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

[setup]

Still 68k needed. What about our masterfudder AltcoinUK? Didn't he promise to donate 100K? Just hot air like everything he wrote!

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[Xosihc]

jl777,

Hope you don't mind but I pulled this off your blog. I was curious about your story and figured instead of asking you a bunch of questions I could just go read it myself.

June 10, 2014, 01:35:15 am

There were 8 full BTC investors that each got 50 million NXT. The rest of 73 got mostly much smaller amounts. I cant say for sure, but I believe half a dozen of the original 8 (I am not sure who the other two are) have given away or sold off half or more of their 50 million along the way. It is simply a very hard thing to not cash out hundreds of thousands of dollars of profits! The smaller holders have most likely sold an even larger percentage on average than the half dozen. There are probably a couple dozen early adopters who purchased 10 to 50 million NXT on the open market. I would say less than 50 of the original 73 and early adopters who got it at 1 BTC per million NXT (!!) still have more than 10 million NXT. probably less than half a dozen still have 50 million and most of those would be the early adopters and not the original founders. So roughly 25 USD millionaires at current 6 cent prices would be my guesstimate. Most of these are down to their long term core holdings and most likely wont sell at any price, short of $1, cuz they already have all the fiat they need. Whats the rush, especially now that NXT is where it is? This means the active liquid NXT is probably around 250 million total, which is still plenty especially with the normal trading volumes of 1 million NXT per day. The deck has already been shuffled, I dont believe there is any organized coalition that can come up with more than 10% to 15% of all NXT. If you know people, you will know how hard it is to get any half dozen to agree on anything! I dont believe any other crypto has this level of dispersion. OK, NEM is fantastically dispersed, but it is not yet and dispersion is not what creates a great crypto. Concentration in few hands, like the three mining pools that have 66%+ of bitcoin, or the instamines for most alts, really make PoW coins insecure. So, while NXT isnt perfect, it is certainly better than PoW simply due to the fact that someone needs to control the majority of market cap(!) not just majority of current mining power. Even DOGE with decent market cap will be able to be attacked very soon and who does this attacking? The bitcoin miners! Yes, it seems they feel a duty to cram the bitcoin blockchain down all sha256 coins and that sure becomes the longest chain real fast. A big laugher for the bitcoin guys and a totally ruined coin for the alt.

Well I have proven that i am no genius, I just work really hard. At first, I was totally lost with this crypto thing, gee that was 6 months ago. Then with NXT being Java and me only knowing C, I started just doing tech support on the main BTT thread.

I started out with 2 bitcoins that I had a hard time getting. Finally had to by it via localbitcoins and paying $100 premium. That seemed wrong! I stumbled into Ripple and at the time (not knowing any better) it seemed like a big improvement over BTC. Actually, it probably is but it has a fatal flaw. The community there is half a dozen guys and a bunch of corporate forum moderators who dont tolerate anything anti-ripple. just mentioning NXT got me reprimanded. Seeing the huge spreads, low liquidity, buggy software and corporatization I predicted ripple would not last long, or at least it would fizzle.

I had sold off my real world assets to get $20K of crypto and by the time I figured out no alt was worth having I put it all into NXT. I had about 600K NXT. Then the whole peercover disaster got me. They lost 150000 NXT during their development of their NXT gateway into ripple and they would have had a hard time surviving if they had to cover it. So I sent them 25% of my total NXT to cover there losses. When it finally came online, it was rejected by most of NXT community, even though it was a viable path to fiat 6 months ago.

One of the big problems of ripple is that they have two major USD gateways, bitstamp and snapswap with peercover a third. The values were often 20%+ different. With the rippling automatically siphoning off the good bitstamp USD into the snapswap that was worth 20% less, it was a big problem. I had managed to make trading gains to overcome the 20% discount, but it took some luck and several good trades to pull out $25K from ripple into normal BTC and then NXT!

