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

[UGETHIT]

Specifications:
algorithm: scrypt (community voting)
blockreward: 99 ROOT
total coins: 3 million coins
blocktime: 5 minutes
PoS reward: 3%
rpcport: 27377
p2pport:28388
qrcode support

Due to high demand and multiple requests we decided to launch a
2nd Proof of Investment stage with 100 packages.
The final specification is: 50% PoI, 30% PoW and 20% PoS

So the premine should be 1,500,000 coins right?  Block 1 had 1,600,000 coins.  I guess the dev wanted 100,000 extra for his services.  So he gets 111 btc to fund his project yet he takes another 100,000 coins to pay himself?  Ok cool I guess if he can sell those 100,000 coins for 15k each he will make 15 more btc.  3.22% premine used just to pay himself?  Seems high to me.

[AlexAtom]

Not to harp on or anything but I do still think I'm owed at least 200ish root from the official pool, it's a little annoying that it doesn't have any of the statistics found on most other pools that would allow me to prove it, I assume it's logged on the back-end but I can't see the number of valid shares contributed by a specific user over X period of time, or per round and what the difficult / reward was for that round, and what my sharerate was etc. Digging through my miner logs I can probably find out how many valid shares I contributed for the entire mining session, and possibly some smart person could plot that on a graph against a steadily rising difficulty from around 10(ish) when I started to around 200 when I stopped mining on the pool. and work out a reasonable estimate of what I should have been paid. Because I did get some payments, but only for the first 2 hours of mining. And it still seems like a heck of a lot of people haven't received anything, it seems like some sort of problem occurred shortly after 03:30 UTC.

Word... I believe I am owed 200 or so as well.  No answer from dev 

[bitsta]

Specifications:
algorithm: scrypt (community voting)
blockreward: 99 ROOT
total coins: 3 million coins
blocktime: 5 minutes
PoS reward: 3%
rpcport: 27377
p2pport:28388
qrcode support

Due to high demand and multiple requests we decided to launch a
2nd Proof of Investment stage with 100 packages.
The final specification is: 50% PoI, 30% PoW and 20% PoS

So the premine should be 1,500,000 coins right?  Block 1 had 1,600,000 coins.  I guess the dev wanted 100,000 extra for his services.  So he gets 111 btc to fund his project yet he takes another 100,000 coins to pay himself?  Ok cool I guess if he can sell those 100,000 coins for 15k each he will make 15 more btc.  3.22% premine used just to pay himself?  Seems high to me.

no thats not right. the premine is ONLY for the PoI stages.
I ll release a abe-explorer. So it will be public. Once all investors
are paid we ll release a list with how much went to who for what price.

regards
bitsta

[UGETHIT]

So you didn't take 100,000 coins for yourself?

[bitsta]

Not to harp on or anything but I do still think I'm owed at least 200ish root from the official pool, it's a little annoying that it doesn't have any of the statistics found on most other pools that would allow me to prove it, I assume it's logged on the back-end but I can't see the number of valid shares contributed by a specific user over X period of time, or per round and what the difficult / reward was for that round, and what my sharerate was etc. Digging through my miner logs I can probably find out how many valid shares I contributed for the entire mining session, and possibly some smart person could plot that on a graph against a steadily rising difficulty from around 10(ish) when I started to around 200 when I stopped mining on the pool. and work out a reasonable estimate of what I should have been paid. Because I did get some payments, but only for the first 2 hours of mining. And it still seems like a heck of a lot of people haven't received anything, it seems like some sort of problem occurred shortly after 03:30 UTC.

Word... I believe I am owed 200 or so as well.  No answer from dev 

we ll provide a compensation anyway. thats sure. But we want to check what
happened exactly cause we re getting payouts and so are doing a lot of others.

cheers,
bitsta

[bitsta]

So you didn't take 100,000 coins for yourself?

of course not. check the blockchain. the coins from premine still ARE ALL on the premine public addr.

regards
bitsta

[UGETHIT]

So you didn't take 100,000 coins for yourself?

of course not. check the blockchain. the coins from premine still ARE ALL on the premine public addr.

regards
bitsta

Ok then man.  You said total coins = 3,000,000 right?  You said the IPO is 50% of the total coins right?  That's 1,500,000 right?  So why On the block explorer does it show 1,600,000 for the premine block?  I don't understand.

[bitsta]

Not to harp on or anything but I do still think I'm owed at least 200ish root from the official pool, it's a little annoying that it doesn't have any of the statistics found on most other pools that would allow me to prove it, I assume it's logged on the back-end but I can't see the number of valid shares contributed by a specific user over X period of time, or per round and what the difficult / reward was for that round, and what my sharerate was etc. Digging through my miner logs I can probably find out how many valid shares I contributed for the entire mining session, and possibly some smart person could plot that on a graph against a steadily rising difficulty from around 10(ish) when I started to around 200 when I stopped mining on the pool. and work out a reasonable estimate of what I should have been paid. Because I did get some payments, but only for the first 2 hours of mining. And it still seems like a heck of a lot of people haven't received anything, it seems like some sort of problem occurred shortly after 03:30 UTC.

same for you geekeh. no worries. i ll provide a compensation.

