[ANN] RealPay [A new e-commerce business platform][Release Date: TBA]

[TheGlobber]

And this is the same host for the exchange and block validation services or do you have several hosts for these services?

If it is the same (and only) host, what happens if this host goes down again and there's no block validation and no exchange services available when clients need them?

The servers for the exchange and the block validation are entirely different and they will be closely monitored 24/7 by the developers and admins since they will be local servers and not leased from an online host.

We cannot trust online hosts with such important matters and that's why we have our own servers.

[1713896208]

1713896208

[1713896208]

1713896208

[1713896208]

1713896208

[drakahn]

and what sort of security on these local servers?

[Mousepotato]

So we have to pay $100 for a single coin that we won't be able to spend anywhere?  Or am I missing something?

[cunicula]

So we have to pay $100 for a single coin that we won't be able to spend anywhere?  Or am I missing something?

Also, the coin cannot appreciate until the 1 trillion dollar supply is exhausted, so there is no speculative reason to purchase it. If there is a ponzi here, the Realcoin operators haven't provided much incentive for anyone to participate in it. Of course, it is possible that Realcoin is a legitimate business.

[TheGlobber]

and what sort of security on these local servers?

The exchange has been developed by the developers of Intersango so you can expect the same level of security. As you probably already know, Intersango has never had a single incident with their website and thats the goal of RLCXE as well.

[terrytibbs]

and what sort of security on these local servers?

The exchange has been developed by the developers of Intersango so you can expect the same level of security. As you probably already know, Intersango has never had a single incident with their website and thats the goal of RLCXE as well.

Aren't those the same people who accidentally ran code in a production system making it send just over 500BTC to another address?

[TheGlobber]

So we have to pay $100 for a single coin that we won't be able to spend anywhere?  Or am I missing something?

Our plan is to start building multiple services around the network.

Examples of such services found in the BTC network are BitPay and SpendBitcoins as well as others.

EDIT: We are also looking at attracting BTC businesses that would like to be part of the RLC network as well and will closely work with them to create a strong network offering multiple services.

[TheGlobber]

Also, the coin cannot appreciate until the 1 trillion dollar supply is exhausted, so there is no speculative reason to purchase it. If there is a ponzi here, the Realcoin operators haven't provided much incentive for anyone to participate in it. Of course, it is possible that Realcoin is a legitimate business.

There will be speculation before the reserve has been exhausted. We are already discussing potential investments with our bank (HSBC) in HK and the first milestone level to be hit for an investment to be made is around $200,000.

This means that as soon as we reach this amount, we will make it available to our bank for investment thus slowly increasing the price of RLC.

[drakahn]

and what sort of security on these local servers?

The exchange has been developed by the developers of Intersango so you can expect the same level of security. As you probably already know, Intersango has never had a single incident with their website and thats the goal of RLCXE as well.

i meant physical security, like of the central node

[TheGlobber]

and what sort of security on these local servers?

The exchange has been developed by the developers of Intersango so you can expect the same level of security. As you probably already know, Intersango has never had a single incident with their website and thats the goal of RLCXE as well.

i meant physical security, like of the central node

Excuse me but I cannot fully understand your question. Could you please explain what you mean by physical security of the central node?

[drakahn]

whats stopping someone from forcing their way in to where you do business/keep the local server and taking everything, in a physical sense?

[cunicula]

Also, the coin cannot appreciate until the 1 trillion dollar supply is exhausted, so there is no speculative reason to purchase it. If there is a ponzi here, the Realcoin operators haven't provided much incentive for anyone to participate in it. Of course, it is possible that Realcoin is a legitimate business.

There will be speculation before the reserve has been exhausted. We are already discussing potential investments with our bank (HSBC) in HK and the first milestone level to be hit for an investment to be made is around $200,000.

This means that as soon as we reach this amount, we will make it available to our bank for investment thus slowly increasing the price of RLC.

Part of the appeal of your system is that 1 real cent equals 1 US dollar. This keeps computation simple. Consequently, I recommend issuing dividends to realcoin holders as additional realcoin instead of changing the realcoin price. That is, just send out extra realcoin in proportion to people's existing realcoin balances. 

Also you want to establish a commitment that realcoin will never decrease in value unless the entire system collapses. Essentially you offer some risk-free nominal return to investors and then profit based on the margin between this return and the extremely low-risk return offered by your bank. I am afraid that potential profit from this is minimal given the current economic environment (low price inflation, low real interest rate). More inflation will help you.

Of course you could gamble with the money. Maybe you win big or maybe you go bust. That kind of gamble makes a lot of sense on your end if you can keep it hidden. Taking the money and running is another option. In this case, your profit is large if you can convince a lot of people to participate in your ponzi and are able to escape punishment.

