RIC has been sold in large batches over the last week. Sellers fulfilling buy orders for 5000, 10000RIC all at once- this is what drove the price down. A buy 'wall' of 7btc would be insufficient. If they've placed the order, and they've been paying attention, they're prepared to buy what they've ordered.

Thanks Gatra!

Thanks for the thoughts. Question. Doesn't this problem eventually resolve itself by way of more pools and the big players selling off what they mined initially so there is more distribution? Someone bought 5000RIC just this morning. . . Or is inevitable that this coin would be dominated like this forever? I ask because I'm new. I've also seen my RIC lose %50 value and I've been working on a video the last couple days to promote it.

Hi, Your site is the best!

Could you please add RIC Riecoin?

Thank you

Sure, that makes sense.

Why? What is the harm in being listed on smaller exchanges?

Thats a comment on the rate of inflation, not rarity. You're talking about how much new wealth is created in relation to what already exists. Again, location of the decimal place is irrelevant to that.
My point is that this was a less advantageous place to do that. "They" are not a team. There was no inside track with Riecoin. All manipulators would have had an equal shot at this, meaning there would be no monopolists.

Thanks, I've seen similar statements from Sunny elsewhere too. Even one where he was claiming RIC is based off his work. I guess I'm ultimately left with 2 UFO mechanics with disparate claims.


I understand how the integers work and what people mean by rare. What I was asking about was this point. It sounded to me like you're saying rare coins suffer from greater wealth concentration. I haven't heard that before and wondered why that would happen?

My point about Gatra and the launch was that if RIC is being manipulated by big wallets its either by a scammer who got there by accident, or someone who wasn't a scammer but has now decided to become one just this week. Less of a risk than many other new coins.

Thanks for the detailed response, its much appreciated. I'm still not convinced by much of what you're saying though, or at least, it doesn't fit with what Gatra has said so I am confused. Again, I'm not here to fight, I welcome being set straight. Math and computers were not my major.

This was answered above. The way you've phrased this sounds like Gatra benefited from Sunny and XPM release. Is that accurate? What is it based on?

I agree, its not a big deal. At the end of the day I appreciate that the data produced by both coins is useful, but neither Cunningham chains nor prime sextuplets are of any value directly to the work I do.

OK, but that is a characteristic of the launch, not the coin. Every coin is un-minable solo eventually if it becomes popular.

Please understand that I am listening to 2 mechanics explain to me the inner workings of a UFO's carburetor. From Riecoin.org: "A centralized checkpoint allows its controllers to perform double spends without any need for any % of hash rate. Can we be sure it will not be hacked and/or abused?". If its feasible that a central controller could double spend, to me that makes it all dependent on trust - just like gov fiat. So who do I believe here?

OK, no offense if I've misinterpreted your statement, but are you trying to deceive me here? I realize many new people are confused by these concepts, but I am not. Those coins are not actually rare, they just moved the decimal to the left, that has no relevance on distribution of the wealth in the system whatsoever. Distribution is determined by how many people got involved, when and how.

The Riecoin launch wasn't perfect, solo mining was impossible for an average person and pools were not yet set up. So like many many coins initial distribution was not the best. This has happened to many good coins, they succeed if those initial big holders sell and distribute. I've seen some big blocks of RIC get sold all at once, I've bought quite a few myself. I believe those big RIC stakes have shrunk significantly. I don't think those big holders are the manipulative type either, this was not a hyped coin. You'd want to make a big splash and draw in many suckers wouldn't you? And the way the launch happened with the 24hrs of no reward, Gatra personally had no opportunity to become the big stakeholder. Why would you create a coin for other random people to use as a scam? And what scammer would bother setting his machines to mine an under mentioned coin? I think what happened was a lot of math types running the university's giant machines got lucky, decided they had too many coins, and sold a whole bunch.

At the very least. If this coin is "mildly interesting", its priced at "who cares" and peaked at "pretty boring".

 

I thank you for the opportunity to respond to some criticisms - there's no better way to elucidate an argument. The more I think about Riecoin, the more I want to defend it and invest. But hey, I am the most open minded person around, if you can convince me this is a bad coin I'll put my time and money elsewhere.

In response to your points:
1)Its an entirely different algorithm, nothing was built off of XPM. Was the dev inspired by earlier ideas? - Surely, but the concept of using miners to create an important mathematical byproduct is much older than XPM. Now we have a coin that does it AND is decentralized - Riecoin.  

2)XPM miners generate false primes, RIC miners do not. Its a comment on the efficiency of the output not whether or not you can check the quality. But there may be a point here worth investigating, if both coins had equal amounts of contributors, which would put out more actual primes (after XPMs false's are removed)?

3)If your concern is earning coins, you're not interested in the math, you're trying to make money. Everyone mining contributes to the discovery process whether they are rewarded or not. People don't run Seti@home to earn coins, which is why I mentioned it earlier....And if the plight of the little guy not being able to earn coins is your concern, and I agree its a problem, isn't that solvable with pools like every other coin out there?

Finally, you've neglected to mention the most important issue here: decentralization. I like XPM and what they created, but so long as it has a centralized feature I fail to see how it can function any better as a currency than a fascist government fiat... The whole reason Bitcoin has succeeded is because trust of a 3rd party is not required for trade between individuals, the system has no back door. That's the innovation, that's what makes Bitcoin an amazing new technology- and Primecoin unfortunately lacks it. I struggle to call them siblings, to me this is just too big of a distinction - half brothers maybe.