So, I started doing some USD conversion service at a 5% fee. Sounds crazy to charge people 5% for changing USd to USD, but people were clamoring for it and within minutes of the funds being available, it was all gone. So, "riskless" 5% was nice, but I had to pull it out of snapswap and send it to bitstamp. Then I had the idea of bypassung this and going from snapswap to peercover USD, maybe even make another few percent. Pretty clever huh? Well, it was fine until peercover got hit by bank fraud exactly the moment ~$10000 of my funds were going through. Poof! all gone. So, enough was enough. I had lost 150000 NXT and now $10000.

Along the way I became the largest WCG miner with a serverfarm I put together using borrowed funds. I was a bit late starting so I didnt get all the easy money, but for a couple of months it was more than paying the bills. So, added more and more servers on credit until I had over 180! On good days clearing $1 or even $2 per server. Soon I would recoup all that was lost, except the mining difficulty kept rising and rising and by end of Feb it was barely breakeven. then ripple announces they are cancelling the WCG program in 30 days. Ooops. I was on month to month, but I couldnt quite ramp things down in time, so profits became losses. Then XRP started to go from 25 XRP per USD to 30,to 40, to 50, ...

I figured it would bounce back so stupidly didnt convert the XRP, figuring after a ripple announcement of a big business deal, it would snap back, at least some. I had to recoup $70000 to breakeven from the stockpiled XRP. All I needed was it to get back to half its peak value. Well, instead of a happy announcement, we got the Jed announcement that he was going to sell 150% of the total market supply in two weeks. So instead of $70000, I was lucky to escape with $7000. And that took some quick trading to double what it would have been.

Looking at all that happened, it is quite surprising that I am where I am today!

Ah, there were three things I did right. I burned a dozen BTC for XCP and purchased and mined DRK in early Feb. So all the horribleness of the ripple based fiasco was erased with the recent DRK explosion in price. My 50000 DRK went from being worth $10000 to $500000! Actually it wasnt that good, as I kept selling off half each time it doubled after I was able to clear my bills. I was too busy to figure out how to get my XCP to an exchange and sell off half when it would have got me 150 BTC, but still I was able to clear something like 400 BTC.

The third thing I did right? Oh, work 80+ hours per week on NXT and started programming in late Feb. programming has always been my fallback, so the same week DRK pulled me out of debt and got me hundreds of BTC, it was only the second biggest thing. NXT AE had created a market cap of some mind boggling amount. I only sold to private investors and just small amounts on the open market. Most all the volumes of my assets are from the early investors and people who purchased on AE.

I strongly feel that NXT is going to get a lot bigger in the future. I have had this feeling from the moment I found out about it last christmas. Assuming that this is the case, then I conclude that NXT based businesses, especially automated ones will act as leveraged NXT. The critical element is for the business to scale with the NXT user base and NXT market cap. That is why I concentrated on financial and tech assets. The financial ones are no-brainer. As NXT marketcap grows, NXTventure will be able to finance larger and larger enterprises and its dividends will scale with NXT. The automated tech companies also will scale almost linearly, but at the high ends of NXT valuations it will not be able to keep up. However, if there is a large external market that it can cannibalize (like all centralized exchanges), its initial growth path will be much faster than NXT can possibly grow.

People say I am doing too many things. maybe I am, but I think this is better than not doing enough things, or not doing anything like some of my critics who are quick to criticize me but I dont see anything they are doing.

I would like to publicly thank aldrin for his generous support of my ideas and his critical donation to me during the darkest times. He just granted me a big chunk of NXT so I didnt have to worry about money. It was a lot more than anybody ever just gave to me before I did a project and with all my expenses covered for the rest of the year I was able to really concentrate on NXTservices instead of wasting time with bill collectors, finding rent money, etc.

Without aldrin I would have been forced to hire myself out as contractor just to pay back debt and bills (I didnt know about DRK going 50x yet). then most likely my NXT work would have been reduced dramatically.

