[ANN] [SFR] SaffronCoin | Latest Version - 1.4.2/2.6.2 | Mandatory Wallet Update

[Burninj]

One person from the audience suggested something very interesting for us. His name is Adam Vaziri and he lives in London. He is the Director of Diacle.com. 
He suggested why not we back Saffroncoin with Saffron as a commodity. Like how Urocoin is backed by urea. He said like since Saffron is the most expensive spice in the world and is scarce, this would add a lot of value to the coin.

Hey i told you about this, For the elite membership!

[saffroncoin]

One person from the audience suggested something very interesting for us. His name is Adam Vaziri and he lives in London. He is the Director of Diacle.com. 
He suggested why not we back Saffroncoin with Saffron as a commodity. Like how Urocoin is backed by urea. He said like since Saffron is the most expensive spice in the world and is scarce, this would add a lot of value to the coin.

Hey i told you about this, For the elite membership!

Yes I remember!

[kid_brook]

Hi Dev,

can some have a look at what happened with my purchased coin using "SFRPay".
When I redeemed it says accepted but I did not recieved it in my wallet.

My previous transactions were immedietly transferred.
This is the first time I experienced this soo much delay, if you can call it that way.


I can PM the Voucher Code.


thanks,


P.S.

I did BUY another today with same result. "The code successfully verified ....."
Now I lost 2 big bunch of saffron coin. I think it was stuck somewhere OR there is NO more coins in the BANK.

Can any of the Dev's have a look?

Thanks again.

Could  u please PM me with your Paypal Email and your SFR address. If you have received by now, then it is cool. Normally it takes just 1 block confirmation. But sometimes it can take few hours if a lot is being bought at the same time.

Sent you PM. Please disregard the first one since I mixed up with transaction ID's.
Second is the correct one .

Thanks,

[exoton]

You might want to consider looking into one of the devs project , the takeover of vortexcoin https://bitcointalk.org/index.php?topic=777508.0 with official updates today , still at a 10k marketcap so with knowing the dedication this developer puts in his projects there can be a realy good roi made

[lin0sspice]

Hey Saffronians!

Finished the talk yesterday. Was quite tired so could not post earlier. They only gave 15 mins to talk. I had a lot more to say. Could not say everything about us. 5-10 mins more would have been ideal.
But it was great. A few guys I know from twitter showed up just for my talk. One of them is @onemanatatime . If they are following this thread, I would like to say that I appreciate it that they turned up just for my talk.

One person from the audience suggested something very interesting for us. His name is Adam Vaziri and he lives in London. He is the Director of Diacle.com. 
He suggested why not we back Saffroncoin with Saffron as a commodity. Like how Urocoin is backed by urea. He said like since Saffron is the most expensive spice in the world and is scarce, this would add a lot of value to the coin.
I liked this idea but this has its own Pros and Cons. URO got fudded a lot due to this. But if we all put our minds together, then we can actually make it happen in a good way.
This is just my view. Many of u are more experienced than me in this matter and your views would be very helpful in deciding whether it is right to do this.

My Unocoin friends recorded my talk so once I get back I will have it uploaded to Youtube.

Very neat, just wait for Video,

Rest couple days then back to biz dev heheh

[saffroncoin]

Guys what about backing sfr with actual saffron?

[andresm]

Guys what about backing sfr with actual saffron?

I definitely think it should be done, seems like a really great idea!

[compumine]

Guys what about backing sfr with actual saffron?

It's easily said then done.  I like this coin. I mined it months ago and kept the coins and made good on them.  Saffron is a spice controlled by mostly Iranian business.  It is not easily just to link a virtual coin to a trade mostly controlled by Iran or Iranian trade's men.  They are very hard to deal with and not very transparent.  I don't know how other coins are doing when they are backing up real commodity.  One should look at studying that market in crypto and analyzing it first before the jump.

