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Author Topic: Devcoin  (Read 368858 times)
Vlad2Vlad
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May 17, 2013, 11:01:33 AM
 #2441


[/quote]

A lot of games give players various stuff when they start the game.

This can lead to flooding the game with "starting gear" simply by creating thousands of player accounts purely for the purpose of accumulating all the free stuff new players get.

Thus we load players with debt, that is, we assume their starting gear was obtained by taking out loans.

Over time this has led to vast amounts of debt, and because most other currencies in the game appreciated in value much faster than DeVCoins, DeVCoins became the preferred currency to re-finance debt into for any players who could find refinancing denominated in DeVCoins.

General Financial Corp specialised in providing such financing, it managed to talk the Martians into loaning it a huge amount of wealth and into denominating that debt in DeVCoins instead of in, for example, Martian BotCoins.

Then GFC refinanced a whole bunch of intergalactic mining corps, in DeVCoins but at double the interest rate GFC was paying to the Martians for their bulk loan.

As can be seen from the tables and plots at http://galaxies.mygamesonline.org/digitalisassets.html this has worked out very lucrative for GFC, and thus for the value of GFC shares (the asset known as sGFC).

These loans are of course all secured loans; in fact, almost all the corps did in fact get repossessed already, and are now controlled by repo corps. The intergalactic mining operations are not only lucrative, they are also essential to the security of the home galaxies, because looking at all the similar intergalactic games out there we can see that typically species or races or guilds or groups or corps or entities or whatnot that you meet out among far flung galaxies are very hostile. So the home galaxies need this inner set of mining operations in far galaxies in order to build jump gates to reach even farther galaxies where they will set up their outer defense galaxies.

So ultimately the civilised worlds cannot really allow the mining operations to fail, else some day hordes of alien deathstars will inevitably descend upon the homeworlds like swarms of locusts.

-MarkM-

[/quote]

Mark, are you familiar with stocks?  I've been actively involved in stocks for 20 years, started very young, right out of high school.   In fact, I couldn't stand school even though I was a straight A student but the only reason I went to college was because I kept failing at buying stocks and when Economics didn't give me sufficient tools I got a Finance degree as well (well, I'm like 4 classes short). 

But all of this near daily focus on stocks, the stock market and 6 years of school dealing with stock related critical thinking (and an X factor) developed some soft of instinct in me which in the last 4 years has been frightingly accurate.  I don't play video games so I didn't know anything about bitcoin and I've never heard of anything you just said.  Everyhing you just said was like me going to a mechanics and for him to say:  Yeah, your Toyota is cranking out flavonoids and it needs a new transgmorgifier and I'm pretty sure the mortabox is busted too.  I'd probably just pay him and hope more weird things don't keep breaking down on me.

Let me tell you, with zero knowledge about digital currencies when I read an article about 40 days ago that bitcoin blew up to $256 per share I immediately first googled it to see what it was and then I immediately knew there would be another bitcoin because I recognized right away this wasn't a fluke but a new and permanent market and way of making real money.  problem was everything was in programmer talk and it took me weeks to figure out I needed to mine so I bought a special $1700 rig which did nothing for me then I took it back and lost $300 then I bought an old server still of no use and then I finally found bitcointalk.org and this specific thread. 

but My immediate reaction after bitcoiin blew up, because I felt another one would pop immediately was to look at all the names of these alternative currencies and pick one purely based on name and instinct.  My first choice was Namecoin which when I googled it I found a screenshot from just a month earlier where the ask was $.001 (1/10th of 1 penny), and my next pick out of every other name out there was devcoin but for some reason I felt namecoin was it.  as I did more research in how to buy these things which was next to impossible and finally found a tiny easily hackable company in Poland (vircurex) namecoin shot up and at one point traded at $1.  that's a 1,000 fold increase.  that means $1,000 investment would have given me a return of $1,000,000 in less than 30 or 40 days.  In the history of the stock market this has never existed.

