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

[provenceday]

sorry if I missed but do we have block reward yet?

Specifications:
algorithm: scrypt now or sha256 (community voting)
blockreward: 5 ROOT
total coins: 3 million coins
blocktime: 5 minutes
PoS reward: 3%
rpcport: 27377
p2pport:28388
qrcode support

5 root per block?

wow....

As I understand, this is not the final block reward, it is yet to be released from the dev.

Bitsta, why you gotta keep us waiting on the block reward???

PoW is going to run 4 weeks. it will be first pure PoW and then hybrid PoW/PoS
before it switches to pure PoS. Blockreward will be about 100 ROOT per block with
a blocktime of 5 minutes generating 288 blocks or ~28800 ROOT per day.

the final specification will be posted befor launch.
but thats more or less the planed distribution-model.

Sounds fair to me, nice work dev!

Interested to see how this will be mined by CPU, GPU and ASICS? I wonder if it will be multi-algo, or something else?


EDIT: Actually, 28 x 28800 =  Only 806,400 ROOT during POW?? I thought you said it would be the same as POI?

it's a scrypt coin.

[provenceday]

also dev, can we learn something from bitcoin core developer peter todd‘s  treechains  concept?

[DonQuijote]

scrypt?
ASIC coin...

[tobeaj2mer01]

A simple question, when can we get our ROOTs, is it on launching day?

[mimsx11]

Can you open a 3rd IPO-Phase please? There are a lot of investors who couldn´t invest because of the big chunks some players invested.

He could he would have to make the price higher than the 1st and 2nd ipo and cut the POW phase down, honestly he should get rid of the pow phase as this coin is already in demand it doesnt need miners dumping it

[Monkeys]

Can you open a 3rd IPO-Phase please? There are a lot of investors who couldn´t invest because of the big chunks some players invested.

He could he would have to make the price higher than the 1st and 2nd ipo and cut the POW phase down, honestly he should get rid of the pow phase as this coin is already in demand it doesnt need miners dumping it

Are you serious? Getting rid of the POW phase would mean NO wide distribution of the coin, meaning NOBODY WILL HEAR ABOUT IT. No mining means no small miners selling early to recover their costs, which means NO VOLUME ON EXCHANGES. Also having yet another POI phase would mean that the early investors will find it even easier to sell at a profit, further devaluing the coin below the price of the final POI.

Show me one successful coin that has been distributed purely via POI (or IPO)?

There aren't any. POW is essential for a healthy coin because of the aforementioned reasons above (among others).

If I were an investor in this coin I would be worried that it is already quite a large amount of POI bagholders only so the coin is in danger of stagnating immediatly after launch due to "Bagholder syndrome".

Luckily for the rest of us, the dev understands the importance of a well balanced POW phase for a healthy coin and has already listened to the concerns of investors and the wider community on this issue.

[mimsx11]

They could put the remaining coins up for ICO on bittrex so now we have more exposure and an exchange with volume from investors (this solves your volume worries) just like with CLD, like CLD this will also work with ROOT with the solid team and plans they're presenting

Also it definitely sounds like monkeys wants to dump this asap along with all his miner friends

[Monkeys]

They could put the remaining coins up for ICO on bittrex so now we have more exposure and an exchange with volume from investors (this solves your volume worries) just like with CLD, like CLD this will also work with ROOT with the solid team and plans they're presenting

Also it definitely sounds like monkeys wants to dump this asap along with all his miner friends

Actually, I've been watching this coin since day one and have been speaking personally with Bitsta about the distribution model for ROOT and how to make it as balanced as possible.

It was on my advice, and the advice of other investors, that Bitsta decided to increase the POW phase from the initially planned 3% to the current 30%. This is because Bitsta can understand that a fair and balanced POW phase is integral to getting a coin off the ground successfully.

Bitsta has said that this will not be an easy coin to mine, and that for most miners the cost to mine the coin will almost certainly significantly exceed the POI option. So, investors should not be afraid about miners dumping the value of the coin down as much as the early investors, because essentially the miners will be PAYING MORE for their ROOT than the early investors, as well as holding a much much smaller piece of the total coin supply.

If I were an investor in this coin I would be far more worried about some of the large early investor bagholders than hold 5% (EACH) of the current coin supply dumping down the price early and being able to control the price of the coin with their large supply.

My 0.02 ROOT

[mimsx11]

They could put the remaining coins up for ICO on bittrex so now we have more exposure and an exchange with volume from investors (this solves your volume worries) just like with CLD, like CLD this will also work with ROOT with the solid team and plans they're presenting

Also it definitely sounds like monkeys wants to dump this asap along with all his miner friends

It was on my advice, and the advice of other investors, that Bitsta decided to increase the POW phase from the initially planned 3% to the current 30%. This is because Bitsta can understand that a fair and balanced POW phase is integral to getting a coin off the ground successfully.


My 0.02 ROOT

And why would he listen to you initially. Are you even trusted on giving sound advice? He should stick with his original plan of 3% or set up a voting thread before deciding to switch

[Monkeys]

They could put the remaining coins up for ICO on bittrex so now we have more exposure and an exchange with volume from investors (this solves your volume worries) just like with CLD, like CLD this will also work with ROOT with the solid team and plans they're presenting

Also it definitely sounds like monkeys wants to dump this asap along with all his miner friends

It was on my advice, and the advice of other investors, that Bitsta decided to increase the POW phase from the initially planned 3% to the current 30%. This is because Bitsta can understand that a fair and balanced POW phase is integral to getting a coin off the ground successfully.


