[Network Repaired][ANN][BITS] BitSeeds - A Currency that Grows!

[Litoshi]

So what is the business model here?  

1) You are issuing a crypto coin, with a huge premine for yourselves, but you are not going to sell the premine, just keep it to generate interest and spend that.  

2) Then you host the blockchain and mining on a server that costs $$$ every month.  

3) you are then going to plant 1 billion trees?


Merchant adoption is driven through a custom remittance system being developed by Coin.co (http://coin.co). 1.25% of every transaction processed is sent to the BitSeeds Custody Address. Merchants will be presented with a yearly accounting and requisite paperwork for tax purposes.

Every transaction completed through this process is a charitable tax deduction for the accepting merchant.


4) are you registered as a charity?  What is your IRS non-profit number?

So........... where is the money coming from for you to pay for the servers, future development of the coin, and the trees?  

This is a generation 1 coin, that is outdated already.  Crypto coins like Crypti and NXT are offering applications and DAPPs secured by the block chain, which gives them a real world use, other than trading for fiat or other alt-coins.

I dont see a sustainable business model here.  

The Rainforest Foundation is already planting trees.  This work is already in progress at this moment.

Charity registrations are still in process with the state and shall be provided when available.

The state does not grant non-profit status for tax purposes..... the IRS does. 

[GabeBitSeeds]

Hey everyone my name is Gabe and I am one of the people who conceptualized BitSeeds. Sorry for not being here earlier but I was at an event.

I want to address the premine, because people seem to have an issue with that. Let me start by saying I started trading altcoins a couple years ago after the Bitcoin burst and I quickly realized that many of them were pump and dumps and many people were losing a lot of their savings due to these scams. I wanted to keep the idea of crypto alive, and cleanse it of all the bullshit. Our environment is being destroyed at extreme rates due to deforestation and that's how the idea of BitSeeds came to us. Reaching out to Rainforest Foundation was the first step, and it took months to really explain the idea of crypto to them. I'm sure all of you have ran into similar issues trying to explain Bitcoin or any other digital currency to a non believer or someone who gets doesn't get it.

We needed to build a network that not only supported our reforestation plan of 1 billion trees, but also a sustainable network for the community. We came up with the 100mil seeds premine because this wallet is being held in a custody account by Rainforest Foundation. We do not have the right to sell it, we couldn't even if we wanted to. It's just there to stake at 10% to provide the funds needed to execute this behemoth of a plan of fixing our environment.

I'm sorry if any of you don't like that, we really tried to appease everyone with our design, but obviously you can't please everyone. We've worked incredibly hard for a year to bring this to you and it is the most different, original altcoin on the market.

We are trying to get the pool up, many people have been requesting it and we are working very hard to get it up and running asap.

If any of you have any questions about the network or the idea please reach out and we'll be happy to answer. Just please don't be rude because we've invested our lives into this.

[GabeBitSeeds]

So what is the business model here?  

1) You are issuing a crypto coin, with a huge premine for yourselves, but you are not going to sell the premine, just keep it to generate interest and spend that.  

2) Then you host the blockchain and mining on a server that costs $$$ every month.  

3) you are then going to plant 1 billion trees?


Merchant adoption is driven through a custom remittance system being developed by Coin.co (http://coin.co). 1.25% of every transaction processed is sent to the BitSeeds Custody Address. Merchants will be presented with a yearly accounting and requisite paperwork for tax purposes.

Every transaction completed through this process is a charitable tax deduction for the accepting merchant.


4) are you registered as a charity?  What is your IRS non-profit number?

So........... where is the money coming from for you to pay for the servers, future development of the coin, and the trees?  

This is a generation 1 coin, that is outdated already.  Crypto coins like Crypti and NXT are offering applications and DAPPs secured by the block chain, which gives them a real world use, other than trading for fiat or other alt-coins.

I dont see a sustainable business model here.  

The Rainforest Foundation is already planting trees.  This work is already in progress at this moment.

Charity registrations are still in process with the state and shall be provided when available.

The state does not grant non-profit status for tax purposes..... the IRS does. 