So first there was bitcoin and then namecoin and I'm supposed to believe this is a fluke?  So then, crying in my soup, I went to my next, 2nd choice since I missed my 1,000 fold opportunity, devcoin.

At first devcoin looked like my instinct was right again - a flooded and diluted coin but with a solid reputation and more importantly and very unique in this nascent unknown market, devcoin had and still has the largest user base - the largest ownership base.  this is incredibly important in a stock as it gives it credibility, stability and when the time comes it lowers the float which in turn makes it more difficult to find shares (coins) so the price spikes much higher than it would under normal circumstances.

But I couldn't mine this thing just like I broke myself trying to mine litecoin so I bought a couple million coins as a speculative play and then wired more money to buy more but was very disappointed at the fact there was no way of reducing my risk by doing something like mining.  then a miracle happened and I ran across this thread which said you could earn devcoins by writing, marketing, designing, etc.  what?  this was a miracle - so I bought more coins anyway and started writing literally 16 hours per day sometimes as I see this as a 30-60 day opportunity - don't ask me why, it's that same instinct down to the bones saying something is gonna happen but I don't know if that means devcoin will disappear forever and I'll lose everything or if a hedge fund will offer the owners $5 million for a straight buyout which would actually be a good idea cause it takes 2, maybe 3 years to develop a good coin with widespread distribution and a good reputation.   For a rich hedge fund $ 5 million would be a steal to buy devcoin, but I'm not sure these guys understand alternative currencies are just getting started.  this truly is a new market.

Then I looked at vircurex to see if my money cleared so I could buy some more coin and my heart dropped when I saw devcoin drop by a factor of 10, a full decimal place, and then some from when I last bought it just 2 weeks earlier.  I paid .0004 and now it's at .000027 ASK.  That's just crazy, so in 2 weeks I lost around 70%.  I was shocked and surprised cause it didn't make sense.

WEll, I'm still not sure why devoin is tanking so badly, maybe round 22 earners need to pay rent, whatever, I'm holding on to every coin I get, I'd rather go mow lawns than give them up for nothing but I can't think of a better explanation.

So this entire long ass post to get to this:   The intergalactic story you just wrote, regarding the debt structure and protocol of the gaming industry, something I had no idea existed until now just blew my switch, my fuse, my mental fusebox and my mind and not to mention (once I replaced my mental fuse) all the lights went on.

do you have any idea what you just explained in your post above?  A perfect setup for the mother of all short squeezes.  A short squeeze is when a bunch of idiots borrow shares (they don't really own) against the existing shares thinking the stock price will go lower and they will then buy them lower and book the price difference, but instead of the stock going lower something happens and an event causes all the shorts to NEED to buy back the shares they borrowed in order to repay them and this rush for the doors all at the same time ccauses a massive short squeeze like what has happened to Tesla's stock over the last week where it went from around $30 to now over $90 when the actual value is maybe $40, but because of a short squeeze the stock price way over shoots until everyone who borrowed repays their shares and then the stock drops to find its equilibrium.

Given alternative currencies will only gain popularity from here on out - there's simply no going back, then there's no way for devcoin to not get paid back eventually.  And since devcoin is the cheapest currency on the market, no matter is you repay it with a different coin or outright buy it, the effect will be that of a short squeeze as some event will occur where the majority of players (not necessarily game players, but "game" players) will for whatever reason jump on at the same time and once the price  of devcoin starts to rise the rumor mill and media and blogs take over and at that point devoin buying will beget more buying and the more people buy the more the frenzy peaks and even more will buy and given the fact that most of the coins are sitting on a large number of separate individual drives this means that even though devoin is very liquid and diluted, there will be a massive shortage of coins for a while as most people don't even have accounts at places like vircurex so there's gonna be a 3 or 4 day mania where there won't be enough coins and the spike in price for devcoin can literally reach a level which is beyond absurd.

