[ANN] RealCoin - Targeted to the IM world!

[TheGlobber]

http://img825.imageshack.us/img825/986/realcoin.png

THE REALCOIN

UPDATE: The RLC creators have decided to revise the current plan and bring to life something even more different than BTC.

This was decided after 2-3 members of the BTCtalk posted some very good ideas and suggested ways in order to differentiate from BTC.

The announcement of the revised RLC will be done in the following days. It will be created having in mind the average Joe, the businessman/merchant, the advanced user as well as the experienced user (miner).

The launch day of course will probably roll back some days.

This thread will be locked and a new opened when the revised plan is ready to be announced.

Thanks to all for your valuable comments and hoping to bring some fresh air to BTC.

About RealCoin

Important Statement: RealCoin’s view towards BitCoin is friendly. The whole BitCoin community is respected and it’s what helped get to this point. RealCoin is NOT competing against BitCoin. It will peacefully co-exist with BitCoin and exchange ideas as well as trade knowledge. RealCoin has sustained some changes compared to BitCoin and will sustain more changes as we go. It has a key difference as well as a very different route to follow.

First of all, it has been created by Internet Marketers for Internet Marketers as well as Business Owners and Consumers.

Secondly, it will follow a different path from BitCoin since the RealCoin community will work as a completely independent community (apart of course from the occasional exchange of knowledge). RealCoin is supported by a professional, dedicated and highly efficient team of developers(the Bitcoin Consultancy)* who are also developing several other projects around BitCoin.

Lastly, it should be noted that the biggest difference with BitCoin is that there will be no early adopters. The launch is scheduled at a later date so everyone will have the chance to get in at the very beginning.

Having said that, RealCoin will gear towards:

· Usability: The client is very easy to use and will become even better as we go with added functionality and features
· Transactions: Payment gateway integration, Buy now buttons etc.
· Escrow: Different services for personal, point-of-sale and international trades including mobile phone apps, POS machines etc.
· Exchanges: 100% secure plus guaranteed low cost fees

The client will be available to everyone on January 27. As a security measure the source code will not be available for now. This is done to protect it during the earlier stages.

RealCoin uses the same algorithms as Bitcoin in terms of reward, difficulty etc.

How is it different from Bitcoin?

RealCoin will start as a pretty similar coin to Bitcoin (in terms of functionality) but will early gear towards making the client lighter, more friendly for regular internet users and add many functions (such as simple payment integration buttons) in the client that will help online and real world businesses easily accept RealCoins without any hassle. To explain this as simple as possible, it will gear towards providing the internet marketing community with something a lot better than Paypal is right now.

How can I get some RealCoins? RealCoins can be acquired in a number of ways. Let’s take a look:

· RealCoin Faucet: A predetermined amount of RealCoins will be distributed to the first 10,000 people to join
· RealCoin Exchange: A regular exchange where fiat currency such as the $/€/etc can be exchanged for RealCoins
· Mining: The 1st RealCoin client will have CPU mining already enabled on it so every user will be auto mining with the option of turning it off. For the earlier stages of RealCoin, mining will be done only through the official client
· Trading: Trading as in providing services/products and getting paid in RealCoins

Since RealCoin wants to get up to speed with Bitcoin, there will be premined coins (in block #1).

The initial distribution of the pre-mined coins will be close to 8,200,000 in order to match the number of BitCoins at the specific date that RealCoin will launch (January 27th).

The 8,200,000 RLC (RealCoins) will be broken down to:

· 6,000,000 RLC that will be distributed through the exchange to anyone interested in buying
· 1,050,000 RLC that will be kept aside for the R&D and A&P explained below
· 1,050,000 RLC that will be distributed between the founders and investors to hedge the risk taken for this project explained below as well
· 100,000 RLC given away for free from the RealCoin Faucet to the first 10,000 people who help get the project going

R&D/A&P: R&D stands for Research and Development and A&P stands for Advertising and Promotion. A specific fund will be created containing 1,050,000 RLC that will be used towards the future development of RealCoin as well as the promotion of it.

Founders/Investors: The team of investors together with the founders of RealCoin spent a bit more than $10,000 for the development of RealCoin and therefore 1,050,000 RLC will be used to hedge the risk taken for this project as well as insure the continuous development of RealCoin. In addition, the official exchange will have no fees in the beginning (the money for it to keep running will come out of the investors’ pockets) until its deemed necessary to charge a very small fee (e.g. $0.25) just to make sure that the exchange is not running at a cost.

RealCoin Fund: All the fiat currencies amassed from the initial distribution of the 6 million RLC will go to the Fund which will be the base to build new businesses around the RealCoin. There will be a list of businesses, services and products and the Fund will bring all these things to life. This simply means that all fiat currency ($/€/etc.) will be thrown back into the RealCoin economy thus making it even stronger.

These businesses, services, products etc. will be run by YOU. The best possible solution for the RealCoin to take off is for the businesses/services/products to be community driven. This simply means that you will be able to start a new business within the RealCoin network and you will be funded from the fiat currencies amassed at the exchange. It is common sense that everyone cannot be funded since the amount will be limited and also there will be strict criteria for choosing someone to be funded to start a business.

The RealCoin Fund will be operated by a team of people who will be picked based on certain skills such as a background in economics, programming, management etc. Each one of the members of this community will be treated the same and will be given the chance to post his/her resume with a potential call for an interview to finally become a member of the Fund’s committee.

The RealCoin community will be a fair and equal place for everyone and this means the creation of a set of rules that will be posted and be in effect at all times.

Coin Distribution

The pre-mined coins that will be distributed through the exchange (6,000,000 RLC) will be given at a specific rate, within a specific time frame and following certain rules. Let’s see some details:

Time frame:The 6,000,000 RLC will be distributed within 30 days
Rate:At a rate of 200,000 per day
Price: As previously explained, a bit more than $10,000 was invested into this project in return for 1,050,000 RLC to the investors. Doing a simple division you get an exchange rate of around $0.01 per RLC which seems as ideal for the introduction of the coin to the exchange. Therefore the first batch of 200,000 that will be exchanged through the exchange the very first day will be for a price of $0.01 per RLC.

RealCoin’s target is to become a very strong currency and the first goal is to reach an exchange rate of $1 per RLC. By achieving this, the RLC will already have a very huge advantage over most other digital currencies as well as fiat currencies.

Benefits from joining this project include and are not limited to:

· Community driven network
· Complete control of your financial assets
· New, strong, emerging economy
· New, strong, emerging technology
· Open source funding
· Opportunities for startups and new business models
· Your current business model available to a network of potential customers
· More profit for your business through higher demand as well as lower/zero costs
· Being part of a network that could change your life in many ways

The launch date for the RealCoin is January 27th.


*[Statement from the Bitcoin Consultancy: The Bitcoin Consultancy was contracted by TheGlobber (Antonios Metaxiotis) to develop RealCoin. We highly encourage the development of competing digital currencies based on the decentralized Bitcoin platform. In the relatively short future, we envision an evolution of digital currencies competing in a rich ecosystem. As it stands now the mission of RealCoin is not to compete with Bitcoin but to eventually provide a different service more adapted to Internet Marketing. While RealCoin is not a project headed by the Bitcoin Consultancy, we plan to continue to work with RealCoin managing its technical development. Our hope is that RealCoin demonstrates an alternative application of the Bitcoin software for private business and independent communities alike.]

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[bulanula]

Just what we needed !

Time to jump on this P&D right about ... NOW ( 27 January ) !

When I think about it, this whole coin concept sounds more and more like ... ( yeah, you guessed it ! ) SolidCoin !

What mining algorithm does it use ? Is this another one of those scrypt-based CPU coins ? Same algo as SolidCoin ?

Thank you !

[genjix]

Hi,

We (https://bitcoinconsultancy.com) were contracted (paid) to work on Realcoin by Antonio. We can guarantee that there is no malicious code in there to steal your funds. We have made a number of changes inside the system's functioning internally - block validation is different and mining uses a different algorithm. There are also some minor changes to the GUI and JSON-RPC interface.

However we are not lobbying for people to invest in any crypto-currency, and that includes Bitcoin. We never advocate for people to invest significant resources in these relatively experimental and volatile commodities. Instead I advise people to do their own research and make their own decisions. Invest only small amounts you can afford to lose and spread the love! Caveat emptor.

[markm]

This seems to have the one key feature that most of the people who had been having me experiment with blockchains for them have all along been asserting to be absolutely key: the "reserves". If all fiat that anyone pays for the coins on issue/minting of them is held as "reserves" with which to "back" the coins by "buying them back" (minus a small "spread", of course... but basically at close to what the buyer paid for them) then their value basically cannot crash massively, at most they can only creep down by the amount of the "spread".

It will be interesting to see this attempted on a larger / more public scale than the folk who have been having me muck about with code for them have yet been able to deploy. (Some of them have even put off the idea of deploying their coins in the form of a blockchain in favour of first establishing trade, a kind of "battle of the coins" in which only those that end up with enough transaction volume to support the idea of deploying them as a chain will ever end up actually doing so.)

-MarkM-

[TheGlobber]

Mark,

Thank you for your valuable input!

You have captured a very important feature. Of course everything is based on economic theories but this detail you mentioned is closer to reality than to theory.

The initial thought was that one of the key features that an alternative currency must have is price stability in order to be efficiently used/accepted by merchants/consumers/business owners on a wide scale.

RealCoin will try to do that as detailed in the OP.

This seems to have the one key feature that most of the people who had been having me experiment with blockchains for them have all along been asserting to be absolutely key: the "reserves". If all fiat that anyone pays for the coins on issue/minting of them is held as "reserves" with which to "back" the coins by "buying them back" (minus a small "spread", of course... but basically at close to what the buyer paid for them) then their value basically cannot crash massively, at most they can only creep down by the amount of the "spread".

I will be interesting to see this attempted on a larger / more public scale than the folk who have been having me muck about with code for them have yet been able to deploy. (Some of them have even put off the idea of deploying their coins in the form of a blockchain i nfavour of first establishing trade, a kind of "battle of the coins" in which only those that end up with enough transaction volume to support the idea of deploying them as a chain will ever end up actually doing so.)

-MarkM-

[Nachtwind]

Hi, could you give a hint on the algo you will be using? Now that there are really good Scrypt minerds out i would love to see yet another scrypt chain... or will it be something you tinkered yourself?

[Come-from-Beyond]

As a security measure the source code will not be available for now. This is done to protect it during the earlier stages.

R u serious?.. Then u r wrong.

[TheGlobber]

I will leave this to be answered by genjix as he is the only one who can adequately answer this question. Im not a programmer myself so please excuse me for not being able to reply.

Hi, could you give a hint on the algo you will be using? Now that there are really good Scrypt minerds out i would love to see yet another scrypt chain... or will it be something you tinkered yourself?

[TheGlobber]

First of all, im serious. It will not be available at least till we get past the initial stages.

Secondly, i know im not wrong because i have some more info on the way genjix has designed it. 

As for not being open source at least for the beginning, i dont see any harm in it. The developers are well respected members of this community and as they stated above, you shouldnt be afraid of the code as there is no malicious code in it and they will be the ones developing the client in the future so you have nothing to be afraid of.

As a security measure the source code will not be available for now. This is done to protect it during the earlier stages.

R u serious?.. Then u r wrong.

[Schwede65]

Since RealCoin wants to get up to speed with Bitcoin, there will be premined coins (in block #1).

The initial distribution of the pre-mined coins will be close to 8,200,000 in order to match the number of BitCoins at the specific date that RealCoin will launch (January 27th).

The 8,200,000 RLC (RealCoins) will be broken down to:

· 6,000,000 RLC that will be distributed through the exchange to anyone interested in buying
· 1,050,000 RLC that will be kept aside for the R&D and A&P explained below
· 1,050,000 RLC that will be distributed between the founders and investors to hedge the risk taken for this project explained below as well
· 100,000 RLC given away for free from the RealCoin Faucet to the first 10,000 people who help get the project going

Who will get the equivalent value for the 6 million RLC, distributed/sold in the first 30 days?

[exahash]

First of all, im serious. It will not be available at least till we get past the initial stages.

Secondly, i know im not wrong because i have some more info on the way genjix has designed it. 

As for not being open source at least for the beginning, i dont see any harm in it. The developers are well respected members of this community and as they stated above, you shouldnt be afraid of the code as there is no malicious code in it and they will be the ones developing the client in the future so you have nothing to be afraid of.

@TheGlobber - I understand your desire to keep the client closed source, after all, some of the big attacks on Bitcoin and alt-coins were enabled by the fact that the attackers could dig into their respective code bases.

Please understand, though, that this community is based in part on ideals of open source and sharing, and regards anything closed source as highly suspect. 

You might help your launch by allowing (or paying) some respected members of this community to review your code prior to launch, perhaps even allow them to provide and sign the binaries you'll distribute, so there's no question about whether the binaries came from the source that was reviewed.  The more eyes on the code, the less likely it will ship with big bugs.

This is just a suggestion, take it fwiw.  I'm not looking to start an argument, nor am I volunteering to personally review your code.

[TheGlobber]

If i correctly understand what your question is then the answer is the RealCoin Fund which is explained in the OP.

All fiat currency amassed from the selling of the 6,000,000 RLC will be gathered together and work as a "reserve" (as Mark correctly pointed out earlier) as well as a funding mechanism for new businesses to develop around the RealCoin network.

I have seen numerous examples of Bitcoin businesses that provide a really good or unique service to the Bitcoin community and it would be awesome to attract them to the RealCoin network as well as create new businesses.

The key thing to notice is that the fiat currency will be thrown back in the RealCoin network.

Since RealCoin wants to get up to speed with Bitcoin, there will be premined coins (in block #1).

The initial distribution of the pre-mined coins will be close to 8,200,000 in order to match the number of BitCoins at the specific date that RealCoin will launch (January 27th).

The 8,200,000 RLC (RealCoins) will be broken down to:

· 6,000,000 RLC that will be distributed through the exchange to anyone interested in buying
· 1,050,000 RLC that will be kept aside for the R&D and A&P explained below
· 1,050,000 RLC that will be distributed between the founders and investors to hedge the risk taken for this project explained below as well
· 100,000 RLC given away for free from the RealCoin Faucet to the first 10,000 people who help get the project going

Who will get the equivalent value for the 6 million RLC, distributed/sold in the first 30 days?

[mindphlux]

I don't see anything that couldn't be done with bitcoins. There's no USP in this alt currency like in namecoin. It seems just like another alt currency with premined coins.

You're building exchanges around it.
You're building merchant integration around it.
You're bilding a faucet.
You're buidling escrow services around it.

All these things could be established with bitcoin too. Namecoin offers something unique, a new way of DNS. What is your USP?

Why another alt chain?

[TheGlobber]

No need to worry! I completely understand what you are saying.  

I had the impression that a programmer/full time member like Amir (genjix) would be more than enough to guarantee to all that anyone using it is completely safe and wont have any problems.

The decision for a closed source client is the result of the multiple attacks on alternative coins. I am sure you all have figured this out by now.

You propose a good solution (keeping it closed source but showing the source to some people that can verify it). I will speak with genjix and come to you with answer. If its feasible in a way that its safe for RLC and also verified by trusted members then i wont have a problem going with your solution.

Will post an answer as soon as i have something.

Thanks for your post!

First of all, im serious. It will not be available at least till we get past the initial stages.

Secondly, i know im not wrong because i have some more info on the way genjix has designed it. 

As for not being open source at least for the beginning, i dont see any harm in it. The developers are well respected members of this community and as they stated above, you shouldnt be afraid of the code as there is no malicious code in it and they will be the ones developing the client in the future so you have nothing to be afraid of.

@TheGlobber - I understand your desire to keep the client closed source, after all, some of the big attacks on Bitcoin and alt-coins were enabled by the fact that the attackers could dig into their respective code bases.

Please understand, though, that this community is based in part on ideals of open source and sharing, and regards anything closed source as highly suspect. 

