Beware: Freicoin users taking over for pump & dump

[kingcrimson]

Nice coordinated pump and dump scheme guys, forum is completely flooded with FRC lol

[crazy_rabbit]

I'd jump on the bandwagon if I could figure the heck out of what it's supposed to be. So far the demurrage explanations I have seen are pretty convoluted. That said- I think you would have a hard time selling regular people on the idea that their money will be slowly "disappearing" the longer they hold onto it. :-(

[bushstar]

This coin is getting a lot of attention because it is different from the other coins and different from currency that we are use to.

The selling point of FRC for me is that the 5% demurrage on all coins goes back into the block reward. There is a reason to mine this coin forever

[DryPowder]

I'd jump on the bandwagon if I could figure the heck out of what it's supposed to be. So far the demurrage explanations I have seen are pretty convoluted. That said- I think you would have a hard time selling regular people on the idea that their money will be slowly "disappearing" the longer they hold onto it. :-(

 Simple, in one year you can see your freicoins turn into Fritos you don´t want to have this coin for savings purposes.

[nethead]

This coin is getting a lot of attention because it is different from the other coins and different from currency that we are use to.

The selling point of FRC for me is that the 5% demurrage on all coins goes back into the block reward. There is a reason to mine this coin forever

It just needs low-power mining just to stay stable. Else you will notice a small decrease day to day if you have some thousands

[FuzzyBear]

I like this coin as it encourages people to use it and not just hoard the coins waiting for something to happen to make the coin valuable.... thus the coins will either be traded (like i did for a Steam Left 4 Dead 2 for 500FRC) or developers will actually produce services for the coins as there is a vested interest in doing something with your coins within the year... agreed for the miner, i have heard that demurging will be seen as having little impact on the miner, hence I could see people leaving a rig or two dedicated to this alt coin... yet mining coins has never been the problem (forget the posts where i read it) but basically people will always be willing to mine the coins as a few games currencies have already shown, but distributing and putting value on the coins is harder and as the OP has kinda pointed out this is looking like a pump and "drop the kids off at the pool"

[scrybe]

Nice coordinated pump and dump scheme guys, forum is completely flooded with FRC lol

Yeah, right, most folks talk about and develop an idea for over a year just to execute a pump/dump. That makes loads of sense...

There are folks that are obviously hoping to make a bunch speculating, but right now I don't see any of the principal members of the team contemplating killing their own baby.

The wacky (meaning unusual, not crazy) economics almost guarantee that this is an honest attempt.

Honestly I think FRC has just blown a lot of folks minds (some epiphanies, some nervous breakdowns) and gives them something new to discuss during the "ASIC Delay Doldrums."

[ElectricMucus]

That's normal it's just the latest coin, they behave like a swarm of insects.

The test on what to be with FRC will be what happens afterwards. I am not particulary fond of it because of the 80% premine which still gonna be 40% after 15 years.
You can say whatever you want it's a premine and that it is supposed to be distributed to a foundation doesn't change a thing. Demurrage is possible without these things, see my proposal somewhere in this forum.
Eventually the magnitude of the premine will crystallize in the head of the users and it will be replaced by a fork. It will depend on whenever there is innovation happing during the transition if it will stay then.

I think demurrage is a innovative idea which could be made to work. (Although not with freicoins current implementation)

[smoothie]

I like this coin as it encourages people to use it and not just hoard the coins waiting for something to happen to make the coin valuable.... thus the coins will either be traded (like i did for a Steam Left 4 Dead 2 for 500FRC) or developers will actually produce services for the coins as there is a vested interest in doing something with your coins within the year... agreed for the miner, i have heard that demurging will be seen as having little impact on the miner, hence I could see people leaving a rig or two dedicated to this alt coin... yet mining coins has never been the problem (forget the posts where i read it) but basically people will always be willing to mine the coins as a few games currencies have already shown, but distributing and putting value on the coins is harder and as the OP has kinda pointed out this is looking like a pump and "drop the kids off at the pool"

Well with lack of merchants it is funny because there is a hot potato effect.

[Rubberduckie]

http://www.youtube.com/watch?v=EqllMT7_aoo

[scrybe]

The test on what to be with FRC will be what happens afterwards. I am not particulary fond of it because of the 80% premine which still gonna be 40% after 15 years.

Are you sure about that? I thought the 80% coins (80M) for the Foundation was fully funded in the first 3 coin-years, not over the whole distribution lifetime.

Checking on IRC...

[ElectricMucus]

The test on what to be with FRC will be what happens afterwards. I am not particulary fond of it because of the 80% premine which still gonna be 40% after 15 years.

Are you sure about that? I thought the 80% coins (80M) for the Foundation was fully funded in the first 3 coin-years, not over the whole distribution lifetime.

Checking on IRC...

