[ANN] Levelcoin - Proof of Stake / Proof of Burn Hybrid - Inflation Immune

[indigon]

Thank you for your interest. I am willing to accept escrow for those who want it, though a direct investment is preferred due to funds being needed for development and the hiring of specialists. Without this direct funding, there is no coin. As for the expected scam allegations, I have no comment. Regarding the name, I am willing to take suggestions.

David Elsinger

Why would you have no comment? We there have been a dozen scams on this form in the last few weeks. I fell prey to one myself...you have to be willing to make an effort to gain the trust of your investors...that is the professional and honorable way to conduct business...please tell us about yourself and your qualifications.

Also, using escrow should not slow you down as long as the terms allow you access to the amount of funds you need to start.

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[indigon]

Can't just trust you blindly. You should change the buy options.

There are unfortunately very few options when it comes to the funding of a Proof of Stake coin. At some point someone needs to buy into it to get things rolling. I am open to suggestions though.

My suggestion is escrow with terms that allow you to fund your endeavor step by step while remaining accountable to your investors and the coin's community...if you make this effort and share more about yourself and the project you will get funding quite quickly. If you want to lead a revolution you need to inspire trust in your compatriots.

[Come-from-Beyond]

Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.

Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?

I'm not sure if this is a scam or not, so let's discuss some flaws of this concept.

1st of all u should not use PoS to generate new coins. If u go this way then big stakeholders will get higher percentage of the total stake. This also will freeze adoption, coz stakeholders won't give the coins away, it's like giving away ASICs.

Burning in this concept is also a bad decision, coz each burnt coin increases stake of non-burnt ones giving the benefit (measured in absolute value) to big stakeholders.

[valley365]

what a garbage... I am selling 1000 Level3 coin for 1 BTC!

[Level Coin]

I'm not sure if this is a scam or not, so let's discuss some flaws of this concept.

1st of all u should not use PoS to generate new coins. If u go this way then big stakeholders will get higher percentage of the total stake. This also will freeze adoption, coz stakeholders won't give the coins away, it's like giving away ASICs.

Burning in this concept is also a bad decision, coz each burnt coin increases stake of non-burnt ones giving the benefit (measured in absolute value) to big stakeholders.

Creation speed of currency via Levelcoin's Proof of Stake system is a small fraction compared to the creation via Proof of Work coins. As people have mentioned, ROI is four years which is plenty of time to receive new adopters. Comparing big stakeholders to ASCI's is highly exaggerated. Early adopters should be rewarded accordingly, but it won't affect people who join in late, unlike Proof of Work coins.

Let me give you this scenario: Early adopter purchases Level 1 coins and turns them into Level 2 coins. He then continues to turn any Level 1 coins generated, into Level 2 coins. If he continues doing this indefinitely then he will never make a ROI. At some point he needs to stop burning and sell his Level 1 coins. When these coins hit the market, the people who do not have as many Level 2 coins as the early adopter, can then purchase his Level 1 coins at market price and burn them for Level 2 coins. Then this person will burn his generated Level 1 coins until he decides that he wants to start selling, and the cycle continues.

[Zukii]

I would be very interested to see how many people *actually* burnt level 1 coins for level 2 initially...

I definitely wouldn't.
Anyone that burns their level1 coins is increasing the value of the level1 coins people didn't burn causing the price to rocket upwards, and you can't capitalise on that since you have untradeable level2 coins.

Why not make level2 coins tradeable also?

[Level Coin]

I would be very interested to see how many people *actually* burnt level 1 coins for level 2 initially...

I definitely wouldn't.
Anyone that burns their level1 coins is increasing the value of the level1 coins people didn't burn causing the price to rocket upwards, and you can't capitalise on that since you have untradeable level2 coins.

Why not make level2 coins tradeable also?

This is exactly what I am hoping for, a split of people keeping their LV1 and of burning them for LV2. The reason for LV2 being nonexchangeable is because without this drawback there will be no incentive whatsoever to purchase or own LV1 coins. This in turn would cause the value of LV1 coins to fall which would cause a chain reaction that would lead to LV2 coins falling in value as well. The end result would be a systemwide collapse. The incentive for owning LV2 are that they generate LV1 at five times the rate that LV1 does, how can you not capitalize on that? You generate coins faster AND you increase those same coins in value.

You've accidentally stumbled upon the reason that this system works great. People who burn LV1 increase their rate of generation. Everyone who keeps their LV1 can sell at a higher price as more people burn them. If demand is steady or increasing, then it is a win/win situation for everyone involved.

[murkster]

Like the sound of this alot!

Added to watch list, looking forward to developments.

