★★★ [ANN][GTC] GUARANTCOIN ★★★ cryptocurrency backed by real gold,KGW-Fixed,Nscr

[JanPavel]

Both ;-)

[trogdorjw73]

IPO / Crowdfunding – 50% of all coins will be used to gather and secure value in gold for each Guarant Coin ever mined
(note that all IPO coins will be sold to backers)
Block reward – 100 GTC
Block Time – 180 seconds – 3 minutes
Amount of coins – 20.736.000
Block reward halves – every 103.680 blocks – 1/2 year
Difficulty retargets – every block (Multipool protection)

Umm, you have some math problems I think. First, the block reward halving is every 103680 blocks. But... um... at three minutes per block that would mean it would actually take 216 days to hit that mark, which is more like 2/3 of a year. That's only a small error, however, compared to the absolutely stupid mistake made with the block rewards. At a reward of 100 GTC per block, you're looking at 10,368,000 GTC in 216 days, at which point the reward gets cut in half. That would be fine, except I believe the IPO already took half of the coins, right? So really, in 216 days, the GTC are all gone. Oops. Either you need to adjust the block reward to 50, or you need to double the coin supply, or perhaps the IPO wasn't 50% of all coins, in which case you need to clarify the number of IPO coins.

Your website looks pretty professional, so I'd like to give you the benefit of the doubt, but then if you could scam people out of 50 BTC in a few days before things get figured out, you'd make a lot more than that site would cost to create. Better come back with some details really fast, or I'm lumping this into the scam bucket with a lot of other coins! Seriously: cryptocurrencies are fundamentally based on math. How can you hope to create a successful cryptocurrency if you fail so badly at basic math!?

Also, we need a block explorer, pronto -- that would at least let us see the premine/IPO amount.

[dstorm]

We finally found a block on gtc.altmine.net. Payout is working.

[ZBBBB]

IPO / Crowdfunding – 50% of all coins will be used to gather and secure value in gold for each Guarant Coin ever mined
(note that all IPO coins will be sold to backers)
Block reward – 100 GTC
Block Time – 180 seconds – 3 minutes
Amount of coins – 20.736.000
Block reward halves – every 103.680 blocks – 1/2 year
Difficulty retargets – every block (Multipool protection)

Umm, you have some math problems I think. First, the block reward halving is every 103680 blocks. But... um... at three minutes per block that would mean it would actually take 216 days to hit that mark, which is more like 2/3 of a year. That's only a small error, however, compared to the absolutely stupid mistake made with the block rewards. At a reward of 100 GTC per block, you're looking at 10,368,000 GTC in 216 days, at which point the reward gets cut in half. That would be fine, except I believe the IPO already took half of the coins, right? So really, in 216 days, the GTC are all gone. Oops. Either you need to adjust the block reward to 50, or you need to double the coin supply, or perhaps the IPO wasn't 50% of all coins, in which case you need to clarify the number of IPO coins.

Your website looks pretty professional, so I'd like to give you the benefit of the doubt, but then if you could scam people out of 50 BTC in a few days before things get figured out, you'd make a lot more than that site would cost to create. Better come back with some details really fast, or I'm lumping this into the scam bucket with a lot of other coins! Seriously: cryptocurrencies are fundamentally based on math. How can you hope to create a successful cryptocurrency if you fail so badly at basic math!?

Also, we need a block explorer, pronto -- that would at least let us see the premine/IPO amount.

Yep, Math OP. He is absolutely correct. Either needs a fixed or scambony.

[GuarantCoin]

Thank you, it looks there is an error, anyway I can only tell you that we are honest and not intend to scam anyone. We will try to fix it asap.

[cinnamon_carter]

Personally i think any coin that is part of an ipo is a private venture not an open sourced project and therefore not even an alternative cryptocurrency

I think ipo based 'coins' should not be allowed to be posted

[trogdorjw73]

Thank you, it looks there is an error, anyway I can only tell you that we are honest and not intend to scam anyone. We will try to fix it asap.

A simple statement of "50% premine for gold backed IPO" would also help. Anyway, hopefully you get things sorted, though at the current IPO price if you actually sell all of the IPO (a truly long shot!) I think it's interesting that you'd be looking at $2,560,896 worth of BTC invested (5184 BTC at 2000 GTC per BTC). Meanwhile, you're guaranteeing a price of at least 0.002381g of gold per GTC, and at the current market rate for gold that would mean the whole of GTC would be guaranteed a minimum value of $2,049,942. So basically if you actually get people to take you up on the IPO, that will serve to fully prop up the price -- you could put every BTC of the IPO onto future exchanges at a price of around 20K satoshi... and you'd still have one fifth of the IPO value remaining.

In other words, while your words say one thing, like most new coins I think the real goal is quite simple: you as the coin's creators are hoping to make a substantial amount of profit. Whether or not you can get enough "true believers" to pull it off is a question we have yet to see answered, but my guess is... no. If I were interested in gold, I'd much rather take $415 and buy 10g of gold instead of spending 1BTC ($495) to get 2000 GTC that could be traded in at any time for... 5g of gold.

Anyone interested in this IPO, I have an offer for you: send me 1BTC and I will send you $415. That's twice the returns you'll make off of this coin! How could you let that generous bounty pass you by? On the other hand, AUR looks like a complete scam, and yet people are still mining that sucker, so who knows? LOL

[abalam]

GuarantCoin [GTC] is now on Europex : https://www.europex.eu/#coin/btc/gtc
Only 0.12% exchange fee
Only 0.00002 BTC fee for instant BTC withdraw

[Xperianz]

We've added a US node to gtc.coinardia.com , US miners can point their miners to us.coinardia.com:3338
An Asian node can be added if there is demand for it.

