[ANN][SIM] Simcoin - A Simple Coin

[dzarmush]

This is not another IPO. It is unborn-coin inside another coin with trading possibility.

What, like a derivative?

There will be a real exchange in a few weeks after the IPO is closed.

It might be interesting. Let's say 200 BTC were invested. You release Sim asset on Nxt AE. 1 token for every 0.1 BTC invested, it means that 1 token represents 200'000 SIM (if I did the math right). So you release 2000 tokens and distribute them among investors. For instance, I invested 3.5 BTC, so I'm getting 35 tokens which represent 7'000'000 SIM. After you send tokens we're able to buy/sell them on AE. After you launch the coin asset owners send you tokens and get real coins for them.

Why would you do that?
1. Get some publicity before the launch. Lots new people will know about Sim after it goes to AE.
2. Trading would start long before the launch and the price would be growing with time. As closer the launch as higher the price.
3. Some people not just would know about Sim but into it before it even launched.
4. Just for lulz

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[pt7]

This is not another IPO. It is unborn-coin inside another coin with trading possibility.

What, like a derivative?

There will be a real exchange in a few weeks after the IPO is closed.

It might be interesting. Let's say 200 BTC were invested. You release Sim asset on Nxt AE. 1 token for every 0.1 BTC invested, it means that 1 token represents 200'000 SIM (if I did the math right). So you release 2000 tokens and distribute them among investors. For instance, I invested 3.5 BTC, so I'm getting 35 tokens which represent 7'000'000 SIM. After you send tokens we're able to buy/sell them on AE. After you launch the coin asset owners send you tokens and get real coins for them.

Why would you do that?
1. Get some publicity before the launch. Lots new people will know about Sim after it goes to AE.
2. Trading would start long before the launch and the price would be growing with time. As closer the launch as higher the price.
3. Some people not just would know about Sim but into it before it even launched.
4. Just for lulz

Also increases the distribution.  

EDIT: Link to how NEM did it: https://bitcointalk.org/index.php?topic=616467.0
It will add excitement but will take up some time administering this.  If it cannot be delegated it might not be a worth the distraction from development.

[peled1986]

This is not another IPO. It is unborn-coin inside another coin with trading possibility.

What, like a derivative?
There will be a real exchange in a few weeks after the IPO is closed.

It might be interesting. Let's say 200 BTC were invested. You release Sim asset on Nxt AE. 1 token for every 0.1 BTC invested, it means that 1 token represents 200'000 SIM (if I did the math right). So you release 2000 tokens and distribute them among investors. For instance, I invested 3.5 BTC, so I'm getting 35 tokens which represent 7'000'000 SIM. After you send tokens we're able to buy/sell them on AE. After you launch the coin asset owners send you tokens and get real coins for them.
Why would you do that?
1. Get some publicity before the launch. Lots new people will know about Sim after it goes to AE.
2. Trading would start long before the launch and the price would be growing with time. As closer the launch as higher the price.
3. Some people not just would know about Sim but into it before it even launched.
4. Just for lulz

bad idea

I don't understand your suggestion.
There is no point to go to Nxt AE while the IPO is still open here (price on AE will be the price here)
And when the IPO closes here there will be an exchange from sim.
so the only advantage is that it will let people that already invested in Sim and want to sell their stake @ market price / small loss.

[pt7]

I don't understand your suggestion.
There is no point to go to Nxt AE while the IPO is still open here (price on AE will be the price here)
And when the IPO closes here there will be an exchange from sim.
so the only advantage is that it will let people that already invested in Sim and want to sell their stake @ market price / small loss.

This only make sense after the IPO closes and prior to the SIM software ready with main-net SIMCoins.  And if there is considerable time in between these two events.

[NxtChg]

This only make sense after the IPO closes and prior to the SIM software ready with main-net SIMCoins.  And if there is considerable time in between these two events.

Yes, there will be a "considerable time" between the end of the IPO and production wallets, because we will be using Test Net with monopoly money first.

But there will be a real exchange in just a few weeks after the IPO, where you can deposit/withdraw BTC and trade with comfort of a centralized solution.

So NXT AE seems like a lot of work for not much return...

[GTO911]

I have a question

Technically 20% of the total supply is yours, which is actually quite alarming. This will be the biggest held position in a crypto currency as far as i know.


Please justify

[Secondleo]

I have a question

Technically 20% of the total supply is yours, which is actually quite alarming. This will be the biggest held position in a crypto currency as far as i know.


Please justify

There's an F missing in your name.

