Archived Content

[Mrboot]

Development team can i ask you one question?

I love the idea and wanting to invest but then i read this

Once we have added you to the genesis block, our voluntary action is finished. Please do not consider Elastic Coins (ELC) to be shares, futures, certificates, securities, bonds, treasures, profit-sharing agreements, or anything similar. All donations are strictly non-refundable.


What do you mean with voluntary action , you will just release it and then dont innovate or develop anymore ?

Cause this sentence makes me worried that it just will be deployed and left for everyone to slowly decrease ?

Making a coin will involve much more if you ask me like contacting exchanges making a platform for companys to buy the coin like for example Factom does.

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[Lannister]

I am responsible for the Elastic project and I do not want to formate any agreements, contractual obligations, or future promises that can be enforced in court. So in order to prevent any kind of legal detriments, either now or in the future, I explicitly do not agree in any form to perform (or refrain from performing) certain actions in relation with the Elastic project now or in the future.

This is the basic reason why I want to stick with voluntary donations and a voluntary development process. But I can assure you that we all are passionate about crypto currencies and we are eager to see this pioneering coin being developed, used and maintained even after its launch.

[Mrboot]

I am responsible for the Elastic project and I does not want to formate any agreements, contractual obligations, or future promises that can be enforced in court. So in order to prevent any kind of legal detriments, either now or in the future, I explicitly do not agree in any form to perform (or refrain from performing) certain actions in relation with the Elastic project now or in the future.

This is the basic reason why I want to stick with voluntary donations and a voluntary development process. But I can assure you that we all are passionate about crypto currencies and we are eager to see this pioneering coin being developed, used and maintained even after its launch.

Can i ask you if you had any developer projects before in cryptocurrency ? Or a track of development skills, cause i think many people need it to be convinced into a ICO

[scam confirmed]

Veto. I see neither necessity nor advantage.

A shorter time frame has been brought up several times in this thread.
Because originally it was stated that a change to the rules shouldn’t be a matter for debate and only one veto is enough that we cannot come to full consensus, we will leave the time frame as it is.

I am open to conviction. I only see potential disadvantages: less reliability, worse distribution, less funding.

[Mrboot]

Just there are many what if and those are not yet answered.

for example this

https://bitcointalk.org/index.php?topic=1393303.0

Why does the wallet only say you received 8.30973439 BTC and the website says something diffrent ?
Also the previous btc amounts are transferred between wallets is that possible with multi-sig wallets that easy ?

Why is there not been released anything about the persons involved, you dont need to run this ico but just some evidence of truth.

Also they say your whitepaper wont work why would they say that ?

[Mrboot]

MrBoot, seriously, i think Elastic is not the right thing for you after all. Maybe you should take a look at all those fancy coins with all these glossy pictures of team members along with their impressive CVs (they built companies, saved children from starving, have great experience in almost everything and speak 5 languages *rofl*), with lawyers and escrows and a lot of outstanding Buzz words.

So having questions means Elastic isnt for me ? That makes no sense at all.
When your having a Ico without a Escrow means people will have questions.

Ans those Glossy coins like Iota, Ethereum, Factom i do love those yea i support them since there ICO. Cause they bring something innovative to
the Table same as Elastic but about them there was much more known then here atm.

And when im reading that people think its a scam i wonder why and make me think twice before investing.
Also i came here with questions i never ever said it was a scam im just trying to figure out what Elastic is and the dev teams background.

A investor that does a good research decrease the chance of beeing scammed or buying into garbage.

Btw 5 languages are not that hard even i speak 5, and i aint a rocket scientist

One more thing there is a coin that already is called ELC called Elacoin

[Dink]

MrBoot,  You have every right to ask the pointed questions that you do, that is what doing research is all about.  Not asking would be negligent on your part.  Only you can decide if this coin is for you, no one else can.

Until there is more honesty and transperancy in the altcoin world there will always be post screaming scam.

Is this coin a scam?  I dont know, I would like to think it is not.  But the way it is unwinding with the change in wallets, change in leadership, unanswereded questions, no escrow, it seems to be headed down that path.

I have been following this coin from the first thread, it is a great concept, but it is slowly coming undone.

[Mrboot]

Can you deposit twice from one wallet ?

[nickenburg]

Also there is no real information about what the future will be like for Elastic a real plan where this is heading.
And is the decentralized supercomputer like Ethereum? or is it going to be something different?

Ethereum works entirely different. It does not bundle the computational resources of all participants, instead it allows "distributed apps" which works in a way that everyone calculates the same thing and the users form a consensus about the result of the calculation. This is not my idea of a "supercomputer".

Oke, I think I understand it a little better now, So you want to build A Real supercomputer and then rent the computer,
To Scientist and people who really need the computer power for it?
I had to rewatch the video again to really understand it, I like the idea but I don't see a lot of enthusiasm for it.
But I might invest a little in this project because I think it might be something useful, and small businesses and scientists who cant afford such a computer could really use it!

[Dink]

There is no FUD!  Just as you said these are opionions, as well as questions that need to be answered.  If Lannister does not answer them then some one should.  If I wanted to fud I would not have stuck coins in this project.  Going back and trying to do an escrow at this point is ridiculous, it was a y in the road that should not have been taken.

