[ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!!

[bumface]

Without an open bidding system we dont know who owns the pre mine....im thinking they banked almost all of it.

The best way to fight back is to complain if this coin gets mentioned @ BTC-e... even the few corrupt MODs cant mention other coins & other exchanges.

Other MODs who aren't in on this have already banned people mentioning this coin.

you are blowing things way out of proportion, btc-e have asked me not to promote the coin and i have complied.there is nothing to "fight", normal users are free to talk about any coin they please in the chatbox, including ultracoin...just not me who has an investment in it.This matter has been resolved

[bumface]

but cancelling all the orders and returning the money then doing it right is the best thing to do. this coin deserves a proper bidding system

i have accepted the offers, that is the same as giving your word.anything is this world can be taken awayfrom you, but not your word.it means something...

We are very gratefull to the people believing in our future succes,so we are happy with their offers.

[BitCoinNutJob]

Without an open bidding system we dont know who owns the pre mine....im thinking they banked almost all of it.

The best way to fight back is to complain if this coin gets mentioned @ BTC-e... even the few corrupt MODs cant mention other coins & other exchanges.

Other MODs who aren't in on this have already banned people mentioning this coin.

btc-e have asked me not to promote the coin and i have complied.

ok great.

normal users are free to talk about any coin

not the case.

[gutshot5820]

Having a small group of investors owning large chunks of any coin that is pre-mined and pre-sold is a recipe for disaster.  Mass dumping will ensue at first sign of profitability.  As soon as the prices of any coin that is pre-mined and pre-sold starts to go downwards, mass exodus will ensue.  I'm new to mining but after seeing so many of these tactics repeated over and over again, I was hoping that a larger base, even if doesn't include myself, which was the original intention of the bidding system.  However, I feel a small group of larger investors got the most coins because they sold out so quickly.  To me, I see that's just asking for trouble and adds more risk and volatility to the coin where it could have been marginalized by spreading the coins out more evenly. Anyways, hope for the best and hope people don't start dumping immediately like every other coin that has been pre-mined, forget about the pre-sale.

[Protagonus]

guys, the orininal plan was to entertain more offers, but that would mean choosing one person over another, for example person A bids 0.00005 per coin and the next person bids 0.00006 per coin,

now we have to say no to person A,this just seemed to be to greedy, so we closed it up and we said yes to everybody

Again, as I stated, it seems to be a difference of intent and interpretation.  What was stated was bids were accepted for X time and the price was shown (and stated) as an "example".
This led to my (and it seems others) impression that you were offering a "Closed Bid"; 

   The definition of which, found here: http://dictionary.cambridge.org/dictionary/business-english/closed-bid
"a system of choosing the best offer to supply goods or services by asking companies to offer their best price without knowing what the other companies are offering"

From the Global definition of a closed bid, no;  you are not being greedy to accept a higher offer;  that is just how a closed bid is "supposed" to work.

My offer (sent to pm since email link was gone) was considerably higher than your "example" (.00005);  which should, at the least, corroborate my interpretation of it being a closed bid.

Moving forward, my future concerns are with the "few" large stakeholders and few insta-miners having a large controlling share for the initial months.   I dread the thought of what would happen, if a couple of these people would work together.

In general, I do not participate in Alts, outside of LTC.  I keep an eye on the forums here regularly, but this was the first thing to get me to log-in for the last 6 months or so.  If I was washing my hands of this coin, I wouldn't have posted at all;  but my concerns are definitely weighing more heavy.
Good luck, no hard feelings.

[bumface]

Having a small group of investors owning large chunks of any coin that is pre-mined and pre-sold is a recipe for disaster.  Mass dumping will ensue at first sign of profitability.  As soon as the prices of any coin that is pre-mined and pre-sold starts to go downwards, mass exodus will ensue.  I'm new to mining but after seeing so many of these tactics repeated over and over again, I was hoping that a larger base, even if doesn't include myself, which was the original intention of the bidding system.  However, I feel a small group of larger investors got the most coins because they sold out so quickly.  To me, I see that's just asking for trouble and adds more risk and volatility to the coin where it could have been marginalized by spreading the coins out more evenly. Anyways, hope for the best and hope people don't start dumping immediately like every other coin that has been pre-mined, forget about the pre-sale.

i understand what you are saying, but those stakeholders are the owners of those coins, they can do with it what ever they want, including dumping. Having said that i ask them to sell responsibly at every ocasion, thats all i can do.

