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

[SyRenity]

That profile is a half dozen years old. It is not updated to reflect the past couple of years of my life. I do in fact live in Michigan at the moment.
You missed the sarcasm in my post. Let me clear it up. Yes that is my Facebook, but I want to keep personal, professional and hobbyist lives separated.
I'm sorry I gave you enough negative impressions worth jumping to conclusions over. The members of this forum are a rowdy bunch I'll give them that.

I think that if you post some innocent status update on Facebook (like "Moving on with my pet project "), and then reference it here, it will be enough for the most people here.

[SyRenity]

I doubt that screenshot was faked. XCP uses a VERY similar system.

XCP provided actual usable code from day one, and uses Proof of Burn (where no money goes to dev, so there is no sense in scam by default).


By the way, are there any 2nd gen features planned for this coin?

[BeeFer310]

Hey
I played with some numbers and would like to know if I’m understanding everything right.
You say “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)”
In 1 week there are 40320 „15 seconds“.

So you get every 15 seks 1/40320 of your weekly income.

If that is right then the smallest LV1 balance you need to get 0.000001 Is rounded 20.5 LV1, because
20.5 divided by 40320 is 0.0000005084.


Or does “rounded up” means that you need a minimum of 0.0000001 to generate one millionth of a LV1?


And how many significant figures has the LV2?

What is the smallest amount of LV1 you can burn into LV2?

Burning is without fees?

[grandpa_seth]

Just update Facebook Please? Then we can move on. I don't want to know about your private life. Wish you never gave out your name. Now that someone found your facebook

show us its yours and that's that. You say you only want a few btc for your compensation. That is not much. Without a lot of donations or funding how likely is it you

will still keep updating, fixing bugs and being the main guy behind levelcoin?  How many level 1 coins at launch will you receive?

As of now you do not have very many founders and not much funding. If I invest 1 bitcoin then at this point with only a week to go, 3 guys are going to own most of

all levelcoins. It sounds like you want to put the coin out there as best you can and let the community take over from there. But if you end up with 40 founders donating

8 bitcoins total and therefore there being only 800k level 1 coins how much of a community can there be to keep it alive?

I also would like to know about 2nd gen features planned? Or anything else that will make levelcoin unique? Thanks

[TheMightyX]

My question is only concerned with the supply of lv2 coins, i.e., whether it's monotonically increasing or not.  It's irrelevant to me whether lv2c can be spent.  My question was only about "how many over time".

It seems like folks will be caught in a competing race to obtain more lv2.  He who has more lv2c generates more lv1c.

The supply will be based on the market. I'm not a fortune teller.
He who owns a faster mining rig will likely mine more coins.
He who has more money, will likely buy a bigger boat.
He who has more Level 2 coins, will likely generate more Level 1.
If you want to be that guy, then buy some Level 1 and burn them.

If anyone has noticed, in one corner we have a person saying that there is no incentive to burn level 1 coins and that people should hoard them.
Then on the other corner, we have a person saying that there will be a race to burn as many level 1 coins as possible.

This to me says the system is balanced.

Although I find your idea interesting, I wonder why you've decided to accept the BTC yourself, rather than a proof-of-burn on the BTC block chain?  If it's because you needed to raise capital, then why not setup an escrow?

I would very much appreciate an answer to this.

I already answered this question and I will not do so again.
I feel like I am repeating myself over and over which is detracting from the work at hand.
If you have questions, make sure the responses aren't already available in the thread.

Please don't accept my thoughts as any sort of valid criticism =S
After all, I'm just a cat.

[TheMightyX]

Although I find your idea interesting, I wonder why you've decided to accept the BTC yourself, rather than a proof-of-burn on the BTC block chain?  If it's because you needed to raise capital, then why not setup an escrow?

I would very much appreciate an answer to this.

I already answered this question and I will not do so again.
I feel like I am repeating myself over and over which is detracting from the work at hand.
If you have questions, make sure the responses aren't already available in the thread.

I will answer the second question for him:
He needs the f*ckin money yo!
All those hookers and cocaine aint gonna pay for itself, capeesh?

In all seriousness, we all have bills to pay, He can't escrow the funds because he needs it to devote his time to the project.
Not all of us live rent-free in our parents basements or can afford to take a few months off work to devote to our side projects.

[Level Coin]

Hey
I played with some numbers and would like to know if I’m understanding everything right.
You say “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)”
In 1 week there are 40320 „15 seconds“.

