[ANN][QBC] Québecoin - X11 - DGW - (BITTREX) - Win/Mac/Linux Wallets - New

[JPGagnon]

I just have sent some funds from lovely Toronto to support our good neighbors in Quebec. Some personal reasons behind it:
- The coin specs and the developer look rock solid. High quality staff and stuff, IMHO.
- I love X11, I'm mining Hirocoin and looking to invest into another X11 coin. I will certainly mine Quebecoin when it starts.
- As a Canadian I like any opportunity to support a Canadian product.
- I love Quebec. Every Christmas we ski in Mont Tremblant. Looking forward to spend some QBC there next time!

Good luck with IPO and Quebecoin promotion, JP!

Thanks for coming forward, I was typing my last post mentioning an anonymous investor and you came forward while I was typing!

Just a thought - wouldn't QCC be better that QBC ?

You're gonna have to explain your thought process on that one!

QBC works in multiple ways. It's the shortened form of the word when removing all vowels - Q(ué)B(e)C , it keeps up with the syllables as well : Que-Be-Coin (for those who can't pronounce Quebec - http://www.youtube.com/watch?v=S6C0Pw2-HFI).

Where does the first "c" in QCC come from?

[JPGagnon]

With that last investment we've passed the 3 BTC line, 8 days left on the IPO and the distribution is still pretty even! You can see the updated IPO table on www.qbc.io/ipo.

Let's take for example the smallest investment - 0.1 BTC. Currently it gives 6881 QBC. Now if we take an example miners can relate to, let's say the network hash for QBC reaches 3 Ghash (3000 mhash) and you are mining with 15Mhash/s on a few GPUs. That means that you would get 0.5% of the daily production. The daily production for Québecoin is approx 14976 QBC which means you are getting 74.88 QBC per day on a respectable mining rig. I think it's safe to say 15 mhash is above the average mining rig if we exclude mega gpu farms?

So you're getting 74.88 QBC per day with your 15 Mhash/s on a network with 3Ghash/s. And some investor got 6881 QBC for 0.1 BTC - That's 90 days of mining and only if the network hash rate doesn't shoot up more. That's why investment in this IPO is still a great deal both for investors and for me because I'll be able to work on it fulltime from now on. Realistically 0.1 BTC should give maybe from 210 to 420 QBC (Between 50 and 100 BTC IPO for this example) which at an intended short term target price of 0.002 BTC means you get 0.42 to 0.84 BTC from that initial 0.1. There's a lot of value to be had for everyone with a coin that's well designed with everyone from investors to miners to Québecers in mind.

[realrover]

I just have sent some funds from lovely Toronto to support our good neighbors in Quebec. Some personal reasons behind it:
- The coin specs and the developer look rock solid. High quality staff and stuff, IMHO.
- I love X11, I'm mining Hirocoin and looking to invest into another X11 coin. I will certainly mine Quebecoin when it starts.
- As a Canadian I like any opportunity to support a Canadian product.
- I love Quebec. Every Christmas we ski in Mont Tremblant. Looking forward to spend some QBC there next time!

Good luck with IPO and Quebecoin promotion, JP!

Thanks for coming forward, I was typing my last post mentioning an anonymous investor and you came forward while I was typing!

Just a thought - wouldn't QCC be better that QBC ?

You're gonna have to explain your thought process on that one!

QBC works in multiple ways. It's the shortened form of the word when removing all vowels - Q(ué)B(e)C , it keeps up with the syllables as well : Que-Be-Coin (for those who can't pronounce Quebec - http://www.youtube.com/watch?v=S6C0Pw2-HFI).

Where does the first "c" in QCC come from?

Quebec province abbreviation - QC! Plus coin -> QCC.

[Kreativekrypto]

Very valid point JP, I think a bunch of investor types wait till the last minute to try and snipe like an auction. It wouldn't be the first time i've seen that haha.

[Eastwind]

Darkcoin is discussing airdrop at the moment to mitigate the effect of instant mining.

In order to reduce the instant mining, I would suggest proportional block reward according to difficulty in the first few, say 5000 blocks. For example, set the starting difficulty to be 0.01, but the block reward is 1, when the difficulty is increased to 1, the reward is 10. The relationship between block reward and difficulty does not have to be linear.

This will give time to the miners and pools to set up their wallets and mining software so that they are not much disadvantaged by coming to the mining just a little bit late.

