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

[Monkeys]

Yes! I love the idea of having at attempt at generating coins every time you pay with a Vericoin! Of course the more you pay the more attempts you get at generating and being rewarded with coin.

Despite the fact that I also like the idea, we have to take into account that paying with VRC is the same as transferring from an address to another address. This means that I could set 2 wallets and spend the day transferring coins from one to the other.

It can't be compared to paypal or CC because those paying methods charge a higher fee per transaction.

But the concept of creating an incentive is valid. It's just a matter of finding the right way to accomplish it.

Yes this issue had occurred to me also. I guess the incentive would have to be limited in some way to control for this possible exploit. Perhaps some way of analysing the transfers to determine if they are genuine or not? Ie, not to the same address and back again in similar amounts. Or as part of the merchant reward program, merchants might have to become "registered" and then only when coins are sent to registered merchants can coins be earned? Or perhaps in a similar way that staking only works with mature coins, that only mature coins can earn a chance at generating new coins?

I'm sure that someone with much greater technical knowledge than myself could devise a remards system which is fairly resistant to exploitation.

[socal]

Check out VRCRadio.com, I've taken over and I am taking questions!!

[Monkeys]

Yes! I love the idea of having at attempt at generating coins every time you pay with a Vericoin! Of course the more you pay the more attempts you get at generating and being rewarded with coin.

Despite the fact that I also like the idea, we have to take into account that paying with VRC is the same as transferring from an address to another address. This means that I could set 2 wallets and spend the day transferring coins from one to the other.

It can't be compared to paypal or CC because those paying methods charge a higher fee per transaction.

But the concept of creating an incentive is valid. It's just a matter of finding the right way to accomplish it.

To be a merchant partner perhaps we would need some sort of verification / legal framework to set up. This is a thing most cryptos would cringe upon. But, in the world of business, its something that is required for them. So what do we do if we want to go mainstream? We have to cater to business and the framework that surrounds them. If a business needs x amount of security, we need to have it. If a business needs incentives to get them to use it, we need to figure out a way to give them the incentives they require.

I like where this convo is headed. Debate and constructive criticism is very welcome.

I've also discussed this issue of "anonymity" which some in the crypto world seem to hold so dear. I do believe that this is precisely what is holding the crypto world back! Why not take it in the other direction, and have VERIFIED wallets, in the same way that you would have to verify your identity with Paypal, Pokerstars, or pretty much any other institution which involves the deposition and withdrawal of money.

Now this would not need to be mandatory, but optional for those that want to conduct business transactions with Vericoin and would like to know that the person they are dealing with has verified their identity in some way.

This really is the only way forward I believe.

Sure lets keep the transactions anonymous for personal and 'other' activities, but for professional business transactions do you really want to be sending money to a completely anonymous entity, or even receiving money from a completely anonymous entity for that matter?

Keep the idea coming =)

Also, just as an aside, I transferred some Vericoin from Mintpal the other day, man was it fast! Once I figured out that I needed to click the link in the withdrawal confirmation email that is =P

[ofp]

To be a merchant partner perhaps we would need some sort of verification / legal framework to set up. This is a thing most cryptos would cringe upon. But, in the world of business, its something that is required for them. So what do we do if we want to go mainstream? We have to cater to business and the framework that surrounds them. If a business needs x amount of security, we need to have it. If a business needs incentives to get them to use it, we need to figure out a way to give them the incentives they require.

I like where this convo is headed. Debate and constructive criticism is very welcome.

Yes this issue had occurred to me also. I guess the incentive would have to be limited in some way to control for this possible exploit. Perhaps some way of analysing the transfers to determine if they are genuine or not? Ie, not to the same address and back again in similar amounts. Or as part of the merchant reward program, merchants might have to become "registered" and then only when coins are sent to registered merchants can coins be earned? Or perhaps in a similar way that staking only works with mature coins, that only mature coins can earn a chance at generating new coins?

I'm sure that someone with much greater technical knowledge than myself could devise a remards system which is fairly resistant to exploitation.

Well, I guess there's no place for a "registered" account in a pure P2P environment. I could easily set up a registered account and receive coins in this account and then transfer them to another one and back to the registered one. There's no escape from this when the cost is lower than the incentive. So, the key is to statistically ensure that the combined cost for forging transactions is smaller than the possible incentive. This would work just fine.

[Monkeys]

Check out VRCRadio.com, I've taken over and I am taking questions!!

