Sorry for the miscommunication. Chris |
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Oh, and for the record we DID get a ton of spam from Indonesia and Singapore. As it can be seen in the thread we briefly limited the regional access, but decided that if we let the spammers ruin it for everybody, then PoA wasn't truly being tested. Now we KNOW where the spammers are, and we can easily prove it if so necessary. Ultimately, spammers just won't get a payout beyond what they've legitimately earned. TECHNICALLY, if we wanted to hold true to the algorithm for the first test run, the spammers won't make ANYTHING. I feel very bad for the guy though. He put in a lot of work actually  With legendary tweets like "aqw #prozcoin #PROZ, eeeea #prozcoin #PROZ, l #prozcoin #PROZ" and fantastic quotes like "gg #prozcoin #PROZ, duh #prozcoin #PROZ" how could not want to pay this marketing genius? Chris |
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Sorry, there are a ton of questions, so I will try to address as many as possible: 1. C-cex will determine when trading starts, and we have no control over it. 2. Concerning "proof of action" 'proof', we would not be able to prove the users are real without disclosing their e-mail addresses, BUT the easiest way to demonstrate proof is to just check the Prozcoin hashtag on twitter, or check the 58,000% growth on facebook. https://twitter.com/hashtag/prozcoin?f=realtime&src=hashhttps://www.facebook.com/pages/Coin-Proz/506600376128733?sk=likes&ref=page_internal3. Cryptotycoons will be doing another article about our team soon 4. We will start office hours this week at 12 PM eastern Sunday, Monday, and Friday if ANYONE wants to skype. Larry.Christopher.Bates 5. We will figure out about translations/bounties this week 6. Shannon Code as our Head of R & D ALSO works as a developer evangelist/head of security for Mastercoin team, so we are very close with their team. 7. Desktop wallet should be released very soon, but as Shannon works for both teams, it is being built for more than just our coin. Working directly with the Mastercoin team is one of the first steps towards a cooperative paradigm. Chris |
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ALL PROZCOIN HAS BEEN PURCHASED!!! ICO HAS SOLD OUT!!!  Chris |
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Early investors are promised an OPTION of trading the coin for an asset once actual assets are issued.
Chris
Oh, cute. Well, why don't you take all of that knowledge that you seemed impelled to inform me of, and look up an attorney. It's easy to do online or even the good old Yellow Pages. See if they think that you putting the word "option" in capital letters exonerates you the way you think it does. We already have consulted an attorney brother. I was simply explaining that we are aware of the laws concerning securities fraud, and we don't believe that many people in crypto are actually following the rules. I am not trying to explain to "you" because I don't think you understand, I am explaining why we did what we did. So when the SEC does an audit of 2014 for the entire crypto community, which they most likely will do, we will have complied with all the US laws, so our community/company will be protected from persecution OR prosecution by the US government. Chris |
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What in the world are you quoting me for? I never said anything about "promising returns". Furthermore, I even mentioned a risk/reward basis -- please look up what that means.
I am unsure how you are, on the one hand, seemingly implying that I am concerned with "old paradigms" and yet, on the other hand assuring me that something would be "highly illegal". It seems to me that it is you comparing this to "old paradigms". How could something such as your project which "resides with the entities whom the innovators are looking to replace" simultaneously be just another investment in which it would be "highly illegal" to do something?
If this is just a crowd-funding operation than that should really be in the op. Right now, the op really does make quite a few "promises". One of which is that early investors will receive an asset (your coin) in exchange for money. Crowd-funding makes no such promises.
Finally, just stop with the new age vibe. You want money for a project. That "paradigm" has been around for thousands of years. You wanting money for another crypto coin doesn't make it some new, extra important idea that transcends all men who have trod before you.
I was linking an article that I wrote addressing crossing the mass adoption threshold, and highlighted a paragraph that concerns addressing how to repay investors without breaking the law. Early investors are promised an OPTION of trading the coin for an asset once actual assets are issued. We are developing hardware that doesn't yet exist, and if you read through the literature, you will see that the "coin" is just a small part of the overall project. I don't know what you mean about a "new age" vibe. I have Master's degree in Telecommunications, a Bachelor's in Psychology, and have full on worked in an fMRI lab. I have been a literal "lab coat scientist". Here is a paper that I co-authored when I was working in the lab: http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2577936/If you read the full article about mass adoption that I previously posted and the Proof of Action white paper, you will see that we were able to generate over 6,000 entries into our campaign in less than 3 days. Proof of action is not only unique, but we have demonstrable "proof" that it works. https://gleam.io/Y2FI3/prozcoin-proof-of-action6521 entries and counting! Chris |
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Well, I see from the OP that not only will investors not be receiving any of the extra coins that may (or may not) be available if the ICO does not sell out, but they won't even be destroyed to shrink the float. I moved some BTC to C-Cex to purchase, but will now just wait to see how it goes on the open market. It was already a little pricey, in my opinion, but that really seals it.
