[ANN][VRM] Verium PoWT | CPU mining | scrypt² | Scaling | New Roadmap Released

[souljah1h]

Where it is possible to look at the list of participants of Phase 1?  

Dev's are releasing this soon before Phase 2 of ICO, they want to be transparent and honest with all investors and future investors.

Trust is a hard thing to come by in the alt coin scene, Vericoin/Verium devs have proven time and time again they are the real deal

phase 1 is too generous compared to phase 2 - lots of bad blood in communities where perception is the 'insiders' get most of the good deals

"Insiders" as in people active in the community, the devs wanted to make sure that people who have been active in the community get first dibs. Most of the Vericoin community isn't on BTCTalk but at www.vericoinforums.com. The average buy in was 10,000 VRC for Phase 1

looks like we agree on what an 'insider' is, but my point remains - bad blood always flows when insiders get a better deal than other investors, and it's proportional to how much better the insider deal was. In this case phase 2 offer is very inferior, so those who missed out on phase 1 will be pissed off

how many hours was phase 1 active for?

Why are we talking about insiders? Public info was given out 1 week before the ICO with a countdown timer (twitter, facebook, bitcointalk, vericoinforums etc). That doesn't look like insiders to me, just smart people. Phase 1 was sold out in 4 hours (but would run for 12 days if not enough Vericoin was collected).

Minimum price of 10 VRC puts market cap out of top 100. Veri Unlikely for new PoW(T) algo.

Countdown timer for Phase 2 here. http://www.vericoin.info/ico.html

[souljah1h]

I am not selling my VRC for 9000-12000 sat. Lets say the price goes to 9000 sat. 10 x 9000 sat would be 1 VRM for 90000 sat. Thats even cheaper than the 1:6 ratio from Phase 1.

Phase 2 is just as important, maybe even more.

[kennyP]

Where it is possible to look at the list of participants of Phase 1?  

Dev's are releasing this soon before Phase 2 of ICO, they want to be transparent and honest with all investors and future investors.

Trust is a hard thing to come by in the alt coin scene, Vericoin/Verium devs have proven time and time again they are the real deal

phase 1 is too generous compared to phase 2 - lots of bad blood in communities where perception is the 'insiders' get most of the good deals

"Insiders" as in people active in the community, the devs wanted to make sure that people who have been active in the community get first dibs. Most of the Vericoin community isn't on BTCTalk but at www.vericoinforums.com. The average buy in was 10,000 VRC for Phase 1

looks like we agree on what an 'insider' is, but my point remains - bad blood always flows when insiders get a better deal than other investors, and it's proportional to how much better the insider deal was. In this case phase 2 offer is very inferior, so those who missed out on phase 1 will be pissed off

how many hours was phase 1 active for?

Why are we talking about insiders? Public info was given out 1 week before the ICO with a countdown timer (twitter, facebook, bitcointalk, vericoinforums etc). That doesn't look like insiders to me, just smart people. Phase 1 was sold out in 4 hours (but would run for 12 days if not enough Vericoin was collected).

Minimum price of 10 VRC puts market cap out of top 100. Veri Unlikely for new PoW(T) algo.

Countdown timer for Phase 2 here. http://www.vericoin.info/ico.html

Sorry if I sound overly critical, I just think phase 1 was too generous compared to phase 2. I'm not really in favor of 'first in best dressed' coz that usually means a feeding frenzy and those who turned up after 4 hours get a substantially lessor rate - I've been hodling VRC since well before the SuperNET deal, and I would have preferred a different distribution method that gave everyone the same rate - that's possible to do

[kennyP]

I don't like to criticise without saying what I think is a better system, so I point the VRM/VRC community to what the Bitstar devs did when they created BATL:

Basically the supply of BATL was determined, everyone had a time period to burn BITS, then the genesis block of BATL was determined where everyone who burnt BITS got the same rate. Very fair, no 4 hr feeding frenzy, everybody treated the same, no 'insiders'. IMO that's an unambiguously better method than what VRC/VRM is doing.

