[ANN] QIBUCK COIN - X13 - POS/POBH - 1st Proof of Baghold and asset backed.

[poornamelessme]

Maybe I look at the coin in the wrong way, but personally I think people are focusing on this proof of baghold thing a bit too much. In that I mean, it's not the sole aspect of this coin.

They took in a ton of btc money. Normally when an IPO/ICO coin does this, the dev tends to take all or most of the funds for himself. Here, it's meant for the coin. Poloniex won't let the devs just take the money and run, it's in their rules.

I'd expect at least some of that btc will be used for new coin features too. If they just took 1/3rd of the funds for coin features, it should pay for a decent number of things. Anonymity... fancy wallets, veribit type systems, decentralized marketplace, marketing... lots of stuff are possible.

I'm not saying how the devs will use the funds, as perhaps they have other plans. But it's very feasible to add those types of things with the funding they have. I view the baghold thing as simply a little extra, almost like POS but in btc payouts ... won't amount to much per investor, but it's freebie money. The new coin features they add using the ICO money is what really could matter.

[istvandv]

I view the baghold thing as simply a little extra, almost like POS but in btc payouts ... won't amount to much per investor, but it's freebie money. The new coin features they add using the ICO money is what really could matter.

+1

Exactly what im also trying to point out.  Proof of Baghold is an extra and chance at freebie money with minimum maturity of 30 days and payout in BTC.  Bagholding is just Phase 1 of the roadmap in the OP.

[shojayxt]

Another ICO on Poloniex? 

Looks like Millionaire coin all over again.

[poornamelessme]

Another ICO on Poloniex? 

Looks like Millionaire coin all over again.

Except Poloniex didn't have ICD rules for Millionaire. In fact, I expect all the complaints about Mil is what led Polo to creating the ICD rules to begin with. Busoni saw the writing on the wall ... which Bittrex has strangely been ignoring.

[Bitcoin_Mafia_Me]

Another ICO on Poloniex? 

Looks like Millionaire coin all over again.

Ugh. Don't lump QBK in wilth MIL. I lost a bit of BTC on MIL b/c the dev took the money and ran after the ICO. That
was under Poloniex's old way of handling ICOs. After the MIL fiasco, they completely revamped how they run ICOs
to make sure that history couldn't repeat itself.

If we planned on running off with the money, we could have held the ICO on an exchange that would have let US be
in control of the funds.

[shojayxt]

Another ICO on Poloniex? 

Looks like Millionaire coin all over again.

Ugh. Don't lump QBK in wilth MIL. I lost a bit of BTC on MIL b/c the dev took the money and ran after the ICO. That
was under Poloniex's old way of handling ICOs. After the MIL fiasco, they completely revamped how they run ICOs
to make sure that history couldn't repeat itself.

If we planned on running off with the money, we could have held the ICO on an exchange that would have let US be
in control of the funds.

Well I hope this works out for the people that have invested in it.

[doubleredrolex]

Im in for half a BTC worth. I know JtGangus so i'll invest and see where it goes. Looks interesting anyways.

Lonnie

[istvandv]

i think the skype verification idea came up because of the issue raised regarding how you could cheat the system by having multiple addresses by one bagholder

personally, i dont mind the skype verification but im sure others do not like the idea and i suspect that is one factor which caused some ICO buyers to immediately sell their coins

id like to point out that many are confusing the bagholder payout
if you have 1000 coins and decide to split into 10 Mini bags... that is not equal to 200%
rather what you have is 10 shares from the MINI pool  

you are still better of just going for the MIDI pool, remember you also get a share from the MINI pool

1 share of MIDI pool + 1 share of MINI pool > 10 shares of the MINI pool


---------------------

still if i have 2000 coins, why should i be restricted from having 2 shares of the MIDI pool? naturally, i would want the maximum profit.  If i will be restricted to just 1 share, then id rather have only 1000 coins

shouldnt it be just automatic, like for example if an address has 6789 coins then that is 6 shares MIDI and 6 shares MINI? that would actually save in logistics cost since it would be only 1 card to print and deliver

[Bitcoin_Mafia_Me]

Well I hope this works out for the people that have invested in it.

Thanks. I know we are off to a bit of a bumpy start, but we're pulling it together and we aren't
going anywhere - that's the important part. So trolls and detractors be damned...we're here to
stay

[MadGhost]

Im in for half a BTC worth. I know JtGangus so i'll invest and see where it goes. Looks interesting anyways.