Now this is what I feel and lately (4 years) what I've felt has come true with a high margin of accuracy but this is not a gurantee.  for example I don't know what would cuase that spark because I don't understand this business or how the lending works or if the owners of devcoin can call in "their markers" and force a rush and a huge spike, and I don't know why the price of a devcoin has dropped about 12 fold in less than 2 weeks, that's very disheartening although I will still buy some, albeit I'm now a bit worried, but not nearly as much once I read your story regarding the debt.

so basically devcoin is a ticking time-bomb and it's literally only a matter of time and my instinctive feeling is that the final round will be either round 24  or 25 which means 30-60 days but I'd be glad to be wrong as I do want to keep buying and earning devcoins for when that short squeeze day comes.

Thanks a lot for your input - it definitely changed my whole perspective again as the drop in price had me really worried today.  Good luck and hold on to your coins, if what Im' saying happens most people will dump at 5 cents or 10 cents as that is a massive run % wise, but if what I'm saying holds true then the price will overshoot well beyond that price, by a large margin and could very well get to $1 or maybe a little higher.  Now I realize how crazy that sounds but it's not any crazier than a never heard of alt currency hitting $266 and remaining over $100 all of this time or an even less known currency, namecoin to go up 1,000 fold in less than 30 days.  This is a new market and there are reasons why prices can and will hit ridiculous levels for explainable reasons like physics, such as a lack of liquidity or a market maker to keep a stable supply of coins on the market at all times to prevent spikes and collapses, and of course to trade in black pools manipulating the stock price while quietly accumulating millions of shares for your master, Goldman Sachs, without moving the stock price up a single penny, but that's for stocks and so far the banks haven't started regulating, trading and manipulating these currencies but they will in the next 2 years but until then it's easy pickings cause right now there's maybe 6 good currencies and in 2 years there will probably be 100-300 and they will then be traded and manipulated by the banks and just like stocks, unless you have insider info (like them) your chances of making obsene profits are almost nil. 

So everyone, maybe I'm totally wrong, but try to hold on to all your coins for another month or two, and besides the price is so low right now why give your coins away for free. 

good luck to everyone, i've been writing (for devtome) all night long and it's time for me to go to bed.

regards,

Vlad

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Vlad2Vlad
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May 17, 2013, 11:09:13 AM
 #2442

man, I think that last post was close to 1,000 words, I should have first written it in devtome and then said, "oh, look I just wrote about this."  lol, now it would be petty of me to copy and paste it into devtome which I see as a site for more higher quality articles and papers.

Man, Mark, you got me excited about this video game loaner scheme that's been going on.  and I don't mean scheme in a bad way.  I understand they all chose devtome cause it was the cheapest and the volume, liquidity was there.

I just wish I understood it better to try and predict what could happen in order to cause people to have to buy and cover the devcoins they borrowed.  cause that would cause a serious serious shortage for a few days in which time the price of devcoins would literally skyrocket.  but I simply don't understand the business and obligations and how something like that would work or if devcoin could actually call in their loans or somehow force a rapid payback somehow.  But that's what I think will eventually happen I just don't know how it will happen and what will start, spark the whole thing.

On a sidenote:  I did manage to buy 18,000 ixcoins over the last few days.  not a lot of coins but I dont' know much about them.

anybody here have any "insider" info on the developers/owners, monthly supply, total supply, difficulty to mine, reputation, etc?  much appreciated.  Take care.

Vlad

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May 17, 2013, 01:26:06 PM
 #2443

This is really for markm to answer, but couple of things:
*I also believe the 'gamification' aspect is very important. There's quite a lot of info on it, but here's one article as example:
http://thefinanser.co.uk/fsclub/2013/02/a-new-currency-payment-system-is-about-to-explode.html
*Markm has outlined his work on devtome if you're interested   http://www.devtome.com/doku.php?id=galactic_milieu  I'm still getting my head around the mechanics, mining, corps etc and who owes who but it's an interesting read. He posted some more links about it all a while back in this thread.

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May 17, 2013, 11:54:05 PM
 #2444

Because I do not have a secure devcoin address from someone who's computer was hacked, the generation of the receiver files will be delayed again until block 90,100 or until I get an address, whichever comes first.

