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Author Topic: Initial Coin Offering - We want to do it right!  (Read 614 times)
servicefly
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June 13, 2017, 08:36:14 PM
 #1

Hello all,

My team and I are creating a cryptocurrency based on Cryptonote. We want to do an ICO; and we want to do it right! Our concept is to create the coin, a wallet app, and an exchange of course. First we are building apps for iPhone and Androids where all of the funds for these apps will go into the exchange immediately adding value by having currency ready for trade into and out of our coin. We are considering no fees for exchange and minor (if any) spread.

Second, our wallet app will take advantage of iPay and Android Pay for purchasing. This will work by exchanging our coins into the app owner's local currency (mostly USD for now) right before purchase into the wallets used by iPay and Android Pay. Our coin only has a 15 second verification cycle in order to make purchasing fast enough.

Here are the bullet points:

- We will have an exchange with a USD account filled through an app portfolio.
- No one owns the exchange and coin voting rights will be used to determine operations.
- Our wallet app uses iPay and Android Pay for purchasing.
- Cryptonote provides anonymity so no reporting to any centralized government is necessary.
- We are not looking for a high valued coin; rather we want it to be as fungible as possible (spendable).
- We are trying to make this an easily mined coin.
- All Retailers who choose our network to receive transactions become miners! This means Retailers actually make money from transactions and we don't charge any fees!!

I humbly ask all who read this to provide suggestions and comments to help us conduct a proper ICO? Please be as detailed as possible on technical issues. We want to do this right. We are currently in testing and things look good.

Thank you all in advance!!

P.S. Moderator - If I posted this in the wrong forum then please let me know so I can adhere to your rules.
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June 13, 2017, 08:55:41 PM
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I personally do not understand how your concept differs from other anonymous coins.

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June 13, 2017, 10:05:22 PM
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Here is the concept of completely anonymous crypto currency https://bitcointalk.org/index.php?topic=1962101.0 . It completely copies all the properties of cash, and also has its advantages from the electronic form.

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June 13, 2017, 10:37:01 PM
 #4

Here is the concept of completely anonymous crypto currency https://bitcointalk.org/index.php?topic=1962101.0 . It completely copies all the properties of cash, and also has its advantages from the electronic form.


Sorry mate, my russian knowledge have eroded to zero after not using it for 20 years Smiley. Would you mind to summarize that thread in english, please?
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June 14, 2017, 02:21:45 AM
 #5

I personally do not understand how your concept differs from other anonymous coins.

He wants to re-launch Monero with an ICO so he can get the coins on launch day with his "team" for cheap so he can later sell them for large amounts of BITCOIN <-- what he is REALLY after.

So in other words he wants what every other dev here wants LOL  Cheesy

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June 14, 2017, 02:36:02 AM
 #6

Hello all,

My team and I are creating a cryptocurrency based on Cryptonote. We want to do an ICO; and we want to do it right! Our concept is to create the coin, a wallet app, and an exchange of course. First we are building apps for iPhone and Androids where all of the funds for these apps will go into the exchange immediately adding value by having currency ready for trade into and out of our coin. We are considering no fees for exchange and minor (if any) spread.

Second, our wallet app will take advantage of iPay and Android Pay for purchasing. This will work by exchanging our coins into the app owner's local currency (mostly USD for now) right before purchase into the wallets used by iPay and Android Pay. Our coin only has a 15 second verification cycle in order to make purchasing fast enough.

Here are the bullet points:

- We will have an exchange with a USD account filled through an app portfolio.
- No one owns the exchange and coin voting rights will be used to determine operations.
- Our wallet app uses iPay and Android Pay for purchasing.
- Cryptonote provides anonymity so no reporting to any centralized government is necessary.
- We are not looking for a high valued coin; rather we want it to be as fungible as possible (spendable).
- We are trying to make this an easily mined coin.
- All Retailers who choose our network to receive transactions become miners! This means Retailers actually make money from transactions and we don't charge any fees!!

I humbly ask all who read this to provide suggestions and comments to help us conduct a proper ICO? Please be as detailed as possible on technical issues. We want to do this right. We are currently in testing and things look good.

Thank you all in advance!!

P.S. Moderator - If I posted this in the wrong forum then please let me know so I can adhere to your rules.