Just a question for the experts. How many crypto currencies out there are decentralized, had a fair launch, and have a direct external benefit from hashing?  Donation schemes, banks, earning coins, maintaining the network - all these upgrades and advantages are related to the currency/coin alone. Primecoin has an external benefit, but its ultimately centralized. . ...What else? Heating hot tubs. This is pretty unique isn't it? Yet the market cap is about where Junkcoin is. . .

Thanks, I'd emailed it to Gatra and he set me straight on that mistake as well. I'd been trying to somehow mention that Rie's primes have negligible instances of false primes in contrast from XPM. Also that Rie has no centralization like Primecoin. I just don't think it makes sense to say those things in the video - don't want to sound negative. I own XPM and like their project also. If any thing I think we want Riecoin to sound appealing to Primecoin's crowd - not as a competitor but as a compliment to the research on primes.

Anyway, here's a revision"

"Riecoin is a decentralized crypto currency built on Bitcoin offering an entirely new proof-of-work.  Miners of Riecoin process transactions in the same way Bitcoin miners do, but the mining of Riecoins also produces a byproduct that is of value to the scientific community - highly verified prime sextuplets, or prime numbers. In fact, if enough people mine Riecoins all at once, they could collectively generate prime sextuples 559 digits long that would break world records! All of this through a completely decentralized p2p currency with a fair launch - pretty cool right? . . .The coin gets its name from famous 19th century mathematician Bernard Riemann who investigated the Riemann zeta function and established its importance for understanding the distribution of prime numbers. The data collected from Riecoin mining tests Hardy-Littlewook k-tuple conjectures regarding the distribution of primes using Riemann's zeta function; its information that could prove invaluable to human understanding of mathematics. . . .Riecoin also functions as an advanced decentralized currency. Like Bitcoin, there is no central authority, no one can change the ledger or double spend. To safeguard a fair launch, the first 24hrs following Riecoin's release offered no reward. This novel approach allowed early miners to verify there was no premine and have their miners tested and running when the coins finally started flowing. Riemann's algorithm also provides a stable, predictable supply of new coins, so its well suited for payment systems and as an investment. Feel free to ask any questions you might have - the Riecoin community is always happy to help. . . If you'd like to support p2p decentralized currency and help create world record breaking mathematical research in prime numbers - start mining Riecoins today on your computer!

Feature request for Riecoin added to crypsty forum as well. Leave a reply and agree with the request.
https://cryptsy.freshdesk.com/support/discussions/topics/4000000268

I think the primary push here should be for miners. That's where the added value of Riecoin comes from ultimately. Having no centralization counts for a lot, but many coins offer that. So that's how I've tried to approach the video script.

I think in general the marketing of Riecoin should be done a bit like Seti@home. If we can offer an incredibly simple, prominently displayed method for the average person to mine and contribute, we may be able to attract people who are still really new to cryptos. That would be a huge advantage.

Video Script:
"Riecoin is a completely decentralized crypto currency build on Bitcoin offering an entirely new proof-of-work.  Miners of Riecoin process transactions in the same way Bitcoin miners do, but the mining of Riecoins produces a byproduct that is of value to the scientific community - highly verified prime sextuplets, or prime numbers. The prime numbers generated by mining Riecoin are so well confirmed that eventually, if enough people contribute to the endeavor, all new blocks found would be record breaking new prime numbers 559 digits long! . . .The coin gets its name and algorithm from famous 19th century mathematician Bernard Riemann who hypothesized about the distribution of prime numbers. The data collected from Riecoin mining will benefit mathematicians everywhere working with primes and working to solve Riemann's hypothesis - a competitive endeavor that carries a prize of 1 million dollars! . . . Riecoin also functions as an advanced decentralized currency. Like Bitcoin, there is no central authority, no one can change the ledger or double spend. To safeguard a fair launch, the first 24hrs following Riecoin's release offered no reward. This novel approach allowed early miners to verify there was no premine and have their miners tested and running when the coins finally started flowing. Riemann's algorithm also provides a stable, predictable supply of new coins, so its well suited for payment systems and as an investment. Feel free to ask any questions you might have - the Riecoin community is always happy to help. . . If you'd like to support p2p decentralized currency and contribute to human knowledge through world record breaking mathematical research in prime numbers - help out by mining Riecoins today on your computer!"


This is the style I'll be able to provide for reference.
https://vimeo.com/86834359

I gotta agree. Riecoin is pretty incredible, it just takes a bit to investigate and understand so it needs more exposure.

BTER is pretty incredible too,

I would like to trade Riecoin on BTER!

I'm putting together a promo video for Riecoin now, should be ready later this week. I want to share the script and get some feedback - would be a better place to discuss in a dedicated Rieforum somewhere.

I think organizing bounties is a priority for sure. I've got RIC to contribute when that gets moving.

Was supposedly fixed as of Jan 8 and I can confirm that I haven't been getting any crazy pos in my wallet.

I had also stored my pennies in many separate wallets back in Dec trying to get the pos, but managed to screw up my wallet and the coins were not showing up for a long time. At some point though, updating to the newest releases, all my CENT came back in one wallet and was all accounted for. So things seem to be working better in general now as well.

Riecoin added to this voting list yesterday and its already got 500 votes beating out Maxcoin, 42, Zeta. . .
http://www.allcrypt.com/beta/voting.php