We have already started the process to get our 503cb status with the IRS. This process can take up to 12 months. We will keep all of you posted with every new development. In the mean time Rainforest Foundation has had their 503cb status for about 30 years. We are working hand in hand in every piece of this project to better the environment and to help the numerous of countries losing millions of acres of forests due to deforestation.

[worth]

Since there's no Mac wallet yet, I booted a Windows 7 VM and installed the Windows client.  I got the following error when launching the QT:

"The program can't start because libwinpthread-1.dll is missing from your computer. Try reinstalling the program to fix this problem."

I reinstalled with no change.  Suggestions?

[GabeBitSeeds]

Since there's no Mac wallet yet, I booted a Windows 7 VM and installed the Windows client.  I got the following error when launching the QT:

"The program can't start because libwinpthread-1.dll is missing from your computer. Try reinstalling the program to fix this problem."

I reinstalled with no change.  Suggestions?

Yes we've heard of this error and are working on it now. Please try to reinstall the wallet that has seemed to fix the issue in the interim.

[GameOfBit]

I mean, I have a Hackintosh. If you'd like, I could give it a shot on compiling a Mac wallet.

[chocobo]

The good thing is that you can use all of Bryce Weiners bullshit to fertilize the 1,000,000,000 trees. Should be more than enough!

[morrisonsa]

As much as this coin seems scammy and the overall design of the currency is not appealing to anyone to really mine, at least they are truthful in their affiliation with The Rainforest Foundation -

http://rainforestfoundation.org/bitseeds

[GabeBitSeeds]

I mean, I have a Hackintosh. If you'd like, I could give it a shot on compiling a Mac wallet.

Any help would be greatly appreciated!

[GabeBitSeeds]

As much as this coin seems scammy and the overall design of the currency is not appealing to anyone to really mine, at least they are truthful in their affiliation with The Rainforest Foundation -

http://rainforestfoundation.org/bitseeds

I'm really sorry you feel that way. We've been working insanely hard to develop an altcoin that people can mine, while truly helping the world in which we live. I have already tried to explain the reasoning for the premine, which I'll say again, we have no right to sell or touch those BitSeeds. They were only premined specifically to create a long lasting system for Rainforest Foundation to accomplish such an enormous goal of planting 1,000,000,000 trees.

[GabeBitSeeds]

The good thing is that you can use all of Bryce Weiners bullshit to fertilize the 1,000,000,000 trees. Should be more than enough!

First off I want to say I really like your handle name! I'm a huge fan of final fantasy!

Second, your statement is hilarious. But hopefully we can plant the 1bil trees with the support of the community. Our environment is truly messed up and we need to band together to make a large enough impact to curb the amount of deforestation.

[MaxMinersNet]

We have added a MPOS Pool:

https://bs.maxminers.net

Please spread some hash over.

[garthkiser]

I've been running a node on a Digital Ocean VPS for 24 hours with no problem. I will keep it running for at least a few weeks.

 "version" : "v0.7.0.1-BITS",
    "protocolversion" : 60001,
    "walletversion" : 60000,
    "balance" : 0.00000000,
    "newmint" : 0.00000000,
    "stake" : 0.00000000,
    "blocks" : 680,
    "timeoffset" : 0,
    "moneysupply" : 100047100.00000000,
    "connections" : 16,
    "proxy" : "",
    "ip" : "104.236.69.105",
    "difficulty" : {
        "proof-of-work" : 77785338.67045897,
        "proof-of-stake" : 0.24999714
    },
    "testnet" : false,
    "keypoololdest" : 1429323315,
    "keypoolsize" : 101,
    "paytxfee" : 0.00050000,
    "mininput" : 0.00000000,
    "errors" : ""

I don't think anybody has mentioned the great article about this project on Coindesk: http://www.coindesk.com/rainforest-foundation-digital-currency-save-rainforests/

I love the long-term picture here, but the quiet launch of Bitseeds has resulted in a handful of users mining large amounts of coins.

While you should beware of early trading in this market, this is definitely a project you can feel good about supporting, a breath of fresh air on the altcoin scene.

[AtlasONo]

lol insider instamine http://explorer.bitseeds.org:3001/richlist

This coin was in development for more than 6 months and you couldn't launch with a pool?

[GabeBitSeeds]

lol insider instamine http://explorer.bitseeds.org:3001/richlist

This coin was in development for more than 6 months and you couldn't launch with a pool?

