[PRE ANN] [UKC] UK Coin – Real Team with Free UK Workshops

[Crypto-t]

UK Coin

Pre-Announcement

Our apologies. We were forced to make this pre-announcement because a scam coin was released earlier with
the same name. I will provide more details about the launch of UK Coin tomorrow and update this page significantly.

But here’s some details for now:

Algo: Scrypt-N with Enhanced Kimoto Gravity Well (we may replace KGW totally);
Max Coins: 64,000,000;
Support for multi-wallets;
Support for automated recurring payments (direct debits);
Etc.

Core Team:

Dave - developer;
Adrian - technical support and PR;
Sara - social media;

We also have support from numerous other people, including:

Craig McGee (RNIB registered) and our head wallet tester for blind/disabled;
Paul R successful, serial entrepreneur;
Etc.


What makes UK Coin a little different from the Alts? Here's a few things:

1. We are a real team who you can meet in the UK;
2. We will be running free crypto-workshops in the UK at many locations (first workshop in Worcester by end of March);
3. We are organizing the first Crypto Currency Convention in Birmingham (UK), early summer;
4. We are super passionate about making UK Coin a huge success;
5. We want to take UK Coin to the next level with hardware wallets and ATMs;

Resources:

Official Site: http://uk-coin.org/ (all links on the site will be updated tomorrow)
Forum: http://forum.uk-coin.org/forum.php
Etc.

 

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[trdiablo]

Sounds good, I'm in!

[Crypto-t]

Thanks. Join our forum. We got some crazy promotions coming.

Sounds good, I'm in!

[pearstar20]

Sounds good, I'm in!

+1

[LordPiccolo]

very interesting, I'm watching

[th3joker]

crypto-t, the team and I where getting a little unhappy with the amount of coins coming out with no real intention of being anything more than what they appear to be, get rich quick schemes with no real plan to go further than the first peak, dumping all the team holdings and cashing out. Often the team disappear and move on to the next scheme at this point.

We genuinely want to take a coin forward and have a whole load of upcoming ideas and plans to take this forward and make it a long term market leader in terms of alt currency.

Today's unfortunate events have pushed our launch further forward so we have a few unfinished parts of the publicly accessible information than we'd planned, that said time will tell.

We will reward interest with financial gain and that's all anyone can ask for in any of these coins.

[Crypto-t]

This is our forum: http://forum.uk-coin.org/

Our blog will be live tomorrow with team info and photos, and more about our vision.

[spud3861]

Good luck. Hopefully you can come up with something a bit different.

[matt608]

I take it there will be a premine as you will be giving away some UK coins at the free crypto-workshops.  How big will the premine be?  Will there be any other premined coins available for UK residents who can prove their identify? (like Auroracoin or Spaincoin).  

[Crypto-t]

Great question. We think the idea of giving away coins to random/all residents of a particular country is flawed for several reasons.

1. Most residents won't be interested;
2. Many of those that are interested will probably dump the coins as quickly as possible and therefore reducing the value of the coin;
3. The logistics and cost of giving away millions of coins is beyond the resources of most developers and therefore difficult to genuinely believe.

We only intend to give students of our workshops coins because many will be genuinely interested in them, and they will tell others about them which will help spread the word about crypto-currencies.

Any premine will be as little as possible but we have not crunched the numbers yet.

Are you from the UK?

I take it there will be a premine as you will be giving away some UK coins at the free crypto-workshops.  How big will the premine be?  Will there be any other premined coins available for UK residents who can prove their identify? (like Auroracoin or Spaincoin).  

[matt608]

Great question. We think the idea of giving away coins to random/all residents of a particular country is flawed for several reasons.

1. Most residents won't be interested;
2. Many of those that are interested will probably dump the coins as quickly as possible and therefore reducing the value of the coin.

We only intend to give students of our workshops coins because many will be genuinely interested in them, and they will tell others about them which will help spread the word about crypto-currencies.

Any premine will be as little as possible but we have not crunched the numbers yet.

Are you from the UK?

I take it there will be a premine as you will be giving away some UK coins at the free crypto-workshops.  How big will the premine be?  Will there be any other premined coins available for UK residents who can prove their identify? (like Auroracoin or Spaincoin).  

Yes I am.  It's a great idea to give some away at your UK based crypto workshops, but if that's all that ties the coin to the UK and the rest will be mined as usual then most of the coins will end up around the world making it not distinguished enough from the other alt clones to be a serious coin imho.  

There could be a way that once the coins are claimed they can't be sent for a certain period to prevent dumping, such as having a maturation period (like Devcoin).  Or even better, have UK citizens able to claim a tiny percentage of the total coins, which would be sent them gradually over the course of the whole mining period, this could be combined with a maturation period so that every day there become a few new available coins for each person.  It would take a bit of programming work and a some manpower to verify the claims, but as you say most people would't claim them, so maybe only 1 or 2 people doing the verification would be enough at first.  Anyone who claims later could have their claim back-dated so they get their full percentage.

Edit: idea
One way to verify would simply be to provide an UK address and a paper wallet could be sent.  - Added benefit, more of a hassle to dump the coins!

[Crypto-t]

I totally understand where you are coming from, and we have considered it. But, we don't want to give away everything at this stage.

The students at the early workshops will probably get 100 coins free (or more ), and the word will spread. Then, we have options once the word spreads.

Great question. We think the idea of giving away coins to random/all residents of a particular country is flawed for several reasons.

