Was that you hossain, or perhaps it was the Dubai group that just bought up to 9 and stopped?

I am buying more but I don't have a lot of coinage to make much of a difference with.

My offer to create your exchange fast stands. I will build it and then turn over to you full control
with the root password for the server. You can have it checked by someone else if you want it
will be a simple installation of the standard opensource exchange software configured to work with
BTC and LFTC.

It seems to have stabilised around 7 sats, now we need to start buying and selling between 1 and 6 with small amounts, get the trading going.

We need to get the value above 10 for the investors to come in, but 7 should be ok for the plan as long as we get some buy orders now at at least 2-3

He was planning to use the premine to make the loans, but the problem is that would add to the already too high liquidity of the coins on the exchange. He needs to make the loans initially from coins which he buys from the exchange and only later introduce coins from the premine when the market is large enough to consume it.

It's less than 5 BTC to buy those coins and give this coin a chance to work, that's about 1297.54 EURO at current prices, which should be easy to afford for a professional accountant doing tax returns and such for real businesses.

Thing is if the situation is left as it is, even more of the coins will be put on sale below the 10 sat threshold and it will cost even more to clear them out, because the coin is still mining more blocks every day.

The plan cannot work without buy orders because no one is going to take a loan of coins which cannot be sold for anything, so unless those excess coins are taken off the table and soon, the plan absolutely will not work and Hossain will have effectively scammed us all whether he meant to or not.

If nobody does anything and the dev doesn't find some investment to make in his own plans, then we all end up bagholders of a worthless coin and effectively become the victims of a scam even if that wasn't the dev's honest intentions.

Can you live with that Hossain? Or do you recognise that you have consumed energy and resources of good honest people and now have a moral obligation to do whatever you can to make things right?

My coins are staking in my wallet rather than sitting on the exchange worsening the over liquidity problem.

The way I see this, we the coin holders are effectively virtual shareholders in this new distributed coin lending business. Hossain has designed a theoretically good business plan for the coin and bootstrapped the system but without some work and some external investment we can't get it going because there are too many coins for the number of people involved.

I have 1.8TH of SHA256 mining which brings me in about 2 million satoshi a day, it would take me 33 days to buy up the 1 satoshi pile and then I would be taking the risk that other holders would just dump even more of the coin at 1 sat and I'd achieve nothing with my effort. It's a much better idea for me to help out by building an exchange for this on the good faith that the payment for it in LFTC may someday be worth something if others also do stuff to help out.

Why so long? I could have an exchange up and running inside a week!

There is even an opensource software already written for it : http://wlox.io/

I tell you what, in the spirit of co-operation, I will make this exchange open for you using the above software for the 140M LFTC you have bought up, however I require blockchain proof that the funds are coming from coins you have purchased and NOT from the premine.

I don't care what other coins your holding, I only care about what happens with LFTC and whether or not I've made a mistake in trusting your new coin with my hashpower when I could of been mining something else with my electricity bill.



And what is that goal? To be the cheapest crypto-currency on the planet? The market has spoken, and it values LTFC at less than 1 satoshi a piece with large stacks waiting for a buyer and some random bunch of arabs who probably want to use it to run a pump and dump.

This is LFTC right now :





YES that is exactly the problem, the supply of this coin has far far exceeded market demand for it. The only way it can rise in value is to create that demand somehow. When people see a coin is falling they want to get out, if they see it is rising then they want to buy in.


At what price? 1 satoshi each = 1.4 BTC = $440 USD ... what your basically telling us is that you either don't value your own creation much or you think that $440 is a lot of money. It's NOTHING. If your committed to this project you have to fix the mistake you've made in massively oversupplying the market and tanking the value to nearly zero.



And only 1 of the 7 took you up on it, one which has a bad reputation for being a scam site and ripping people off.



No one is going to buy 500 million of these coins at 1 satoshi a piece let alone 20.




Just how exactly are you hoping that will happen? Unicorns using fairy dust to buy up all your coins? You can't argue with the market valuation of the coin, the market has decided that this coin is too risky to invest in in it's current state.



I have no problem with trying to work with you to solve the problem because I don't believe you created the situation intentionally. I do however need you to listen to us your users when we are telling you there is a problem which is your responsibility as the dev and the holder of the massive premine treasure hoard to fix.

The world will not turn your coins to gold for you, you have to do that.

I've been scammed loads of times, I had 20,000,000 Zeit coin in Coinex.pw the day it went pop, and I just lost a 400 Gh/s contract on PBMining.

My interest in this is to sell the bunch of LFTC I mined the other day. Right now there are no buy orders and like 0.65 BTC worth sitting for sale at 1 sat each and it's looking very much like I wasted my hash power on this.