Loooooool!! At the song currently playing =P

How do I chat on the radio channel?

[ScottAllyn]

OK, so the argument against forking the blockchain in the future because of theft are from a technical perspective ?

Imagine a world where VeriCoin is a big as Bitcoin currently is. A rollback in such a world would directly affect tens of thousands of people (if not more). Hundreds of stores/online shops/travel agencies/etc would suddenly lose the currency that they received for merchandise delivered/services rendered. It'd be a disaster.

[Monkeys]

To be a merchant partner perhaps we would need some sort of verification / legal framework to set up. This is a thing most cryptos would cringe upon. But, in the world of business, its something that is required for them. So what do we do if we want to go mainstream? We have to cater to business and the framework that surrounds them. If a business needs x amount of security, we need to have it. If a business needs incentives to get them to use it, we need to figure out a way to give them the incentives they require.

I like where this convo is headed. Debate and constructive criticism is very welcome.

Yes this issue had occurred to me also. I guess the incentive would have to be limited in some way to control for this possible exploit. Perhaps some way of analysing the transfers to determine if they are genuine or not? Ie, not to the same address and back again in similar amounts. Or as part of the merchant reward program, merchants might have to become "registered" and then only when coins are sent to registered merchants can coins be earned? Or perhaps in a similar way that staking only works with mature coins, that only mature coins can earn a chance at generating new coins?

I'm sure that someone with much greater technical knowledge than myself could devise a rewards system which is fairly resistant to exploitation.

Well, I guess there's no place for a "registered" account in a pure P2P environment. I could easily set up a registered account and receive coins in this account and then transfer them to another one and back to the registered one. There's no escape from this when the cost is lower than the incentive. So, the key is to statistically ensure that the combined cost for forging transactions is smaller than the possible incentive. This would work just fine.

I'm sure there is a better solution than that. It would be nice if the incentives outweighed the transaction fees in the long term, such that there is a real incentive for people to use the coin. The potential for exploitation could be alleviated by adding some restrictions on when coin would have a chance at earning new coin, ie mature coins only, only to registered merchants, only once transaction per day per coin etc. Enough restrictions like this would make it not worth it for people looking to exploit the system, but would still encourage regular users to choose Vericoin for the hope of earning a reward.

[buy4crypto]

Can any business owners around the community weigh in? What would a currency/payment system have to do to make you, and your customers chose vericoin over the other forms of payment you might accept?

Also, what would be great is if our Dev team, and maybe community decide what we want to call ourself.

Are we any other crypto? Are we a payment processor? Are we a currency? It would be great to get the community behind a common goal so we can better organize to go after our target audience. We lack direction right now. Once we get direction we can stand up for what we believe in, and be united again. Like we where in the days after the hack. We need to find our common goal again, and stand out from the crowd.

[lootz]

OK, so the argument against forking the blockchain in the future because of theft are from a technical perspective ?

Imagine a world where VeriCoin is a big as Bitcoin currently is. A rollback in such a world would directly affect tens of thousands of people (if not more). Hundreds of stores/online shops/travel agencies/etc would suddenly lose the currency that they received for merchandise delivered/services rendered. It'd be a disaster.

It is the wrong thing to do BUT it was the rite thing to do. Vericoin is in its early stages so the effect was virtually nill. Bitcoin did it also in its early stages so if you feel it will affect the coin just look at where BTC is today. I am happy it was still possible to do it because it will not be once VRC gets bigger and in more hands

[BitcoinPorn]

Never invest what you can't afford to lose. 

dont be arrogant- be part of the community. dont throw people off.

Arrogant?     It's a real truth and a rule people who not only day trade, but even long term investors, should apply.    If people are putting in money to ANY coin that they should be paying their bills with, I gladly hope they are thrown off and come back into digital currencies when they are able to accept loss. 

[ofp]

To be a merchant partner perhaps we would need some sort of verification / legal framework to set up. This is a thing most cryptos would cringe upon. But, in the world of business, its something that is required for them. So what do we do if we want to go mainstream? We have to cater to business and the framework that surrounds them. If a business needs x amount of security, we need to have it. If a business needs incentives to get them to use it, we need to figure out a way to give them the incentives they require.

I like where this convo is headed. Debate and constructive criticism is very welcome.