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May 18, 2013, 12:09:27 AM
 #2445

Because I do not have a secure devcoin address from someone who's computer was hacked, the generation of the receiver files will be delayed again until block 90,100 or until I get an address, whichever comes first.

how about creating a temporal key and sending it to this, afterwards send the DVC to the guy when he got a correct address and also change the addresses?

[GPG Public Key]  [Devcoin Builds]  [BBQCoin Builds]  [Multichain Blockexplorer]  [Multichain Blockexplorer - PoS Coins]  [Ufasoft Miner Linux Builds]
BTC/DVC/TRC/FRC: 1K1773RbXRZVRQSSXe9N6N2MUFERvrdu6y ANC/XPM AK1773RTmRKtvbKBCrUu95UQg5iegrqyeA NMC: NK1773Rzv8b4ugmCgX789PbjewA9fL9Dy1 LTC: LKi773RBuPepQH8E6Zb1ponoCvgbU7hHmd EMC: EK1773RxUes1HX1YAGMZ1xVYBBRUCqfDoF BQC: bK1773R1APJz4yTgRkmdKQhjhiMyQpJgfN
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May 18, 2013, 12:13:16 AM
 #2446

Edit: markm, something just dawned on me from what you wrote - does your gaming development/creation actually incorporate real devcoin mining in the game? If so that closes a loop in my understanding of what you're saying.

Not really yet, because no one bought mining rigs due to ASICs always supposedly about to ship in a few weeks for the last year.

Once ASICs are finally available with same day shipping then yes, because all the game currencies expected to use merged mining to secure their blockchains so they will all be wanting ASICs to set up merged mining, and of course they will merge DeVCoin as well as everything else.

-MarkM-

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May 18, 2013, 12:15:45 AM
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..
how about creating a temporal key and sending it to this, afterwards send the DVC to the guy when he got a correct address and also change the addresses?

I don't want to be responsible for someone else's coins. If his key is not ready in time, I'll put myself on the list and then send the devcoins to him once he has an address, but I'd rather avoid that.

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May 18, 2013, 12:20:38 AM
 #2448

..
how about creating a temporal key and sending it to this, afterwards send the DVC to the guy when he got a correct address and also change the addresses?

I don't want to be responsible for someone else's coins. If his key is not ready in time, I'll put myself on the list and then send the devcoins to him once he has an address, but I'd rather avoid that.
ok, just saying since the system shouldnt be changed just because of 1 person that is too lazy (or whatever, dunno the case) to do its "job".

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BTC/DVC/TRC/FRC: 1K1773RbXRZVRQSSXe9N6N2MUFERvrdu6y ANC/XPM AK1773RTmRKtvbKBCrUu95UQg5iegrqyeA NMC: NK1773Rzv8b4ugmCgX789PbjewA9fL9Dy1 LTC: LKi773RBuPepQH8E6Zb1ponoCvgbU7hHmd EMC: EK1773RxUes1HX1YAGMZ1xVYBBRUCqfDoF BQC: bK1773R1APJz4yTgRkmdKQhjhiMyQpJgfN
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May 18, 2013, 04:27:19 AM
 #2449

..
how about creating a temporal key and sending it to this, afterwards send the DVC to the guy when he got a correct address and also change the addresses?

I don't want to be responsible for someone else's coins. If his key is not ready in time, I'll put myself on the list and then send the devcoins to him once he has an address, but I'd rather avoid that.
ok, just saying since the system shouldnt be changed just because of 1 person that is too lazy (or whatever, dunno the case) to do its "job".

totally support your opinion.

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May 18, 2013, 05:28:57 AM
 #2450

Hey MarkM, or any other Tech guy,

I'm trying to download a new devcoin wallet since the one I have is the old (client?) and has the bitcoin logo in the upper left hand corner and also has no option to encode the wallet or encrypt it with a huge sentence which i'll probably never remember in time for the panic rally and thus miss out on great life changing riches, but nonetheless I still want this new client.