The dev's plans can't possibly work if there is no one willing to buy any of the coins, which means my coins are currently completely worthless. iGor107 said the right thing; burn the premine and buy up a bunch of the coins, that's the only way this coin is going to get started. The dev has screwed up his plan with too many coins and now he needs to fix his mistake. Maybe this Dubai group are serious or maybe they are not, I don't know but they made it clear they are not going to take the risk to get this thing going.

You taking the p*** mate?


You might be right, but I just googled "Dubai Crypto Group" and found this : http://www.localsearch.ae/en/profile/The-Crypto-Group-FZ-LLC/727380

If they are serious it could be just the thing this coin needs to get off the ground.

The english in the email is of a far better standard than the english on the website and in the op's posts.

I'm wondering what would be in the investment for them?

If they already have a bunch of LFTC from mining or buying they might be planning to pump the value
up to get people interested and then dump their coins for a quick and profitable exit.

On the other hand if the coin owner can successfully lend the coins on real-world repayment contracts
that would mean the people borrowing the coins would have to keep on buying more to make their
repayments for years to come.

The plan wouldn't work without someone putting up the capital to kickstart it, but with just a small number
of people involved the price could rise a lot!

Maybe he's gaming the market.

The dev has a huge premine and therefore the ability to set a virtually unbeatable sell wall price.

Now let's say he has a bunch of BTC earned, bought or mined previously.

So he sets it low forcing anyone who wants to exit to go even lower and then he buys up everything
below the sell wall and removes it and shifts to creating a buy wall.

He sets a buy wall now somewhat a few percent higher than the previous sell wall, meaning anyone wanting
to buy in has to now pay more than his buy wall price.

He sells the coins he just bought to the new buyers for a percent profit in BTC.

Rinse and repeat building a large stash of both the coin and BTC up.

I've used this tactic successfully a bunch of times (on a small scale) in the DMD market. If I want more DMD, I place
a sell order for some of my stash 1 satoshi more than I want to pay. Someone outbids me and I buy them. When I have
enough DMD, I switch to selling by creating buy offers 1 satoshi less than I want to sell for. People outbid me to buy and
I then sell to them.

This actually works especially if you have enough coin and BTC to make walls which the other traders cannot break.

well it's down right now and the twitter feed says they are investigating a security issue

Damn, I just deposited 11M Zeitcoin in there... hope I can get it back!

So I read this comment the other day from someone, I think it was MarineCoin, who was saying that they plan on launching thousands of new coins each with their own branding and settings, in a deliberate effort to completely flood the altcoin market and lower the value of all the Altcoins. He was saying how he sees all the coins collectively as one big system.

There is obviously nothing that can be done to stop that happening, but is it actually such a bad thing? People complain a lot about all the new coins flooding the market and lowering the value of their hordings, but are they really thinking about all this in the right way?

I see things like Moon, Lot and so on, head for 1 Satoshi, and then dozens and dozens of bitcoins are set trying to buy them at that value on the principle that they can't go any lower and if they go up at all, any coin holdings a given holder has are going to double or triple in value.

This effect I think is what is draining the larger Altcoins more than anything else. A coin with a value of 1 satoshi which can't go down in value is a better store of wealth with a greater chance of big returns than a coin worth say 300K satoshi which can go to 80K in a matter of days like DMD did earlier this year, just after DOGE hit cryptsy.

So if this MarineCoin guy is going to succeed, and I like I said I can't see how he can be stopped, then eventually just about all the coins, with the exception of any that are gaining real world market, are going to go to 1 Satoshi.

Thousands of coins all worth the same amount... what's happening as far as I can tell is that the free market forces are effectively de-centralising the blockchain itself.

Instead of a single monolithic BitCoin blockchain controlled by a distributed network of elite ASIC owners, we are going to have thousands of blockchains, which will all be the same value and will soak up dozens of BitCoins each with buy orders at 1 Satoshi, which will spread out the BitCoins making them more valuable and thus driving even more of the higher valued coins dive towards parity at 1 Satoshi.

Can anyone see this going a different way?

Is it really so much of a problem that we would have thousands of blockchains at the same value, since the computers can be programmed to use any of them seamlessly?

wow look at the huge amount of people lining up to buy some of that...

I'm throwing 2Mhash at it on the theory that the rapid weekly halving on the first 6 weeks will cause the price to spike up massively once all the dumpers run out of easy coins to throw away for 2 satoshi a piece.

It looks to me like the dev as examined the crypto scene carefully and realized how chock full it is of people who mine alt coins with no intention at all other than seeing how much BTC they can obtain from the nearest exchange at their first opportunity.

