A foundation with 80% of the coins can never work.

[nethead]

After that? What miners will get? Will that be after halving or something? (if there is halving)
When will this happen, and what guarantees me that you will not sell everything and abandon frc?
Maybe even now you could "sell frc" as i see always threads popping up "wts 10k frc" etc etc..

With the current rate 7mil frc(which you own) are at about 2240.0btc (if my calculation was correct)
Since you are so greedy to put a "tax" like that, what says to me that you will not start selling them and run away?
Its what I contributed to be mined, thats why i ask

and i cannot forget this from maaku:
Those coins were never the miner's to begin with. Why do you feel entitled to them?

The miners get the foundations funds at a rate of 5% per year. The miners will eventually have all of the foundations funds. There is no halving, the miners will always get the 5%.

Wait a sec, that is good, if noone ever touches the "foundation" funds. If i understood that right, the foundation demuraged funds are back for mining, right? (no? duh, explain)
Then there shouldnt be any foundation at the first place, and miners should get the same amount (this 5%(dunno if its even close to 50 frc/block)
Then all those threads wouldnt exist and everybody would be happy with our new coin lol

[1714614863]

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[1714614863]

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[1714614863]

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[DeathAndTaxes]

You do know it is 5% per year right?  So the 80M FRC the foundation has (or will have) will still be ~62M FRC in 5 years, 48M FRC in 10 years.  Yes slowly all funds will be converted via demurage into miner rewards but this isn't something special with the foundation, it applies to all FRC coins held by all wallets, all the time.

[galambo]

Wait a sec, that is good, if noone ever touches the "foundation" funds. If i understood that right, the foundation demuraged funds are back for mining, right? (no? duh, explain)
Then there shouldnt be any foundation at the first place, and miners should get the same amount (this 5%(dunno if its even close to 50 frc/block)
Then all those threads wouldnt exist and everybody would be happy with our new coin lol

Yes, if noone ever touches the foundation funds the miners will eventually end up with it anyways. So, it's really not as much of an issue as everyone makes it out to be.

[scrybe]

You do know it is 5% per year right?  So the 80M FRC the foundation has (or will have) will still be ~62M FRC in 5 years, 48M FRC in 10 years.  Yes slowly all funds will be converted via demurage into miner rewards but this isn't something special with FRC it applies to all coins held by all wallets all the time.

You are forgetting the point of the foundation, to get rid of it's funds. The bylaws are being created right now, go help and suggest that all coins must be disbursed to end users within 5 years.

Also, the math for 5%/year as a miner subsidy is dead easy at steady state. 100M coins at 5% demurrage (acutally 4.89%) is 4.89 million coins per year, or about 93 coins per block.

[DeathAndTaxes]

You do know it is 5% per year right?  So the 80M FRC the foundation has (or will have) will still be ~62M FRC in 5 years, 48M FRC in 10 years.  Yes slowly all funds will be converted via demurage into miner rewards but this isn't something special with FRC it applies to all coins held by all wallets all the time.

You are forgetting the point of the foundation, to get rid of it's funds. The bylaws are being created right now, go help and suggest that all coins must be disbursed to end users within 5 years.

Also, the math for 5%/year as a miner subsidy is dead easy at steady state. 100M coins at 5% demurrage (acutally 4.89%) is 4.89 million coins per year, or about 93 coins per block.

Which requires absolute implicit trust = fail IMHO.  If I trusted the FED to do the right thing I wouldn't need cryptocurrency.  If I trusted PayPal, or eGold I wouldn't need Bitcoin.  A decentralized "solution" which requires implicit trust in a central authority is of dubious value.  You combine all the flaws of central authority with all the overhead of decentralizing the blockchain.

Still that is a little off point I was just clarifying that while all the coins will go to miners "eventually" the half life on that eventually is about 13.5 years.

[ElectricMucus]

This is becoming ridiculous, you freicoin sockpuppets avoid one simple question:

Why do you think that the foundation would distribute the coins fairly?
You claim that, but besides that there is no indication that this is going to be the case.
Every instance of centralized finance proves otherwise. Think the 50+ percent of btc in the hand of early adopters is bad? Think again, in freicoin it would be much worse.

People recieving the funds would be those who are friends of foundation members, and their friends and so on down the road. The issue is that this is unjustified.
now answer that!

[nethead]

Wait a sec, that is good, if noone ever touches the "foundation" funds. If i understood that right, the foundation demuraged funds are back for mining, right? (no? duh, explain)
Then there shouldnt be any foundation at the first place, and miners should get the same amount (this 5%(dunno if its even close to 50 frc/block)
Then all those threads wouldnt exist and everybody would be happy with our new coin lol

Yes, if noone ever touches the foundation funds the miners will eventually end up with it anyways. So, it's really not as much of an issue as everyone makes it out to be.

I agree and im with you then only if you have a way to prove that noone ever touches them. Why not release the TF client as the original one? That way all problems solved, and you keep this 7mil you already have. Either way you should distribute those coins to the miners.. but its your decision.. (my address is in my sig lol)

[ElectricMucus]

We not gonna settle for that, anyway. This shit will be brought down one way or the other. And the ones responsible tared and feathered.
I'll be just like Realsolid and BitcoinExpress, can't wait. 