But anyway.
I got a question on my own though.
I'm not sure if this came up in the thread up to this point. What about sybil attacks? How will Simcoin be protected from such a thread?
I assume the coin will use a proof of stake system and as such it will be especially suspectible against attacks of such type. As far as I know NXT tried to solve the issue with transparent forging, which in turn opened up a host of new problems.

Any ideas or plans to tackle the sybil issue?

[shaman2000]

Hi everybody!
It seems like this very interesting project, but it must have a little bit more promotion things on facebook,tweeter and so on. in this case Dev. will take much quicker 200btc, but investors will have a little less coins. That's why no promotions of Simcoin?

[mcjavar]

Any update on the developments?

[Secondleo]

I have a question

Technically 20% of the total supply is yours, which is actually quite alarming. This will be the biggest held position in a crypto currency as far as i know.


Please justify

There's an F missing in your name.

But anyway.
I got a question on my own though.
I'm not sure if this came up in the thread up to this point. What about sybil attacks? How will Simcoin be protected from such a thread?
I assume the coin will use a proof of stake system and as such it will be especially suspectible against attacks of such type. As far as I know NXT tried to solve the issue with transparent forging, which in turn opened up a host of new problems.

Any ideas or plans to tackle the sybil issue?

I just asked a question so did you, shouldn't you also GET THE FUCK OF sir?

It's "out" good sir.

But anyway. I don't see the point where Nxtchg would start to explain in detail, why is holding 20% of the coin as development reserve. He is open about it, it is there for everyone to read.
Also, 20% held is not the biggest position in crypto world by far.
Also, I think technically he is holding 60% of the coins, not just 20%. After all there are other points on the list.

And well, if you don't like it, don't invest throw money at a strange on the internet.

[NxtChg]

Here are two private messages I received.... I asked about his personal comittment to this project.

Oh, how nice of you to post private messages in public...

So my first impression about you was right. I quote smaragda: welcome to my ignore list.

[dzarmush]

This is not another IPO. It is unborn-coin inside another coin with trading possibility.

What, like a derivative?
There will be a real exchange in a few weeks after the IPO is closed.

It might be interesting. Let's say 200 BTC were invested. You release Sim asset on Nxt AE. 1 token for every 0.1 BTC invested, it means that 1 token represents 200'000 SIM (if I did the math right). So you release 2000 tokens and distribute them among investors. For instance, I invested 3.5 BTC, so I'm getting 35 tokens which represent 7'000'000 SIM. After you send tokens we're able to buy/sell them on AE. After you launch the coin asset owners send you tokens and get real coins for them.
Why would you do that?
1. Get some publicity before the launch. Lots new people will know about Sim after it goes to AE.
2. Trading would start long before the launch and the price would be growing with time. As closer the launch as higher the price.
3. Some people not just would know about Sim but into it before it even launched.
4. Just for lulz

bad idea

I don't understand your suggestion.
There is no point to go to Nxt AE while the IPO is still open here (price on AE will be the price here)
And when the IPO closes here there will be an exchange from sim.
so the only advantage is that it will let people that already invested in Sim and want to sell their stake @ market price / small loss.

Nobody reads prior to answer, right? Of course after IPO is over.

NxtChg said that the exchange will be launched in a few weeks. It might mean up to a couple of months. What's the reason to wait two months if you can start trading right from the first day IPO is over. By the time the exchange is launched a lot of people will be aware of Simcoin.

[NxtChg]

Any update on the developments?

I am satisfied with the progress, that's all I can say at the moment

[NxtChg]

...i asked NxtChg to justify...

I don't have to justify anything to you.

[NxtChg]

What about sybil attacks?

It seems people mean a bit different things here, when they talk about Sybil attacks.

As is, it doesn't apply to PoS systems: you can create fake nodes, but you can't convince the network that those nodes own real money unless you have valid private keys.

This means those nodes have no stake = no voice. The whole point of PoS is to protect against such attacks.

[Secondleo]

What about sybil attacks?

It seems people mean a bit different things here, when they talk about Sybil attacks.

As is, it doesn't apply to PoS systems: you can create fake nodes, but you can't convince the network that those nodes own real money unless you have valid private keys.

This means those nodes have no stake = no voice. The whole point of PoS is to protect against such attacks.

That is basically true. But I am not talking from an attack from the outside.
If someone is already in the system and has 10000 sim. He then goes on and creates 10000 "fake" nodes, all with one Sim in them. How are cases like this handled?
Also, what keeps those nodes behaving in a malicious way like fast building an alternate Blockchain they all vote on?
What cost are involved for a node if it casts a vote for the next block?