Well again, that it is supposed to be distributed changes nothing. They could spent all the premine as "bounties" within a month and it will still be essentially cronie capitalism.
The premine is totally unnecessary. We demonstrated proposals where the entirety of the currency could be distributed in a decentalized manner within weeks, but they not gonna do it.

People always have to learn it the hard way, why be honest when you could rip somebody off?

[scrybe]

The test on what to be with FRC will be what happens afterwards. I am not particulary fond of it because of the 80% premine which still gonna be 40% after 15 years.

Are you sure about that? I thought the 80% coins (80M) for the Foundation was fully funded in the first 3 coin-years, not over the whole distribution lifetime.

Checking on IRC...

Well again, that it is supposed to be distributed changes nothing. They could spent all the premine as "bounties" within a month and it will still be essentially cronie capitalism.
The premine is totally unnecessary. We demonstrated proposals where the entirety of the currency could be distributed in a decentalized manner within weeks, but they not gonna do it.

People always have to learn it the hard way, why be honest when you could rip somebody off?

I'm not sure what point you think I was trying to make, I was just pointing out the egregious factual error that you were spreading. Agree or disagree, the coins have to get out there somehow, and it seems that there was more than enough weight against "just another miner coin" (pun intended) distribution model.

[16:30] <maaku> scrybe: yes
[16:31] <maaku> there are 320 foundation addresses, rotated every 504 blocks
[16:31] <maaku> 504*320 = 161280 blocks = 160 weeks of block time = approx 3 years
[16:32] <maaku> after that, the the foundation split disappears and it's 100% miner subsidy

So after about 3 years the foundation has all the FRC it's ever going to get from the direct subsidy. If you want to keep it honest I'm sure that the foundation could use a volunteer watchdog to police actual execution to plan on grants, but it sounds like you have already passed judgement.

To my knowledge nobody has ever really tried to build a functional non-profit to handle a grant proposal/review model to distribute coins.

They have a high bar to get over, but personally I don't think it's hopeless. It's certainly going to be worth a bucket of popcoin!

[ElectricMucus]

Hilarious!  

The three years are the time period where the foundation is payed an income which is equals accumulated to 80% of the currency, a little less is actually spendable since the 'income' is is subject to demurrage as well, but still that is an ridiculous amount. I haven't realized they are such hypocrites.

[scrybe]

Hilarious!  

The three years are the time period where the foundation is payed an income which is equals accumulated to 80% of the currency, a little less is actually spendable since the 'income' is is subject to demurrage as well, but still that is an ridiculous amount. I haven't realized they are such hypocrites.

You seem to keep using the word paid, as if the foundation was earning a wage. This is a donation that is built into the mining contract, and like it or hate it, I fail to see how being upfront with their plans is hipocracy. Now IF they actually distribute the funds to their buddies who put in ideas, rather than spreading the wealth around, then I will join the chorus.

Right now they are on plan, I'll keep watching.

Go ahead and fork it if you want to create a version with your own terms.

[Simran]

If your coins expire, doesn't that make the coin itself useless. It's kinda cool that it expires like food at a store, but this isn't intended to be food but rather a currency. Money shouldn't expire, the products should.

[smoothie]

If your coins expire, doesn't that make the coin itself useless. It's kinda cool that it expires like food at a store, but this isn't intended to be food but rather a currency. Money shouldn't expire, the products should.

+1

[odolvlobo]

If your coins expire, doesn't that make the coin itself useless. It's kinda cool that it expires like food at a store, but this isn't intended to be food but rather a currency. Money shouldn't expire, the products should.

Simran, the concept is this: certain economic problems can be solved if you eliminate (or reduce) the "store of value" property of money. It doesn't make the money useless. Money would become strictly a medium of exchange and undesirable to hoard. Whenever you get money, you would be motivated to spend it or invest it immediately.

[smoothie]

If your coins expire, doesn't that make the coin itself useless. It's kinda cool that it expires like food at a store, but this isn't intended to be food but rather a currency. Money shouldn't expire, the products should.

Simran, the concept is this: certain economic problems can be solved if you eliminate (or reduce) the "store of value" property of money. It doesn't make the money useless. Money would become strictly a medium of exchange and undesirable to hoard. Whenever you get money, you would be motivated to spend it or invest it immediately.

This coin does not promote savings in any form. You are better off owning Federal Reserve notes.

[scrybe]

If your coins expire, doesn't that make the coin itself useless. It's kinda cool that it expires like food at a store, but this isn't intended to be food but rather a currency. Money shouldn't expire, the products should.

Simran, the concept is this: certain economic problems can be solved if you eliminate (or reduce) the "store of value" property of money. It doesn't make the money useless. Money would become strictly a medium of exchange and undesirable to hoard. Whenever you get money, you would be motivated to spend it or invest it immediately.

This coin does not promote savings in any form. You are better off owning Federal Reserve notes.

Unless we have massive inflation attack (yeah right, not with the current bunch), then we might see something interesting...