Due to these concerns, complete transparency, proven investment in safe assets, and proven location of these assets in countries with strong legal enforcement will be necessary for your success.

[SgtSpike]

Also, the coin cannot appreciate until the 1 trillion dollar supply is exhausted, so there is no speculative reason to purchase it. If there is a ponzi here, the Realcoin operators haven't provided much incentive for anyone to participate in it. Of course, it is possible that Realcoin is a legitimate business.

There will be speculation before the reserve has been exhausted. We are already discussing potential investments with our bank (HSBC) in HK and the first milestone level to be hit for an investment to be made is around $200,000.

This means that as soon as we reach this amount, we will make it available to our bank for investment thus slowly increasing the price of RLC.

Part of the appeal of your system is that 1 real cent equals 1 US dollar. This keeps computation simple. Consequently, I recommend issuing dividends to realcoin holders as additional realcoin instead of changing the realcoin price. That is, just send out extra realcoin in proportion to people's existing realcoin balances. 

Also you want to establish a commitment that realcoin will never decrease in value unless the entire system collapses. Essentially you offer some risk-free nominal return to investors and then profit based on the margin between this return and the extremely low-risk return offered by your bank. I am afraid that potential profit from this is minimal given the current economic environment (low price inflation, low real interest rate). More inflation will help you.

Of course you could gamble with the money. Maybe you win big or maybe you go bust. That kind of gamble makes a lot of sense on your end if you can keep it hidden. Taking the money and running is another option. In this case, your profit is large if you can convince a lot of people to participate in your ponzi and are able to escape punishment.

Due to these concerns, complete transparency, proven investment in safe assets, and proven location of these assets in countries with strong legal enforcement will be necessary for your success.

Vital things for people to keep in the forefront of their mind, for sure.

I do like the idea of investments issuing dividends in the form of more RLC.  This gives incentive for people to hold the coins.

[DeathAndTaxes]

Also, we do NOT disapprove the creation of other exchanges around RLC. We want a competitive market because it is in the best interest of all.

Come on have you actually spent any time thinking this through.


Central agency will sell unlimited coins ONLY $100 ea.
Central agency will buy any sold coins for ONLY $100 ea.

What "competitive market" could exist?
Who would be stupid enough to pay > $100 when they could simply buy a coin from you for $100.
Likewise who would be stupid enough to sell for <$100 when they could simply sell a coin back to you for $100.

What purpose would external exchanges serve?  The same purpose the redundant and useless miners serve?

[bitlane]

So...we can't even PnD this one ?
WTF ?
Miners get TX fees only as block reward ?

[TheGlobber]

Also, the coin cannot appreciate until the 1 trillion dollar supply is exhausted, so there is no speculative reason to purchase it. If there is a ponzi here, the Realcoin operators haven't provided much incentive for anyone to participate in it. Of course, it is possible that Realcoin is a legitimate business.

There will be speculation before the reserve has been exhausted. We are already discussing potential investments with our bank (HSBC) in HK and the first milestone level to be hit for an investment to be made is around $200,000.

This means that as soon as we reach this amount, we will make it available to our bank for investment thus slowly increasing the price of RLC.

Part of the appeal of your system is that 1 real cent equals 1 US dollar. This keeps computation simple. Consequently, I recommend issuing dividends to realcoin holders as additional realcoin instead of changing the realcoin price. That is, just send out extra realcoin in proportion to people's existing realcoin balances. 

Also you want to establish a commitment that realcoin will never decrease in value unless the entire system collapses. Essentially you offer some risk-free nominal return to investors and then profit based on the margin between this return and the extremely low-risk return offered by your bank. I am afraid that potential profit from this is minimal given the current economic environment (low price inflation, low real interest rate). More inflation will help you.

Of course you could gamble with the money. Maybe you win big or maybe you go bust. That kind of gamble makes a lot of sense on your end if you can keep it hidden. Taking the money and running is another option. In this case, your profit is large if you can convince a lot of people to participate in your ponzi and are able to escape punishment.

Due to these concerns, complete transparency, proven investment in safe assets, and proven location of these assets in countries with strong legal enforcement will be necessary for your success.

First of all, i would like to state that RLC will work as a community. Therefore, ideas like the one you posted could come to life since we are looking at creating an appealing e-commerce platform.

Secondly, forgive me if i didnt really got your idea, but how could you track people and their balances especially when they take their money out of the exchange and into client and reward them with dividends? Please dont be harsh if i am missing something here. I am learning more and more about the BTC platform day by day. Your idea sounds interesting so please post some more details if possible about the way you think it could work. I ll pass the details to the others and it might get adopted as i explained above.

Thanx

[TheGlobber]

Also, we do NOT disapprove the creation of other exchanges around RLC. We want a competitive market because it is in the best interest of all.

Come on have you actually spent any time thinking this through.


