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

[Buyers Remorse]

looking at the IPO, I'd like to go at least 5 BTC deep. which would give me roughly 16% of the total IPO.

however I would be naive to think that there isn't going to be some last minute rush. So the game then becomes trying to figure out what exactly the total IPO investment is going to end on. I am guessing we might see a 100 BTC IPO, thus only giving me 1/20th with a 5 BTC investment.

a ~100ish BTC IPO would establish the base price to be (100/(5*10^6)) = 2*10^-5 = 0.00002 BTC, which oddly enough I dont feel very comfortable with, seems a bit high for a new coin. I would hope the price would rise past that as a potential investor

hmm, decisions decisions....

[jokerg]

This will be my second coin to mine after qubitcoin . Qubit mining was good but as soon as the gpu miner was released it all went away. botnets are not really a problem at all I could still get a good amount of coins with my i7 3770 , but as soon as gpu guys came in it was all over . looking very forward to cpu mining Heavycoin!

[coa032]

This will be my second coin to mine after qubitcoin . Qubit mining was good but as soon as the gpu miner was released it all went away. botnets are not really a problem at all I could still get a good amount of coins with my i7 3770 , but as soon as gpu guys came in it was all over . looking very forward to cpu mining Heavycoin!

Don't be stupid and mine qubit while you can with gpu/cpu whatever...just wait for a month or two and then we'll see price of qubit

[keccak512]

After detailed discussions with Anon136, we have concluded that while
we would like to give IPO investors flexability with an escrow option,
the complexities and risks involved are prohibitive and we should
better focus our time on other tasks.

The Heavycoin developers would require escrow on very certain terms,
but we do not beleive Anon136 is able to provide this easily in an
anonymous forum environment.  The heart of the problem resides in the
usual forum behaviour: the deceptions, games, bellyaching and
"unfairness claims" that follow every single launch we have ever
witnessed, regadless of how well it actually went.  Any reasonable
escrow provider must treat every claim as legitimate until he has time
to investigate fully and come to a resolution.  We feel that this
combined with the usual level of forum manipulation would put us at an
unnecessary disadvantage for obtaining our IPO capital within a
tractable amount of time and with a reasonable amount of headache.
This is probably one reason a businesses providing IPO escrow is so
hard to come by.

To highlight the uncertainties, Anon136 has himself stated that he has
never completed an IPO escrow before (as exocoin is still in progress)
and, therefore, he has no experience to draw on as to how the
closing-half of an IPO escrow would go.  After over a year of
development effort, we are not willing to accept this risk.

While we admire Anon136's business to protect forum members, we also
have limited time and resources.  We do not want to waste precious
time dealing with overly complex and prolonged IPO procedures that
would take us aways from more important tasks related to future
Heavycoin development and promotion.  This is precisely why we have
chosen a small IPO pot and simple IPO procedure in the first place.

Thus, we will continue the Heavycoin IPO unchanged.  If you want to
invest in the IPO phase, then you must trust the Heavycoin developers
enough to do so.  We strongly encourage you to do your homework and
study our website, video demo and this thread very carefully before
deciding.  We are not making a huge, speculation based marketing
campaign.  Heavycoin is about new ideas and innovations and we beleive
investment should be guided by these.  For those individuals who still
feel the IPO carries too much risk, then we encourage you to partake
in the mining phase or bounties phase instead.

[keccak512]

looking at the IPO, I'd like to go at least 5 BTC deep. which would give me roughly 16% of the total IPO.

however I would be naive to think that there isn't going to be some last minute rush. So the game then becomes trying to figure out what exactly the total IPO investment is going to end on. I am guessing we might see a 100 BTC IPO, thus only giving me 1/20th with a 5 BTC investment.

a ~100ish BTC IPO would establish the base price to be (100/(5*10^6)) = 2*10^-5 = 0.00002 BTC, which oddly enough I dont feel very comfortable with, seems a bit high for a new coin. I would hope the price would rise past that as a potential investor

hmm, decisions decisions....

it seems we're all facing hard decisions today.

[Queeq]

Frankly, I don't get why is it so difficult to provide escrow service during an IPO. All transactions are on record. Math is clear. Nothing different from trusting the developers. Those who try to manipulate must accept initial terms or GTFO.

[dimitriyremerov]

Can you please correct the premine to the correct values: 5-10% of the total supply. I don't know how you calculated 1-2%, but that's definitely wrong, I just checked this with the calculator:

(5000000+1500000) / 63000576 = 0.10317365987257 (10.3% premine)
(5000000+1500000) / 128000000 = 0.05078125 ( 5% premine )

Please do not deceive people:

This coin is 5 to 10 percent premine, not 1 to 2.

[Buyers Remorse]

Can you please correct the premine to the correct values: 5-10% of the total supply. I don't know how you calculated 1-2%, but that's definitely wrong, I just checked this with the calculator:

(5000000+1500000) / 63000576 = 0.10317365987257 (10.3% premine)
(5000000+1500000) / 128000000 = 0.05078125 ( 5% premine )

Please do not deceive people:

This coin is 5 to 10 percent premine, not 1 to 2.

yah, can we get an explanation as to where the 1 and 2 percent numbers came from? 5% to 10% checks out with the numbers we have

edit: looks like the premine percentage refers to the number set aside for bounties: 1,500,000
1500000/63000576 = 0.0238093061244
1500000/128000000 = 0.01171875

so the question is does the term "premine" here refer to the total of all coins set aside before the launch?