So, as for the Sybil attacks. There are basically the both extremes of centralization, where only coins count and the other extreme of decentralization in which only nodes count. As far as I know this is an important scale on which a POS coin has to place itself. The question on how easy a sybil attack is to perform versus how centralized the system is.
This becomes especially interesting concerning the plan to reward running nodes.

[Secondleo]

...i asked NxtChg to justify...

I don't have to justify anything to you.

Ok thats all, im shutting up after - this project is heading to failure, here is why

1. The dev seems to be lacking communication skills, doesnt know how to talk or answer criticism

2. Dev thinks he does't need people to invest and support his project [Possible not even to use his currency]

3. Dev history says he leaves his projects midway under slight criticism [NxtChg Exchange]

4. More than 50% currency held by a single person

The fourth point will be the death below because you only have one chance to form an image in people's mind. In this case the image is exactly like ripple. Laughing it off wont work in the future when you need people to adopt and use your currency.

Well, let me put it that way. Your F is still missing.
You obviously came here to critizise. Which is perfectly fine.
But it is obviously as well that you lack either the time or skill to properly read the OP, else you would have directly gone for the right amount of centralized coins.
As you didn't even read the OP properly it is highly likely you also didn't read the rest of the thread.
And now the circle closes.
The communication skills of the dev kept the thread clean and what is in here is important.
So, if you want to participate, go, read and get your facts straight.

There is also the option that you leave and open a hate thread somewhere else on the forum where it can be properly ignored.

[NxtChg]

If someone is already in the system and has 10000 sim. He then goes on and creates 10000 "fake" nodes, all with one Sim in them. How are cases like this handled?
Also, what keeps those nodes behaving in a malicious way like fast building an alternate Blockchain they all vote on?
What cost are involved for a node if it casts a vote for the next block?

There will be no blocks or blockchain, but I see your point. This is exactly what I am working on right now - finalizing how consensus will work.

I'd like to discuss it, but unfortunately can't reveal it just yet - this is the core of the system, I need to protect you, as investors, from clones until Simcoin is released.

Once it's working on the Test Net we can discuss how to improve it further.

...in which only nodes count...

That's not PoS then, is it? That's failure.

Basic idea will be the same - to subvert the system you will need the majority of stake.

I am working on the details (in fact just spent most of my working hours today thinking about it) since I am close to testing first transactions.

The problem gets even more complicated when you factor in the possibility of DDoS attacks, as well as several other issues.

I am trying my best to find an optimal solution...

[Secondleo]

If someone is already in the system and has 10000 sim. He then goes on and creates 10000 "fake" nodes, all with one Sim in them. How are cases like this handled?
Also, what keeps those nodes behaving in a malicious way like fast building an alternate Blockchain they all vote on?
What cost are involved for a node if it casts a vote for the next block?

There will be no blocks or blockchain, but I see your point. This is exactly what I am working on right now - finalizing how consensus will work.

I'd like to discuss it, but unfortunately can't reveal it just yet - this is the core of the system, I need to protect you, as investors, from clones until Simcoin is released.

Once it's working on the Test Net we can discuss how to improve it further.

...in which only nodes count...

That's not PoS then, is it? That's failure.

Basic idea will be the same - to subvert the system you will need the majority of stake.

I am working on the details (in fact just spent most of my working hours today thinking about it) since I am close to testing first transactions.

The problem gets even more complicated when you factor in the possibility of DDoS attacks, as well as several other issues.

I am trying my best to find an optimal solution...

And some say you're not good at marketing.
I'm intrigued to see what finally comes from the project and if it really works. I wouldn't even be mad about grand comedy

That brings me to another point though.

Did you consider keeping part of the project closed source? Only offering up the crypto core of the project while keeping the client closed source for example.
I was never able to determine if I think such an approach is in conclusion benefitial or bad for a coin.
Both sides seem to have equal pros and cons.

What do you think about something like that?

[NxtChg]

Did you consider keeping part of the project closed source?

Well, I have to take clones into consideration, that's for sure. At first I planned to put as much info on the wiki as possible, but then looked at the current altcoin scene and changed my mind.

Open source is great, but when it comes to dealing with money it results in a lot of harmful noise and confusion.

And it would be ridiculous if your ideas appeared in some scam coin first: not only you would look like a copycat later, but the users would now have strong negative emotions attached to these ideas!

So if anyone has any thoughts about how to protect against scam-clones, I'd like to hear it.

No solution seems good: traps in code, delay source code release by a version or two, keeping a part closed, they are all bad...