[ANN] RealCoin - Targeted to the IM world!

[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.