I also hope people see the long term value and dont dump right away,but some people want to make a quick profit while others want to freeze it for 1 year and then come back to it...

And if every stakeholder decided to dump then the price will fall to its real value, and then we can move on in steady growth.My real priority is that those people get their investment back and make some profit, because i feel responsible for their BTC. When that is done then i can feel at ease and a healty market can form.


perhaps some things could have gone slightly better, but we are not a team that just spews out a new garbage coin every month,we take this very seriously and we are learning new things every day.This is also why you have a period between announcement and launch, so that after that it will be smooth sailing.

[gutshot5820]

Having a small group of investors owning large chunks of any coin that is pre-mined and pre-sold is a recipe for disaster.  Mass dumping will ensue at first sign of profitability.  As soon as the prices of any coin that is pre-mined and pre-sold starts to go downwards, mass exodus will ensue.  I'm new to mining but after seeing so many of these tactics repeated over and over again, I was hoping that a larger base, even if doesn't include myself, which was the original intention of the bidding system.  However, I feel a small group of larger investors got the most coins because they sold out so quickly.  To me, I see that's just asking for trouble and adds more risk and volatility to the coin where it could have been marginalized by spreading the coins out more evenly. Anyways, hope for the best and hope people don't start dumping immediately like every other coin that has been pre-mined, forget about the pre-sale.

i understand what you are saying, but those stakeholders are the owners of those coins, they can do with it what ever they want, including dumping. Having said that i ask them to sell responsibly at every ocasion, thats all i can do.

I also hope people see the long term value and dont dump right away,but some people want to make a quick profit while others want to freeze it for 1 year and then come back to it...

And if every stakeholder decided to dump then the price will fall to its real value, and then we can move on in steady growth.My real priority is that those people get their investment back and make some profit, because i feel responsible for their BTC. When that is done then i can feel at ease and a healty market can form.

Haha, good answer.  I see you on BTC-e all the time and you seem like a fair guy.  I will be supporting Ultracoin from day one and hope it will be successful, unlike some of the other coins I have dealt with recently.  I suspect a lot of the crying going on here is either jealousy or a me-too attitude because they saw how fast the coins sold out.  Good luck on your venture, I will be with you all the way. Hopefully everyone can profit long-term.

[kalgecin]

in response to requests from the community we have decided to release a new version of Ultracoin which changes the retarget time to 6 hours, to prevent instamine.

You ask, we listen!

That's still great for instamining. Unless you set starting diff to around 10

[bumface]

zeded,

not all offers were 0.00005 some were higher.

we just allocated all we had (1.6 million).

When all payments are in and verifyd i will publish the total number of stakeholders.

[gutshot5820]

zeded,

not all offers were 0.00005 some were higher.

we just allocated all we had (1.6 million).

When all payments are in and verifyd i will publish the total number of stakeholders.

why did you sell when the total orders where 1.6 million? why didnt you wait untill january 27 like you said was the final day for bidding then sell down from highest offer to lowest offer untill 1.6 million are gone.
that is the way it should have been.
you say you didnt want to be greedy but this way you are more greedy. you were so greedy that you sold as soon as there was enough to sell . you were too greedy to wait do for a fair bidding.

and by the way the reason people bid higher than 0.00005 is because they thought it was a proper bidding system where you would sell from highest to least at the end of the bidding. the didnt expect you to sell as soon as the number of bids totaled 1.6 million coins.
if they knew you were going to sell and close bidding when 1.6 million total coins were wanted then they would easily just buy for 0.00005. you lied.

Bumface, can you ban this guy for 10000m?

[tolega]

Those who gave the lowest offer, similar to the one given as example, got the coins just like those who offered a price.
Good deal?

[gutshot5820]

Those who gave the lowest offer, similar to the one given as example, got the coins just like those who offered a price.
Good deal?

