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Author Topic: Anyone out there completely control all of a coin?  (Read 1564 times)
EvilDave
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June 19, 2015, 08:04:43 AM
 #21

Again...issue a token on NXT and you won't have to deal with miners or blockchains yourself, everything will run over the NXT blockchain.
The token can also be traded on external exchanges, as well as used for internal business processes, so there is really no need to go to the hassle of maintaining a coin yourself.


Nulli Dei, nulli Reges, solum NXT
Love your money: www.nxt.org  www.ardorplatform.org
www.nxter.org  www.nxtfoundation.org
canth
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June 19, 2015, 11:24:27 AM
 #22

Is there a coin out there that 1 person has sole ownership or majority ownership?
I would like them to be the bank for my website.
PM me.
Here's two for you:

www.ripplelabs.com - owns over 80% of the coins (Larsen, Britto and Ripple Labs)
www.federalreserve.gov (owns 100%! They can print as many as you like and take the coins they've let others use back too)

oh man this was the best response possible... i'm not even going to try to beat this.

hats off to you sir.

"Ripple" (counting everything) owns more than 90%.  The Federal Reserve doesn't have that much and would salivate just to own 10% of the US dollar.  While yes the Federal Reserve can print, loan out and cause all sorts of destruction - there's limits both internal and externally placed upon them.  Not so much the case for Ripple, Chris Larsen is pretty much a Stalinist Führer with complete control over the Ripple protocol.


Yeah, I was giving Ripple the benefit of the doubt since Jed owns ~ 10% and the public now own ~ 10%. Agreed that Larsen is essentially in full control over 70-80bn Ripple. Gotta love that market cap calculation...sure Ripple is in the top 10. Sure it is..

jimmybuffet (OP)
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June 20, 2015, 07:53:22 PM
 #23

Obviously single ownership of a coin wouldn't be feasible. 
Lets say I start a poker site. What percentage of a coin do you think I would need to own? The reason I would want a large percentage is because I want the coin bootstrapped to my site so the more popular it gets the more value is add to the coin.
I guess it would be similar to how the bitcoin was bootstrapped to silkroad in the early years.
So in theroy lets say I have 30% of a coin and start my poker room it takes off and I have thousands of players. The coin was valued at $1 when I started now its at $2.  Now what if when I started I only list the coin on one exchange, mine.  That should increase the value immensely when my poker room takes off right?  Other exchanges are going to buy large amounts thus creating the demand? 
erpbridge
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June 20, 2015, 08:07:58 PM
 #24

Obviously single ownership of a coin wouldn't be feasible. 
Lets say I start a poker site. What percentage of a coin do you think I would need to own? The reason I would want a large percentage is because I want the coin bootstrapped to my site so the more popular it gets the more value is add to the coin.
I guess it would be similar to how the bitcoin was bootstrapped to silkroad in the early years.
So in theroy lets say I have 30% of a coin and start my poker room it takes off and I have thousands of players. The coin was valued at $1 when I started now its at $2.  Now what if when I started I only list the coin on one exchange, mine.  That should increase the value immensely when my poker room takes off right?  Other exchanges are going to buy large amounts thus creating the demand? 


It all depends on how successful your coin becomes. If the site is famous, only then the value of the coin might go up . But since it would probably not have any other use except for being usable only on that site , therefore it could go down as well. In the start unless you have all the mining and other things, the value will likely go down. Also it will not be straight away added to an exchange just because it is just another altcoin.

In the start you could premine and take control of a certain amount of coins, and have it distributed someway to get people to play on site. Having people buy it to play on the site isn't an appealing option, unless there is also a way to convert those coins back to bitcoin if the coin is not listed on an exchange.
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June 21, 2015, 07:31:59 AM
 #25

Obviously single ownership of a coin wouldn't be feasible. 
Lets say I start a poker site. What percentage of a coin do you think I would need to own? The reason I would want a large percentage is because I want the coin bootstrapped to my site so the more popular it gets the more value is add to the coin.
I guess it would be similar to how the bitcoin was bootstrapped to silkroad in the early years.
So in theroy lets say I have 30% of a coin and start my poker room it takes off and I have thousands of players. The coin was valued at $1 when I started now its at $2.  Now what if when I started I only list the coin on one exchange, mine.  That should increase the value immensely when my poker room takes off right?  Other exchanges are going to buy large amounts thus creating the demand? 


It all depends on how successful your coin becomes. If the site is famous, only then the value of the coin might go up . But since it would probably not have any other use except for being usable only on that site , therefore it could go down as well. In the start unless you have all the mining and other things, the value will likely go down. Also it will not be straight away added to an exchange just because it is just another altcoin.

You know, OP's idea is not too off from what's happening with CLAM and Just-Dice.  JD only uses CLAM nowadays, and CLAM probably would have been just another altcoin, but JD's popularity and usage of it is giving it a long lasting stability which is otherwise unexpected.  But, as you said, and as I said on the bottom of the last page, the casino needs to be trusted or famous for this to work.  JD build their reputation with Bitcoin and nowadays it can pretty much support it's own crypto.  But to try it the other way around is putting the cart before the horse.
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