You might help your launch by allowing (or paying) some respected members of this community to review your code prior to launch, perhaps even allow them to provide and sign the binaries you'll distribute, so there's no question about whether the binaries came from the source that was reviewed.  The more eyes on the code, the less likely it will ship with big bugs.

This is just a suggestion, take it fwiw.  I'm not looking to start an argument, nor am I volunteering to personally review your code.

[DeathAndTaxes]

As a security measure the source code will not be available for now. This is done to protect it during the earlier stages.

R u serious?.. Then u r wrong.

Security through obscurity almost never works.  The code for CSS wasn't available and it was broken with 4 lines of code.  The code to SHA-256 is available and the global community of cryptographers hasn't been able to do more than a token round reduction attack.

[DeathAndTaxes]

I don't see anything that couldn't be done with bitcoins. There's no USP in this alt currency like in namecoin. It seems just like another alt currency with premined coins.

You're building exchanges around it.
You're building merchant integration around it.
You're bilding a faucet.
You're buidling escrow services around it.

All these things could be established with bitcoin too. Namecoin offers something unique, a new way of DNS. What is your USP?

Why another alt chain?

They can't get rich quick with Bitcoin?

[bulanula]

I don't see anything that couldn't be done with bitcoins. There's no USP in this alt currency like in namecoin. It seems just like another alt currency with premined coins.

You're building exchanges around it.
You're building merchant integration around it.
You're bilding a faucet.
You're buidling escrow services around it.

All these things could be established with bitcoin too. Namecoin offers something unique, a new way of DNS. What is your USP?

Why another alt chain?

They can't get rich quick with Bitcoin?

Come on D&T, I think we all know that this ISN'T just another pump and dump get rich quick scheme !

This coins will solve world hunger and get rid of the USD, GBP, EUR, YEN etc. forever !

[mindphlux]

What I also find even more disturbing.

There's no proper decentralisation.

He pre-mined 8m coins, and sells 6m coins on the "official" exchange. He's the only seller, so he can pretty much determine the price.

There's no independant exchange. There's just one central exchange which basically "owns" 6 million coins. That exchange owns these coins. And since that exchange is owned by one single person, he essentially gets the profit from these coins.

In addition, he personally keeps 2m coins.

That sounds very much like a "get rich"-scheme. Not for everyone who starts at block #2, but for TheGobbler.

[TheGlobber]

Well the best answer i can give you is the different target and the different execution. Apart from similar goals such as the desire to be an established currency which all coins want there can be different targets, goals, ways to do things.

I would say that the best way to explain it would be that RLC will lean towards becoming a free, decentralized PayPal with all the functionality that business owners, consumers, merchants etc. need not the functionality tech guys need. Approach the regular internet user not the experienced one.

Bitcoin is something beautiful and unique but at least for now it is closer/available to the experienced user rather than the average guy. In some months/years it might be the easiest thing to use for an average guy but at least for now it is far from that point.

RealCoin will try to fill this gap between the experienced user and the average user by providing a simple to use interface and all the necessary tools he needs to buy/sell/trade on the internet as well as the real world.

Also you should notice certain introductions, like the Fund, the R&D reserve and everything different stated in the OP.

As it has been stated, i hope both coins reach a point where there is a constant exchange of knowledge to create an eco system where numerous coins can co-exist.

I don't see anything that couldn't be done with bitcoins. There's no USP in this alt currency like in namecoin. It seems just like another alt currency with premined coins.

You're building exchanges around it.
You're building merchant integration around it.
You're bilding a faucet.
You're buidling escrow services around it.

All these things could be established with bitcoin too. Namecoin offers something unique, a new way of DNS. What is your USP?

Why another alt chain?

[mindphlux]

Why don't you improve bitcoin instead of branching yet another alt chain?
There are thousands of people working on bitcoin projects. They're independent, none of them have "invented" bitcoin.

Pretty much none of the alt chain have given back code/ideas to bitcoin. I doubt it'll the case here.

I'd say this can be best planned alt currency so far. However, your motives and sayings can't hide your greed.

Well the best answer i can give you is the different target and the different execution. Apart from similar goals such as the desire to be an established currency which all coins want there can be different targets, goals, ways to do things.

I would say that the best way to explain it would be that RLC will lean towards becoming a free, decentralized PayPal with all the functionality that business owners, consumers, merchants etc. need not the functionality tech guys need. Approach the regular internet user not the experienced one.

Bitcoin is something beautiful and unique but at least for now it is closer/available to the experienced user rather than the average guy. In some months/years it might be the easiest thing to use for an average guy but at least for now it is far from that point.

RealCoin will try to fill this gap between the experienced user and the average user by providing a simple to use interface and all the necessary tools he needs to buy/sell/trade on the internet as well as the real world.

Also you should notice certain introductions, like the Fund, the R&D reserve and everything different stated in the OP.

As it has been stated, i hope both coins reach a point where there is a constant exchange of knowledge to create an eco system where numerous coins can co-exist.

I don't see anything that couldn't be done with bitcoins. There's no USP in this alt currency like in namecoin. It seems just like another alt currency with premined coins.

You're building exchanges around it.
You're building merchant integration around it.
You're bilding a faucet.
You're buidling escrow services around it.

All these things could be established with bitcoin too. Namecoin offers something unique, a new way of DNS. What is your USP?

Why another alt chain?

[Sherkel]

I'm on board, for now anyway. People may not support it but I don't see anything wrong with trying out a new altchain. I have a couple of questions:
1. In the RealCoin faucet, what do you mean by "they will be given to the first 10,000 to join?"
2. What algorithm are these generated by? More specifically, is it GPU-friendly?
3. How can I get involved?
I have a feeling I'm going to be hated on for being eager; just don't bother, please.

[TheGlobber]

Well i guess you could simply scan the OP once more to see where all the fiat currency will go.

As i explained, the fiat currency will be used as a "reserve" as well as a funding source for businesses within the RLC network as well as businesses that have been developed around the BTC network.

As for rest 2,1 mil RLC:

1) 1,05 mil RLC will go towards continuous development of the RLC client

2) 1,05 mil RLC will go towards the founders and investors ( i am not the only one, i am just well know in some forums and was chosen to promote RLC ) to hedge the risk taken. These RLC will be used for numerous everyday life costs. Also these 1,05 mil RLC is what will give RLC its initial exchange price since a little more than $10k were spent on this project.

About the exchange, well we do have to start from somewhere, dont we? After the initial distribution has been down then any exchange can simply add RLC to their inventory.

The plan has been carefully laid out and there are several things that will make RLC different.

IMHO, a lot more currencies need to be created with different targets, goals to see and choose the best in the future.

[bulanula]

Well i guess you could simply scan the OP once more to see where all the fiat currency will go.

As i explained, the fiat currency will be used as a "reserve" as well as a funding source for businesses within the RLC network as well as businesses that have been developed around the BTC network.

As for rest 2,1 mil RLC:

1) 1,05 mil RLC will go towards continuous development of the RLC client

2) 1,05 mil RLC will go towards the founders and investors ( i am not the only one, i am just well know in some forums and was chosen to promote RLC ) to hedge the risk taken. These RLC will be used for numerous everyday life costs. Also these 1,05 mil RLC is what will give RLC its initial exchange price since a little more than $10k were spent on this project.

About the exchange, well we do have to start from somewhere, dont we? After the initial distribution has been down then any exchange can simply add RLC to their inventory.

The plan has been carefully laid out and there are several things that will make RLC different.

IMHO, a lot more currencies need to be created with different targets, goals to see and choose the best in the future.

You really expect us to believe this, right ? Total BS. Spending 10k for an altchain = LOL.

Hopefully the mining Fuhrer will come along and close this sham just like CLC.

[Come-from-Beyond]

How r u going to protect ur *coin against attacks of guys like Luke Jr.? Read https://bitcointalk.org/index.php?topic=56675.0 to know what could happen.

[Schwede65]

If i correctly understand what your question is then the answer is the RealCoin Fund which is explained in the OP.

All fiat currency amassed from the selling of the 6,000,000 RLC will be gathered together and work as a "reserve" (as Mark correctly pointed out earlier) as well as a funding mechanism for new businesses to develop around the RealCoin network.

I have seen numerous examples of Bitcoin businesses that provide a really good or unique service to the Bitcoin community and it would be awesome to attract them to the RealCoin network as well as create new businesses.

The key thing to notice is that the fiat currency will be thrown back in the RealCoin network.

Who will get the equivalent value for the 6 million RLC, distributed/sold in the first 30 days?

Who is the owner of this "reserve", who has access to it?

[TheGlobber]

Thanks for having an open mind. There is no harm in trying out different things. Bitcoin will always be here so you can use it, use both or use RLC or use none. Up to each one to decide.

1. Excuse me for this. This should have been more clear. Well to give a boost to the RLC at least in this prelaunch phase, there was the idea of rewarding the first 10k people to join the project (through the official community www.realcointalk.org) with 10 RLC each. This offer will be available till the last day of the 30-day period of the exchange selling the initial 6 mil RLC. If less than 10k people join till then, then the amount of the 100k RLC will be split equally to each one.

2. The mining algorithm is CPU-friendly for now. GPU will be available at a later stage. Also mining is done only through the official client at least for the initial stages.

3. First, go to www.realcoin.org and take a look at the info provided and the click the Join Now button and register an account in the community.

I dont see people hating you for trying something different. You can actually use both coins. Its probably the best solution.

I'm on board, for now anyway. People may not support it but I don't see anything wrong with trying out a new altchain. I have a couple of questions:
1. In the RealCoin faucet, what do you mean by "they will be given to the first 10,000 to join?"
2. What algorithm are these generated by? More specifically, is it GPU-friendly?
3. How can I get involved?
I have a feeling I'm going to be hated on for being eager; just don't bother, please.

[TheGlobber]

$10k were spent on the total project not just the client.

This includes:

1) The client
2) The exhange
3) The websites
4) Hosting/Servers (ongoing fees)
5) Advertising (more advertising at least till launch)
6) Collateral expenses

I dont see the reason you are being offensive but i am not here to argue.

Well i guess you could simply scan the OP once more to see where all the fiat currency will go.

As i explained, the fiat currency will be used as a "reserve" as well as a funding source for businesses within the RLC network as well as businesses that have been developed around the BTC network.

As for rest 2,1 mil RLC:

1) 1,05 mil RLC will go towards continuous development of the RLC client

2) 1,05 mil RLC will go towards the founders and investors ( i am not the only one, i am just well know in some forums and was chosen to promote RLC ) to hedge the risk taken. These RLC will be used for numerous everyday life costs. Also these 1,05 mil RLC is what will give RLC its initial exchange price since a little more than $10k were spent on this project.

About the exchange, well we do have to start from somewhere, dont we? After the initial distribution has been down then any exchange can simply add RLC to their inventory.

The plan has been carefully laid out and there are several things that will make RLC different.

IMHO, a lot more currencies need to be created with different targets, goals to see and choose the best in the future.

You really expect us to believe this, right ? Total BS. Spending 10k for an altchain = LOL.

Hopefully the mining Fuhrer will come along and close this sham just like CLC.

[TheGlobber]

Thats the job of the developers. They have taken measures against this and they have a strong technical background to avoid such attacks. Also this is one of the reasons for keeping the source private for the initial stages.

How r u going to protect ur *coin against attacks of guys like Luke Jr.? Read https://bitcointalk.org/index.php?topic=56675.0 to know what could happen.

[P4man]

Im confused. Basically all coins are premined, right? So who will mine and for what purpose? And how is that going to stand up against a 51% attack?

[TheGlobber]

The whole community. The RealCoin Fund will be manned by regular members of the community and you could be one of them. It is all fair for everyone.

You will be able to join the Fund and have your say and vote on where the funds will go, how they will be used or propose new ideas.

In any case, the fiat currencies will be thrown back in the RLC network in any possible way.

If i correctly understand what your question is then the answer is the RealCoin Fund which is explained in the OP.

All fiat currency amassed from the selling of the 6,000,000 RLC will be gathered together and work as a "reserve" (as Mark correctly pointed out earlier) as well as a funding mechanism for new businesses to develop around the RealCoin network.

I have seen numerous examples of Bitcoin businesses that provide a really good or unique service to the Bitcoin community and it would be awesome to attract them to the RealCoin network as well as create new businesses.

The key thing to notice is that the fiat currency will be thrown back in the RealCoin network.

Who will get the equivalent value for the 6 million RLC, distributed/sold in the first 30 days?

Who is the owner of this "reserve", who has access to it?

[TheGlobber]

No. Around 8,200,000 will be premined to reach the same number as BTC in circulation.

The rest coins will be mined at the same rate as the BTC.

Everyone will be CPU mining (at least all those who leave the mining option enabled on the official client). At a later date, we will switch to GPU-mining with the potential introduction of separate mining clients where it will be work as usual for the regular miners.

There are key differences in the mining algo and thats the reason for keeping the source code private.

Im confused. Basically all coins are premined, right? So who will mine and for what purpose? And how is that going to stand up against a 51% attack?

[TheGlobber]

I will be out for 1 hour so please behave till i get back. 

Thanks in advance.

[jwzguy]

You think pre-mining 8 million coins gets you "up to speed" with Bitcoin? Seriously? 

[westkybitcoins]

It seems like I won't be able to get onboard with this one. Between the pre-mining and the level of centralization, there are too many angles I don't agree with, and not enough added benefit to counter it.

Good luck to you though; here's hoping you don't get Luked.

[DeathAndTaxes]

It seems like I won't be able to get onboard with this one. Between the pre-mining and the level of centralization, there are too many angles I don't agree with, and not enough added benefit to counter it.

That is what I don't get.  I mean SolidCoin is a worthless scam but the author at least "tried" to build in 51% protection.  IMHO (and based on hashing power most users agree) the benefit of 51% protection doesn't outweigh the centralization and other negatives.  A classic case of the cure being worse than the disease.  

This project is an almost exact copy of Bitcoin w/ no added benefits or features (no a different client isn't a feature you can make a different client for Bitcoin).  So it is premine & centralization for absolutely nothing better. I didn't think it would be possible for someone to come up with something worse than ScamCoin but I have been proven wrong.

[bulanula]

I didn't think it would be possible for someone to come up with something worse than ScamCoin but they did.

Strange thing is the website looks just like LTC website too !

Anyway, I think RealCoin is the best thing since sliced bread, really. It is going to solve global warming and female infertility all in one !

How can I become a fund director ?

Forget Bitcoin, use a RealCoin !

"Important : The RealCoin is NOT a get-rich-quick scheme or a Ponzi scheme"

[kwaaak]

As a security measure the source code will not be available for now.

lol

[kwaaak]

by Internet Marketers for Internet Marketers

lol

[Come-from-Beyond]

What the point to premine exactly the same qty of coins as Bitcoin has now? Just to answer the question "Why have u premined so many coins"?

[Syke]

So a clone of Bitcoin with a CPU-friendly algorithm and tons of per-mined coins. Sounds useless to me.

[3phase]

Eύχoμαι καλή επιτυχία Aντώνη, τo σχέδιo είναι μεγαλεπήβoλo, αλλά όπoιoς πρoσπαθεί δεν χάνει πoτέ.

Kαι, φιλικά, ελπίζω να έχεις γερό στoμάχι, γιατί με αυτά πoυ θα ακoύσεις εδώ πέρα μπoρεί να σoυ γυρίσoυν τα άντερα. H κoινότητα είναι εντελώς ελεύθερη, με όλα τα θετικά και τα αρνητικά πoυ φέρνει αυτό.

Nα' σαι καλά.

[Rejinx]

Eύχoμαι καλή επιτυχία Aντώνη, τo σχέδιo είναι μεγαλεπήβoλo, αλλά όπoιoς πρoσπαθεί δεν χάνει πoτέ.

Kαι, φιλικά, ελπίζω να έχεις γερό στoμάχι, γιατί με αυτά πoυ θα ακoύσεις εδώ πέρα μπoρεί να σoυ γυρίσoυν τα άντερα. H κoινότητα είναι εντελώς ελεύθερη, με όλα τα θετικά και τα αρνητικά πoυ φέρνει αυτό.