Since this is focused first on the United States here is some reading for you. https://www.fincen.gov/sites/default/files/shared/FIN-2013-G001.pdf Since from what I can see what is planned here is a Centralized Virtual Currency (ICO) as opposed to a De-Centralized Virtual Currency, FinCEN registration and AML/KNC would be a requirement.

This is not legal advice. I would strongly advice professional legal advice in particular among other things with respect to the FinCEN guidance and what is being proposed here.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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June 14, 2017, 04:21:11 AM
 #7

what's the difference between you and other similar cryptos besides ICO?
btw web wallet is a must before launch.

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June 14, 2017, 04:26:19 AM
 #8

Trying to get in on the scam game?
Pearls Before Swine
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June 14, 2017, 04:40:04 AM
 #9

I personally do not understand how your concept differs from other anonymous coins.

He wants to re-launch Monero with an ICO so he can get the coins on launch day with his "team" for cheap so he can later sell them for large amounts of BITCOIN <-- what he is REALLY after.

So in other words he wants what every other dev here wants LOL  Cheesy
Meet the new cunt.  Same as the old cunt.  Sorry OP but spoetnik is spot on here, plus people who solicit prophylactic advice for such things as you're doing don't turn out well, or don't turn out at all.  I understand the appeal here.  It's jolly good fun robbing an irreversible form of money from 3rd word genetic retards...but it's all been done and said retards are emerging from the swamp as skeptics.   So you'll have to go for the really low hanging fruit.  You might visit the lending section.


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servicefly
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August 17, 2017, 04:33:50 PM
 #10

Well thank you all for your replies, even the negative ones! My personal goal is not to rob or scam, but I understand why you would think so. None of you provided a solution or idea to make this a better cryptocurrency than what is out now which was my hope for posting this. I'm saddened there is no one on here who wants to contribute rather than apply their unfounded negative opinion!

The major difference for our proposed cryptocurrency was to back it up by actual value. Yes it is also de-centralized, but again I understand why some of you see it otherwise. I will seek out other advice in different arenas to find the few that have actual ideas to contribute. The whole "We want to do it right!" meant we want to strive for a solution that works not just lines our pockets.

Anyway, the cryptocurrency isn't even to the testing phase yet. When it does come out I don't expect any of you to buy any so none of you have to be afraid of being scammed!
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August 18, 2017, 08:09:15 AM
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You want some real advice? This is what an actual job posting for a blockchain developer looks like: 
 
A BS/MS degree in Computer Science or Engineering.
At the very least, 2 years professional experience as a software engineer
A deep understanding of ledgers, consensus methods, blockchains, and cryptocurrencies in general.
Strong expertise in threat analytics, anomaly detection, and performance management.
Strong understanding of algorithms, data structures, cryptography and data security, and decentralized technologies.
Strong coding skills with at least one of the following languages: Go, C, C++ , JAVA, Python.
A good understanding of distributed storage, like RDBMS or NoSQL, for instance. 
   
You can maybe code?

You're on a public forum asking how to do an ICO? You can literally replace the C with a P and go read a fucking book and find out how.

You don't know shit about economics.
You know fuck all about finance and all the regulation that comes with it.
No one wants to provide you with a solution to make it a better cryptocurrency because everyone with that knowledge is off working on making that fucking cryptocurrency.   
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August 20, 2017, 03:22:57 PM
 #12

Thank you so much for your thoughtful opinion!

I personally meet all of your qualifications, but I'm sure that doesn't help your very exciting negative post. At the very least you have shown me this forum isn't good for idea collaboration which is unfortunate. I can see I will get only shallow minded non-critical thinkers here. I was looking for collaborative ideas and suggestions not angry people who enjoy flaming others. I really misread this forum. I'll be shutting this thread down shortly.

Listen for your sake; this world doesn't need anymore negative, angry, unhelpful people. It needs compassion and friendship. I'm not a young man anymore and in fact, I have the qualifications to teach Economics and/or Software Development. I've owned many companies and have even written my own Private Placements (required for IPO's, but of course you knew that). Such negativity breeds failure and the opposite of success!

Just think about what I said here so that in the future you might try cooperating and collaborating, and even find it fun & interesting. "Why make enemies when you can make friends?" - Swami Veda Bharati
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