[ANN][XRB]Cryptocurrency's killer app: RaiBlocks micropayments

[3worlduser]

And what is the DEV position about this issue, in the first place he made the auction without asking anybody, and the only explanation he gave was that "some people found the captcha to complicated and that an auction was the simple way to distribute the coin, and the only difference was that the BTC were for him and not for captcha-miners"....is the same guy that wanted to distribute to the maximum number of people? that didn't wanted his coin to be monopolized? how an auction help a coin to not be monopolized, if it will just be on the hands of the guys with more economical power?

one of his main issues was  , the amount of time and effort that distracted him away from developing , it was a full time job just keeping the website and faucet functioning , then add onto that 50 angry faucet solvers complaining when the faucet dried out cos the daily amount in the faucet was claimed , i think it might of be an "ah fuck it moment"

he was spending all his time trying to do right by people , causing him not to be able to actually code for the coin and even then it was constant complaints , i think he choose it for the easy less trouble option , so he could get back to work coding

so he decided to monopolize the coin so that he get daily profit and leave the control of the coin to the 7 guys with more money. I just don't understand how that fit in an equal distribution?

I am not condoning auctioning but it wouldn't always be the same 7 people buying the blocks , it would be 7 blocks a week and would likely of ended up more diluted and shared more than if faucet remained the way it was going .

come on how hard is to create a couple of gmail account and push the bids up? how hard would be to someone with enough money to buy all the coins for a week put high bids the next one and sell all his coins on a secondary market and then magically erase the bid on the forum? that kind of price manipulation is what I'm talking, and all this behind the transparency of a google forum

you have a good point , i was focusing solely on the auction under fair conditions but you are right it can be very very easily manipulated

even in fair condition is not an easy way for people to get this coin you will change them of clicking the captchas for waiting stick to the computer screen to the last minutes of the daily auction to offer a bid 1sat higher than the other guys

[jibble]

even in fair condition is not an easy way for people to get this coin you will change them of clicking the captchas for waiting stick to the computer screen to the last minutes of the daily auction to offer a bid 1sat higher than the other guys

very true i don't think i looked too deeply into the mechanics of auctioning especially in the google group format or the ebay style rush 10 minutes before every auction .

I did suggest the auction get cancelled/put on hold for the moment since that is the only almost unanimous decision the community i think would agree on by a big majority

[3worlduser]

even in fair condition is not an easy way for people to get this coin you will change them of clicking the captchas for waiting stick to the computer screen to the last minutes of the daily auction to offer a bid 1sat higher than the other guys

very true i don't think i looked too deeply into the mechanics of auctioning especially in the google group format or the ebay style rush 10 minutes before every auction .

I did suggest the auction get cancelled/put on hold for the moment since that is the only almost unanimous decision the community i think would agree on by a big majority

And what about all those captcha-miner, and slave recruiter who are upset with the decision, I mean how difficult would be for them to hijack the auction every day, how about create 7 gmail accounts and place exorbitant bid just to piss off the DEV, it is childish but I'm sure that somebody with plenty of time to solve captchas will have plenty of time to do something like that

[hakanbalta577]

even in fair condition is not an easy way for people to get this coin you will change them of clicking the captchas for waiting stick to the computer screen to the last minutes of the daily auction to offer a bid 1sat higher than the other guys

very true i don't think i looked too deeply into the mechanics of auctioning especially in the google group format or the ebay style rush 10 minutes before every auction .

I did suggest the auction get cancelled/put on hold for the moment since that is the only almost unanimous decision the community i think would agree on by a big majority

And what about all those captcha-miner, and slave recruiter who are upset with the decision, I mean how difficult would be for them to hijack the auction every day, how about create 7 gmail accounts and place exorbitant bid just to piss off the DEV, it is childish but I'm sure that somebody with plenty of time to solve captchas will have plenty of time to do something like that

You are pointing really good parts of situations which can be happened in the future. Thanks.

[Pimpmycoin]

lol now is a 100% premined coin dumped on the market by the dev


congrats 

[xaker74]

5 pages already written, wow ) I was just going to offer another method: some change difficulty like

a btc or another altcoin, any X hours or any X blocks, when be a smaller, or bigger on a captcha reward / time to reward.