Nα' σαι καλά.

Tώρα με μεταφραστές στo διαδίκτυo, δεν αισθάνoμαι πλέoν μείνει έξω από αυτές τις συζητήσεις.

[TheGlobber]

Easier for the economy to start evolving than to start from point 0.

Also please remember that this is a P2P decentralized currency that will target the average user not the experienced. So something has to preexist for this to happen as most people wont have a clue what mining is and thats one of the reasons for mining through the official client. Everyone has to get his head around it. I know that all guys in here know what mining is and can mine (or at least a large percentage of the members in here).

But as you might have understood by now this is something that will target the average internet user so it needs to be as simple as possible in the beginning and RLC must already exist for people to immediately use instead of waiting for a number of coins to come slowly into circulation.

Also, as previously said, all the fiat currency will work as a "reserve" as well as funding. Without a number of RLC already in the market you cant have any of these two.

All these things will help the RLC network kick start.

Why same quantity? As said the RLC network should get up to speed with Bitcoin in the number of coins circulating because it will not focus on the actual production of the coins but the use of the coins.

What the point to premine exactly the same qty of coins as Bitcoin has now? Just to answer the question "Why have u premined so many coins"?

[TheGlobber]

Σ ευχαριστω πoλυ!

Hξερα απo την αρχη τι θα αντιμετωπισω. 

Eλπιζω να σε δω και στo RealCoin αν σoυ φανει καλη η ιδεα η τo βρεις χρησιμo και μην διστασεις να παραθεσεις την απoψη σoυ. Παντα χρειαζεται και λιγη κριτικη.. 

Eύχoμαι καλή επιτυχία Aντώνη, τo σχέδιo είναι μεγαλεπήβoλo, αλλά όπoιoς πρoσπαθεί δεν χάνει πoτέ.

Kαι, φιλικά, ελπίζω να έχεις γερό στoμάχι, γιατί με αυτά πoυ θα ακoύσεις εδώ πέρα μπoρεί να σoυ γυρίσoυν τα άντερα. H κoινότητα είναι εντελώς ελεύθερη, με όλα τα θετικά και τα αρνητικά πoυ φέρνει αυτό.

Nα' σαι καλά.

[3phase]

Eύχoμαι καλή επιτυχία Aντώνη, τo σχέδιo είναι μεγαλεπήβoλo, αλλά όπoιoς πρoσπαθεί δεν χάνει πoτέ.

Kαι, φιλικά, ελπίζω να έχεις γερό στoμάχι, γιατί με αυτά πoυ θα ακoύσεις εδώ πέρα μπoρεί να σoυ γυρίσoυν τα άντερα. H κoινότητα είναι εντελώς ελεύθερη, με όλα τα θετικά και τα αρνητικά πoυ φέρνει αυτό.

Nα' σαι καλά.

Tώρα με μεταφραστές στo διαδίκτυo, δεν αισθάνoμαι πλέoν μείνει έξω από αυτές τις συζητήσεις.

I altered the Greek text so that automatic translators will not work  From your response, reverse doesn't work either 

[TheGlobber]

TO ALL WHO HAVE POSTED OR BROWSED THIS THREAD EITHER THEY FOUND IT INTERESTING OR NOT

There is a difference that many people fail to recognize.

When it comes to Bitcoin's technology, i bow. Its marvelous. Its clever. Its everything you want if you want to have total control of your personal assets/life.

BUT there is a difference between Bitcoin and RealCoin nor in terms of technology (although there will be several new features and differences) neither in terms of the goal (all digital currencies have the goal to become the dominant means of transaction in today's global market) but in terms of the way this goal will be achieved.

Also you should acknowledge that there are differences in the way RealCoin will operate that might benefit Bitcoin in the future such as the "reserve", the "open source funding", the average user-friendly environment, the real world implementations and many more which have not yet been successfully introduced into the Bitcoin platform.

After all, you keep reposting in here, that it would be good to see alternatives because they will help Bitcoin evolve. Well an alternative can be different not only in terms of technology but in terms of usability, funtionality, services etc.

[jwzguy]

There is a difference that many people fail to recognize.

That's because you've only made vague assertions without any substance.

If any of these goals require an improvement on Bitcoin's existing technology (btw, they don't), you haven't pointed out what that improvement will be. So far, we just have a boatload of pre-mined coins...surely you realize this is a deterrent to investing any time or money into your alt chain, don't you?

[Schwede65]

yeah, we had deterrent examples in the past, the main point is the missing improvement of the bitcoin-code: ixc, i0c, clc...

just clones, copy and paste...

with tiny differences to bitcoin...

Why should we have it?

[genjix]

How r u going to protect ur *coin against attacks of guys like Luke Jr.? Read https://bitcointalk.org/index.php?topic=56675.0 to know what could happen.

You can only mine using the official client on your CPU. The exact mechanism how this is done is kept secret for the time being and is pretty difficult to reverse engineer. This is only a temporary measure while the network is still small.

Below are some of the changes so far (the ones in the paragraph above have been removed).

Code:

* 08dee54 (HEAD, origin/realcoin, realcoin) Fixed copyright header to refer to Bitcoin developers (oops sed)
* 94637b1 Change magic value.
* 3044b1d CheckBlock checks were backwards
* f407a79 Added rackspace bootstrap server.
* 649df8d Added additional stats to overview page.
* 2940f66 RPC use string long ints instead of floats.
* 827dda1 Revamped overview page to look much better and show number of connections.
* ae43829 Check for updates every 30 seconds from realcoin.org/check-updates
* 4a0f342 Regenerated icon using handy bash script.
* 1783c89 Amended Copyright notice on About dialog.
* 36e8100 Realcoin icons + branding.
* 4315cec Set Generate -> Mine Realcoins
* 1a33f18 Spelling correction: window -> windows.
* c6c0df5 Option to enable or disable mining [default=ON]
* 2af1c42 Added work around to skip genesis block in CheckProofOfWork which was getting triggered when loading blockchain.
* 6c385be Use a single IRC channel for bootstrap.
* 526f45b New genesis block on custom chain.
* 27f2be3 RTC -> RLC
* 50e427a RPC port 8332 -> 4668
* 0cd647f port 8333 -> 4667
* 4a0efb1 BTC -> RTC
* 8dc89e0 GUI hooks for notify-updates
* 85cc454 BQt build system modifications for notify.
* 574f19c NotifyUpdates checking periodically for "message" json from server.
* 1c07a90 Checkpoints unit test.
* 6b787a0 Replaced bootstrap DNS seed nodes with own.
* d73bc0e alerts are disabled.
* 71ba908 Removed checkpoints. Had to patch bitcoin bug.
* c0034fe bitcoin -> realcoin

[the joint]

I'm not sure if people have realized this yet, but RealCoin is attempting to offer an idea so simple, so basic, and yet so NEEDED that can't be found anywhere in Bitcoin:

A client/miner rolled into one.

Now, assuming LTC already acts as a counterpart to Bitcoin (I'm not sure to what extent this is true, I've never dabbled in LTC) then Real Coin really doesn't serve much of a purpose in my opinion.

Why don't you get in touch with Gavin to implement an automatic miner in the Bitcoin client?

My conclusion:  Slightly misdirected focus on the needs of the growing digital currency market, but your ideas are DESPERATELY needed elsewhere.

Edit:  If you can work with Gavin to create a client/miner/AND exchange account rolled into one, that'd be even better   

[TheGlobber]

This thread was started as a prelaunch.

As soon as the client is out then we can get down to discussing details,plans, strategies etc. since right now there is nothing we can hang on to. A little patience till the 27th and we can move on from there.

There is a difference that many people fail to recognize.

That's because you've only made vague assertions without any substance.

If any of these goals require an improvement on Bitcoin's existing technology (btw, they don't), you haven't pointed out what that improvement will be. So far, we just have a boatload of pre-mined coins...surely you realize this is a deterrent to investing any time or money into your alt chain, don't you?

[DeathAndTaxes]

I'm not sure if people have realized this yet, but RealCoin is attempting to offer an idea so simple, so basic, and yet so NEEDED that can't be found anywhere in Bitcoin:

A client/miner rolled into one.

That is the last thing Bitcoin needs.

How many people use VISA?
How many people run VISA processing servers?

The idea that you need to mine to use a currency is silly.

How many people use dollars?
How many people are involved in dollar production? (everything from design, production, distribution, replacement, counterfeit detection, armored cars, etc)

How many people buy Gold?
How many people mine their own gold?

Like any other industry over time mining will only become more competitive.

[the joint]

I'm not sure if people have realized this yet, but RealCoin is attempting to offer an idea so simple, so basic, and yet so NEEDED that can't be found anywhere in Bitcoin:

A client/miner rolled into one.

That is the last thing Bitcoin needs.

How many people use VISA?
How many people run VISA processing servers?

The idea that you need to mine to use a currency is silly.

How many people use dollars?
How many people are involved in dollar production? (everything from design, production, distribution, replacement, counterfeit detection, armored cars, etc)

How many people buy Gold?
How many people mine their own gold?

Like any other industry over time mining will only become more competitive.

It's not a matter of how many people use it, it's a matter of fair distribution with a deflationary currency.

Hoarding WILL be an issue if a huge influx of users ever arrives at some point, driving both demand and prices up.

The shifting of the decimal will be easier the more evenly distributed the currency becomes.  Many people are very weary of buying BTC in general.  A client/miner will allow the average Joe to download a simple program and start earning some BTC.  Obviously there are tons of scenarios that could potentially unfold, but a deflationary bubble is a very real possibility.  I think one of the best means of counteracting a deflationary bubble is to widely distribute the currency in it's early stages.

In my opinion, the problem has already been confounded by the premature implementation of GPU mining.

[DeathAndTaxes]

It's not a matter of how many people use it, it's a matter of fair distribution with a deflationary currency.

Hoarding WILL be an issue if a huge influx of users ever arrives at some point, driving both demand and prices up.

The shifting of the decimal will be easier the more evenly distributed the currency becomes.  Many people are very weary of buying BTC in general.  A client/miner will allow the average Joe to download a simple program and start earning some BTC.  Obviously there are tons of scenarios that could potentially unfold, but a deflationary bubble is a very real possibility.  I think one of the best means of counteracting a deflationary bubble is to widely distribute the currency in it's early stages.

That is silly.  Mining is buying coins.  You are buying them by electricity, risk, depreciating capital equipment, and skill.

Most computers can't mine, most cases are ill suited for mining, many users have inefficient systems and high electrical costs.  Users killing their computers, mining $100 in BTC using $300 in electricity, or blowing circuit breakers isn't likely to increase adoption.

Not sure where you get the idea that more mining would reduce hoarding.  You can buy coins today on the exchanges.  That is proof that coins are available for sale.

[the joint]

It's not a matter of how many people use it, it's a matter of fair distribution with a deflationary currency.

Hoarding WILL be an issue if a huge influx of users ever arrives at some point, driving both demand and prices up.

The shifting of the decimal will be easier the more evenly distributed the currency becomes.  Many people are very weary of buying BTC in general.  A client/miner will allow the average Joe to download a simple program and start earning some BTC.  Obviously there are tons of scenarios that could potentially unfold, but a deflationary bubble is a very real possibility.  I think one of the best means of counteracting a deflationary bubble is to widely distribute the currency in it's early stages.

That is silly.  Mining is buying coins.  You are buying them by electricity, risk, depreciating capital equipment, and skill.

Most computers can't mine, most cases are ill suited for mining, many users have inefficient systems and high electrical costs.  Users killing their computers, mining $100 in BTC using $300 in electricity, or blowing circuit breakers isn't likely to increase adoption.

Not sure where you get the idea that more mining would reduce hoarding.  You can buy coins today on the exchanges.  That is proof that coins are available for sale.

Mining is not buying coins.  It is a bit like buying coins with a hardware hedge, but it is not buying them.  More miners also = increased network strength which is a benefit no matter how you look at it.

While it is true mining is impractical for many people, this is only true because of 1) aforementioned GPU arms race and 2) current price.  But if (when) a huge new influx of users arrives, demand and price will go up.  

I'm pulling figures out of nothing here, but lets say 1 BTC gets distributed to each of 2,000,000 new users/miners slowly.  It will be a lot better in terms of market stability if these 2,000,000 new users already had 1 BTC floating around in their account rather than if 2,000,000 new users scrambled to buy 1 BTC each all at once.  In the latter scenario there could be a supply problem with a greater incentive to hoard; in the former case there is none.

And yes, I realize this a vast oversimplification.  I'm isolating contexts hardcore.

[eleuthria]

I just want to know one thing about RLC(?) that makes it inherently different from BTC (and changing the mining algo/client interface does NOT count).

I don't care about project focus.  I don't care about premine.  Give me one good reason your ideas warrant the addition of yet another altcoin instead of focusing your efforts and building on top of bitcoin.  The growing hatred of altcoins is NOT because so far every single one has either been a joke or a get rich quick scheme.  It stems from the fact that so far not a single one has managed to do anything different from Bitcoin, and thus has been nothing but a waste of time and energy.

If your ideas are so good, work on building them on top of bitcoin.  If your ideas CANT be built on top of Bitcoin, tell us what those ideas are SPECIFICALLY, and address why it cannot be built upon the already existing technology.  Unless you can do those two things, then you've done absolutely nothing worthy of wasting space on this forum.

[2112]

A client/miner rolled into one.

That is the last thing Bitcoin needs.

Behold a leading member of mining cartel advising against mining!

What can we learn from such naked and emotional display of conflict of interest?

Maybe probing the circumstances why a miner was hidden in the default implementation of Bitcoin will allow us to understand this better?

Anyway, this is going to be a very interesting thread. The person(s) leading this project seem to be very calm and composed, completely unlike the RealSolid/CoinHunter who almost-singlehandedly hampered the adoption of SolidCoin v1 & v2.

Good luck to TheGlobber & genjix in their new joint venture.

[TheGlobber]

Thank you very much!

Looking forward to your review of the RLC and the services around it as soon as it launches as well as at a later stage.

A client/miner rolled into one.

That is the last thing Bitcoin needs.

Behold a leading member of mining cartel advising against mining!

What can we learn from such naked and emotional display of conflict of interest?

Maybe probing the circumstances why a miner was hidden in the default implementation of Bitcoin will allow us to understand this better?

Anyway, this is going to be a very interesting thread. The person(s) leading this project seem to be very calm and composed, completely unlike the RealSolid/CoinHunter who almost-singlehandedly hampered the adoption of SolidCoin v1 & v2.

Good luck to TheGlobber & genjix in their new joint venture.

[steelhouse]

I don't agree with the way you a distributing the coins with a faucet, a pre-mine, and an exchange.  The most fair blockchain right now is bitcoin, but even all the others are fair, they become fair as people use the coins in exchanges. As soon as one dollar is used in the exchange or service, the coin becomes fairer.  Mining is not a fair way to distribute coin.  Mining is not fair to the existing owners of coin.

Someguy is going to use the faucet to get more than his fair share of coins for free.  Thus, end the faucet.  You don't know what the coins are going to be worth so end the pre-mine.  An exchange is the most fair way to distribute coins, btc for rc.  You could use the existing bitcoin blockchain, but you using an exchange is the same thing and avoids the blockchain bloat. The fairest thing you can do is pre-mine all the coins. Then use an exchange to sell 10,000,000 coins at a fixed rate of 5,000 per btc.  Set the block reward at a permanent 1.
 

[drakahn]

closed source and massive premined? um, no thankyou but good luck i guess

[the joint]

I don't agree with the way you a distributing the coins with a faucet, a pre-mine, and an exchange.  The most fair blockchain right now is bitcoin, but even all the others are fair, they become fair as people use the coins in exchanges. As soon as one dollar is used in the exchange or service, the coin becomes fairer.  Mining is not a fair way to distribute coin.  