Lonnie

thats looks good to me

[Bitcoin_Mafia_Me]

i think the skype verification idea came up because of the issue raised regarding how you could cheat the system by having multiple addresses by one bagholder

personally, i dont mind the skype verification but im sure others do not like the idea and i suspect that is one factor which caused some ICO buyers to immediately sell their coins

id like to point out that many are confusing the bagholder payout
if you have 1000 coins and decide to split into 10 Mini bags... that is not equal to 200%
rather what you have is 10 shares from the MINI pool  

you are still better of just going for the MIDI pool, remember you also get a share from the MINI pool

1 share of MIDI pool + 1 share of MINI pool > 10 shares of the MINI pool


---------------------

still if i have 2000 coins, why should i be restricted from having 2 shares of the MIDI pool? naturally, i would want the maximum profit.  If i will be restricted to just 1 share, then id rather have only 1000 coins

shouldnt it be just automatic, like for example if an address has 6789 coins then that is 6 shares MIDI and 6 shares MINI? that would actually save in logistics cost since it would be only 1 card to print and deliver

There is still only 1 card regardless.

[qiwoman2]

i think the skype verification idea came up because of the issue raised regarding how you could cheat the system by having multiple addresses by one bagholder

personally, i dont mind the skype verification but im sure others do not like the idea and i suspect that is one factor which caused some ICO buyers to immediately sell their coins

id like to point out that many are confusing the bagholder payout
if you have 1000 coins and decide to split into 10 Mini bags... that is not equal to 200%
rather what you have is 10 shares from the MINI pool  

you are still better of just going for the MIDI pool, remember you also get a share from the MINI pool

1 share of MIDI pool + 1 share of MINI pool > 10 shares of the MINI pool


---------------------

still if i have 2000 coins, why should i be restricted from having 2 shares of the MIDI pool? naturally, i would want the maximum profit.  If i will be restricted to just 1 share, then id rather have only 1000 coins

shouldnt it be just automatic, like for example if an address has 6789 coins then that is 6 shares MIDI and 6 shares MINI? that would actually save in logistics cost since it would be only 1 card to print and deliver

Having one share of MIDI is better because less dilution of pool..If you dilute to 7 shares, means each share is also going to be less.

[poornamelessme]

you are still better of just going for the MIDI pool, remember you also get a share from the MINI pool

1 share of MIDI pool + 1 share of MINI pool > 10 shares of the MINI pool


---------------------

still if i have 2000 coins, why should i be restricted from having 2 shares of the MIDI pool? naturally, i would want the maximum profit.  If i will be restricted to just 1 share, then id rather have only 1000 coins

shouldnt it be just automatic, like for example if an address has 6789 coins then that is 6 shares MIDI and 6 shares MINI? that would actually save in logistics cost since it would be only 1 card to print and deliver

On the first point, very possible. It really comes down to numbers, as depending on the numbers in each pool, it may be more profitable to cheat the system and go for multiple smaller wallets in a lower pool vs one share in a bigger one. I expect that probably won't be the case, but again, it depends on how many are in each pool.

Where it would be advantageous to cheat is when someone has 2K coins, like you say, or however many within that same pool. Then they would get multiple shares in the same pool.

Instead of the Skype idea, which the more I think about it, the less I like it, I'd instead suggest:

IP check
Social Media check
Physical address for cards

Your automatic share idea isn't bad. If someone has 6K coins, they get 6 midi shares (plus lower shares). No need to cheat then, as the only possible benefit would be to break them down into a lower pool, which very possibly would be less profitable based on the total numbers in each pool ... I expect many wouldn't even bother. It could get iffy with big whales though, as they may take their extra coin then and would benefit by breaking their extra coins into smaller wallets -- as they only need so many coins for the max share, the leftovers could be used to cheat the system.

----

The other way around it is forget the different pools, treat it sort of like POS. Just take the number of folks who sign up for the month, add up their coins, and split the pot. Each coin gets a certain percentage. 1K holders get 1K x coin payout .... 15K coin holders get 15K x coin payout. Put a cap on it so giant whales and exchanges can't eat up all the payouts, and that's it. To me, that would probably be the easiest way to go.

[Youghoor]

yes that is the right way of doing it as no one will have monopoly on exchanges

[qiwoman2]

you are still better of just going for the MIDI pool, remember you also get a share from the MINI pool

1 share of MIDI pool + 1 share of MINI pool > 10 shares of the MINI pool


---------------------

still if i have 2000 coins, why should i be restricted from having 2 shares of the MIDI pool? naturally, i would want the maximum profit.  If i will be restricted to just 1 share, then id rather have only 1000 coins

shouldnt it be just automatic, like for example if an address has 6789 coins then that is 6 shares MIDI and 6 shares MINI? that would actually save in logistics cost since it would be only 1 card to print and deliver

On the first point, very possible. It really comes down to numbers, as depending on the numbers in each pool, it may be more profitable to cheat the system and go for multiple smaller wallets in a lower pool vs one share in a bigger one. I expect that probably won't be the case, but again, it depends on how many are in each pool.

Where it would be advantageous to cheat is when someone has 2K coins, like you say, or however many within that same pool. Then they would get multiple shares in the same pool.

