[ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released

[MinerP]

can anybody tell me what does Vericoin offer more than Supercoin ? except the SMS.....

Thanks

dude you serious?? https://www.youtube.com/watch?v=PLuBgdQJ6NQ use VRC anywhere!!

[droop]

We have anonymous devs...nope...just about every other crapcoin out there does, but not VRC.

This level of transparency makes it many fold easier for institutional investors to buy into VRC as opposed to the other crapcoins.

VRC passes due diligence more easily. The other coins don't. 2.7 million satoshis is achievable because of this. It is also why the coin is even valued at even over 2.7 million satoshis. 34,499 satoshi is dirt cheap. Remember when BTC was $1.00/each?

A pump might happen but institutional investors!? Pull the other one. 

[MAD945]

We will be taking 2nd spot over litecoin before Christmas....mark my words!

Vericoin is the first coin to offer something new and pushing crypto currency forward

[Reavon]

Guys i have a nice idea.

There is a youtube channel called "Veritasium" they explain sience and stuff. But they never did a video on bitcoin yet.
They have a huge community on youtube.

So because they are called "Veri-tasium" we could ask them to make an sientific explainity video on how bitcoin works. Than lead to altcoins and finaly mention Vericoin , a coin they feel relatet to and explain our improvements to bitcoin , also explain what PoS really is and why it is better than PoW.

www.youtube.com/user/1veritasium

heres the link, check them out subscribe and post them
about my idea maybe we could support them with vericoin like we do with pete.

[cryptodevil]

institutional investors!? Pull the other one.  

The point was that institutional investors absolutely could not support a coin with an anonymous dev team and before someone shouts 'Satoshi!', BTC has had a number of known and widely respected people develop the coin since it's inception.

So the issue is not whether 'institutional investors' are, or will be, considering a buy-in to Vericoin but, rather, whether they ever actually could. In that the dev team is not Anonymous and are open, accessible and respectable, means that VRC is not ruled out of potential institutional investor-class interest.

[germsite]

Hey guys is vericoin a centralized coin ? I just got reemed by a friend saying its no good cause its centralized.. give me some ammo

No, the coin isn't. We've added some features which are currently centralized because we are testing them. We don't want to release stuff until it's working 100%. And those centralized things are a SMS wallet and VeriSend, an anon system. Otherwise, the coin is much like Litecoin or Blackcoin.

Awesome thank you NOS I been taking a beating from crypto friends for that. Keep up the good work I believe in you. Also thank you for the beta hope you enjoy your trip

Hi Patrick,

Sorry if this was answered before, I googled it but couldn't find an answer: How exactly does VeriBit convert VRC to BTC? Will these VRC be sold on the open market in order to pay the BTC request? If so, this would be (semi-)centralized due to the use of centralized exchanges, right? Or did you implement a decentralized exchange? But if so, then somebody would need to buy these VRC for the BTC amount so you can use them to pay the BTC transaction.

Also, "who" exactly makes the VRC / BTC conversion? Will the wallet send a request to some server that will do the job?

The general idea is pretty sweet, but couldn't somebody come up with an auto trading engine that allows this for basically every coin out there? Most exchange APIs already provide the general functionality that would just need to be wrapped within in the wallet. But maybe I didn't understand the whole thing completely, so I would appreciate some technical details as far as you agree to share them.

Thanks so much and great work!

VeriBit is a centralized service run by the Dev team. I hope that explains everything. The wallet will poll our service.

Other questions would be: What exchange does the Veribit use as a reference for the prices ? Also, are you using an additional fee on the top of the current price listed on the exchange ? Or Veribit calculates the average/mean value from all the exchanges and uses that price ? Or it's just a manual and a steady value that you use ?

I'd be interested in an answer to the question regarding charging a fee for VeriBit transactions ( adding interest to an average exchange rate ). If no fee is charged, it would be beneficial to have this stated very clearly, but if one is being levied, then this needs to be declared.

The white paper - http://www.vericoin.info/VeriBit.pdf - answers most questions, but makes no mention of fees.

[T-800]

Can you also use Veribit to 'pay' yourself? So if you want to exchange VRC to BTC?

That'd be pretty cool.

And how about a reverse system, BTC to VRC?

[kleineaap]

Can you also use Veribit to 'pay' yourself? So if you want to exchange VRC to BTC?

That'd be pretty cool.

And how about a reverse system, BTC to VRC?

In alpha phase, I've successfully sent VRC to my BTC wallet with no middle man.
Plus VeriBit Beta is now as fast as a BTC transaction.

As for now, there's no reverse. Who knows..

[BadAss.Sx]

Can you also use Veribit to 'pay' yourself? So if you want to exchange VRC to BTC?

That'd be pretty cool.

And how about a reverse system, BTC to VRC?

In alpha phase, I've successfully sent VRC to my BTC wallet with no middle man.
Plus VeriBit Beta is now as fast as a BTC transaction.

As for now, there's no reverse. Who knows..

At which rate was it converter?

[kleineaap]

Can you also use Veribit to 'pay' yourself? So if you want to exchange VRC to BTC?

That'd be pretty cool.

And how about a reverse system, BTC to VRC?

In alpha phase, I've successfully sent VRC to my BTC wallet with no middle man.
Plus VeriBit Beta is now as fast as a BTC transaction.

As for now, there's no reverse. Who knows..

