[PRE-ANN] Griftcoin [GRIFT] | X17 PoW | PoS | 1st Proof-of-RAM | Limited IPO

[Grifter]

Griftcoin [GRIFT] | Get Grifted!

https://23e581f9788c7942a462-826b8b60bdcccd5086d5eab06549f695.ssl.cf2.rackcdn.com/images/griftcoin400x400.png

_{Basic Griftcoin Specs/Overview/Timeline}

• 10,000,000 Total GRIFT
  
  • PoW [2,500,000 GRIFT]
    
    • X17 PoW Algo [1st?]
    • 14 Days Only [10,000 Blocks]
    • July 31st - August 13th
    • 250 Coins/Block
    • 10% of each PoW block goes to Development Team + Grift Foundation
    • 2 Min Block Target
    • GriftGravity™ Difficulty Adjustment [All-New, Cutting Edge]
  • IPO A [2,500,000 GRIFT]
    
    • Opens July 21st, Closes July 31st
    • Price Determined by Market
  • IPO B [2,500,000 GRIFT]
    
    • Opens August 1st, Closes August 8th
    • Fixed Price [IPO A Price + 10%]
  • PoS + PoR [Proof-of-RAM]
    
    • 10% Annual PoS + 10% Annual PoR for 180 Days
    • 5% Annual PoS + 5% Annual PoR for following 360 Days
    • 1% Annual PoS + 1% Annual PoR Standard [Until Max Coins]
    • From Day 180 forward, 10% of all PoS coins go to the development team

Development team compensated as outlined above. Wallets will be released upon completion of IPO A when the 14-day PoW period begins.

Once we get all of the information updated and the website online, we will take all feedback into consideration and possibly make adjustments to the distribution/etc before opening the IPO. Obviously, without support and trust, this project will not succeed - we understand that. We believe most concerns will be minimized once the Grift Foundation is explained in detail, escrow services are in place, and established members of this community are elected to the board. However, our primary concern is establishing a successful cryptocurrency, business, and charitable foundation all while ensuring a profit for investors. Based on the information available right now, an informed decision cannot be made. Clearly we understand this which is why we will not open the IPO until all information has been made public. We do have intellectual property that will need to be protected and some other unique ideas that could easily be copied in a short period of time. All information will be released within the week and password-protected source and binaries will be posted shortly thereafter; passwords and GitHub source will be released simultaneously with the beginning of the PoW phase, scheduled for July 31st, 2014 00:01 UTC.

This is only the [PRE-ANN] | More info, including detailed technical specifications, previews, and business model coming soon | Bookmark this thread

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[BTMan]

X17 IS NEW ALGO,GOOD LUCK.

[helloword2013]

when？

[totoy]

watching

[trafficolaa]

ipo, no thanks

[Amph]

don't ruin a non-shitty coin(but not good either lol) with an ipo

[Grifter]

PoW+PoS+PoR begins July 31st, 2014 00:01 UTC

[dongle]

I don't believe will be successful,Not a revolutionary

[asroden]

tired of x-N

[atleticofa]

IPO

And 10% of each PoW block goes to Development Team + Grift Foundation

[Grifter]

I don't believe will be successful,Not a revolutionary

Perhaps you should reserve judgment until the Proof-of-RAM specifications are released, at minimum. Griftcoin will be the first coin on the planet to implement this technology and it will benefit both distribution and security in a way never seen before. This is just one of many ways Griftcoin will set the bar.

To those disappointed about the IPO, perhaps you should approach things realistically. Typically, with coins that have a limited/brief PoW periods followed by 100% PoS, initial distribution is determined primarily by rented hash power and/or massive mining farms. By offering a 50% IPO, the funds can go directly toward development, marketing, and all of the other components that will be outlined in our upcoming business model without affecting the value of Griftcoin negatively (as would be the case, typically). We believe this is a better use of funds from both our perspective, obviously, but the investors as well - instead of simply dumping their funds into power and hash rental services those same funds go toward strengthening Griftcoin and solidifying its future.

Another bonus for investors is that there will be no premine (which negatively affects value for a number of reasons) - instead, the development team receives a cut of all PoS after 180 days (as outlined in the original post). This provides a consistent, steady flow that can be likened to vested stock options while also eliminating potential concerns for a dump/etc.

Of course, by implementing an ASIC-resistant (and, to our knowledge, first ever) X17 PoW period for the distribution of 25% of the max supply, we are fusing together a powerful blend of distribution methods that will reach further, diversify more, and offer options for everybody.

There are thousands of options out there and we are truly offering something unique with a distribution model that was thoroughly calculated, debated, and adjusted before locking it in. No coin is one-size-fits-all - Griftcoin is no exception - but the argument could be made that Griftcoin is as close as it gets.

We hope you continue to follow the thread and learn more about what makes Griftcoin so stimulating as we make additional details available.

[Grifter]

IPO

And 10% of each PoW block goes to Development Team + Grift Foundation

This is correct, albeit somewhat misleading - at face value, it appears this is essentially a hidden 2.5% premine. As more details become available, you will learn the actual percentage breakdowns as well as information on the foundation - unlike most altcoin "foundations" the Grift Foundation isn't just another dev wallet - it will serve an actual purpose, we will elect a board of senior forum/community members to publicly manage it, and all coins will be stored in escrow.

As was stated in my previous response to another individual, please reserve judgment until all details are released. This is an extremely basic [PRE-ANN] and the primary purpose is to provide the general timeline and outline so that interested parties can mark key dates on their calendar and/or bookmark this thread for continued updates.

[xlcus]

Do you think it's so easy to cheat money by just copying other's code?

[blue_w1nter]

10% of each block eh... nty

[Grifter]

Do you think it's so easy to cheat money by just copying other's code?

Would you like to know what I think? I think you posted before reading anything in this thread.

Unfortunate? Absolutely. Anticipated? Absolutely.

[srwt]

Do you think it's so easy to cheat money by just copying other's code?

Unfortunate? Absolutely. Anticipated? Absolutely.

Absolutely?
Absolutely??
Absolutely???

http://youtu.be/TLaZSr-f_gw

My suggestion is to rename it to "Nevskiy coin" for russian well-known bodybuilder.

[Grifter]

10% of each block eh... nty

Look 2 posts above yours, read it, and then rethink everything.

Measure twice, post once. If you aren't interested in reading, you have no business posting. Otherwise, you are simply contributing to chaos.

[rayday11]

grift
grift/Submit
NORTH AMERICANinformal
verb
1.
engage in petty swindling.
noun
1.
a petty swindle.

[quasimodo]

IPO and 10% of each PoW block goes to Development Team + Grift Foundation

I have read all and its only "blablablabla" and it means only you are greedy.  

[BillBrasky]

This looks amazing! I heard about this on the radio! I don't know much about coin specs (X17?? Prove my RAM??? 8GB ha) but if you haven't heard about what they have in store with this thing you're in for a treat. One thing they are doing is raising money to help compensate and educate people who have been ripped off trading crypto.