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

[Level Coin]

Can you provide us a quick work-in-progress screenshot of the gui please.

The GUI is in the hands of the designer, when he is complete he will send it to me after I pay him.

Can you tell us how much will be rewarded per level for the Kickstarter campaign? For instance how many level 1 coins for each $100, $500, and $1,000 pledge?

I will be basing buy in costs on BTC at $800. So currently early founders receive 150,000 level 1 coins for roughly $800.
This equates to 12,500 per $100. So Tier one is 12,500 LV1, Tier two is 62,500 LV1, and Tier three is 125,000 LV1.
As you can see, Kickstarter founders will be paying $200 more than the cost of one BTC and still receive 25,000 LV1 less.
The absolute most Level 1 coin that anyone can own at launch is 150,000.

LevelCoin, will you be releasing the software on Feb1st as well as the coins?

Yes. It will be released to all early founders in which they will have exclusive access to help me beta test it for two weeks.
They can also opt to go directly to the main-net and start generating real world currency, though this is not recommended.

[td services]

Pre-Launch funding addresses:
BTC- 1Padc5wujXQamfR8r2Dig45BFh7SiT2AE4
LTC- LPn7WpdnZ3MSdDajbFMsJuVi44BeYEauKG

Did the funding address change?

https://blockchain.info/address/1Padc5wujXQamfR8r2Dig45BFh7SiT2AE4 shows 0 activity.

[Level Coin]

Pre-Launch funding addresses:
BTC- 1Padc5wujXQamfR8r2Dig45BFh7SiT2AE4
LTC- LPn7WpdnZ3MSdDajbFMsJuVi44BeYEauKG

Did the funding address change?

https://blockchain.info/address/1Padc5wujXQamfR8r2Dig45BFh7SiT2AE4 shows 0 activity.

Yes, with the increased amount of senders these last couple of days I created a second wallet on a more secure computer.
The computer with the previous wallet begun to perform slower than usual and I feared it may have caught a virus. This was just a security measure.

[LeoC]

Pre-Launch funding addresses:
BTC- 1Padc5wujXQamfR8r2Dig45BFh7SiT2AE4
LTC- LPn7WpdnZ3MSdDajbFMsJuVi44BeYEauKG

Did the funding address change?

https://blockchain.info/address/1Padc5wujXQamfR8r2Dig45BFh7SiT2AE4 shows 0 activity.

Geez dude ur way too jumpy lol, go smoke a bowl and relax.

[wezelvis]

Looks interesting. What is the maximum buy in? Can you confirm it is 1 bitcoin per person?

[Level Coin]

Looks interesting. What is the maximum buy in? Can you confirm it is 1 bitcoin per person?

It is indeed 1 BTC per person, to avoid large holder hoarding/manipulation.
This will get you the maximum possible 150,000 Level 1 coins.
In two days this number will be cut to 100,000.

[jimmyfozzers]

I don't see how this system is anti-inflationary. As the number of LVL2 coins in the system increases, so the rate of LVL1 coin production increases. As LVL1 coins are now being produced faster, their value decreases. People then burn LVL1 coins at an ever increasing rate, thus producing more LVL2 coins, which in turn increases the rate of LVL1 coin production. How is that not inflationary?

[northranger79510]

Hey Levelcoin, one last question for you before I decide to invest or not. Can you provide proof that you sent back the 1BTC that the guy who invested 2BTC in? Blockchain would be fine.

[DawgDCG]

Level Coin,

I noticed that you are planning a 2 week beta period for founders after the initial funding phase. How will the initial funds be generated? I'm just wondering how you would be generating funds for a Kickstarter campaign once the blockchain is created. I'm not the most well versed on the intricacies of the blockchains, but if it is possible to generate new L1 currency for those who pledge on the Kickstarter, would it be possible to implement a system for the founders wherein they could increase their initial investment up to the 1 BTC cap during the 2 week beta period?

For instance, I pledge 2 ltc now and become a founder. The beta starts and I feel very confident in the coin, can I during the beta pledge more money prior to the end of the beta? The 1 btc cap could still be a good cutoff for initial investors. Maybe offer additional buy-ins at only 1.25x the Kickstarter values or even just offer them at 1x as we would still be getting a head start on the market.

