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Author Topic: [PSA] MemoryCoin 2.0 Dev abandons coin  (Read 8131 times)
Newmine
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December 28, 2013, 07:11:44 PM
Last edit: April 02, 2014, 05:20:02 AM by Newmine
 #1

Freetrade was finally voted out and is abandoning the coin just like he did with Memorycoin 1. Stay away from this developer. This was predicted in this thread. He will most likely attempt to have the coin removed from exchanges as he did with his previous coin. He succeeded in having the coin removed from bter previously with MEC (memorycoin 1).Proceed with caution.





Developer FreeTrade has granted himself large amounts of MMC through a pre-mine. These awards, upwards of 205,000 coins as he later disclosed after much pressure. These coins were disguised as a pre-mine that was given to protoshare holders and memorycoin 1 contributors. Plus he has been raking in ~48 coin per every 20 blocks for holding the CEO position. Aaaaaaannnnnnd ~15,000 coin from holding the CTO position for awhile in the beginning.

If one person controls that many coin from day 1, the voting aspect of the coin is compromised and this voting aspect is the one thing that was to distinguish this coin from other alts. Especially since the coin failed to remain GPU resistant.
 

Good luck all. I advise you to be careful here.

See this thread and these other threads for more info:

https://bitcointalk.org/index.php?topic=389386.msg4476668#msg4476668 (his faux interview disclosing his stake after much pressure)

https://bitsharestalk.org/index.php?topic=2124.msg24636#msg24636

https://bitsharestalk.org/index.php?topic=2047.0

https://bitcointalk.org/index.php?topic=267522.msg3143884#msg3143884

https://bitsharestalk.org/index.php?topic=2125.0

https://bitsharestalk.org/index.php?topic=2817.msg35078#msg35078. New

Read for yourself, especially FreeTrades responses.

Do you due diligence!
Last update regarding this for now. I will check back in a few months. See how the coin is doing. Good luck, although you might have better luck with Coinye, COYE! Cheesy
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December 28, 2013, 07:26:04 PM
 #2

MMuQj9wZQyepNL1SkKkDaCaHFmo4DqkYFb

Thanks

seraphim_bts
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December 29, 2013, 02:32:19 PM
Last edit: December 29, 2013, 03:46:43 PM by seraphim_bts
 #3

I completely agree with you, the payment is too high for single persons when you add up the value of coins and say that the officer isn't doing any work and giving some away to others doing relevant stuff.

But you didn't really think this through in my opinion.

MMC is not a descendant of PTS, it has been around before and the only connections are that the communities are close because of the PTS honoring, and that FreeTrade worked on the PTS client. (you may call MMC a DAC, like you may do with BTC).
I would regard MMC as decentralized, because the whole network can have influence on who fills out a position. The officers have to provide value for the coin, or people will change their vote. There are some candidates already for every position, choose the one you trust most. Or run for a position yourself if you think you could do better.
That was my intention when running for CSO - it didn't seem fair to me, that a lot of people from the community are helping out and the one guy rewarded for that job sticks to pushing some forum threads around once a day. Now I'm working hard on setting up a good team to do real work on getting the support section to a professional level.
What kind of work are miners doing, except setting up their boxes and watching prices? How many hours did an average miner spend during the last days to add value to MMC?

Your proposal is not much better than the guy having a big stake and compromising the office by voting for himself. The coins are divided better, but not doing any good for development.

tl;dr if you're looking at short-term numbers and profits, go with this. if you want MMC to develop as fast as possible, look for a real candidate

and if it's about the coins the miners can't earn or you think all options are lame you can vote for a position reward to not get paid to anyone - this is explained in the voting howto https://bitcointalk.org/index.php?topic=372982
Newmine
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December 29, 2013, 05:45:41 PM
 #4

Dude, the vote is weighted to how much MMC you have in your wallet.  Someones vote who has 10,000 MMC's in their wallet will have 10x the voting power as someone with 1000( not necessarily the ratio used, just an example).  Since these guys have been holding office for a couple weeks and gaining upwards of 500mmc per day, it's sufficient to say some of them have over 8k in MMC when your average miner in a pool might be lucky to have a couple hundred.
 
This is not decentralized. There is a possibility for these guys to gain so much control that it would take a massive coordinated campaign to remove them from office.

If each address/wallet with at least 1 MMC got one equal vote and the number of MMC beyond 1 had no weight, along with maybe a 2 coin payout per 20 blocks I would be okay with it. But 53 coins every 20 blocks is just a faucet for a selected few while diluting miners worth at the same time.