Problem is I went to the devtome site which has all the links to install the wallets but the windows versions both say 32 as in I'm presuming 32 bit.   It's the zip and the exe versions and I think you're supposed to get the zip versions although I don't know why.  But the problem is that my system is an older xeon dell server and it's got windows 7 64 bit.  So why isn't there a 64bit version and is it ok to install this 32 bit which is what I must have installed on my laptop?   And what's best to install, the zip or the exe link?  Thanks  in advance.

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May 18, 2013, 05:45:39 AM
 #2451

..
how about creating a temporal key and sending it to this, afterwards send the DVC to the guy when he got a correct address and also change the addresses?

I don't want to be responsible for someone else's coins. If his key is not ready in time, I'll put myself on the list and then send the devcoins to him once he has an address, but I'd rather avoid that.
ok, just saying since the system shouldnt be changed just because of 1 person that is too lazy (or whatever, dunno the case) to do its "job".

Wait a second, am I understanding this right?  We haven't received our round 23 coins yet because of 1 guy whose computer or wallet got hacked?  Seriously?  If that's the case I really can't believe it.  It's not that hard to get another piece of hardware, even if you just borrow your bro's computer, download a new wallet and there, you have a new and "secure" wallet.  I set up my firewall on max security and bought the best software and router to help against hackers but at the end of the day if a good hacker wants your wallet he's gonna get it unless you put it all on a cold drive which is what I've done.  I bought a dell server with 2 quad core xeon L5420 CPU's but the best part is it has 4 hot swap scsi hard drives so the one which has my wallet and coins is always pulled out of the slot, so it's impossible to get to it. 

I got the idea from vircurex when they said, last week when they got hacked, something to the extent:  most wallets are safe as they were stored on cold drives. 

Sorry to the guy who got hacked but if you have bitcoins you're gonna get robbed.  there's no laws about a lot of this virtual currency stuff right now so it's like the wild west and a lot of hackers know they can get away with some things even if they do get caught.  So the best thing to do is use a cold drive or store your coins in a really good exchange such as Coinbase, only Coinbase right now only accepts and trades bitcoins but I expect that to change very soon.  and you're with vircurex get a yubey (sp?) key which is what I did.  It's only $30 and without that key it's next to impossible to get into your wallet unless of course they hack their servers and it looks like vircurex doesn't have the funds necessary to buy the hardware, software and talent to keep these talented, relentless hackers at bay.  I've only been in this thing for about 30 days and I personally know of two different times Vircurex got hacked and they're the biggest and best exchange right now.  I wish some billionare VC would give Vircurex a few Million like they did Coinbase which was nothing, and to some extent still is, before they got that $5 million.  I imagine $5 million will set you up nicely.  I can't wait to see how fast Coinbase adds all the various currencies for trading, storing and buying.  Cause they sure have their act together as far as everything else goes.  Their entire site is smooth and incredibly streamlined and they give you a free app which produces a long password (number) every 20 seconds as a secondary login credential.

 It sure beats paying for and carrying around a yubey USB key.  Imagine needing to sell you coins NOW NOW NOW but can't find your yubey key.  lol, but even if coinbase gets up and running it's good to spread the risk by keeping some of your coins on various continents with different companies so I will still use vircurex even when/if Coinbase really takes over the entire market, which I think will happen in the next 6 months.  They just got the $5 million in the last few days so how long would it take a small team of smart people to get coinbase from a 1 coin exchange to where vircurex is now except bigger, nicer, smoother and more reliable and "safe(er)".

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May 18, 2013, 06:11:36 AM
 #2452

Can anybody else add some color to what MarkM was saying a couple nights ago?

Regarding the fact that devcoin has hundreds of millions and maybe even a couple billion (I'm presuming devcoin has around 4 to 5 total billion devcoins outstanding) or more lent out to various gamers, owners of games - is this right?, so then that would also mean developers which I'm presuming some would be rich game developers, and whomever else would have a need to borrow devcoins.

