INTRO -- TAXCOIN The first ever cryptocurrency to be tied directly with gold with strong financial backing.
http://elitechoice.org/wp-content/uploads/2009/10/gold-bars.jpgHello, we are a team of 5 people from the UK looking to revolutionize the coin market by circumventing tax laws legally. The name TAXCOIN is made to honour our brittish wittyness. And also someone has already taken GoldCoin.
Positions in our group are as following:
PR + Customer support.
Developer/Coder x3.
Legal advisor.
Why?
Seeing as this is starting to look like the wild west rather than a booming economic market we've decided to stir up a proffessional, although experimental way to become a truely independent currency and a store of value. We hope to change the cryptocurrency market from being constantly flooded with new coins with no intristic value only to die out, with a lot of similiarities to the IT bubble of 2000 with insane market caps and valuations.
Before this potential market dies out solely because of gaining a bad reputation - experiments to get something extremely new to the table is essential according to us.
PERKS
Tying a cryptocurrency solely to gold not only frees it from the volatility in bitcoin but also the dollar. Other perks being that if you sell your bitcoins to dollar to cash it out, in almost all countries except a few exceptions you'll be vulnerable to capital gains by the end of the year if you've made profits (30% taxes for a currency?) It'll never work. But if you tie it solely to gold, you'll only have to pay taxes if the gold itself increases in value. It's hard to call something a currency if it's directly tied to another currency.
How?
Guaranteed value with limited continuent supply to the market by us acting as the Crypto Reserve.
We've decided to put up the most basic way to do this; as opposed to BitCoins way of being complicated for everybody off the bat. We'll pave way for innovation and create a different playground for the cryptocurrency market by changing the rules ourselves.
With the open source project of
http://www.wired.com/2014/04/dark-wallet/ and
http://www.wired.com/2014/04/darkmarket/ creating a stable cryptocurrency that only will increase in value is the best idea. As we all know, illegal markets are cashcows - but with it's recent scam behaviour of BSM and the possibility of somebody shutting it down (SilkRoad), a decentralized market will revolutionize the way trades are being done. By rebranding the obviously taunting name and cloning it, we'll create the best market place to buy and sell whatever suits you - using TaxCoin. Having received a 45000 USD investment through an angel investor, the first kilo of gold has been bought. The market needs a push and financial backing in the start, to stabilize it. Other than that, we've invested significantly ourselves and will work tirelessly to meet the deadline.
Specifications - BC clone to add another layer of resistance against inflation and PnD.
Total coin supply - 45 million coins - 8% Premine > distribution will be as following - 5% IPO 2% Promotion bounties & giveaways 1% dev team. Any remaining IPO coins publicly destroyed at launch.
Proof of work
Algo: scrypt
Block reward: 10000 TXC, no halving
Max height: 10000 (after this network will not accept PoW and transition purely to PoS)
Proof of Stake stage
Specifications
Block time: 1 minute
Difficulty retarget: every block
Nominal stake interest: 1% annually
Min transaction fee: 0.0001 TXC
Fees are paid to miners
Confirmations: 10, maturity: 500
Min stake age: 8 hours, no max age
Launch Date: 30 May 2014 06:00 UTC
IPO -
1. Deadline: 27th of May (23 days) will be the final day of the IPO. I plan to shorten the deadline of IPO, and increase rewards to early donors
2. Method: Send any amount of BTC to 1L5oPxpwZiPboieHh1u4W9QxztntwSDu5P (Dont forget to PM ME!)
3. Large investors will have the perk to sign an non-disclosure agreement to see documents/projections that aren't displayed before launch.
4. Coins bought through IPO will have the benefit of having a 10% cheaper price under the guaranteed market price.
Questions/business inquiries >
taxcoin@gmail.com I'll gather all questions and answer them every 2 to 3 days by updating this post, as my area is purely going to be communication between the community and my team and I suspect there will be questions in different areas of expertise. I ask of patience as we are creating the biggest launch of a service and currency there has been in months and are working to meet the deadline. Also, there are a few areas I can't disclose publicly yet, as we don't want somebody cloning our idea, also we have a few exciting deals to explore and getting them done before speaking of it. As the deadline closes in, more and more information will be distributed.
Want to help?
Mail me your area of expertise and I'll look into it. Exceptional people are always welcome to pitch what they can do, with a paid salary and a bump if a job is well done. List to be updated further with whatever position is needed to be filled.
www.twitter.com/taxcoinQuestions UPDATE -
1. Proof of the gold reserve will be released at launch - by webcam you'll be able to see it live through a webpage.
2. Webpage & Logo design about to be released.
3. Exciting news by the end of the week.
4. Specifications updated.
Update 6th of May.
We are now working together with the guys doing DarkWallet and DarkMarket in order to attach our coin into a decentralized market for buying and selling goods, whatever they may be without any worry for it shutting down.
People wanting to join the IPO can show their escrow of choice, whatever is the most legit one. The way I understand it it is simple to bribe the people holding the escrow, therefor, I was thinking it didn't matter - just like Karpeles not being anonymous didn't stop him, whilst BTC-e is still operating while being completely anonymous. Whatever floats your boat. We are here to stay, and will launch at 30th of May. Cheers
TaxCoin team.
Ready for something truely revolutionizing?
- TaxCoin team