So you get every 15 seks 1/40320 of your weekly income.

If that is right then the smallest LV1 balance you need to get 0.000001 Is rounded 20.5 LV1, because
20.5 divided by 40320 is 0.0000005084.


Or does “rounded up” means that you need a minimum of 0.0000001 to generate one millionth of a LV1?


And how many significant figures has the LV2?

What is the smallest amount of LV1 you can burn into LV2?

Burning is without fees?

Thats right, with 20.5 LV1, you would generate one millionth of an LV1 every 15 seconds.
Burning is without fees. LV2 coins are owned as flat integers. You need 1000 LV1 minimum to initiate a burn. Anything less will spit out an error.
Attempting to burn say 4256.12153 LV1 will give you four LV2 and return 256.12153 LV1 back into your wallet.

I will NOT be participating in the burn of any other currency, especially not Bitcoin. I want to keep Levelcoin as disconnected as possible.

[Level Coin]

Just update Facebook Please? Then we can move on. I don't want to know about your private life. Wish you never gave out your name. Now that someone found your facebook

show us its yours and that's that. You say you only want a few btc for your compensation. That is not much. Without a lot of donations or funding how likely is it you

will still keep updating, fixing bugs and being the main guy behind levelcoin?  How many level 1 coins at launch will you receive?

As of now you do not have very many founders and not much funding. If I invest 1 bitcoin then at this point with only a week to go, 3 guys are going to own most of

all levelcoins. It sounds like you want to put the coin out there as best you can and let the community take over from there. But if you end up with 40 founders donating

8 bitcoins total and therefore there being only 800k level 1 coins how much of a community can there be to keep it alive?

I also would like to know about 2nd gen features planned? Or anything else that will make levelcoin unique? Thanks

I won't be receiving any Level 1 coins. Funding is an issue of course. I am surprised at the very little interest in this project. New projects like all of the NXT clones that bring nothing new to the table are receiving 10 times the level of views.  I did mention that if there are no funds there is no coin. Worst case scenario I will either have to delay or have to return everyone's funds and attempt again at a later date when market mentality has hopefully shifted. I don't have enough at the moment to hire almost anyone.

[Mota]

Like many here said, it's a matter of escrow or not. There are a lot of IPO scams atm, so everybody is a little skeptic regarding those without escrow. I couldn't care less about your identity, but escrow is a must with IPO's imnho...

[panonym]

Interesting idea.
But I guess I'm out.

Why starting an IPO now? You should have wait you finished your code.
Let everyone test on testnet, then lunch the IPO.
You want this to be a huge success? give the money back to everyone, and come back with a finished product for all to test.
And seriously reconsider PoB to get LVL1, mister open to suggestion...

You intend to have no LVLcoin yourself? That's doubtful.
How convenient to send 5 BTC to yourself...
This reason alone is why PoB is needed. Even if I trusted you.

Switching 4yr to 2yr for ROI is a tiny improvement.
I feel better with 1yr, but to each his thoughts.

You just killed my enthusiasm with your idea to make LVL2 generation decreasing, to even stop.
That's a huge risk, and you kill most of it's reward.

And I repeat myself because I think it is needed:
Reconsider PoB.
With it your project would certainly sky-rocket.
Or at least consider giving these pseudoburn to Sean Outpost or another alike.
Your greed to take benef at start doesn't create desire to join.

You want reward?
make your idea concrete, have everyone test it, invest your own money like everyone else, and then continue with everyone to promote it so that your LVL1 win value.

[LeoC]

LOL you again, seriously you never shut the fuck up about BTC bound proof of burn do you?

Interesting idea.
But I guess I'm out.

Good riddance.

Why starting an IPO now? You should have wait you finished your code.
Let everyone test on testnet, then lunch the IPO.
You want this to be a huge success? give the money back to everyone, and come back with a finished product for all to test.

I slightly agree, but he already mentioned that he might do a refund, so your point is moot.

And seriously reconsider PoB to get LVL1, mister open to suggestion...

No fuck off with that, open to suggestions doesn't mean apply everything that is asked. Can't you understand he doesn't want Levelcoin to be linked to other altcoins?
If Bitcoin ever collapses in the wake of a much superior competing currency, then tag along PoB coins like XCP will be made worthless.

