You have a point. But entrusting any amount of RIC to one individual is too risky even if you split it amongst five. I would rather rely on the current exchanges we have now AGX.io and Poloniex.com owner are identified. Only worries is Mintpal and BTC38. Maybe a solution is to keep a arbitrary amount in multiple random exchanges and withdraw them every month and mix them around the exchanges we have right now? I am for suggestions. Guess for now, I will just take up names of people who are interested in becoming part of the foundation.

Hi Everyone,

Because of Riecoin is growing into a big community, I figured we need to form some sort of organization in order to become more organized. When we unite as one, we are able to finish a lot more quickly than if we are random scatterers on the web doing their own thing. It might sound absurd but I would like to give this a try. I am forming a Riecoin Foundation. The only purpose of the foundation is to equip Riecoin with advance weapons. In other words, our purpose will be to gather funds and allocate funds in order of priority that the community will decide on using a voting system. I have already registered RiecoinFoundation.org. I will also donate 200 RIC to this foundation, in addition to the 150 RIC bounty I might receive for redesigning riecoin.org.

The foundation will be semi-trustless so you can rest assure this is not a scam in anyway nor will the Riecoin that the community donated will vanish in the future. We will of course be requiring donations from the Riecoin community for things such as hiring more developers to work with Gatra to relieve some of his stress that he has been accumulating, creating an android app (I might be able to help), paper wallets, etc. If there is no donations, there is no foundation and Riecoin needs an organized unit right now more than ever if we are going to stand out from the oceans of crypto-currencies already out there.

Now let me get to the semi-trustless part. For this to work, we need a minimum of five people who can dedicate themselves to the Riecoin Foundation. The Riecoin donation that we receive will go into an exchange of our choosing, hidden information from the public. The address will of course be available 24/7 for the community to check the amount inside the wallet. There will be 5 people who will each hold a part of the necessary information to withdraw Riecoin from the wallet. The first and second holds the username and password. The third holds the 2 factor authentication code, the fourth holds the email confirmation that will be required to withdraw Riecoin, and the fifth will hold the QR code required to enable 2 factor authentication in case the third person goes missing. Of course, drawbacks to this is that it will be troublesome and inconvenient to withdraw Riecoin for bounties but I would rather choose security over convenience. This system could fail if all of us decides to work together or if the exchange we hold our Riecoin in gets "hacked", but I see no other options. Keeping it inside the client would not be as trustless since you only need 2 people to work together to withdraw the Riecoin from the wallet (the wallet.dat file and key).

Right now, I am just taking names of all those interested. You can sign up with the google spreadsheet link provided below. I will be PMing those on the list.


https://docs.google.com/spreadsheet/ccc?key=0As6q17G29AHxdFNybXhyWDlJS0ZXZDZUeXRRRVVxZnc&usp=sharing

EDIT:
Timeline (not set in stone):

March 15-March 23: Foundation sign up

March 30-April 4: Create a trustless system for the community to donate Riecoin

April 5-April 6: Upload Riecoin Foundation to riecoinfoundation.org, announce the team, get started.

April 7-Indefinite date: Get community members to donate and find ways to improve Riecoin using donation by providing bounties for:

Android App
More Developers
Marketplace
Wallet Design (like Particle)
Widespread Merchant Integration with bounties for the first couple that accept Riecoin

And the list goes on.....

Agreed 100%.

I wouldn't worry about prices although they are depressing.

Registration For DatacoinFoundation.org is now completed. Website Redesign is on its way for Datacoin.info. More news on the way.

Cant Wait!

Who can afford to drop Riecoin? Only miners can.. All investors are currently losing

Finished a lot quicker than I expected. Mostly because I've been working on this the entire day since I got home. Felt productive . Sent the design to gatra. Hope he can upload it and show you the new designed site. Sleeping now.

Just a quick update. Due to people's voicing out that the first design I made wasn't working with them visually, I made a second design for you guys to take a look. It will be ready sometimes tomorrow. I havn't really touched the first design yet but that will be ready on Monday unless popular demands want the second design.

I've been out of the loop since I acquired a good amount of HUC and wanted to lay back and forget HUC for a while. What is happening? is it like the first fork all over again where the coins people mined will be gone? That would be very tragic...

I don't think I saw this pool listed on here so here it is:

http://ric.upcpu.com/

They want to add Riecoin but needs help. If anyone can help them, that'd be great. Dev. is working on the problem but the community can help fasten the pace. I have limited knowledge on this so I can't be of use.

source: http://riecointalk.com/index.php/topic,176.0.html?PHPSESSID=af337529873c5bed9c33b11a42f589a7

Wow..Smartcoin prices...what is going wrong?

If prices drop below .0004, I am probably going to buy 5-7k RIC. :/ So I will be either be a bag holder or a smart investor.

No idea. About to put up more walls if price goes lower. I don't mind but its depressing my coins are losing value atm.

My 1500 buy wall just got destroyed. :/

Thank you for the contribution!

Excellent Work!

Excellent news! More datacoin news to come in less than a month!

Sounds like a plan!
 

This coin looked like it had so much potential. I wonder what went wrong. 72nd place on coinmarketcap.