[Robert Lewandowski]

Looks like the little guys with not much BTC will be fucked

[jcarl987]

How exactly are they fucked? Everyone makes the same amount of profit/loss per satoshi invested..

[tinus42]

Can you please correct the premine to the correct values: 5-10% of the total supply. I don't know how you calculated 1-2%, but that's definitely wrong, I just checked this with the calculator:

(5000000+1500000) / 63000576 = 0.10317365987257 (10.3% premine)
(5000000+1500000) / 128000000 = 0.05078125 ( 5% premine )

Please do not deceive people:

This coin is 5 to 10 percent premine, not 1 to 2.

The 1% to 2% are the bounties only. 1.17% to 2.3% rather.

[delusiona1]

This looks legit

[LIghtvelocityCoin]

20BTC makes it look like an opera.

And CPU coin if is's not totally a scamcoin will never have a bright future.

[rhaikh]

I'm not sure Worldo has the botnet problem solved but at least they're trying -- they acknowledge the issue, they tackle it head on and they want people to audit their proposal pre launch.  Being dismissive about a serious and real issue like that doesn't build up the trust you say you want us to have when you also dismiss an escrow service.  I'm really on the fence about this one.

Also the 1/2% thing is such an obvious falsehood that it must surely be an oversight.  Right?

[neonemu]

Can you please correct the premine to the correct values: 5-10% of the total supply. I don't know how you calculated 1-2%, but that's definitely wrong, I just checked this with the calculator:

(5000000+1500000) / 63000576 = 0.10317365987257 (10.3% premine)
(5000000+1500000) / 128000000 = 0.05078125 ( 5% premine )

Please do not deceive people:

This coin is 5 to 10 percent premine, not 1 to 2.

I guess I don't see where you're coming from.  The 5M isn't a premine from my perspective.  It's an IPO, a chance to get something by giving something.  It's not as if the Dev's are going "The 5M coins are ours as well."  Instead, they're giving the community the chance to buy a portion of the coins.  So, I guess, I'm asking those out there, how is it you're viewing an IPO as premine?  Are you the same folks that view the NXT IPO as premine?  Are all IPOs premines to you?

The other portion is clearly stated as pre-mine and for what purposes the premine exists.

[VanBreuk]

20BTC makes it look like an opera.

And CPU coin if is's not totally a scamcoin will never have a bright future.

The future is certainly NOT in ASICs and AMD GPUs.

[grex]

After detailed discussions with Anon136, we have concluded that while
we would like to give IPO investors flexability with an escrow option,
the complexities and risks involved are prohibitive and we should
better focus our time on other tasks.

Why would there be complexities and risks?!?!?    

We send funds to Anon136...  you send him/us the Heavycoins...  he releases BTC to you.  

To be honest...  it is actually less work for you devs if you send the coins to him...    

#

smells fishy

[rhaikh]

So, I guess, I'm asking those out there, how is it you're viewing an IPO as premine?

Because literally speaking they must mine 5+1.5m prior to anyone else mining.  It is not 98% of coins that are available to miners, it's 90-95%

[keccak512]

After detailed discussions with Anon136, we have concluded that while
we would like to give IPO investors flexability with an escrow option,
the complexities and risks involved are prohibitive and we should
better focus our time on other tasks.

Why would there be complexities and risks?!?!?    

We hoped it would be simple and easy too, but it's not.  In a nutshell, Anon136 and the Heavycoin devs could not formulate what a fair acceptance criteria would be for satisfying the escrow and sending the IPO capital to the Heavycoin developers.

We initially hoped for something simple and clear--- an acceptance criteria of "we launch Heavycoin on time, the IPO investors get their HVC, decentralized voting is working and the code shows that the non-visible features are implemented (eg. Ultra-secure, HEFTY1, Temporal Retargeting)."  However, Anon136 felt he must validate that all the Heavycoin contributions and innovations are satisfied over the longer term.  This process could take months or years and would ultimately be very hard for him to judge, so it was not a viable option for him (nor us).  Also, from our perspective, we did not like the idea of a 3rd party with such strong influence over Heavycoin's future.

Though we felt it a little extreme, we understand where he is coming from, as he must also look after his own reputation.  We'd encourage you to inquire with Anon136 if you need more explanation.

We send funds to Anon136...  you send him/us the Heavycoins...  he releases BTC to you.  

To be honest...  it is actually less work for you devs if you send the coins to him...    

No.  We would still need to do all the bookkeeping, but with added complexity.  For example, there would be Anon136's layer of fees to be stripped off of each investment, which we'd have to keep track of.  Also, right now we are distributing a bulk of the coins instantly and directly through the genesis block.  It requires no lengthy manual distribution or escrow process.  If we went with escrow, then we should really bin the keygen/genesis block method and all HVC would need be distributed through him.

Edit:  Can you please explain what would have been different if Come-from-Beyond had accepted to do escrow?  Couldn't Anon136 just do it under the same terms?
...just trying to understand...

We don't know.  He said he's not interested and the discussion ended there, so we don't know what, if anything, would be different if he had accepted.   Maybe he's tired of IPOs after having done one himself.  Maybe he's wise to the fact that an innovative coin is harder to judge, ie. acceptance criteria.  We only asked Come-from-Beyond because we trust him more and he's more well-known than Anon136.

[y3804]

Would it be difficult for an experienced coder (e.g. CUDAMiner, cbuchner1) to code a GPU miner for Heavycoin? How long until they ruin the coin?

CPU coins always failed in that regard

I'm not very knowledgeable so need some feedback here