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

[Level Coin]

@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!

I like these ideas and they make sense to me. I will try to work on the points that you have made.

[seek4dream]

It is noticed that most guys here are Nxt supporters, so am I.
It is not a coincidence, because Nxt supporters are sensitive to true innovation.
Interesting Idea, sure to invest while I learn a little more about it.

[td services]

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.

@Level Coin: Would you please do this so we could tie up the identity issue? I'd like to invest once this is settled, but things are kind of up in the air now.

Thanks

[seek4dream]

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.

@Level Coin: Would you please do this so we could tie up the identity issue? I'd like to invest once this is settled, but things are kind of up in the air now.

Thanks

sure, much more fund can be raised after this, and Levelcoin will have a big chance to succeed.

[xibeijan]

Aside from the ID issue, until something is delivered we have know way to know whether this guy can code to save his life.  No notable previous projects, etc.

Also... C?  Really?  I could understand C++, but C.... ?

[kikeda]

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.

@Level Coin: Would you please do this so we could tie up the identity issue? I'd like to invest once this is settled, but things are kind of up in the air now.

Thanks

same here, one post on the fb page and ill send my bitcoins without worries.

[SyRenity]

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.

Imho if you increase the transparency just a bit (like said facebook posting), or reduce the risks a bit (prepare plan, release early binary, release video), you will have much easier time raising more funds.

I'm on the fence exactly due to reasons above, and I'm sure that many others too.

[ctenc001]

Aside from the ID issue, until something is delivered we have know way to know whether this guy can code to save his life.  No notable previous projects, etc.

Also... C?  Really?  I could understand C++, but C.... ?

What's wrong with C? Its still one of the most popular languages in exsistence and has benefits over C++..

[jelin1984]

any news of the code
please

[SyRenity]

What's wrong with C? Its still one of the most popular languages in exsistence and has benefits over C++..

+1, but you have to be experienced enough in order to create an extendable and maintainable code.

I can point quite some open-source projects that evolve much slower then they should be, due to these exact issues.

[ZeroTheGreat]

Hmm, with this concept in long-term relative weight of big stakeholder in system will grow (bigger and bigger % of new coins per any timeframe will go to one hands by creatingLV1(+5%)/burningLV1(+25%)), and it's not a very good thing. Let's wait, how it'll roll out (if).

[atomiclock]

Aside from the ID issue, until something is delivered we have know way to know whether this guy can code to save his life.  No notable previous projects, etc.

Also... C?  Really?  I could understand C++, but C.... ?

What's wrong with C? Its still one of the most popular languages in exsistence and has benefits over C++..

Given the kinds of things Bitcoin needs to do, it also seems to me that doing it in C would be a big disadvantage.

given that C++ is a superset of C, I really don't see any benefit of C over C++ for a complicated bit of software like a crypto-currency...

If you do it in C you are not able to use Boost and other helpful C++ libraries.

Bitcoin was written in C++ and leverages these libraries, probably for a good reason.

So, I think xibeijan is spot on.

[irrawaddybtc]

Aside from the ID issue, until something is delivered we have know way to know whether this guy can code to save his life.  No notable previous projects, etc.

Also... C?  Really?  I could understand C++, but C.... ?

What's wrong with C? Its still one of the most popular languages in exsistence and has benefits over C++..

Given the kinds of things Bitcoin needs to do, it also seems to me that doing it in C would be a big disadvantage.

given that C++ is a superset of C, I really don't see any benefit of C over C++ for a complicated bit of software like a crypto-currency...

If you do it in C you are not able to use Boost and other helpful C++ libraries.

Bitcoin was written in C++ and leverages these libraries, probably for a good reason.

So, I think xibeijan is spot on.

Visa/MasterCard still leverage the power and speed of C written in the 80s and able to process 24,000 transactions per second.

[td services]

Aside from the ID issue, until something is delivered we have know way to know whether this guy can code to save his life.  No notable previous projects, etc.

Also... C?  Really?  I could understand C++, but C.... ?

I'm fine with him hiring others to do the code with him acting as project manager to oversee it, but it should be open source for the community to vet it.