[bitsta]

So you didn't take 100,000 coins for yourself?

of course not. check the blockchain. the coins from premine still ARE ALL on the premine public addr.

regards
bitsta

Ok then man.  You said total coins = 3,000,000 right?  You said the IPO is 50% of the total coins right?  That's 1,500,000 right?  So why On the block explorer does it show 1,600,000 for the premine block?  I don't understand.

yeah thats right. but we raised 111 BTC from the POI instead of 100 BTC. therefor we had to extend the premine by 100k ROOT to not run out of coins during the PoI-distribution.
doesn't affect anything except that the PoW is a lil smaller & ensures a higher value.

[UGETHIT]

So you didn't take 100,000 coins for yourself?

of course not. check the blockchain. the coins from premine still ARE ALL on the premine public addr.

regards
bitsta

Ok then man.  You said total coins = 3,000,000 right?  You said the IPO is 50% of the total coins right?  That's 1,500,000 right?  So why On the block explorer does it show 1,600,000 for the premine block?  I don't understand.

yeah thats right. but we raised 111 BTC from the POI instead of 100 BTC. therefor we had to extend the premine by 100k ROOT.
doesn't affect anything except that the PoW is a lil smaller & highers the value.

Ok then I understand now.  You should adjust your OP to reflect the true # of coins then.  It should read 3.1 million total coin not 3 million right?

[Cesare1985]

Which was ICO price?

[bitsta]

So you didn't take 100,000 coins for yourself?

of course not. check the blockchain. the coins from premine still ARE ALL on the premine public addr.

regards
bitsta

Ok then man.  You said total coins = 3,000,000 right?  You said the IPO is 50% of the total coins right?  That's 1,500,000 right?  So why On the block explorer does it show 1,600,000 for the premine block?  I don't understand.

yeah thats right. but we raised 111 BTC from the POI instead of 100 BTC. therefor we had to extend the premine by 100k ROOT.
doesn't affect anything except that the PoW is a lil smaller & highers the value.

Ok then I understand now.  You should adjust your OP to reflect the true # of coins then.  It should read 3.1 million total coin not 3 million right?

the total cap is still 3 million. But the PoI is 1.6 instead of 1.5. Thanks for hint. I ll change it to 1.6.

[UGETHIT]

So you didn't take 100,000 coins for yourself?

of course not. check the blockchain. the coins from premine still ARE ALL on the premine public addr.

regards
bitsta

Ok then man.  You said total coins = 3,000,000 right?  You said the IPO is 50% of the total coins right?  That's 1,500,000 right?  So why On the block explorer does it show 1,600,000 for the premine block?  I don't understand.

yeah thats right. but we raised 111 BTC from the POI instead of 100 BTC. therefor we had to extend the premine by 100k ROOT.
doesn't affect anything except that the PoW is a lil smaller & highers the value.

I see what you mean the total stays the same.  Thanks for clearing that up.  

Ok then I understand now.  You should adjust your OP to reflect the true # of coins then.  It should read 3.1 million total coin not 3 million right?

the total cap is still 3 million. But the PoI is 1.6 instead of 1.5. Thanks for hint. I ll change it to 1.6.

Thanks for clearing that up.

[geekeh]

Not to harp on or anything but I do still think I'm owed at least 200ish root from the official pool, it's a little annoying that it doesn't have any of the statistics found on most other pools that would allow me to prove it, I assume it's logged on the back-end but I can't see the number of valid shares contributed by a specific user over X period of time, or per round and what the difficult / reward was for that round, and what my sharerate was etc. Digging through my miner logs I can probably find out how many valid shares I contributed for the entire mining session, and possibly some smart person could plot that on a graph against a steadily rising difficulty from around 10(ish) when I started to around 200 when I stopped mining on the pool. and work out a reasonable estimate of what I should have been paid. Because I did get some payments, but only for the first 2 hours of mining. And it still seems like a heck of a lot of people haven't received anything, it seems like some sort of problem occurred shortly after 03:30 UTC.

same for you geekeh. no worries. i ll provide a compensation.

Thanks Assuming you do have the back-end data, I realise integrating it into the pool might be too difficult in the short term, but perhaps you could publish it all as a google docs spreadsheet so we can see how many shares, how many valid, share rate etc etc per RootAddr and maybe be able to figure out exactly what we're owed, those coins must have gone somewhere after all, unless the blockchain forked or something, but I'm assuming you'd tell is if that happened and since at least 90% of the hashing power was on the 'official' pool launch night, that seems unlikely.

There is I assume some way of proving ownership of a specific address, sending a coded transaction or something.

[LosingCoins]

So you didn't take 100,000 coins for yourself?

of course not. check the blockchain. the coins from premine still ARE ALL on the premine public addr.

regards
bitsta

Ok then man.  You said total coins = 3,000,000 right?  You said the IPO is 50% of the total coins right?  That's 1,500,000 right?  So why On the block explorer does it show 1,600,000 for the premine block?  I don't understand.

yeah thats right. but we raised 111 BTC from the POI instead of 100 BTC. therefor we had to extend the premine by 100k ROOT.
doesn't affect anything except that the PoW is a lil smaller & highers the value.

