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[poornamelessme]

Personally I don't think that's necessary, and I think its a bit early to have much idea how well this ICO is going to do - you aren't going to get 100s of btc per day in a sale that lasts for 6 months or something.

True, but since this ICO does the sliding reward thing, there is also the danger that by the time the whitepaper is finalized, team background provided, and so on, very few will want to invest because of the discrepancy in rewards. Maybe it's just me, but it seems wrong to ask for money if a coin doesn't have a whitepaper yet.

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[cyberhacker]

LISK maybe a well planned scheme to bring BTC from investors to organizer.

But I didn't see any bright future.  

It is their whim continuously compared LIST to Eth, but honestly I don't see slightest resemblance.

People will not reap profits from project like that, and I do believe Crypti guys are not competent for that.

As to Elastic, I love to take risk, and the approach dev take.

Maybe a huge risk, but worth taking risk.

from beginning,  dev is not asking huge amount of money and now even refund is possible.


Pls.

I will only watch from now on.  and hope God bless us.

[Dink]

I to would have advised a restart of the whole project.  But, its is past that point now and we should go forward, the updated whitepaper will be out soon, EK has been upfront and fair in returning funds.  While it may affect the ico those that see the potential for this will still fund it, even at a decreasing amount.

I for one find this idea interesting and see its usefulness.

[Cryptorials]

But I do not like the idea of having any companies, lawyers, or third party escrows involved.
All this corporate stuff has destroyed so many currencies, even Bitcoin has suffered hard after the foundation was formed and institutional players got involved.

Its reassuring to hear you express this opinion.

If somebody you are dealing with hires a lawyer, I guarantee its not for your benefit. Lawyers mean contracts and t&cs that I won't read, wouldn't understand if I did, but that give me a vague feeling that I'm probably being scammed or abused in some way.

[nihilnegativum]

Will this be compatible with BOINC projects? Could you give the task folding@home, pay some etc and have miners computate?

[Evil-Knievel]

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[provenceday]

how many people in you team now?

[SISAR]

Joined crowdfunding, very interesting project indeed!

[King Buzz]

where can you cop elastic coin from ?   

[nihilnegativum]

Will this be compatible with BOINC projects? Could you give the task folding@home, pay some etc and have miners computate?

Well, it depends on the definition of "compatible".
I am pretty sure that you can take a task from folding@home and have it solved by the Elastic Coin network (or its miners).

The recent discussion in the old thread was mainly all about moving away from the restrictions on how a PoW program has to look like (as written in the white paper). Instead we want to support arbitrary PoW functions with no limitations .. so yes, this includes a folding@home task as well. 

Wow, thats amazing, thats the best plan for PoW I've heard so far, its really the direction I imagined PoW to go since I first heard of bitcoin. Can't wait to see it in action.

[cyberhacker]

is it possible for us to multiple the ELC supply by 20 * to 100 million?

then every donator will get 20 *  ELC  of  current balance.

It is not a big deal, but maybe good for future liquidity.

[Dazza]

Well, it depends on the definition of "compatible".
I am pretty sure that you can take a task from folding@home and have it solved by the Elastic Coin network (or its miners).

I think we are aiming at general-purpose computing.  If it is a task that can be performed by a computer, then we can do that task for you.  But there will be several caveats.

First, as I envisage things, you will need source code, since applications will need to be specially compiled with a compiler which we will provide.  Initially only one programming language will be available.  I'm sure others will join it over time.

Second, "my scheme" for the PoW function which EK and I have been discussing, has an aspect which hasn't been discussed at all so far.  It will vastly add to the storage requirement in the blockchain.  Essentially the entire data-segment of the program that wins the block will need to be stored in order to be able to verify the block.  Consequently we may have to limit the size of that data-segment.  Since I am now convinced that "my scheme" is unworkable and we will have to find a different solution, I don't think this will be an issue, though of course the individual nodes will have their own memory and storage restrictions.

Third your data will be made available at the very least to a large bunch of random people, and probably to the entire general public.  So while it might be possible for us to process your company payroll, it would be neither legal, ethical, nor sensible for you to use it for that purpose.

[Dazza]

is it possible for us to multiple the ELC supply by 20 * to 100 million?

then every donator will get 20 *  ELC  of  current balance.

It is not a big deal, but maybe good for future liquidity.

I would not consider a future straight 20 for 1 split to be a breach of the current crowd-funding covenant, but I recommend against it now to avoid confusion.  Let's leave that for when liquidity actually does become an issue.

[Dazza]

Are you gonna join the team?

Since I've been using the pronoun "we", I guess in my own mind, I already have.  I should inform you, though, that I am temperamentally more suited to being a roadie than a band member.