All the TEAM members who now have about one third of what I originally had can also thank aldrin's generosity. I have worked very hard toward a bounty, only to have it suddenly taken away without any notice or conversation. This is not conducive to getting the best talent working hard. I have created a pretty ambitious vision of assets companies and while given time I could probably do most of it myself, I realized aldrin's wisdom. The more people that become vested in NXT, the better for NXT. So I did my usual too much thing and did too much recruiting

So, now I have gone from 2 BTC in hand to coordinating a TEAM of nearly thirty people, one third ownership of half a dozen operating asset companies with a market value of nearly 100 million NXT, in 6 months. I have made many mistakes and I will continue to make mistakes, but I am used to working extra hard to make up for them. I think it is easy for people to say that I became rich too easy, but the above leaves out many other battles I have had behind the scenes. It really wasnt as easy as it sounds.

What is most amazing to me about the NXT community is that the vast majority of people here are good people and are really helping each other as best as they can. The emules and fudster types are few and far between. I think the recent acrimony was due to the big money lost (not made) that put people on edge. I am just one small part of NXT. We just need to do what we can to help each other succeed and NXT is truly unstoppable. Just know this will be a several year marathon to complete the first stage and before the second stage will start.

James

[benthach]

i don't want to bash vericoin but look like it's dead and can't no longer help
now they bring in this jl777 scammer to pump it
i feel so sorry for vericoin as it did make me some money

i can't believed vericoin would put all the trust in one scammer hand. he have about 20 projects and none is ready or even exist.
even if he's really good with coding then it would take years before vericoin turn. in this fast evolving crypto world vericoin would have nothing and keep hanging. so sad
also, he's spending 24/7 on bitcointalk so you think he would have the focus for coding?

[setup]

i don't want to bash vericoin but look like it's dead and can't no longer help
now they bring in this jl777 scammer to pump it
i feel so sorry for vericoin as it did make me some money

i can't believed vericoin would put all the trust in one scammer hand. he have about 20 projects and none is ready or even exist.
even if he's really good with coding then it would take years before vericoin turn. in this fast evolve crypto world vericoin would have nothing and keep hanging. so sad

Before you replace Barabbas you should read and learn. There is a timeframe we are talking about. If the goal (100K) is not reached within a year we get our money out of the escrow back. So we have nothing to lose (except losses). So please read before you start fudding or ask, I'm sure someone will answer your questions.

[benthach]

i don't want to bash vericoin but look like it's dead and can't no longer help
now they bring in this jl777 scammer to pump it
i feel so sorry for vericoin as it did make me some money

i can't believed vericoin would put all the trust in one scammer hand. he have about 20 projects and none is ready or even exist.
even if he's really good with coding then it would take years before vericoin turn. in this fast evolve crypto world vericoin would have nothing and keep hanging. so sad

Before you replace Barabbas you should read and learn. There is a timeframe we are talking about. If the goal (100K) is not reached within a year we get our money out of the escrow back. So we have nothing to lose (except losses). So please read before you start fudding or ask, I'm sure someone will answer your questions.

is there such written gaurantee in this crypto world?
it is like ideas after ideas and scam after scam
i just can't really believe it, it's unbelievable all this ideas from one scammer

like i said vericoin must of really dead to jump in this sinking scammer boat

so many projects is trust to a motorboat mouth scammer who is bitcointalk addicted 24/7 

[YoyodyneSystems]

I've been following this all very closely from the start of BTCD.
In 7 weeks James' coin went from 4k satoshi (or less) to 1.58 million satoshi.
And it has held it's ground the entire way.
For that project, and the others such as the SuperNET, the creativity level and energy levels are clearly off the charts.

There is always risk in Crypto. As is in life.
I think this kind of innovation should be supported and rewarded.

