[ANN][STD] StandardCoin - BUILT-IN EXCHANGE - Permanently Rising Rate

[Rainer4256]

This coin will never work. When the "value" drops against BTC simply trading halts. There will be no buyers. How stupid of an idea is that.

Yes, trading may hold if there are no buyers. But with this coin, at least you know your coin worth some value. With other coins, when there is no buyer, you simply lose all you investment.
For example, right now IPO investors and first round investors can sell back there coins and get back 1/4 of their investment at any time no matter if there is any new buyer or not. And I think there is no reason for them to do that as they can just keep their coins and wait for the GER to rise. This will help create huge buy support. But as time when by and there is no buy support left, people can just dump their coins and get out. When they dump at the GER on the built-in exchange, it will allow new investors to buy in at a lower price, this will create new support. For more details, visit our homepage at: http://standardcoin.net/

Just 1/4?
I thought the prize will never drop!

The buy back price will never drop, it's called "Guaranteed Exchange Rate" (GER).
But the selling price may drop if coins are dumped to the store (Easier for new investors to get in). It's call "Store Selling Price (SSP).
Please take a look at the formulas on the homepage: https://standardcoin.net/

Thank you, I read it. So if I dump my 1.5 million IPO coins (which I haven't got so far!) at GER the SSP will necessarily drop. Then I buy at the lower SSP and so on. Sounds like the perfect "perpetuum mobile".

If I understand correctly. The SSP is always higher than the GER. Its best rate against GER is: SSP = 4 x GER, and this will only happen when all 400,000,000 STD are in store. So you can't make any profit doing this.

+1

[standardcoin]

If I understand correctly. The SSP is always higher than the GER. Its best rate against GER is: SSP = 4 x GER, and this will only happen when all 400,000,000 STD are in store. So you can't make any profit doing this.

Yes, you are correct. The SSP best rate is 4 x GER when all coins are dumped to the store. At this situation, new investors and IPO investors are investing at the same ROI.

[brooklynite]

This coin will never work. When the "value" drops against BTC simply trading halts. There will be no buyers. How stupid of an idea is that.

Yes, trading may hold if there are no buyers. But with this coin, at least you know your coin worth some value. With other coins, when there is no buyer, you simply lose all you investment.
For example, right now IPO investors and first round investors can sell back there coins and get back 1/4 of their investment at any time no matter if there is any new buyer or not. And I think there is no reason for them to do that as they can just keep their coins and wait for the GER to rise. This will help create huge buy support. But as time when by and there is no buy support left, people can just dump their coins and get out. When they dump at the GER on the built-in exchange, it will allow new investors to buy in at a lower price, this will create new support. For more details, visit our homepage at: http://standardcoin.net/

When trading stops there are no buyer then my investment has NO value. At least with other coins, the value drops and buyers are lined up I know I can get 20% of what I paid or whatever.

UNLESS YOU HAVE MOUNTAINS of BTC to keep buying the freshly minted STDs, in the thousands of BTC per day, (which chances are you dont) then you cant stop the coin from falling in value.

This goes to show you don't understand free market trading whatsover, you just know programming. When you went to school you shoudlve taken some economics courses. This is impossible, if this would've worked then 42 would be worth 1000 BTC now lol.

[Rainer4256]

If I understand correctly. The SSP is always higher than the GER. Its best rate against GER is: SSP = 4 x GER, and this will only happen when all 400,000,000 STD are in store. So you can't make any profit doing this.

Yes, you are correct. The SSP best rate is 4 x GER when all coins are dumped to the store. At this situation, new investors and IPO investors are investing at the same ROI.

Ok, so let's do the math:
1. ger=amc/mmc  --> amc=ger*mmc
2. ssp=4*((ger*mmc)/sstd)
So the current store selling prize is about 32 satoshis. Right?

[madmartyk]

Then why does the website give an address to deposit STD if you don't send the BTC back out?  Where is my BTC for the STD I deposited?

[hucker]

Contacted them let's see if they want to add STD.

Thanks, I use them a lot for new coins that aren't on Cryptsy yet.

[bctalkaj]

Wallet does not sync. Tried Conf with the nodes given earlier , still does not work. Is wallet going to be updated? What needs to be done for it to work? Anyone having problems?

[standardcoin]

Wallet does not sync. Tried Conf with the nodes given earlier , still does not work. Is wallet going to be updated? What needs to be done for it to work? Anyone having problems?

I'm looking into the wallet syncing issue.
We may have a patch soon.

[madmartyk]

How about my issue?

[standardcoin]

How about my issue?

Your STD that was sent is smaller than 0.001 BTC, there is nothing I can do.

