[ANN] RootCoin [ROOT] - rootEX™ announced - ANON-tx using BitKey™- PoW/PoS/PoI

[georgeandy]

delay again?

[1715574482]

1715574482

[1715574482]

1715574482

[ostalakar]

delay again?

Keep cool, take a drink 

[S3MKi]

wait friday

[tobeaj2mer01]

delay again?

Keep cool, take a drink 

I trust DEV too, new tech need time to mature.

[studio1one]

Quick update for you guys.

Had a dev meeting with bitsta this morning to chat about progress. Things are going good and he is coding as hard as possible. We are well aware that delays and lack of comms are not good for the project but more important than that is a stable release, when peoples coins are at stake there really can be no issues or bugs and the privacy layer has to be rock solid and impenetrable, the whole point of bitkey is that it isn't just another 'mixercoin' like all the anon solutions that are now two a penny. I'm sure everyone can appreciate the importance of that in todays world where privacy is a commodity in scarce supply.

In the next 24 hours I will be able to give you a more detailed update of the current situation as we work on proper information flow

Genuinely I know its frustrating, I am a large holder too and want the same as the rest of you, a great coin with a high market cap. I just ask you to be patient, I am working on the communication issues, we are putting together documentation and working on features.

Your patience will be rewarded in the end.

[LosingCoins]

Quick update for you guys.

Had a dev meeting with bitsta this morning to chat about progress. Things are going good and he is coding as hard as possible. We are well aware that delays and lack of comms are not good for the project but more important than that is a stable release, when peoples coins are at stake there really can be no issues or bugs and the privacy layer has to be rock solid and impenetrable, the whole point of bitkey is that it isn't just another 'mixercoin' like all the anon solutions that are now two a penny. I'm sure everyone can appreciate the importance of that in todays world where privacy is a commodity in scarce supply.

In the next 24 hours I will be able to give you a more detailed update of the current situation as we work on proper information flow

Genuinely I know its frustrating, I am a large holder too and want the same as the rest of you, a great coin with a high market cap. I just ask you to be patient, I am working on the communication issues, we are putting together documentation and working on features.

Your patience will be rewarded in the end.

Thanks for the update. I'm sure most of us appreciate it.

Keep working hard Bitsta.

LC

[Monkeys]

I completely understand that coding takes longer than predicted, almost always. I know a few coders of different sorts and they are always, without fail, missing deadlines!

I don't exactly understand what it is, definitely procrastination seems to play a big part, but also obviously there are always ubnforseen hurdles and bugs in the code which can take a long time to figure out.

It's cool though, I really hope we get a taste of what is to come soon!

Also, I've talked about this here before, and I think it is time to discuss it again. What about some sort of competition or incentive for people to buy and hold coins?

I've suggested some sort of community managed bounty for anyone who refers a new member (someone who hasn't posted in this thread at all, but not a newbie account) and convinces them to download the wallet and buy at least 1000 Root and stake for at least 1 month. Then they can receive a bounty from the community, something in the order of 50 Root each or so (50 for the referrer and for for the referree).

I know it might sound a bit tacky or whatever, but I honestly think it is worth a try. I will offer up 500 Root from my own holdings to contribute to the rewards / bounties. If we can get another 5 - 10 people to offer up some coins for bounties then we could theoretically get another 30 - 40 even more new people involved in Root and holding coins. This would ensure security of the network, increase the price somewhat, and also keep trade volumes up! Look at the volume now, less than 1 BTC in 24 hrs on Bittrex...

Whats the worse that could happen? Either nobody takes part, and the coins don't get handed out, or people do take part and then most of them dump their coins after 1 month and take their small reward, also really not that bad of an outcome. I am confident that if enough people get involved and hold for 1 month, that within that time the release of Bitkey and the imminent development of Rootex will be enough to hold their interest and they will continue to buy and hold more Root!

What do you think Studio?

[Monkeys]

I'd also like to draw up a few simple rules for the referral program:

1. No newbie accounts.

Both the referrer and referee must have accounts at least a month old, and the referee must not be an existing root holder (May not have made any posts in this thread).

2. The coins must be bought from an exchange.

This should be fairly easy to verify via the txid and wallet addresses, as it is mainly just bittrex where Root is being traded currently.

3. The coins must be held either in cold storage or staked for at least one month from the initial transaction.

This can again be verified in the blockchain that the referee has not sold the coins again and then re-bought at a later stage to claim the reward.

4. People may only be referred once, and there shall be a limit of 'x' referees per person (maybe 5, 10?).

This is to minimize the possibility of any exploitation of the program.

I would also appoint myself, Studio1one and another member of the Root community to verify and detect any exploitation of the program.

So, what do we think?

[Vampiro4L]

i like it, gets the community involved and hopefully new people to realize the benefits of the coin and technology.

