[PRE-ANN] Munich Project - Reinventing Bitcoin - Alt-coin / Wallet / Exchange

[kelsey]

If you read our paper, you'll see it's not possible to divide one of our coin by more than 100 (0,01 minimal unit).

The whole things a confusing waste of space......try the KISS principle.

What is simpler that anybody on the earth knows : 1 cent is the smallest currency unit you can own. Works in every country.

Try to explain your grand-mother she can have 0,0000001 Bitcoin. That's a lot of zeros after the decimal point for the masses.

Donn

What I am saying is your whole write up is just a confusing rant (admittedly some of that maybe cause english is not your first language). Read the whole lot and don't see a single thing it improves on Bitcoin (and I am actually no real fan of bitcoin), yet you state "Reinventing Bitcoin"?

[goingDeaf]

If you read our paper, you'll see it's not possible to divide one of our coin by more than 100 (0,01 minimal unit).

The whole things a confusing waste of space......try the KISS principle.

Have you ever tried to understand the algorithms behind any coin?

They're all mind bending, even Elliptic curve cryptography, which is a basic part of it. The wiki page on it could be a gigantic piss take and I'd not have an inkling.

[Munich]

What I am saying is your whole write up is just a confusing rant (admittedly some of that maybe cause english is not your first language). Read the whole lot and don't see a single thing it improves on Bitcoin (and I am actually no real fan of bitcoin), yet you state "Reinventing Bitcoin"?

- New way of syncing with the blockchain in seconds without any security compromise
- Best way to optain a system who can handle much more transactions than any coins right now, without the hassle to download the entire blockchain for each client. And without any security compromise (PoW, new PoS implementation)
- User friendly wallet, designed for the average Joe, with unique cloud system for security of the funds
- Best way as we know to scale difficulty and algorithm n-factor over the time
- First exchange directly linked and implemented to the wallet, you can use it without the fear to loose coins when you don't trade
- Better distribution of the coins to avoid big stake holders cause of IPO, early mining, insta mining, ASICS, etc.
- Not fully disclosed plans over the time to promote the coin at a profesional level. Bitcoin/Litecoin core team and foundation is not funded well in our opinion.
- Our supporters will vote the actions our team will take to promote the coin. We thinks the community is the most important thing.

This is only few things that comes in my mind when I think about the improvements we offer

I agree it is hard to make something better on our side for now about our paper, cause of our lack of english. But feel free to offer us some improvements for our paper - we'll edit it without problems.

Donn

[kelsey]

If you read our paper, you'll see it's not possible to divide one of our coin by more than 100 (0,01 minimal unit).

The whole things a confusing waste of space......try the KISS principle.

Have you ever tried to understand the algorithms behind any coin?

They're all mind bending, even Elliptic curve cryptography, which is a basic part of it. The wiki page on it could be a gigantic piss take and I'd not have an inkling.

yes I was into that well before BTC ever came about lol, I was saying the guys write up on his coin is a confusing waste of space, and what can be understood is just taking pieces from here there and everywhere and making another clone crapcoin.

[Munich]

yes I was into that well before BTC ever came about lol, I was saying the guys write up on his coin is a confusing waste of space, and what can be understood is just taking pieces from here there and everywhere and making another clone crapcoin.

Please avoid trolling, you can't call our project "another clone crapcoin" if you read all the improvements and the eco-system we are bringing around our coin in a very near future.

Donn

[mcjavar]

Looks interesting. Definitely worth following this thread.

But I don´t really get the idea of the IPO. Could you please clarify or describe it in a way that avarage Joe can understand?

[Munich]

Looks interesting. Definitely worth following this thread.

But I don´t really get the idea of the IPO. Could you please clarify or describe it in a way that avarage Joe can understand?

The IPO is here to permit us to work some more months full time on the project, until we make it work properly (core & services associated). Is also permit people to be more involved if they want in the success of this project.

We thinks it's a win-win situation.

The more we will get, the longer we can work full time after August of this year, and the more services we will develop around the coin.

However, even if we don't get a lot, we already planned how we will distribute our time with anothers projects we have to follow.

To be clear, it's just a question of a % of work time we will dedicate to the coin after we launch the coin, the exchange, the explorer, and the wallet / web-wallet

I edited the OP to be more clear about the fact we don't need money for the period before August -- we are a little short, but it will be OK.

Donn

[Kheg]

Looks interesting. Definitely worth following this thread.

But I don´t really get the idea of the IPO. Could you please clarify or describe it in a way that avarage Joe can understand?

The IPO is here to permit us to work some more months full time on the project, until we make it work properly (core & services associated). Is also permit people to be more involved if they want in the success of this project.

We thinks it's a win-win situation.

And it also means that there's also no vested interest should things go south in a hurry.  You have other peoples' cryptocurrency in your hands as funding - completely non-refundable with no way for them to get it back should you break your promises.  You hide behind the anonymity of the internet with no contractual obligation of delivering a working product and no liability should you not deliver a working product.

Of course YOU think it's a win-win situation.  YOU can't lose!

