Wanted - Programmer for 2 new alt-coins (BOUNTY - 5oz of silver OR BTC)

[michaelmclees]

Is there anyone out there that would be willing to create a couple alt coins for me?  GDC (Goldcoin) and SRC (Silvercoin).

I have a couple specifications.

1 - All 100 billion coins are premined in first block and go into vault wallet, accessible only by me, meaning I mine the first block.
2 - 50% of all future transaction fees go to me.
3 - 50% of all future transaction fees go to miners.
4 - Coin can be merge mined with Bitcoin.

This is the plan.  Create one coin backed by gold and another backed by silver.

Gradually, people will begin to trust me with their gold and silver, which will be kept in safety deposit boxes in various banks and available on request from people who are able to send me units of these alt coins.

1 coin will equal 1oz of metal.  If someone sends me 1GDC, they will be sent 1oz of gold bullion from my safety deposit box.  If someone sends me 1oz of gold bullion, I will send 1GDC to their GDC address.  GDC's are always redeemable by me in metal as there is a 100% reserve, but shipping costs will apply.

Various other details will be worked out in future posts.

The transaction fees going to my personal address may be sent to the vault wallet so that I may redeem the metal to sell and pay for safety deposit box rent, personal expenses, etc...

As a reward for this task, I'm offering to send 2SRC's to the programmer, which he may keep or redeem with me for 1oz coins.

This is purely an experiment to see what, if any, demand for this sort of thing is out there.

*offer increased to 3SRC's
*offer increased to 4SRC's or a negotiated amount of BTC.
*offer increased to 5SRC's or a negotiated amount of BTC.

[michaelmclees]

Not a joke.  Just an experiment.

[temor]

An experiment that would leave you holding 100 Billion ounces of Gold and Silver... You could retire 1000 times over.

[michaelmclees]

Trust only comes with time.  There are benefits to holding GDC's and SRC's.  You can freely trade them all over the place, without shipping metal all over the world.

[Rawted]

Come on man. You've been here since 2011. You know damn well trying to get programming work and paying for it in your made up coin is beyond scummy. pay people proper for their work, or you'll get shit for effort.

[kokojie]

so what's the point of mining after the 1st block?

[Francesco]

Isn't a very similar feature already included into Ripple? You can issue IOUs denominated in gold and silver, if you like, and trade them for the real thing.

[michaelmclees]

Paying the programmer in the coin is meant as a show of trust.  He is perfectly free to send them back and redeem them for the real silver.  Perhaps the price is too low?

I understand that almost no one will trust it at first.  That is fine.  I've got time.  And perhaps no one trusts it ever.  This is also fine.

Mining after the first block will produce transaction fees as people move the coins around.  Collect enough and the fees may be redeemed for the bullion.

[michaelmclees]

Isn't a very similar feature already included into Ripple? You can issue IOUs denominated in gold and silver, if you like, and trade them for the real thing.

I'll need to look into this.

[ymer]

10/10 trolling 

[aa]

.

[edd]

10/10 trolling 

I think it's an interesting approach to the inconveniences associated with trading precious metals. Probably needed some community vetting before publicly soliciting a programmer, however.

[markm]

This is pointless, because people have to trust you, the centralised authority, for the bullion thus they might as well also trust you for the accounting system, so it is insanely expensive to use a blockchain for this, you should use Open Transactions or Ripple, or even Cyclos.

Possibly a good method would be to have me hold a cold-vault storage of bullion that will never move, and issue gold and silver tokens in Open Transactions, and you run a hot-vault service where you buy and sell the secured (fully backed) tokens for bullion from a "hot wallet" aka "hot vault". People then know the tokens are fully backed regardless of what accidents might befall the hot vault or any bullion that is in the mail etc.

(The bullion the tokens represent never moves, except some day when the whole business shuts down; it just sits forever in a secure vault backing tokens that hot-wallet / hot-vault operators buy and sell for bullion.)