[Monkeys]

i like it, gets the community involved and hopefully new people to realize the benefits of the coin and technology.

Thanks Vampiro!

Glad to hear that the idea has at least one other supporter =P

Would you be willing to donate at Rootcoin to the cause? That's ok if not, but every little bit helps.

I think it goes without saying that the coins should be held in a community monitored 'escrowed' wallet.

[studio1one]

I completely understand that coding takes longer than predicted, almost always. I know a few coders of different sorts and they are always, without fail, missing deadlines!

I don't exactly understand what it is, definitely procrastination seems to play a big part, but also obviously there are always ubnforseen hurdles and bugs in the code which can take a long time to figure out.

It's cool though, I really hope we get a taste of what is to come soon!

Also, I've talked about this here before, and I think it is time to discuss it again. What about some sort of competition or incentive for people to buy and hold coins?

I've suggested some sort of community managed bounty for anyone who refers a new member (someone who hasn't posted in this thread at all, but not a newbie account) and convinces them to download the wallet and buy at least 1000 Root and stake for at least 1 month. Then they can receive a bounty from the community, something in the order of 50 Root each or so (50 for the referrer and for for the referree).

I know it might sound a bit tacky or whatever, but I honestly think it is worth a try. I will offer up 500 Root from my own holdings to contribute to the rewards / bounties. If we can get another 5 - 10 people to offer up some coins for bounties then we could theoretically get another 30 - 40 even more new people involved in Root and holding coins. This would ensure security of the network, increase the price somewhat, and also keep trade volumes up! Look at the volume now, less than 1 BTC in 24 hrs on Bittrex...

Whats the worse that could happen? Either nobody takes part, and the coins don't get handed out, or people do take part and then most of them dump their coins after 1 month and take their small reward, also really not that bad of an outcome. I am confident that if enough people get involved and hold for 1 month, that within that time the release of Bitkey and the imminent development of Rootex will be enough to hold their interest and they will continue to buy and hold more Root!

What do you think Studio?

man, thanks for taking the time to get involved. I think some kind of incentive / referral is a great idea, could possibly be managed through the official twitter. We need to look at the practicalities of making sure that its not abused but in theory I think its awesome. My only concern is abuse of it really, you know how this place can be.

to avoid abuse we could maybe do a giveaway something along the lines of if x % of the network is staking and you hold xxx amount of coins or more and follow the official twitter then you get put in a prize drawer.


dunno just throwing it out there but I agree, we need some promotions.

This encoourages people to hold and to stake and also people to buy hold and stake

[studio1one]

so delay again?
no video no pic

Hi,


yup, unfortunately delay again. Frustrating I know.


On the positive side today we will be releasing much more info and details on the current state of play, not just a roadmap. Don't worry we are not talking a long wait here, lots of progress is happening, a full breakdown of what has and hasn't been achieved yet will be provided, I hope you will be pleasantly surprised.

[originalchilli]

looking forward to it, thanks guys!

[Monkeys]

Thanks for the reply Studio, I totally understand your concerns for the potentiual for abuse of my proposed referral program. Which is why I also proposed these basic rules which I believe would more or less eliminate most of potential for exploitation of the program:

1. No newbie accounts.

Both the referrer and referee must have accounts at least a month old, and the referee must not be an existing root holder (May not have made any posts in this thread).

2. The coins must be bought from an exchange.

This should be fairly easy to verify via the txid and wallet addresses, as it is mainly just bittrex where Root is being traded currently.

3. The coins must be held either in cold storage or staked for at least one month from the initial transaction.

This can again be verified in the blockchain that the referee has not sold the coins again and then re-bought at a later stage to claim the reward.

4. People may only be referred once, and there shall be a limit of 'x' referees per person (maybe 5, 10?).

This is to minimize the possibility of any exploitation of the program.

I feel like if all of these rules are followed and monitored closely by the community then it should become apparent quite quickly if anyone is attempting to exploit it.

Prize draws aren't enough of an incentive IMO, if people think "Well ok I have a one in 100 chance of winning x amount of coins" then they aren't going to do anything about it most probably. It would be cool for current bag holders, but not really do much to incentivize new people to take part I think. Whereas is people are have the guarantee that they will receive an extra 50 coins (or whatever number, that is open to suggestion) if they stake for a month (or however long) then I fell like they might be more incloned to actually do it, and also the referrer needs an incentive, which is an additional 50 coins for themselves.

If someone can give me a realistic example of how these rules could be significantly exploited to the detriment of the coin then I will gladly hear it, but as it stands I don't see any good reason why it isn't worth at least giving it a try 

[bitsta]

Thanks for the reply Studio, I totally understand your concerns for the potentiual for abuse of my proposed referral program. Which is why I also proposed these basic rules which I believe would more or less eliminate most of potential for exploitation of the program:

1. No newbie accounts.

Both the referrer and referee must have accounts at least a month old, and the referee must not be an existing root holder (May not have made any posts in this thread).