We will shortly be releasing the details of an experimental project under development by our company.

This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.

Some of the Bitstarcoin dev team will be creating this public blockchain by way of a new wallet cloned from another existing coin and rebranded. The purpose of this is to use suitable PoS cryptocurrency tech which is already proven and known to be reliable.

While it will be a public and open-source new blockchain, the dev team have expressed their willingness to support the needs of our app by way of committing whichever mods/dev/forks are required to ensure the functionality needed for the app to operate smoothly and securely.

This beta app may or may not be released as a commercially-launched finished product.

Distribution of the new 'coin' will be done by way of participants receiving a proportional share of those issued from the genesis block as a primer for the public network and its market. To participate you will be required to burn the amount of Bitstarcoins you wish to commit to the project, thereby reducing the issued and max supply of Bitstars.

This app project is an entirely speculative venture. Your choice to participate in the burn/buy for the coin is taken as acknowledgement of the risks associated with an experiment such as this.

[Bl4ckw00d]

Sorry if I sound overly critical, I just think phase 1 was too generous compared to phase 2. I'm not really in favor of 'first in best dressed' coz that usually means a feeding frenzy and those who turned up after 4 hours get a substantially lessor rate - I've been hodling VRC since well before the SuperNET deal, and I would have preferred a different distribution method that gave everyone the same rate - that's possible to do

I completely agree with Kenny.

[r.o.o.t]

Looks like a decent 24 hour volume https://poloniex.com/exchange#btc_vrc around 22 BTC, sounds nice

[bubilas]

Looks like a decent 24 hour volume https://poloniex.com/exchange#btc_vrc around 22 BTC, sounds nice

"nice" or nice?

[souljah1h]

Volume is almost at the lowest point since days.

[MAD945]

Looks like a decent 24 hour volume https://poloniex.com/exchange#btc_vrc around 22 BTC, sounds nice

"nice" or nice?

to soon!

[MAD945]

I don't like to criticise without saying what I think is a better system, so I point the VRM/VRC community to what the Bitstar devs did when they created BATL:

Basically the supply of BATL was determined, everyone had a time period to burn BITS, then the genesis block of BATL was determined where everyone who burnt BITS got the same rate. Very fair, no 4 hr feeding frenzy, everybody treated the same, no 'insiders'. IMO that's an unambiguously better method than what VRC/VRM is doing.

We will shortly be releasing the details of an experimental project under development by our company.

This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.

Some of the Bitstarcoin dev team will be creating this public blockchain by way of a new wallet cloned from another existing coin and rebranded. The purpose of this is to use suitable PoS cryptocurrency tech which is already proven and known to be reliable.

While it will be a public and open-source new blockchain, the dev team have expressed their willingness to support the needs of our app by way of committing whichever mods/dev/forks are required to ensure the functionality needed for the app to operate smoothly and securely.

This beta app may or may not be released as a commercially-launched finished product.

Distribution of the new 'coin' will be done by way of participants receiving a proportional share of those issued from the genesis block as a primer for the public network and its market. To participate you will be required to burn the amount of Bitstarcoins you wish to commit to the project, thereby reducing the issued and max supply of Bitstars.

This app project is an entirely speculative venture. Your choice to participate in the burn/buy for the coin is taken as acknowledgement of the risks associated with an experiment such as this.

Kenny I respect your opinion there are many ways the devs could of gone but a lot of this was decided by the community and voted on. The devs initially didn't want to do ICO for Verium instead just release and have the community mine it. The community decided to go for a ICO to provided funding for the devs who have never had funding for development which the devs could use to accelerate projects and have marketing which Vericoin has never had. Also 50% of the funds raised will be a permeant staking fund, interest produced will provide in-defiant funding for the projects and marketing.

The community voted to have a 2 Phase ICO and also anyone staking their Vericoin will receive 1 VRM for 500 VRC you hold and stake also voted by the community. Another reward for people supporting the community and the securing the network.