[setup]

i don't want to bash vericoin but look like it's dead and can't no longer help
now they bring in this jl777 scammer to pump it
i feel so sorry for vericoin as it did make me some money

i can't believed vericoin would put all the trust in one scammer hand. he have about 20 projects and none is ready or even exist.
even if he's really good with coding then it would take years before vericoin turn. in this fast evolve crypto world vericoin would have nothing and keep hanging. so sad

Before you replace Barabbas you should read and learn. There is a timeframe we are talking about. If the goal (100K) is not reached within a year we get our money out of the escrow back. So we have nothing to lose (except losses). So please read before you start fudding or ask, I'm sure someone will answer your questions.

is there such written gaurantee in this crypto world?
it is like ideas after ideas and scam after scam
i just can't really believe it, it's unbelievable all this ideas from one scammer

like i said vericoin must of really dead to jump in this sinking scammer boat

I don't know if they sign a contract and I really don't care. The money is in Dougs hand and he will only transfer it with  the communities permission. James also committed not to sell any of the coins for a period of at least three years. So again: no risk for Vericoin and its investors. Did you see that the price is at 18K? It's not because of the disappeared scammers in here that I really don't miss.

[benthach]

I've been following this all very closely from the start of BTCD.
In 7 weeks James' coin went from 4k satoshi (or less) to 1.58 million satoshi.
And it has held it's ground the entire way.
For that project, and the others such as the SuperNET, the creativity level and energy levels are clearly off the charts.

There is always risk in Crypto. As is in life.
I think this kind of innovation should be supported and rewarded.

BTCD has less than 1,200,000 coins. We're at over 20 million here, so yeah...we won't be seeing those prices anytime soon.

BTCD's price at the moment is a pump. IMO, I think it's like Cloak...just smoke and mirrors. At the end of the day, all of those ideas sound really good...but they won't come to be.

XST has a good chance of being used in markets, which will give it more than just speculative value. I've yet to see a more professional...down to earth...goal driven team...then what I see here.

I'm not hating on BTCD, and wish it well, but we'll talk about how awesome it is after everything is implemented.

all of those ideas sound really good...but they won't come to be
this is why i call him a scammer

[xamido]

i don't want to bash vericoin but look like it's dead and can't no longer help
now they bring in this jl777 scammer to pump it
i feel so sorry for vericoin as it did make me some money

i can't believed vericoin would put all the trust in one scammer hand. he have about 20 projects and none is ready or even exist.
even if he's really good with coding then it would take years before vericoin turn. in this fast evolving crypto world vericoin would have nothing and keep hanging. so sad
also, he's spending 24/7 on bitcointalk so you think he would have the focus for coding?

Dude, quoting your own post reek of desperation for attention.

[benthach]

i don't want to bash vericoin but look like it's dead and can't no longer help
now they bring in this jl777 scammer to pump it
i feel so sorry for vericoin as it did make me some money

i can't believed vericoin would put all the trust in one scammer hand. he have about 20 projects and none is ready or even exist.
even if he's really good with coding then it would take years before vericoin turn. in this fast evolve crypto world vericoin would have nothing and keep hanging. so sad

Before you replace Barabbas you should read and learn. There is a timeframe we are talking about. If the goal (100K) is not reached within a year we get our money out of the escrow back. So we have nothing to lose (except losses). So please read before you start fudding or ask, I'm sure someone will answer your questions.

is there such written gaurantee in this crypto world?
it is like ideas after ideas and scam after scam
i just can't really believe it, it's unbelievable all this ideas from one scammer

like i said vericoin must of really dead to jump in this sinking scammer boat

I don't know if they sign a contract and I really don't care. The money is in Dougs hand and he will only transfer it with  the communities permission. James also committed not to sell any of the coins for a period of at least three years. So again: no risk for Vericoin and its investors. Did you see that the price is at 18K? It's not because of the disappeared scammers in here that I really don't miss.

in this fast evolving crypto world vericoin should be dead within 6 months if they don't do the coding themself, it don't need to be 3 years. by the sound the coding for vericoin could take years! all the hard earn money into one scammer hand, unbelievable.