I am Asperger's syndrome, I have borderline personality disorder, and bipolar disorder.  These are all formally diagnosed, though one Doctor has opined that I am "not as borderline as I used to be".  I think that's correct.  At the moment, I'm manic.

I also have sloooowww-motion ADD (self-diagnosed).  It's not that I lack attention, it's that my attention is so totally focussed on one think* that nothing else gets a look in.  This is my new bright shiny ball.  I could sit staring at it for weeks, months, or even years, but eventually I will lose interest.  It's not that I don't want to commit.  It's that I can't commit.  I know myself too well.

*The typo is so appropriate that I've decided to leave it.

[Dink]

Dazza, you made me smile.  I appreciate your honesty which us hard to come by in the crypto world.

[Dazza]

You are perfectly right that there are better ways to organise a crowdfunding.
However, I neither can nor do I want to restart this process to ensure fairness to all present and of course future supporters.
The terms/rules (whether good or bad is up to everyones judgement) have been published beforehand and things have started to rolling according to those rules. I personally think we have to live with it.
I would never ever (unilateraly) do any spontaneous changes or adjustments to any rules that have been published before and that people already have acted upon.
Reliability is key in any crypto currency. I would not hold a single bitcoin if I knew that sudden changes that are not in my favor could happen any time.
People already own ELC coins, I cannot take them back.

You don't need to.  It's sufficient to offer people their money back.

I understand the need for reliability, but I think the current circumstances are quite exceptional.  You have just taken over a dog's breakfast of a project.  Nobody will blame you for making the necessary changes now.

You have a short window of opportunity to get it right.  The alternative is to be reliably wrong.

Nobody will manipulate ELC using the same money over and over again, nobody will "run" with any funds and leave everything behind ...

Absolutely.  But what are you going to do if another brilliant developer turns up, who, like me, has no BTC to invest, or who arrives after the crowdfund is sold out?  How is he going to be able to profit from the success he will be helping to create?  You could give him bitcoin, but he wants ELC.  What are you going to do?  Give him some of your own personal stash?  You've already offered to give half of it to me.  What about alpha testers and beta testers?  They're also going to be contributing to the success of the project.  And no doubt many other people in capacities I cannot even think of.

The crowdfunding is structured to reward one and only one class of contributor to the project: investors.  Everyone else is left out in the cold.

If you cannot change the 5,000,000 ELC limit, then at least declare that there will be 5,000,000 ELC, and that any left over from the crowdsourcing will be used to reward other contributors at your discretion.  If you want to exclude yourself as a possible beneficiary, that's fine.  I would also reserve 1,000,000 of those ELC for this purpose, limiting the crowdfund to the remaining 4,000,000.

[Dazza]

Dazza, you made me smile.  I appreciate your honesty which us hard to come by in the crypto world.

It's easy to be honest when you're anonymous.

[cyberhacker]

I would also reserve 1,000,000 of those ELC for this purpose, limiting the crowdfund to the remaining 4,000,000.

hmmm.

rules will be changed?

[poornamelessme]

If you cannot change the 5,000,000 ELC limit, then at least declare that there will be 5,000,000 ELC, and that any left over from the crowdsourcing will be used to reward other contributors at your discretion.  If you want to exclude yourself as a possible beneficiary, that's fine.  I would also reserve 1,000,000 of those ELC for this purpose, limiting the crowdfund to the remaining 4,000,000.

If he does any of that, he might as well just refund everyone, and restart the entire ICO and organize things in a more professional manner.

What you suggest is too major a change to just sort of slip in to the existing ICO. In your first scenario, he could end up with a huge amount of extra coins, equivalent to a giant premine. What if he sells 2M coins and is leftover with 3M? No investor would be happy with that. I'm not so sure any investor would be happy if even 1M was leftover.

[cyberhacker]

If you cannot change the 5,000,000 ELC limit, then at least declare that there will be 5,000,000 ELC, and that any left over from the crowdsourcing will be used to reward other contributors at your discretion.  If you want to exclude yourself as a possible beneficiary, that's fine.  I would also reserve 1,000,000 of those ELC for this purpose, limiting the crowdfund to the remaining 4,000,000.

If he does any of that, he might as well just refund everyone, and restart the entire ICO and organize things in a more professional manner.

What you suggest is too major a change to just sort of slip in to the existing ICO. In your first scenario, he could end up with a huge amount of extra coins, equivalent to a giant premine. What if he sells 2M coins and is leftover with 3M? No investor would be happy with that. I'm not so sure any investor would be happy if even 1M was leftover.

do not change rules, do not reorgnize crowdfunding.

the crowdfunding window is long enough.