[chickenfried12]

  I am really not sure about the asset backing with Saffron Spice. I actually have read up on it just a little and it seems that it is easy to grow it is just very labor intensive to extract the spice. I am afraid by backing it to a commodity you will put it in a category with CannabisCoin or Urocoin. I think SaffronCoin Can be Bigger than a Spice Commodity. If people viewed it strictly as an asset protection it would be fine but I am not sure that would happen. If you Price SaffronCoin at or near current Saffron Spice prices, I think it could impede upward price Movement. If you price SaffronCoin higher per unit, then you risk being viewed as a coin similar to UroCoin. If we do get suppliers/farmers of Saffron Spice involved and they agree to use SaffronCoin then it could work.
   That being said, If the Spice could use a Stable Currency, why not create a currency asset similar to cSFR that would be specifically made for that Spice Commodity. The Currency would be specifically made for the Saffron Spice Industry by burning SaffronCoin. The Currency could be traded for SaffronCoin just as cSFR will be traded. A certain portion could be held as incentives for the suppliers/farmers to use the new currency. Just a little spice for thought.

[compumine]

Not to mention, the person that suggested this to you is Persian.  They need a way to wash money traded between Iran and the west.  Having access to a cryptocurrency like this will be a good way of transferring wealth across boarders.  But this could have implications to this coin.

[hughjays77]

1) I already mentioned Saffron Spice as a backing asset for SFR [ see below]. The apprx price of the spice is $110,000/kg I so it makes a cost effective source of backing re storage, transport costs, etc. No one followed up so I assumed there was no interest or most dont really get why coins created from mining energy may not be enough. Most fiat currencies around the world used to be backed by a physical asset[mostly gold] ...ie. until the Fed and other central banks achieved god-like staus [ a whole other story ]  

2) I also suggested that Elite Club members be able to to access a real equity stake in cryptoxindia. The Dev didnt respond so I assumed he didnt want to dilute his ownership.


These 2 ideas alone if properly implemented should result in a 100x price increase in SFR over the next few months. i.e SFR would be backed by the mining energy, the implemented skills & integrity of the Dev team and finally a real underlying commodity that has had high worldwide value for over 300 years !


p.s. I also suggested below how the Club could also provide support for the approx 960 blocks mined/day tied into a similar equity stake in cryptoxindia.

I personally love the Elite club but as you mentioned before, we need a bigger incentive for the largest long term holders of SFR. This is especially important for a pure POW coin. I remain a firm supporter of POW as this the best method for an alternative type of currency unless there is some backing asset such as Saffron spice [US$110,000/kg] [not a joke] or 24k Gold, etc , etc. When millions of people world wide and in particular Asia are embracing cryptocurrencies, POW will be shown to be vastly superior. i.e we dont create money from thin air but from the energy of technology and even cSFR will be created from destroying SFR.

However for a POW coin we need a core of long term holders who need to be incentivised. 0% trading fees and sub 1% earning on trading are both good but we need more. My suggestion is a system that solves i) the POW incentive to hold long term problem and uses ii) a back stop of backing the daily coins produced that further reinforces i)

Members of the Elite Club [ Elite Investors Club] could be given some ownership potential of cryptoxindia say 10 - 25% of the shares.


1) 5 - 12.5% of cryptoxindia could be set aside for Elite Club members based on a system of how many SFR coins held per set period of time  . This a real investment opportunity that is a easy sell because of the integrity of the SFR development team.  We can lay out the fine details over the next week or so.

2) A further 5 - 12.5% of cryptpxindia could also be set aside for Members of the Elite Investors club members who would also be required to provide monetary investment to the equivalent of the monthly coin creation rate of SFR approx [ 960blks x 32coins x 30days x 0.00002700btc] = 24.88btc/month == <1btc/day.
The support would be used to buy SFR daily using SFRpay. That SFR would be also be stored in escrow for 6 - 12months !

So for example if we have 30 - 100 Investor Club members then the monthly investment amount required in really quite minimal.