Someguy is going to use the faucet to get more than his fair share of coins for free.  Thus, end the faucet.  You don't know what the coins are going to be worth so end the pre-mine.  An exchange is the most fair way to distribute coins, btc for rc.  You could use the existing bitcoin blockchain, but you using an exchange is the same thing and avoids the blockchain bloat. The fairest thing you can do is pre-mine all the coins. Then use an exchange to sell 10,000,000 coins at a fixed rate of 5,000 per btc.  Set the block reward at a permanent 1.
 

Having all coins pre-mined is fair?  Are you kidding? 

[steelhouse]

They are pre-mined, but the only way you can get them is exchange them for bitcoin.  It may take some deep thought, but what you are doing is basing the system on the most fair coin so far bitcoin.  Millions of exchanges have taken place in bitcoin, why not use that fairness to start a new coin. You could use the bitcoin blockchain directly, but you still have the issue of a 1 gb blockchain and how to get $10,000 to pay for the current coin.

[the joint]

They are pre-mined, but the only way you can get them is exchange them for bitcoin.  It may take some deep thought, but what you are doing is basing the system on the most fair coin so far bitcoin.  Millions of exchanges have taken place in bitcoin, why not use that fairness to start a new coin. You could use the bitcoin blockchain directly, but you still have the issue of a 1 gb blockchain and how to get $10,000 to pay for the current coin.

Most fair coin is debatable.

Millions of exchanges?  Regardless, the ONLY RealCoin exchange would be owned by the same person owning every RealCoin in existence.  Doing this would make Bitcoin more unfair because the exchange owner would gain additional Bitcoin leverage.  RealCoin would simply be an indirect means by which the RealCoin exchange owner gains Bitcoin leverage.

Let's say that happens.  Here are a couple possible scenarios:
1)  All pre-mined RealCoins sell on exchange for $.01 as a starting point.  If this $.01 price remains constant for the entire distribution of them, then you are essentially adding $10,000 worth of Bitcoin to the Bitcoin market and nothing more.

2)  All pre-mined RealCoins sell on an exchange for $.01 an prices increase.  The more prices increase, the more unfair the whole situation becomes as the RealCoin owner simply keeps a few million for himself.

No thanks.

[RaggedMonk]

2. The mining algorithm is CPU-friendly for now. GPU will be available at a later stage. Also mining is done only through the official client at least for the initial stages.

What!?! You are going to change the algorithm after you launch? Why?! Just write it correctly before you launch.

How is this different from Bitcoin?  How is this any different from Solidcoin?  Does Realcoin have any advantages over either of those other two?

You keep saying "average internet user" and "user friendly" but I do not see anything backing this up? How is it user-friendly?  Instead of average, do you really mean "naive chumps"?  That is what it sounds like to me.

You still have not said anything that demonstrates any value for this new coin over the dozen of other alt-chain attempts.  Except you have wasted/spent $10,000 developing it.

[malevolent]

So far I do not see any advantages over Bitcoin - disadvantages have been mentioned.

Too centralized (at least for now)

Security throught obscurity? :d

What's the USP??? How will you encourage people to use Realcoin when no one is using it - which is not the case of Bitcoin.
If I type digital currency I will see 5 results related (in title or description) to Bitcoin if I type cryptocurrency it will be all but two.
IMHO what you are offering now is not enough to convince people to use you currency - I wouldn't be surprised if people would only mine on it for a few weeks to sell it off on the exchange and then forget about it.

Everything you have mentioned so far can be done with Bitcoin, it is a matter of time before Bitcoin becomes more noob-friendly.

Investing $10k+ only shows you are seeking financial profit here (which is not bad, I am a capitalist myself) but people are allergic to that here (and so am I a bit). I think you would do better developping some businesses/products/services on the Bitcoin market.

What I don't understand is why do people think making dozens of 'competing' cryptocurrencies is good here, do you think everyone will bother installing 20+ clients for each cryptocurrency, downloading 20 blockchains, etc.? I am not saying it is a bad idea but I believe the Bitcoin market and community to be still too small for divisions.

[eleuthria]

Repeating this again.  Just answer it instead of skipping over it.  If you answer this VERY SIMPLE QUESTION, it will likely shut up any opposition to this altcoin:

I just want to know one thing about RLC(?) that makes it inherently different from BTC (and changing the mining algo/client interface does NOT count).

I don't care about project focus.  I don't care about premine.  Give me one good reason your ideas warrant the addition of yet another altcoin instead of focusing your efforts and building on top of bitcoin.  The growing hatred of altcoins is NOT because so far every single one has either been a joke or a get rich quick scheme.  It stems from the fact that so far not a single one has managed to do anything different from Bitcoin, and thus has been nothing but a waste of time and energy.

If your ideas are so good, work on building them on top of bitcoin.  If your ideas CANT be built on top of Bitcoin, tell us what those ideas are SPECIFICALLY, and address why it cannot be built upon the already existing technology.  Unless you can do those two things, then you've done absolutely nothing worthy of wasting space on this forum.


--
At this point every altcoin should be completely ignored and/or attacked unless their existence can be justified by offering something unique and different from what Bitcoin can provide.  If you can't do that, you're just another scammer hoping to make a quick buck at others expense.  An altcoin has no purpose in being made if its functionality could be achieved by an interface redesign to Bitcoin.

[grue]

what's the hash algorithm used? because if it's the same as bitcoin, you're going to see some attacks on your chain. *cough* coilcoin *cough*

[Explodicle]

Pre mine
Closed source launch
CPU mining
Centralized control

http://solidcoin.info/

[bulanula]

Pre mine
Closed source launch
CPU mining
Centralized control

http://solidcoin.info/

Guys, don't tell me that I am the only one that finally got it.

This is SolidCoin 3 with 8.2 million premine !!!

[the joint]

Ah...is the $10,000 startup cost  the profit he made from SolidCoin?

[westkybitcoins]

How r u going to protect ur *coin against attacks of guys like Luke Jr.? Read https://bitcointalk.org/index.php?topic=56675.0 to know what could happen.

You can only mine using the official client on your CPU. The exact mechanism how this is done is kept secret for the time being and is pretty difficult to reverse engineer. This is only a temporary measure while the network is still small.

Wait a minute. The expectation is that we will all run this code on our computers, without knowledge of exactly what's going on under the hood, and without the ability to look at the source?

No offense, but, after having gotten used to the transparency bitcoin offers... screw that.

[TheGlobber]

I think the word faucet has not been correctly used by me. This just means a reward of 10RLC to the first people to join the project. These 10RLC/user will be credited to each members account within the exchange. Thats all.

The exchange will feature both RLC<>Fiat and RLC<>BTC.

I don't agree with the way you a distributing the coins with a faucet, a pre-mine, and an exchange.  The most fair blockchain right now is bitcoin, but even all the others are fair, they become fair as people use the coins in exchanges. As soon as one dollar is used in the exchange or service, the coin becomes fairer.  Mining is not a fair way to distribute coin.  Mining is not fair to the existing owners of coin.

Someguy is going to use the faucet to get more than his fair share of coins for free.  Thus, end the faucet.  You don't know what the coins are going to be worth so end the pre-mine.  An exchange is the most fair way to distribute coins, btc for rc.  You could use the existing bitcoin blockchain, but you using an exchange is the same thing and avoids the blockchain bloat. The fairest thing you can do is pre-mine all the coins. Then use an exchange to sell 10,000,000 coins at a fixed rate of 5,000 per btc.  Set the block reward at a permanent 1.
 

[Red Emerald]

This sounds like another scamcoin to me.

The decision for a closed source client is the result of the multiple attacks on alternative coins. I am sure you all have figured this out by now.

This is incredibly dumb.  You think closed source is secure? You don't happen to use Internet Explorer do you?

[TheGlobber]

I think "premined" makes most people in here believe that someone spent hours mining on his own only to bring an alt coin to life when he gathered enough coins to fly away to Uruguay with all the riches. This is not the case with this alt coin.

The idea is to be fair to everyone. Therefore it is best to distribute a huge amount of coins to a large number of people and create a "reserve" with the fiat/btc gathered.

It will also bring the coin to life a lot quicker than if it was to start from 0 coins since there will plenty of coins to be distributed and thus more people getting their hands on it.

The closed source part is only for protection and frankly i dont understand why some of you in here support people destroying things created by others. If you dont like an alt coin then simply dont use it. If its a scam only for some guy to get rich let people know. This doesnt give the right to anyone to demolish something created by someone else.

Btw this is not a reply to your post but had to write it anyway.

Thanks for the wishes!

closed source and massive premined? um, no thankyou but good luck i guess

[TheGlobber]

I am still not sure why people fail to understand a very simple fact.

Fiat currency or Bitcoins will be gathered for the Fund and used as a "reserve" and for project funding.

Where did you get the idea that me or anyone else will run with the money? Just to add some info to this, neither I or any other investor of RealCoin will touch the backend of the exchange. Every detail will be publicly available since the Bitcoin Consultancy.

You trust them now with Intersango so why not trust them again with the RLC exchange?

They are pre-mined, but the only way you can get them is exchange them for bitcoin.  It may take some deep thought, but what you are doing is basing the system on the most fair coin so far bitcoin.  Millions of exchanges have taken place in bitcoin, why not use that fairness to start a new coin. You could use the bitcoin blockchain directly, but you still have the issue of a 1 gb blockchain and how to get $10,000 to pay for the current coin.

Most fair coin is debatable.

Millions of exchanges?  Regardless, the ONLY RealCoin exchange would be owned by the same person owning every RealCoin in existence.  Doing this would make Bitcoin more unfair because the exchange owner would gain additional Bitcoin leverage.  RealCoin would simply be an indirect means by which the RealCoin exchange owner gains Bitcoin leverage.

Let's say that happens.  Here are a couple possible scenarios:
1)  All pre-mined RealCoins sell on exchange for $.01 as a starting point.  If this $.01 price remains constant for the entire distribution of them, then you are essentially adding $10,000 worth of Bitcoin to the Bitcoin market and nothing more.

2)  All pre-mined RealCoins sell on an exchange for $.01 an prices increase.  The more prices increase, the more unfair the whole situation becomes as the RealCoin owner simply keeps a few million for himself.

No thanks.

[Red Emerald]

The closed source part is only for protection and frankly i dont understand why some of you in here support people destroying things created by others. If you dont like an alt coin then simply dont use it. If its a scam only for some guy to get rich let people know. This doesnt give the right to anyone to demolish something created by someone else.

I don't support destroying things. I support building things in a way that others can't destroy. Closed source is not the way to do this.  Closed source gives you a false sense of security and nothing more.

[TheGlobber]

I have been trying to explain but whenever i say something someone will try to pick a fight.

Does it have major differences to Bitcoin atm except the mining algo? No.

Will it have in the future? Yes.

Why not implement them now instead of at a later stage? You have to start from somewhere familiar and there are also numerous applications, clients, functions and addons that have popped up lately (for example Electrum) that its really hard to select one and go with it. Also time plays an important role in this. To fully develop a working client like i and others would like it to be, might even take a year or more.

Why dont you just use Bitcoin or build on top of it? I do like Bitcoin a lot but i dont see it fulfill some very important needs. Right now i can only use it to speculate and you can see that it is a speculative tool on your own. No need for me to tell you that.

Lets all think of PayPal. Why is PP accepted everywhere? Because it is user-friendly and simple to use both from the merchant's side and the consumer's.

Now Bitcoin could become a decentralized PP in terms of having all the advantages (or most of them) of PP but also being decentralized which is great.

Now ask yourself.

Has it become something like this or at least get close to it? No.

Will it become? I dont know.

Who decides what it will become? The core team who is developing it. Dont tell me that you actually have a say in what the client is or is not.

Is it user-friendly? Hmmm. Somewhere in the middle between Yes and No.

Could it be more user-friendly? Sure.

Would a regular average user benefit from a very simple tool that works like PP but is also under his own control? Definitely.

Would a merchant or a consumer or a business owner benefit? Of course.

Why doesnt Bitcoin fulfill this need? Probably because it might do it in the future but right not is focusing on other stuff.

Are there numerous functions on top of Bitcoin that make it better than just the client itself? Yes. Numerous.

Why are they not implemented into the client (apart from the technical side)? Maybe different goals.

Does Bitcoin has a Paper where the next steps that will be taken are clearly outlined? I am not aware of one.

There are numerous other questions.

The important thing is that the more alt coins fail the more stronger Bitcoin gets. So whenever someone like me or someone else posts an announcement on a new coin dont go crazy.

Lastly as i said in the beginning of this thread, why not be friends? Maybe in the future there is a function, utility, service developed in the RLC network that is good for BTC use and is adopted.

Also as you might have understood although the client might be really close to the BTC client, the economics behind RLC are different and there are some new ideas implemented. So look at this project as a way to research the side of economics rather than the pure source code and i am pretty sure that there will be important things that will come out of this.

Closing, i would like to say for once more that a DIFFERENT target/goal/aspiration/etc makes a DIFFERENT coin since the approach as well as the execution will be different.

2. The mining algorithm is CPU-friendly for now. GPU will be available at a later stage. Also mining is done only through the official client at least for the initial stages.

What!?! You are going to change the algorithm after you launch? Why?! Just write it correctly before you launch.

How is this different from Bitcoin?  How is this any different from Solidcoin?  Does Realcoin have any advantages over either of those other two?

You keep saying "average internet user" and "user friendly" but I do not see anything backing this up? How is it user-friendly?  Instead of average, do you really mean "naive chumps"?  That is what it sounds like to me.

You still have not said anything that demonstrates any value for this new coin over the dozen of other alt-chain attempts.  Except you have wasted/spent $10,000 developing it.

[TheGlobber]

You dont know how far Bitcoin is from being noob-friendly because you are neither developing it yourself nor there is plan laid out.

As for why different coins are good, its simply because they could be slightly different or way too different than Bitcoin (at least talking about those coins that actually have at least one small difference). In both cases they are different and therefore the end result will be different so something new to learn from each of them.

So far I do not see any advantages over Bitcoin - disadvantages have been mentioned.

Too centralized (at least for now)

Security throught obscurity? :d

What's the USP??? How will you encourage people to use Realcoin when no one is using it - which is not the case of Bitcoin.
If I type digital currency I will see 5 results related (in title or description) to Bitcoin if I type cryptocurrency it will be all but two.
IMHO what you are offering now is not enough to convince people to use you currency - I wouldn't be surprised if people would only mine on it for a few weeks to sell it off on the exchange and then forget about it.

Everything you have mentioned so far can be done with Bitcoin, it is a matter of time before Bitcoin becomes more noob-friendly.

Investing $10k+ only shows you are seeking financial profit here (which is not bad, I am a capitalist myself) but people are allergic to that here (and so am I a bit). I think you would do better developping some businesses/products/services on the Bitcoin market.

What I don't understand is why do people think making dozens of 'competing' cryptocurrencies is good here, do you think everyone will bother installing 20+ clients for each cryptocurrency, downloading 20 blockchains, etc.? I am not saying it is a bad idea but I believe the Bitcoin market and community to be still too small for divisions.

[TheGlobber]

I have answered this above but i will give you a simple answer since you are persistent. 

Ideas cannot be built on top of Bitcoin because they will always be a different body. Ideas cannot be implemented in the official Bitcoin client because i dont develop it and i guess neither do you.

I dont want an engine, four tyres, 4 doors and a chasis to build a car on my own.

I want the whole car ready to go and i want it to be simple. I get in, push the start and im off.

Right now to fully take advantage of Bitcoin you need to get clients/services/applications/etc that dont come with it to actually use it. This comes from the business owner/consumer standpoint.

I hope now you clearly see a "small" difference.

Repeating this again.  Just answer it instead of skipping over it.  If you answer this VERY SIMPLE QUESTION, it will likely shut up any opposition to this altcoin:

I just want to know one thing about RLC(?) that makes it inherently different from BTC (and changing the mining algo/client interface does NOT count).

I don't care about project focus.  I don't care about premine.  Give me one good reason your ideas warrant the addition of yet another altcoin instead of focusing your efforts and building on top of bitcoin.  The growing hatred of altcoins is NOT because so far every single one has either been a joke or a get rich quick scheme.  It stems from the fact that so far not a single one has managed to do anything different from Bitcoin, and thus has been nothing but a waste of time and energy.

