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_AdvisorCompetition 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.
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 breakdownWinners: 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 eachCharity: 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 compensationSchedule:
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 ESTMoney Supply:
Week 1: Begins Sunday 3/2/2014 at 8ESTBuying (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 SaturdayQuestions:
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!