Let's learn about XC, And why it's the Future of Crypto "currencies"

[therightmintality]

I like XC because it rewards current coinholders with a dividend, like a traditional stock, that is usually kept in the account and not immediately sold. 

So it actively discourages people from spending their XC, thus reducing any perceived or actual utility? Seriously.

I'm done with this thread. Cheers.

That's correct, which is healthy during the developmental phase, opposed to a P&D or a POW with mining activity creating downward pressure.  Most coins are nominally, if at all, "spent" during this phase.  Once a coin has technology and is recognized, it's velocity will slowly increase as merchants and payments are made.  Slow Velocity is critical and healthy in the early stages.  Once it becomes more widely accepted, it then falls into true currency economic principles.   The price will be more of a reflection of value, compared with other world currency and BTC.  Ownership at this stage is irrelevant because it is a currency, meant to be spent.   Although it may still be traded, the swings are nominal and will fluctuate with value compared to goods and services.  However, POW coins dilution is much more amplified once it reaches this stage and inflation becomes a huge concern.  

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[drawingthesun]

Lol, I see no evidence of why it's the future. Just looks like another dime a dozen alt to me.

thats because it is, plus its POS...

you peeps make me giggle, go ahead name something better, i dare you, real working tech no vaporware allowed, and what's wrong with POS no new coin mintage means stable price, can't see the faults.

XC cut off proof of work early making all XC holders preminers, so XC is in scam territory for that.

Also POS, good luck with that, no new blood allowed to mine coin, they must buy from you.

If XC technology is truly worthwhile (I'm not sure it is) then a clone that is POW will emerge and become the dominate coin.

[almond]

Lol, I see no evidence of why it's the future. Just looks like another dime a dozen alt to me.

thats because it is, plus its POS...

you peeps make me giggle, go ahead name something better, i dare you, real working tech no vaporware allowed, and what's wrong with POS no new coin mintage means stable price, can't see the faults.

XC cut off proof of work early making all XC holders preminers, so XC is in scam territory for that.

Also POS, good luck with that, no new blood allowed to mine coin, they must buy from you.

If XC technology is truly worthwhile (I'm not sure it is) then a clone that is POW will emerge and become the dominate coin.

The advent of multipools blunts the pos vs. pow argument.  Most all POS coins have their own multipools so miners can add their new blood to whatever pool they want.

[Buffer Overflow]

I lost interest after I read the word 'premine'.

[brownmon]

I lost interest after I read the word 'premine'.

Lazy coin devs!  Why aren't they working hard?!  Why aren't they advertising more?

Let's pay them no money!  I'm sure that will help them develop the coin and advertise more!

[Buffer Overflow]

I lost interest after I read the word 'premine'.

Lazy coin devs!  Why aren't they working hard?!  Why aren't they advertising more?

Let's pay them no money!  I'm sure that will help them develop the coin and advertise more!

Absolutely. That way I know a coin is created for the right reasons.

[fluffypony]

I lost interest after I read the word 'premine'.

Lazy coin devs!  Why aren't they working hard?!  Why aren't they advertising more?

Let's pay them no money!  I'm sure that will help them develop the coin and advertise more!

As one of the 7 core team members working on Monero, I can assure you that despite us getting paid nothing, having no premine, having no instamine, we work hard and Monero is progressing accordingly. You don't need to cheat to be able to push out excellent code.

[Teka]

I lost interest after I read the word 'premine'.

Lazy coin devs!  Why aren't they working hard?!  Why aren't they advertising more?

Let's pay them no money!  I'm sure that will help them develop the coin and advertise more!

As one of the 7 core team members working on Monero, I can assure you that despite us getting paid nothing, having no premine, having no instamine, we work hard and Monero is progressing accordingly. You don't need to cheat to be able to push out excellent code.

To hire the best people in the industry, you need funds. This let you push the best code. Also so far a lot of things have been funded by Dan himself and not from the premine like xchat. You're obviously going to dismiss this point due to your biased opinion and conflict of intrest.

[Lauda]

To hire the best people in the industry, you need funds. This let you push the best code. Also so far a lot of things have been funded by Dan himself and not from the premine like xchat. You're obviously going to dismiss this point due to your biased opinion and conflict of intrest.