If your ideas are so good, work on building them on top of bitcoin.  If your ideas CANT be built on top of Bitcoin, tell us what those ideas are SPECIFICALLY, and address why it cannot be built upon the already existing technology.  Unless you can do those two things, then you've done absolutely nothing worthy of wasting space on this forum.


--
At this point every altcoin should be completely ignored and/or attacked unless their existence can be justified by offering something unique and different from what Bitcoin can provide.  If you can't do that, you're just another scammer hoping to make a quick buck at others expense.  An altcoin has no purpose in being made if its functionality could be achieved by an interface redesign to Bitcoin.

[DeathAndTaxes]

PURE FAIL.

Your whole "concept" is simple for user.

So make a custom bitcoin client which is simple for user and has a built in exchange.  Done.

Your vague and nonsensical reasons about why you need a new coin to make it user friendly shows you either have no clue or you simply are looking to get rich quick.  There is no logical scenario where trying to bootstrap an entire economy (3rd party services, merchants, etc) makes sense.

The only reason for a ground up approach is if you were making CORE CHANGES which are incompatible with Bitcoin and you aren't.

Two years from now PureCoin is in the long list of tried and failed alt-coins.

[TheGlobber]

So you are actually saying that you dont trust one of the best developers of this community.

When i see an application that i can use and comes from a reliable source i focus on actually putting it to work and using it not spent time playing with the code.

There is no place/time for games when it comes to business. You want something that works and gets the job done. And btw dont you use anything that doenst give you the source?

I do understand that when something is available and open source (like bitcoin) its hard to accept something that is not open source but its just a simple temporary measure. Thats all.

How r u going to protect ur *coin against attacks of guys like Luke Jr.? Read https://bitcointalk.org/index.php?topic=56675.0 to know what could happen.

You can only mine using the official client on your CPU. The exact mechanism how this is done is kept secret for the time being and is pretty difficult to reverse engineer. This is only a temporary measure while the network is still small.

Wait a minute. The expectation is that we will all run this code on our computers, without knowledge of exactly what's going on under the hood, and without the ability to look at the source?

No offense, but, after having gotten used to the transparency bitcoin offers... screw that.

[TheGlobber]

I respect your opinion as i have read many threads of yours but this doesnt mean that you are right.

The thing i dont understand is this: If you dont like something you just walk away. Why do you have to fight like there is no tomorrow. You believe that Bitcoin is a winner and no other coin has a meaning. Then focus all your good energy to support it rather than posting "PURE FAIL".

Unfortunately its not a PURE FAIL since it hasnt even started. I would suggest trying it first and keeping an eye on it on your spare time just to see if it actually has something new to bring to the cryptocurrency scene or not.

I am done arguing for today and will not argue any other day. 

PURE FAIL.

Your whole "concept" is simple for user.

So make a custom bitcoin client which is simple for user and has a built in exchange.  Done.

Your vague and nonsensical reasons about why you need a new coin to make it user friendly shows you either have no clue or you simply are looking to get rich quick.  There is no logical scenario where trying to bootstrap an entire economy (3rd party services, merchants, etc) makes sense.

The only reason for a ground up approach is if you were making CORE CHANGES which are incompatible with Bitcoin and you aren't.

Two years from now PureCoin is in the long list of tried and failed alt-coins.

[the joint]

Does it have major differences to Bitcoin atm except the mining algo? No.

Ok, so nothing big yet.

Will it have in the future? Yes.

What and why?  Be specific.

Why not implement them now instead of at a later stage? You have to start from somewhere familiar and there are also numerous applications, clients, functions and addons that have popped up lately (for example Electrum) that its really hard to select one and go with it. Also time plays an important role in this. To fully develop a working client like i and others would like it to be, might even take a year or more.

So, more or less what Bitcoin developers have been doing all along.

Why dont you just use Bitcoin or build on top of it? I do like Bitcoin a lot but i dont see it fulfill some very important needs. Right now i can only use it to speculate and you can see that it is a speculative tool on your own. No need for me to tell you that.

You can also use Bitcoin to buy things.  You can neither speculate upon nor buy RealCoin yet.  Won't there be only speculation when the RealCoin exchange opens and there is no economy supporting it?

Lets all think of PayPal. Why is PP accepted everywhere? Because it is user-friendly and simple to use both from the merchant's side and the consumer's.

Ok, and Bitcoin is specifically designed to address this issue.  The point is that it's still growing and becomes more user friendly as more people accept it.  RealCoin faces the exact same hurdle.  You're talking about a more user friendly client, not a more user friendly currency.

Now Bitcoin could become a decentralized PP in terms of having all the advantages (or most of them) of PP but also being decentralized which is great.

Right.  And as everything you have mentioned is completely vague and/or opaque, we don't know RealCoin is decentralized.

Now ask yourself.

Has it become something like this or at least get close to it? No.

Bitcoin already DOES have the advantages.  It takes time to develop the economy.

Will it become? I dont know.

Already is.

Who decides what it will become? The core team who is developing it. Dont tell me that you actually have a say in what the client is or is not.

You better believe the Bitcoin core developers keep the client's users in mind.  Isn't it smarter to consider what people want if you want them to use your client?  Feedback is wonderful.

Is it user-friendly? Hmmm. Somewhere in the middle between Yes and No.

Could it be more user-friendly? Sure.

I agree on both accounts.

Would a regular average user benefit from a very simple tool that works like PP but is also under his own control? Definitely.

Like Bitcoin?

Would a merchant or a consumer or a business owner benefit? Of course.

Like by using Bitcoin?

Why doesnt Bitcoin fulfill this need? Probably because it might do it in the future but right not is focusing on other stuff.

Focusing on other stuff like...development?  Ever heard of Bit-Pay?  Regardless, you're still talking about an economy, not a currency.  Currencies do not act and are not focusing on other stuff.  You have no say in the creation of the economy except an exchange should you choose to make one.

Are there numerous functions on top of Bitcoin that make it better than just the client itself? Yes. Numerous.

Like?

Why are they not implemented into the client (apart from the technical side)? Maybe different goals.

Are you talking about the currency or the client?  Are you talking about changing the currency itself midway through?  Is there something that a magical client can do to enhance your currency that cannot also be implemented into the Bitcoin client?

Does Bitcoin has a Paper where the next steps that will be taken are clearly outlined? I am not aware of one.

That's because its a free market.  You really want to tell people how to specifically develop an economy in a free market?

There are numerous other questions.

Oh yes, I have some as well...

The important thing is that the more alt coins fail the more stronger Bitcoin gets. So whenever someone like me or someone else posts an announcement on a new coin dont go crazy.

So, wouldn't the failure of RealCoin aid Bitcoin?  Why are you making this again?  I thought you said RealCoin isn't meant to compete against Bitcoin?

Lastly as i said in the beginning of this thread, why not be friends? Maybe in the future there is a function, utility, service developed in the RLC network that is good for BTC use and is adopted.

Friends maybe, business partners no.  And, as you stated above, maybe terminating the network would make Bitcoin stronger (according to the reasoning you provided).

Also as you might have understood although the client might be really close to the BTC client, the economics behind RLC are different and there are some new ideas implemented. So look at this project as a way to research the side of economics rather than the pure source code and i am pretty sure that there will be important things that will come out of this.

What economics?  What economy?  What new ideas implemented where?

"...a way to research the side of economics rather than the pure source code..."  -- No.  Source code first or I have no interest in using ever.  

Closing, i would like to say for once more that a DIFFERENT target/goal/aspiration/etc makes a DIFFERENT coin since the approach as well as the execution will be different.

What different target/goal/aspiration?  Difference is not a good enough reason to have a new currency.  We must have a very good to believe the currency itself (and not the approach and execution) will be significantly better.  If not, it's much more worth your while to take your ingenious approach and execution and apply it to Bitcoin.

[MyZhre]

Looks like yet another scam coin to me.

[westkybitcoins]

I'm not sure if people have realized this yet, but RealCoin is attempting to offer an idea so simple, so basic, and yet so NEEDED that can't be found anywhere in Bitcoin:

A client/miner rolled into one.

Now, assuming LTC already acts as a counterpart to Bitcoin (I'm not sure to what extent this is true, I've never dabbled in LTC) then Real Coin really doesn't serve much of a purpose in my opinion.

Why don't you get in touch with Gavin to implement an automatic miner in the Bitcoin client?

IIRC, Bitcoin had CPU mining integrated into the client up to version 0.3.0.

But really, past a certain point, it's not necessary, because the average Joe can't really earn anything that way anyhow.

Think about it. The intent (in part, according to the creator) of RealCoin seems to be to allow just anyone to hit a button on their computer, generate stuff, and trade it in for cash at a profit. Without effort. Forever.

How realistic is that? When the early adopters first generated bitcoins, sure, they cranked out a bunch, but they had to wait YEARS before they even knew the system was going to succeed, never mind actually profit. I'm certain many of them didn't make it... they gave up or cashed out too early. And at this point, even if bitcoin mining was CPU-based, there is (and would be) so much hashing power dedicated to it, the idea of the average person making any significant amount of bitcoin in exchange for the time and electricity devoted to it is a joke.

RealCoin doesn't seem to have a way around that. Even if it's initially successful, and 100 people join in and start mining, and actually make a few bucks a week mining, after two weeks the difficulty will adjust so high due to everyone wanting to do it that profits crash. So you get two weeks of the average Joe getting coins then... everyone gets a pitiful fraction, but the early adopters still hold the king's ransom.

Mining only generates the coins, and serves to distribute the initial batch. It can never be a long-term plan for adequate distribution on it's own.

There won't ever be a system where we all produce profit at the push of button, immediately and forever. It's just not possible. (I'd love to be proven wrong, but I won't hold my breath.)

[westkybitcoins]

I have no serious beef with closed-source software in general. If you want to keep RealCoin closed-source, I'm not going to scream and holler until you change it. More power to you.

But I personally prefer open-source, and the more I learn the more I prefer it. Of course I use closed-source code, but I've noticed my drifting toward more and more open-source material years ago. It's transparent. It's usually free. It allows greater innovation and error-checking. And while I don't usually play with the code, I can if I want. That all just seems to fit the spirit of the developing information age more closely. Centralization vs. decentralization. Control to others vs. trust in an "authority."

And with Bitcoin, I have an open-source alternative to RealCoin... so until something seriously superior about it materializes, I have no reason to even try it. It would be against my preferences. Kind of like asking someone who prefers a kosher diet to try this new bacon diet. Nah, I'll pass.

Again though, good luck. I'm still interested in seeing how this all pans out; I'll probably check it out in-depth after the switch to open-source occurs.

So you are actually saying that you dont trust one of the best developers of this community.

When i see an application that i can use and comes from a reliable source i focus on actually putting it to work and using it not spent time playing with the code.

There is no place/time for games when it comes to business. You want something that works and gets the job done. And btw dont you use anything that doenst give you the source?

I do understand that when something is available and open source (like bitcoin) its hard to accept something that is not open source but its just a simple temporary measure. Thats all.

How r u going to protect ur *coin against attacks of guys like Luke Jr.? Read https://bitcointalk.org/index.php?topic=56675.0 to know what could happen.

You can only mine using the official client on your CPU. The exact mechanism how this is done is kept secret for the time being and is pretty difficult to reverse engineer. This is only a temporary measure while the network is still small.

Wait a minute. The expectation is that we will all run this code on our computers, without knowledge of exactly what's going on under the hood, and without the ability to look at the source?

No offense, but, after having gotten used to the transparency bitcoin offers... screw that.

[Syke]

Where did you get the idea that me or anyone else will run with the money?

Ever hear of mybitcoin.com? How about bitcoin7.com? Need I go on?

Just to add some info to this, neither I or any other investor of RealCoin will touch the backend of the exchange.

Cross your heart and hope to die? I guess I fully trust you now. How do I send you my money?

[drakahn]

unless that 10000 is going to be used for marketing i don't think this coins going to take off

[RaggedMonk]

Your vague and nonsensical reasons about why you need a new coin to make it user friendly shows you either have no clue or you simply are looking to get rich quick.  

To defend TheGoober for a moment, I am almost certain that he has no clue. 

BTW, quoted text goes above your comment ^ like this.

A decentralized alt currency that is closed source is not really decentralized.

[RaggedMonk]

Unfortunately its not a PURE FAIL since it hasnt even started.

You just announced it and everyone is already mocking you.  You can't even make us think it will be good with your sales pitch for it, not to mention the countless real-world problems you will push up against when you launch.

I would call that PURE FAIL. 

Find another project, this one isn't going to work.

[markm]

You seem to be shooting yourself in the foot by basing your claims of feature set of this new coin on features that, if you do in fact have the prowess to create them, would equally well be features if you did them using Bitcoin instead of some new coin.

You also are not really going full out on the one "feature" that does pretty much require a new coin: the ability to fully back every coin without your "reserves" being bled dry by "miners" creating coins and "dumping" them without any intention of "backing" them.

The folk who have been after me to make currency software for them to try their "backing" concept with at least do plan to go full-on with their concept: every coin will be issued in the genesis block, to them, at the outset. Thus no coins will be out in the wild for them to worry about "backing" unless/until they actually part with a coin, whereupon what they accepted in return for parting with it will be in their "reserves" for backing their currency with.

If your plan is to make cryptocurrency more accessible to grandma, soccer moms and the computer-illiterate, please apply those ideas directly to bitcoin. If you do a decent job of it, all the other alt-coins, of which we have plenty already thanks and more than you know of, can also adopt those same concepts thus each provide this very ease of use you claim to be hoping to bring about.

-MarkM-

[Come-from-Beyond]

@TheGlobber

Make the client open-sourced and lower qty of premined coins to something like 10.000 (8m is too much). Without this u r launching just SolidCoin 3. U could get support of pure traders who don't read this forum but u won't get support of most part of our community.

[TheGlobber]

Thanks to all for your valuable input.

A more appropriate time to discuss the different aspects of it and try out the client would be at the launch.

Till then, i wish all of you the best.

[steelhouse]

unless that 10000 is going to be used for marketing i don't think this coins going to take off

That is a good idea, pay someone some coin for every forum post or youtube video and you will be the most popular coin.

[RaggedMonk]

Shit's about to get REAL

[jwzguy]

Thanks to all for your valuable input.

A more appropriate time to discuss the different aspects of it and try out the client would be at the launch.

Till then, i wish all of you the best.

Too late, you already torpedoed this project before the launch. Educate yourself a little better next time...or don't. You don't seem to be cut out for this world.

[TheGlobber]

There are more experienced people than me in this project.

People fail to understand that i am just the messenger. It doesnt matter if i am cut out or not for this world (and tbh there are things i dont fully understand about the mechanics) but there are others way more experienced than me.

This is a project with a team of people that have invested a certain amount of $ and will continue to invest. Changes in RLC in the long term CAN benefit BTC. All these projects are just experiments in the grand scheme of things.

To sum up, my job is to come here to announce the launch.

I will continue posting updates as we go.

Closing, i would like to say that a potentially lucrative deal will be introduced for miners that might involve BTC as part of the reward. There will be an announcement of this deal before the launch of the coin.

Stay tuned!

Thanks to all for your valuable input.

A more appropriate time to discuss the different aspects of it and try out the client would be at the launch.

Till then, i wish all of you the best.

Too late, you already torpedoed this project before the launch. Educate yourself a little better next time...or don't. You don't seem to be cut out for this world.

[eleuthria]

Your reply to my question answers everything.  This is another get rich quick scam with no real purpose.

Your entire argument is you want to make things easier.  There is NOTHING stopping you from adding that functionality onto Bitcoin.  Your entire fork is basically aimed about putting a pretty interface on top of bitcoind, something you can do with or without the blessing of the main bitcoin developers.

If you made a truly functional interface that was an improvement in every way, I can guarantee it would end up being in the master fork very quickly.  If you couldn't, nothing is stopping you from making a frontend to bitcoind and releasing it separately.