[aelpop]

the idea is mindblowing , but making it without mining is totally kiling it 

[kikeda]

I really liked the idea. Unfortunately there's a lot of IPO scams floating out lately so im kinda hesitant sending bitcoins without a proof of work, probably if you could arrange an escrow payment or paypal many would jump into the project.

[captchunk]

the idea is mindblowing , but making it without mining is totally kiling it 

Wait, there's no mining? So they're all going to be bought from one person? Um...

[The One]

Hello Bitcointalk!

If you are interested in purchasing LV1 coins at 100,000 LV1 coins per BTC or 2,850 LV1 coins per LTC, then please send the allotted amount to the below address and please PM me both your sending address and the TxID along with an e-mail address that I can use to contact you. All purchases will be kept 100% confidential.

Pre-Launch funding addresses:
BTC- 1C7MPUTTWQjinfbRcQtW6HAc4ips7wMuiJ
LTC- LPn7WpdnZ3MSdDajbFMsJuVi44BeYEauKG

Funding is currently set to end on January 31st.

So on February 1st, you will run off with all the BTC and LTC. 99% probability of scam.

A small portion of the funding will be set aside to purchase LV1 coins at market price should the price fall to unreasonably low levels, consider this a sort of "buyback" protection against sharp declines.

Something a central bank would do in the fiat world.

And lastly of course I will retain a couple of BTC/LTC for myself because I feel I deserve it. If you plan on using any of my ideas for your own project, please feel free to leave a donation!

Sorry but you deserve nothing. In the real world one has to come up with the 'goods' and the 'consumers' will determine what you deserve, that's free market. Saying you 'deserve it', is fecking socialism.

However the idea is interesting.

[LeoC]

Sorry but you deserve nothing.

However the idea is interesting.

What an idiotic and ignorant statement. People are paid for creative ideas all the time. Some people make it a profession to just think.
This one is very creative and even if it happened to be a scam, the idea has now been made public and someone can pick it up an apply it.
Cryptocurrency as a whole can only benefit from more ideas being thrown out there, unless of course you want more litecoin clones (you probably do).
It is you sir that deserves nothing, not even this reply. I gave the OP 1 BTC out of the hundred or so I have simply because his idea is absolutely ingenious.
If this turns out to be real and it takes off, then that's just icing on the cake. Would love to see more bright ideas, sick of all the Proof of Work bullshit out there.

[The One]

Sorry but you deserve nothing.

However the idea is interesting.

What an idiotic and ignorant statement. People are paid for creative ideas all the time. Some people make it a profession to just think.
This one is very creative and even if it happened to be a scam, the idea has now been made public and someone can pick it up an apply it.
Cryptocurrency as a whole can only benefit from more ideas being thrown out there. It is you sir that deserves nothing, not even this reply.

Idiot. People who are paid, live in the real world where there is facial contact, identity, contract, etc. On the internet there is nothing but words on a forum and asking for money. Do grow up. There is nothing wrong with throwing in ideas over the internet but no one deserve anything. One has to make their own way.

[LeoC]

Tell that to just about everyone that uses Kickstarter or Indie Go Go. Or how about all the people that pre-order things online.
Why are Alpha-T scrypt ASIC's sold out when they haven't been released yet or even a picture shown.
You've taken the term "fucking moron" to extreme levels. Now please go play with your dolls.

[The One]

Tell that to just about everyone that uses Kickstarter or Indie Go Go. You've taken the term "fucking moron" to extreme levels. Now please go play with your dolls.

Seriously. Are you some 12 years old ranting like a spoilt child, or part of the scam team. A "fucking moron" is someone who simply gave the OP 1 BTC based on the OP typing roughly 500 words.

[LeoC]

Couldn't counter what I just said so you sunk down to Ad Hominem. This conversation is done and you lost miserably.
Go back to your PoW shitclone that's riding on the coattails of someone that will likely die of old age soon. So innovative.
Or how about begging like a little bitch for scraps of food in giveaways, you're good at that aren't you? Fucking loser lol 1 BTC ain't shit for me, I wipe my ass with it.

[rb2]

Please organise escrow. There's been too many scams lately to request direct donations.
Also, what code do you have currently, which language, availability, license?

[Msile]

Can't just trust you blindly. You should change the buy options.

There are unfortunately very few options when it comes to the funding of a Proof of Stake coin. At some point someone needs to buy into it to get things rolling. I am open to suggestions though.

Well I guess I should just blindly trust you, all altcoins are risks anyway. And since you are open to suggestions you probably aren't a scam.

Soooo how do we do this, do I just send any amount of BTC to your address and then tell my address?

[Nullu]

Will you be using escrow for the submitted funds? You sound serious and intelligent, you will get funding as long as you earn our trust...

So did Neon. Remember that.