[JPGagnon]

Very valid point JP, I think a bunch of investor types wait till the last minute to try and snipe like an auction. It wouldn't be the first time i've seen that haha.

I'm sure there will be, at least we don't have a huge whale right away scaring people off but there's still plenty of room to reach a good price.

Darkcoin is discussing airdrop at the moment to mitigate the effect of instant mining.

In order to reduce the instant mining, I would suggest proportional block reward according to difficulty in the first few, say 5000 blocks. For example, set the starting difficulty to be 0.01, but the block reward is 1, when the difficulty is increased to 1, the reward is 10. The relationship between block reward and difficulty does not have to be linear.

This will give time to the miners and pools to set up their wallets and mining software so that they are not much disadvantaged by coming to the mining just a little bit late.

I'll have to go through the Darkcoin thread but I'm not sure early miners want to just give away tons of coins. The difference is that Darkcoin started out with a 500 DRK block reward and difficulty readjustment every few hundred blocks which was too slow. There was a slight bug in the code additionally which fixed block reward at 500 coins for a certain time. It was fixed quickly but that's what resulted in the controversy surrounding the instamining. Darkcoin adapts constantly though thanks to very active development by Evan.

As for QBC, we are starting with DGW and there are 72 blocks (approx 3 hours, which I might readjust before launch, I'm doing some testing) without block reward to let the difficulty adjust properly and miners set up their gear, as I've mentioned before. Plus everyone will have the password protected zip file beforehand.

Instamining is a problem with coins which have slow difficulty readjustments mostly, since you can point a ton of power towards the coin, rape it for tons of blocks in a shorter time than intended and leave it at a higher difficulty for everyone who then have to wait a long time before the next adjustment. So we're safe from getting "insta-raped" with no lube. Proper lubrification is provided by DGW.

[Eastwind]

The following is a snap from KimoCoin announcement
https://bitcointalk.org/index.php?topic=524216.0.

We can adopt a similar reward system to mitigate instant mining problem. You do not need password to protect the wallet.

Block Reward:

First 500 Blocks: 0.002 KimoCoin (to avoid instamine);
From Block 501 to 1500: 100 KimoCoin;
From Block 1501 to 2999: 200 KimoCoin;
From block 3000 to 5000: 500 KimoCoin
From Block 5001 to 10000: 1000 KimoCoin
From 10001 to 20k: 2500 KimoCoin
From 20001 to 100k: BLOCK REWARD WILL BE SAME AS BLOCK HEIGHT FROM BLOCK 20001!  Smiley
From 100'001 to 150k: BLOCK REWARD WILL DECREASE BY 10K EVERY 10K OF NEW BLOCKS SOLVED(this means that after block 150k block reward will start from 50k
From block 150'001: EACH BLOCK REWARD WILL DECREASE UNTIL A BLOCK PAYOUT OF 5K WILL BE REACHED

[JPGagnon]

The following is a snap from KimoCoin announcement
https://bitcointalk.org/index.php?topic=524216.0.

We can adopt a similar reward system to mitigate instant mining problem. You do not need password to protect the wallet.

Block Reward:

First 500 Blocks: 0.002 KimoCoin (to avoid instamine);
From Block 501 to 1500: 100 KimoCoin;
From Block 1501 to 2999: 200 KimoCoin;
From block 3000 to 5000: 500 KimoCoin
From Block 5001 to 10000: 1000 KimoCoin
From 10001 to 20k: 2500 KimoCoin
From 20001 to 100k: BLOCK REWARD WILL BE SAME AS BLOCK HEIGHT FROM BLOCK 20001!  Smiley
From 100'001 to 150k: BLOCK REWARD WILL DECREASE BY 10K EVERY 10K OF NEW BLOCKS SOLVED(this means that after block 150k block reward will start from 50k
From block 150'001: EACH BLOCK REWARD WILL DECREASE UNTIL A BLOCK PAYOUT OF 5K WILL BE REACHED

Of course you need to password protect the wallet. If you don't and release it early people will just starting mining before the official launch, even if there's very little block reward it still messes with the timing. If you release the wallets at the time of launch then it's still not as fair for everyone and gives less notice before launch to everyone. There are already measures in place to make sure that the launch is fair and well distributed but I won't be doing something as elaborate as "Kimocoin".

I'll tweak the initial block reward parameters with some more testing but I think that after everyone who is interested in mining gets a fair chance to set up their gear, it's fair enough. I can't wait for QBC to become a big success and then reward those who only take notice at that point in time with better block rewards than the early miners. Early miners who see the potential always deserve to get rewarded, even if it's simply by having the same block reward as others to share with less people. Otherwise you're giving people incentive to stop mining and come back later.