[Munich]

And it also means that there's also no vested interest should things go south in a hurry.  You have other peoples' cryptocurrency in your hands as funding - completely non-refundable with no way for them to get it back should you break your promises.  You hide behind the anonymity of the internet with no contractual obligation of delivering a working product and no liability should you not deliver a working product.

Of course YOU think it's a win-win situation.  YOU can't lose!

I think you don't understood what we wanted to mean, let me explain better :

I understand the fact you are worried after all the scam we all seen these last months -- there is nothing we can do against that, except by sharing more "proofs" of our work in the future. We will do that as we already planned.

This is why we took an oportunity to make the IPO in a better way. We are not selling X of our coin for Y of your BTC or LTC. We also don't encourage anybody to invest more than they are willing to "loose".

Our main objective with the IPO is a good repartition of the pre-sold coins. It means you can invest 1mBTC if you like to. If nobody trust us, and you're the only one who invested, you'll take the 2% of the first or second IPO.

It also means if 1000 people invest 1mBTC, we will not get a lot from the IPO, but I'll say it's fine for us, because the repartition will be good.

About the funds we will gather, even if it's not good enough to get us more months of full working on the project, it's not a real concern as we already planned a repartition of our work time later.

Unfortunately, it's quite difficult to make an IPO after the launch of the coin

By win-win, I wanted to mean the coin have more chances of a great success if we can work more on it after August of this year.

Anyways, I encourage the people interested by our coin to judge our work on the pieces we are giving, and to invest accordingely.

I hope the another pieces of our work we will share later will disperse the "doubts" about our work.

And to be 100% honnest with you, if I was at your place, I will not invest more than 0.1 BTC right now (what I'm willing to loose), considering there is only a paper right now -- even if I think it is good and detailed.

Donn

[mav137]

sounds interesting, sounds like you already put in a lot of work. Im not familiar with the specifics regarding setting up a new coin. I guess true innovation is what takes time.
Other stuff can be copied from bitcoin. 80% of the work done means you'll be ready in 2 months and you need some money to continue after august. Sounds like there is plenty of time to show that you guys walk the walk. Of course you''ll need some guarantees of people investing. And thats where for most guys here the problem is. They've seen a lot of not innovative clones and too many pump and dump scenes to trust just anybody.

Would you be willing to accept the IPO investments under escrow terms? I guess if you have dough to keep working until august and produce the products that you promise, i'd be more comfortable to put some bitcoin in escrow to be released under specific terms.

Of course there is always the risk of being overtaken by the next innovative coin, but thats inherent to all in the crypto sphere. It's too bad that it's not 2nd generation in the sense that the possibilities on top of your coin are somewhat limited, in regard to other bitcoin v2 alternatives. How would you deal with those kinds of competition? Do you aim for a selected market / use?
I'm a believer of a multicoin financial landscape, where certain coins attract certain services to run on top. This means that v2 functionality might not be required but then I ask what market you aim to serve with this coin.

[V8x8d]

Already too many pointless altcoins. Also, I could never support an IPO coin from a newbie.

[SBOSS]

why a no name developer?  What's your real BTC account?

[dewdeded]

Look at Bitcoin 0.9 release notes: 390 developers. You are three no-name people and want to improve/outclass Bitcoin?!?

If you want to keep claiming you are professional coders at least post your LinkedIn or XING-profiles or at very least links to your GitHub profiles.


Also very much unclear why another coin. We have 300 coins. Whats the motivation?

Put your skills (if present) in an existenting coin. Win-win-win for everybody.
(you, the coin u join, cryptocurrency scene - because of no failed IPO/project)



Look at man power EMunie or Ethereum project had. All failed IPOing.

[Munich]

Are you located in Munich, Germany?

Just asking out of curiosity, because that's where I am.

Hello,

We're not from Munich, we chosen this name because we were in Munich for a work trip when we initially had the idea.

Donn

[Munich]

sounds interesting, sounds like you already put in a lot of work. Im not familiar with the specifics regarding setting up a new coin. I guess true innovation is what takes time.
Other stuff can be copied from bitcoin. 80% of the work done means you'll be ready in 2 months and you need some money to continue after august. Sounds like there is plenty of time to show that you guys walk the walk. Of course you''ll need some guarantees of people investing. And thats where for most guys here the problem is. They've seen a lot of not innovative clones and too many pump and dump scenes to trust just anybody.

Would you be willing to accept the IPO investments under escrow terms? I guess if you have dough to keep working until august and produce the products that you promise, i'd be more comfortable to put some bitcoin in escrow to be released under specific terms.

Of course there is always the risk of being overtaken by the next innovative coin, but thats inherent to all in the crypto sphere. It's too bad that it's not 2nd generation in the sense that the possibilities on top of your coin are somewhat limited, in regard to other bitcoin v2 alternatives. How would you deal with those kinds of competition? Do you aim for a selected market / use?
I'm a believer of a multicoin financial landscape, where certain coins attract certain services to run on top. This means that v2 functionality might not be required but then I ask what market you aim to serve with this coin.

Hello,

You are right, developing something new - even if it's on an existing base - takes some time.

We will take the time to show you some pieces of our work later, for now we need to work harder to follow our timing.