[TheMightyX]

So if 4200 GTC for 10 grams, that means 20.736.000 GTC = ~50 Kilos of pure gold = 41271.91 USD per kilo = ~ 2.000.000 USD to bake all coins. Well good luck with that. Also, where all gold will be storaged and how random Jhon will know that it even exist and not tranfered to your private bank account?

Lov, yes that is the value of all coins ever mined and to be mined. All gold backing GTC will be stored in the bank safe deposit box and will provide the guarantee for GTC

Will the gold be stored in a bank deposit box (not verified) or an actual gold storage holder that is independently verifiable.

I advise everyone not to invest until this question is answered and some form of proof (account registration papers, identity information) is published.

The best evidence we can provide you is to order one.
You can purchase GTC and immediately submit a request to exchange them for a certified 10g golden bar and have it mailed it to your address. You are then 100% sure that our coins are backed by gold.

I'm sorry, what?
I asked you if you would be storing gold with an official licensed gold storage facility that is independently verifiable.
You didn't reply, and then you tell people if they want proof you are not a scammer they should send you money?

Are you fucking kidding me?

[TheMightyX]

The best evidence we can provide you is to order one.
You can purchase GTC and immediately submit a request to exchange them for a certified 10g golden bar and have it mailed it to your address. You are then 100% sure that our coins are backed by gold.

So basically zero verification or auditing. Thanks but no thanks.

Moving on.

I was really hoping you guys were going to be different . It was a good idea.

We hope we will gain your trust in the future

Can this be any more obvious?

[wzttide]

Markets for GTC opened up:
https://www.swaphole.com/#!market/GTC/BTC
https://www.swaphole.com/#!market/GTC/LTC
https://www.swaphole.com/#!market/GTC/DOGE

Trailing Stop - 2FA - Fast Support

Follow us on twitter: https://twitter.com/SwapHole

[Rnbin]

Get yourself a real, trustworthy certificate that can prove you're registered for legit distribution.

Right now you're asking 1 BTC for 2.000 GTC for investment. Your exchange gives you about 5 grams of gold for that, worth about 0.5 BTC. So obviously no one is ever going to exchange the coins for gold, until the point your coin starts dying and hits the gold value. That's the point you guys will disappear together with the gold exchange, right? Hard to believe you will be sending gold when the coin starts dying. Unless you can prove, by an official contract, that you will keep the exchange without a price change for an X amount of time, but that will never happen.

Clever though, you got inspired by the current bank system i suppose ? Giving people money you don't actually have in the valve, and in crisis time when the people want actual, paper money instead of numbers on their bank account, you go bankrupt and leave the people with nothing. Too transparant scam if you ask me.

[GuarantCoin]

Dear community, we have found an error, that had to be fixed right away.
Because of that, everyone need to download a new version of the wallet

Download

http://guarantcoin.com/outside/wallet-gtc-windows-150x150.pnghttp://guarantcoin.com/outside/wallet-gtc-linux-150x150.pnghttp://guarantcoin.com/outside/wallet-gtc-apple-150x150.png

Windows
Linux
Mac


Block reward has been changed to 10 coins per block.

This change will not touch any existing coin, nor you loose any. But you will need to update the wallet NOW

How? – Just uninstall the wallet and install a new version – you will not loose any coins that you had (Just to be sure backup the file wallet.dat on windows from \Users\*your username*\AppData\Roaming\Guarantcoin

We appologize for this inconvenience as we had made mistake inputing incorrect data into from test version.

[mpmcsweeney]

So...dev doesn't respond to ANY of the questions/problems identified?

[Trinibits]

So...dev doesn't respond to ANY of the questions/problems identified?

They might talk to you on their website which has live chat. If you do let us know what they say. Thanks

[niki25]

when i click for new wallet it downloads a readme, same on website

[Xperianz]

Dear community, we have found an error, that had to be fixed right away.
Because of that, everyone need to download a new version of the wallet

Download

Windows
Linux
Mac


Block reward has been changed to 10 coins per block.

This change will not touch any existing coin, nor you loose any. But you will need to update the wallet NOW

How? – Just uninstall the wallet and install a new version – you will not loose any coins that you had (Just to be sure backup the file wallet.dat on windows from \Users\*your username*\AppData\Roaming\Guarantcoin

We appologize for this inconvenience as we had made mistake inputing incorrect data into from test version.

So you forked the chain?!
As devs you need to give a heads up and specify from what block the fork is going to occur, this is not professional.

I'm going to get flooded with angry mails when I update the pool.

[Trinibits]

Dear community, we have found an error, that had to be fixed right away.
Because of that, everyone need to download a new version of the wallet

Download

Windows
Linux
Mac


Block reward has been changed to 10 coins per block.

This change will not touch any existing coin, nor you loose any. But you will need to update the wallet NOW

How? – Just uninstall the wallet and install a new version – you will not loose any coins that you had (Just to be sure backup the file wallet.dat on windows from \Users\*your username*\AppData\Roaming\Guarantcoin

We appologize for this inconvenience as we had made mistake inputing incorrect data into from test version.

So you forked the chain?!
As devs you need to give a heads up and specify from what block the fork is going to occur, this is not professional.

I'm going to get flooded with angry mails when I update the pool.

Why am I gona be pissed at you seeing as Im mining on your pool

[Xperianz]

Why am I gona be pissed at you seeing as Im mining on your pool

Maybe because all blocks mined after the fork wont be valid on the new fork, thus no pay.