I've never heard of this concept, the need or desire to borrow a different currency than the one in the game you're playing.  I don't understand the mechanics or the purpose.  For example, there's a popular iphone game called temple run or something like that where I've seen people play and they collect coins and I think they spend these coins and they can buy coins with real dollars.

So why would that gamer or developer or the owner of temple run go to devcoin and borrow say 5 million devcoins for his game, or why and how would a gamer borrow devcoins for that game when that game uses its own proprietary coins?

And is this an official thing?  are there contracts?  Is there interest being paid?  can this interest be used to buy back devcoins off the open market and retire them the way apple is intending to buy back $60 billion worth of its own stock, with the intent of reducing the overall outstanding number of coins in order to increase the value of the the remaining existing coins.

If the lending of all these devcoins, possibly billions of them, is official in nature, with contract, there must be a time clause, or other clauses which would allow the devcoin parent company to force a payback or buyback depending on how you look at the lent shares.  with stocks, when an investor goes short he borrows shares and then when he has to cover he is forced to buy the shares he borrowed at whatever the existing market price is.

It just doesn't seem possible from a pure mechanical economical supply and demand standpoint that a coin, even with 5 billion outstanding coins, which has lent out quiet possibly it's entire number of existing coins or maybe even more to only be worth less than 3 1-hundreth of 1 penny or is it 1-thousandth of 1 penny.  Forget about awareness, just the fact that there are not enough existing devcoins to cover the borrowed devcoins, not only because too many were borrowed, but also because I'm guessing at least 80% of all existing devcoins are in the hands of individuals and these coins cannot be had without first a buy offer being made, so there's no massive 5 billion pool of devcoins to buy from for these individuals or companies and developers to simply grab devcoins from in order to return or pay back what they borrowed.

If anybody can add more color regarding this matter and why and how it's happening and also if you can articulate why and how this is expected to conservatively play out given the nature or the situation and the business itself as I don't have any insight in either one.  I really appreciate it and I'm sure those who hold many more devcoins than I and are watching the price of devcoin get cut in half over the last 2 weeks would find great comfort in such positive news.  I know it was the best thing I ever heard regarding devcoins when MarkM briefly explained the situation.  It absolutely changed my outlook about devcoin from totally risky and speculative in need of a miracle to speculative in need of just one key catalyst and the difference is that of night and day and makes devcoin, especially at the current price, a crazy screaming (speculative) buy.  If only 1% of speculative stock buyers understood devcoin, devcoin would be sitting at a price of at least $.50 if not $1.  It's that big of a deal.



Now I gotta go to my part, for devcoin but honestly, more-so for myself, and write something interesting for devtome cause I slacked off all day long.  It's gonna be a long painful night.  I really do wish I could mine devcoins or something cause I'm spending so many hours writing and it's getting more difficult with each passing day.  But I can feel this amazing, once-in-a-lifetime window of opportunity closing faster than anyone realizes so I will not slow down and I will not relent. Thank you! to the devcoin team for opening up such an opportunity which enables individuals with a way to earn coins when mining has become next to impossible.  And Thank God I have a few recent University research papers I can use and build on but it's simply not enough so off to work I go.  Buy, Mine and Earn your devcoins and do your best to not sell any cause I have a strong feeling everything about this new alternative currency market is gonna change and it's gonna happen overnight.

Good luck to everyone and I hope we get some clear feedback regarding this very interesting development (the massive and primed to explode devcoin debt market).

Regards,

Vlad

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May 18, 2013, 06:15:41 AM
 #2453

Sorry guys,
But what are you talking about?
You make programs, exchange sites, mining, and cannot download and install a wallet?

Question: have the wallet on your pc be active 24/7 to receive the share?

Anyway, at this rate XRP will eat us for breakfast.

I don't make any of those things - this software stuff is all new to me.

I too wanna know if my wallet has to be live and running and connected to the internet 24/7 in order to receive my devcoins, or can I leave it unplugged and when I hear others are getting theirs then plug in my cold drive and boot up my server to receive my devcoins? 