Just a thought / suggestion.

The founder rates are set in stone. 1.5x for pre-beta, and 1.0 post-beta. It would be unfair to change it this late into the project. The initial funds will be generated on the genesis block once I have tallied how much Level 1 coin each person has purchased. The Kickstarter will have 3 reward tiers. 100 slots for $100 USD each, 50 slots for $500 USD and 10 slots for $1,000 USD. The level 1 required to fill exactly the entire Kickstarter total will also be generated on the genesis block. Should there be any leftover Level 1 coins due to the reward slots not being filled up, these coins will be used for giveaways, bounties, and generally will be given back to the community. The whole process can be monitored via the blockchain, I will not be keeping any of these coins. There is still time to buy into the 1.5x pre-beta rate.

Can I make a request as an investor?
The coins that are left over from the kickstarter should be destroyed to protect the investment of everyone who invested. Kickstarter projects rarely sell out of all slots of any project. We may be left over with a lot of spare coins. The kickstarter may not succeed and we may be left over with ALL the coins. To give these coins away for free to everyone doesn't seem fair since this is an IPO and we had to pay for those coins. Even if they are to be used for bounties, they will enter the marketplace and devalue the rest of the coins we paid for.
For a pre-mined coin, this makes sense. For an IPO it doesn't.

NXT didn't premine coins for bounties/giveaways. It secured the value of the initial investors coins.

[Bitye West]

I'm still on the fence about this one as well.  Seems like a great concept, but I'm not sure if this is legit or not.

[DawgDCG]

I'm still on the fence about this one as well.  Seems like a great concept, but I'm not sure if this is legit or not.

Just invest a little then.
Better to get a little of something than a lot of nothing 

[Level Coin]

I don't see how this system is anti-inflationary. As the number of LVL2 coins in the system increases, so the rate of LVL1 coin production increases. As LVL1 coins are now being produced faster, their value decreases. People then burn LVL1 coins at an ever increasing rate, thus producing more LVL2 coins, which in turn increases the rate of LVL1 coin production. How is that not inflationary?

The rate of coin generation has vast diminishing returns. LVL2 coins generate LVL1 at a very slow pace.
If one person burns 1,000 LVL1 coins, that one transaction could be month's worth of LVL2 generation. It may even be deflationary.

[Calogero Izotz]

check out this post in Ethereum thread:

https://bitcointalk.org/index.php?topic=428589.msg4829119#msg4829119

quote from that post:

"Also please be aware that LeoC sent this message to me via a PM:

Quote
10 BTC and I'll remove my posts even though they are factual and won't make any more. 15 and I will change my tune and promote.

eMunie have already lost hundreds of BTC and were forced to cancel their IPO when I called them out here https://bitcointalk.org/index.php?topic=411366.0

I was going to create a similar thread regarding Ethereum, unless you send the above amounts.

I'd suggest you think long and hard about this. Which would you prefer to lose, 10 BTC or 1000, your choice.

1C7MPUTTWQjinfbRcQtW6HAc4ips7wMuiJ"
 
address included by LeoC in above message - 1C7MPUTTWQjinfbRcQtW6HAc4ips7wMuiJ - is the previous level coin funding address that was just changed suddenly without notice. I guess it's obvious now why it changed.

[Level Coin]

I have no affiliation with this user other than he has invested in the pre-launch fundraiser. If he was trying to get this project funded, this is not a method I would have condoned.
This is likely a FUD tactic used by the competitor after I mentioned the inherent flaw in their system. You can view these posts in my history, which is likely why Levelcoin is being attacked.

[Level Coin]

Level Coin,

I noticed that you are planning a 2 week beta period for founders after the initial funding phase. How will the initial funds be generated? I'm just wondering how you would be generating funds for a Kickstarter campaign once the blockchain is created. I'm not the most well versed on the intricacies of the blockchains, but if it is possible to generate new L1 currency for those who pledge on the Kickstarter, would it be possible to implement a system for the founders wherein they could increase their initial investment up to the 1 BTC cap during the 2 week beta period?

For instance, I pledge 2 ltc now and become a founder. The beta starts and I feel very confident in the coin, can I during the beta pledge more money prior to the end of the beta? The 1 btc cap could still be a good cutoff for initial investors. Maybe offer additional buy-ins at only 1.25x the Kickstarter values or even just offer them at 1x as we would still be getting a head start on the market.