You intend to have no LVLcoin yourself? That's doubtful.
How convenient to send 5 BTC to yourself...
This reason alone is why PoB is needed. Even if I trusted you.

No proof, FUD

Switching 4yr to 2yr for ROI is a tiny improvement.
I feel better with 1yr, but to each his thoughts.

I agree

You just killed my enthusiasm with your idea to make LVL2 generation decreasing, to even stop.
That's a huge risk, and you kill most of it's reward.

No one wants you here. Besides, he was only asking for feedback on the idea, I doubt he already implemented it.

And I repeat myself because I think it is needed:
Reconsider PoB.
With it your project would certainly sky-rocket.
Or at least consider giving these pseudoburn to Sean Outpost or another alike.
Your greed to take benef at start doesn't create desire to join.

He has lit a beacon of light with actual great ideas that can only further crypto in a day where shitclones are spewed hourly and yet you call him greedy when he has received less than 4 BTC, with one of them being mine. You're a joke. There are people that ONLY go to giveaways. Here is an example https://bitcointalk.org/index.php?action=profile;u=122300;sa=showPosts. If you want to complain about greed, go complain to those people. None of them ever contribute anything and probably make more than the OP has.

You want reward?
make your idea concrete, have everyone test it, invest your own money like everyone else, and then continue with everyone to promote it so that your LVL1 win value.

Personally if I were him, I wouldn't sell you any coins, ever. Regardless of what changes are made.
You do nothing but bash EVERY SINGLE COIN that does not include a PoB system that is EXACTLY like XCP.
I know why you do it to, the reason you do it is because you KNOW that no one will be exactly like XCP. Want to know why? Because XCP sucks my fat left nut.
I'd even be willing to bet that the moment you get a coin that is an exact clone of XCP, you would bitch about how there is no point in using it since XCP already exists.
Destroying Bitcoins is harmful to the economic ecosystem and only promotes BTC holders, not to mention that he will receive no funding and we will be back at square one.
The devs idea and implementation of both PoS and PoB looks absolutely incredible to me and far superior to XCP. I don't see XCP on any exchanges, do you?
The only drawback is that it has a small chance of being a scam, but most scammers are idiots though looking for a quick buck without thinking too much.

[serogen]

hey mister levelcoin.

i sent u 0.2191 BTC for the IPO
Transaction ID: 1ad413f10a997cdb4a22fdb515573682d13b850779cc0270a73a2c600c028919

greetings and lets get to a new level!

[Level Coin]

hey mister levelcoin.

i sent u 0.2191 BTC for the IPO
Transaction ID: 1ad413f10a997cdb4a22fdb515573682d13b850779cc0270a73a2c600c028919

greetings and lets get to a new level!

Thank you for your support, if you could please PM me an e-mail address that I can use to get in contact with you on release, that would be great.

[sparta_cuss]

How much do you think you need to get this project started, and how much do you have pledged at the moment?

[northranger79510]

How much do you think you need to get this project started, and how much do you have pledged at the moment?

Also, what is the estimated completion date?

[Level Coin]

How much do you think you need to get this project started, and how much do you have pledged at the moment?

Also, what is the estimated completion date?

The project is started. I have a little bit less than 5 BTC

I expect to have the client itself complete by launch which is on the 31st.
The rest of the resources including continued development depend on the funding amounts.
The more funding the longer I will work as a dev.

[northranger79510]

Would you release the coin at launch to the investors? Also, why would you continue the IPO even after the coin is created? I dont see any necessary expenses after the dev. of the coin?

[TheMightyX]

LOL you again, seriously you never shut the fuck up about BTC bound proof of burn do you?

Interesting idea.
But I guess I'm out.

Good riddance.

Why starting an IPO now? You should have wait you finished your code.
Let everyone test on testnet, then lunch the IPO.
You want this to be a huge success? give the money back to everyone, and come back with a finished product for all to test.

I slightly agree, but he already mentioned that he might do a refund, so your point is moot.

And seriously reconsider PoB to get LVL1, mister open to suggestion...

No fuck off with that, open to suggestions doesn't mean apply everything that is asked. Can't you understand he doesn't want Levelcoin to be linked to other altcoins?
If Bitcoin ever collapses in the wake of a much superior competing currency, then tag along PoB coins like XCP will be made worthless.

You intend to have no LVLcoin yourself? That's doubtful.
How convenient to send 5 BTC to yourself...
This reason alone is why PoB is needed. Even if I trusted you.

