FairCryptocurrency Committee - FairLaunch Approval - Please Read

[tokyoghetto]

Hello my fellow cryptocurrency enthusiasts,

I believe it has come time to stem the flow of scam coins that are ruining this community. Although we can not stop 13 year old copy and paste "devs" from pumping out blatlant scams, we can perhaps form a committee to help promote fair coins and educate new comers to this industry make better decisions about investing in crypto currencies.

I propose that we start the "FairCoin Foundation". This is not a coin, but a foundation that will help establish guidelines that devs, miners, traders, exchanges and investors can follow. Its all really voluntary and we can't force anyone to follow the guidelines, but perhaps the ones that do will gain a stronger following and help kill off the scam coins that are spring up everywhere.

These are some of the ideas I have been thinking of:

1) develop source code that devs can copy and use to launch their own coins. the source can include several parameters set by the foundation that will insure a fair launch and longevity of the coin. This can include

a) a decent starting diff to prevent instamining
b) a gradual block reward, sort of like what Stablecoin used when it was first launched, to give people enough time to set up pools and miners, and insure a somewhat even distribution of coins.
c) a reasonable diff change algo. this is to prevent mine and dump schemes so that the coin has a chance to survive the early stages of launch.  
d) little or no premine - this is up to the Foundation to decide if devs should get a premine and if so at what percentage. My opinion is that devs should get a premine to promote the coin, however devs will have to provide a public ledger that the FairCoin foundation can verify. If a dev fails to do so, it loses its FairCoin stamp of approval.

Once its established the devs will be launching coins with FairCoin parameters, the foundation will give the coin its seal of approval and aide the coin by promoting it as a FairCoin. So now anyone looking at the coin will know that its not just a pump and dump, instamine scam coin.

2) All new coins seeking a FairCoin Foundation Stamp of Approval must launch with the follow.

a) windows and linux wallets
b) source code
c) at least 3 pools open to registration before launch
b) an official website
c) github
d) allow a decent time before launch so that people aren't caught off guard by a new coin launching at some obscure time.

3) In order time maintain FairCoin status, all coins must have

a) a public ledger for premine bounties. All bounties must be established before launch so everyone knows who is getting what they are doing. This can be hosted on the coins official website or thread, and the FCF will maintain a copy of the ledger on the FCF website.

4) Hardforks should be in the best interest of the coin, and not be done to turn the coin into a scam coin. FCF will use its discretion.

We would require the following and anyone who can provide it will be reward on a donation bases. FairCoin would be non for profit, or perhaps we can launch an Actual FairCoin with a Premine so that we may fund the start of the Foundation.

1) an official website
2) FairCoin source coin for Sha-256, Scrypt, Scrypt-Jane and Blake.
3) a logo
4) Community input

questions, comments and concerns please discuss. If this gets going we can really make an impact on how coins are launched in the future. Imagine exchanges that only host FairCoin approved coins, investors knowing that the coin they are putting money into isn't just a pump and dump scam. Miners not wasting their hashes on coins only designed to make a few people rich. We can have an influence on the future of CryptoCurrencies as we know it!

[kelsey]

Last few days I was thinking to propose rather similar idea.

Problem is many outside btt think starting at btt is some sort of endorsement from btt, and mods here do little to stop the obvious scamcoins.

Yeah other coins could still be pumped out just non approved. However the committee would have to contain only longterm respected forum members, or be pointless.

[tokyoghetto]

Agreed. I see this as either a move in the right direction, or it will fail and nothing of value will be lost. The problem I am seeing is that people are just pumping out scams left right and center. Governments can see this, classify cryptocurrencies as securities an ban the creation of unregulated currencies all together.

Its a zero sum game I understand, for someone to win, someon has to lose. But when you are scamming people to the point of out right theft, its sickening. We are trying to make the world better not worst.

[duuuuude]

No disrespect, but the market will take care of all of this, and i hate to say it but alot of these newbes need to lose some money, just so they actually learn some real crypto lessons.

and also, i would believe in this more if you had some Sr Members or some real well know members of the board doing this, just so this doesnt turn into something where you are giving out the stamp of approval for coins that you hold or want.



j



This is not necessary, everyone here has a brain and is an adult, no one here needs saving.

[kelsey]

No disrespect, but the market will take care of all of this, and i hate to say it but alot of these newbes need to lose some money, just so they actually learn some real crypto lessons.

and also, i would believe in this more if you had some Sr Members or some real well know members of the board doing this, just so this doesnt turn into something where you are giving out the stamp of approval for coins that you hold or want.



j



This is not necessary, everyone here has a brain and is an adult, no one here needs saving.

No disrespect, so much wrong with your post its hard to know where to begin. Its not about 'saving' anyone, its about making sure cryptos don't turn into a complete joke.

but yeah agree with your middle paragraph, the stamp of approval, would be by a committee of snr respected members or as I said it'd be pointless and just used by people that own xyz coin.

