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Author Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released  (Read 1346435 times)
Monkeys
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July 25, 2014, 04:46:51 AM
 #11521

I've got another idea to help spread Vericoin to new users. A referral program.

The fact of the matter is that people need incentives to actually actively tell people about Vericoin, and to encourage them to download the wallet, and BUY Vericoin.

What better way to do this than to reward people who actually get new users to start using Vercoin, than to reward them with Vericoin?

Now, for this to work it would go hand in hand with Verification, this would prevent exploitation, as only once a new user has been verified, would rewards be paid to the referrer.

Thoughts?

Interesting idea...I like it!

Glad to hear it =)

I feel that currently the only people involved in Vericoin, are crypto traders. While that's to be expected currently as it is in its infancy, if it is to ever achieve its goal of being a mainstream currency, it needs to be pushed on to new users. Or even sooner, pushed on to current users of crypto!

For me, I'm not going to tell my fellow crypto enthusiast, that they should look at using Vericoin for their online payments because it is accepted anywhere Bitcoin is =/ That just wont fly. Faster transactions times are great (it is really great BTW), but people need an incentive to actually use things like Veribit and to encourage new users to do the same.

Now the tricky part is to balance the reward against the longevity of the coin. Obviously you don't want to be causing excessive inflation to the coin due to the reward program. So how could it be achieved?


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Monkeys
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July 25, 2014, 04:50:00 AM
 #11522

I've got another idea to help spread Vericoin to new users. A referral program.

The fact of the matter is that people need incentives to actually actively tell people about Vericoin, and to encourage them to download the wallet, and BUY Vericoin.

What better way to do this than to reward people who actually get new users to start using Vercoin, than to reward them with Vericoin?

Now, for this to work it would go hand in hand with Verification, this would prevent exploitation, as only once a new user has been verified, would rewards be paid to the referrer.

Thoughts?

sounds like a government plan, how about for people that would not want their name on another database ? That wouldnt make it very fair. Sound like 2 separate ideas, 1 for verification/reward and another referral /reward

As I said, it is optional. For those who don't want their names listed, don't get verified. Simple as that.

My point was that the verification system could be used to easily prevent exploitation of the referral program. If people are afraid of getting their names listed against their transactions for fear of government tracking, then they simply wont get any referral rewards.

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July 25, 2014, 05:00:33 AM
 #11523

How bout a monthly bonus of extra interest for referrals?
Monkeys
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July 25, 2014, 05:05:09 AM
 #11524

I think we shouldn't get ahead of ourselves...

We should be sticking to the main idea of verified transactions and anonymous transactions

VeriSend = Verified transactions in the blockchain, one wallet linked to a Verified Identity and a Vericoin ID Number...maybe some kinda of rating system for trusted users. Maybe verified users would gain more interest, and incentive to be a trusted user.


VeriShield = Completely Decenterilized Anonymous transactions...can create as many wallets as needed.

Again ZERO transaction Fees...


Also Vericoin needs to be as secure as humanly possible...the wallet needs password to send, 2FA, multisig. Encryption up the wazzzoooo



Absolutely agree with the security necessity. passwords, 2FA, encryption, possibly even email verification for larger transactions. The more the better IMO.

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July 25, 2014, 05:12:46 AM
 #11525

I think we shouldn't get ahead of ourselves...

We should be sticking to the main idea of verified transactions and anonymous transactions

VeriSend = Verified transactions in the blockchain, one wallet linked to a Verified Identity and a Vericoin ID Number...maybe some kinda of rating system for trusted users. Maybe verified users would gain more interest, and incentive to be a trusted user.


VeriShield = Completely Decenterilized Anonymous transactions...can create as many wallets as needed.

Again ZERO transaction Fees...


Also Vericoin needs to be as secure as humanly possible...the wallet needs password to send, 2FA, multisig. Encryption up the wazzzoooo




The devs should also rename these options to make them more comprehensible to the average person and beginner.

Anonymous transactions should be called VeriAnon.

And the verified transactions should be called VeriFied.

This would add to the first time usage functionality of the wallet.