I hear a lot of people throwing around the term "shitcoin" at the drop of a hat, it seems to be the generic label for any coin which doesn't become an instant success. Sure there a lot of "devs" who are not really dev's at all, and are pumping out coins also for the same purpose of merely trying to get hold of as much BTC as they can, but that doesn't mean the technology of any given coin is "shit". Any one of these coins is a technological tour-de-force which could be taken over and run properly by the community, if the dev vanishes. Fact is, the chances of any coin becoming an instant success, regardless of it's settings, are extremely small, and even less so if the community does not support it's growth and development because they've decided it's a "shitcoin" and the dev ought to be working 16 hours a day for free to support their desire to create free money out of thin air with their graphics cards.

I don't think Zeit is a "shitcoin" or a "scamcoin", I also don't think that the devs on this even need to have honourable intentions because the massive Zeitguest community (which in all honesty I've never really taken seriously), is likely to support and develop this coin regardless of who developed it originally.

In fact, relying on a single developer to have good intentions and to keep a coin running, for free, is a very strong point of failure, these coins are meant to be de-centralised and yet people seem to think there ought to be a central authority "the dev" controlling things and doing programming work for the community like some sort of slave.

Everytime I see someone saying "shitcoin" what I see is someone who blatantly has no clue about how coins actually work, how to create one without using coingen.io, or how to get involved in actually working to support and improve a coin. Someone whose sole contribution to the entire crypto endeavour is badmouthing any coin they don't like. In case you don't get it, I will reiterate; all it would take for any "shitcoin" to become a viable platform for business is for a group of people to create a foundation for it, perhaps re-brand it, and to actually do some real WORK promoting it and creating business start ups around it, instead of just sitting around on their arses bitching about "shitcoins".

Hi All,

I've been thinking somewhat lately about this deflationary currency concept and whether or not it's really a good thing versus a crypto-based currency with a low fixed rate of perpetual inflation say about 2 or 3% annually. (Like the banks attempt to keep fiats running on)

The thought I came across was this;

Let's say a given Crypto, doesn't matter which, becomes main stream successful and is used globally as a primary means of currency exchange.

Let's say further then, an ordinary guy (or gal), who works an ordinary job, say as a Taxi Driver, or a Warehouse assistant... whatever, is paid in this uber-successful crypto for salary, and decides to take out a mortgage denominated in this crypto to purchase a home.

Let's say the mortgage value is for 1000 units over a period of 25 years, 40 units to be paid annually.

And further the current wages of the worker are 300 units per year.

At the beginning of the term, everything is fine, the worker is only in debt equal to 3x their annual salary, and the home they have purchased is worth equal to the amount paid ; 1000 units.


But then over the course of the following ten years imagine if the currency deflates by a factor of 5.

So far the worker has paid off 400 of the 1000 units, meaning the debt stands at 600 units.

Assuming the house is still as relatively valuable as it was 10 years previously, is now worth only 200 units.

The workers salary assuming they stayed in the same job and are being paid the same relative amount for their
work is now just 60 units.


There comes a point with such rapid deflation, that the worker simply cannot pay off the remaining debt which is many times more than the house is worth and many times greater than an annual salary.


So the concept of a mortgage doesn't work, and if the concept is changed so that the repayments decline in scale slightly behind the deflationary curve, profit for the mortgage lender can be made in relative terms, however after an extended period the lender will always have less actual units than they started with and thus would be very unlikely to be interested in lending in the first place.

So either deflation must be set at a very low pace in a world-dominating crypto, or said crypto needs to be very slightly inflationary and thus a little bit more like classical fiat. (without the centralised banker cartel printing new money like it's going out of fashion to pay for their stupid wars, of course)

Capital Coin,  CPC...... do you have a significant amount of Capital?

Monster Coin, MC.....  what's that coming over the hill? Is it a monster? Is it a monster?

Money Coin...

Liquidity Coin...

Trance Coin...

Heavy Metal Coin...

Spock Bucks!

The potential list if names is _ENDLESS_, and that's just sticking with English names. A large fraction of worlds people speak Mandarin, Spanish (and derivatives) and other languages, the name of a Coin is not limited to ideas American's can dig.

Btw, none of the above are in my best ideas list... not even close.

I think this game will significantly change when one or more of the big corporations decides it wants in on the Crypto scene....

Microsoft Coin...

IBM Coin...

Sony Points...

Nike Swooshes...

Coca Cola Bubbles...

People like that have the classic capital to do a launch that would completely dwarf anything achieved by the Crypto Market in the next 10 years. They could saturate the entire classical media with adverts for their 'innovation' and the mass of the people in the world who have never heard of BitCoin will believe that it was all started by them, because they would be first to the mass market. They could build custom ASIC hardware and fill warehouses full of mining units, with super-fast connections globally enabling confirmation times in the nano-second range. Nano seconds are very long periods of time when you have millions of processors and terabytes of connectivity.

Any coin which is launched which doesn't have a plan how to compete with that magnitude of firepower is a coin which is destined to fail.