Okay I'll make a 99% premine code so that the best devs will work on that coin.  
Best people in the industry? They are so into coding random coins.

[Teka]

To hire the best people in the industry, you need funds. This let you push the best code. Also so far a lot of things have been funded by Dan himself and not from the premine like xchat. You're obviously going to dismiss this point due to your biased opinion and conflict of intrest.

Okay I'll make a 99% premine code so that the best devs will work on that coin.  
Best people in the industry? They are so into coding random coins.

A 99% premine would be ridiculous, a tiny percentage of a coin is not. Have you looked at xc outside of the premine? Because if you are focusing on a premine then your missing a lot of information. 

[fluffypony]

To hire the best people in the industry, you need funds. This let you push the best code. Also so far a lot of things have been funded by Dan himself and not from the premine like xchat. You're obviously going to dismiss this point due to your biased opinion and conflict of intrest.

Okay I'll make a 99% premine code so that the best devs will work on that coin.  
Best people in the industry? They are so into coding random coins.

Hah hah - exactly!

We need the best, so we premine the most!

[Teka]

To hire the best people in the industry, you need funds. This let you push the best code. Also so far a lot of things have been funded by Dan himself and not from the premine like xchat. You're obviously going to dismiss this point due to your biased opinion and conflict of intrest.

Okay I'll make a 99% premine code so that the best devs will work on that coin.  
Best people in the industry? They are so into coding random coins.

Hah hah - exactly!

We need the best, so we premine the most!

The premine is a tiny percentage and honestly more of Dans personal funds have been used then the premine. Unlike other coins, we are building a privacy platform that is based around solid code. We also don't have issues regarding blockchain bloat


p.s you've lost quite a few potential orders today

[fluffypony]

The premine is a tiny percentage and honestly more of Dans personal funds have been used then the premine. Unlike other coins, we are building a privacy platform that is based around solid code. We also don't have issues regarding blockchain bloat

So you've gotten pruning working in XC, then? Can you link to the code on github? Because not even Bitcoin has pruning right now. Until you've written the code that lets you prune the blockchain and run off a new merkle root, your claim is spurious and incorrect. Don't claim to have solved a problem when what you mean is "we will solve it later...once Bitcoin does the work for us".

p.s you've lost quite a few potential orders today

Doubtful, 99% of our orders since the market tanked in March are from large farms and are based around our 19" rack ASIC grids that aren't even on the website. None of them have stopped ordering. But it's completely fine to tell yourself that's the case if it'll make you feel better.

[Teka]

The premine is a tiny percentage and honestly more of Dans personal funds have been used then the premine. Unlike other coins, we are building a privacy platform that is based around solid code. We also don't have issues regarding blockchain bloat

So you've gotten pruning working in XC, then? Can you link to the code on github? Because not even Bitcoin has pruning right now. Until you've written the code that lets you prune the blockchain and run off a new merkle root, your claim is spurious and incorrect. Don't claim to have solved a problem when what you mean is "we will solve it later...once Bitcoin does the work for us".

p.s you've lost quite a few potential orders today

Doubtful, 99% of our orders since the market tanked in March are from large farms and are based around our 19" rack ASIC grids that aren't even on the website. None of them have stopped ordering. But it's completely fine to tell yourself that's the case if it'll make you feel better.

Let's be honest, there are some coins with terrible blockchain bloat. Also, the code for current rev won't be accessible for some time to prevent theft of our technology.

[therightmintality]

I lost interest after I read the word 'premine'.

Lazy coin devs!  Why aren't they working hard?!  Why aren't they advertising more?

Let's pay them no money!  I'm sure that will help them develop the coin and advertise more!

As one of the 7 core team members working on Monero, I can assure you that despite us getting paid nothing, having no premine, having no instamine, we work hard and Monero is progressing accordingly. You don't need to cheat to be able to push out excellent code.

i just want to understand... so you and none of the core dev team own any Monero?

The premine  on XC was 2% of supply, which some is being used on development.   Look at the distribution of XC, we have a broad base and a strong community.   Good luck with dilution, I don't want to buy a coin that PS3 miners using dorm electricity are dumping to pay for their college text books and beer.