My 0.02 ROOT

And why would he listen to you initially. Are you even trusted on giving sound advice? He should stick with his original plan of 3% or set up a voting thread before deciding to switch

Why don't you ask him?

I assume he listened to me (and other investors) because it just makes sense to have a good portion of the coin distributed through POW. Even at 50% POI I would be worried that is too high and would scare people off buying the coin.

Why not go ahead and set up a poll, I'm sure you will find a LOT of people will be voting for a larger chunk of the coin to be distributed through POW. Many of those may not have as honest intentions as I do.

If you take the time to read through this whole thread (it's only 20 pages, really not that hard) you will see that I even offered to make public my address so that people can see the coins that I mine are being held jsut like any other investor. I would not even worry about posting here if I didn't beleive in this coin and think that it looks like it has a real future. If I had some spare BTC then I would consider investing too (even though noramlly I am against IPO's since it mainly just benefits the Dev, not the coin).

Think about it? Really try to imagine the complexities of a healthy coin distribution and how POW is absolutely PARAMOUNT for a healthy coin.

Who will benefit from even MORE of the coin being sold off as as an investment? I tell you who it won't benefit. The investors..

[Monkeys]

Mimsx11 - I can see from your post history that you are seemingly obsessively scared about "miners dumping coins on a dime".

I take it you have never tried mining yourself? Well then you should try it out. Invest in a scrypt asic, you can get the 1.3 mhs miners for like $100 now, why not see how you go?

I can tell you, it's nowhere near as easy as you seem to think it is. The hardware is almost impossible to ROI, then there's electricity costs, plus the time required to monitor and make sure your rig stays operational etc.

Like I said above, if Bitsta sets up the POW schedule the way he has said he intends to, this coin will be HARD to mine. Meaning it will cost a lot of electricity, big hardware, and a lot of days mining invested (meaning loss of income from mining other coins), to mine it.

What you don't seem to understand is that mining costs time and money, which adds value to a coin, but with a FAR greater reach in the distribution than from IPO's.

Miners don't simply "dump on a dime" because they have gotten the coin "for free".. It has just as much value to a miner as anyone else..

EDIT: I'd just like to add that I appreciate your concerns for this coin, it is good to see that already it is developing a constructive and passionate community even before launch! Community is the REAL value in a coin =)

[mimsx11]

No I never mined and I've just seen it countless of times with many pos/pow ipos like iceberg and crystals to name a few, crystals original price was at 1700 now it went as low as 100 do to miners dumping and causing panic sells, I have seen this happen way too many times and now have lots of experience spotting this stuff... Also keep in mind theres plenty of miners with free electricity and costs.

[studio1one]

How anyone can be in crypto and never have mined a single coin is beyond me. Mining is what secures the network and allows transactions.  Be that pow or pos. No mining no crypto.

[Monkeys]

No I never mined and I've just seen it countless of times with many pos/pow ipos like iceberg and crystals to name a few, crystals original price was at 1700 now it went as low as 100 do to miners dumping and causing panic sells, I have seen this happen way too many times and now have lots of experience spotting this stuff... Also keep in mind theres plenty of miners with free electricity and costs.

I think you are noticing price dumping and for some reason you are attributing it to miners. I think at least in the case of crystals, if the miners did dump the price down it was because the POW schedule was poorly designed. Giving away far too many coins later in the POW phase.

I suggest that you actually have a go at doing some mining, you will at the very least gain some valuable insight in to the core of crypto and will be better equipped for your future investment options. Also, see if you find that a mined coin holds any less value than a purchased coin.

I think you will find that a mined coin actually holds MORE value in a lot of cases than a purchased coin due to the WORK involved (that's why they call it proof of "WORK").

P.s I don't know where you are getting your free electricity, but in Australia it is HIGHLY illegal to steal electricity and what you have to pay for is damn expensive... Even if you could get free electricity, mining hardware aint cheap in any case!!

[tobeaj2mer01]

A simple question, when can we get our ROOTs, is it on launching day?

Is there any guy to answer this question, I read the thread and don't find the answers!

[Monkeys]

A simple question, when can we get our ROOTs, is it on launching day?

Is there any guy to answer this question, I read the thread and don't find the answers!

You really need to ask? Where do you propose for the dev to PUT your coins?

Your coins will be given to you on launch day once the wallet is released.. Without a wallet, no way to give you your coins =p

[Cornett]

A simple question, when can we get our ROOTs, is it on launching day?

Is there any guy to answer this question, I read the thread and don't find the answers!

Why do you want own Root? Just forget about it   relax & don't panic

[juicejoyce]

A simple question, when can we get our ROOTs, is it on launching day?

Is there any guy to answer this question, I read the thread and don't find the answers!

just wait, the dev will show the instruction when launch.
and I will buy some if release , miss the IPO.

[iZzZ]

A simple question, when can we get our ROOTs, is it on launching day?

Is there any guy to answer this question, I read the thread and don't find the answers!

Launchdate: 15th august 2014 - 02:00 PM  (UTC)
............The rootcoins will be delivered as a private-key or wallet.dat a couple of hours
before official release. I can also transfer the coins AFTER the official launch to a provided ROOT-address........

Not like the answers were in bold in the op or anything, right? 

[provenceday]

no need to cut the mining.

we need miners and even multipool.