No proof, FUD

Switching 4yr to 2yr for ROI is a tiny improvement.
I feel better with 1yr, but to each his thoughts.

I agree

You just killed my enthusiasm with your idea to make LVL2 generation decreasing, to even stop.
That's a huge risk, and you kill most of it's reward.

No one wants you here. Besides, he was only asking for feedback on the idea, I doubt he already implemented it.

And I repeat myself because I think it is needed:
Reconsider PoB.
With it your project would certainly sky-rocket.
Or at least consider giving these pseudoburn to Sean Outpost or another alike.
Your greed to take benef at start doesn't create desire to join.

He has lit a beacon of light with actual great ideas that can only further crypto in a day where shitclones are spewed hourly and yet you call him greedy when he has received less than 4 BTC, with one of them being mine. You're a joke. There are people that ONLY go to giveaways. Here is an example https://bitcointalk.org/index.php?action=profile;u=122300;sa=showPosts. If you want to complain about greed, go complain to those people. None of them ever contribute anything and probably make more than the OP has.

You want reward?
make your idea concrete, have everyone test it, invest your own money like everyone else, and then continue with everyone to promote it so that your LVL1 win value.

Personally if I were him, I wouldn't sell you any coins, ever. Regardless of what changes are made.
You do nothing but bash EVERY SINGLE COIN that does not include a PoB system that is EXACTLY like XCP.
I know why you do it to, the reason you do it is because you KNOW that no one will be exactly like XCP. Want to know why? Because XCP sucks my fat left nut.
I'd even be willing to bet that the moment you get a coin that is an exact clone of XCP, you would bitch about how there is no point in using it since XCP already exists.
Destroying Bitcoins is harmful to the economic ecosystem and only promotes BTC holders, not to mention that he will receive no funding and we will be back at square one.
The devs idea and implementation of both PoS and PoB looks absolutely incredible to me and far superior to XCP. I don't see XCP on any exchanges, do you?
The only drawback is that it has a small chance of being a scam, but most scammers are idiots though looking for a quick buck without thinking too much.

That was even more negative than his post.
He had valid concerns and was stating his opinion on the matter.
Why did you have to be a dick about it?
And the only drawback is it might be a scam is a HUGE drawback. Saying that scammers are stupid is illogical, because scammers have to be smarter than a lot of people to actually pull off a scam.
I'm giving the dev the benefit of the doubt here, but it doesn't mean that everyone is obligated to as well.

[Level Coin]

Would you release the coin at launch to the investors? Also, why would you continue the IPO even after the coin is created? I dont see any necessary expenses after the dev. of the coin?

Yes the coin will be released to investors. Depending on the amount invested before launch, there may be no continued IPO. It all depends on how much is distributed.
If that is the case, then investors of the direct fundraiser will have a couple of weeks to get familiar with the software before anyone else.
Logging into the client will require a founder username/password to prevent the client from being leaked to non founders. The additional funds will be used in further development and for a USD/LV1 exchange.

[rnr]

@Levelcoin

Please, in your own interest:

a) Ask for an/few trustfully and well known member(s) of this board for let check your already existing code via teamviewer (for example) on your computer. After that the member(s) should proof it in this thread.

b) Make it more clear on the first page that you need the initial funding for the further development of your idea.

c) Make an google-docs spread sheet with the "bounties" and project/software steps (INCLUDING the offered rewards in BTC or LTC) which are needed to develop and provide the link.
My suggestions:
    - Whitepaper
    - GUI for your client
    - Code review and help with the source code
    - Homepage
    - Logo
    - Escrow service fee

d) After c) we will see the necessary of the funding and everybody, also you, get an overview of the milestones AND you can ask an trustfully member of this board for escrow service (BTC < > work).

e) In my eyes it´s impossible to provide an escrow service for the IPO and initial fundraising because you need money/BTC for the development upfront (no BTC to your hands > no development > no levelcoins).



I think that will attract more funding. I can´t find any bad intention to ask about funding of development of an idea. But, if you use that kind of IPO you should provide an "business plan" with your milestones and rewards for help. That will show to everybody that you are willing to use the investments for the development.

Just my 2 cents ;-)


EDIT: c) will also attract developers and a community for your project. Maybe people also think that you are far away from an release candidate with your current project status. That fact will change with an active community and cooperative developers. And, don´t forget your reward, that´s also legit!