Just a thought / suggestion.

The founder rates are set in stone. 1.5x for pre-beta, and 1.0 post-beta. It would be unfair to change it this late into the project. The initial funds will be generated on the genesis block once I have tallied how much Level 1 coin each person has purchased. The Kickstarter will have 3 reward tiers. 100 slots for $100 USD each, 50 slots for $500 USD and 10 slots for $1,000 USD. The level 1 required to fill exactly the entire Kickstarter total will also be generated on the genesis block. Should there be any leftover Level 1 coins due to the reward slots not being filled up, these coins will be used for giveaways, bounties, and generally will be given back to the community. The whole process can be monitored via the blockchain, I will not be keeping any of these coins. There is still time to buy into the 1.5x pre-beta rate.

Can I make a request as an investor?
The coins that are left over from the kickstarter should be destroyed to protect the investment of everyone who invested. Kickstarter projects rarely sell out of all slots of any project. We may be left over with a lot of spare coins. The kickstarter may not succeed and we may be left over with ALL the coins. To give these coins away for free to everyone doesn't seem fair since this is an IPO and we had to pay for those coins. Even if they are to be used for bounties, they will enter the marketplace and devalue the rest of the coins we paid for.
For a pre-mined coin, this makes sense. For an IPO it doesn't.

NXT didn't premine coins for bounties/giveaways. It secured the value of the initial investors coins.

I can do that. Does anyone else have an opinion on what should be done with the left over coins?

[northranger79510]

Well, thats it. This is a 99% scam. If not then dev. is a horrible businessman and promoter and his coin wont survive. Idea is good though so I hope people actually implement this idea.

[Level Coin]

Well, thats it. This is a 99% scam. If not then dev. is a horrible businessman and promoter and his coin wont survive. Idea is good though so I hope people actually implement this idea.

I never said I was a businessman nor a promoter. I am not a professional coder, I am doing this in my spare time, so please excuse me for not being the triple A world class all around grandmaster. It is a shame you fell for the FUD tactic used by Ethereum supporters, but then again you have been against me this entire team, you were clearly never on the fence and are just looking for any reason or excuse to bash on this project. Of the few people that requested a refund due to the FUD propagation, they were sent back. They can vouch here if they so choose.

[northranger79510]

I didn't fall for anyone's propaganda. Although it was a breaking point in my decision not to invest. Here are some points. Refute them if you'd like and prove me wrong. If I am proven wrong, I will gladly invest in your coin and promote it and donate 2 btc worth to it.

First, your identity. David Elsinger. As proven on Facebook, you are not who you say you are. The excuse you give is 4/10 at best although I really wanted to believe in it. Here's why. Say your company prohibits you from working on cryptocurrency, why did you post your name, the state your in. Why did you assume nobody is going to check up on you on Facebook, LinkedIn. Then after that, why did you deny and then accept that the Facebook profile was yours? The "church" or "company" that you work for would've used that against you.
You have failed to provide the correct emails that were used on LinkedIn.
You lied about your Facebook profile.
You provided no evidence whatsoever that you are who you say you are even though I have repeatedly asked you to email using your company's email or the email you used on LinkedIn registration.

Second, your code. You have provided no whitepaper, screenshot that anyone can faked (just make a simple program System.out.println("Level Coin 1: 20000") or something and have it executed in terminal. Many have provided the screenshot like yours. All turned out to be scam IPOs (Neutrons, Neons, etc.). Your sample code was pretty much copied exactly from another person. Although the code can be similar, no two codes can be character for character, space for space, and yours was. I chose to believe that.

Thirdly and the breaking point is when LeoC kept trying to promote you throughout this ordeal. A normal person would question but he kept promoting you. I questioned it but still gave you a pass. However, proof of LeoC attempting to extort money from Etherium or whatever coin its called drove me to my conclusion that you are most likely 99% scammer. Either that or you are a horrible businessman who will fail with his coin because all coins needs business skills to succeed.

You could release the coin, and I most likely believe you will. But it will be a crappy coin you bought on Coingen.io like Ducats. (Not too sure on this).If you don't remember, Ducat also made an IPO promising wonders and look at his coin now.