Phase 1 ICO was advertised for weeks on BTCTalk, Vericoinforums, Twitter, Facebook and steemit. There is only so much we can do for marketing without funding and the devs did not anticipate the demand and thats why the ICO soldout in less the 4 hours. Phase 2 may sellout just as fast, we don't know.

[kennyP]

I don't like to criticise without saying what I think is a better system, so I point the VRM/VRC community to what the Bitstar devs did when they created BATL:

Basically the supply of BATL was determined, everyone had a time period to burn BITS, then the genesis block of BATL was determined where everyone who burnt BITS got the same rate. Very fair, no 4 hr feeding frenzy, everybody treated the same, no 'insiders'. IMO that's an unambiguously better method than what VRC/VRM is doing.

We will shortly be releasing the details of an experimental project under development by our company.

This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.

Some of the Bitstarcoin dev team will be creating this public blockchain by way of a new wallet cloned from another existing coin and rebranded. The purpose of this is to use suitable PoS cryptocurrency tech which is already proven and known to be reliable.

While it will be a public and open-source new blockchain, the dev team have expressed their willingness to support the needs of our app by way of committing whichever mods/dev/forks are required to ensure the functionality needed for the app to operate smoothly and securely.

This beta app may or may not be released as a commercially-launched finished product.

Distribution of the new 'coin' will be done by way of participants receiving a proportional share of those issued from the genesis block as a primer for the public network and its market. To participate you will be required to burn the amount of Bitstarcoins you wish to commit to the project, thereby reducing the issued and max supply of Bitstars.

This app project is an entirely speculative venture. Your choice to participate in the burn/buy for the coin is taken as acknowledgement of the risks associated with an experiment such as this.

Kenny I respect your opinion there are many ways the devs could of gone but a lot of this was decided by the community and voted on. The devs initially didn't want to do ICO for Verium instead just release and have the community mine it. The community decided to go for a ICO to provided funding for the devs who have never had funding for development which the devs could use to accelerate projects and have marketing which Vericoin has never had. Also 50% of the funds raised will be a permeant staking fund, interest produced will provide in-defiant funding for the projects and marketing.

The community voted to have a 2 Phase ICO and also anyone staking their Vericoin will receive 1 VRM for 500 VRC you hold and stake also voted by the community. Another reward for people supporting the community and the securing the network.

Phase 1 ICO was advertised for weeks on BTCTalk, Vericoinforums, Twitter, Facebook and steemit. There is only so much we can do for marketing without funding and the devs did not anticipate the demand and thats why the ICO soldout in less the 4 hours. Phase 2 may sellout just as fast, we don't know.

The way I see it is VRC had a community, and some of those people are 'active', and some are less so, but everyone who owns VRC coins is part of an established 'tribe'. My point is 'early bird' deals with tiered rates to incentivise people to act quickly is what you do when you are building a community from scratch (i.e. going from no community to some community) - that makes sense, and it's marketing 101. BUT, when you already have a community (i.e. existing token holders, some active on a daily basis, some weekly, some monthly) you try and keep everyone on the same page by treating everyone the same. That's community building 101.

Because I'm not active on an hourly basis (literally hourly) I'm going to get a vastly inferior rate of exchange, even though I've been hodling VRC for years. That's my point. I don't really mind if the people who set alarm clocks and got up in the middle of the night get 5-10% better than me, but if it's 100-200% I feel pretty pissed off, even though I accept that with VRC I'm basically active on a daily/weekly basis only.

[MAD945]

I don't like to criticise without saying what I think is a better system, so I point the VRM/VRC community to what the Bitstar devs did when they created BATL:

Basically the supply of BATL was determined, everyone had a time period to burn BITS, then the genesis block of BATL was determined where everyone who burnt BITS got the same rate. Very fair, no 4 hr feeding frenzy, everybody treated the same, no 'insiders'. IMO that's an unambiguously better method than what VRC/VRM is doing.

We will shortly be releasing the details of an experimental project under development by our company.

This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.

Some of the Bitstarcoin dev team will be creating this public blockchain by way of a new wallet cloned from another existing coin and rebranded. The purpose of this is to use suitable PoS cryptocurrency tech which is already proven and known to be reliable.