-MarkM-

[michaelmclees]

(The bullion the tokens represent never moves, except some day when the whole business shuts down; it just sits forever in a secure vault backing tokens that hot-wallet / hot-vault operators buy and sell for bullion.)

-MarkM-

This is what would ultimately happen, however, it becomes difficult to trust an entity holding your bullion if you can't periodically test it out, just like it becomes difficult to trust the Fed when they won't let anyone inspect the gold at Fort Knox.  It gets easier if there is a 20 year history of everyone, no matter how large an account holder, being able to withdraw their bullion without issue.

[markm]

There are ancient bullion repositories that are insured by LLoyd's of London and all that good stuff, that provide notarised cetification of balances and stuff like that, so I don't think proving the cold-storage bullion exists is a problem, although how expensive such storage places tend to be, and how much they charge for each audit of how much you really have in them, I do not know offhand. It'd be an expense to take into account for sure.

-MarkM-

[SgtSpike]

I've thought about doing exactly this for gold or dollars for quite a while.  I always bumped into a few problems I could not solve:

- What happens if my main wallet gets hacked, stolen, or otherwise compromised?  Some method of reversing transactions would have to be available for such cases.  But then, what happens if a hacker gains access to the method of reversing transactions?  The whole idea breaks down.
- For gold, I would have to pay to have the gold stored securely.  How would I be able to fund this?
- For dollars, I would have to register as a MSB/MT, would have to keep full AML/KYC records.  It would be expensive.  I could potentially hope to fund this expense with investment income on the dollars I received, but then people would be less likely to trust the whole thing if I was actively investing the money they gave me.

[Anon136]

Is there anyone out there that would be willing to create a couple alt coins for me?  GDC (Goldcoin) and SRC (Silvercoin).

I have a couple specifications.

1 - All 100 billion coins are premined in first block and go into vault wallet, accessible only by me, meaning I mine the first block.
2 - 50% of all future transaction fees go to me.
3 - 50% of all future transaction fees go to miners.
4 - Coin can be merge mined with Bitcoin.

This is the plan.  Create one coin backed by gold and another backed by silver.

Gradually, people will begin to trust me with their gold and silver, which will be kept in safety deposit boxes in various banks and available on request from people who are able to send me units of these alt coins.

1 coin will equal 1oz of metal.  If someone sends me 1GDC, they will be sent 1oz of gold bullion from my safety deposit box.  If someone sends me 1oz of gold bullion, I will send 1GDC to their GDC address.  GDC's are always redeemable by me in metal as there is a 100% reserve, but shipping costs will apply.

Various other details will be worked out in future posts.

The transaction fees going to my personal address may be sent to the vault wallet so that I may redeem the metal to sell and pay for safety deposit box rent, personal expenses, etc...

As a reward for this task, I'm offering to send 2SC's to the programmer, which he may keep or redeem with me for 1oz coins.

This is purely an experiment to see what, if any, demand for this sort of thing is out there.

whats the point in a decentralized coin for a centralized service. Just maintain a centralized ledger.

[CoinHoarder]

What happens if you die? Who gets the gold and silver?

PS: Please say me!!

[Cheshyr]

I'm confused why he needs a programmer for this.  Isn't this a pretty trivial task?

I think it would be more interesting to take that first 100B coins and put them into pre-established services for disbursal, like faucets and FTP games and such, with bonuses from the games purchasable using said coin.  Generate transactions, a market, and a high difficulty for predictable pool mining, all at once.

[Zeke_Vermillion]

There are a lot of e-gold issuers out there, but it would be somewhat novel to have the certificates distributed via cryptocoin. But instead of using your own e-currency, why don't you use killerstorm's colored coin concept, and base it off an existing coin either btc or an alt chain. You don't need a whole new chain just for this test project.

However, a word of caution -- unless you know about AML requirements, success at this project may be hazardous to your freedom: http://www.wired.com/threatlevel/2009/06/e-gold/