[Calogero Izotz]

check out this post in Ethereum thread:

https://bitcointalk.org/index.php?topic=428589.msg4829119#msg4829119

quote from that post:

"Also please be aware that LeoC sent this message to me via a PM:

Quote
10 BTC and I'll remove my posts even though they are factual and won't make any more. 15 and I will change my tune and promote.

eMunie have already lost hundreds of BTC and were forced to cancel their IPO when I called them out here https://bitcointalk.org/index.php?topic=411366.0

I was going to create a similar thread regarding Ethereum, unless you send the above amounts.

I'd suggest you think long and hard about this. Which would you prefer to lose, 10 BTC or 1000, your choice.

1C7MPUTTWQjinfbRcQtW6HAc4ips7wMuiJ"
 
address included by LeoC in above message - 1C7MPUTTWQjinfbRcQtW6HAc4ips7wMuiJ - is the previous level coin funding address that was just changed suddenly without notice. I guess it's obvious now why it changed.

and here is what Level Coin wrote before to explain a sudden fundraiser address change:

Pre-Launch funding addresses:
BTC- 1Padc5wujXQamfR8r2Dig45BFh7SiT2AE4
LTC- LPn7WpdnZ3MSdDajbFMsJuVi44BeYEauKG

Did the funding address change?

https://blockchain.info/address/1Padc5wujXQamfR8r2Dig45BFh7SiT2AE4 shows 0 activity.

Yes, with the increased amount of senders these last couple of days I created a second wallet on a more secure computer.
The computer with the previous wallet begun to perform slower than usual and I feared it may have caught a virus. This was just a security measure.

[Level Coin]

I didn't fall for anyone's propaganda. Although it was a breaking point in my decision not to invest. Here are some points. Refute them if you'd like and prove me wrong. If I am proven wrong, I will gladly invest in your coin and promote it and donate 2 btc worth to it.

First, your identity. David Elsinger. As proven on Facebook, you are not who you say you are. The excuse you give is 4/10 at best although I really wanted to believe in it. Here's why. Say your company prohibits you from working on cryptocurrency, why did you post your name, the state your in. Why did you assume nobody is going to check up on you on Facebook, LinkedIn. Then after that, why did you deny and then accept that the Facebook profile was yours? The "church" or "company" that you work for would've used that against you.
You have failed to provide the correct emails that were used on LinkedIn.
You lied about your Facebook profile.
You provided no evidence whatsoever that you are who you say you are even though I have repeatedly asked you to email using your company's email or the email you used on LinkedIn registration.

Second, your code. You have provided no whitepaper, screenshot that anyone can faked (just make a simple program System.out.println("Level Coin 1: 20000") or something and have it executed in terminal. Many have provided the screenshot like yours. All turned out to be scam IPOs (Neutrons, Neons, etc.). Your sample code was pretty much copied exactly from another person. Although the code can be similar, no two codes can be character for character, space for space, and yours was. I chose to believe that.

Thirdly and the breaking point is when LeoC kept trying to promote you throughout this ordeal. A normal person would question but he kept promoting you. I questioned it but still gave you a pass. However, proof of LeoC attempting to extort money from Etherium or whatever coin its called drove me to my conclusion that you are most likely 99% scammer. Either that or you are a horrible businessman who will fail with his coin because all coins needs business skills to succeed.

You could release the coin, and I most likely believe you will. But it will be a crappy coin you bought on Coingen.io like Ducats. (Not too sure on this).If you don't remember, Ducat also made an IPO promising wonders and look at his coin now.

For starters, there is a 1 BTC cap on investment, you should know this if you've actually read the thread. Many people have offered to invest up to 5 BTC but were turned down. Secondly, regarding my identity, I had not known my organization would do or say what they did when I created this project. In hindsight, I would have remained anonymous. I asked what part of the code did you want to see and received no reply. I have no affiliation with LeoC, and I will not allow myself to be unfairly guilty by association. I AM a horrible businessperson, but I am trying to do something here that no one else has. I will be releasing the coin, with or without you and how could it possibly be a coingen.io coin which are sha256 and scrypt only? I may be a horrible businessperson, but you are a horrible person in general.