Our pool is working now. It was having problems at first, but all good now. We launched a little early for the community because coindesk.com did an article.

There was no insider instamine. We launched the network about 45min after the coindesk.com article.

[GabeBitSeeds]

I've been running a node on a Digital Ocean VPS for 24 hours with no problem. I will keep it running for at least a few weeks.

 "version" : "v0.7.0.1-BITS",
    "protocolversion" : 60001,
    "walletversion" : 60000,
    "balance" : 0.00000000,
    "newmint" : 0.00000000,
    "stake" : 0.00000000,
    "blocks" : 680,
    "timeoffset" : 0,
    "moneysupply" : 100047100.00000000,
    "connections" : 16,
    "proxy" : "",
    "ip" : "104.236.69.105",
    "difficulty" : {
        "proof-of-work" : 77785338.67045897,
        "proof-of-stake" : 0.24999714
    },
    "testnet" : false,
    "keypoololdest" : 1429323315,
    "keypoolsize" : 101,
    "paytxfee" : 0.00050000,
    "mininput" : 0.00000000,
    "errors" : ""

I don't think anybody has mentioned the great article about this project on Coindesk: http://www.coindesk.com/rainforest-foundation-digital-currency-save-rainforests/

I love the long-term picture here, but the quiet launch of Bitseeds has resulted in a handful of users mining large amounts of coins.

While you should beware of early trading in this market, this is definitely a project you can feel good about supporting, a breath of fresh air on the altcoin scene.

Its a breath of fresh air that many of you actually see the vision. We are using the idea of altcoins in a way that has never been tried before. Together with Rainforest Foundation we can really curb the amount of deforestation happening. This is a long term fix and something that will take the community banding together.

[garthkiser]

The best thing we can all do to support this project in the coming weeks is to rent miners and point them at the pool. At the current hashrate, your effort should pay for itself with the coins produced, and will ensure a fair distribution. With five minute block times and a 100 BitSeeds per block reward until block 26,000, this means that a large number of coins will be distributed over the next 90 days.  The current hashrate is extremely low considering the potential scale of this project. Just imagine if Sting(founder of the Rainforest Foundation) starts talking about Bitseeds

So easy:

1) Download wallet.

2) Rent an SHA-256 miner from https://www.miningrigrentals.com/

3) Point your rented miner at the pool: http://bits.bitops.me/

I assume this process is clear to most of us using BitcoinTalk. If you need a step-by-step guide with pictures then just ask and I'll post one.

Also try tweeting to Sting about promoting @Bitseeds, or retweet mine: https://twitter.com/PursuingNothing/status/589458935221981187

[GabeBitSeeds]

We have added a MPOS Pool:

https://bs.maxminers.net

Please spread some hash over.

Make sure to turn on TX comments in your stratum miner.

[AtlasONo]

lol insider instamine http://explorer.bitseeds.org:3001/richlist

This coin was in development for more than 6 months and you couldn't launch with a pool?

Our pool is working now. It was having problems at first, but all good now. We launched a little early for the community because coindesk.com did an article.

There was no insider instamine. We launched the network about 45min after the coindesk.com article.

Not sure why a the coindesk article would force your hand. You launched the network 45 min after the article but you launched the first pool 7-8 hours after that. I have plenty of logs to show friends of the dev were waiting in anticipation for the launch, you think they aren't the owners of the top 25 wallets?

PM me if you want Gabe I'll lay it all out for you.

[TimC]

lol insider instamine http://explorer.bitseeds.org:3001/richlist

This coin was in development for more than 6 months and you couldn't launch with a pool?

Our pool is working now. It was having problems at first, but all good now. We launched a little early for the community because coindesk.com did an article.

There was no insider instamine. We launched the network about 45min after the coindesk.com article.

Not sure why a the coindesk article would force your hand. You launched the network 45 min after the article but you launched the first pool 7-8 hours after that. I have plenty of logs to show friends of the dev were waiting in anticipation for the launch, you think they aren't the owners of the top 25 wallets?

PM me if you want Gabe I'll lay it all out for you.

If you want to know the wallet #2 on the rich list is mine and I have nothing to do with this project nor have I heard about it until it was posted on this forum the other day.