2. The coins must be bought from an exchange.

This should be fairly easy to verify via the txid and wallet addresses, as it is mainly just bittrex where Root is being traded currently.

3. The coins must be held either in cold storage or staked for at least one month from the initial transaction.

This can again be verified in the blockchain that the referee has not sold the coins again and then re-bought at a later stage to claim the reward.

4. People may only be referred once, and there shall be a limit of 'x' referees per person (maybe 5, 10?).

This is to minimize the possibility of any exploitation of the program.

I feel like if all of these rules are followed and monitored closely by the community then it should become apparent quite quickly if anyone is attempting to exploit it.

Prize draws aren't enough of an incentive IMO, if people think "Well ok I have a one in 100 chance of winning x amount of coins" then they aren't going to do anything about it most probably. It would be cool for current bag holders, but not really do much to incentivize new people to take part I think. Whereas is people are have the guarantee that they will receive an extra 50 coins (or whatever number, that is open to suggestion) if they stake for a month (or however long) then I fell like they might be more incloned to actually do it, and also the referrer needs an incentive, which is an additional 50 coins for themselves.

If someone can give me a realistic example of how these rules could be significantly exploited to the detriment of the coin then I will gladly hear it, but as it stands I don't see any good reason why it isn't worth at least giving it a try 

looks like a great plan. first of all, thanks for your time and the appreciated gesture. i ll check your scheme properly tonight
and give you a more detailed feedback. And i am also adding 1000 ROOT from my holdings and 2500 freshly bought ROOT
to the bounty-funds.

[S3MKi]

i wonder to know. when?? when will bitkey launch?

[studio1one]

OK guys I am logging off for the day, we haven't managed to put together everything we want yet, bitsta may update you later as he is still working, if I get a chance to get back online I will.

[Monkeys]

Thanks for the reply Studio, I totally understand your concerns for the potentiual for abuse of my proposed referral program. Which is why I also proposed these basic rules which I believe would more or less eliminate most of potential for exploitation of the program:

1. No newbie accounts.

Both the referrer and referee must have accounts at least a month old, and the referee must not be an existing root holder (May not have made any posts in this thread).

2. The coins must be bought from an exchange.

This should be fairly easy to verify via the txid and wallet addresses, as it is mainly just bittrex where Root is being traded currently.

3. The coins must be held either in cold storage or staked for at least one month from the initial transaction.

This can again be verified in the blockchain that the referee has not sold the coins again and then re-bought at a later stage to claim the reward.

4. People may only be referred once, and there shall be a limit of 'x' referees per person (maybe 5, 10?).

This is to minimize the possibility of any exploitation of the program.

I feel like if all of these rules are followed and monitored closely by the community then it should become apparent quite quickly if anyone is attempting to exploit it.

Prize draws aren't enough of an incentive IMO, if people think "Well ok I have a one in 100 chance of winning x amount of coins" then they aren't going to do anything about it most probably. It would be cool for current bag holders, but not really do much to incentivize new people to take part I think. Whereas is people are have the guarantee that they will receive an extra 50 coins (or whatever number, that is open to suggestion) if they stake for a month (or however long) then I fell like they might be more incloned to actually do it, and also the referrer needs an incentive, which is an additional 50 coins for themselves.

If someone can give me a realistic example of how these rules could be significantly exploited to the detriment of the coin then I will gladly hear it, but as it stands I don't see any good reason why it isn't worth at least giving it a try 

looks like a great plan. first of all, thanks for your time and the appreciated gesture. i ll check your scheme properly tonight
and give you a more detailed feedback. And i am also adding 1000 ROOT from my holdings and 2500 freshly bought ROOT
to the bounty-funds.

Hey now we're talkting! Thanks Bitsta! Glad to hear that you are on board with the idea and have generously put forward your hard earned Rootcoin too! 

I will prepare a google spreadsheet to track the usernames, txid's, wallet addresses and dates etc. I'll also make a formal post with the rules and instructions for taking part in the program.

One things that needs to be finalized, is the purchase amount and bounty. Is everyone happy with 1000 Root purchased for a 50 Root reward? Or should we go a little larger, say 2000 root with 100 reward?

I'm open to suggestion on that and all aspects of the prgram 

[PauloLauro]

What complications with the release of BitKey?

[Nartj]

This coin is a joke. Just like its developer.

It's always, "there's been a slight delay" again and again...

The price is a relfection of how successful a coin really is, and this coin isn't doing so well.

Rootcoin and rootex = DEAD.