Still waiting for a response to my bold question above ^^

[galambo]

We not gonna settle for that, anyway. This shit will be brought down one way or the other. And the ones responsible tared and feathered.
I'll be just like Realsolid and BitcoinExpress, can't wait.  

Still waiting for a response to my bold question above ^^

I'm starting to get the impression that you are very disturbed by what we are doing. Most replying are just curious, initally negative, or "hating." Thats totally understandable when dealing with a new technology.

But you concern me. Please don't read our threads if you feel this threatened by a computer program.

[ElectricMucus]

We not gonna settle for that, anyway. This shit will be brought down one way or the other. And the ones responsible tared and feathered.
I'll be just like Realsolid and BitcoinExpress, can't wait.  

Still waiting for a response to my bold question above ^^

I'm starting to get the impression that you are very disturbed by what we are doing. Most replying are just curious, initally negative, or "hating." Thats totally understandable when dealing with a new technology.

But, you concern me. Please don't read our threads if you really feel this threatened by a computer program.

Why do you think that the foundation would distribute the coins fairly?

[drakahn]

We not gonna settle for that, anyway. This shit will be brought down one way or the other. And the ones responsible tared and feathered.
I'll be just like Realsolid and BitcoinExpress, can't wait.  

Still waiting for a response to my bold question above ^^

I'm starting to get the impression that you are very disturbed by what we are doing. Most replying are just curious, initally negative, or "hating." Thats totally understandable when dealing with a new technology.

But, you concern me. Please don't read our threads if you really feel this threatened by a computer program.

wait, are you part of the foundation?

based on the way you talk to people this coin will never work with or without the 80% as long as realsolid... i mean you are involved

[ElectricMucus]

Are you so clueless that you cannot answer a simple question?
Why do you think that the foundation would distribute the coins fairly?

[hanzac]

Are you so clueless that you cannot answer a simple question?
Why do you think that the foundation would distribute the coins fairly?

I think you should ask "why do you think that the foundation would do something more helpful than some other investors/users or massive public"? If they don't do anything, in what hand they can get the fortune? God bless? 

[galambo]

I think you should ask "why do you think that the foundation would do something more helpful than some other investors/users or massive public"? If they don't do anything, in what hand they can get the fortune? God bless?  

Good question, hanzac.

I'd like to remind you that in the original Satoshi bitcoin client code the mining reward is called a "subsidy" for a very good reason. It is a political design decision to give the miners all of the coins and not an integral part of Bitcoin. As we've discovered, this design decision leads to an insular community of computer hobbyists with private supercomputers to be the only ones who value or use the coin. So, currently, the Bitcoin is not in the hands of users or the massive public, but instead its in the hands of speculators, gamblers, and miners.

To solve this problem we're going to try to allocate a large number of the initially mined coins to non-technical people who are productive in fields other than computers and electronics. These people exist and if cryptocurrencies are meant to succeed in the long run these types of people will need to be given something to encourage them to participate in the system. Eventually the gifted coins will slip from their fingers to be remined, just like any other Freicoins that will exists. I hope you understand and appreciate the design of Freicoin.

[ElectricMucus]

galambo won't answer me because he is scared that the answer will not involve sock-puppets.


It's not supposed to be fair, deal with it!
say it.

[galambo]

galambo won't answer me because he is scared that the answer will not involve sock-puppets.

As you can see, hanzac, you can't be a real person in ElectricMucus's mind because you rephrased his bad question into being a fair one. Therefore, you must be me, right? Nobody else could possibly find ElectricMucus to be irritating or obnoxious, otherwise he would have a yellow ignore link. If he had a yellow ignore link it would indicate he is one of the most ignored people on the forum and we're wasting our time reading his messages. But ElectricMucus doesn't have a yellow ignore link.  

[nethead]

Oh thats relieving.. I thought that the yellow ignore button indicates that the user had put me on ignore mode
I keep seeing it everywhere and i was sad 

[Transisto]

Can I see the discussion where it was decided 80 would be the % given to a foundation ?
...

[galambo]

Can I see the discussion where it was decided 80 would be the % given to a foundation ?
...

Sorry, I missed your post.

http://www.freicoin.org/demurrage-should-it-all-go-to-miners-t20.html
http://www.freicoin.org/issuing-the-full-base-at-launch-t58-20.html

It's been in discussion for over a year. I didn't like the idea at first and was a bit of a jerk about it, myself.

Hello, Red Cross, this is the internet calling to tell you that we have just donated one million internet dollars to your organization. Please tell me your e-mail address so that I may send you an executable to run and claim your prize.  

So I can understand where the forum is coming from in that respect.

Since then I've changed my mind. But I understand how negative emotions are the first thing that comes up when confronted with this idea. A little thinking about the network effects of giving the coins to people who didn't mine it changed my mind. This could be just what we need if we do it properly.

[Bicknellski]

ElectricMucus


Unignore Never.
   

This user is currently ignored.

Now what was everyone saying just now?