1. Most residents won't be interested;
2. Many of those that are interested will probably dump the coins as quickly as possible and therefore reducing the value of the coin.

We only intend to give students of our workshops coins because many will be genuinely interested in them, and they will tell others about them which will help spread the word about crypto-currencies.

Any premine will be as little as possible but we have not crunched the numbers yet.

Are you from the UK?

I take it there will be a premine as you will be giving away some UK coins at the free crypto-workshops.  How big will the premine be?  Will there be any other premined coins available for UK residents who can prove their identify? (like Auroracoin or Spaincoin).  

Yes I am.  It's a great idea to give some away at your UK based crypto workshops, but if that's all that ties the coin to the UK and the rest will be mined as usual then most of the coins will end up around the world making it not distinguished enough from the other alt clones to be a serious coin imho.  

There could be a way that once the coins are claimed they can't be sent for a certain period to prevent dumping, such as having a maturation period (like Devcoin).  Or even better, have UK citizens able to claim a tiny percentage of the total coins, which would be sent them gradually over the course of the whole mining period, this could be combined with a maturation period so that every day there become a few new available coins for each person.  It would take a bit of programming work and a some manpower to verify the claims, but as you say most people would't claim them, so maybe only 1 or 2 people doing the verification would be enough at first.  Anyone who claims later could have their claim back-dated so they get their full percentage. 

[matt608]

I totally understand where you are coming from, and we have considered it. But, we don't want to give away everything at this stage.

The students at the early workshops will probably get 100 coins free (or more ), and the word will spread. Then, we have options once the word spreads.

Ok no problem just brainstorming!

[BotwinBG]

still not sure what makes the other coin a scam...

[Crypto-t]

One team member did a trace and found around 10 other coins on their server, some of them had not been released yet. All with Windows wallets only.

still not sure what makes the other coin a scam...

[mikk2k2]

Interesting, Will probably mine though does depend on the pre-mine, personally I'd like to see no pre-mine with donations from the early adopters. Just my two pence!  Also:

4. We are supper passionate about making UK Coin a huge success;

Please fix!

[DrFingol]

Great question. We think the idea of giving away coins to random/all residents of a particular country is flawed for several reasons.

1. Most residents won't be interested;
2. Many of those that are interested will probably dump the coins as quickly as possible and therefore reducing the value of the coin;
3. The logistics and cost of giving away millions of coins is beyond the resources of most developers and therefore difficult to genuinely believe.

We only intend to give students of our workshops coins because many will be genuinely interested in them, and they will tell others about them which will help spread the word about crypto-currencies.

Any premine will be as little as possible but we have not crunched the numbers yet.

Are you from the UK?

I take it there will be a premine as you will be giving away some UK coins at the free crypto-workshops.  How big will the premine be?  Will there be any other premined coins available for UK residents who can prove their identify? (like Auroracoin or Spaincoin).  

I love that you acknowledged this fact about territory-based coins! For SpainCoin, UkraineCoin etc to be effectively distributed to every citizen, it would take about 30 years given their current teams. Ridiculous.

Having said this, I sincerely hope you will keep the premine to a bare minimum, < 1%. However, if you decide to have no premine you would have the benefit of goodwill PR. You guys must have mining rigs if you are enthusiasts, you could decide to mine on the same terms as the rest of us. This is something you could boast throughout your conventions etc - you're handing out coins that aren't premined, but actually mined by yourselves. That shows dedication and I think you would gain traction pretty fast. You'd have people lining up to help you out with everything. I mean, just look at BlackCoin and where it has gone in just a month using no premine.

Anyway, I will be mining this as long as the premine isn't too big. Nice to see people doing things IRL to whip up public recognition of cryptos!

[th3joker]

still not sure what makes the other coin a scam...

The other team have a multitude of other coins ready to release and not a one of them looks like anything other than a fast buck generating machine.

Offering coins to the population is unworkable in any way shape or form, can you imagine the logistical cost in time, effort and money. They expect the population to approach them and then ask for them, which will likely just lead to a massive premine effectively. 30x66,000,000=1,999,999,980 premined coins with effectively less than 0.5% take up will leave them with a very large pile of premined coins. This will obviously lead to a massive dump at the first peak leaving all investors out of pocket. If its not scam then I don't know what is.

Selling 2billion coins will that help the price? I think not.

[Crypto-t]

Fixed thanks!

I agree with you. But, every miner/investor wants to see a coin increase in price and or least remain stable. As coins have no inherent value (only perceived value), we believe we will have to work hard at building up the perceived value via both marketing and development. Giving away coins at workshops will certainly help with marketing, we know we will get a lot of publicity.

Interesting, Will probably mine though does depend on the pre-mine, personally I'd like to see no pre-mine with donations from the early adopters. Just my two pence!  Also:

4. We are supper passionate about making UK Coin a huge success;

Please fix!

[mikk2k2]

Fixed thanks!

I agree with you. But, every miner/investor wants to see a coin increase in price and or least remain stable. As coins have no inherent value (only perceived value), we believe we will have to work hard at building up the perceived value via both marketing and development. Giving away coins at workshops will certainly help with marketing, we know we will get a lot of publicity.

Interesting, Will probably mine though does depend on the pre-mine, personally I'd like to see no pre-mine with donations from the early adopters. Just my two pence!  Also:

4. We are supper passionate about making UK Coin a huge success;

Please fix!

Will keep an eye on this, looking forward to seeing the numbers etc.