Great work!
I'm copying over a post from the official forums to show some of the thinking going on regarding the possibilities of this coin:
Business plan
« on: April 27, 2014, 10:08:29 PM »
Here is my simple business strategy to use HOC to consolidate the altcoin world:
With our investment we start a mining farm.
We mine the hell out of alt coins raising difficulty and causing havoc. (Let's use Doge as an example.)
Then we sell the Doge for HOC.. like 100 000dog:1hoc (or whatever).
This will drop the price of Doge and increase the price of HOC which means more people will point their miners to HOC, strengthening the network and making it even easier for us to mine the alts.
Once we have dropped the value of an alt enough, we move on to the next.
The HOC we bought goes into the bank.
-This can then be used to pay dividends to members or it can be used to sell more membership seats, raising more capital to buy more miners.
In this way House of Coins will become the House of ALL altcoins, weeding the garden of the altcoin world, taking the best additions and strengthening the network.
As a side effect HOC will be worth a lot (which is fitting for the important work it is doing).
If we can can incorporate a voting system based on % shares owned into the wallet then HOC will take center stage as a platform for innovation.
In the future, while we are on the path to consolidating the altcoin world, we can direct the business arm of the House to the challenge of bringing alternative currency to the masses.
The only problems I can see with this plan is on how we can have a trustless system regarding the bank administration. This could potentially be solved with a form of escrow.
For example: someone with means hosts the minerfarm but puts the value of the miners in escrow. For going through this hassle they get a % of the funds raised as an income.
If they suddenly disappear with the miners (sorry about my cynicism but Gox is fresh in my memory), their funds in escrow are forfeit and the system can carry on.
In my opinion the problem that cryptocurrency and Bitcoin solves is one of communication. We want to use this evolved form of communication as a platform and experiment for business.
With the IPO we have initial funds for investment. By following a plan (as above for example) we can effectively create a profit turning business. With the coins representing shares and thus a vote, we can get diverse input and then consensus by vote on which direction to go. Decisions grown from diversity will always trump solitary opinion.
As you can see there are alternatives to going POS. POW might actually be better in the medium run since it will get more people involved.
Obviously there is some pressure to let this coin go the same way previous ones have but there are numerous shit coins flooding the market and causing confusion.
The difference with HOC is basically 2 things:
1. The vote:
If we can develop the wallet (or build a website interface) to incorporate the vote and make it transparent and effortless, this will be a major step ahead in the world of cryptocurrency. Although that is something for the future, we can already start voting as per the ANN plan, using the forum as our platform.
I expect that in the future, people who buy into the coin will be able to accrue enough coin to be eligible for a vote.
2. The bank:
If the funds can be used in an effective way (using it for mining and trading is the obvious first thing that comes to mind) and it can be shown that the directives from the vote can be carried out in professional way, this will grow confidence in HOC and the community. In tandem with growing confidence, the value of the coin itself will grow. This means that the next public offering will be more successful leading to a positive feedback loop.
In summary: we are only a few days after the launch and IPO and in my opinion everything has gone as expected and I am happy with where we are now.
Thanks BitOffer for updating the first page of this thread and letting us know the progress.
Keep up the good work, I am excited about the potential and underlying purpose of this coin and the House of Coins.
