New [ANN] [$XSEED] BitSeeds - Rainforest Foundation Charity - SHA256 PoW/PoS 10%

[republicrypto]

yes this coin has biggest gainer for now,,
anyone can tell me why ?

[Wasda]

https://twitter.com/mike_g_money/status/756528459258540033

[Wasda]

Something wrong with the miners? Time Since Last Block   6 hours 1 minute 23 seconds

[worth]

Hi worth - Any more info about the stuff teased over the XSEED Twitter account?  It sounded like some really positive news is on the horizon...

Hey Guys, been a bit quiet in here lately, any updates on the marketing or where the project is at? I saw the bitseeds page on Rff website, thats very cool.

Agreed hoping to hear some news soon about partnerships

Sorry for the slow updates guys; I appreciate your patience. I'm going to post a couple of quick responses here, then update the OP with some info and then post more here.  I can't post a list of merchants yet unfortunately, but I do have some updates on what's going on which will appear shortly.

[worth]

So $XSEED is suddenly up 500% on 10BTC volume out of nowhere... Is there any news, or is this just someone pumping an illiquid coin?

Also the hashrate skyrocket too from somewhere around 5TH/s to over 100 TH/s now... Someone must know something...

yes this coin has biggest gainer for now,,
anyone can tell me why ?

I was as surprised as anyone when I saw my notifications and checked the market yesterday. I knew this would happen at some point, but wasn't expecting it until after we'd gotten more press - seems like someone has quietly had their eyes on the project and others noticed.

[Wasda]

is there any instruction on how to stake these ? I have coins sitting in wallet, all synced up and unlocked, for several days not receivin any stake, anything else I need to do ?

[worth]

Something wrong with the miners? Time Since Last Block   6 hours 1 minute 23 seconds

I took a look at the Maxminers pool stats page and see what you're talking about - I'm repeating what I said on Twitter, but will post it here so people see it:



The blocks are being found pretty steadily but there's a lot of hashing power that seems to be either a solo miner or a private pool I'm not aware of.

You just replied on Twitter as I was typing this pointing out the long run of blocks being minted with POS so I've taken my staking wallet offline and we have hash pointed at the pool again (our rented rig went offline last night mid-rental so we rented a new one) so we'll see if that balances things a little more.

[worth]

is there any instruction on how to stake these ? I have coins sitting in wallet, all synced up and unlocked, for several days not receivin any stake, anything else I need to do ?

Are you getting a green icon in the staking area like this?



If it shows that you're ready for staking but you just haven't received any yet, then you may just need to be patient. I took a larger wallet offline just a few minutes ago which should help - I've tested with larger and smaller wallets on the network and it's (as expected) definitely more frequent with a larger balance.   

You said you're unlocked, so it sounds like you're already familiar with staking and making sure an encrypted wallet is unlocked for it, but I'll post the links to the two tutorials covering this in case others can benefit:

BitSeeds 2.0 Staking
https://www.youtube.com/watch?v=I3PbtqUcuvQ

BitSeeds 2.0 Encrypting
https://www.youtube.com/watch?v=y6bLlb5Sqj4

[worth]

The sudden movement in the market over the weekend caught me a little off guard and a little before we were ready to post full details, but I want to post an update on things and let you know what I can at this point.

Right now, we are working with Alex Waters of Coin.co and Coinapex.com (the about pages on those sites have a little info on him, but google him if you're not familiar with him) who is helping create the payment processing system we'll be using to allow merchants to accept BitSeeds and gain their charitable tax benefit. We had hoped to have this ready in July, but Alex was dealing with some personal/family issues that understandably put him behind schedule, but is working on it and I'll update you on his progress when I'm able to.

Speaking of charities, since the BitSeeds Foundation and the Rainforest Foundation are registered charities, it seems that this makes BitSeeds unusual (I believe unique) in that it involves fewer regulatory compliance burdens compared to other cryptocurrencies. To my understanding, the cost of state-by-state compliance now adds literally $2-3 million in costs to the hurdles for a startup trying to get into the cryptocurrency space, but the nonprofit/charity aspect of how this project is set up allows startups like coin.co to avoid most of that cost compared to Bitcoin. This should make XSEED a very attractive blockchain for startups to work with due to lower cost of compliance.

Alex has offered to get more specifics from his lawyers, but when confirmed it should make BitSeeds the world's only "regulatory resistant" cryptocurrency!  