I think Bumface was just being a good guy and wanted to reward people who were willing to put up money in advance regardless of the bid.  He could have let the bidding go crazy once he saw it was overbid and try to maximize his gains but he didn't.  Why can't everybody see that?  You snooze you lose.  Get over it.

[bumface]

Those who gave the lowest offer, similar to the one given as example, got the coins just like those who offered a price.
Good deal?

I think Bumface was just being a good guy and wanted to reward people who were willing to put up money in advance regardless of the bid.  He could have let the bidding go crazy once he saw it was overbid and try to maximize his gains but he didn't.  Why can't everybody see that?  You snooze you lose.  Get over it.

thank you! thats exactly it, i cant bear to say no to people who want to get involved.

14 hours after the announcement, we could allocate the 1,6 million exactly, althoug some people we asked if they could get less UTC then they wanted, so othersmight have a chance, so after 14 hours we already had more btc on offer then we could accept.....so i immediately closed the bidding....

If i left it open 1 more day we would have 200 btc in bids and had to reject 120.......The initial plan was to have people bid untill the 27th , because we did not see this comming, selling out in 14 hours....the community support has just been overwhelming.

This proves that our philosophy of openness is much needed in this altcoin landscape.

[derBruchpilotPro]

I'm sorry, but I've to say that.
Its good that bumbace is involved into ultracoin but not you, zeded. That gives UltraCoin a much better chance.

Get a rig an mine some on 1. Feb and stop crying.

So. It's said.

[Del137]

which are the innovations your coin brings?

this.

[bumface]

this coin will go to $2 atleast if not $5 this month and i am going to be left behind .
i think i will just go burn my money or throw it out the window because i didnt buy any of this in the first few hours.
its all because bumface doesnt understand how bidding works. if he did fair bidding i would have ultracoin.
as soon as this hits an exchange it will be minimum $1 the lowest it can go is $0.5 .
enjoy your 4 cent ultracoin guys you only have it because bumface is stupid enough to hand it out for pennies without doing a fair bidding. i am out bye.
i will have to buy your 4 cent ultracoin from you for 100 or 200 times more than what you paid for it because of bumface . if he did i fair bidding i could have gotten it for less.

amazing that this coin will go to 5 dollars this month since we are starting distributing coins and opening for miners on feb 1

[gutshot5820]

which are the innovations your coin brings?

this.

Innovations?  LOL I think we are all past that phase now.  These altcoins don't trade on innovation, they increase in value or go to die based on dev support and they have their rep on the line so I fully expect this to be one of the few coins that survive and possibly thrive.

[Evilish]

bumface if any of the bidders withdraw their bid, please be sure to let us know. You know there are some people like me who have been supporting this coin since the hour of this announcement but got no chance to buy any amount of coins.  

[Kergekoin]

Am i blind or there is not a single detail about PoS in OP.
Or do you take that premined coin sell as "PoS"?  

[Protagonus]

bumface if any of the bidders withdraw their bid, please be sure to let us know. You know there are some people like me who have been supporting this coin since the hour of this announcement but got no chance to buy any amount of coins. 

+1 here here!

@zeded,  As I also pointed out, there was some wind let out of my sails with the wording of the stake coins;  however we have all stated our perceptions (you, bumface, myself and others) and at this point we can only move on.  I don't believe there was any malintent with the stake coins, just mis-interpretation.  You have to just take your stance, with how you feel about the coin;  and decide what you will do from there.  No sense in beating a dead cat (bounce) before launch

Myself, I will still try to get my whopping 1MH going when the coin is released, but I've not had any success with solo mining early.  I'll just cross my fingers there.

which are the innovations your coin brings?

Honestly I believe this coin heralds one of the few true innovations that will become mainstream with alts.  Really there are few "true innovations" that stick overwhelmingly;  scrypt, pre-mine, and (now) pre-sale.
I assume many coins forward will use this feature.   Many permutations have been done (block time, POS, floating diff. etc) but not many become commonplace. 

To the hashmobile!!!!  ......and wait 15 days; Doh!