[tokyoghetto]

I will leave the thread open to see if more senior members care to provide input. Also it wouldn't be just me alone give out approval. Each coin seeking approval can provide a poll when they launch their coin and forum members can vote and decide if the coin meets the paramaters. If the forum members and the foundation agree, only then would the foundation provide approval.

This still won't stop people from launching their own coins without approval, but perhaps people would think twice before investing their time and money.

In the end some people will win and others will lose.  

[kelsey]

Ok now to lets get straight to the mindless posts (that could follow) about let the free market decide;

Ok I as part of the free market, chose to start a committee to give coins a stamp of approval once deemed not to be a scam, the free market participates can freely chose whether or not to take notice of this committee.

[kelsey]

you forgot # 5) No self-moderated ANN's

+1

yes even later maybe a poll on what all forum members agree on, to whats acceptable by the community.

[tokyoghetto]

you forgot # 5) No self-moderated ANN's

This is a big one. Devs shouldn't be allowed to delete posts from those who are trying to challenge a coins legitimacy. Perhaps we can get a Sr Foundation member to create the OP of a [ANN] thread, then let the dev reserve the first few posts after that. That way, The dev can still edit his own posts to prove information for others, but not be able to delete posts of others who may otherwise try to expose a scam.

[singula]

I guess some guidelines about what not to forget when making a new coin (set up pools, compile windows client, ...) could be quite useful. Even if not fulfilling all the requirement (like having only 2 pools instead of 3, using some other code hosting instead of github, ....), if a coin fulfills most of them, then it can be viewed as fair one ...

[MisO69]

You need to make this something like an ISO 9002 rating that corporations use. The Foundation can have this rating system or w/e so that new coins can instantly be identified by miners as "legit" and profitable. Other scam coins will still be mined but having this rating from the foundation could make a new coin much more enticing to mine.

I like the idea.

[tokyoghetto]

I am really liking the input so far. I hope that this does take off and forces devs to be more transparent about their intentions. I hope that Sr.Members can get behind this idea and donate some time to give us their input. Jr.Members are obviously welcomed and shouldn't be shy about giving their thoughts.

The FairCoin Foundation should be run on some pretty basic principals and guidelines, so that devs can still have the freedom to create and innovate and still get the approval and support of the foundation. This will also allow miners to back coins with more certainty that its not just a scam, and for exchanges to really back a coin that is going to have longevity. Lastly investors and traders will feel comfortable knowing that once devs, miners and exchanges support coins with FairCoin Foundation Support, they can also throw their support as well.

Once you combine the devs, miners, exchanges, traders and investors into one, you can present the package to the general public and really get mass acceptance.

[duuuuude]

if any miners actually needs this type of service, they are in so much more trouble then they think,  any person getting into cryptos should know and think about these things.


this is a starting to sound like a parental watchdog group, and we all know how respected those are.


j



p.s. starting this now is kind of funny,   the horse has already left the barn, closing the door aint gonna do anything now.

[tokyoghetto]

some people may use this, some not. The goal isn't to force it down peoples throats. We can't stop people from doing what they want. But we can provide some guidance to people new to the game on what to look for. If the general public uses the guidelines then I hope that we are helpful. If every says that this is a bad idea and we should die horrible deaths then so be it, nothing of value will be lost.

Remember when Orbitcoin was listed on Cryptsy? Everyone and their grandma knew that Orbitcoin is a heavily pre-mined scam coin. Everyone protested in trollbox and it didn't even last a day on the exchange. Fast forward some time later. Cryptsy never allowed people to withdrawal their Orbit coins from when it was first listed. A few people bitched and Cryptsy listed Orbitcoin back on its exchanges.

So now you have a coin with a 4 year premine being traded on one of the biggest altcoin exchanges.

People are free to mine/trade whatever the hell they want. But perhaps we are all in this together and it wouldn't hurt to inform someone and say

"Hey BTW, ORB has 4 year premine, perhaps you should think twice before mining/trading something like that".  

[duuuuude]

i believe your are trying to help people, and i can respect that, but it seem like you are trying to setup a crypto police,   the digital currency world is made of Crypto Anarchists, which rejects controls. a system like that is everything cryptos is against.



may i suggest you just start your own newsletter to inform instead of making a foundation.  just my opinion.


j

[sid280]

i believe your are trying to help people, and i can respect that, but it seem like you are trying to setup a crypto police,   the digital currency world is made of Crypto Anarchists, which rejects controls. a system like that is everything cryptos is against.

I disagree, the idea of bit was to create a decentralized currency, that technical side of things has mostly been achieved, however having it endorsed by people as a "currency" is much more difficult.

We need some kind of organisation that will at least review the coins and put their stamp of approval on it - this is something commonly discussed among our social group here in Australia.

[duuuuude]

who watches the watchmen



j

[tk808]

who watches the watchmen



j

I do

[kalus]

who watches the watchmen



j

I do

and i'm watching you at night, outside your window.

[evoked22]

I think this is how the FDA was created - and we all know how well that has come along 

strength in numbers, if the numbers are wrong they wont make it to the exchange and will die out naturally I believe.