We are in the process of lining up merchants with some confirmed already, including ones in the cannabis industry thanks to Gabe's connections there (see below). I'd like to share a partial list of merchants, but Gabe has asked me not to post anything yet. However, I think I can share the following - I'm just going to quote Gabe directly here:

"I own a cannabis incubator and we've incubated multiple cannabis companies ranging from delivery services to distribution platforms for dispensaries. Green Labs has been written up in numerous publications [including] Forbes and Business Insider…"
(also in the New York Times, High Times, and others linked on their site at http://greenlabsdenver.com/ )

"We have access to over 300 dispensaries between Colorado and California. A lot of them, I think the majority of them, have issues accepting credit cards and anything other than cash. A few companies have come out to try to help them and give them financing in a sense – being able to accept credit cards – but that really hasn't panned out. Most of them have to bounce the money all around like through Puerto Rico and stuff like that. Digital currency would obviously fix that and make it much easier. "

Anyway, I'll post more details when I'm able. Thanks for everyone's support and patience in the meantime!

[worth]

Also, a small housekeeping update:

When we relaunched earlier this year, we of course had to create a premine to be able to restore everyone's funds on the new chain. We were not 100% sure of the timing when we planned it out and so we mined extra funds to make sure we had enough, with the plan of burning the excess once we knew everything had gone smoothly.

There were 376432.26089348 more XSEED created than were needed, and the wallet they were held in unavoidably staked three times, bringing the total to 381751.95130442 XSEED before burning. 

We recently burned the funds and here are links to the proof of burn:

Here is the temporary address they were held in - http://45.55.193.231:3001/address/bS8L2Sa3rvkH17a4DehvbUo6omKQyeEbSd 
and they were sent to the burn address BitseedsBurnAddressXXXXXXXXXYUDoxE

Here is a link to the TXID of the burn - http://45.55.193.231:3001/tx/e6ccbae792487601165cb5704887ae241c8d7f85e51408f8011c0ca247b1e5f9

Thanks.

[delong]

Thanks for these updates, worth!  Still holding on to most of my XSEED and looking forward to more announcements...

[Hhampuz]

I very much like this project, and I'm sure I'm not alone to feel this way.

I'll make sure to stay updated on this thread, and I look forward to what this coin might bring.

Cheers!

[Altcoinlover]

Also, a small housekeeping update:

When we relaunched earlier this year, we of course had to create a premine to be able to restore everyone's funds on the new chain. We were not 100% sure of the timing when we planned it out and so we mined extra funds to make sure we had enough, with the plan of burning the excess once we knew everything had gone smoothly.

There were 376432.26089348 more XSEED created than were needed, and the wallet they were held in unavoidably staked three times, bringing the total to 381751.95130442 XSEED before burning. 

We recently burned the funds and here are links to the proof of burn:

Here is the temporary address they were held in - http://45.55.193.231:3001/address/bS8L2Sa3rvkH17a4DehvbUo6omKQyeEbSd 
and they were sent to the burn address BitseedsBurnAddressXXXXXXXXXYUDoxE

Here is a link to the TXID of the burn - http://45.55.193.231:3001/tx/e6ccbae792487601165cb5704887ae241c8d7f85e51408f8011c0ca247b1e5f9

Thanks.

Sorry, as I am not familiar really here, what does this mean ?

I think this is not good, but I clearly miss something here to understand the consequence of this news.

Thanks for clarifying.

************

Also, I am a new holder of the coin.... is this a good time to download a wallet and start stacking?
Not sure about it with your info about relaunching and else ;-)

thanks for your clarifications!

[worth]

Thanks for these updates, worth!  Still holding on to most of my XSEED and looking forward to more announcements...

Appreciate the long-time patience and support for the project, Delong!  I know Alex is juggling a lot right now but will update the thread once I have an update from him. Hopefully pretty soon.

[worth]

I very much like this project, and I'm sure I'm not alone to feel this way.

I'll make sure to stay updated on this thread, and I look forward to what this coin might bring.

Cheers!

Thanks for joining in!

[worth]

Also, a small housekeeping update:

When we relaunched earlier this year, we of course had to create a premine to be able to restore everyone's funds on the new chain. We were not 100% sure of the timing when we planned it out and so we mined extra funds to make sure we had enough, with the plan of burning the excess once we knew everything had gone smoothly.

There were 376432.26089348 more XSEED created than were needed, and the wallet they were held in unavoidably staked three times, bringing the total to 381751.95130442 XSEED before burning. 