At which rate was it converter?

Current exchange rate with cover fees. I believe it was Polo in alpha, but they were somewhat slow. Beta I haven't tried yet, but it's available for donors and it will be public today.

[Reavon]

Can you also use Veribit to 'pay' yourself? So if you want to exchange VRC to BTC?

That'd be pretty cool.

And how about a reverse system, BTC to VRC?

I saw pnosker tweeting " VeriBit faster than Coinbase withdrawl" so i think yes you can. The reverse way should be implemented aswell i think because it would improve and support the system.

Vericoin(Sender) -> VeriBit Service with Vericoin and BTC wallets -> BTC  ( getter)

why wouldnt you just reverse the trick.

BTC( sender) -> VeriBit Service with Vericoin and BTC Wallets -> VRC (getter)

You just need to send btc to btc-wallets of veribit service and vrc to the vrc-wallet that would keep the demand of both coins in a harmony

Edit: its my point of view i dont understand anything about VeriBit yet dont take my explaination as a reverence.

[germsite]

Can you also use Veribit to 'pay' yourself? So if you want to exchange VRC to BTC?

That'd be pretty cool.

And how about a reverse system, BTC to VRC?

In alpha phase, I've successfully sent VRC to my BTC wallet with no middle man.
Plus VeriBit Beta is now as fast as a BTC transaction.

As for now, there's no reverse. Who knows..

At which rate was it converter?

Current exchange rate with cover fees. I believe it was Polo in alpha, but they were somewhat slow. Beta I haven't tried yet, but it's available for donors and it will be public today.

Any idea what the 'cover fees' amount to ?

[cryptodevil]

In alpha phase, I've successfully sent VRC to my BTC wallet with no middle man.

Actually that's pretty huge but we do need better info on what rates are being used and whether there are limits to the number of coins that can be sent this way.

For instance, if someone was holding 100BTC-worth of VRC that they needed to send to someone as BTC, could they, when the service is fully released, do so without affecting the overall rate of exchange? The equivalent of a 'dump' of VRC to BTC normally has an effect on the market but I'm assuming that the currently centralised nature of VeriBit has these transactions taking place outside of the normal exchange conditions.

If VRC can achieve this degree of liquidity without the rate of exchange applied being negatively affected for large transactions, then it really will become harder to justify being in BTC at all, given that one can earn interest while staking VRC.

[smokim87]

Hey guys new to vericoin and its looking really good. I was just wondering will Veribit be decentralized? Also would veribit lead to drop in prices due to Vericoins being sold for btc due to high usage of Veribit?

Thanks.

[PositivelyInsane]

maybe it is in here somewhere the answer to my stupid question.. would staking secure the vericoin network? if yes, why do we need to waste all that power in mining… as in (bitcoin)

can anyone enlighten?

Mining is supposedly for creating buy support by mining other altcoins and paying out in VRC.

yes PoW has ended, there is no more direct mining of VRC so staking helps secure the network the "mining" of VRC on the multipool is exactly as described the pool actually mines other coins and auto-trades for VRC, so your payout is in VRC

my point for asking the question was actually in reference to bitcoin mining.. i mean if staking secures the vericoin network, eventually when vericoin becomes a household name and gains adoption, it doesn't have to ride on bitcoin, does it? so ASIC manufacturers should be rethinking…
would it be like tesla(vericoin) and gas motor vehicles (bitcoin)

[T-800]

Can you also use Veribit to 'pay' yourself? So if you want to exchange VRC to BTC?

That'd be pretty cool.

And how about a reverse system, BTC to VRC?

In alpha phase, I've successfully sent VRC to my BTC wallet with no middle man.
Plus VeriBit Beta is now as fast as a BTC transaction.

As for now, there's no reverse. Who knows..

Awesome.

Guess we'll have to wait for more specific info and new developments.

This is the most exiting altcoin I've seen in months. Just bought some more

[germsite]

In alpha phase, I've successfully sent VRC to my BTC wallet with no middle man.

Actually that's pretty huge but we do need better info on what rates are being used and whether there are limits to the number of coins that can be sent this way.

For instance, if someone was holding 100BTC-worth of VRC that they needed to send to someone as BTC, could they, when the service is fully released, do so without affecting the overall rate of exchange? The equivalent of a 'dump' of VRC to BTC normally has an effect on the market but I'm assuming that the currently centralised nature of VeriBit has these transactions taking place outside of the normal exchange conditions.

If VRC can achieve this degree of liquidity without the rate of exchange applied being negatively affected for large transactions, then it really will become harder to justify being in BTC at all, given that one can earn interest while staking VRC.

No middle man ... except the Veribit service.

Agreed that this could be a big deal if we can get some clarity about fees, and a response to cryptodevil's query

[jdebunt]

New article :

http://www.cryptoarticles.com/crypto-news/vericoin-more-details-about-veribit-physical-silver-vericoins-coming-soon

CryptoDevil, you can read it or not, you can have an opinion, I don't mind at all

I'm not biased towards any coins, as I hardly hold anything except Bitcoin

You can check the donation addresses if you want, there is next to nothing there

[Artoodeetoo]

Thanks for the nice profits vrc, time to move them over to xc now.. Good luck holders

[cryptodevil]

I'm not biased towards any coins,

Says the guy who wrote two desperate articles back-to-back trying to convince people to buy back in to Razorcoin.