While it will be a public and open-source new blockchain, the dev team have expressed their willingness to support the needs of our app by way of committing whichever mods/dev/forks are required to ensure the functionality needed for the app to operate smoothly and securely.

This beta app may or may not be released as a commercially-launched finished product.

Distribution of the new 'coin' will be done by way of participants receiving a proportional share of those issued from the genesis block as a primer for the public network and its market. To participate you will be required to burn the amount of Bitstarcoins you wish to commit to the project, thereby reducing the issued and max supply of Bitstars.

This app project is an entirely speculative venture. Your choice to participate in the burn/buy for the coin is taken as acknowledgement of the risks associated with an experiment such as this.

Kenny I respect your opinion there are many ways the devs could of gone but a lot of this was decided by the community and voted on. The devs initially didn't want to do ICO for Verium instead just release and have the community mine it. The community decided to go for a ICO to provided funding for the devs who have never had funding for development which the devs could use to accelerate projects and have marketing which Vericoin has never had. Also 50% of the funds raised will be a permeant staking fund, interest produced will provide in-defiant funding for the projects and marketing.

The community voted to have a 2 Phase ICO and also anyone staking their Vericoin will receive 1 VRM for 500 VRC you hold and stake also voted by the community. Another reward for people supporting the community and the securing the network.

Phase 1 ICO was advertised for weeks on BTCTalk, Vericoinforums, Twitter, Facebook and steemit. There is only so much we can do for marketing without funding and the devs did not anticipate the demand and thats why the ICO soldout in less the 4 hours. Phase 2 may sellout just as fast, we don't know.

The way I see it is VRC had a community, and some of those people are 'active', and some are less so, but everyone who owns VRC coins is part of an established 'tribe'. My point is 'early bird' deals with tiered rates to incentivise people to act quickly is what you do when you are building a community from scratch (i.e. going from no community to some community) - that makes sense, and it's marketing 101. BUT, when you already have a community (i.e. existing token holders, some active on a daily basis, some weekly, some monthly) you try and keep everyone on the same page by treating everyone the same. That's community building 101.

Because I'm not active on an hourly basis (literally hourly) I'm going to get a vastly inferior rate of exchange, even though I've been hodling VRC for years. That's my point. I don't really mind if the people who set alarm clocks and got up in the middle of the night get 5-10% better than me, but if it's 100-200% I feel pretty pissed off, even though I accept that with VRC I'm basically active on a daily/weekly basis only.

Fair enough Kenny, your welcome to your opinion and I'm sorry you missed out on Phase 1 of the ICO. With the current price you will be able to get in on Phase 2 of the ICO at the same price as Phase 1....so you will be able to get a chance at the Verium ICO.

Good luck and set your alarm

[warr1979]

I don't like to criticise without saying what I think is a better system, so I point the VRM/VRC community to what the Bitstar devs did when they created BATL:

Basically the supply of BATL was determined, everyone had a time period to burn BITS, then the genesis block of BATL was determined where everyone who burnt BITS got the same rate. Very fair, no 4 hr feeding frenzy, everybody treated the same, no 'insiders'. IMO that's an unambiguously better method than what VRC/VRM is doing.

We will shortly be releasing the details of an experimental project under development by our company.

This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.

Some of the Bitstarcoin dev team will be creating this public blockchain by way of a new wallet cloned from another existing coin and rebranded. The purpose of this is to use suitable PoS cryptocurrency tech which is already proven and known to be reliable.

While it will be a public and open-source new blockchain, the dev team have expressed their willingness to support the needs of our app by way of committing whichever mods/dev/forks are required to ensure the functionality needed for the app to operate smoothly and securely.

This beta app may or may not be released as a commercially-launched finished product.

Distribution of the new 'coin' will be done by way of participants receiving a proportional share of those issued from the genesis block as a primer for the public network and its market. To participate you will be required to burn the amount of Bitstarcoins you wish to commit to the project, thereby reducing the issued and max supply of Bitstars.