Ok then I understand now.  You should adjust your OP to reflect the true # of coins then.  It should read 3.1 million total coin not 3 million right?

I believe it is still 3 million coins.

The premine is 53% which had to be adjusted for that extra 100k due to investors.

1.6mil/3mil = 53%

This is my understanding. Please correct me if I'm wrong.

Regards,

LC

[bitsta]

So you didn't take 100,000 coins for yourself?

of course not. check the blockchain. the coins from premine still ARE ALL on the premine public addr.

regards
bitsta

Ok then man.  You said total coins = 3,000,000 right?  You said the IPO is 50% of the total coins right?  That's 1,500,000 right?  So why On the block explorer does it show 1,600,000 for the premine block?  I don't understand.

yeah thats right. but we raised 111 BTC from the POI instead of 100 BTC. therefor we had to extend the premine by 100k ROOT.
doesn't affect anything except that the PoW is a lil smaller & highers the value.

Ok then I understand now.  You should adjust your OP to reflect the true # of coins then.  It should read 3.1 million total coin not 3 million right?

I believe it is still 3 million coins.

The premine is 53% which had to be adjusted for that extra 100k due to investors.

1.6mil/3mil = 53%

This is my understanding. Please correct me if I'm wrong.

Regards,

LC

yeah correct. it s exactly 53.3%.

[geekeh]

Oh and RE the rootEX buy in, first (is English not your native language Bitsta? I know in some other Europeans languages commas are used as decimal separators) It would really be helpful / less confusing if you used commas as you thousand separators e.g. " And 33% of the rootEX-shares will be claimable(swap)
by ROOTcoin-holders valueing 3.000.000 ROOT with 33% of the rootEXchange." I assume this means 3 million root, and really ought to be written as 3,000,000 otherwise it gets confusing because root like any other BTC derived crypto is divisible to 8 decimal places i.e. you can have 0.00000001 root so 3.000.000 could mean 3 root (albeit you wouldn't use a second decimal place).

I'm possibly interested in investing although I'm not exactly flush, it wouldn't likely be for any more than 0.5btc, maybe even just the minimum of 0.1, I'm just curious though (even if very few of us actually have enough root at this point) why only buy in with btc? why can't we buy in with root? doesn't this kinda show a lack of faith in the value of your own coin?

Oh and can you clear up for me rootEx is going to be an exchange for any/all cryptos right ala bittrex, cryptsy, c-cex etc? People could use it to trade ltc/btc for instance right? Your illustration only shows currency pairs with root. And what exactly are the USPs of rootEX for the end user looking to trade their cryptos (apologies if I missed all this being discussed in the IRC) why trade on rootEX rather than bittrex or cryptsy? Does it somehow combine into the privacy / anonymity protocols built into root? I'm sure the market is young enough at the moment that just another exchange can come along and do reasonably well even against other names that because they've been established have some inherent trust, but offering something new or unique or better is obviously better and makes for a more appealing investment opportunity. Why should I believe that rootEX is going to be incredibly popular and will pay its shareholders massive dividends and be a fantastic investment that you'd have to be an idiot not to buy into right now and for as much as you can? Explain it to me as if I'm not the marketing and investment genius that clearly I'm not

Thanks.

[AlexAtom]

Word... I believe I am owed 200 or so as well.  No answer from dev 

we ll provide a compensation anyway. thats sure. But we want to check what
happened exactly cause we re getting payouts and so are doing a lot of others.

cheers,
bitsta

Bitsta, appreciate your intention to make us whole. Thanks.

[RemyLeBeux]

Ive been mining this since launch with a 1.5mhash/s zues blizzard and i have yet to receive anything...now i understand 1.5mhash/s isnt much seeings how most people are throwing 30+ at it but i should at least have 1 coin by now...

[Cornett]

dev,sent

Status: 0/unconfirmed, broadcast through 4 node(s)
Date: 2014/8/24 06:21
To: RNr9PLdSC2Zz1SPZgPCgL6Thpecqbi5sPZ
Debit: -5588.267 ROOT
Transaction fee: -0.10 ROOT
Net amount: -5588.367 ROOT
Transaction ID: 97bba59e649e78b52fb349ce1840bea6a7dad0e3aeeaabf4eb11ad135abaac8f




my btc address:125FdBHvv3kWxLBq1zUYCLYajEgh69vU51

thanks.

thanks!
i received them. i ll send you the BTC as soon as i am at home.
7.8k sat per ROOT like we agreed. thats 0.4358 BTC.

cheers,
bitsta

dev，would you like to pay me the 0.4358btc?
still waiting for that.

thanks.

yes sure. sorry, i totally forgot about it.

is this correct??: 125FdBHvv3kWxLBq1zUYCLYajEgh69vU51

almost one day past after i sent the dev 5588 rootcoin.

still has no received my btc from the dev.

i have sold him at the price 7800 sato.

could i believed that he will return my btc??



guys, i am totally disappointed!!
dev,you hurt my trust.

He is busy. Don't worry about this and be patient