Both 1) and 2) could be coded within a couple of weeks so as to work automatically and be operational for the months leading up the launch of cryptoxindia .

a) cSFR reduces SFR supply permanently
b) Suggestion 1 increases demand & reduces supply substantially
c) Suggestion 2) sets a floor in price by substantially reducing supply at a crucial level on the supply curve.  

  

Thoughts ?

What do u guys think of Elite Club? Is it finalized to have a tier format?
1 thing to note is that the entry to the club should be with a larger amount of SFR. Because if there are more members in elite club, then not many would trade and it could affect volume.
I believe it is best to have about 150K SFR to start with. Which is close to 5 BTC at present.

[chickenfried12]

   Actually, the farmers of the Iranian Regions are probably getting very little of the actual money they should be getting. This should be where cryptocurrencies can make a difference. The farmers/small brokers could sell the filament of the flower used to make the spice using a cryptocurrency. Probably bypassing several corrupt large brokers.

[hughjays77]

Cfried,

My idea is not for the backing to be made a 'central' feature of SFR... just a tool of asset backing. Millions used the US$ before the 1930's while the Gold was safely tucked away at Fort Knox. Initial asset backing of a currency can help guarantee its long term future..just look at the Uk pound or US$. Again unlike URO we would not make it a big deal but just  have it stated on the OP as 1 of 3 backing assets of SFR...[the other 2 are Dev's skills & integrity and mining energy ]. Again its so simple as unlike URO we have a light weight backing asset that can be stored securely in our own 'Fort Knox' which is just a small safe and not a building requiring a forklift  

...so yes SFR is no spice commodity but we would partly be backed by a valuable asset that so happens to be Saffron Spice....it could have been diamonds or gold.

  I am really not sure about the asset backing with Saffron Spice. I actually have read up on it just a little and it seems that it is easy to grow it is just very labor intensive to extract the spice. I am afraid by backing it to a commodity you will put it in a category with CannabisCoin or Urocoin. I think SaffronCoin Can be Bigger than a Spice Commodity. If people viewed it strictly as an asset protection it would be fine but I am not sure that would happen. If you Price SaffronCoin at or near current Saffron Spice prices, I think it could impede upward price Movement. If you price SaffronCoin higher per unit, then you risk being viewed as a coin similar to UroCoin. If we do get suppliers/farmers of Saffron Spice involved and they agree to use SaffronCoin then it could work.
   That being said, If the Spice could use a Stable Currency, why not create a currency asset similar to cSFR that would be specifically made for that Spice Commodity. The Currency would be specifically made for the Saffron Spice Industry by burning SaffronCoin. The Currency could be traded for SaffronCoin just as cSFR will be traded. A certain portion could be held as incentives for the suppliers/farmers to use the new currency. Just a little spice for thought.

[hughjays77]

I also like the idea of a cSFR asset created specifically for the Saffron Spice market.Revolutionary.

I also think we need an academic paper on SFR/cSFR especially if we can get it to be the subject a MSc or PHd thesis. This would add new stature & gravitas to the currency.

  I am really not sure about the asset backing with Saffron Spice. I actually have read up on it just a little and it seems that it is easy to grow it is just very labor intensive to extract the spice. I am afraid by backing it to a commodity you will put it in a category with CannabisCoin or Urocoin. I think SaffronCoin Can be Bigger than a Spice Commodity. If people viewed it strictly as an asset protection it would be fine but I am not sure that would happen. If you Price SaffronCoin at or near current Saffron Spice prices, I think it could impede upward price Movement. If you price SaffronCoin higher per unit, then you risk being viewed as a coin similar to UroCoin. If we do get suppliers/farmers of Saffron Spice involved and they agree to use SaffronCoin then it could work.
   That being said, If the Spice could use a Stable Currency, why not create a currency asset similar to cSFR that would be specifically made for that Spice Commodity. The Currency would be specifically made for the Saffron Spice Industry by burning SaffronCoin. The Currency could be traded for SaffronCoin just as cSFR will be traded. A certain portion could be held as incentives for the suppliers/farmers to use the new currency. Just a little spice for thought.