About the fact our project is innovative or not, we'll leave you judges with our paper.

--

About the escrow, we don't want to play the market with the funds we will receive. To be clear, the Bitcoins and Litecoins raised during the IPO will be sold at the market price at the end of the IPO to avoid any bad surprise when we will need the funds. We learned with the years to always make a clear planning concerning finances.

We really don't understand why people are calling Nxt, Mastercoin, etc. as the "second generation". Our sentiment is full PoS is not the way to go to create a money (not talking about an asset). To us, the only "successful" coins right now are Bitcoin, Litecoin, Peercoin, and Dogecoin. And to be quite frank, most of the people just don't care about "ecology" and "energy consuming". It's only commercial.

About pump and dump, all the coins are succesptible to have one (just check Litecoin the last week). However, we are not making the things easy by releasing a lot of coins with the IPO.

About competition, our project is clear : we want to make the most complete eco-system around our coin, to make it usable to the most of the people. The more the user-friendly services, the better the result will be. Just for example, Bitcoin is currently hard to use for the average Joe. I highly doubt average Joe will use Nxt, Mastercoin, or anything like that, because it's just too difficult to understand.

In few words, we just want to make the coin easy to use & understand, because it's probably the most important thing to gain popularity.

I hope I answered all your questions,

Donn

[Munich]

Already too many pointless altcoins. Also, I could never support an IPO coin from a newbie.

So to you, designing a coin and services accessible for the most people is pointless ?

I suppose you only see Bitcoin as a way to make money ? This is not our vision.

Please read our paper, this way we maybe can have a constructive discussion about it

Donn

[Munich]

why a no name developer?  What's your real BTC account?

Look at Bitcoin 0.9 release notes: 390 developers. You are three no-name people and want to improve/outclass Bitcoin?!?

If you want to keep claiming you are professional coders at least post your LinkedIn or XING-profiles or at very least links to your GitHub profiles.


Also very much unclear why another coin. We have 300 coins. Whats the motivation?

Put your skills (if present) in an existenting coin. Win-win-win for everybody.
(you, the coin u join, cryptocurrency scene - because of no failed IPO/project)


Look at man power EMunie or Ethereum project had. All failed IPOing.

Hello,

Why no-name -- there is mutiples reasons. Here are some :
- We usually work as contractor for institutional financial companies. Guess what, they do not really like Bitcoin, we don't want our names associated with this current project for now.
- We like to be judged only on the work we are doing.
- We have families, and we don't want to be publicy exposed with our project. For example, we like the way BTC-E team is making their business. They are anonymous, but they are doing the work very well. That's all that matters to us. We only used BTC-E for now, and we are very fine with that.
- S. Nakamoto was a no-name... 5 years ago.

We don't want to "outclass" Bitcoin, it's quite impossible considering it's the fundamental of each crypto currency.

However, we think we can improve Bitcoin, where the actual 390 developers can't do that much considering the Bitcoin market cap. Also, you should think about the way Bitcoin was created... They were certainly not 390 developers at this moment.

Linkedin, Xing, etc. : We do not like to expose our lifes publicly on the Internet. We don't need that, even profesionally, to have too much work to do. We have refused countless contracts the last 8 months cause of the Munich project.

GitHub : Guess what, Munich project will be our first open-source project. We will open the GitHub later, there is no hurry right now.

Why another coin ? In few words, to make it fair, well distributed, technically more advanced - without forgetting the security, accessible for all - even the average Joe, and with a panel of well-developed services around the coin.

As far as we know, even Litecoin does not have all the services we are planning to do right now.

Put your skills (if present) in an existenting coin. <<< If you talk about the core of our coin, Julian knows what he is doing with +10 years of profesional experience in C++ (and another low-level languages). Bitcoin is more a concept than a technologic "challenge". If you talk about the others things, we don't need any "experience" into a crypto currency to make our work, like we done the last ten years.

Donn

[dewdeded]

I like your answers, alot of what you saying makes sense.
I like your systematic proceeding and you being professionals.
(That is better is better then 270 or more coins, running by amateur clowns.)

It's still very hard to find support in me for yet another coin.
Gonna watch from now.

Maybe good ideas:

1) analyze what went wrong in other coin IPO projects and big failed coin projects
2) deliver SOMETHING (like requirement specification for your new coin) more before IPO or split IPO small one now, to start project, bigger/final one end of the year/or in 3 months, when progress is visible


But good luck.

[YYmeans]

Look at Bitcoin 0.9 release notes: 390 developers. You are three no-name people and want to improve/outclass Bitcoin?!?

If you want to keep claiming you are professional coders at least post your LinkedIn or XING-profiles or at very least links to your GitHub profiles.


Also very much unclear why another coin. We have 300 coins. Whats the motivation?

Put your skills (if present) in an existenting coin. Win-win-win for everybody.
(you, the coin u join, cryptocurrency scene - because of no failed IPO/project)



Look at man power EMunie or Ethereum project had. All failed IPOing.

agree with you , i don't think you guys could beat bitcoin devs.

[fernando]

Hi, is there any news? IPO is supposed to start next Wednesday that this has been inactive for a week and no new work posted.