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July 25, 2014, 05:18:14 AM
 #11526


and if it's going to be called VeriAnon, it would have to have high standards in the anonymity department.

If Doug mentioned that he has ideas on how to make the best anon, then why hold that back? And when it's done, call it VeriAnon.

Monkeys
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July 25, 2014, 05:25:31 AM
 #11527

I think we shouldn't get ahead of ourselves...

We should be sticking to the main idea of verified transactions and anonymous transactions

VeriSend = Verified transactions in the blockchain, one wallet linked to a Verified Identity and a Vericoin ID Number...maybe some kinda of rating system for trusted users. Maybe verified users would gain more interest, and incentive to be a trusted user.


VeriShield = Completely Decenterilized Anonymous transactions...can create as many wallets as needed.

Again ZERO transaction Fees...


Also Vericoin needs to be as secure as humanly possible...the wallet needs password to send, 2FA, multisig. Encryption up the wazzzoooo




The devs should also rename these options to make them more comprehensible to the average person and beginner.

Anonymous transactions should be called VeriAnon.

And the verified transactions should be called VeriFied.

This would add to the first time usage functionality of the wallet.



I like the names, and the referral program could be called VeriFerred!

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lootz
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July 25, 2014, 05:26:55 AM
 #11528

I've got another idea to help spread Vericoin to new users. A referral program.

The fact of the matter is that people need incentives to actually actively tell people about Vericoin, and to encourage them to download the wallet, and BUY Vericoin.

What better way to do this than to reward people who actually get new users to start using Vercoin, than to reward them with Vericoin?

Now, for this to work it would go hand in hand with Verification, this would prevent exploitation, as only once a new user has been verified, would rewards be paid to the referrer.

Thoughts?

sounds like a government plan, how about for people that would not want their name on another database ? That wouldnt make it very fair. Sound like 2 separate ideas, 1 for verification/reward and another referral /reward

As I said, it is optional. For those who don't want their names listed, don't get verified. Simple as that.

My point was that the verification system could be used to easily prevent exploitation of the referral program. If people are afraid of getting their names listed against their transactions for fear of government tracking, then they simply wont get any referral rewards.

Its a good idea bro I like it, when I think verification I start thinking utility bill, ID, blood samples lol. I am sure it will be as simple as possible
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July 25, 2014, 05:31:42 AM
 #11529

How bout a monthly bonus of extra interest for referrals?

Yeah I was thinking something along those lines. But perhaps people would prefer a more 'instant' type of reward? Perhaps a simple 10 VRC referral reward once a new user has been VeriFied and deposits a certain amount of VRC in their wallet?

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July 25, 2014, 06:40:04 AM
 #11530

How bout a monthly bonus of extra interest for referrals?

this could be easily implemented and cost effective
Monkeys
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July 25, 2014, 06:48:34 AM
 #11531

How bout a monthly bonus of extra interest for referrals?

this could be easily implemented and cost effective

Cost effective for whom, Vericoin or the referrer? It needs to be a nice balance between keeping the inflation low with VRC, which isn't much of a problem since 2.3% is already very low. Anything below 3.5% is acceptable IMO.

It would really only cause extra inflation during the expansion phase of the coin anyways. 5-10 years down the track, once it has been established, it could be abolished.

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July 25, 2014, 06:53:33 AM
 #11532

How bout a monthly bonus of extra interest for referrals?

this could be easily implemented and cost effective

Cost effective for whom, Vericoin or the referrer? It needs to be a nice balance between keeping the inflation low with VRC, which isn't much of a problem since 2.3% is already very low. Anything below 3.5% is acceptable IMO.

It would really only cause extra inflation during the expansion phase of the coin anyways. 5-10 years down the track, once it has been established, it could be abolished.

cost effective for Vericoin maybe give like one day of double Interest per refferal that would keep the overall inflation rate in line with original projections and give the added incentive
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July 25, 2014, 07:01:52 AM
 #11533

How bout a monthly bonus of extra interest for referrals?

this could be easily implemented and cost effective

Cost effective for whom, Vericoin or the referrer? It needs to be a nice balance between keeping the inflation low with VRC, which isn't much of a problem since 2.3% is already very low. Anything below 3.5% is acceptable IMO.

