Time to get some help or opinions... Please read.

[HuuHachu]

Great points and exactly my thinking! Of course not everyone will keep an eye on it but I am sure a lot will... I know I would and yes I have sat staring at my miner many a time, as well as the pool data lol So I take it you would use a service like this?

Well, I don't have an infinicoin wallet to begin with ^^

But I'm really not sure how this service would affect users ...

Because of the mostly speculative aspect of today crytocoins, they display a strong instability in price (bitcoin included of course). Except when instantly exchanging any crytocoin income to fiat, there is no way sizable businesses (I mean where you can buy real life goods) would run on crypto as of now.
If a lot of people (or maybe more importantly) a large fraction of the money supply is kept in such service, this would probably help stabilize the price (which is maybe what is the most needed for any non "pump & dump" coin !).

This would be in the best of the worlds ...

But in the current world, there is also a risk for the holder if the market crash as he can't react and try to sell to minimize his loss.


Also, the sustainability of such a service is not assured if sizable amounts are sent to it.

Last but not least, the temptation to run a ponzi scheme is high (à la Madoff or pirate something as seen with bitcoin, where you pay interest on the money newcomers deposit) ... Well some would argue cryptocoins themselves are just a big ponzi-scheme ^^

EDIT: corrected ... Madoff instead of Markov, lol !

[SNAZ31]

I think it's a cool idea with some potential

The site will also be monetized with ads. The profits of which will go towards purchasing more coins to offer more contracts.

Think you'll generate enough traffic to pay the interest? You probably will anyway. I just worry that if I sign up and deposit some coins, you'll get just 2 chances to show me ads, 60 days apart. I might drop by more often if this was coupled with something else interesting: games, articles, commentary, a trollbox at the very least 

Oh and one more thing, the troll box is a possibility, could be a good gauge on how people are liking the service and a place to maybe get some suggestions. Maybe we would have the first chat box rather than a troll box though? :p

[SNAZ31]

Great points and exactly my thinking! Of course not everyone will keep an eye on it but I am sure a lot will... I know I would and yes I have sat staring at my miner many a time, as well as the pool data lol So I take it you would use a service like this?

Well, I don't have an infinicoin wallet to begin with ^^

But I'm really not sure how this service would affect users ...

Because of the mostly speculative aspect of today crytocoins, they display a strong instability in price (bitcoin included of course). Except when instantly exchanging any crytocoin income to fiat, there is no way sizable businesses (I mean where you can buy real life goods) would run on crypto as of now.
If a lot of people (or maybe more importantly) a large fraction of the money supply is kept in such service, this would probably help stabilize the price (which is maybe what is the most needed for any non "pump & dump" coin !).

This would be in the best of the worlds ...

But in the current world, there is also a risk for the holder if the market crash as he can't react and try to sell to minimize his loss.


Also, the sustainability of such a service is not assured if sizable amounts are sent to it.

Last but not least, the temptation to run a ponzi scheme is high (à la Markov or pirate something as seen with bitcoin, where you pay interest on the money newcomers deposit) ... Well some would argue cryptocoins themselves are just a big ponzi-scheme ^^

"Well, I don't have an infinicoin wallet to begin with ^^

But I'm really not sure how this service would affect users ..."

There could be a way around this, i assume you have them on an exchange? I would look into how that would work via the block explorer.

Only time will tell but I think it would be a fantastic benefit for them. Even the option of interest free loans could really help people out.

"Because of the mostly speculative aspect of today crytocoins, they display a strong instability in price (bitcoin included of course). Except when instantly exchanging any crytocoin income to fiat, there is no way sizable businesses (I mean where you can buy real life goods) would run on crypto as of now.
If a lot of people (or maybe more importantly) a large fraction of the money supply is kept in such service, this would probably help stabilize the price (which is maybe what is the most needed for any non "pump & dump" coin !)."

Yes we think so too, it is one of the beautiful things about this. It lowers the erge to dump as you can always pop it in the savings and earn some money on it... Also there will constantly be a demand to by us buying them to refund the pot. I think they will play major factors in how this will work.

"But in the current world, there is also a risk for the holder if the market crash as he can't react and try to sell to minimize his loss."

No this part is not right, they could sell up their coins any time they like, they have complete control over their money at all times. If they sell up though they will move the coins and that will show on the block explorer and then the contract would be ended and the interest earned will go back into the pot.

