ColoradoPay CPay | FinCen Registered | Company Based | Asset Backed

[badam]

I've read the whitepaper still having some technical concerns. I understand that everything is legally backed as a local currency, but how the chain will move since you said there is no block generation at all. Without new blocks transactions will be unprocessed so still there has to be some kind of private mining. But in that case my other concern is what happens if the mining servers will be shut down for some reason?

no mining. blocks are issued based on a timer and an algorithm. the blocks themselves have already been pregenerated

algo is as follows:

the max wait time is 1 hour from last block.

the servers take the last block time. add 1 hour. subtract time from that hour based on the number of transactions waiting and the size of those transactions waiting (as a block approaches full). if the current time is past the time that was calculated based on that algorithm (because it will subtract from the next time and can go before current time) then it will issue a block. While waiting transactions are already packed into the block it just doesnt push it out to the network until a time limit is reached. this saves space on the chain and space on everyones computer.

we currently have two server locations (East and west coast USA). it is possible for them to lose power in which case yes, the chain stops temporarily if both lose power. but as we expand the number of locations will expand so this will become less likely to happen as time goes on.

Thanks for the explanation it explains most of my concerns(still having some technical doubts) but i will watch how will this evolve as the concept itself is very interesting

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[MisO69]

Its not mineable and its pegged to 1 USD. So why would we be interested? Its not like we can make gains on investing in this. So why post here?

[Griffith]

Its not mineable and its pegged to 1 USD. So why would we be interested? Its not like we can make gains on investing in this. So why post here?

Feedback from the crypto community for one.
Also you would make gains in a different way, if you are not in the US im not completely sure how the laws would apply to you (since i am a US citizen) but in the USA if you buy something you pay the states sales tax. crypto currency isnt by law money, so trading it for another good is labled by law as a form of bartering resulting in no sales tax. things like this would save you money. Real world application would save you money as opposed to typical altcoin things. This isnt a normal altcoin venture. So pumps and stuff like that wouldnt really work.

However we are applying to polo tonight or tomorrow. if the coin is pegged to USD, BTC is not. so you could trade in the margins on exchanges against BTC to gain btc by exchanging CPay back and forth as the value of BTC in relation to the dollar changes.

edit: same trading principles as USD to BTC just instead of USD its CPay because the backing of CPay is 1 CPay to 1 USD

[Griffith]

We will be releasing wallets tomorrow and resetting the chain, there was a decision to restructure the fees a bit before official release.

Once the wallets are out we are planning on finishing up mobile wallets and getting those sent to google play store as soon as possible. when the request to be added to the play store has been sent an update will be posted on this thread

OP will be updated tomorrow and the second post will be updated to contain a roadmap

The third post is reserved for helpful documentation and FAQ's for the system and its application and uses later on as well as a list of merchants who accept the coin as payment.

[Griffith]

The wallets are now available for download under the downloads section on the website. (This link can also be found in the OP under downloads)

[whywetrance]

ICO ColoradoPAY 'CPAY' - Initial Coin Offering - Get your coins here!

ColoradoPAY 'CPAY' ICO

https://icostart.com/



You will need Bitcoin to purchase CPAY on 'Icostart,' but if you don't have Bitcoin you can get it from here.

https://www.coinbase.com/



Price per coin:   0.00250000 BTC ($1)

Total ICO:           25000 CPay

Total value:     62.50000000 BTC

Start date:           5/19/2016 4:45:00 PM UTC

End date:           6/18/2016 4:45:00 PM UTC




Storing your CPAY will require a wallet.

Please Download and Install.

CPAY Wallets - Windows & Linux - (Android) Currently in development.

http://www.coloradopay.org/wallets.php




CPAY - Block Explorer

https://chainz.cryptoid.info/cpay/



ColoradoPAY on Twitter -

https://twitter.com/coloradopay/




ColoradoPAY on Reddit -

https://www.reddit.com/r/ColoradoPAY/

[Griffith]

To be clear for any coin that has been cleared to be issued out, the CCC and GFSG already have the funds to buy back if it is decided to be sold directly back to the company instead of being used with a merchant that accepts the coin.

[whywetrance]

The mobile wallet is on the way!

 

mock-up for example purposes only- final version will differ from above

Code:

<html>
<body>

<p>
<a href="http://coloradopay.org/">
<img border="0" alt="ColoradoPAY.org" src="https://i.imgur.com/SPARn29.gif" width="300" height="250">
</a>
</p>

</body>
</html>

[trannamtan]

Congratulation for CPAY , wishing you all the best and best luck in the future

[Selsonblue]

This is like selling Oxyclean to Billy Mayes... I mean we already have BTC to buy our weed.   Kinda confused why this even exists? Aside from scam?

[$crypto$]

bounty 

[Griffith]

bounty  

what do you want a bounty on?