[chickenfried12]

   I do see your point HughJays and I am ok with that scenario. Where would the Money come From that bought the Spice? I think it would function better as a Asset created from SaffronCoin. You would have a currency asset that could be traded in SaffronCoin that was 100% backed by Saffron Spice.

[kid_brook]

  I do see your point HughJays and I am ok with that scenario. Where would the Money come From that bought the Spice? I think it would function better as a Asset created from SaffronCoin. You would have a currency asset that could be traded in SaffronCoin that was 100% backed by Saffron Spice.

I liked the idea of backing saffron coin with saffron spice..

Sources might comes from all of investors or from the Elite Group (Not sure if this is a good idea) but anyway its just an opinoin.

What about a certain % from the top 20 of the Saffron Rich list ( Doesn't include exchanges) and   giving them some % return.
Just a wild opinion though.

 

[hughjays77]

cFried,

I am for SFR or cSFR to be backed by the spice. cSFR is probably the better option so that any underlying counterparty asset/derivative instrument will have an element of real asset backing. Remember it doesnt have to be 100% backed.

re the money for the spice to store in reserve... We could just create a system to buy the physical spice based on 1)SFRPay fees, future 2)CRyptoxindia fees and *3)actual investment by the community. The spice should be purchased wholesale monthly and stored securely by the Dev team until the value exceeds say 100k. At that point we could look to a 3rd party escrow system. Basically we would be looking to achieve 10-20% of the btc value of SFR in physical Saffron spice. Eventually up to 10kg of the actual spice... at that level the stature of SFR would be so high that there would be no more need for additional asset backing.

re *3) above..... a community member that invests US$ in actual Saffron spice could be given an 'community option' for 2x of SFR at a future date. eg John invests $100[approx 9500SFR] in actual Saffron Spice, he could be given an option 'backed by SFR community' to get back 19000SFR in 1 year !


  

  I do see your point HughJays and I am ok with that scenario. Where would the Money come From that bought the Spice? I think it would function better as a Asset created from SaffronCoin. You would have a currency asset that could be traded in SaffronCoin that was 100% backed by Saffron Spice.

[BeCrypto]

The PayPal ordering system through wallet is not working. After you enter your info in and hit Place Order, it takes you to a PayPal page that just continuously loads forever. Can you guys take a look at it? Tried in Chrome, Firefox, and IE.

[saffroncoin]

The PayPal ordering system through wallet is not working. After you enter your info in and hit Place Order, it takes you to a PayPal page that just continuously loads forever. Can you guys take a look at it? Tried in Chrome, Firefox, and IE.

Sometimes you have to refresh the page 2-3 times and wait for 3-4 mins to load. You could also try staying logged in your browser without closing it and try.
Those that have got it working can help you out more.
We can't do much about it since it is a problem with PayPal. The loading takes place on the Paypal site. So the issue is over there. But it should work after a few refreshes.

[MysticalCockFungus]

I will instantly market dump all my SFR if you guys do this fucking ridiculous stupid Saffron commodity backing bullshit. Look at URO, look at CANN, it doesn't work, it is the guaranteed recipe for disaster. First of all commodity backing only works if you own a very very very large share of all the commodity and you are able to distribute it in exchange for SFRcoin. I doubt anyone here has any connections to saffron distributors or anything to do with saffron itself. Nobody is going to throw hundreds of thousands of dollars into buying a huge amount of saffron so we can have a "commodity backed" coin.

You people are being stupid and impatient, just because this coin isn't getting pumped like the other shit you want to find quick dirty ways to milk a price rise. Thats not how this game works and there's no way in hell you are going to convince any saffron distributors to use SFR coin as a payment method, it actually hurt my brain how stupid this idea is. Dump ur SFR and go chase the next bullshit promising anon shitcoin that some scammer comes up with.