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Author Topic: [ANN][YINYANG] ★★YinYangCoin★★ - The Competition Coin! Greed! Launches Tomorrow  (Read 10314 times)
CryptoAdvisor
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February 27, 2014, 06:29:51 PM
 #1

GREED COMPETITION - YINCOIN & YANGCOIN (Why two coins? Read Below)
Trading Competition,Two New Coins Tons of Winners,


Any users who comment 5 times on this thread can receive a free .2btc beginner entry! Comment with feedback, questions, suggestions, we want to improve the idea, not just have people signing rainbows and sunshine.

Don’t think of this as a new coin to the market really; think of this like a poker tournament. Each week you simply buy-in to the tournament, and the goal is to compete in order to accumulate the most coins. This is a game of skill, and let the best traders win!



Twitter Updates: https://twitter.com/CryptoGREED
In honor of Transparency, my main account is: https://twitter.com/Crypto_Advisor

Competition will start this Sunday at 8EST. Wallets, Blockchain, and Source code will be posted by launch (most likely by Saturday)

YinCoin                                                                                       YangCoin          
18,000,000 Total Coin Supply                                                         18,000,000 Total Coin Supply
Max 1,000,000 available for .0001 each week of competition                 Max 1,000,000 available for .0001 each week of competition

18,000,000 of each coin will be mined and sold for the purpose of this 12 week competition. I guess this could be seen as a fun way of the distributing the coins as well.

scrypt - 0 block reward, 0 mining fees

All coins sold each week will be put into the prize pot. Breakdown of prize pot distribution is below.

System:
  • Starts off by developing two coins: yin coin and yang coin.
  • Both coins will have a max supply of 18 million and 1.5 million will be mined each week.
  • I will sell the coins for one week, starting on Sunday at 8EST, for .0001 each. I will sell 1 million of each coin, which if sold out would be a 200btc prize pot.
  • After one week of selling, the competition will open on Sunday at 10EST.
  • The competition will be held at Poloniex.com on the Yin/Yang exchange (will be opened when trading week starts). The traders who are able to gain the highest number of that week's target coin will win BTC rewards. Prizes are not given based on total holdings (except week 1), but on how many coins you made that week. (prize breakdown below)
  • There are two separate levels to this competition in order to make it fair. A High Rollers Club for an entry fee of 1btc, and a Beginners club for an entry fee of .2btc. Each club will compete only within itself.
  • The 500,000 coins I have of each coin will be slowly distributed into the exchange in order to make sure the coins aren't selling at a 1:1 ratio. I will create a competitive trading system. I make no money on these trades because it is not a btc coin pairing, and I will not keep any coins for future holdings.
  • At the end of the trading week I pay out the prize money, and split the remaining pot between lucky winners.
  • The next week I will be selling coins again, and the process will continue for 12 weeks of trading.
Prize Structure:
Each week a maximum of 2,000,000 coins can be sold resulting in a possible max pot of 200btc (to ensure trust, pot wallet will be public and transactions visible)
Assuming week 1 pot is 100btc, this would be the breakdown

Winners: 78% of pot                                      
High Rollers Club (1btc entry fee):                          Beginners Club (.2btc entry fee):
1st place Trader: 25% / 25btc                               1st Trader: 10% / 10btc          
2nd place Trader: 15% / 15btc                              2nd Trader: 6% / 6btc
3rd place Trader: 8% / 8btc                                  3rd Trader: 3% / 3btc
4th place Trader 5% / 5btc                                   4th place Trader 2% /2btc
5th place Trader 3% / 3btc                                   5th place Trader 1% / 1btc
 
Random Participants: 8% of pot (5 random people will be chosen each week to win the following)
1st Winner: 3% / 3btc
2nd Winner: 2% / 2btc
3rd-5th Winners: 1% each / 1btc each

Charity: 5% / 5btc
Each week a new charity will be selected by the community and they will receive 5%
Exchange: 3% / 3btc
We are asking for a lot from Poloniex, so they will receive 3%
Development Team: 6%/ 6btc
For all the work that goes into running this, this will be our compensation

Schedule:
Week 1: All weeks will work on same schedule
Selling begins Sunday 3/2/2014 at 8pm EST at closes Saturday 3/8/2014 at 11pm EST
Trading begins Sunday 3/9/2014 at 2pm EST and closes Sunday 3/16/2014 at 2pm EST

Money Supply:
Week 1: Begins Sunday 3/2/2014 at 8EST

Buying (We will choose which coin you receive. It will alternate between purchases.
When the selling week begins, I will post a bitcoin address that payments can be sent to. (We are looking into a possible escrow)
To purchase PM me with the Yin or Yang address (we can send straight to Poloniex as well, amount of Yin or Yang, btc total (0.0001 BTC per Yin or Yang), and btc tx id.
Please do request a unique address for the transaction if you'd like to be a little more secure.
If I'm offline and you want to purchase please add a random satoshi amount between 1-999 to your btc total and pm me before you send so I can associate your transaction with you.