Central agency will sell unlimited coins ONLY $100 ea.
Central agency will buy any sold coins for ONLY $100 ea.

What "competitive market" could exist?
Who would be stupid enough to pay > $100 when they could simply buy a coin from you for $100.
Likewise who would be stupid enough to sell for <$100 when they could simply sell a coin back to you for $100.

What purpose would external exchanges serve?  The same purpose the redundant and useless miners serve?

Competitive in terms of fees.

As you are probably aware there are fees associated with each exchange. For an exchange it is vital to make some profit to keep the business running. In our case there are very limited avenues to making profit and it is 100% sure that in the beginning there will be a loss till there is interest in RLC.

Now any exchange can buy RLC directly from regular users and sell it back to other users with a fee included.

[SgtSpike]

Also, we do NOT disapprove the creation of other exchanges around RLC. We want a competitive market because it is in the best interest of all.

Come on have you actually spent any time thinking this through.


Central agency will sell unlimited coins ONLY $100 ea.
Central agency will buy any sold coins for ONLY $100 ea.

What "competitive market" could exist?
Who would be stupid enough to pay > $100 when they could simply buy a coin from you for $100.
Likewise who would be stupid enough to sell for <$100 when they could simply sell a coin back to you for $100.

What purpose would external exchanges serve?  The same purpose the redundant and useless miners serve?

I'm not seeing much of a use for other exchanges either.  Unless, perhaps, a black market exchange that loopholes around laws and sells/buys RLC without asking for identification.  But beyond the illegal... why buy/sell from anyone but the central agency?

I suppose if deficiencies in the central agency's exchange, then people might want to go elsewhere to buy them.  Speed deficiencies, etc.  Like buying BTC through bit-pay instead of MtGox.  I can see that happening...

[DeathAndTaxes]

Also, we do NOT disapprove the creation of other exchanges around RLC. We want a competitive market because it is in the best interest of all.

Come on have you actually spent any time thinking this through.


Central agency will sell unlimited coins ONLY $100 ea.
Central agency will buy any sold coins for ONLY $100 ea.

What "competitive market" could exist?
Who would be stupid enough to pay > $100 when they could simply buy a coin from you for $100.
Likewise who would be stupid enough to sell for <$100 when they could simply sell a coin back to you for $100.

What purpose would external exchanges serve?  The same purpose the redundant and useless miners serve?

I'm not seeing much of a use for other exchanges either.  Unless, perhaps, a black market exchange that loopholes around laws and sells/buys RLC without asking for identification.  But beyond the illegal... why buy/sell from anyone but the central agency?

Exactly.  Since RLC is issued by central agency and backed by that agency it functions very similar to a prepaid giftcard.

But wait people buy & sell prepaid giftcards on ebay.  Well they do but only because prepaid issuers don't give refunds.

Say you had $100 Best Buy gift card and you could go to Best Buy and get $100 the only reason to sell it on ebay would be if you could get $101+ for it.  However Best Buy sells $100 gift cards for $100 so why would a buyer pay more?  Only reason a buyer would be looking on ebay would be to pay $99 or less however why would a seller take $99 when the Central Agency will pay $100?

[SgtSpike]

Also, we do NOT disapprove the creation of other exchanges around RLC. We want a competitive market because it is in the best interest of all.

Come on have you actually spent any time thinking this through.


Central agency will sell unlimited coins ONLY $100 ea.
Central agency will buy any sold coins for ONLY $100 ea.

What "competitive market" could exist?
Who would be stupid enough to pay > $100 when they could simply buy a coin from you for $100.
Likewise who would be stupid enough to sell for <$100 when they could simply sell a coin back to you for $100.

What purpose would external exchanges serve?  The same purpose the redundant and useless miners serve?

I'm not seeing much of a use for other exchanges either.  Unless, perhaps, a black market exchange that loopholes around laws and sells/buys RLC without asking for identification.  But beyond the illegal... why buy/sell from anyone but the central agency?

Exactly.  Since RLC is issued by central agency and backed by that agency it functions very similar to a prepaid giftcard.

But wait people buy & sell prepaid giftcards on ebay.  Well they do but only because prepaid issuers don't give refunds.

Say you had $100 Best Buy gift card and you could go to Best Buy and get $100 the only reason to sell it on ebay would be if you could get $101+ for it.  However Best Buy sells $100 gift cards for $100 so why would a buyer pay more?  Only reason a buyer would be looking on ebay would be to pay $99 or less however why would a seller take $99 when the Central Agency will pay $100?

Just thought of something though:  What about RLC to BTC?  Or BTC to RLC?  Since RLC is tied to USD and not BTC, perhaps the central authority won't be trading for anything but USD, and that is what TheGobbler meant about other exchanges picking it up - other exchanges would pick up the RLC to BTC trades.