This app project is an entirely speculative venture. Your choice to participate in the burn/buy for the coin is taken as acknowledgement of the risks associated with an experiment such as this.

Kenny what is your number so I can personally call you up so you never miss anything ever again.  Look if VRC was important you would of had it.  PLENTY of information every where.  Look up insider trading.  Your lack of educating yourself and be interested is no one fault but your own. But if you give me your number I will call you 5 mins before phase 2 starts.

[MAD945]

Reminder T-Minus 5 Days

http://www.vericoin.info/ico.html

[operabit]

Vericoin, Verium, and Verynice

[kennyP]

I don't like to criticise without saying what I think is a better system, so I point the VRM/VRC community to what the Bitstar devs did when they created BATL:

Basically the supply of BATL was determined, everyone had a time period to burn BITS, then the genesis block of BATL was determined where everyone who burnt BITS got the same rate. Very fair, no 4 hr feeding frenzy, everybody treated the same, no 'insiders'. IMO that's an unambiguously better method than what VRC/VRM is doing.

We will shortly be releasing the details of an experimental project under development by our company.

This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.

Some of the Bitstarcoin dev team will be creating this public blockchain by way of a new wallet cloned from another existing coin and rebranded. The purpose of this is to use suitable PoS cryptocurrency tech which is already proven and known to be reliable.

While it will be a public and open-source new blockchain, the dev team have expressed their willingness to support the needs of our app by way of committing whichever mods/dev/forks are required to ensure the functionality needed for the app to operate smoothly and securely.

This beta app may or may not be released as a commercially-launched finished product.

Distribution of the new 'coin' will be done by way of participants receiving a proportional share of those issued from the genesis block as a primer for the public network and its market. To participate you will be required to burn the amount of Bitstarcoins you wish to commit to the project, thereby reducing the issued and max supply of Bitstars.

This app project is an entirely speculative venture. Your choice to participate in the burn/buy for the coin is taken as acknowledgement of the risks associated with an experiment such as this.

Kenny what is your number so I can personally call you up so you never miss anything ever again.  Look if VRC was important you would of had it.  PLENTY of information every where.  Look up insider trading.  Your lack of educating yourself and be interested is no one fault but your own. But if you give me your number I will call you 5 mins before phase 2 starts.

You didn't even read my suggestion for an alternative method of VRM distribution, did you? Thanks to MAD945, coz he did. Look, my opinion would be exactly the same if I DID get the phase 1 rate, because it's an inferior method being used than what I suggested above. Why don't you try and make the case for why the current method is better than the one I suggested? Forget about me, just argue the case for the current method with hugely varying rates as compared to my suggestion where all EXISTING VRC hodlers get the same rate if they decide to burn VRC for VRM. Why is the current method being used the optimum one?

edit: I'll tell you why the current system is inferior IMO
1- it's unfair, and damages community harmony
2- it adds a perception that insiders can (and will) manipulate VRM on markets

[MAD945]

I don't like to criticise without saying what I think is a better system, so I point the VRM/VRC community to what the Bitstar devs did when they created BATL:

Basically the supply of BATL was determined, everyone had a time period to burn BITS, then the genesis block of BATL was determined where everyone who burnt BITS got the same rate. Very fair, no 4 hr feeding frenzy, everybody treated the same, no 'insiders'. IMO that's an unambiguously better method than what VRC/VRM is doing.

We will shortly be releasing the details of an experimental project under development by our company.

This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.

Some of the Bitstarcoin dev team will be creating this public blockchain by way of a new wallet cloned from another existing coin and rebranded. The purpose of this is to use suitable PoS cryptocurrency tech which is already proven and known to be reliable.

While it will be a public and open-source new blockchain, the dev team have expressed their willingness to support the needs of our app by way of committing whichever mods/dev/forks are required to ensure the functionality needed for the app to operate smoothly and securely.

This beta app may or may not be released as a commercially-launched finished product.

