creating a coin to crowdfund a project

[yodark]

Hello Everyone,

I'm thinking of creating an altcoin in order to crowdfund a project

The idea is not to create yet another another altcoin but using these coin as a payment medium for my service.  Lets call it yodarkCoin. When you use the service you automatically convert your bitcoin or currency in yodarkCoin. This way the more people are using the service the highest will be the demand for yodarkCoin. So the highest will be the price for yodarkCoin
The project is going to be open to everyone to contribute each hour of contribution is rewarded with a determined number of yodarkCoin.
The more time you invest on working on the project to more coin you make. Otherwise you can also buy directely yodarkCoin. The money will be used to pay the charges with fully transparent reports.

Then when the service is up and running the more people will use the service the highest will be the price. This way people who contributed to the project will be rewarded accordingly.

My questions is the following :
What do you recommend in term of premine ? 30% premined ? 100% ? What happen if there is no miners?  What is the best way to valorise the contributions ?

[roslinpl]

What do you recommend in term of premine ? 30% premined ? 100% ? What happen if there is no miners?  What is the best way to valorise the contributions ?

0%  premined.

That is THE BEST! Premined coins so damn shit in my opinion.

[yodark]

Okay but in this case how do I crowdfund the project ? How do I give people value for their work ?

[temple]

I am making the similar concept

http://templecoin.com

https://bitcointalk.org/index.php?topic=529440.0

[sidhujag]

Never do premine it wont work long term.. My advice is to keep looking there is an answer for you.. maybe look at some of the neglected coins for a hint.

Not sure who would use your service when your expecting to take bitcoin to buy yodark.. what about those with yodark coins they cant spend those coins on the service? They will send price lower.. does a lower price reflect demand using the service? How will the service prove to output more than input especially since it wont take yodark?

About the service how do you measure an hours work deterministically? How do you know an hour is actually an hour? Do you mean people will work on projects with assigned bounty values?

[yodark]

Not sure who would use your service when your expecting to take bitcoin to buy yodark.. what about those with yodark coins they cant spend those coins on the service? They will send price lower..

Ok lets take an extreme example let say I'm building the next linked in social network (it's a fictive example but be sure I'll announce it when it's ready). And now lets say sidhujag you work on it for a bounty you give me report every week and you work it for 500 hours. We premine 5000 coins about 30% of the reserve. Then as I estimated the total work will be 500 hours so you get 10 coins per hour and working for 500 hours you get 5000 coins
Then after a year we launching the yodarkLinked in

Let's say there are 50'000 members registered to yodarkLinked in and 500 premium users willing to pay 10 USD per month.
The service price will always be 10 USD or 0.02 BTC or X yodarkCoin where X is the market value of yodarkCoin.
Then the 500 users will need to buy from you for 10 USD of yodarkCoin. Let say we'll run it for a month. Then you will sell each of your yodarkcoin at a different price if there is 500 or 100'000 users wanting it. Of course the more user there are the higest value will have for your coins.

I am making the similar concept

http://templecoin.com

https://bitcointalk.org/index.php?topic=529440.0

Looks interesting I wonder if its going to work

[Bit_Happy]

Don't let someone on a forum stop you; Try what you think could work.

[UnNamedCoin]

Don't let someone on a forum stop you; Try what you think could work.

I have to agree with that comment. Who is to say that "someone" is right.
Im doing nearly all pre mined and I read comments, but I rarely put much value in them... Unless it came form a very successful tech expert and even then, they might be wrong. Who would have thought a website where you can talk about yourself would work? Facebook....

[yodark]

thank you for your pragmatism

Just a question though. I know that if there are no miners for a coin. The coin could die for a 51% attack and kill the value of the coin and kill the coin. So if the mining rewards are not high enough it may be more profitable to use the K/h to attack the coin.
 If I make a 100% premined coin for example could people still make transaction if there is only one computer running the blockchain ? Then if it's fully mined do I have the risk of an attack ?

[MsCollec]

100% premine

[yodark]

As promised here is the project description

https://bitcointalk.org/index.php?topic=586615.0