[fluffypony]

i just want to understand... so you and none of the core dev team own any Monero?

The premine  on XC was 2% of supply, which some is being used on development.   Look at the distribution of XC, we have a broad base and a strong community.   Good luck with dilution, I don't want to buy a coin that PS3 miners using dorm electricity are dumping to pay for their college text books and beer.

We own very little - collectively we own less than 50 000 Monero between all 7 of us. We earned it legitimately, either by buying on the OTC trading thread / first exchange, or by mining.

I don't get the PS3 comment, are you meaning that XC should lie in the hands of only a few?

[therightmintality]

i just want to understand... so you and none of the core dev team own any Monero?

The premine  on XC was 2% of supply, which some is being used on development.   Look at the distribution of XC, we have a broad base and a strong community.   Good luck with dilution, I don't want to buy a coin that PS3 miners using dorm electricity are dumping to pay for their college text books and beer.

We own very little - collectively we own less than 50 000 Monero between all 7 of us. We earned it legitimately, either by buying on the OTC trading thread / first exchange, or by mining.

I don't get the PS3 comment, are you meaning that XC should lie in the hands of only a few?

so the monero team owns 2% for now and I'm sure continues to mine.  Them, along with college kids mining on their gaming machines with free electricity, or large multi pools both selling daily, or huge farms which can manipulate the price.   Oh, is claymore one of the devs as well?    Any POW coin will fight dilution and eventually inflation... no thanks.

[brownmon]

Lazy coin devs!  Why aren't they working hard?!  Why aren't they advertising more?

Let's pay them no money!  I'm sure that will help them develop the coin and advertise more!

As one of the 7 core team members working on Monero, I can assure you that despite us getting paid nothing, having no premine, having no instamine, we work hard and Monero is progressing accordingly. You don't need to cheat to be able to push out excellent code.

I don't see what getting paid has to do with 'cheating'.

Just because a few dozen people are happy to work for free, doesn't mean most people are.

[battbot]

Anyone not in XCurrency right now is doing it wrong.  


Every XC wallet is automatically an Xnode and no balance needs to be held in it (aka, completely decentralized).

Privacy Mode is on-chain, and breaks transactions into fragments and utilises trustless mixing to forward fragments on to the recipient. (It's not a ring signature either; it's a unique m-of-m multisig transaction.)

• Since every node forwards fragments, there's no telling whether a node is the originator or final receiver of a fragment. Therefore receiver/sender address is concealed.
• Since fragments are sent, there's no telling what the full amount of any given transaction is. Therefore the amount sent/received is concealed.
• Since trustless mixing is m-of-m multisig, no node can steal coins. They can either sign or opt out. (In the latter case, fragments are sent via spare nodes).

XC will soon be adding "stealth addresses" to its arsenal. This will allow the receiver to publicise a receiving address, while payments sent to it will arrive in another address, prevent associating the receiver with amounts received.

Finally XC nodes can run as TOR nodes, so that not only are their IP addresses concealed, but since they do not use exit nodes they're immune to packet sniffers.

As such, XC claims to be completely private. Sender address, receiver address, amount, and IP address are all kept private.  Future developments will allow increasing control over degrees of privacy, enabling XC transactions to be flexible and tailored to a wide variety of use-cases.


In addition to completely anonymous transfers, XC has XChat, instant p2p encrypted messaging (also available on the XC TOR Stick, www.xcmerch.com).  XC is also developing encrypted voice + video to be used across PC & mobile platforms.  

http://www.cryptocoinsnews.com/news/xcurrency-begins-selling-highly-anticipated-xchat-tor-stick/2014/08/07


Lead developer: Dan Metcalf -- http://www.linkedin.com/pub/dan-metcalf/12/1a8/b82

http://www.xc-official.com/

[rdnkjdi]

Can you explain about Dan being a CEO of a currency - and how it makes sense / where his funding comes from / what other employees there are of the company?  

About 100 years ago - there were sub currencies for companies where they refused to pay employees cash but offered you "tokens" that could only be spent only at their stores .  So they were able to monopolize on whatever they paid people.  In that sense - I suppose the owner of the company issuing tokens was the boss / CEO of a currency ....