It would really only cause extra inflation during the expansion phase of the coin anyways. 5-10 years down the track, once it has been established, it could be abolished.

cost effective for Vericoin maybe give like one day of double Interest per refferal that would keep the overall inflation rate in line with original projections and give the added incentive

I personally think it shouldn't necessarily be tied to interest, as that only rewards big bag holders.

You want the little guys, with little wallets, to be sharing it to their friends too. Which is why I think a fixed reward of 5-10 VRC per referral would be good.

I think the interest incentive would be better for merchants, as they could then be given an incentive to hold their VRC, rather than dumping straight back in to BTC or FIAT.

For example, a merchant that conducts a lot of transactions could be given double interest for a set period of time for each transaction, or something similar.

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July 25, 2014, 07:09:28 AM
 #11534

Keeping the perspective (2)

Mostly for those new bagholders, the crying ones, that were counting in quickly trading for a profit of 6-10,000  sat and are now holding a significant bag with a 1/3 deficit and the shout continuously on the forum for devs to perform magic and take the price back to 35+:

--1, Pinkcoin lost 50% of its value in the same period even after announcing the names of ALL their devs and, especially, the leader of them, a star of the       World Poker Tour.

--2, Blackcoin has suffered -and continue suffering, still at the lows of many, many months- even worse dumping than VRC, with no rebound yet -as opposed to the 50% rebound, already, on VRC. In spite of a slew of announcements, including additional "members of the team", a very successful appearance at the Chicago convention -where they were "... by far the both more visited"-; direct contacts about integration with PayPal, actual offer of minimal investment by Intel (all of this according to the propaganda of BC, it could be exaggerated), Black Halo launching, Market announcement -everyone under the sun is announcing decentralized exchanges... that's why the investment community doesn't put any real value on any of that- AND an investment in PR of at least $32,000 with the Max Borgess Agency that so far, 60 of the 90 days it's bound to last, has only [produces a press release, a small article somewhere and a Q&A with an employee of the MBA--- if they would have directly bought media with those $32k, they could have had dozens of full page articles printed by tens of publications around the globe--- IF they would invest those $32k today in Blackcoin, they could probably buy the entire sell book up to 35k sat or higher--- no wonder the hiring of the MBA is widely considered to have made BC the laughing stock of the crypto community.

--3, Nautiluscoin, the coin with a built-in Stabilization Fund, by Wall Street eagle and deep crypto currencies connosieur, Brian Kelly, has lost, for no apparent reason whatsoever, 2/3s of its value in less than the same period -actually in MUCH less-.

There could be several macro-economic considerations made about the slump on these coins, VRC and several others I have not listed because they are less established, or prominent. Take your pick about what you feel could be the cause. But it is not because those coins have had any kind of news or circumstances that in any remote way could be the cause of the sell offs. It's simply not what has happened. Therefore, the only thing that has changed in those coins, is the price in the markets, nothing else. If you believed in them at double or even triple the price, there's not a single reason for you not to believe in them not at the probable bargain-basement price. And, needless to say, the devs have nothing to do with the slump either.

Like it or don't like it. Buy it or sell it. But your VRC is the same that was a few weeks ago when the price was in the high 40s. If anything, way stronger. If you want to make a point of reference of the rollback date, the coin reached the mid 30s, so no reason at all to not trust what you trusted and more than 60% above the current price. If anything, VRC is way stronger now than it ever was, tested as it has been, against a relentless dump and a clear panic phase.

As everyone knows, I have many criticisms and a considerable hub of ideas as to many things I would like to be done/implemented in VRC. But that doesn't hinder, not one bit, my confidence in the potential of this coin due to the main assets that have been solidified during the recent crisis: The dev team, in spite of their considerable shortcomings, and the community and especially the main stakeholders, those who keep the staking above 10 million VRC and the exchanges filled with 4-6 million or more that they will not sell under 20, under 25 and maybe even under 30, 35 or 40. Those are fucking solid assets that I'd be willing to bet against any other project in cryptoland, with similar distribution %wise. Nothing, as long as those assets remain committed, can stop this coin from success. Nothing.

