[PRE-ANN][HVC] Heavycoin - Ultra-secure, Decentralized Block Reward Voting, Fast

[TheMightyX]

All though interesting, I don't believe block reward voting to be useful as everyone regardless of large or small stake will vote for the lowest possible block reward to increase the value of any coins mined.
Increasing the coin supply does not increase the value. Likewise reducing the block reward increases the scarcity (value).

Why would anyone vote otherwise?

[1715343702]

1715343702

[TheMightyX]

Looks interesting, except for the fact of no cap on the investments. Refund that 20 BTC investment (79.9465 % of all IPO) and introduce a sane cap of max. 1 BTC.

This is obviously an insider using funds to obtain more of the IPO.  I wouldn't be surprised if they used funds that they were going to use for development for the IPO.  

Obviously the developers own funds. Unfortunately there is no way to make sure a developer doesnt pretend to use his own funds to buy stake in his own project.

He is basically doubling his money in this scenario by using it twice. Once the coin is listed on an exchange he can sell his stake and effectively double his money.
Now that you've pointed out his actions he could refund the money and make deposits of 1 btc twenty times.
Either way, we can't stop developers from acting in unethical ways.
I guess 1-2% premine just isnt enough?
Not when you can have 80% of the IPO as well.

[keccak512]

Looks interesting, except for the fact of no cap on the investments. Refund that 20 BTC investment (79.9465 % of all IPO) and introduce a sane cap of max. 1 BTC.

This is obviously an insider using funds to obtain more of the IPO.  I wouldn't be surprised if they used funds that they were going to use for development for the IPO.  

Obviously the developers own funds. Unfortunately there is no way to make sure a developer doesnt pretend to use his own funds to buy stake in his own project.

He is basically doubling his money in this scenario by using it twice. Once the coin is listed on an exchange he can sell his stake and effectively double his money.
Now that you've pointed out his actions he could refund the money and make deposits of 1 btc twenty times.
Either way, we can't stop developers from acting in unethical ways.
I guess 1-2% premine just isnt enough?
Not when you can have 80% of the IPO as well.

We've been over this before further back in this thread, but I'll repeat some of it here.

Investing into our own IPO would severely dilute how much capital we can raise in the IPO phase.  Furthermore, it would undermine one of our primary goals--- to spread HVC among many individuals during the IPO phase.  Ever since the 20 BTC "bomb" has been dropped IPO investment into Heavycoin has decreased, which has not been good for us or the distribution of HVC.

We believe the 20 BTC "whale" has invested heavily at the start to discourage other from investing.  While this is not good for our IPO nor the distribution of HVC among IPO stake holders,  we believe the free market will prevail and provide a good distribution by the end of the IPO.  We have already seen some good improvement over the last few days.

[keccak512]

As promised, we've created a Heavycoin Video Demo, which shows the fully working Heavycoin wallet and decentralized block reward voting in action!

Check it out! http://heavycoin.github.io/video-demo.html

[truckythin]

hi keccak,

how about the miner at launch time, is that optimized or we have to solo usnig QT?

btw, the demo only show MacOS wallet, where is linux, windows? Dont ask us to build.

[Shuxy]

As promised, we've created a Heavycoin Video Demo, which shows the fully working Heavycoin wallet and decentralized block reward voting in action!

Check it out! http://heavycoin.github.io/video-demo.html

Hey thanks keccak . Can you clarify your position regarding escrows? Would love to hear your thoughts on it. Thanks!

[instacalm]

We believe the 20 BTC "whale" has invested heavily at the start to discourage other from investing.  While this is not good for our IPO nor the distribution of HVC among IPO stake holders,  we believe the free market will prevail and provide a good distribution by the end of the IPO.  We have already seen some good improvement over the last few days.

If you want good distribution hear me and cap the max investment to 1 (/1.5) BTC and refund the 20 BTC (79.8126%) investment. This distribution of one whale that owns ~80% compared to the other stakeholders of few % is going to kill people's opinion on the entire HVC project, not to mention the market dictation that it can ultimately lead to.

[keccak512]

We believe the 20 BTC "whale" has invested heavily at the start to discourage other from investing.  While this is not good for our IPO nor the distribution of HVC among IPO stake holders,  we believe the free market will prevail and provide a good distribution by the end of the IPO.  We have already seen some good improvement over the last few days.

If you want good distribution hear me and cap the max investment to 1 (/1.5) BTC and refund the 20 BTC (79.8126%) investment. This distribution of one whale that owns ~80% compared to the other stakeholders of few % is going to kill people's opinion on the entire HVC project, not to mention the market dictation that it can ultimately lead to.