Here is wiki's definition of decentralization: Decentralization (or decentralisation) is the process of redistributing or dispersing functions, powers, people or things away from a central location or authority.

Redistributing is what I want to do.

Send a Satoshi to this address MVTEceo3RoiqBhfqjVovtyMAVUJLoHiGTg
Or
Vote for these spoil addresses if you don't trust or want me to redistribute the coins, please!

MVTEceo1111111111111111111111TvNrt
MVTEcha11111111111111111111116GDGs
MVTEcmo1111111111111111111115e9dK3
MVTEcto1111111111111111111119owJby
MVTEcno222222222222222222222B1FB3W
MVTEcso555555555555555555555G6uEbs

53 coins going to each officer every 20 blocks is absurd.
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December 29, 2013, 06:51:54 PM
 #5


53 coins going to each officer every 20 blocks is absurd.


Depends on what he/she/they do for the coin. Note that having 10,000 coins is irrelevant for the voting system since more than one million coins have already been issued and all of them can vote. In fact, I think that the CSO has been replaced recently that means that the community is selecting who takes the positions.

Now that the coin has reached a estable value I hope that more individuals/enterprises apply for the positions so we can see a constructive 'competition' to provide services to the coin: a professional on marketing who could attract media coverage, the charity position that isn't covered yet could reinforce the community-oriented basis of the coin...

Redistributing the coins of the positions without criteria would just devaluate the coin. This coin has a mechanism to make it grow and offer more services, so let's see what people can do to add value and support them.
seraphim_bts
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December 29, 2013, 07:45:48 PM
 #6

charity is going to sean's outpost
https://bitsharestalk.org/index.php?topic=1617

agreeing with the rest.
redistributing between those who voted is unnecessary and just an appeal to greed.
or what other reason is there to hold on to your idea after you learned about the spoil addresses? that would be the fairest way of redistribution...
Newmine
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December 29, 2013, 07:57:20 PM
 #7

charity is going to sean's outpost
https://bitsharestalk.org/index.php?topic=1617

agreeing with the rest.
redistributing between those who voted is unnecessary and just an appeal to greed.
or what other reason is there to hold on to your idea after you learned about the spoil addresses? that would be the fairest way of redistribution...

Says the guy vying for one of the positions. Care to disclose? If you are in office, it would behoove you to smear my attempt.
seraphim_bts
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December 29, 2013, 08:12:48 PM
 #8

It's nothing I need to disclose, I am the elected CSO. Everyone who is concerned should know Wink

I neither want to blindly redistribute, nor share it between some greedy people doing nothing for it, my mission is to reward people helping the coin.
The team building and idea discussion process is hard work, and I just wondered what you have been doing since the holidays.
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December 29, 2013, 08:17:01 PM
 #9


53 coins going to each officer every 20 blocks is absurd.


Depends on what he/she/they do for the coin. Note that having 10,000 coins is irrelevant for the voting system since more than one million coins have already been issued and all of them can vote. In fact, I think that the CSO has been replaced recently that means that the community is selecting who takes the positions.

Now that the coin has reached a estable value I hope that more individuals/enterprises apply for the positions so we can see a constructive 'competition' to provide services to the coin: a professional on marketing who could attract media coverage, the charity position that isn't covered yet could reinforce the community-oriented basis of the coin...

Redistributing the coins of the positions without criteria would just devaluate the coin. This coin has a mechanism to make it grow and offer more services, so let's see what people can do to add value and support them.

Let's be real, you named 2 out of 6 positions that could be essential to the future of the coin. The other positions have already outlived their necessity. The website, pools etc. have been established. What they earned so far could pay for every altcoins services like this.

What exactly is the duty of the CEO? Does FreeTrade tell the others what to do? Does he do anything in relation to his title and are those duties that of a developer, and this is a clever way around a premine?

 

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December 29, 2013, 08:21:15 PM
 #10

equal distribution is not necessary for a currency to survive. There needs to exist some form of inequality to match the nature of how societies are currently exist.

MN6YDXS7skVfZYTeT9Ri2ZMsj55vcomh1G

seraphim_bts
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December 29, 2013, 08:25:00 PM
 #11

FreeTrade is busy with development (and thus working in his position as CTO). He also put up a list of tasks for the other officers (CEO work).
To be honest I also wish for another CEO candidate, who would be able to yet more coordinate the other positions and set a general path to follow. At the moment there's no other candidate, so I don't mind him holding the position. He's working hard, and without his efforts we wouldn't even be discussing here.
Or maybe it's just all the CTO work he is doing that makes me feel like there's a lack of CEO, but again, there's no better candidate for that job too.
Call it premine or whatever, I don't care.