"Also, the sustainability of such a service is not assured if sizable amounts are sent to it."

There will be a maximum limit to protect against that. There will be different levels of accounts too based on a few things.

"Last but not least, the temptation to run a ponzi scheme is high (à la Markov or pirate something as seen with bitcoin, where you pay interest on the money newcomers deposit) ... Well some would argue cryptocoins themselves are just a big ponzi-scheme ^^"

No temptation here, the only way I benefit is if I make something that good enough and helps the crypto-community. If it didn't then people wouldn't use it and then the price wouldn't stabilize and grow.

I have heard many arguments for all coins being scams in one way or another. If people feel that way I suggest they don't invest and then the problem is solved. I happen to think otherwise

[HuuHachu]

MMh, I think I misunderstood something ... to coins would not be kept by you then ?
The user tell you the address he is keeping coins in, and if after the contracted period the coins have not moved, you reward him, is that it ?

In that case, my fear of locking coins whatever happens does not hold, as my fear of a ponzi scheme as you would not be able to spend to "semi-locked" coins. Nice.

Would this be bearable ... this is still an open question. As limiting the locked amounts in face of users trying to create multiple contracts / accounts.

But ... I still don't have *any* infinicoin ^^ ... too many alts, too little hashpower and money ^^

[zackclark70]

MMh, I think I misunderstood something ... to coins would not be kept by you then ?
The user tell you the address he is keeping coins in, and if after the contracted period the coins have not moved, you reward him, is that it ?

In that case, my fear of locking coins whatever happens does not hold, as my fear of a ponzi scheme as you would not be able to spend to "semi-locked" coins. Nice.

Would this be bearable ... this is still an open question. As limiting the locked amounts in face of users trying to create multiple contracts / accounts.

But ... I still don't have *any* infinicoin ^^ ... too many alts, too little hashpower and money ^^

go on www.altcointalk.co.uk there is a IFC giveaway and you can get 5,000 IFC for free all you need is a wallet

[SNAZ31]

MMh, I think I misunderstood something ... to coins would not be kept by you then ?
The user tell you the address he is keeping coins in, and if after the contracted period the coins have not moved, you reward him, is that it ?

In that case, my fear of locking coins whatever happens does not hold, as my fear of a ponzi scheme as you would not be able to spend to "semi-locked" coins. Nice.

Would this be bearable ... this is still an open question. As limiting the locked amounts in face of users trying to create multiple contracts / accounts.

But ... I still don't have *any* infinicoin ^^ ... too many alts, too little hashpower and money ^^

"MMh, I think I misunderstood something ... to coins would not be kept by you then ?
The user tell you the address he is keeping coins in, and if after the contracted period the coins have not moved, you reward him, is that it ?"

That is the idea yeah. De-centralized, anonymous savings account... You like?

"In that case, my fear of locking coins whatever happens does not hold, as my fear of a ponzi scheme as you would not be able to spend to "semi-locked" coins. Nice."

Indeed! ... It would remove any trust issues people may have. You can pop the coins in a wallet and then put that on a USB if you like, but you control the coins at all times.

"Would this be bearable ... this is still an open question. As limiting the locked amounts in face of users trying to create multiple contracts / accounts."

Multiple accounts is something we have discussed and the feelings are that it is not so much a big deal, multiple accounts mean multiple hits.

"But ... I still don't have *any* infinicoin ^^ ... too many alts, too little hashpower and money ^^"

Well the price is still very cheap, my advice would be buy some!

[SNAZ31]

MMh, I think I misunderstood something ... to coins would not be kept by you then ?
The user tell you the address he is keeping coins in, and if after the contracted period the coins have not moved, you reward him, is that it ?

In that case, my fear of locking coins whatever happens does not hold, as my fear of a ponzi scheme as you would not be able to spend to "semi-locked" coins. Nice.

Would this be bearable ... this is still an open question. As limiting the locked amounts in face of users trying to create multiple contracts / accounts.

But ... I still don't have *any* infinicoin ^^ ... too many alts, too little hashpower and money ^^

go on www.altcointalk.co.uk there is a IFC giveaway and you can get 5,000 IFC for free all you need is a wallet

Good point, I think there are other giveaways too I'm sure.