[Flomess]

There should be a way to block the BTCs that one puts into his bid; some kind of escrow that holds the bids i guess... if i were to be the highest bidder, i whould never pay, since 6 people are getting way better prices.

[hakanbalta577]

There should be a way to block the BTCs that one puts into his bid; some kind of escrow that holds the bids i guess... if i were to be the highest bidder, i whould never pay, since 6 people are getting way better prices.

How can it happen especially there will be maybe hundreds bids in the last minutes?

[Flomess]

There should be a way to block the BTCs that one puts into his bid; some kind of escrow that holds the bids i guess... if i were to be the highest bidder, i whould never pay, since 6 people are getting way better prices.

How can it happen especially there will be maybe hundreds bids in the last minutes?

I.E. Sending the btc to an escrow address is considered a bid; losing bids will be returned.

[hakanbalta577]

There should be a way to block the BTCs that one puts into his bid; some kind of escrow that holds the bids i guess... if i were to be the highest bidder, i whould never pay, since 6 people are getting way better prices.

How can it happen especially there will be maybe hundreds bids in the last minutes?

I.E. Sending the btc to an escrow address is considered a bid; losing bids will be returned.

So noone can make 10 or 20 bids in the last minutes? Where is the aucation?

[Flomess]

There should be a way to block the BTCs that one puts into his bid; some kind of escrow that holds the bids i guess... if i were to be the highest bidder, i whould never pay, since 6 people are getting way better prices.

How can it happen especially there will be maybe hundreds bids in the last minutes?

I.E. Sending the btc to an escrow address is considered a bid; losing bids will be returned.

So noone can make 10 or 20 bids in the last minutes? Where is the aucation?

Why not? Every btc sent before a given time whould be considered a valid bid. You won't be able to see the last minute bids but atleast they whould be real. Unlike now.

[clemahieu]

I think 475k Mrai per lot is to much

This was the distribution schedule.

2^128 initial, 50% first year, 365 days per year, 10^30 per Mrai.

2^128 / 2 / 365 / 10^30 = 466,140  per day.

[TheBomber999]

I think 475k Mrai per lot is to much

This was the distribution schedule.

2^128 initial, 50% first year, 365 days per year, 10^30 per Mrai.

2^128 / 2 / 365 / 10^30 = 466,140  per day.

No, you don't understand. It's to much to sell 475k (0,13% of total coin) to only one person.

[jokumat]

I know I can't convince people of this though the point of the auction isn't for me to get paid, it's to distribute them in a manor that requires the least effort and has low skepticism.  Even with the faucet people were pointing out that it could be unfair because there's no way to prove we're not funneling out of the faucet through shell accounts.

I would be perfectly happy buying them on the open market but that's not the situation we're in, to my dismay.

There is also proof of burn distribution like Counterparty did. Fair and not really complicated. Most trustworthy. But brings no money to the devs.

If you want a long distribution (a year or more), you MUST set the price as sharply rising with time.

Of course if you need money you have to go with some sort of crowdsale. But it goes against the spirit of this coin.

But your idea of permanent auction is very bad. You promise to distribute new coins whatever the price is - even if the price is falling. This is destructive, really destructive. I don't believe this promise can be kept. You will be forced to make changes all the time. As a result people will not believe you, they will lose trust in the coin

And the idea to distribute to 7 highest offers is really awful

[cyberhacker]

I know I can't convince people of this though the point of the auction isn't for me to get paid, it's to distribute them in a manor that requires the least effort and has low skepticism.  Even with the faucet people were pointing out that it could be unfair because there's no way to prove we're not funneling out of the faucet through shell accounts.

I would be perfectly happy buying them on the open market but that's not the situation we're in, to my dismay.

There is also proof of burn distribution like Counterparty did. Fair and not really complicated. Most trustworthy. But brings no money to the devs.

If you want a long distribution (a year or more), you MUST set the price as sharply rising with time.

Of course if you need money you have to go with some sort of crowdsale. But it goes against the spirit of this coin.

But your idea of permanent auction is very bad. You promise to distribute new coins whatever the price is - even if the price is falling. This is destructive, really destructive. I don't believe this promise can be kept. You will be forced to make changes all the time. As a result people will not believe you, they will lose trust in the coin

And the idea to distribute to 7 highest offers is really awful

great idea!!!!