All I blame you for is wanting to practically give away the coins for nothing but a vote. In my opinion the choice of positions is great, and when there's no suitable candidate just spoil your vote and the coins will be mined later instead of being issued now.
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December 29, 2013, 08:31:17 PM
 #12

It's nothing I need to disclose, I am the elected CSO. Everyone who is concerned should know Wink

I neither want to blindly redistribute, nor share it between some greedy people doing nothing for it, my mission is to reward people helping the coin.
The team building and idea discussion process is hard work, and I just wondered what you have been doing since the holidays.

Ok. Congrats! And good luck.
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December 29, 2013, 08:37:15 PM
 #13


53 coins going to each officer every 20 blocks is absurd.


Depends on what he/she/they do for the coin. Note that having 10,000 coins is irrelevant for the voting system since more than one million coins have already been issued and all of them can vote. In fact, I think that the CSO has been replaced recently that means that the community is selecting who takes the positions.

Now that the coin has reached a estable value I hope that more individuals/enterprises apply for the positions so we can see a constructive 'competition' to provide services to the coin: a professional on marketing who could attract media coverage, the charity position that isn't covered yet could reinforce the community-oriented basis of the coin...

Redistributing the coins of the positions without criteria would just devaluate the coin. This coin has a mechanism to make it grow and offer more services, so let's see what people can do to add value and support them.

Let's be real, you named 2 out of 6 positions that could be essential to the future of the coin. The other positions have already outlived their necessity. The website, pools etc. have been established. What they earned so far could pay for every altcoins services like this.

What exactly is the duty of the CEO? Does FreeTrade tell the others what to do? Does he do anything in relation to his title and are those duties that of a developer, and this is a clever way around a premine?

 



Bitcoin is almost 5 years old and behind it there is still and active group of developers. I would not say that the CTO, CSO and CNO positions are finished with their work: pools can be improved, miners can be optimized, new users/miners have to be helped, bugs have to be fixed... Coding never ends.

I agree that CEO's tasks are quite ambiguous but everybody is free to propose something good for the coin and apply for the CEO position. If the proposal is good enough I'm convinced that the community will strongly support it.
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December 29, 2013, 11:59:12 PM
 #14


53 coins going to each officer every 20 blocks is absurd.


Depends on what he/she/they do for the coin. Note that having 10,000 coins is irrelevant for the voting system since more than one million coins have already been issued and all of them can vote. In fact, I think that the CSO has been replaced recently that means that the community is selecting who takes the positions.

Now that the coin has reached a estable value I hope that more individuals/enterprises apply for the positions so we can see a constructive 'competition' to provide services to the coin: a professional on marketing who could attract media coverage, the charity position that isn't covered yet could reinforce the community-oriented basis of the coin...

Redistributing the coins of the positions without criteria would just devaluate the coin. This coin has a mechanism to make it grow and offer more services, so let's see what people can do to add value and support them.

Let's be real, you named 2 out of 6 positions that could be essential to the future of the coin. The other positions have already outlived their necessity. The website, pools etc. have been established. What they earned so far could pay for every altcoins services like this.

What exactly is the duty of the CEO? Does FreeTrade tell the others what to do? Does he do anything in relation to his title and are those duties that of a developer, and this is a clever way around a premine?

 



Bitcoin is almost 5 years old and behind it there is still and active group of developers. I would not say that the CTO, CSO and CNO positions are finished with their work: pools can be improved, miners can be optimized, new users/miners have to be helped, bugs have to be fixed... Coding never ends.

I agree that CEO's tasks are quite ambiguous but everybody is free to propose something good for the coin and apply for the CEO position. If the proposal is good enough I'm convinced that the community will strongly support it.

If the coin has value, there will always be incentive to optimize miners and fix bugs. Mining the coins and the scarcity of the coins used to be all the incentive needed.  Now developers are trying to finagle their way into a free coin supply under ambiguous pretense.  Pools charge fees, so their incentive to improve is inherent.

The problem here is that this coin is trying to be run like a corporation.  Running the coin with this corporate structure will result in a centralized coin, not a decentralized coin. By saying my vote is worth less than yours because I don't have as much coin as you all the while giving free coins to those already in power is disenfranchising. It is somewhat like the Three-Fifths Compromise with out the racial or ethnic undertones (and by no means a direct comparison). Do you think if you tried at this point, you would be able to unseat any of the elected at this point with out a huge campaign and the coin going to sh*t?
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December 30, 2013, 11:14:01 PM
 #15

I see the OP campaign as a chance for the coin to self regulate to the extent. That is, not only who gets paid for their efforts but also how much.