Quit wasting development time on competing with bitcoin when you're doing nothing but putting a new wrapper on the same old product.  Help the project, make it grow, and you'll profit on the growth of the bitcoin economy.


If you want to release more scamcoins, at the very least be honest about it like LiquidCoin.  Don't pretend you have a grand scheme and something unique when you're just duplicating bitcoin and making aesthetic changes.

[TheGlobber]

Im not here to argue or fight.

Im here to announce a launch.

Please respect that at least. I answered everyone's questions (at least to the point that i could) and will just update as we get closer to the launch as well as after the launch.

Then its just a matter of time to see if RLC really provides (or will soon provide) something different than Bitcoin.

Once more, RLC is not competing against BTC. They can co-exist in the same environment.

After all, its not like you have to choose one of them. You can use none, one of them, both of them or literally every different coin that exists at this point. Why does it have to be so hard?

Your reply to my question answers everything.  This is another get rich quick scam with no real purpose.

Your entire argument is you want to make things easier.  There is NOTHING stopping you from adding that functionality onto Bitcoin.  Your entire fork is basically aimed about putting a pretty interface on top of bitcoind, something you can do with or without the blessing of the main bitcoin developers.

If you made a truly functional interface that was an improvement in every way, I can guarantee it would end up being in the master fork very quickly.  If you couldn't, nothing is stopping you from making a frontend to bitcoind and releasing it separately.


Quit wasting development time on competing with bitcoin when you're doing nothing but putting a new wrapper on the same old product.  Help the project, make it grow, and you'll profit on the growth of the bitcoin economy.


If you want to release more scamcoins, at the very least be honest about it like LiquidCoin.  Don't pretend you have a grand scheme and something unique when you're just duplicating bitcoin and making aesthetic changes.

[eleuthria]

Once more, RLC is not competing against BTC. They can co-exist in the same environment.

No, it is competing.  If you think otherwise you're even dumber than the premise of your altcoin.  If you seriously think trying to convince businesses into accepting your rebranded bitcoins doesn't hurt Bitcoin you must have taken some blows to the head as a child.

You're here to try to scam a bunch of money.  Plain and simple.  If you truly believed your claims, you wouldn't have needed such a large premine.

[TheGlobber]

First of all, you dont have the right to insult me as i dont insult you.

Secondly, if you actually took the time to read what the OP says or my replies to questions you would have understood that the target group for this altcoin is not YOU but the avg. internet user, regular merchant, typical consumer etc. etc. Cannot make it more clear for you.

So no one is trying to scam anyone. Its probably not for you. Thats all. Get over it and move on.

Thanks!

Once more, RLC is not competing against BTC. They can co-exist in the same environment.

No, it is competing.  If you think otherwise you're even dumber than the premise of your altcoin.  If you seriously think trying to convince businesses into accepting your rebranded bitcoins doesn't hurt Bitcoin you must have taken some blows to the head as a child.

You're here to try to scam a bunch of money.  Plain and simple.

[eleuthria]

I did read the OP.  And your replies.  And absolutely nothing about that indicates this is going to be anything more than a new coat of paint on top of Bitcoin.

I would retract every statement I made if you could just identify one feature that makes this a legitimately superior platform that could not exist as PART of Bitcoin.

[DeathAndTaxes]

I did read the OP.  And your replies.  And absolutely nothing about that indicates this is going to be anything more than a new coat of paint on top of Bitcoin.

I would retract every statement I made if you could just identify one feature that makes this a legitimately superior platform that could not exist as PART of Bitcoin.

+1

User friendly client - Use Bitcoin network and build a user friendly client.
Integrated exchange - Use Bitcoin network and integrate exchange into client.
Closed Source for security (lolz) - Use Bitcoin network and don't release source code for your client (MIT license allows this for derivitive works).
Market to casual users "IM crowd" - Use Bitcoin network and market to casual users.

None of the "features" require a new coin.  The fact that you "NEED" to release an exact copy of Bitcoin makes it a pump and dump get rich scam.  There is no other "NEED" for starting from scratch.

The only thing that using existing Bitcoin network prohibits you from doing is premining 8 million coins. PERIOD.

[jwzguy]

I did read the OP.  And your replies.  And absolutely nothing about that indicates this is going to be anything more than a new coat of paint on top of Bitcoin.

I would retract every statement I made if you could just identify one feature that makes this a legitimately superior platform that could not exist as PART of Bitcoin.

+1

User friendly client - Use Bitcoin network and build a user friendly client.
Integrated exchange - Use Bitcoin network and integrate exchange into client.
Closed Source for security (lolz) - Use Bitcoin network and don't release source code for your client (MIT license allows this for derivitive works).
Market to casual users "IM crowd" - Use Bitcoin network and market to casual users.

None of the "features" require a new coin.  The fact that you "NEED" to release an exact copy of Bitcoin makes it a pump and dump get rich scam.  There is no other "NEED" for starting from scratch.

The only thing that using existing Bitcoin network prohibits you from doing is premine 8 million coins. PERIOD.

+2.

Also, you should appreciate the fact that anyone is replying to your utter nonsense of a "launch announcement" with the legitimate issues pointed out instead of just laughing. If you weren't running a scam you could recover from your initial faceplant with specific answers and information. But since you haven't....

[SgtSpike]

You seem to be shooting yourself in the foot by basing your claims of feature set of this new coin on features that, if you do in fact have the prowess to create them, would equally well be features if you did them using Bitcoin instead of some new coin.

You also are not really going full out on the one "feature" that does pretty much require a new coin: the ability to fully back every coin without your "reserves" being bled dry by "miners" creating coins and "dumping" them without any intention of "backing" them.

The folk who have been after me to make currency software for them to try their "backing" concept with at least do plan to go full-on with their concept: every coin will be issued in the genesis block, to them, at the outset. Thus no coins will be out in the wild for them to worry about "backing" unless/until they actually part with a coin, whereupon what they accepted in return for parting with it will be in their "reserves" for backing their currency with.

If your plan is to make cryptocurrency more accessible to grandma, soccer moms and the computer-illiterate, please apply those ideas directly to bitcoin. If you do a decent job of it, all the other alt-coins, of which we have plenty already thanks and more than you know of, can also adopt those same concepts thus each provide this very ease of use you claim to be hoping to bring about.

-MarkM-

This!  The only real innovation I saw here was that coins purchased on the exchange would be backed by reserves to buy them back, but that can't be guaranteed if there aren't enough reserves to cover the coins in circulation.

MarkM, I am very curious about the project you are working on for whoever it is you are working on.  The only place I can see for a legitimate alt-coin is one that is backed by other real-world currencies, like the USD, to ensure stability of value.

What I'd like to see in an alt-coin is:
- All coins premined.
- The coins are held by a legitimately incorporated business, with plenty of public information about it so people can be sure it isn't a scam or fly-by-night deal.
- The coins can initially only be bought from said business, but could be traded with others after that point.
- The business guarantees to buy back coins at the same rate it sells them (less a small percentage fee for exchange).
- The coins are insured against fiduciary irresponsibility, so that anyone holding the coins would be refunded the face value in the event of the coin maker leaving town with the reserves.
- A somewhat low limit on the total number of coins relative to the cost, so that there is the potential for scarcity and value increase down the road if the coin got REALLY popular (thus encouraging initial purchases from speculative people).

This would make it essentially like a Paypal using Bitcoin technology.  Yes, it would be centralized, but trading outside of the MSB wouldn't be out of the question, so coins could be made anonymous if wanted.  The MSB could invest the fiat currency received in trade for the coins in order to grow the reserves and pay for its own existence.

The biggest problem would be paying people to mine.  Until the business had enough reserves to gain enough interest to pay a good $200/day to miners, I don't think the network could be considered safe from 51% attacks.

I would LOVE to create this myself if I had the resources to register a MSB.  But, I don't have $10k to do that.  I could try to get investors, but having never run a MSB before, who would trust me?  So, I just accept the fact that I won't be able to start something like this, even though I think it would make for an excellent alt-coin.

So I am somewhat sad, but somewhat glad, to hear that someone is working on putting the same idea into existence.

[TheGlobber]

Your post is actually really close to the idea of RLC.

One by one:

- All coins premined. (8,2m premined attracting both regular users and miners)

- The coins are held by a legitimately incorporated business, with plenty of public information about it so people can be sure it isn't a scam or fly-by-night deal. (the exchange is owned by a registered legitimate incorporated business)

- The coins can initially only be bought from said business, but could be traded with others after that point. (the coins will be bought only from the RLC exchange but will be available to be traded with others afterwards)

- The business guarantees to buy back coins at the same rate it sells them (less a small percentage fee for exchange). (the business will invest the correct amount of $ in return for X RLC as specified in the OP and the total fiat currency gathered will be thrown back in the RLC network [and for the time being zero fees at the exchange]. the action of throwing money back into the RLC economy can be done by the incorporated business or by a newly incorporated business structured in such a way that there is the need for the majority of shareholders to take a decision)

- The coins are insured against fiduciary irresponsibility, so that anyone holding the coins would be refunded the face value in the event of the coin maker leaving town with the reserves. (look at the above reply for correctly structuring an incorporated business to run the Fund)

- A somewhat low limit on the total number of coins relative to the cost, so that there is the potential for scarcity and value increase down the road if the coin got REALLY popular (thus encouraging initial purchases from speculative people). (cannot think of a way right now or maybe dont correctly comprehend this point to answer it)

I hope you see some similarities to what you propose.

You seem to be shooting yourself in the foot by basing your claims of feature set of this new coin on features that, if you do in fact have the prowess to create them, would equally well be features if you did them using Bitcoin instead of some new coin.

You also are not really going full out on the one "feature" that does pretty much require a new coin: the ability to fully back every coin without your "reserves" being bled dry by "miners" creating coins and "dumping" them without any intention of "backing" them.

The folk who have been after me to make currency software for them to try their "backing" concept with at least do plan to go full-on with their concept: every coin will be issued in the genesis block, to them, at the outset. Thus no coins will be out in the wild for them to worry about "backing" unless/until they actually part with a coin, whereupon what they accepted in return for parting with it will be in their "reserves" for backing their currency with.

If your plan is to make cryptocurrency more accessible to grandma, soccer moms and the computer-illiterate, please apply those ideas directly to bitcoin. If you do a decent job of it, all the other alt-coins, of which we have plenty already thanks and more than you know of, can also adopt those same concepts thus each provide this very ease of use you claim to be hoping to bring about.

-MarkM-

This!  The only real innovation I saw here was that coins purchased on the exchange would be backed by reserves to buy them back, but that can't be guaranteed if there aren't enough reserves to cover the coins in circulation.

MarkM, I am very curious about the project you are working on for whoever it is you are working on.  The only place I can see for a legitimate alt-coin is one that is backed by other real-world currencies, like the USD, to ensure stability of value.

What I'd like to see in an alt-coin is:
- All coins premined.
- The coins are held by a legitimately incorporated business, with plenty of public information about it so people can be sure it isn't a scam or fly-by-night deal.
- The coins can initially only be bought from said business, but could be traded with others after that point.
- The business guarantees to buy back coins at the same rate it sells them (less a small percentage fee for exchange).
- The coins are insured against fiduciary irresponsibility, so that anyone holding the coins would be refunded the face value in the event of the coin maker leaving town with the reserves.
- A somewhat low limit on the total number of coins relative to the cost, so that there is the potential for scarcity and value increase down the road if the coin got REALLY popular (thus encouraging initial purchases from speculative people).

This would make it essentially like a Paypal using Bitcoin technology.  Yes, it would be centralized, but trading outside of the MSB wouldn't be out of the question, so coins could be made anonymous if wanted.  The MSB could invest the fiat currency received in trade for the coins in order to grow the reserves and pay for its own existence.

The biggest problem would be paying people to mine.  Until the business had enough reserves to gain enough interest to pay a good $200/day to miners, I don't think the network could be considered safe from 51% attacks.

I would LOVE to create this myself if I had the resources to register a MSB.  But, I don't have $10k to do that.  I could try to get investors, but having never run a MSB before, who would trust me?  So, I just accept the fact that I won't be able to start something like this, even though I think it would make for an excellent alt-coin.

So I am somewhat sad, but somewhat glad, to hear that someone is working on putting the same idea into existence.

[SgtSpike]

Your post is actually really close to the idea of RLC.

One by one:

- All coins premined. (8,2m premined attracting both regular users and miners)

- The coins are held by a legitimately incorporated business, with plenty of public information about it so people can be sure it isn't a scam or fly-by-night deal. (the exchange is owned by a registered legitimate incorporated business)

- The coins can initially only be bought from said business, but could be traded with others after that point. (the coins will be bought only from the RLC exchange but will be available to be traded with others afterwards)

- The business guarantees to buy back coins at the same rate it sells them (less a small percentage fee for exchange). (the business will invest the correct amount of $ in return for X RLC as specified in the OP and the total fiat currency gathered will be thrown back in the RLC network [and for the time being zero fees at the exchange]. the action of throwing money back into the RLC economy can be done by the incorporated business or by a newly incorporated business structured in such a way that there is the need for the majority of shareholders to take a decision)

- The coins are insured against fiduciary irresponsibility, so that anyone holding the coins would be refunded the face value in the event of the coin maker leaving town with the reserves. (look at the above reply for correctly structuring an incorporated business to run the Fund)

- A somewhat low limit on the total number of coins relative to the cost, so that there is the potential for scarcity and value increase down the road if the coin got REALLY popular (thus encouraging initial purchases from speculative people). (cannot think of a way right now or maybe dont correctly comprehend this point to answer it)

I hope you see some similarities to what you propose.

You seem to be shooting yourself in the foot by basing your claims of feature set of this new coin on features that, if you do in fact have the prowess to create them, would equally well be features if you did them using Bitcoin instead of some new coin.

You also are not really going full out on the one "feature" that does pretty much require a new coin: the ability to fully back every coin without your "reserves" being bled dry by "miners" creating coins and "dumping" them without any intention of "backing" them.

The folk who have been after me to make currency software for them to try their "backing" concept with at least do plan to go full-on with their concept: every coin will be issued in the genesis block, to them, at the outset. Thus no coins will be out in the wild for them to worry about "backing" unless/until they actually part with a coin, whereupon what they accepted in return for parting with it will be in their "reserves" for backing their currency with.

If your plan is to make cryptocurrency more accessible to grandma, soccer moms and the computer-illiterate, please apply those ideas directly to bitcoin. If you do a decent job of it, all the other alt-coins, of which we have plenty already thanks and more than you know of, can also adopt those same concepts thus each provide this very ease of use you claim to be hoping to bring about.

-MarkM-

This!  The only real innovation I saw here was that coins purchased on the exchange would be backed by reserves to buy them back, but that can't be guaranteed if there aren't enough reserves to cover the coins in circulation.

MarkM, I am very curious about the project you are working on for whoever it is you are working on.  The only place I can see for a legitimate alt-coin is one that is backed by other real-world currencies, like the USD, to ensure stability of value.

What I'd like to see in an alt-coin is:
- All coins premined.
- The coins are held by a legitimately incorporated business, with plenty of public information about it so people can be sure it isn't a scam or fly-by-night deal.
- The coins can initially only be bought from said business, but could be traded with others after that point.
- The business guarantees to buy back coins at the same rate it sells them (less a small percentage fee for exchange).
- The coins are insured against fiduciary irresponsibility, so that anyone holding the coins would be refunded the face value in the event of the coin maker leaving town with the reserves.
- A somewhat low limit on the total number of coins relative to the cost, so that there is the potential for scarcity and value increase down the road if the coin got REALLY popular (thus encouraging initial purchases from speculative people).

This would make it essentially like a Paypal using Bitcoin technology.  Yes, it would be centralized, but trading outside of the MSB wouldn't be out of the question, so coins could be made anonymous if wanted.  The MSB could invest the fiat currency received in trade for the coins in order to grow the reserves and pay for its own existence.

The biggest problem would be paying people to mine.  Until the business had enough reserves to gain enough interest to pay a good $200/day to miners, I don't think the network could be considered safe from 51% attacks.