Yes this issue had occurred to me also. I guess the incentive would have to be limited in some way to control for this possible exploit. Perhaps some way of analysing the transfers to determine if they are genuine or not? Ie, not to the same address and back again in similar amounts. Or as part of the merchant reward program, merchants might have to become "registered" and then only when coins are sent to registered merchants can coins be earned? Or perhaps in a similar way that staking only works with mature coins, that only mature coins can earn a chance at generating new coins?

I'm sure that someone with much greater technical knowledge than myself could devise a rewards system which is fairly resistant to exploitation.

Well, I guess there's no place for a "registered" account in a pure P2P environment. I could easily set up a registered account and receive coins in this account and then transfer them to another one and back to the registered one. There's no escape from this when the cost is lower than the incentive. So, the key is to statistically ensure that the combined cost for forging transactions is smaller than the possible incentive. This would work just fine.

I'm sure there is a better solution than that. It would be nice if the incentives outweighed the transaction fees in the long term, such that there is a real incentive for people to use the coin. The potential for exploitation could be alleviated by adding some restrictions on when coin would have a chance at earning new coin, ie mature coins only, only to registered merchants, only once transaction per day per coin etc. Enough restrictions like this would make it not worth it for people looking to exploit the system, but would still encourage regular users to choose Vericoin for the hope of earning a reward.

Incentives could be concentrated, like a lottery. For example: every 100,000 transaction would participate in a draw that would pay 50% of the collected fees (many scattered prizes that collectively sum up 50% of the transaction fees).

[Monkeys]

Can any business owners around the community weigh in? What would a currency/payment system have to do to make you, and your customers chose vericoin over the other forms of payment you might accept?

Also, what would be great is if our Dev team, and maybe community decide what we want to call ourself.

Are we any other crypto? Are we a payment processor? Are we a currency? It would be great to get the community behind a common goal so we can better organize to go after our target audience. We lack direction right now. Once we get direction we can go after proper marketing.

I'd like to see it become all of those things, except for JUST ANOTHER CRYPTO =P

Imo, all other crypto's bar Bitcoin and maybe one of the social currencies (probably Doge, but Reddcoin is showing some promise) will fade to nothing eventually.

Vericoin should be aiming to distance itself from other crypto's and to become something in it's own right.

[Monkeys]

To be a merchant partner perhaps we would need some sort of verification / legal framework to set up. This is a thing most cryptos would cringe upon. But, in the world of business, its something that is required for them. So what do we do if we want to go mainstream? We have to cater to business and the framework that surrounds them. If a business needs x amount of security, we need to have it. If a business needs incentives to get them to use it, we need to figure out a way to give them the incentives they require.

I like where this convo is headed. Debate and constructive criticism is very welcome.

Yes this issue had occurred to me also. I guess the incentive would have to be limited in some way to control for this possible exploit. Perhaps some way of analysing the transfers to determine if they are genuine or not? Ie, not to the same address and back again in similar amounts. Or as part of the merchant reward program, merchants might have to become "registered" and then only when coins are sent to registered merchants can coins be earned? Or perhaps in a similar way that staking only works with mature coins, that only mature coins can earn a chance at generating new coins?

I'm sure that someone with much greater technical knowledge than myself could devise a rewards system which is fairly resistant to exploitation.

Well, I guess there's no place for a "registered" account in a pure P2P environment. I could easily set up a registered account and receive coins in this account and then transfer them to another one and back to the registered one. There's no escape from this when the cost is lower than the incentive. So, the key is to statistically ensure that the combined cost for forging transactions is smaller than the possible incentive. This would work just fine.

I'm sure there is a better solution than that. It would be nice if the incentives outweighed the transaction fees in the long term, such that there is a real incentive for people to use the coin. The potential for exploitation could be alleviated by adding some restrictions on when coin would have a chance at earning new coin, ie mature coins only, only to registered merchants, only once transaction per day per coin etc. Enough restrictions like this would make it not worth it for people looking to exploit the system, but would still encourage regular users to choose Vericoin for the hope of earning a reward.

Incentives could be concentrated, like a lottery. For example: every 100,000 transaction would participate in a draw that would pay 50% of the collected fees (many scattered prizes that collectively sum up 50% of the transaction fees).

A lottery would be nice, but still is open to being exploited without other restrictions like some of those I mentioned or something better =)

[Monkeys]

What about a referral program for encouraging people to get their friends to sign up and use AND BUY Vericoin?

Thoughts?