Details
Should be up by this Saturday

Questions:
Is there a max and min purchase order?
-There are two options. You can either buy 1btc worth of coins and compete in the high rollers club, or you buy .2btc worth of coins and compete in the beginners club.
Do I just lose my btc if I lose?
-This is a competition for gamblers, such as a poker tournament, so don't gamble what you can't lose. We do reward random participants though, so some losers will actually still be winners. Also, it is possible that these coins take off after the 12 weeks of competition, and so you coins might have value down the road.
Can the community get involved:
-YES! PLEASE DO! We want your suggestions on how to make this even better. We are here for you!
How can you make sure people have the coins they claim they have?
-Poloniex is working with us to provide us the number of coins that each person has. There will also be verification processes before just awarding winners.
How do we know you won't run away with the bitcoins?
-I have posted my personal crypto Twitter, and I am known as very honest on twitter. I am very involved in the community and I want to see Cryptos thrive. Every part of this competition will be transparent, and open for anyone to see. I will answer all questions honestly, and I hope some people have objections because they will probably help me improve this competition. I expect everyone's trust immediately, but I promise I will earn it!
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February 27, 2014, 06:47:33 PM
 #2

I like this idea!

Questions:

1. How do you prevent people from pooling together, buying say 40% of the coins, distributing them amongts themselves so they come out on top and then take home 78% of the money?

Comments:

I think for this format to work it needs to be a buy-in scenario.  Everyone buys in for the same amount and they get the same number of coins, this will assure a fair start.  It could even be that the 1 mil coins is spread around all those that buy in.  As popularity grows so does the number of people buying in and the prizes increase as the difficulty of winning also increases.

Making the wallet public will help to slow down the number of people who are in here screaming scam!!

Phad

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February 27, 2014, 06:54:12 PM
 #3

I like new thinks when it comes to alt-coin, it doe'sent have to be a new coded coin with a lot of new features, but just a new way of playing the game of alt-coins are always interesting.
Will keep an eye on the thread Smiley
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February 27, 2014, 06:58:48 PM
 #4

I like this idea!

Questions:

1. How do you prevent people from pooling together, buying say 40% of the coins, distributing them amongts themselves so they come out on top and then take home 78% of the money?

Comments:

I think for this format to work it needs to be a buy-in scenario.  Everyone buys in for the same amount and they get the same number of coins, this will assure a fair start.  It could even be that the 1 mil coins is spread around all those that buy in.  As popularity grows so does the number of people buying in and the prizes increase as the difficulty of winning also increases.

Making the wallet public will help to slow down the number of people who are in here screaming scam!!

Phad

Thank you for the contribution. Because there is a max buy-in size, a user could never buy-in more than 1btc worth. We are working directly with Poloniex to verify amounts, so if I see someone has 40% of the coin supply I will know that they did something shady because no one will get that much.

I agree that this will work better if there is a set buy-in, only issue is what price point is not to high for small players, and not to small for high rollers? If the price is say .1, then we would need 2000 players to sellout.
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February 27, 2014, 07:16:23 PM
 #5

Do you need to sell out?  If only 200 ppl buy in, then everyone involved gets paid less but as you build trust and awareness that increases.

I think the only way to stop cheating in the way I said would be to have a deposit limit on the exchange.  So the limit is 1000 (or whatever it is) so that way the only way to ever get more would be from trading.  That way if a group work together and pool their the coins in their wallets first it will not benefit them.


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February 27, 2014, 08:54:03 PM
 #6

Do you need to sell out?  If only 200 ppl buy in, then everyone involved gets paid less but as you build trust and awareness that increases.

I think the only way to stop cheating in the way I said would be to have a deposit limit on the exchange.  So the limit is 1000 (or whatever it is) so that way the only way to ever get more would be from trading.  That way if a group work together and pool their the coins in their wallets first it will not benefit them.