Also, XRP?  What's that, another coin?  Is it credible or is it another scam like china coin?   I really hope it can be mined cause I can't afford to buy more speculative coins.  TIA

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May 18, 2013, 06:16:12 AM
 #2454

Its a video game with in game companies, they have contracts and such for those in game alliances and you may equate it I guess to eve online. Except the currency has a direct outlet outside the game unlike eve online. The in game companies took out loans on several of the less commonly used coins and devcoin which are nigh impossible to repay due to interest.

Edit: XRP is ripple.com, its not a coin, its a debt trading system made by a company and a user named truecoin. Dont be fooled into accepting any "coin" on their network, it has no value to anyone but you and the person you got it from. They are giving you a piece of paper, you give them coin outside ripple and that is real coin. Its essentially what everyone using coin is trying to escape.

BTC 1JASiNZxmAN1WBS4dmGEDoPpzN3GV7dnjX DVC 1CxxZzqcy7YEVXfCn5KvgRxjeWvPpniK3                     Earn Devcoins Devtome.com
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May 18, 2013, 06:25:10 AM
 #2455

Its a video game with in game companies, they have contracts and such for those in game alliances and you may equate it I guess to eve online. Except the currency has a direct outlet outside the game unlike eve online. The in game companies took out loans on several of the less commonly used coins and devcoin which are nigh impossible to repay due to interest.


I'm sorry, I'm still really in the dark.  I've never heard of EVE online, I didn't even know there was a game called eve so you can see this is all completely new.

So I still don't understand.  These companies which sound like well backed and maybe in a few cases with millions of dollars in cash, took out devcoin loans and they're paying interest as well?  does anybody have any idea about the total number of coins which have been lent out?  100 million?  4 billion devcoins?  just a rough idea.

and what do you mean by "nigh" impossible to repay due to interest?  Not impossible you mean?  Well, why can't devcoin enforce the contract, why can't they force them to repay the devcoins by forcing them to go on the open market and buying the coins?  There must be a solution where these companies have to somehow repay the devcoins they borrowed, either via a straight purchase of devcoins and delivering them or and outright cash offering or other assets which then devcoin management can use to buy back devcoins on the open market and retire those coins in order to add value to the remaining devcoins.

Thanks for your response - although I'm still confused about the entire matter and especially what potential outcomes can legally and realistically come from this large outstanding devcoin debt.  The latter is the most important part.  This i'm sure is a first time thing in the world.  Cause I've never even heard of anything like it - for so many virtual coins to be owed to one company by so many gamers, developers and game owners. 

How does something like this play out, legally? 

What options to the debtors have to satisfy their devcoin debts and what timeframe, how much time to they have to resolve their debts?  TIA

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May 18, 2013, 06:33:07 AM
 #2456

Its a video game with in game companies, they have contracts and such for those in game alliances and you may equate it I guess to eve online. Except the currency has a direct outlet outside the game unlike eve online. The in game companies took out loans on several of the less commonly used coins and devcoin which are nigh impossible to repay due to interest.


I'm sorry, I'm still really in the dark.  I've never heard of EVE online, I didn't even know there was a game called eve so you can see this is all completely new.

So I still don't understand.  These companies which sound like well backed and maybe in a few cases with millions of dollars in cash, took out devcoin loans and they're paying interest as well?  does anybody have any idea about the total number of coins which have been lent out?  100 million?  4 billion devcoins?  just a rough idea.

and what do you mean by "nigh" impossible to repay due to interest?  Not impossible you mean?  Well, why can't devcoin enforce the contract, why can't they force them to repay the devcoins by forcing them to go on the open market and buying the coins?  There must be a solution where these companies have to somehow repay the devcoins they borrowed, either via a straight purchase of devcoins and delivering them or and outright cash offering or other assets which then devcoin management can use to buy back devcoins on the open market and retire those coins in order to add value to the remaining devcoins.