Thanks for your suggestion.

We will continue to uphold the terms of our IPO.  It would not be fair to change it at this point.   Also, we will not attempt to artificially force the distribution.  The free market will improve it over time, and some great progress has already been made over the past 3 days.  However, like many, we expect the distribution to improve more dramatically toward the end of the IPO.

It's impossible to cap the max investment per person because people on these forums use multiple accounts.  It would only provide a fake cap and mislead investors, as the actual distribution would be quite different.   The way our IPO is currently going, investors can see a more true picture of the investment distribution.

[keccak512]

hi keccak,

how about the miner at launch time, is that optimized or we have to solo usnig QT?

btw, the demo only show MacOS wallet, where is linux, windows? Dont ask us to build.

As outlined in the original PRE-ANN post, we already have wallets working for Windows, OSX, Ubuntu and Debian.

We have already posted screenshots of the Ubuntu wallet to this thread.

https://bitcointalk.org/index.php?topic=470391.msg5314245#msg5314245

Also, Ubuntu screenshots are available on our website http://heavycoin.github.io/voting.html and http://heavycoin.github.io/mining.html

[tinus42]

As promised, we've created a Heavycoin Video Demo, which shows the fully working Heavycoin wallet and decentralized block reward voting in action!

Check it out! http://heavycoin.github.io/video-demo.html

Is it supposed to have sound? Because I don't hear any.

Would be nicer if you talk and explain everything as you click along.

[keccak512]

As promised, we've created a Heavycoin Video Demo, which shows the fully working Heavycoin wallet and decentralized block reward voting in action!

Check it out! http://heavycoin.github.io/video-demo.html

Is it supposed to have sound? Because I don't hear any.

Would be nicer if you talk and explain everything as you click along.

No sound, sorry.

[Shuxy]

Hey keccak, you've avoided my question on escrow 2 times now .

[keccak512]

Hey keccak, you've avoided my question on escrow 2 times now .

We are still thinking about it, but our research did not turn up anything.  Could you suggest a few possible escrow services for us to have a look at?

[keccak512]

OK, so I'm a very small time miner.
What do I need to do to get ready for the launch?

Do I go here >> https://bitcointalk.org/index.php?topic=55038.0 and get the best suited? Or will there be a custom miner released in time?

Thanks,

Tim

You just need the wallet to mine and it has GUI controls for mining. At this stage there is no custom miner nor pool miner. We will advise if that changes.

Thanks cheif, but how do I play that if I want to use a number of machines? Do I have to wait for a pool to appear, or is there a way of telling them all about the others?

There's an RPC interface.  It's fully described on this http://heavycoin.github.io/voting.html
With this you can run a bunch of instances and control them with commands like

Code:

./heavycoind setvote 64
./heavycoind setgenerate true 4

However, that would only be if we don't have a pool.

[Shuxy]

Hey keccak, you've avoided my question on escrow 2 times now .

We are still thinking about it, but our research did not turn up anything.  Could you suggest a few possible escrow services for us to have a look at?

Actually you raised a very valid point, there's Mentaso, but I'm not sure if there're others. Having an escrow would also mean I've to trust the escrow instead of you... Not much difference there, lol.

Thanks for getting back to me, appreciate it.

[instacalm]

Ask Anon136 for escrow.

[coins101]

Has there actually been any cpu only coins that remained that way?

[keccak512]

Hey keccak, you've avoided my question on escrow 2 times now .

We are still thinking about it, but our research did not turn up anything.  Could you suggest a few possible escrow services for us to have a look at?

Actually you raised a very valid point, there's Mentaso, but I'm not sure if there're others. Having an escrow would also mean I've to trust the escrow instead of you... Not much difference there, lol.

Thanks for getting back to me, appreciate it.

Yeah that's why we are considering it very carefully.

If bitpay supported escrow, that would be an idea.  AFAIK, some bitcoin devs work there, so we'd trust them.  Also, there's the multisig + trusted forum member approach, but that opens up another can of worms.

Anyone else know of any companies such as bitpay offering escrow?  Ideally, a bitcoin core developer or foundation member would be a very good choice.  Can you guys find such a person or company?

[keccak512]

Has there actually been any cpu only coins that remained that way?

To the best of our knowledge, no.  That's why we started work on Heavycoin.  http://heavycoin.github.io/about.html

[keccak512]

Ask Anon136 for escrow.

We will look into him/her.

hmmm.. "Risked BTC amount" 1.0
https://bitcointalk.org/index.php?action=trust;u=3028

We would prefer a Bitcoin core dev or foundation member.