No, we definitely don't need to sell out. All we want to do right now is build trust because that is the most vital thing to make this game work. We will figure something out to make sure people are not cheating, most likely will be with help from Poloniex.
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February 27, 2014, 10:31:03 PM
 #7

It's really an interesting idea to play games with cryptos. I'm sure community will interest innovative ideas Grin
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February 27, 2014, 10:39:41 PM
 #8

It's definitely a smart Chinese scam. 
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February 27, 2014, 10:59:08 PM
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Don't feel I have enough to be a High Roller Undecided but I'm very excited to my skills as a beginner. I follow Crypto_Advisor on Twitter as well, and I know he is trying to make something for the community, so I'm willing to give him a chance. Where do you see this coin going once the competition is over though? We the losers just have worthless coins?
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February 27, 2014, 11:08:26 PM
 #10

It's definitely a smart Chinese scam. 

I'm american by the way.
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February 27, 2014, 11:11:34 PM
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Interesting... If it's anything like instanitycoin it will make for a fun day of trading.
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February 27, 2014, 11:55:26 PM
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Steel u must have a LOGO.. Kiss
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February 28, 2014, 12:08:47 AM
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Steel u must have a LOGO.. Kiss

What do you mean?
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February 28, 2014, 12:34:33 AM
 #14

So it's no longer scammers dreaming up of new altcoins.....no longer scammers dreaming of IPO.....now scammers are making scam 'games'.

And you think you deserve 6BTC for your 'hard work'.

 Grin Grin Grin Grin Grin Grin Grin
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February 28, 2014, 12:39:49 AM
 #15

Don't feel I have enough to be a High Roller Undecided but I'm very excited to my skills as a beginner. I follow Crypto_Advisor on Twitter as well, and I know he is trying to make something for the community, so I'm willing to give him a chance. Where do you see this coin going once the competition is over though? We the losers just have worthless coins?

Thanks for support. Sorry I didn't answer your question earlier. We're not sure where this coin will go after the competition. If it picks up like InsanityCoin did then we will probably make into a viable coin, but we currently on focused on providing a fun competition with big rewards.
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February 28, 2014, 02:22:19 AM
 #16

So it's no longer scammers dreaming up of new altcoins.....no longer scammers dreaming of IPO.....now scammers are making scam 'games'.

And you think you deserve 6BTC for your 'hard work'.

 Grin Grin Grin Grin Grin Grin Grin

it almost like if someone in the crypto world doesn't even like your idea you are now labeled a scammer lol.   this could lead to some seriously good fun.  start low enough like .1 btc buy for us 99% er's I will have to try this at least once and see what happens.  love when people think outside the box.  good luck with this, if it looks like its going to pan out count me in !
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February 28, 2014, 02:24:44 AM
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A+

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February 28, 2014, 03:11:35 AM
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How come so many people say that this is a scam???  There is full disclosure of everything right up front. You can look this person up on twitter and see that they are legitimate and honest. I would much prefer to choose a developer that I can research rather than picking purely on specs alone. If you don't like the idea, then don't play but this is definitely not a scam.
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February 28, 2014, 06:23:57 AM
 #19

Don't feel I have enough to be a High Roller Undecided but I'm very excited to my skills as a beginner. I follow Crypto_Advisor on Twitter as well, and I know he is trying to make something for the community, so I'm willing to give him a chance. Where do you see this coin going once the competition is over though? We the losers just have worthless coins?

Thanks for support. Sorry I didn't answer your question earlier. We're not sure where this coin will go after the competition. If it picks up like InsanityCoin did then we will probably make into a viable coin, but we currently on focused on providing a fun competition with big rewards.

That's good. I think people who are looking at this like a release of two coins, aren't getting it. Very Excited to see how this turns out. What Charities are you donating to?
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February 28, 2014, 01:48:02 PM
 #20

Don't feel I have enough to be a High Roller Undecided but I'm very excited to my skills as a beginner. I follow Crypto_Advisor on Twitter as well, and I know he is trying to make something for the community, so I'm willing to give him a chance. Where do you see this coin going once the competition is over though? We the losers just have worthless coins?

Thanks for support. Sorry I didn't answer your question earlier. We're not sure where this coin will go after the competition. If it picks up like InsanityCoin did then we will probably make into a viable coin, but we currently on focused on providing a fun competition with big rewards.

That's good. I think people who are looking at this like a release of two coins, aren't getting it. Very Excited to see how this turns out. What Charities are you donating to?

We will do a poll each week to pick a charity. We wan the community to be a part of the decision. There might be a couple charities that we hand-pick for some sentiment, but the list will mainly come from the community.
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