[anonymousxx1503]

With that last investment we've passed the 3 BTC line, 8 days left on the IPO and the distribution is still pretty even! You can see the updated IPO table on www.qbc.io/ipo.

Let's take for example the smallest investment - 0.1 BTC. Currently it gives 6881 QBC. Now if we take an example miners can relate to, let's say the network hash for QBC reaches 3 Ghash (3000 mhash) and you are mining with 15Mhash/s on a few GPUs. That means that you would get 0.5% of the daily production. The daily production for Québecoin is approx 14976 QBC which means you are getting 74.88 QBC per day on a respectable mining rig. I think it's safe to say 15 mhash is above the average mining rig if we exclude mega gpu farms?

So you're getting 74.88 QBC per day with your 15 Mhash/s on a network with 3Ghash/s. And some investor got 6881 QBC for 0.1 BTC - That's 90 days of mining and only if the network hash rate doesn't shoot up more. That's why investment in this IPO is still a great deal both for investors and for me because I'll be able to work on it fulltime from now on. Realistically 0.1 BTC should give maybe from 210 to 420 QBC (Between 50 and 100 BTC IPO for this example) which at an intended short term target price of 0.002 BTC means you get 0.42 to 0.84 BTC from that initial 0.1. There's a lot of value to be had for everyone with a coin that's well designed with everyone from investors to miners to Québecers in mind.

Yeah right now it's definitely overkill and creating a few whales (like me ). I don't mind that I get less if they're worth more, the IPO still has room for lots of people.

[JPGagnon]

With that last investment we've passed the 3 BTC line, 8 days left on the IPO and the distribution is still pretty even! You can see the updated IPO table on www.qbc.io/ipo.

Let's take for example the smallest investment - 0.1 BTC. Currently it gives 6881 QBC. Now if we take an example miners can relate to, let's say the network hash for QBC reaches 3 Ghash (3000 mhash) and you are mining with 15Mhash/s on a few GPUs. That means that you would get 0.5% of the daily production. The daily production for Québecoin is approx 14976 QBC which means you are getting 74.88 QBC per day on a respectable mining rig. I think it's safe to say 15 mhash is above the average mining rig if we exclude mega gpu farms?

So you're getting 74.88 QBC per day with your 15 Mhash/s on a network with 3Ghash/s. And some investor got 6881 QBC for 0.1 BTC - That's 90 days of mining and only if the network hash rate doesn't shoot up more. That's why investment in this IPO is still a great deal both for investors and for me because I'll be able to work on it fulltime from now on. Realistically 0.1 BTC should give maybe from 210 to 420 QBC (Between 50 and 100 BTC IPO for this example) which at an intended short term target price of 0.002 BTC means you get 0.42 to 0.84 BTC from that initial 0.1. There's a lot of value to be had for everyone with a coin that's well designed with everyone from investors to miners to Québecers in mind.

Yeah right now it's definitely overkill and creating a few whales (like me ). I don't mind that I get less if they're worth more, the IPO still has room for lots of people.

Yes as outlined in the quote above there's massive potential.





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On another note, apparently people are really trying to profit from translation bounties without putting in any effort. Every translation that was posted had a comment by a native speaker saying that's it's google translate. I'll have to cancel all translation bounties if it ends up being true. I'll stick to english and french since at least I master those two languages and can really translate the intended meaning of each phrase perfectly. Pretty disappointed that people are trying to scam their way into QBC like this! Real work deserves real rewards.

[Kebooz]

Honnêtement, moi j'y crois au QBC.

Québec, je t'aime !

Kebooz.

[JPGagnon]

Honnêtement, moi j'y crois au QBC.

Québec, je t'aime !

Kebooz.

Translation

Honestly, I believe in QBC.

Québec, I love you!

Kebooz.


-----------

Thanks for the kind words Kebooz.

[zhouhuiyan520]

I was considering mining this coin the other day, but I think the "nation" coins are somewhat drawn out at this point. I mean, we've had so many come and go lately it's hard to back one.

However, the maple syrup thing is possibly the best thing ever.

[reader31]

Just sent 0.31 btc for the ipo. All the best!

https://blockchain.info/tx/db227d341e52043f912d5d3abb71eb51fa08ecdc561138ee7db7a6bb809071bd

[JPGagnon]

I was considering mining this coin the other day, but I think the "nation" coins are somewhat drawn out at this point. I mean, we've had so many come and go lately it's hard to back one.