Distribution of the new 'coin' will be done by way of participants receiving a proportional share of those issued from the genesis block as a primer for the public network and its market. To participate you will be required to burn the amount of Bitstarcoins you wish to commit to the project, thereby reducing the issued and max supply of Bitstars.

This app project is an entirely speculative venture. Your choice to participate in the burn/buy for the coin is taken as acknowledgement of the risks associated with an experiment such as this.

Kenny what is your number so I can personally call you up so you never miss anything ever again.  Look if VRC was important you would of had it.  PLENTY of information every where.  Look up insider trading.  Your lack of educating yourself and be interested is no one fault but your own. But if you give me your number I will call you 5 mins before phase 2 starts.

You didn't even read my suggestion for an alternative method of VRM distribution, did you? Thanks to MAD945, coz he did. Look, my opinion would be exactly the same if I DID get the phase 1 rate, because it's an inferior method being used than what I suggested above. Why don't you try and make the case for why the current method is better than the one I suggested? Forget about me, just argue the case for the current method with hugely varying rates as compared to my suggestion where all EXISTING VRC hodlers get the same rate if they decide to burn VRC for VRM. Why is the current method being used the optimum one?

edit: I'll tell you why the current system is inferior IMO
1- it's unfair, and damages community harmony
2- it adds a perception that insiders can (and will) manipulate VRM on markets

Thanks for the reply Kenny, like you said there are many ways the Dev's and the community as a whole could of decided on how to approach the Verium ICO but this is what was voted and decided by the community.

I think this method will work and miners will have a good chance to make a profit while mining Verium and supporting the network of Vericoin and Verium. I think this was the best method to make everyone happy and not just a few.

Remember Kenny if your staking your Vericoin you will get free Verium. 1 VRM for every 500 VRC you stake

[warr1979]

I don't like to criticise without saying what I think is a better system, so I point the VRM/VRC community to what the Bitstar devs did when they created BATL:

Basically the supply of BATL was determined, everyone had a time period to burn BITS, then the genesis block of BATL was determined where everyone who burnt BITS got the same rate. Very fair, no 4 hr feeding frenzy, everybody treated the same, no 'insiders'. IMO that's an unambiguously better method than what VRC/VRM is doing.

We will shortly be releasing the details of an experimental project under development by our company.

This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.

Some of the Bitstarcoin dev team will be creating this public blockchain by way of a new wallet cloned from another existing coin and rebranded. The purpose of this is to use suitable PoS cryptocurrency tech which is already proven and known to be reliable.

While it will be a public and open-source new blockchain, the dev team have expressed their willingness to support the needs of our app by way of committing whichever mods/dev/forks are required to ensure the functionality needed for the app to operate smoothly and securely.

This beta app may or may not be released as a commercially-launched finished product.

Distribution of the new 'coin' will be done by way of participants receiving a proportional share of those issued from the genesis block as a primer for the public network and its market. To participate you will be required to burn the amount of Bitstarcoins you wish to commit to the project, thereby reducing the issued and max supply of Bitstars.

This app project is an entirely speculative venture. Your choice to participate in the burn/buy for the coin is taken as acknowledgement of the risks associated with an experiment such as this.

Kenny what is your number so I can personally call you up so you never miss anything ever again.  Look if VRC was important you would of had it.  PLENTY of information every where.  Look up insider trading.  Your lack of educating yourself and be interested is no one fault but your own. But if you give me your number I will call you 5 mins before phase 2 starts.

You didn't even read my suggestion for an alternative method of VRM distribution, did you? Thanks to MAD945, coz he did. Look, my opinion would be exactly the same if I DID get the phase 1 rate, because it's an inferior method being used than what I suggested above. Why don't you try and make the case for why the current method is better than the one I suggested? Forget about me, just argue the case for the current method with hugely varying rates as compared to my suggestion where all EXISTING VRC hodlers get the same rate if they decide to burn VRC for VRM. Why is the current method being used the optimum one?

edit: I'll tell you why the current system is inferior IMO
1- it's unfair, and damages community harmony
2- it adds a perception that insiders can (and will) manipulate VRM on markets