I would LOVE to create this myself if I had the resources to register a MSB.  But, I don't have $10k to do that.  I could try to get investors, but having never run a MSB before, who would trust me?  So, I just accept the fact that I won't be able to start something like this, even though I think it would make for an excellent alt-coin.

So I am somewhat sad, but somewhat glad, to hear that someone is working on putting the same idea into existence.

Yes, I do see the similarities.  But, your project is still missing the key point:  The coins do not have guaranteed/backed value.  I can't buy 100 RLC from you for $10, then go and sell them back to you for $10 a year from now.  Without that guarantee, the value of the coins isn't stable.

[DeathAndTaxes]

can you guys limit your quotes to "only" the prior wall of text not the prior 3 or 4?  I think I just used up my smartphone's entire data plan getting the last 3 posts.

[TheGlobber]

The thing you all ask can only be achieved with time. Please be patient.

I did read the OP.  And your replies.  And absolutely nothing about that indicates this is going to be anything more than a new coat of paint on top of Bitcoin.

I would retract every statement I made if you could just identify one feature that makes this a legitimately superior platform that could not exist as PART of Bitcoin.

+1

User friendly client - Use Bitcoin network and build a user friendly client.
Integrated exchange - Use Bitcoin network and integrate exchange into client.
Closed Source for security (lolz) - Use Bitcoin network and don't release source code for your client (MIT license allows this for derivitive works).
Market to casual users "IM crowd" - Use Bitcoin network and market to casual users.

None of the "features" require a new coin.  The fact that you "NEED" to release an exact copy of Bitcoin makes it a pump and dump get rich scam.  There is no other "NEED" for starting from scratch.

The only thing that using existing Bitcoin network prohibits you from doing is premine 8 million coins. PERIOD.

+2.

Also, you should appreciate the fact that anyone is replying to your utter nonsense of a "launch announcement" with the legitimate issues pointed out instead of just laughing. If you weren't running a scam you could recover from your initial faceplant with specific answers and information. But since you haven't....

[eleuthria]

The thing you all ask can only be achieved with time. Please be patient.

The thing we asked can only be achieved by a different project.  Time has nothing to do with it.  It's quite obvious at this point what RLC really is.  Unless of course you use the days before release to actually make this project significantly more than the rebranding of Bitcoin that it currently is.

[TheGlobber]

Then why not help RLC with your ideas since you find similarities.

I have read a lot of your posts and you seem to have a good grasp of economics.

The economic side of things within the RLC is still liquid in terms of a set of rules (which still doesnt not exist) so why not get involved and have your say in what you believe would be best model to follow.

I was trying to come out as friendly (and i really am) but most of the posts are negative. You seem to be calm and logical in your replies so please feel free to post more of the ideas you have and get more involved to help RLC take a rigid shape.

As i have explained, you might not see plenty of differences between the two clients (although there will be a lot in the near future) but still a coin is different from another coin in terms of the economy as well. Doesnt have to be just the tech side of the things to be different..

Anyway thanks for your reply.

Yes, I do see the similarities.  But, your project is still missing the key point:  The coins do not have guaranteed/backed value.  I can't buy 100 RLC from you for $10, then go and sell them back to you for $10 a year from now.  Without that guarantee, the value of the coins isn't stable.

[TheGlobber]

Would you be happy if it started in a similar manner to BTC and evolved into something different? Would that make a different coin? Or does it have to be completely different from the get go?

The thing you all ask can only be achieved with time. Please be patient.

The thing we asked can only be achieved by a different project.  Time has nothing to do with it.  It's quite obvious at this point what RLC really is.  Unless of course you use the days before release to actually make this project significantly more than the rebranding of Bitcoin that it currently is.

[Clipse]

I stopped caring right after reading that initial coins must be bought LMAO this is more wacked than any other concept.

[eleuthria]

Would you be happy if it started in a similar manner to BTC and evolved into something different? Would that make a different coin? Or does it have to be completely different from the get go?

The thing you all ask can only be achieved with time. Please be patient.

The thing we asked can only be achieved by a different project.  Time has nothing to do with it.  It's quite obvious at this point what RLC really is.  Unless of course you use the days before release to actually make this project significantly more than the rebranding of Bitcoin that it currently is.

It has to be different out the gate or it's just development time wasted that could've been applied to Bitcoin to make it more user friendly/widely adopted.  This is my fundamental problem with RLC.  Not a single one of the claims required wasting time and creating a brand new coin.  Pair that with a premine and it is a scam.  After months of this garbage, I'm no longer content to just let these scamcoins come and go without calling them out immediately.

If you want to create a new coin, have a huge premine, and see if enough stupid people buy into it, be my guest.  Just don't mask your intentions as something else.

[TheGlobber]

Thank you very much for you input and honest opinion.

It has to be different out the gate or it's just development time wasted that could've been applied to Bitcoin to make it more user friendly/widely adopted.  This is my fundamental problem with RLC.  Not a single one of the claims required wasting time and creating a brand new coin.  Pair that with a premine and it is a scam.  After months of this garbage, I'm no longer content to just let these scamcoins come and go without calling them out immediately.

If you want to create a new coin, have a huge premine, and see if enough stupid people buy into it, be my guest.  Just don't mask your intentions as something else.

[markm]

I stopped caring right after reading that initial coins must be bought LMAO this is more wacked than any other concept.

Not if the coins are basically an I.O.U. from the issuer, a token representing the value you paid to them in return for the coin.

Unfortunately that does not seem to be the case here, since they apparently plan to give away for miners and subscribers/members coins that they do not actually have "reserves" to "back".

You are basically spoiled by the get rich quick pyramid-coin world, used to getting money free just by jumping on each new alt-coin while its difficulty is ridiculously low. (It continues to amaze me that Groupcoin has managed to avoid that fate for so very long.) These people are catering to that mentality, plus apparently hoping to reach a wider audience of suckers who are not familiar with cryptocurrencies yet. (Since they evidently deem it impossible to bring bitcoin itself to such people it does not seem all that likely they will be able to actually do so with a stepchild of bitcoin either...)

That mentality is why most of the people who had been having me research and test the blockchain based structure for them decided to go with Open Transactions first: miners are a pointless/needless expense, a huge leech that probably cannot be afforded until transaction volumes, and thus transaction fees, are large enough to satisfy their demands.

-MarkM-

[RaggedMonk]

The exchange is run by an incorporated company?  Where is this company incorporated?

[TheGlobber]

The exchange will be run by the developers but it is owned by the incorporated company.

It was incorporated in Anguilla. But because there is the need for low cost bank transactions (ACH, SEPA, etc.) Singapore will follow together with Switzerland/Lichtenstein as well as the US.

The exchange is run by an incorporated company?  Where is this company incorporated?

[ripper234]

My two cents:

This is either a deliberate scam, or just a misguided effort.
Zero innovation here, even Litecoin (that is almost a copy-paste of Bitcoin) is more innovative.

[TheGlobber]

Thank you as well for your valuable opinion.

My two cents:

This is either a deliberate scam, or just a misguided effort.
Zero innovation here, even Litecoin (that is almost a copy-paste of Bitcoin) is more innovative.

[genjix]

Been getting messages like this all day:

I don't understand RealCoin, at all. What features does it have, that Bitcoin does not? Why can't you direct all this effort to Bitcoin? Develop a better Bitcoin client, secure exchanges, etc...

Is the killer feature "Being more fair to late adopters"? Then why should anyone take the risk and adopt it now, if they can just wait?

I'm really in the dark here.

"The Bitcoin Consultancy was contracted (paid) by TheGlobber (Antonios Metaxiotis) to develop RealCoin."

Which part of this isn't obvious? We are a software development house focusing around bitcoin and crypto-currencies. This is what we do. I guarantee the software is solid. That is all.

[ripper234]

Been getting messages like this all day:

I don't understand RealCoin, at all. What features does it have, that Bitcoin does not? Why can't you direct all this effort to Bitcoin? Develop a better Bitcoin client, secure exchanges, etc...

Is the killer feature "Being more fair to late adopters"? Then why should anyone take the risk and adopt it now, if they can just wait?

I'm really in the dark here.

"The Bitcoin Consultancy was contracted (paid) by TheGlobber (Antonios Metaxiotis) to develop RealCoin."

Which part of this isn't obvious? We are a software development house focusing around bitcoin and crypto-currencies. This is what we do. I guarantee the software is solid. That is all.

Sorry for the misunderstanding (I skip way more than I read ... sometimes leading to bad consequences).
genjix, I have no qualms with you.

[RaggedMonk]

You can chat with him for only $0.49/min:
http://travel.bitwine.com/advisors/29377-theglobber

What are you wearing, goober? 

[FlipPro]

I highly recommend you guys to postpone launch till you can release this FULLY OPEN SOURCE...

[SgtSpike]

Then why not help RLC with your ideas since you find similarities.

I have read a lot of your posts and you seem to have a good grasp of economics.

The economic side of things within the RLC is still liquid in terms of a set of rules (which still doesnt not exist) so why not get involved and have your say in what you believe would be best model to follow.

I was trying to come out as friendly (and i really am) but most of the posts are negative. You seem to be calm and logical in your replies so please feel free to post more of the ideas you have and get more involved to help RLC take a rigid shape.

As i have explained, you might not see plenty of differences between the two clients (although there will be a lot in the near future) but still a coin is different from another coin in terms of the economy as well. Doesnt have to be just the tech side of the things to be different..

Anyway thanks for your reply.

Yes, I do see the similarities.  But, your project is still missing the key point:  The coins do not have guaranteed/backed value.  I can't buy 100 RLC from you for $10, then go and sell them back to you for $10 a year from now.  Without that guarantee, the value of the coins isn't stable.

Sure, I'm willing to give suggestions.

In my opinion, this is what needs to happen to make your RealCoins viable:
- Register your company as a money service business in the US.  This will help build trust with the people who will be exchanging USD for your coins.
- Generate 1 billion coins total.  I just picked that number, but whatever is chosen, it needs to be relatively high, at least in the hundreds of millions.
- Generate all coins in the genesis block, and have them sent to an address you control.
- Guarantee to buy back any and all coins at a specific USD value ($1 per coin would be an excellent metric, IMO, as it would make conversions for merchants quite easy/nonexistant).  This would stabilize the value of the coins, and would be the main factor of differentiation from Bitcoin.  You still have the same decentralized ledger and potentially anonymous platform, but with a stabilized value of the currency as well.
- Set a block reward that you can afford to pay, out of pocket, for at least a year.  Bitcoins mined at $2.50/ea bottomed out at about 8 TH/s worth of hashing power.  That's $18,000/day worth of coins.  IMO, it is necessary to have at least 1 TH/s of power protecting the network.  To do this, you need to offer an incentive equal to Bitcoin mining.  Assuming a guaranteed value per coin of $1, you'd need to offer 2,250 RLC per day, or 15.5 RLC per block (if you have difficulty set up for a block every 10 min, as Bitcoin does).
- If you don't have close to $1M to pay out to miners over the course of the next year, find an investor who does.  Once you show them the potential of the project to be the next PayPal, you'll probably draw their interest, though I imagine it would still be very difficult to get an investor willing to risk on this sort of thing.
- Once at least 17 million of the coins are out in circulation, you'd be making enough interest off the USD deposited to pay for the miners to sustain 1 TH/s of protection.  Anything beyond that 17 million is profit to be shared amongst the company's shareholders.

It's an extreme plan, but extreme is needed in order to not be "just another alt-coin".  This sort of plan would provide a very useful service, as a stable USD alternative that is both liquid and has the potential to be anonymous/tax-free if a person wants it to be.

[the joint]

Thanks to all for your valuable input.

A more appropriate time to discuss the different aspects of it and try out the client would be at the launch.

Till then, i wish all of you the best.

Too late, you already torpedoed this project before the launch. Educate yourself a little better next time...or don't. You don't seem to be cut out for this world.

Dude, do you have anything kind to say to anyone ever?  The ridiculous leap you make between someones ambitious project and not being "cut out for this world" is not only unkind, but it's absolutely unfounded and therefore stupid.

I've seen a lot of your comments and you're not as intelligent as you think you are, regardless of the validity of your arguments --  that is, if you can refrain yourself from ad homs.   Concentrating on the faults of others only strengthens the suspicions I have regarding your perspective on life in general.  The world is cold, isn't it?

[SgtSpike]

if you're generating all coins at genesis and garauntee a $1 buy, you could also put all coins for sell at $1 ... in this way no investors are needed and $1 per coin is the lowest it ever gets, the coins bought for $1 create the garaunteed repurchase fund... And this is nearly the purest form of a "Reserve" currency .... except I wouldn't do it against $s, you'd best do it against some other fixed reference... ie. BTC but you then could not put the reserve ratio 1:1 if you have a billion generated or whatever you went with.  BTC people might actually like this because it would assist deflating bitcoin and thus raising it's value... if this coin is actually used much.  The inherent problem with a reserve currency however is if the value of your reserve asset falls too low and people come back to claim the reserve at lower than market value.

Investors are needed to pay for the miners.  Nothing more.  Because, you're right, investors aren't needed if you're generating all coins at genesis, and sell them each for $1.  You'd have exactly as many dollars as coins to repay for, which means you could always repay all of the outstanding coins from your reserves.

And here's what I mean by "pay for the miners".  Each block has a 15 RLC reward, right?  But you've already generated all RLC's in the genesis block, so the only way to pay the miners is by removing coins from the genesis address.  Inevitably, most miners will simply resell those coins for USD as soon as they are generated, so you need a sizable investment to start with to be able to pay for those miners.

Backing it with BTC is a bad idea.  Then, the RLC is just as volatile as BTC is.  USD is very non-volatile, at least compared to BTC, which is why it makes a good backing.  That would be the whole goal with RLC - a non-volatile Bitcoin-like currency.

People might argue against the USD, but for the time being, it is a much more stable currency to use.  Merchants don't have to set prices for their products according to an exchange rate on some website, and consumers already have it in their mind what the purchasing power of the dollar is.  Yes, the USD is inflationary, but think about what that will eventually do for the coins - they will become worth less and less, but SLOWLY.  People would keep RealCoins just the same as they would keep money in their checking account.  And eventually, when all of the RLC's are bought, they could potentially be worth more than just 1 USD each - if they are useful and highly sought after - because of scarcity, and only 1 billion of them being available.  And if 1 billion of them are in circulation, then the exchange rate will be relatively stable, even if there is a value increase per coin, simply because of the massive exchange volume that would likely occur.

[SgtSpike]

Investors are needed to pay for the miners.  Nothing more.  Because, you're right, investors aren't needed if you're generating all coins at genesis, and sell them each for $1.  You'd have exactly as many dollars as coins to repay for, which means you could always repay all of the outstanding coins from your reserves.

And here's what I mean by "pay for the miners".  Each block has a 15 RLC reward, right?  But you've already generated all RLC's in the genesis block, so the only way to pay the miners is by removing coins from the genesis address.  Inevitably, most miners will simply resell those coins for USD as soon as they are generated, so you need a sizable investment to start with to be able to pay for those miners.

Backing it with BTC is a bad idea.  Then, the RLC is just as volatile as BTC is.  USD is very non-volatile, at least compared to BTC, which is why it makes a good backing.  That would be the whole goal with RLC - a non-volatile Bitcoin-like currency.

People might argue against the USD, but for the time being, it is a much more stable currency to use.  Merchants don't have to set prices for their products according to an exchange rate on some website, and consumers already have it in their mind what the purchasing power of the dollar is.  Yes, the USD is inflationary, but think about what that will eventually do for the coins - they will become worth less and less, but SLOWLY.  People would keep RealCoins just the same as they would keep money in their checking account.  And eventually, when all of the RLC's are bought, they could potentially be worth more than just 1 USD each - if they are useful and highly sought after - because of scarcity, and only 1 billion of them being available.  And if 1 billion of them are in circulation, then the exchange rate will be relatively stable, even if there is a value increase per coin, simply because of the massive exchange volume that would likely occur.