Instead of the Skype idea, which the more I think about it, the less I like it, I'd instead suggest:

IP check
Social Media check
Physical address for cards

Your automatic share idea isn't bad. If someone has 6K coins, they get 6 midi shares (plus lower shares). No need to cheat then, as the only possible benefit would be to break them down into a lower pool, which very possibly would be less profitable based on the total numbers in each pool ... I expect many wouldn't even bother. It could get iffy with big whales though, as they may take their extra coin then and would benefit by breaking their extra coins into smaller wallets -- as they only need so many coins for the max share, the leftovers could be used to cheat the system.

----

The other way around it is forget the different pools, tread it sort of like POS. Just take the number of folks who sign up for the month, add up their coins, and split the pot. Each coin gets a certain percentage. 1K holders get 1K x coin payout .... 15K coin holders get 15K x coin payout. Put a cap on it so giant whales and exchanges can't eat up all the payouts, and that's it. To me, that would probably be the easiest way to go.

That was our original idea just to pay out via the block explorer a percentage, we thought having three pools would generate more incentive to hold but I guess for many peeps this idea sounds too complicated so we will look into this further thanks.

[poornamelessme]

That was our original idea just to pay out via the block explorer a percentage, we thought having three pools would generate more incentive to hold but I guess for many peeps this idea sounds too complicated so we will look into this further thanks.

I wondered why you went with the pool payouts instead of percentage, and yes, in theory it could generate more incentive to hold, or provide more coin to those holding smaller amounts ... but in practice, I think it'll be a big headache and overly complicated. You need safeguards against cheaters and physical cards.

I'd still suggest a cap though, which can still be rather big, to just keep exchanges + huge whales from eating the majority of the payouts. I'd also suggest that the coins counted for a payout only come from those who signup to begin with. Otherwise you will dilute the payouts for no real reason.

If you go with the percentage idea, there is also no real requirement for a physical card either. Although it is sort of a nice bonus... just not sure if shipping costs will prove too expensive.

[istvandv]

Having one share of MIDI is better because less dilution of pool..If you dilute to 7 shares, means each share is also going to be less.

if someone has 7000 coins, why would he be not entitled to 7 shares of the MIDI pool?

it is true that it will dilute the pool and make each share less but the total would still be more

for example there are currently 100 shares in the MIDI pool

if add 1 share that would be 1 of 101 or 0.99%
if instead add 7 shares that would be 7 of 107 or 6.54%

[qiwoman2]

That was our original idea just to pay out via the block explorer a percentage, we thought having three pools would generate more incentive to hold but I guess for many peeps this idea sounds too complicated so we will look into this further thanks.

I wondered why you went with the pool payouts instead of percentage, and yes, in theory it could generate more incentive to hold, or provide more coin to those holding smaller amounts ... but in practice, I think it'll be a big headache and overly complicated. You need safeguards against cheaters and physical cards.

I'd still suggest a cap though, which can still be rather big, to just keep exchanges + huge whales from eating the majority of the payouts. I'd also suggest that the coins counted for a payout only come from those who signup to begin with. Otherwise you will dilute the payouts for no real reason.

If you go with the percentage idea, there is also no real requirement for a physical card either. Although it is sort of a nice bonus... just not sure if shipping costs will prove too expensive.

The card is a very neat and as we want to increase BTC infrastructure we thought it would be an added bonus, also transactions form those cards exchanges for euro or usd and sent directly to your card or bank account will generate more long term revenues also for Bagholders and QIBUCK coin.. Some peeps will want to use the BTC others will want to convert and put straight onto their debit/credit card or bank account so with the card it gives them that easy option for very low fees.

[poornamelessme]

Having one share of MIDI is better because less dilution of pool..If you dilute to 7 shares, means each share is also going to be less.

if someone has 7000 coins, why would he be not entitled to 7 shares of the MIDI pool?

it is true that it will dilute the pool and make each share less but the total would still be more

for example there are currently 100 shares in the MIDI pool

if add 1 share that would be 1 of 101 or 0.99%
if instead add 7 shares that would be 7 of 107 or 6.54%

You are correct as far as I can see. There would only be a possible issue (as far as less payouts earned) if breaking down the coins into a lower pool, but that also depends on how many folks are in each pool. If breaking down coins for the same pool, you'd get more overall.

And if a person wanted to be extra sneaky, and had, say 6500 coins. Break that up into 6 midi shares and 5 mini shares. Which is why I think a percentage is a better way to go than the pool idea.

[poornamelessme]

The card is a very neat and as we want to increase BTC infrastructure we thought it would be an added bonus, also transactions form those cards exchanges for euro or usd and sent directly to your card or bank account will generate more long term revenues also for Bagholders and QIBUCK coin.. Some peeps will want to use the BTC others will want to convert and put straight onto their debit/credit card or bank account so with the card it gives them that easy option for very low fees.

Yeah, I do agree it is pretty neat. I was just wondering if shipping-wise if it'd be a problem. If not, sure, go for it ... they sound cool to me.