[setup]

i don't want to bash vericoin but look like it's dead and can't no longer help
now they bring in this jl777 scammer to pump it
i feel so sorry for vericoin as it did make me some money

i can't believed vericoin would put all the trust in one scammer hand. he have about 20 projects and none is ready or even exist.
even if he's really good with coding then it would take years before vericoin turn. in this fast evolve crypto world vericoin would have nothing and keep hanging. so sad

Before you replace Barabbas you should read and learn. There is a timeframe we are talking about. If the goal (100K) is not reached within a year we get our money out of the escrow back. So we have nothing to lose (except losses). So please read before you start fudding or ask, I'm sure someone will answer your questions.

is there such written gaurantee in this crypto world?
it is like ideas after ideas and scam after scam
i just can't really believe it, it's unbelievable all this ideas from one scammer

like i said vericoin must of really dead to jump in this sinking scammer boat

I don't know if they sign a contract and I really don't care. The money is in Dougs hand and he will only transfer it with  the communities permission. James also committed not to sell any of the coins for a period of at least three years. So again: no risk for Vericoin and its investors. Did you see that the price is at 18K? It's not because of the disappeared scammers in here that I really don't miss.

in this fast evolving crypto world vericoin should be dead in 6 month if they don't do the coding themself, it don't need to be 3 years. by the sound the coding for vericoin could take years! all the hard earn money into one scammer hand, unbelievable.

Ok, last try: he gets nothing if he is not successful. Got it? End of discussion!

[barabbas]

041.msg8709538#msg8709538 date=1410067290]
Where is BarbASS at??   
[/quote]

I am here watching in pure delight the rffects of this deal that,  I remind you and everyone, I WAS THE FIRST IN THIS FORUM TO FULLY SUPPORT.

The recent events, as you must know, fully confirm everything I have been posting here for months...

[benthach]

greed with no reason what a noobs investors

[Autodidact]

lol these people are hilarious.  I'm glad we can drown them out with positive discussion now   Come on everyone lets move!

[jl777]

how many of the top 100 have escrowed?
When 50 of them have I will add 200K VRC

James

[libertynow]

how many of the top 100 have escrowed?
When 50 of them have I will add 200K VRC

James

Sweet, thanks James!

[cryptonikus]

So James is going to create some cool technology for Vericoin in order to enter the SuperNET. Isnt it funny?

So now everyone is going to made up some BS technology and ask James if it would be interesting for SuperNET?

Looks like it will be the ultimate pump and dump game. Some pumpers will announce "technology" and say they are in, price moving up , they dumping...and again "next coin please"

[libertynow]

So James is going to create some cool technology for Vericoin in order to enter the SuperNET. Isnt it funny?

So now everyone is going to made up some BS technology and ask James if it would be interesting for SuperNET?

Looks like it will be the ultimate pump and dump game. Some pumpers will announce "technology" and say they are in, price moving up , they dumping...and again "next coin please"

It's funny that you're trying to take something very straightforward and twist it.  James has a reputation of being a solid active dev and not a pumper.  So calling him a pumper is completely false.

[cryptonikus]

So James is going to create some cool technology for Vericoin in order to enter the SuperNET. Isnt it funny?

So now everyone is going to made up some BS technology and ask James if it would be interesting for SuperNET?

Looks like it will be the ultimate pump and dump game. Some pumpers will announce "technology" and say they are in, price moving up , they dumping...and again "next coin please"

It's funny that you're trying to take something very straightforward and twist it.  James has a reputation of being a solid active dev and not a pumper.  So calling him a pumper is completely false.

Sorry I dont consider james to be pumper, Im talking about people in crypto industry, they will be using SuperNET for pumping their coins.

I respect James, I just think the situation that is ahead of us will be funny.

[setup]

Come on guys. We still need 66k in the fund. If you haven't donated already please do so. It's not lost, you will profit from it as well as the whole community. So please put some VRC in the escrow.

Regards,
Michael