[SyRenity]

I believe that language is fine - remember it's only a low level, and can be always extended by higher level UI and services.

What more worries me, is that OP does not respond regarding any additional transparency or evidence requests.

[td services]

I believe that language is fine - remember it's only a low level, and can be always extended by higher level UI and services.

What more worries me, is that OP does not respond regarding any additional transparency or evidence requests.

Yes, clarifying ID with verification would really help move things along. This is for the benefit of David Elsinger as well, to determine that he really is the person soliciting funds and founding this project.

[TheMightyX]

After thinking about this for some time, I don't believe you should be calling this "Inflation Immune".

With no cap on coins minted, this is an inflationary currency. You have no way of knowing exactly how people are going to act in this system. My guess (which is less a guess and more a calculation) would be that most if not all are going to be overly cautious and less likely to risk 1-2 years worth of gains to gain an additional 25% by year 4. Knowing that there are new coins coming out every month (if not week, day). There's no way to tell if we will be using bitcoin in 4 years, let alone your coin. People know this. Because people know this they will be less likely to burn lvl 1 coins, which means more inflation and less deflation. People are tired of inflation, people hate their money being worth less and less. Yes they get 5% more coins per year, but things just start costing more and more. And that means in 10 years there will be over 50% more coins in circulation and then it will double and so on.

Your model relies on people burning lvl 1 coins to counteract the inflation.
You have no way of assuring (No matter how good your coin is) that something better wont come along next year. So why risk 75% of your returns if you need to sell your position in a year. The answer is you wouldn't.

[SyRenity]

Your model relies on people burning lvl 1 coins to counteract the inflation.
You have no way of assuring (No matter how good your coin is) that something better wont come along next year. So why risk 75% of your returns if you need to sell your position in a year. The answer is you wouldn't.

So what you basically saying, is that only future there for deflation systems (like BTC, NXT, LTC, etc...), which have a predefined finite value?

Isn't it a bit against the law of nature? For example gold is being considered as finite standard and a good anti-inflation protection - but this until someone will figure out how to synthesize it or mine it in space, for example.

(I'm not asking this specifically regarding LVC, but in general notation of finite financial systems).

[LeoC]

After thinking about this for some time, I don't believe you should be calling this "Inflation Immune".

With no cap on coins minted, this is an inflationary currency. You have no way of knowing exactly how people are going to act in this system. My guess (which is less a guess and more a calculation) would be that most if not all are going to be overly cautious and less likely to risk 1-2 years worth of gains to gain an additional 25% by year 4. Knowing that there are new coins coming out every month (if not week, day). There's no way to tell if we will be using bitcoin in 4 years, let alone your coin. People know this. Because people know this they will be less likely to burn lvl 1 coins, which means more inflation and less deflation. People are tired of inflation, people hate their money being worth less and less. Yes they get 5% more coins per year, but things just start costing more and more. And that means in 10 years there will be over 50% more coins in circulation and then it will double and so on.

Your model relies on people burning lvl 1 coins to counteract the inflation.
You have no way of assuring (No matter how good your coin is) that something better wont come along next year. So why risk 75% of your returns if you need to sell your position in a year. The answer is you wouldn't.

Dude are you serious... what part of this coin is not for short term holders, flippers, and people looking for instant gratification don't you understand?
If everyone thought like you then there would be no one putting money into IRA's and Roth accounts. Nobody would be opening savings accounts. Nobody would be stacking gold or silver.
Because why would anyone do that when new currencies come out and the price of fiat keeps changing and they could make more money buying and selling and herpa derpa.
People or groups with very large amounts of money that want to live off of interest and don't want to be fucking with the risks that active trading brings, would need a coin like Levelcoin.
If you are not interested in investing for long periods of time, or you feel like you will be needed to pull your money out of a savings account for whatever reason, then you should avoid Levelcoin, just like you should avoid an IRA or savings account. Besides, you can never be sure that once you pull your money and buy into a new coin, that you will even make money. The beauty of this coin is that it is going to be a stable increase.

[rnr]

@Level Coin:

Any news about code review/proof? Milestones/Development sheet?