USD for the time-being is probably not the best argument, using BTC helps support their claim of wanting to coincide and support BTC --AND-- they would be assisting in making BTC less volatile.

I would propose that instead of rewarding miners with generates, reward them only with tx fees, since the value is more stable vs. BTC miners should probably like this, yes it means they will likely get less than 15 RLC but what they do get doesn't plummet into oblivion price wise like most alts... I mean right now if you say got 1000DVC their value is nearly in the trash, but if the coin is at a 1:4 ratio or some such with BTC then once they have at least 4 RLC they are guaranteed to get 1 BTC and that I would think is something they can live with.  In any case the reserve ratio should be published and set in stone, changing the ratio after the fact easily breaks the system.  Setting it vs. USD is easiest because USD will always outnumber the ratio of this coin, setting it vs. BTC gets a little tougher because BTC is destructable and if the ratio falls below the number of BTC in existence then some RLC would never be touchable.

Incidentally going with a reserve backing forces this reserve exchange to not be able to handle all "pairs" with the reserve, the reserve could only be traded between RLC and USD  if USD was the reserve.

Incorporated in a business legit country is very important, I agree with that... this system in the Carribean is not something I would gamble with (ala. MyBitcoin).

Edit:  Additionally the reserve exchange could not profit (fees) on the reserve coins traded at ratio, trades above this could have fees however and this could be used to in time repay the initial investors and then later for profit.

You still don't get it.

If it is backed by BTC, it is just as volatile value-wise as BTC is.  Therefore, it offers no competitive advantage vs Bitcoin.  Therefore, there is no reason for it to exist.

The differentiating factor of RealCoin vs Bitcoin is that RealCoin would be backed by something non-volatile (or at least, significantly less volatile than Bitcoin is), so that merchants and the like wouldn't have to be afraid of their "coins" losing value after selling some of their products in exchange for them.

If you back them by Bitcoins, you lose that competitive advantage, and like I said before, there would be no reason for RealCoins to exist at that point.

[TheGlobber]

Really interesting points from both of you.

Some of the things you have mentioned have already been included. More (in the economical side of things) will be added.

As for $ or BTC, it is $ for now, primarily as you mentioned because of the stability and also because of the $ being able to be used and invested directly unlike BTC.

I am also of the opinion that the current structure of only 8.2mil RLC is better than the total amount of RLC being premined because it brings miners into play with an active role.

[Syke]

BTC backed as a reserve still differentiates this coin

Where does it say this is backed by BTC?

[DeathAndTaxes]

I am also of the opinion that the current structure of only 8.2mil RLC is better than the total amount of RLC being premined because it brings miners into play with an active role.

Why?  The purpose of miners is to secure the network.  If they are compensated from premined coins or newly generated coins has no real relevance.

[TheGlobber]

Not BTC but fiat ($).

BTC backed as a reserve still differentiates this coin

Where does it say this is backed by BTC?

[DeathAndTaxes]

Not BTC but fiat ($). nothing

Where does it say this is backed by BTC?

Fixed your post.  You aren't backing newly minted coins with anything.  Also for the love of all that is digital can you start quoting like a normal person.  

[TheGlobber]

I am also of the opinion that the current structure of only 8.2mil RLC is better than the total amount of RLC being premined because it brings miners into play with an active role.

Why?  The purpose of miners is to secure the network.  If they are compensated from premined coins or newly generated coins has no real relevance.

(Sorry for the weird quoting. Just the way i reply to emails.  )

It is relevant when you think of who pays for the premined coins or the newly generated ones.

[Clipse]

All I can say if you guys gave realsolid shit over solidcoins, then to keep it balanced this coin/project should get even more shit it just doesnt seem like anything other than reselling tap water with a different label.

[DeathAndTaxes]

All I can say if you guys gave realsolid shit over solidcoins, then to keep it balanced this coin/project should get even more shit it just doesnt seem like anything other than reselling tap water with a different label.

Um have you read the thread?

[coblee]

I am also of the opinion that the current structure of only 8.2mil RLC is better than the total amount of RLC being premined because it brings miners into play with an active role.

Why?  The purpose of miners is to secure the network.  If they are compensated from premined coins or newly generated coins has no real relevance.

+1

Just a few weeks ago, TheGlobber didn't even understand why there's a need for miners: https://bitcointalk.org/index.php?topic=55805.0
Yet, he comes here to announce an alt currency that adds nothing to bitcoin except for a huge premine and a promise that there are tons of cool stuff in the works. This smells of greed and looks pretty much like a scam to me.

[TheGlobber]

I am also of the opinion that the current structure of only 8.2mil RLC is better than the total amount of RLC being premined because it brings miners into play with an active role.

Why?  The purpose of miners is to secure the network.  If they are compensated from premined coins or newly generated coins has no real relevance.

+1

Just a few weeks ago, TheGlobber didn't even understand why there's a need for miners: https://bitcointalk.org/index.php?topic=55805.0
Yet, he comes here to announce an alt currency that adds nothing to bitcoin except for a huge premine and a promise that there are tons of cool stuff in the works. This smells of greed and looks pretty much like a scam to me.

I still dont get many things around mining. I admitted that a couple pages back as well.

But what you keep not understanding is the fact that this is a prelaunch and i am just announcing a new altcoin. Thats my job. My job also is to answer to questions as good as i can. Thats all i have to do.

As you see I am listening to what people say and try to learn as more as possible and hear suggestions/ideas that i will pass on to the developers and the investors.

No need for this negativity.

[TheGlobber]

Thanks to all for your valuable comments!

All suggestions/ideas have been noted down.

A bit late here so i ll catch up with you tomorrow.

[coblee]

I still dont get many things around mining. I admitted that a couple pages back as well.

But what you keep not understanding is the fact that this is a prelaunch and i am just announcing a new altcoin. Thats my job. My job also is to answer to questions as good as i can. Thats all i have to do.

As you see I am listening to what people say and try to learn as more as possible and hear suggestions/ideas that i will pass on to the developers and the investors.

No need for this negativity.

You are probably new to this forum. Negativity is the norm around here.

Read up on Solidcoin and you will understand why your premine + "RealCoin Fund" is basically just Solidcoin's CPF. Nothing new.

[TheGlobber]

I still dont get many things around mining. I admitted that a couple pages back as well.

But what you keep not understanding is the fact that this is a prelaunch and i am just announcing a new altcoin. Thats my job. My job also is to answer to questions as good as i can. Thats all i have to do.

As you see I am listening to what people say and try to learn as more as possible and hear suggestions/ideas that i will pass on to the developers and the investors.

No need for this negativity.

You are probably new to this forum. Negativity is the norm around here.

Read up on Solidcoin and you will understand why your premine + "RealCoin Fund" is basically just Solidcoin's CPF. Nothing new.

Thanks for pointing me to it.

Will take a look..

Its still early since RLC hasnt launched yet so there is still room for maneuvering..

If someone has something of value to add that could help the development of RLC, please dont hesitate to post.

Thanks in advance.

[Luke-Jr]

If someone has something of value to add that could help the development of RLC, please dont hesitate to post.

How about fixing the many known design flaws and bugs in Bitcoin that Bitcoin can't fix right now due to compatbility?

[TheGlobber]

If someone has something of value to add that could help the development of RLC, please dont hesitate to post.

How about fixing the many known design flaws and bugs in Bitcoin that Bitcoin can't fix right now due to compatbility?

As it has been stated, the two coins can co-exist and exchange knowledge around known issues.

I believe that this relationship can go both ways starting from RLC providing an insight to a different approach in economics and how they affect the cryptocurrency.

EDIT: Btw thanks for dropping by the thread and posting. There is much talk around your name and doing a little research this week i found out more about you and all i can say is that i see some valid reasons behind your latest actions.

I would really like RLC to differentiate from BTC (both in the tech side of things as well as the economics) and form an alternative suggestion in the cryptocurrency world that will possibly affect BTC in a positive way since all these serve as experiments from which all others can gain some knowledge.

[SgtSpike]

I get what you are saying.  I am semi-indifferent to the actual reserve behind this.  Their claim to be working with BTC leads me to feel the best reserve would be BTC to live up to that claim.  For the currency *For Now* I agree the USD is the best and easiest to implement.

BTC backed as a reserve still differentiates this coin, unlike LTC marketed as Bitquarters but a complete stand-alone chain, this crypto could TRULY be Bitquarters/Bitpennies or whatever, it would have that fixed ratio to BTC and provide the additional liquidity BTC might need as it begins to deflate out of control if it ever gets widespread enough adoption.

USD is just the *current* easiest and safest option I agree, but consider planning for tomorrow instead of today?

In the future, BTC might be rather stable and a more solid backing option.  But here's the problem with backing with BTC:  The company might not be able to sustain itself, and go bankrupt, if it cannot make investments that outperform BTC's performance.  That's the same reason I wouldn't recommend creating a coin and backing it with gold:  If gold outperforms the investments made out of the company, they could go insolvent and not be able to hold up their guarantee of backing.

This is why I say USD is the best option, from the company's perspective (and from the user's perspective, because if the company is unprofitable, the user could lose all their money invested into the coins).  It is easy to outperform the USD with very SAFE investments.  Heck, you could even go with treasury bonds if you wanted, and still be able to pay all the miners if you have enough coins in circulation.

I am also of the opinion that the current structure of only 8.2mil RLC is better than the total amount of RLC being premined because it brings miners into play with an active role.

Does that mean you won't promise to buy back any and all coins at a specific dollar value?

[gmannn]

If someone has something of value to add that could help the development of RLC, please dont hesitate to post.

How about fixing the many known design flaws and bugs in Bitcoin that Bitcoin can't fix right now due to compatbility?

luke, let us know when to join your pool so we can help take this one down too.

[westkybitcoins]

If someone has something of value to add that could help the development of RLC, please dont hesitate to post.

How about fixing the many known design flaws and bugs in Bitcoin that Bitcoin can't fix right now due to compatbility?

luke, let us know when to join your pool so we can help take this one down too.

[RaggedMonk]

As it has been stated, the two coins can co-exist and exchange knowledge around known issues.

I believe that this relationship can go both ways starting from RLC providing an insight to a different approach in economics and how they affect the cryptocurrency.

This is still almost the exact same pitch as we heard about SolidCoin.

How do you see RealCoin differing from SolidCoin?

[DeathAndTaxes]

As it has been stated, the two coins can co-exist and exchange knowledge around known issues.

I believe that this relationship can go both ways starting from RLC providing an insight to a different approach in economics and how they affect the cryptocurrency.

This is still almost the exact same pitch as we heard about SolidCoin.

How do you see RealCoin differing from SolidCoin?

Larger premine?
No source code?

[bitlane]

Well I can't have Like-jr taking all the credit for killing alt-coins now can I ? 

Definitely not, because if you weren't around to blow your own horn every once in a while....no one else would.

I will be registering my alt-ego RealcoinExpress forum account soon, so please stay tuned.

I hope to continue the legacy of "*coinExpress" account posting in a manner that would also have people believe that I am trapped in my mother's basement as well.

I can't wait to mine this coin. FINALLY, someone coming clean with their plans for a Crypto Currency (and investment/returns etc), rather than pinning it on an Open Source 'Project' that has got to be the biggest scam since the dot-com bubble burst.
Nerds can find a way to justify anything under the GPL.

People tend to forget that Bitcoin is the biggest scam on the Net right now.

[Transisto]

Only read OP, Here's my take ;

Why don't you launch your client the day you have added something significant to the current Bitcoin implementation ?

A nicer UI and great PR is not gonna help much here.

Some of Bitcoin major flaws are easier to fix if it mean starting a new chain, You simply addressed none.

With CPU mining you make your chain highly vulnerable to a 51% attack.
Whether open source or not, people will find a way to isolate and extract your mining algo.

WTF is "IM"  I think you're 100 page down on Google for it to be understood as Internet Marketing.

[Atheros]

The amount of collective effort put forth on the 27th to hack the mining algorithm (thus enabling a 51% attack) will be enormous and mildly humorous.

[TheGlobber]

As it has been stated, the two coins can co-exist and exchange knowledge around known issues.

I believe that this relationship can go both ways starting from RLC providing an insight to a different approach in economics and how they affect the cryptocurrency.

This is still almost the exact same pitch as we heard about SolidCoin.

How do you see RealCoin differing from SolidCoin?

Initially differing in the economics and as we go slowly differing in functionality since BTC (talking about the official client not the addons on top of it) includes only the very basic functions for someone to use.

There were some valuable input from SgtSpike's & viperjbm last night and therefore i will openly invite them for a Skype conversation about ways to better introduce some of their ideas to RLC.

As it has been stated, RLC is open to comments and critique and would appreciate valuable inputs like those posted by the above two members.

[TheGlobber]

Well I can't have Like-jr taking all the credit for killing alt-coins now can I ? 

Definitely not, because if you weren't around to blow your own horn every once in a while....no one else would.

I will be registering my alt-ego RealcoinExpress forum account soon, so please stay tuned.

I hope to continue the legacy of "*coinExpress" account posting in a manner that would also have people believe that I am trapped in my mother's basement as well.

I can't wait to mine this coin. FINALLY, someone coming clean with their plans for a Crypto Currency (and investment/returns etc), rather than pinning it on an Open Source 'Project' that has got to be the biggest scam since the dot-com bubble burst.
Nerds can find a way to justify anything under the GPL.

People tend to forget that Bitcoin is the biggest scam on the Net right now.

Thanks for the support.

Any commnents/ideas/suggestions are welcome as RLC hasnt launched yet and therefore there is space for refinement.

[TheGlobber]

Only read OP, Here's my take ;

Why don't you launch your client the day you have added something significant to the current Bitcoin implementation ?

A nicer UI and great PR is not gonna help much here.

Some of Bitcoin major flaws are easier to fix if it mean starting a new chain, You simply addressed none.

With CPU mining you make your chain highly vulnerable to a 51% attack.
Whether open source or not, people will find a way to isolate and extract your mining algo.

WTF is "IM"  I think you're 100 page down on Google for it to be understood as Internet Marketing.

The problem here lies with the fact that you believe that everyone will try to attack it.

There are lots of people intrigued by the idea of a different economic setup and will be interested for an added incentive deal for miners.

Also (please correct me if im wrong on this) CPU mining the RLC can be done from a rig that is GPU mining the BTC at the same time. This i guess will come in handy for big miners that are currently using their machines for BTC.

P.S. Yes, "IM" stands for Internet Marketing. Hope you didnt think i was referring to Instant Messaging. 

[btc-e.com]

https://btc-e.com/news/55

[TheGlobber]

https://btc-e.com/news/55

Thank you for considering RLC for your exchange.

[3phase]

With CPU mining you make your chain highly vulnerable to a 51% attack.
Whether open source or not, people will find a way to isolate and extract your mining algo.

Also (please correct me if im wrong on this) CPU mining the RLC can be done from a rig that is GPU mining the BTC at the same time. This i guess will come in handy for big miners that are currently using their machines for BTC.

I suppose that Transisto meant a botnet attack.

As soon as your mining algorithm is released (or reverse-engineered) botnets will come on board and mine, strengthening the network on one hand, and ruining every other legit miner's profits. It's happened before. There are even botnets mining BTC, but because of the high difficulty and the GPU majority, they only cause trouble to the pools which have to handle streams of getwork requests from them.

There are also a few CPU dinosaurs around here that have access to lots of CPU power. Forgot to mention they are carnivores (see other thread).

[TheGlobber]

UPDATE: The RLC creators have decided to revise the current plan and bring to life something even more different than BTC.

This was decided after 2-3 members of the BTCtalk posted some very good ideas and suggested ways in order to differentiate from BTC.

The announcement of the revised RLC will be done in the following days. It will be created having in mind the average Joe, the businessman/merchant, the advanced user as well as the experienced user (miner).

The launch day of course will probably roll back some days.

This thread will be locked and a new opened when the revised plan is ready to be announced.

Thanks to all for your valuable comments and hoping to bring some fresh air to BTC.