This is like selling Oxyclean to Billy Mayes... I mean we already have BTC to buy our weed.   Kinda confused why this even exists? Aside from scam?

its an functioning payment system with a chain that cant be attacked with double spends that has a stable pricepoint (which is where businesses say bitcoin is too risky) so that a merchant can accept it and know they are going to get their money at the value they are expecting.

and just like bitcoin is a cheaper alternative on the merchant end compared to credit cards

edit: its not for weed. it doesnt have a direct target market, it is for any type of retail in general

[Griffith]

a wallet update has been released, please update your wallets to the newest versions on the website

[whywetrance]

Everyone on the ColoradoPay team has been working diligently, and We will be releasing updates shortly 

[MisO69]

ICO ColoradoPAY 'CPAY' - Initial Coin Offering - Get your coins here!

ColoradoPAY 'CPAY' ICO

https://icostart.com/



You will need Bitcoin to purchase CPAY on 'Icostart,' but if you don't have Bitcoin you can get it from here.

https://www.coinbase.com/



Price per coin:   0.00250000 BTC ($1)

Total ICO:           25000 CPay

Total value:     62.50000000 BTC

Start date:           5/19/2016 4:45:00 PM UTC

End date:           6/18/2016 4:45:00 PM UTC




Storing your CPAY will require a wallet.

Please Download and Install.

CPAY Wallets - Windows & Linux - (Android) Currently in development.

http://www.coloradopay.org/wallets.php




CPAY - Block Explorer

https://chainz.cryptoid.info/cpay/



ColoradoPAY on Twitter -

https://twitter.com/coloradopay/




ColoradoPAY on Reddit -

https://www.reddit.com/r/ColoradoPAY/

You're doing and ICO in the USA and with a registered company. I thought there was all kinds of legal work that needs to be done before you can sell these coins. I sure hope you guys consulted a lawyer because you could get in a lot of trouble over this. Maybe I'm wrong but still I thought it was worth mentioning. I wouldn't want to see like minded people locked up over something like this.

[jayguar]

If there is no POW, why are members not interested?

[Griffith]

ICO ColoradoPAY 'CPAY' - Initial Coin Offering - Get your coins here!

ColoradoPAY 'CPAY' ICO

https://icostart.com/



You will need Bitcoin to purchase CPAY on 'Icostart,' but if you don't have Bitcoin you can get it from here.

https://www.coinbase.com/



Price per coin:   0.00250000 BTC ($1)

Total ICO:           25000 CPay

Total value:     62.50000000 BTC

Start date:           5/19/2016 4:45:00 PM UTC

End date:           6/18/2016 4:45:00 PM UTC




Storing your CPAY will require a wallet.

Please Download and Install.

CPAY Wallets - Windows & Linux - (Android) Currently in development.

http://www.coloradopay.org/wallets.php




CPAY - Block Explorer

https://chainz.cryptoid.info/cpay/



ColoradoPAY on Twitter -

https://twitter.com/coloradopay/




ColoradoPAY on Reddit -

https://www.reddit.com/r/ColoradoPAY/

You're doing and ICO in the USA and with a registered company. I thought there was all kinds of legal work that needs to be done before you can sell these coins. I sure hope you guys consulted a lawyer because you could get in a lot of trouble over this. Maybe I'm wrong but still I thought it was worth mentioning. I wouldn't want to see like minded people locked up over something like this.

this was actually fine. This falls under the rules of donations because of the way licensing is working, the ICO didnt actually fall on the company.

[WolfLee84]

I, Griffith, do not own this coin. It is NOT my launch, it is NOT my announcement, and the businesses registered are NOT owned or run by me. I am a salaried employee of Global Financial Services Group (GFSG) in the blockchain RND department. I have been chosen to make the announcement thread on this forum due to my account here being older and having reputation. I am NOT the CEO.

Are you therefore just the fallguy if things go wrong and if they should split with money? You are basically admitting that they are newbies and they are just paying you to use your reputation to make things look more legit. Why would it be more legit if you post it vs if they post it on a newbie account since it is not your coin? It would be more legit if the real person post it.

When do CEO's ever write documentations, none that I've ever heard of & seems that's why griffith created the ANN w/ A OP D? You wouldn't want a CEO to even try to write up a post on BitCoinTalk, unless it's one of those skills of all trades (writing major) & the lawyer is also the CEO

//good luck Griffith, watched some of your other work with ECC, MCW & SUPER

https://chainz.cryptoid.info/cpay/
Block Height   Age
1617   27 days 3 hours


P.S. {if} you need some help with the code of the ANN (BBcoding), would be willing to help & not worry about being a "fallguy" 

[whywetrance]

I've ended my association with the ColoradoPAY project, and will no longer be developing or working on the system.

whywetrance