I sometimes wonder what developers are thinking. The whole idea of raising money is to make it as attractive as possible for early investors. This not only makes it a fairer deal, on a risk/reward basis, for the potential investor, but it can also drive demand. This demand in turn gives the new issue (a coin in this case) a sense of high demand and momentum heading into its launch. This is not some revelation that I have made up or some griping out of thin air from someone who invests, it is the time honored way that money is raised. There is a reason that investment bankers purposely try to price a new stock below what they think it should trade at. And obviously, it sure ain't because they want to make less money.
For the record, promising returns from an ICO is technically illegal if you are not registered with FinCEN, so anyone who does an ICO and promises returns could be breaking the law. That is why when we issue shares in Coin Proz, we will accept ProzCoin for shares. That way early investors get the incentive of being able to trade for actual assets which DO promise returns, but as I said doing that with an ICO could potentially be highly illegal. We had covered it earlier in the thread, but I had written an article that address the Oculus Rift debacle: http://thecoinfront.com/iculture-marketing-the-individual-to-the-masses/"A recent example that has spurned crowd-funding enthusiasts is the acquisition of “Oculus Rift” by Facebook for $2 billion USD after the project was created from crowd funding. After over 10,000 people invested in the project, the large acquisition yielded them nothing but “sincere thank yous” and “t-shirts”. While it can be debated whether the original investors are legally owed any dividends from the sale to Facebook, it seems clear that Facebook will receive most of the credit for the project’s success. It seems there is a paradox within counter-cultural movements to try and move away from old paradigms, but simultaneously needing the validation of the culture from which they are trying to move away. Within the crypto-currency community, one example of this would be the largely held desire to move away from the central banking system, and the simultaneous desire to attract “Wall Street” investors to give digital currency legitimacy. On the one hand, the technological innovators want to create new systems to replace the old ones, but conversely they need start-up capital which often resides with the entities whom the innovators are looking to replace. " Also, if there are a few coins left at the end of the ICO, we have considered the burn as an option. Chris |
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nice story i like this quote its selling like ganja at a Bob Marley concert. Yes, Juan has a way with words  Chris |
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if ico is 20 million where is the other 10 million was 100 million total right 70 million left 20 illion ico help me with the algebra please 1PRozi3UhpXtC4kZtPD1nfCFXJkXrV27Wp 78878994.00000004 Everything is accountable for, as funds have always been monitorable 8 million was being held by Tim from the testing etc from mid august: https://docs.google.com/spreadsheets/d/1xKoe6GnLByJYQTFGPTtpDcZcBWDl5tKGOa1P7-WtiMk/edit#gid=0 He is still holding some to initiate first proof of action payouts when ICO ends. Chris |
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Over 2,100 Entries in the first 24 hours!!! https://gleam.io/Y2FI3/prozcoin-proof-of-actionThe best part about Proof of Action is that we can demonstrably PROVE that we have had 2100 entries of real people willing to advertise for us for Prozcoin. https://c-cex.com/?p=proz-btcICO has about 6 million coins left! Don't miss out at 300 Satoshi! We have figured out the strategy to cross the Mass Adoption Threshold, and we can prove it Chris |
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done all but facebook. I did subscribe to the webpage, but that task hasn't been approved - I sent you a mail already. Payouts won't begin until at LEAST after ICO ends, and this PoA test period ends in 3 days. Chris |
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]
Actually, that is only true in an environment where it would matter (i.e. be significant). In this case, it is not. Only 20% of the shares are up for sale. Therefore, the extra shares would have much more value in the immediate aftermath of the ICO. And the whole idea of being an early investor is to get more value than the guy who just waits for it to trade. And as more and more ICOs immediately trade below the original investment price, less and less investors will be found. That is, of course, not your concern as you only care about this ICO. But, it does partially explain why ProzCoin has struggled to sell out in a fast fashion. People are beginning to feel like they are being taken advantage of. The prices have tended to be too high and the investor doesn't get the risk/reward ratio that is deserved. Not giving the early investors a fair share of the ICO is just another mark against ICOs.
Well, I agree with everything you are saying, but the 30 million would only immediately be an issue on the market if they were immediately going to be up for sale. The 30 million were never going to be immediately available immediately following the ICO. As far as "just caring about the ICO", that is not true at all. We have been working on the Coin Proz project for almost 6 months now, and put over 10k USD into the project alone. The ICO was a crowd funding project to further development of hardware and software for the organization/community. I think people are getting jaded about ICO's because there are too many scammers. Chris |
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I strongly disagree with this. Every miner wants less shares -- why wouldn't they?!! But, the ones taking the risks are the early investors. They should get more shares for their money. And every investor will agree with me, of course. So, having a vote or a general "community consensus" is rather unnecessary. We all know whether they are miners or investors by their vote alone. So, I vote more shares for the investors. Guess what kind of "community member" I am? I hear you sir! Luckily for early investors, under both scenarios you would benefit from having invested early, as the burned coins will cause the other coins to be more rare by proxy, thus increasing their value on the market. So, either way, early investors won't lose out, and will see their original investment gain value! To further the point for a need for a vote, we have community members on both sides voicing rational explanations for their side. The vote would allow the community to see the pros and cons of both and make a decision that is not unilateral. Chris |
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Up past 150 actions since i made this original post Chris |
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