Thanks for your response - although I'm still confused about the entire matter and especially what potential outcomes can legally and realistically come from this large outstanding devcoin debt.  The latter is the most important part.  This i'm sure is a first time thing in the world.  Cause I've never even heard of anything like it - for so many virtual coins to be owed to one company by so many gamers, developers and game owners. 

How does something like this play out, legally? 

What options to the debtors have to satisfy their devcoin debts and what timeframe, how much time to they have to resolve their debts?  TIA

Its a video game, there are no legalities, this was all done before devcoin or other coins truly had value. They used a system like ripple to trade the debt, there were not any actual devcoins (except for a small fraction) actually taken/borrowed.

BTC 1JASiNZxmAN1WBS4dmGEDoPpzN3GV7dnjX DVC 1CxxZzqcy7YEVXfCn5KvgRxjeWvPpniK3                     Earn Devcoins Devtome.com
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May 18, 2013, 06:54:12 AM
 #2457

well that means there's no way for devcoin to ever get their debt repaid.  No legal way.

so then it doesn't even matter that there's say 5 billion devcoins out there on loan.

I wonder what legal options devcoin would have given its coins are not legally monetized.

very confusing.

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May 18, 2013, 06:56:20 AM
 #2458

Anybody know how many hours of logged in time one needs for the next level up from Jr. to 3 coins?  I'm at nearly 19 hours now.  I know to go from one coin to Jr. status so you can post is like 5 or 6 posts and 4 hours.  It's pretty hard to gain hours.  Very smart system they have in place - as soon as you stop surfing the site the clock stops.  I've never seen anything so accurate.  smart.

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May 18, 2013, 07:00:04 AM
 #2459

Anybody know how many hours of logged in time one needs for the next level up from Jr. to 3 coins?  I'm at nearly 19 hours now.  I know to go from one coin to Jr. status so you can post is like 5 or 6 posts and 4 hours.  It's pretty hard to gain hours.  Very smart system they have in place - as soon as you stop surfing the site the clock stops.  I've never seen anything so accurate.  smart.

Dont take it to mean you should trust anyone, it means practically nothing and you can get 4 coins immediately by donating (thats what that little colored mark means) and lots of people scam, get a scammer tag, make a new account and then donate the next day and get 4 coins again. Dont trust it, just figure everyone is a scammer and use escrow to keep yourself safe.

BTC 1JASiNZxmAN1WBS4dmGEDoPpzN3GV7dnjX DVC 1CxxZzqcy7YEVXfCn5KvgRxjeWvPpniK3                     Earn Devcoins Devtome.com
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May 18, 2013, 07:30:02 AM
 #2460

Anybody know how many hours of logged in time one needs for the next level up from Jr. to 3 coins?  I'm at nearly 19 hours now.  I know to go from one coin to Jr. status so you can post is like 5 or 6 posts and 4 hours.  It's pretty hard to gain hours.  Very smart system they have in place - as soon as you stop surfing the site the clock stops.  I've never seen anything so accurate.  smart.

Dont take it to mean you should trust anyone, it means practically nothing and you can get 4 coins immediately by donating (thats what that little colored mark means) and lots of people scam, get a scammer tag, make a new account and then donate the next day and get 4 coins again. Dont trust it, just figure everyone is a scammer and use escrow to keep yourself safe.

Jaisn,

I'm not sure what you're referring to.  you have like 4 coins below your name which shows how long you've been here and it also gives you priviledges like where you can post and to upload a picture to your avatar.  I can't do any of those things cause I'm new, I've only been on this site for about 2 weeks so my total login time is almost 19 hours and I have 61 posts.

so my question was how many posts and hours does one need to go to the next level up which i'm guess is the 3 coin level since I'm now a 2 coin Jr level.

Cause I would like to at least add a picture to my avatar and to be able to upload pics and diagrams to the papers I write and post on devtome.  I'm also not sure what you mean by donating 4 coins?  I'd gladly donate 4 coins to get upgraded.  And who commits fraud and goes through the touble of creating a new ID for a mere 4 devcoins?  That's bizzare.

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