[madmartyk]

How about my issue?

Your STD that was sent is smaller than 0.001 BTC, there is nothing I can do.

So what you are saying is that your exchange ALLOWS a smaller deposit with no warning, then you have the address it went to refund it to me @ sYvamYJevwkrJKCRpQJTCR7Pkm7YBJHAiD

Or deposit another 19,000 STD to make the .001 BTC?

[hucker]

So what you are saying is that your exchange ALLOWS a smaller deposit with no warning, then you have the address it went to refund it to me @ sYvamYJevwkrJKCRpQJTCR7Pkm7YBJHAiD

Or deposit another 19,000 STD to make the .001 BTC?

Actually you were warned, twice.  Both in the bit where you can check the value and when you trade them.  You didn't follow the instructions, although I can't see why the moderator can't at least return your STD coins.

[madmartyk]

This STD Address is now associated with this BTC adress:
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Deposit any amount of STD to that address to sell. You will receive your BTC immediately after sending the payment. Remember that the minimum BTC payment is: 0.001

It does state BOTH, ANY amount.  There should be a warning to check what your STDs are worth before doing this.  Thinking that over 6000 STD had to be worth at least .001 BTC I did it without checking.  There should be a warning about the minimum STD to deposit!!!

[Rainer4256]

This STD Address is now associated with this BTC adress:
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Deposit any amount of STD to that address to sell. You will receive your BTC immediately after sending the payment. Remember that the minimum BTC payment is: 0.001

It does state BOTH, ANY amount.  There should be a warning to check what your STDs are worth before doing this.  Thinking that over 6000 STD had to be worth at least .001 BTC I did it without checking.  There should be a warning about the minimum STD to deposit!!!

+1

[hucker]

This STD Address is now associated with this BTC adress:
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Deposit any amount of STD to that address to sell. You will receive your BTC immediately after sending the payment. Remember that the minimum BTC payment is: 0.001

It does state BOTH, ANY amount.  There should be a warning to check what your STDs are worth before doing this.  Thinking that over 6000 STD had to be worth at least .001 BTC I did it without checking.  There should be a warning about the minimum STD to deposit!!!

Oh my god, it's even in the bit you quoted!  "Remember that the minimum BTC payment is: 0.001"
And you can easily check how much they're worth on the homepage!
Face it, you messed up.

[madmartyk]

This STD Address is now associated with this BTC adress:
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Deposit any amount of STD to that address to sell. You will receive your BTC immediately after sending the payment. Remember that the minimum BTC payment is: 0.001

It does state BOTH, ANY amount.  There should be a warning to check what your STDs are worth before doing this.  Thinking that over 6000 STD had to be worth at least .001 BTC I did it without checking.  There should be a warning about the minimum STD to deposit!!!

Oh my god, it's even in the bit you quoted!  "Remember that the minimum BTC payment is: 0.001"
And you can easily check how much they're worth on the homepage!
Face it, you messed up.

I'm not saying I didn't!!  But again, people make mistakes!!  There should be a procedure in place for those of us that do!

[hucker]

I'm not saying I didn't!!  But again, people make mistakes!!  There should be a procedure in place for those of us that do!

Yes, it should prevent you from starting the exchange, but this IS a brand new system.  It's not er.... foolproof yet.

BTW, you must have lost under 0.001 bitcoins, that's under 0.30 GBP.  Nothing to get upset about.

[madmartyk]

I'm not saying I didn't!!  But again, people make mistakes!!  There should be a procedure in place for those of us that do!

Yes, it should prevent you from starting the exchange, but this IS a brand new system.  It's not er.... foolproof yet.

Correct, Take a vending machine, if a candy bar cost 90 cents, and you deposit 75 cents and realize you don't have enough it will give you what you deposited back.  Not say Sorry there is nothing we can do!

[madmartyk]

I'm not saying I didn't!!  But again, people make mistakes!!  There should be a procedure in place for those of us that do!

Yes, it should prevent you from starting the exchange, but this IS a brand new system.  It's not er.... foolproof yet.

BTW, you must have lost under 0.001 bitcoins, that's under 0.30 GBP.  Nothing to get upset about.

It's not that I lost 6000+ STD, it's that the system still has flaws, and should be addressed.

[hucker]

Correct, Take a vending machine, if a candy bar cost 90 cents, and you deposit 75 cents and realize you don't have enough it will give you what you deposited back.  Not say Sorry there is nothing we can do!

Oh there are parking meters around here that don't.  You have to read the instructions.

It's not that I lost 6000+ STD, it's that the system still has flaws, and should be addressed.

Yes perhaps.  But wanting 30p back is a bit fussy.