Proof of burn like XCP, IF WE NEED PURE FAIR

if dev need funds.  then ICO.

[Cryptorials]

I haven't read everything that's been said about the distribution but just to put my two cents in: I would like to retain the faucet in some way.

The reason for this is because I am going to use the micropayments to allow users to view my site with all the ads blocked. It would be great it people who have never heard of RAI could go and get some free coins to do this with, rather than having to go through all the hassle of buying them (which nobody will do - limiting the use of this to people who already own some Mrai).

I know that's a selfish reason for me, but I think the same principle will apply for anybody else who does this on their site / app.

[clemahieu]

I know I can't convince people of this though the point of the auction isn't for me to get paid, it's to distribute them in a manor that requires the least effort and has low skepticism.  Even with the faucet people were pointing out that it could be unfair because there's no way to prove we're not funneling out of the faucet through shell accounts.

I would be perfectly happy buying them on the open market but that's not the situation we're in, to my dismay.

There is also proof of burn distribution like Counterparty did. Fair and not really complicated. Most trustworthy. But brings no money to the devs.

If you want a long distribution (a year or more), you MUST set the price as sharply rising with time.

Of course if you need money you have to go with some sort of crowdsale. But it goes against the spirit of this coin.

But your idea of permanent auction is very bad. You promise to distribute new coins whatever the price is - even if the price is falling. This is destructive, really destructive. I don't believe this promise can be kept. You will be forced to make changes all the time. As a result people will not believe you, they will lose trust in the coin

And the idea to distribute to 7 highest offers is really awful

In your view what does proof or burn offer in the way of fairness this way doesn't?  Most of people's concerns are with not being able to pay for them i.e. they wouldn't be able to prove burn.

The timelines can be adjusted but as far as I can tell that barely register's on people's issue list.

[MALCOM X X X]

I haven't read everything that's been said about the distribution but just to put my two cents in: I would like to retain the faucet in some way.

The reason for this is because I am going to use the micropayments to allow users to view my site with all the ads blocked. It would be great it people who have never heard of RAI could go and get some free coins to do this with, rather than having to go through all the hassle of buying them (which nobody will do - limiting the use of this to people who already own some Mrai).

I know that's a selfish reason for me, but I think the same principle will apply for anybody else who does this on their site / app.

I think DEV wont hear about faucet right now.. he is collecting money right now..

Maybe we could make this coin worthless again..

[clemahieu]

I think 475k Mrai per lot is to much

This was the distribution schedule.

2^128 initial, 50% first year, 365 days per year, 10^30 per Mrai.

2^128 / 2 / 365 / 10^30 = 466,140  per day.

No, you don't understand. It's to much to sell 475k (0,13% of total coin) to only one person.

It could be divided up in to smaller units though very few people seem to think anything about it is valid.

[jokumat]

I know I can't convince people of this though the point of the auction isn't for me to get paid, it's to distribute them in a manor that requires the least effort and has low skepticism. Even with the faucet people were pointing out that it could be unfair because there's no way to prove we're not funneling out of the faucet through shell accounts.

I would be perfectly happy buying them on the open market but that's not the situation we're in, to my dismay.

There is also proof of burn distribution like Counterparty did. Fair and not really complicated. Most trustworthy. But brings no money to the devs.

If you want a long distribution (a year or more), you MUST set the price as sharply rising with time.

Of course if you need money you have to go with some sort of crowdsale. But it goes against the spirit of this coin.

But your idea of permanent auction is very bad. You promise to distribute new coins whatever the price is - even if the price is falling. This is destructive, really destructive. I don't believe this promise can be kept. You will be forced to make changes all the time. As a result people will not believe you, they will lose trust in the coin

And the idea to distribute to 7 highest offers is really awful

In your view what does proof or burn offer in the way of fairness this way doesn't?  Most of people's concerns are with not being able to pay for them i.e. they wouldn't be able to prove burn.

The timelines can be adjusted but as far as I can tell that barely register's on people's issue list.

auction - if the auction is longterm it kills the expectations of a price rise in the future
- if you (as a dev) are a scammer you can always win the auction because you offer the money to yourself. You risk nothing. People will always suspect this.
There is no way how to pull such scam in proof of burn