Why was it fair because for TWO years I have invested followed and contributed to vericoin. I staked the coin to protect it I believed in it and I was REWARDED.  Ok why is there an ICO because of the COMMUNITY that WANTED it.  This was a little thank you for the FAITHFUL member of the community that went through the ringer because of a theft that lead to a hard ford and this coin was crucified unlike ETH that is praised for there bad code.  Everyone was informed about Phase I and was treated the same. I bought in two waves since it was going so well.  There was no crashes to the website.  Life isn't fair everything isn't socialism where we all get the same because thats fair.  I was REWARDED for being attentive!!

1) The community wasn't harmed because the community knew when and how
2) How is it insider information when it was posted on 3 threads here, a vericoin forum, twitter AND Facebook.
"Insider information is typically gained by someone who is working within or close to a listed company." When your listing the information in different places then ummmits not inside!!

[Sincere_]

looks like Ill be picking up some vrm on August 1st picked up some vrc on the dips ready for phase 2

[souljah1h]

I don't like to criticise without saying what I think is a better system, so I point the VRM/VRC community to what the Bitstar devs did when they created BATL:

Basically the supply of BATL was determined, everyone had a time period to burn BITS, then the genesis block of BATL was determined where everyone who burnt BITS got the same rate. Very fair, no 4 hr feeding frenzy, everybody treated the same, no 'insiders'. IMO that's an unambiguously better method than what VRC/VRM is doing.

We will shortly be releasing the details of an experimental project under development by our company.

This new project is the creation of an app which will, in part, utilise a public blockchain for the 'token' element of its functionality.

Some of the Bitstarcoin dev team will be creating this public blockchain by way of a new wallet cloned from another existing coin and rebranded. The purpose of this is to use suitable PoS cryptocurrency tech which is already proven and known to be reliable.

While it will be a public and open-source new blockchain, the dev team have expressed their willingness to support the needs of our app by way of committing whichever mods/dev/forks are required to ensure the functionality needed for the app to operate smoothly and securely.

This beta app may or may not be released as a commercially-launched finished product.

Distribution of the new 'coin' will be done by way of participants receiving a proportional share of those issued from the genesis block as a primer for the public network and its market. To participate you will be required to burn the amount of Bitstarcoins you wish to commit to the project, thereby reducing the issued and max supply of Bitstars.

This app project is an entirely speculative venture. Your choice to participate in the burn/buy for the coin is taken as acknowledgement of the risks associated with an experiment such as this.

Kenny what is your number so I can personally call you up so you never miss anything ever again.  Look if VRC was important you would of had it.  PLENTY of information every where.  Look up insider trading.  Your lack of educating yourself and be interested is no one fault but your own. But if you give me your number I will call you 5 mins before phase 2 starts.

You didn't even read my suggestion for an alternative method of VRM distribution, did you? Thanks to MAD945, coz he did. Look, my opinion would be exactly the same if I DID get the phase 1 rate, because it's an inferior method being used than what I suggested above. Why don't you try and make the case for why the current method is better than the one I suggested? Forget about me, just argue the case for the current method with hugely varying rates as compared to my suggestion where all EXISTING VRC hodlers get the same rate if they decide to burn VRC for VRM. Why is the current method being used the optimum one?

edit: I'll tell you why the current system is inferior IMO
1- it's unfair, and damages community harmony
2- it adds a perception that insiders can (and will) manipulate VRM on markets

Thanks for the reply Kenny, like you said there are many ways the Dev's and the community as a whole could of decided on how to approach the Verium ICO but this is what was voted and decided by the community.

I think this method will work and miners will have a good chance to make a profit while mining Verium and supporting the network of Vericoin and Verium. I think this was the best method to make everyone happy and not just a few.

Remember Kenny if your staking your Vericoin you will get free Verium. 1 VRM for every 500 VRC you stake

1 VRM for every 500 VRC you stake. Only if you are in the top 250. https://chainz.cryptoid.info/vrc/#!rich