We recently burned the funds and here are links to the proof of burn:

Here is the temporary address they were held in - http://45.55.193.231:3001/address/bS8L2Sa3rvkH17a4DehvbUo6omKQyeEbSd 
and they were sent to the burn address BitseedsBurnAddressXXXXXXXXXYUDoxE

Here is a link to the TXID of the burn - http://45.55.193.231:3001/tx/e6ccbae792487601165cb5704887ae241c8d7f85e51408f8011c0ca247b1e5f9

Thanks.

Sorry, as I am not familiar really here, what does this mean ?

I think this is not good, but I clearly miss something here to understand the consequence of this news.

Thanks for clarifying.

************

Also, I am a new holder of the coin.... is this a good time to download a wallet and start stacking?
Not sure about it with your info about relaunching and else ;-)

thanks for your clarifications!

Hi, welcome aboard and thanks for checking in with your questions.  First off, I probably should have linked to an article explaining what Proof Of Burn is just in case people weren't familiar with the term. 

Here is a discussion about the concept since the main wiki article isn't as clear as it could be:
http://bitcoin.stackexchange.com/questions/24187/what-is-proof-of-burn

but the basic idea is that we created extra coins that were not needed or part of the plan for BitSeeds.
We could have dumped them on the market, but instead we chose to destroy them to avoid devaluing everyone's existing coins in the process.  I posted the information publicly so anyone could verify this on the blockchain. Bottom line is, this is not a bad thing it's either neutral or positive news depending on your perspective since there are now fewer coins in existence on the network.

I hope that makes sense; feel free to ask if you need any further clarification.

As for whether you should download the wallet and start staking, absolutely! The relaunch went successfully back in early May and there are no hard forks/relaunches/etc. needed or planned at this point.  I've got a wallet staking as I type this in fact. 

[SimkoMiner]

Is this fucking coin already dead?

[worth]

Is this coin already dead?

Already meaning since April of 2015? 
 
There's not much discussion going on, and getting the payment processing set up is unfortunately taking longer than I'd like, but no, it's not dead.

[delong]

Just wondering if there's anything new to report?  Waiting patiently, of course, but would love to know what's in the works...

[worth]

Just wondering if there's anything new to report?  Waiting patiently, of course, but would love to know what's in the works...

Hey Delong,
 Yeah, so here's the current state of things. Going all the way back to the original launch of BitSeeds back in April of 2015, the project had coin.co lined up to handle merchant services/payment processing and handling the small fee that gives merchants a tax deduction for a charitable donation.

 Since then the Bitlicense went into effect in New York (where coin.co is located) and between that and the other state-by-state regulatory requirements, the up-front cost for coin.co to be able to provide payment processing for crypto apparently shot up into the $2-3 million range(!) and so coin.co basically decided to largely stop operations. Back in June I was told about this, but also told that due to the charity status of the project this created a regulatory loophole and Bitseeds support was still on track and that we'd be ready to have merchants accepting orders in XSEED in about a month.

 Fast forward to late July, as I posted upthread, Alex from coin.co hadn't had a chance to start working on it due to a family illness, but was still planning on it. When I spoke with him I asked him to confirm the "loophole" (for lack of a better term) with his lawyers. Eventually we heard that his lawyers had decided that the charity status was not enough to allow them to avoid the massive regulatory cost so coin.co wouldn't be able to do it. 
 
 However, coin.co has a complete payment processing system set up that is basically turnkey and ready for a company to take over to implement payment processing for bitcoin, Bitseeds, or other alts.  Alex reached out to someone he thought might want to take over coin.co's assets, but they weren't apparently interested in providing payment processing along with their existing crypto business. 

 So we're at a point where we do have confirmed interested businesses who want to start accepting BitSeeds, but without coin.co there's no way for them to do so.  So we are not able to go forward in the planned sequence (payment processing -> merchants -> gift cards & Rainforest Foundation) so we're hoping to move forward on the gift cards in the mean time so the RF can begin giving BitSeeds in exchange for donations and pick up the payment processor later.

  I know some people who might be interested in working with us to implement the payment processing since they're already working on a multi-crypto project involving debit cards and merchant services, so I'm going to get in touch with them and see what they say. It's pretty likely they'll be happy to work with us so I'm going to get in touch with them and will get back with more info when I have it.
   
  Sorry for the delays and I really apologize for getting excited back in June and tweeting about the news before I should have. The way it was presented to me was that it was all on track and just a matter of a few weeks before merchants would be able to accept BitSeeds, so I figured I'd let everyone know since people (including myself!) had been waiting so long. We do have merchants lined up, but obviously without coin.co's help it's a bit of a setback.

 Anyway, that's the current state of things and I'll post more when I have something to report.