[SNAZ31]

Btw, note to all... We now have 2 developers working on the project. I will keep everyone informed on the progress and of course this is early days. But it is moving along very nicely. And if anyone else would like to join the team it would be much appreciated.

EDIT: Also just wanted to say that doing this is going to cost us a hell of a lot of money, more than I expected to be honest... Is there going to be anyone telling us how bad we are spending our money to help something we believe in grow? lol

If there is anyone that would like to step forward as a sponsor or part sponsor, or to just join the team then feel free to pm me.

[SNAZ31]

 Project Infinite

We now have a domain! altcoinsavings.com

Plan details
Step 1: Scan viewers browser for ad blockers.
The whole idea of this site is for it to be self sufficient through advertising revenue. So viewers will be required to turn off ad block services. Need a pop up informing people about our vision and the reasons for the ads.

Step 2: Meet and great homepage
Need a nice tidy homepage that says what we do, who we are and what our vision is. The page will need a Sign Up button which will take them through to the registration page. There will also be a sign in for returning customers. The sign in will lead them to their account. There will be a requirement to download the client wallet before they sign up.

Step 2: Registration
Registration page will require a username, email address, password and there IFC savings wallet address. Keeping it as anonymous as possible (A feature that I had not considered until now). We could even have this form on the homepage with the sign up button. (to be decided).

Step 3: Sign up confirmation.
There will be an email requiring confirmation sent out.

Step 4: Explanation page.
After the account is confirmed we can explain the process to them...

Advise that the wallet should be encrypted for their safety
Send the required funds to the address
As soon as the funds are received click start and your contract will begin
Relax and watch your money grow!

Step 4: Contract Page
Here is where they will choose the options available. Contract length vs percentage could work on a sliding scale or with drop down menus (to be decided)
Terms would consist of...

Length of contract
Amount deposited

Here are the contracts available
・   10 days at 1 % interest. Example, deposit 262,144 IFC's and earn 2621.44 IFC's in just 10 days!
・   30 days at 3.5% interest. Example, deposit 262,144 IFC's and earn 9175.04 IFC's in just 30 days!
・   60 days at 8% interest. Example, deposit 262,144 IFC's and earn 20971.52 IFC's in just 60 days!
・   120 days at 20% interest. Example, deposit 262,144 IFC's and earn 52428.8 IFC's in just 120 days!


When a certain contract length is chosen the percentage will auto adjust.
There will be an accept button which will prompt them to send the coins with a further button for them to press once the funds have been received. They will be informed that this action is confirmed via the blockchain.

Step 4: To the ticker
Once the start button has been pressed they will be taken to the ticker which would have been triggered to start with the start button. There will be other info here such as a countdown timer for the remaining time left on the contract.

Step 5: Contract ends
When the contract has ended an email will be sent informing the saver the time is up and to ask them if they would like to claim their interest or restart with an extra deposit and better interest rate.

Step 6: Customer returns to website
When the customer logs in after the contract has ended they will be greeted by the final amount and the ticker stopped. There will be an option to continue or to withdraw.
 Continue
If they choose continue they will be taken back to step 4 but with their new balance and the option to add more.
 Withdraw
If they choose withdraw there will be an email sent to me and zack informing us and then we will manually check the blockchain. If everything is okay then the interest will be sent to the savings address. They will then be thanked and taken back to step 4 with zero balance.

In addition there will need to be advertising implemented. There will need to be the ability to alter terms and an easy way to stop giving contracts when/if the pot has been maxed out.

Currently working on...

This section is something I am working on right now, it won't make it for launch but I thought I would share it with you so you can see we are looking ahead.
We may offer an upgraded account. There will be terms attached to that upgrade such as being a forum member for a certain amount of time and making a certain amount of posts etc... The accounts will be approved manually.
On this account you have more features.
Larger deposit limit.
The ability to request interest free loans.

The most noteworthy addition here is the interest free loans, now they would start out small but grow as trust grows. The whole idea is this will generate more hits that will go to purchase more IFC's.

This is something we will consider later on.

This concludes the bare bones of the website. We do want to add a news section and various other information but that can be dealt with at a later date. Any questions please ask.

Kind Regards
Baz and Zack Smiley

[Kakarot01]

the idea is great but who any why people pay for this? i think using add and sponsor will help to get rid of money problem. If they do this then no one has to pay and everyone will agree with you.