Hence the reason why I'm not giving up my day job just yet.

I do believe there are avenues open to make a serious contender in the future of currency, and I do believe it will have to be something which is branded extremely well, launched with expert precision and promoted aggressively on a global scale.

Another thing that occurs to me, is that when I do create a coin (and I'm sure I will eventually), is that I am not likely to announce it at all to the crypto community. The reason is announcing a coin on a forum like this is a guaranteed way of getting hundreds of selfish scheming scum bags involved whose only interest in the coin what so ever is to see how much BTC they can make by dumping their mining earnings straight on the nearest exchange.

I'm thinking a roll out in a much more business like manner, with a specific targeted first tier audience would be far preferable for everyone involved.

I for one don't believe the OP of this thread has anything like the maturity, business sense or determination to create a successful crypto coin based startup no matter how good his branding concept may or may not be.

>It's all a matter of prospective, a strong name does set a currency apart, contrary to popular belief.

I was agreeing with you, branding is everything in a market of a million virtually identical clones.

>Also I do not recall saying that the market was going to settle on only one coin, although it is possible.

I didn't say you said it, I said people say it, and I think it's bollox. There will never be a single crypto-currency, because it's opensource and anyone with any capital fiat or crypto based can launch and support a coin startup at any time they want.


>It's not going to happen in our lifetime, perhaps 2 or 3 generations when paper currency is completely removed from the equation we >will see a one currency market.

Not gonna happen, and even if it could it's not at all desirable. What's much more likely to happen is the launch of wallets which can hold any type of crypto, and website payment integration software which allows for merchants to accept any type of crypto. Exchanges will also eventually trade any crypto against any crypto.

>As for now the multitude of currencies flooding the market are both good and bad for the crypto world.

No it's only good, despite the whining complaints of selfish ignorant fools who throw the term "shitcoin" around constantly the moment a new startup fails to completely dominate the entire world... it's kinda pathetic tbh.

>In ways we could speculate until our fingers fall off, either way today even as we speak even more currencies are being released into >the wild wild world of alternative currencies some will have certain successes and failures as some will never make it to the exchanges.

Great, survival of the fittest, the best coins will spawn copies with further innovations, the weakest coins will fail, and that's a good thing too.

>Specifically based on the attention the coin receives. Marketing, investors and miners are what makes or breaks a coin.

Absolutely, like I said, technologically speaking there is very little to differentiate any crypto from any other, they are all variants on the same theme. Take DOGE, it's code is virtually a carbon copy of LTC, and yet because it had a funny cute name it gained a massive following overnight. The branding is what made that coin, not the technology. Conversely it's that silly name that will prevent the coin from ever being taken seriously by the mass market. They did get one thing right though; people do understand the larger volume much easier than fractions after a decimal place. I think in the long run 42 Coin has the best idea on that, all that needs to be done is hiding the decimal and just counting in "Dents".


>If I happened to have a delorean handy I would sell it, mostly because it's an ugly car also hard to find parts for. Not to mention >although time travel is also a work in progress somewhere in the universe, the children's movie you reference is nothing more than a >children's movie from the 80's.

No need to be pedantic it was just a figure of speech. Honestly a response like that makes me wonder if you have much of an active social life.



>On the other hand I do see your point and happen to agree with it, my advice to you is to use your technical skills to implement your >coins before your good idea's become a relic to you and a reality to another.

I wasn't soliciting your advice, thank you.

>You say you don't have the time, that almost makes it seem as if you have a lack of faith in your own product. Procrastination is the foundation of failure!

Nah, I just have rent and bills to pay. I'm getting married in a couple of weeks time, busy busy busy.



>Good luck with your 3 or 4 coins, forgive my lack of interest in them sound's like a pump and dump operation in my opinion.

No no no, 3 or 4 brand names for global autonomous corporation startups.

I've told you nothing at all really about my ideas, and yet you've already jumped to the conclusion that I'm a lazy procrastinating pump and dump scam artist... rightly or wrongly, your stance does nothing but suggest to me a huge amount about you, your level of maturity, your attitude to the market and competitors and your delusions of grandeur over having thought of some clever marketing ploy for what ultimately is a product which will be virtually identical to everything else out there.

Now if you had a real clever idea, like Etherium, you'd be bursting to tell everyone about it, but no, all you have is a concept and your desperately trying to get people to help you become rich off it.



>I suggest you pick the best name and stick with it rather than trying to start so many.


Nah, it's perfectly possible to launch and effectively maintain a portfolio of crypto-corporations, they are a lot less work to maintain than a real life corporation because of their distributed autonomous collective nature.


>It will make all the difference in the world unless you are doing it only for personal gain.

That's a completely unfounded assertion which I suspect you will offer no backing for.