[buy4crypto]

Lottery may be illegal for some people. Other forms of "reward" might be more widely accepted.

[Monkeys]

Lottery may be illegal for some people. Other forms of "reward" might be more widely accepted.

I wouldnt be too concerned about it being classified as a 'lottery' for legal purposes.

I do think that people wouldn't really see it as much of an incentive though unless there was at least a somewhat real chance they might actually see a reward from a transaction. It wouldn't have to be much, even small rewards can make a big impact on a persons perception. Even the 'staking' income is tiny, but significant in its own way. I've seen less than 1 VRC rewarded to me from my staking, yet I still stake because I like to see those small rewards =)

[lootz]

What about a referral program for encouraging people to get their friends to sign up and use AND BUY Vericoin?

Thoughts?

OK guys I had a good idea you tell me if it is great but I do not want to post in here,  so I will post in veritalk forum. I am not a fan of this forum for my verifamily members this is more for swing traders

[ofp]

Lottery may be illegal for some people. Other forms of "reward" might be more widely accepted.

Well, Ok, but the concept is to "concentrate" the reward to few people and make it proportional to the collected transaction fees. So, in my example we would pay (or reward) 50% of the collected transaction fees to a small number of "happy merchants" which is very compelling in my opinion.

[Monkeys]

What about a referral program for encouraging people to get their friends to sign up and use AND BUY Vericoin?

Thoughts?

OK guys I had a good idea you tell me if it is great but I do not want to post in here due so I will post in veritalk forum. I am not a fan of this forum for my verifamily members this is more for swing traders

I'll be watching for your idea in the Veritalk forum too. Still though why not post it here for others? You may not like this forum, understandably so, but it would be good to fill it with some positive and constructive information rathen than just FUD and people crying about their investments (myself included).

Like it or not, this is the forum that comes up when searching Google for Vericoin information.. We should do what we can to make it a positive place =)

[leckey]

Is anyone around the Bitcoin Center in NYC, that has some time to promote VeriCoin before the party?


Can we organize a giveaway of VeriCoin around the city leading up to the event?  

Perhaps use social media to tell people where to go, or hints about where the free VeriCoin are? We could place some paper wallets with like 100 VRC in them each + instructions on how to download a wallet, ect.

I would contribute to the giveaway if anyone would be willing to do this. The rest of the community can help with small donations, and by using twitter, ect to promote the giveaway. Maybe we get our story picked up, maybe not. Regardless we can educate people about VeriCoin in the Financial hub of the world.


This is a opportunity that we need to use to create brand awareness. A giveaway leading up to a VeriCoin party at Bitcoin Center seems like a logical way for a community that cares to show we are 1 step ahead of the game. That we care just a little more than the next coin, that we will work just a little bit harder than the rest.

I thought you were "done" with VRC since the price fell  

Look again, I said I was done with this forum, and I am. Sorry I had a great idea that I thought was worth sharing. The reason I am done, and for GOOD now, is responses like what you are doing right now. People have a way of sidestepping progression on this forum and attacking others. It's a great idea I said I would help fund, and the only response is that of a troll. After this response you just affirmed why I should not have even posted something positive like that. Anyone with good ideas is shot down for some reason instead of trying to build it up. A community will never grow with a foundation of assholes like has been posting for the past few days - weeks.

I will hold VeriCoin no matter what until a team comes that can do "mainstream" better. As of right now this is the only game in town so I support it. Though I will not speak again, you are right. I will preserve sanity over messing with the kiddies who want to turn this into a forum full of people who wish to bring others down.



People like you Leckey, make me want to sell out everything I own and move on. You know I am looking for support making a VRC faucet, You HAVE a VRC faucet. I LINK MY WEBSITE TO YOUR FAUCET Yet you will not help me make another one for the community because it would be competition for you. Not only will you not help me, you chose to attack me.

So its better I just not look at this forum, and all the wonderful people who post here.

Ahh I see thank you for the information I will now be removing lekeys faucet from vericoinish.com and work on creating my own this weekend. Then I will give you a copy of the scrypt B4C.

Feel free to remove it. However you should know, that not once has he asked for any help from me - help which I would gladly give (as specified in a previous post in thread). What he's saying with regards to me not wanting to help because of competition is 100% false. But sure, jerk knees some more.

Edit: And I don't think of it as *my* faucet. Sure, I created it - but there are many people who contribute to the balance besides myself.