[scam confirmed]

I agree we dont need escrow. Escrow is counterproducive for this kind of project. But there are frequently raised concerns, which should be addressed however, to stop the ongoing debate and move on. Biggest concern is probably the control of funds, (possible mismanagement, possible abuse, etc.). This could easily be addressed by a wider distribution of Multisig key storage. Total of six keys, four of which are required to send bitcoin, for instance, public applications, open discussion, transparent nomination, anyone already participated in either this one or one of the previous two threads is eligible to candidate. What do you guys think?

[Dink]

Will thw whitepaper include a section on limitations ...verifiable computations and homomorphic encryption which are not yet  possible for our purposes?

[TPTB_need_war]

I have no access to the project's official GitHub repository so I have the current version in my forked git:
https://github.com/OrdinaryDude/whitepaper/raw/master/whitepaper.pdf

Comments are appreciated

You did not solve the The Faster Algorithm Attack (FAA). Your proposed solution is incoherent and it doesn't matter what you propose, it will always be flawed because the problem is insoluble:

The only incentive to perform this attack is to pull of the
51 % attack. We eliminate this incentive by entirely discon-
necting the calculation of arbitrary tasks from the security
of the blockchain. In this context we suggest a pure proof-
of-stake scheme [7] for the block generation. The proof-of-
work scheme is used only for the measurement of who has
contributed how much work the payments of the propor-
tional rewards. Performing the FAA as it is described above
would correspond to an attacker which can solve his own
work quicker than everyone else and so get paid his own
money (subtracted by a small fee to prevent DDOS in this
context). This is not dangerous from the network’s point
of view. In order to maintain a certain degree of incentive
to generate proof-of-stake blocks instead of just focusing on
the calculation of proof-of-works we have decided to credit
the proof-of-stake block with all transaction fees that are
included in that particular block.

Also the attacker can DDoS the system by submitting a verification algorithm that is orders-of-magnitude slower than the attacker's proving algorithm.

This entire concept is insoluble and flawed and any fool who invests in this shit deserves to lose their money.

[scam confirmed]

"Elastic - Scam or legit?"

https://bitcointalk.org/index.php?topic=1393303.msg14158698#msg14158698

[poornamelessme]

There are some very simple things that could be answered here to help with some concerns:

What happened exactly with Lionel? Who was Lionel and is he completely detached from the coin at this point? What was his actual plan?

Who is Lannister? His real name, his background, and who exactly has access to the donated funds?

Is there a ledger somewhere listing how these funds are used?

EK has made statements like without the donated funds the promotional video couldn't be made, or new website couldn't be created ... yet the donated funds weren't supposed to be touched yet (at least that was stated on the old thread). Can't have it both ways, one time saying all funds are safe and not to be touched, and later saying the funds are needed now to create videos/website.

Putting that argument aside, let us know who is on the dev team, what coders are attached and if Lannister is actually in charge of this thing now, it'd probably be nice if he posted once in a rare while. So far, there have been two 'silent lead devs', while EK is the one doing the talking all the time.

The technical aspects of the coin are obviously important, but most of that stuff will go over the head of the average investor. Basic info on the devs involved, how funds are handled, and so on, is basic ICO 101 ... no excuse not to provide this information.

[Evil-Knievel]

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[poornamelessme]

Poornamelessme: the website clearly states that the donated funds are meant to be used for development (and not for display only).
I mean, how can you cover the development costs without touching the funds that are meant for development?
In this case ... what are the funds for in the first place?

I am simply going by the original ICO rules (if you remember the old thread for this coin). Supposedly donations weren't supposed to be touched for a while (forget exactly how long). I believe you were the one who even suggested it, then Lionel confirmed.

But again, forget about that. You want all of the money right now, that's fine... not sure if anyone knows who even has access to the funds in the first place.

Please answer the other questions though.

[nickenburg]

I am responsible for the Elastic project and I do not want to formate any agreements, contractual obligations, or future promises that can be enforced in court. So in order to prevent any kind of legal detriments, either now or in the future, I explicitly do not agree in any form to perform (or refrain from performing) certain actions in relation with the Elastic project now or in the future.

This is the basic reason why I want to stick with voluntary donations and a voluntary development process. But I can assure you that we all are passionate about crypto currencies and we are eager to see this pioneering coin being developed, used and maintained even after its launch.

This raises some red flags for me tho, I mean there are other Ico's At the moment who are open about everything.
You know the people behind it and what the plans are, Why wouldn't you do that?
This sounds like I don't want anything to do with this if it goes sideways.
For me It is really important in Ico's who I am going to give my money to and what are they going to do with it, this is way to unclear for me guys sorry.

[Dazza]

Well there are at least 3 developers and theoretical computer scientists and one designer around in this thread,

I hope nothing in that sentence was intended to refer to me.  I'm not any of these things.  As I've repeatedly said, I'm just a guy on the internet.

I don't understand why the question about Lionel's continued involvement (or not) in the project gets continually ignored. It's a reasonable question; it's one I've asked myself; and its been ignored to the point that you are starting to look cagey.

[Evil-Knievel]

This message was too old and has been purged