However, the maple syrup thing is possibly the best thing ever.

Yeah that's because all these other nation coins have given the concept a terrible name. Huge pump and dumps, scams and the creation of multiple nation coins by the same bunch of shady devs intended only for profit. Read through the QBC announcement, through the questions I answered in this thread and you'll realize that we're probably the only nation coin which has an actual chance of working. We're taking a completely different approach meant to go with a gradual adoption thanks to delayed airdrops and targeted marketing and distribution. Plus the coin is designed to be valuable as I also showed a bit earlier in the thread. I think you have nothing to lose and everything to gain by mining QBC at launch.

Just sent 0.31 btc for the ipo. All the best!

https://blockchain.info/tx/db227d341e52043f912d5d3abb71eb51fa08ecdc561138ee7db7a6bb809071bd

Thanks a lot for your investment and wishes! I'll be adding you and another investor (around 0.1 BTC) to the page as soon as possible. We're close to 3.5 BTC now but still far away from an accurate IPO floor price.

[Kreativekrypto]

Based on everything I've seen Quebecoin has the best shot at changing the way we all look at previous nation coins. I truly hope your coin and community sees massive success.

[zoata87]

i'm in...

BTC transaction ID : 99f4c4105e9e1076dae3eb47836ebd6e45f12d13114068b4b33749e4630b1087
Amount : 0.9409 BTC

[JPGagnon]

Based on everything I've seen Quebecoin has the best shot at changing the way we all look at previous nation coins. I truly hope your coin and community sees massive success.

Thanks a lot! Yeah I think we'll change peoples minds soon enough.

i'm in...

BTC transaction ID : 99f4c4105e9e1076dae3eb47836ebd6e45f12d13114068b4b33749e4630b1087
Amount : 0.9409 BTC

Very nice! Thanks for your support and welcome aboard, I'll update the IPO list in a few minutes, I've got a few pms as well and those will be added too!



I'll make an up to date summary as well after updating the IPO page. Be back shortly!

[JPGagnon]

Here's the updated IPO table from www.qbc.io/ipo

Almost across the 5 BTC mark with 8 days left. Looking very good!

IPO Profitability

1 BTC is currently equivalent to 44332.82 QBC - If we take a realistic example of 15 MH/s GPU mining rig on a 3 GH/s network, 24 hours of mining gets you 74.88 QBC which means that 1 BTC is equivalent to 592.05 days of mining if the network hashrate doesn't increase and all factors remain the same. We are still insanely profitable to investors. There is a nice equilibrium to be found between profitability and price range.

With the rare distribution of QBC at a rate of 14976 QBC/day (versus Vertcoin 28800 VTC per day and Spaincoin 72000 SPA per day given as counter example), the IPO is an amazing deal with and remains profitable until over 100 BTC at which point you would get 2100 QBC per 1 BTC - 28 days of mining at the above hash rate example and a price of 0.00047619 BTC/QBC  with an intended short term target of 0.002 BTC/QBC easily attainable through rarity of the coin.

SpainCoin having reached almost 0.008 BTC/SPA on hype alone with a terrible mining distribution and short term intended airdrop, with no features to keep miners interested.

[JPGagnon]

I've added a more detailed description for the delayed airdrops in the first post and I've tweaked the release and IPO dates a bit to allow a better launch.

I've gotten PMs from a few people noticing that the delay between the end of the IPO and the launch is too short (24h) so I started by doubling that. I also added 2 days to the IPO while moving the launch to April 18th. This means that the IPO ends on April 16th and 48 hours later the mining will start (April 18th).

There will also be a 3 day delay between launch and IPO investers receiving their coins as I suggested before. This allows miners to get their hands on some QBC and be ready for trading. Additionally it gives us some time collect QBC adresses of the IPO investors. This won't change anything for IPO investors financially as our first exchange (BITTREX) will not be open right away anyways, but a few days after launch.


So this is what it looks like now


April 1st to April 16th (IPO) -----> 48 hours Preparation -----> April 18th (Mining Launch) -----> April 21st (Beginning of IPO distribution starting with earliest investors) -----> MAX 48 hours of IPO sending -----> April 23rd (All IPO coins will have been sent by this time)


Let me know if you see any blatant problems with these dates and I will fix it. For the moment this will the best way to make sure that launch goes well without any problems!