And if the flow of ideas is followed by implementation of the best ones, and a clear path towards the main objective, this will indeed be the first altcoin to reach mainstream, no question about it.

And that is why, at the moment, I am  invested in VRC way more heavily than I ever thought I would be.
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July 25, 2014, 07:22:48 AM
 #11535

Absolutely with you there Barrabas.

As a recent bagholder of VRC I am feeling the pain as much as anyone. While I don't expect the devs to come running in here to save the day, it would be nice if they would at least participate in some constructive discussions such as those that have been had here today (perhaps even helping to stabilize the price?).

This would give myself and other potential investors some assurance that the devs are indeed committed to listening to the community, and innovating and pushing forward with the new ideas.

So far the input I've seem from them has been vague at best. I'm sure they are busy etc, but if people are to trust in them and their capacity and focus, they need to tell us something. Not asking for deadlines or anything concrete, just take part on the discussion. Show us WHY they are more equipped to make the right choices.

This forum, like it or not, is the front page for Vericoin, the website is pretty, but there's nothing there. This forum is what people look at, if we can fill this forum with constructive, positive information then people will see that and respond accordingly.

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July 25, 2014, 07:24:50 AM
 #11536

https://twitter.com/EMC2Whale/status/492557948250357761

LMAO!
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July 25, 2014, 07:26:42 AM
 #11537

Just to clarify my comment.

It is likely coincidence, but has anyone noticed that the price has stabilized since the discussions here turned from nonsense and FUD, to actual real constructive intelligent discussion?

Coincidence, probably. But it certainly couldn't hurt to show some more professionalism and intellect in here.

If I was a potential investor and I came here to read what has been going on the last few weeks, that would be it for me. Would not give it another thought.

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July 25, 2014, 07:28:41 AM
 #11538

And always remember, don't feed the trolls.

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July 25, 2014, 07:55:48 AM
 #11539

true the interest implementation would be better for bigger bag holders but then with the 5-10 VRC per ref who would fund that and keep it funded? The VeriFund is consistently short due to lack of donations and, even more importantly, lack of miners on the multipool. I have been giving the Fund its cut of my Lotto ticket sales but thats only about 1000 VRC to the Fund so far and it's cut of the Coin sales (~1.9 BTC) will be given in a few weeks when the coins actually get shipped and are paid for in full. Thats not enough to fund a project like that (and proves that I am not profiting as heavily as some might think) As for the miners I keep mine on the VRC multipool but I only have 4.4 MH/s scrypt and 46 GH/s SHA-256 so they aren't making much in fees off of me.
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July 25, 2014, 08:04:04 AM
 #11540

true the interest implementation would be better for bigger bag holders but then with the 5-10 VRC per ref who would fund that and keep it funded? The VeriFund is consistently short due to lack of donations and, even more importantly, lack of miners on the multipool. I have been giving the Fund its cut of my Lotto ticket sales but thats only about 1000 VRC to the Fund so far and it's cut of the Coin sales (~1.9 BTC) will be given in a few weeks when the coins actually get shipped and are paid for in full. Thats not enough to fund a project like that (and proves that I am not profiting as heavily as some might think) As for the miners I keep mine on the VRC multipool but I only have 4.4 MH/s scrypt and 46 GH/s SHA-256 so they aren't making much in fees off of me.

It would be funded by the coin itself of course.

5 VRC per referral is not much when you think about it. Even 100,000 referrals is only 500k VRC, roughly 2.5% of the current supply. It would barely affect inflation at all.

I highly doubt that VRC would see that number of referrals within a single year, especially at the beginning. Also that figure could be scaled as VRC grows. Currently it's worth roughly $.2 per VRC, so 5 VRC would be a. $1 bonus. Scale that number accordingly as VRC grows, and the incentive is still there, while keeping inflation to a minimum.

This is the way to grow the coin.

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