Why are 800k+ coins for dev?
Isn't that a bit much compared to the low supply of ~10k coins per day?!
Yes.
At current exchange rates (I'm seeing .01BTC on bittrex right now) that's 8000BTC, or roughly $3.6m if he could get someone to buy all of them. I'd like to see someone fork this project with zero premine and have the blocks pay out 80% to fold, 20% to miner, in much the same way devcoin does it. And also, there is no good reason not to merge mine this.
The thing is, nobody had any idea what each curecoin would be worth until people started trading them. Their value is only just beginning to be determined, and we only have a few low volume trades to go by at this point, which may end up being meaningless in the long term. It could turn out that 800k cure do end up being worth millions or billions, and if so, I'm sure the devs have a plan for what they will do with all the extra at some point. No one has said that they are going to necessarily dump them for cash and keep it all for themselves.
Compared with the rarity of this coin (65 coins/10min such as Bitcoin) and the good idea behind this coin, it's pretty sure that the value for 1 CURE will be at least between 0.01 - 0.005 maybe even 0.1 BTC if it's successful. With knowing this I don't like it that 3 persons own 800k of this coin, that's simply to much. Although they have good aims. After 1 year there will be only ~3.6million CURE mined, so the devs still own more than 20% of the coin after 1 year.
And you can't tell me, that if this coin will be successful they won't dump them. Greed is a part of human nature and if they can become millionaires with this coin, I don't think they will relinquish it and rather continue to work on this coin.
He didn't even invest 1200$ of his own money, but the earned money from the IPO to get this coin started.
PS: I don't wanna say that the devs don't have good intenions with this coin, but greed is always greater than good intentions.
That's why I call for the devcoin approach. I don't mind if he gets 3% of the coins. Hell, I'd rather he have 10% of the coins, but only have them paid out as they're mined.
+1
This would be a much better idea.
We understand the concerns. I suppose at this point, unless someone proposes some kind of alternate solution, it'll have to be based on trust. We did actually put in some of our own money, I threw about $2500 at it early on in the project. I'd be interested in some sort of 'lockaway' of the funds to ensure they're only paid out at the expected rate to devs, but I don't see a cryptographically-provable way to do that. If anyone has any proposals, I'm all ears
before i put more rigs on this, let's make sure it is not another scam waiting to happen.
1. what are the public addresses for the premine? the 3% premine wallet for the devs, the 2% premine i guess was given out to the LUCKY few investors, and the other 90% + premine wallet for paying folders out?
The next time I open the cold storage for the premine, Ill grab the address and post it, Ill be sure to do that asap. Soon the premine will be dispersed accordingly to different addresses. I imagine the donors wont want their address to be public, Ill ask them for their permission on that one. As far as Dev addresses, I have no problem posting those. Note: The plans for dev payment is to disperse the dev funds on a monthly basis proportional to the rate the folding funds and sha coin base is mined. The devs will not be receiving their entire % all at once. It will be slowly dispersed to the devs.
Every single time a TX is sent from the premine wallet, Ill be using the comment feature to specify exactly what the funds are going to. I have curecoin.info reserved to serve as a ledger site for every tx we make with the premine.
Let's see some accountability from the dev team. Who exactly are you ? i mean if this turns out huge, and you have millions or billions of dollars of crypto held in your wallets, who are you?
This is me
https://plus.google.com/u/0/+joshsmithCygnusXI/posts - This info is not hidden. If you google search curecoin you should see this profile come up. I have posted my profile already on this forum so if you were following the project you already know who I am. Im not covering myself in a Satoshi like secrecy. I am indeed a real person, I have a couple different office areas I can borrow for purposes of IRL meetings.
I have gone through the steps of making this a legit legally registered by the US gov business. The coins are property of Curecoin LLC, Therefor, if I were to steal anything from the premine it would be the equivalent of stealing from any other entity and you can all make sure I'm charged and sentenced. We are working on creating a non profit foundation as well that will have a set of written bylaws that will enforce this even further.
I have spent $700 trademarking CureCoin, you can verify this on the official USPTO website.
http://tmsearch.uspto.gov/Word Mark CURECOIN
Goods and Services IC 042. US 100 101. G & S: Medical research
Standard Characters Claimed
Mark Drawing Code (4) STANDARD CHARACTER MARK
Serial Number 86147389
Filing Date December 18, 2013
Current Basis 1B
Original Filing Basis 1B
Published for Opposition May 6, 2014
Owner (APPLICANT) Smith, Joshua INDIVIDUAL UNITED STATES 4070 Wilder Rd BAY CITY MICHIGAN 48706
Type of Mark SERVICE MARK
Register PRINCIPAL
Live/Dead Indicator LIVE
Note: The address is a commercial store front in which Im able to borrow office space from. I do not own the business there, Im just allowed to use it for meetings and work space.
I spent another $500 having Curecoin LLC professionally established.
http://www.dleg.state.mi.us/bcs_corp/dt_llc.asp?id_nbr=E3263P&name_entity=CURECOIN%20LLCID Num: E3263P
Name:CURECOIN LLC
Type: Domestic Limited Liability Company
Resident Agent: UNITED STATES CORPORATION AGENTS, INC.
Registered Office Address: 336 W FIRST ST STE 113 FLINT MI 48502
Mailing/Office Address:
Formation/Qualification Date:12-2-2013
Jurisdiction of Origin:MICHIGAN
Managed by: Members
Status: ACTIVE Date: Present
You can verify this here
http://www.dleg.state.mi.us/bcs_corp/sr_corp.aspwhy won't someone else come along and do exactly the same thing without 3% premine and 2% given to a few people that donated before you closed the donation period?
The 2% for donors was a necessary part of launching curecoin. Without their investment Curecoin would not exist today, sure, you can call them lucky, but they took a risk on my project and that's how the investment world works. As far as the 3% for the devs, Curecoin has been (1 and a half years in the making) and will be my full time job. We will be providing pretty much 24/7 support and maintaining and upgrading the folding pool.
If you can find someone that will do that for free, then by all means do it.
If I have missed anything here please let me know. I have been answering questions all night long on the forum, through emails, and so on. I had to make myself some coffee which I rarely do. I'm so proud of this project that I think Ive been up for 24 hours now working away at it. Team Curecoin is currently already the fastest folding team on earth. Is that not amazing?
See here
http://folding.extremeoverclocking.com/team_list.php?s=&srt=5http://folding.extremeoverclocking.com/team_summary.php?s=&t=224497