Since any officer can offer to give (some %) back to the community, or supporters, this could create a market price for the CEO, CTO etc. positions.

Technical questions:

Does sending MMC Satoshi from an exchange count?
Can the voting account on an  exchange receive the funds from the redistribution as well?

and

How easy is it for you to redistribute funds amongst voters every time you get paid if elected?

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December 31, 2013, 12:00:46 AM
 #16

I see the OP campaign as a chance for the coin to self regulate to the extent. That is, not only who gets paid for their efforts but also how much.

Since any officer can offer to give (some %) back to the community, or supporters, this could create a market price for the CEO, CTO etc. positions.

Technical questions:

Does sending MMC Satoshi from an exchange count?
Can the voting account on an  exchange receive the funds from the redistribution as well?

and

How easy is it for you to redistribute funds amongst voters every time you get paid if elected?


The CEO has collected 12071 coins from the position. http://www.chainbrowser.com/memorycoin/address/MVTEceoTeDMmxFHcRbkMyJGN4ct7ULKkS6/

He also holds the CTO position which had collected 12071 coins. http://www.chainbrowser.com/memorycoin/address/MVTEcto33ErvL7f5PBAaPakazcpw6HRn7F/

He has received only 19 votes!

The votes are weighted to the amount of MMC in your wallet. More MMC, the more your vote is worth. Just like Wall Street and DC!

As long as the Satoshi is sent to one of the MVTE addresses, it should work I think.

As long as the http://www.chainbrowser.com/memorycoin/ site is up, I will be able to see who voted. It doesn't appear that too many people are into the voting process and I am beginning to think unseating the current officer may never happen without massive MMC holders voting.

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December 31, 2013, 12:02:25 AM
 #17

equal distribution is not necessary for a currency to survive. There needs to exist some form of inequality to match the nature of how societies are currently exist.

MN6YDXS7skVfZYTeT9Ri2ZMsj55vcomh1G


I am not saying equally distribute among all MMC holders, only equally distributed amongst those who vote.
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December 31, 2013, 06:58:05 AM
 #18

Wow, only 19 votes? so how much MMC would it take to unseat total MMC for the CTO/CEO position?

I'm inclined to also encourage you to take up the charity position, and then redistribute the funds to the "poor miners charity". I mean there has got to be lotsa miners who are losing money with this coin (like spending electricity and not getting any block in the time of solo mining, or like getting a VPS and paying more for leases than they get out in coin, or "victims" of DDOS - I know, first world problems) What defines charity anyways?

Again, since you would give 100% back to voters, and current CEO gives 0%, I'm sure many would vote for you. And they could change their mind later if they feel someone else would be better serving them.

And perhaps the current CEO would decide to give 50% back to voters? Would that encourage more voting?

Just thinking aloud, but there sure are possibilities.


I see the OP campaign as a chance for the coin to self regulate to the extent. That is, not only who gets paid for their efforts but also how much.

Since any officer can offer to give (some %) back to the community, or supporters, this could create a market price for the CEO, CTO etc. positions.

Technical questions:

Does sending MMC Satoshi from an exchange count?
Can the voting account on an  exchange receive the funds from the redistribution as well?

and

How easy is it for you to redistribute funds amongst voters every time you get paid if elected?


The CEO has collected 12071 coins from the position. http://www.chainbrowser.com/memorycoin/address/MVTEceoTeDMmxFHcRbkMyJGN4ct7ULKkS6/

He also holds the CTO position which had collected 12071 coins. http://www.chainbrowser.com/memorycoin/address/MVTEcto33ErvL7f5PBAaPakazcpw6HRn7F/

He has received only 19 votes!

The votes are weighted to the amount of MMC in your wallet. More MMC, the more your vote is worth. Just like Wall Street and DC!

As long as the Satoshi is sent to one of the MVTE addresses, it should work I think.

As long as the http://www.chainbrowser.com/memorycoin/ site is up, I will be able to see who voted. It doesn't appear that too many people are into the voting process and I am beginning to think unseating the current officer may never happen without massive MMC holders voting.



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December 31, 2013, 08:16:28 AM
 #19

Wow, only 19 votes? so how much MMC would it take to unseat total MMC for the CTO/CEO position?

www.memorycoinvoting.com
Looks like the cno position is the easiest to grab.

I think this is a wonderful idea so I have just put my vote to you.
My wallet has 13000 MMC so this should help us along nicely.
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December 31, 2013, 01:18:53 PM
 #20

Cool beans. I voted with my wallet, now I am voting with my exchange funds too. It's getting interesting!

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