[ANN][RSU]█ ReserveShare █ NXT AE | FAIR distribution | First POR| UNIQUE Source

[bee7]

I will not do PoD under any circumstances as I do not see the point for it.

I don't understand what PoD here means?

It is DOXing to some susceptible people who pretend to have the trust of community.

bee7,

Apart from our conversation yesterday, is inflation possible to be included in this basic POS system? Say 9% per annum.

Yes it is possible, of course. We will discuss all the properties of the coin here before we implement it.

[catecoco]

waiting for new dev to be involved in this project!holding my RSU still!

As Darkhorse made an announcement I would like to introduce myself and make a few statements that I would like to fix now before we start.

I am a software engineer with long record of professional experience (almost 30 years). I am not going to prove this, though.
I started to look into crypto-currency scene in March '13, just a week before bitcoin's spiked to 200+. Since that time I did some coin related development (see the graincoin treads for detail), provided some fixes for a few coins.
I am not a marketing guy at all. I have of course the common sense, but in terms of natural language skills: I can read.

I will make an SW development of the wallet and other pieces of SW the Team designs in the future.
I will not do the PoD under any circumstances as I do not see the point for it.


As Darkhorse already said the plan is to start with a 'standard' PoS wallet. The initial supply distribution will be done using current list of holders of the RS Asset.
I will not participate in this distribution - the community will donate my RS address at its discretion.

Do you accept these terms?

Accept all above.

[DarkhorseofNxt]

I will not do PoD under any circumstances as I do not see the point for it.

I don't understand what PoD here means?

It is DOXing to some susceptible people who pretend to have the trust of community.

bee7,

Apart from our conversation yesterday, is inflation possible to be included in this basic POS system? Say 9% per annum.

Yes it is possible, of course. We will discuss all the properties of the coin here before we implement it.

I hate the Doxing part. I am always against it and always will. Okay roger that. First let's get the community's acceptance, then we can discuss the properties. At the same time, i will try to get the major shareholders to donate for your portion. I can say we have 2.5% of total coin supply, and i will try to get more people involved. To the rest, those holding more than 10k-15k of RS, it would be helpful if you can pledge some of your coins. You guys can send to my nxt account and i hold it there until we have a real wallet/client. Then i will send the dev stake to him. Is this okay with you bee7?

[bee7]

I will not do PoD under any circumstances as I do not see the point for it.

I don't understand what PoD here means?

It is DOXing to some susceptible people who pretend to have the trust of community.

bee7,

Apart from our conversation yesterday, is inflation possible to be included in this basic POS system? Say 9% per annum.

Yes it is possible, of course. We will discuss all the properties of the coin here before we implement it.

I hate the Doxing part. I am always against it and always will. Okay roger that. First let's get the community's acceptance, then we can discuss the properties. At the same time, i will try to get the major shareholders to donate for your portion. I can say we have 2.5% of total coin supply, and i will try to get more people involved. To the rest, those holding more than 10k-15k of RS, it would be helpful if you can pledge some of your coins. You guys can send to my nxt account and i hold it there until we have a real wallet/client. Then i will send the dev stake to him. Is this okay with you bee7?

There is no real need to collect the funds now. This could be done when we have a running wallet and distributed coins. More over I insist on this sequence.

As soon as the coin is issued (emitted, printed) the RS Nxt asset should be destroyed somehow. Do I get this correct? Could anyone explain me the intended procedure of all this asset issuance and utilization, please.

[DarkhorseofNxt]

First we need to collect all the tokens issued in the NXT AE. We can do this by creating a new account, ask all the token holders to send to that account. This will help to create a new share holder list. Then we send these tokens to the Nxt genesis account to 'destroy' the tokens.

So before this can be done, we need a working wallet and address so we can collect these data while collecting the tokens back.

[bee7]

Thoughts on initial RS whitepaper and the dev.

The analysis of the said document shows that there is no rationale behind the idea.

According to the WP the funds that are put on reserve are not used by the network the way other than to permit the network to create blocks.
In other words, someone could put her stash of coins on reserve, switch off the wallet, come back when the reserve period ended and collect the interest for doing literally nothing.
During this time the rest of nodes (what nodes if everyone would put his stakes on reserve and switch off the wallets) should do all work to secure the network, i.e. spend bandwidth and computational resources.
So, the statement in WP that the funds put on reserve are securing the network somehow is a complete lie.

I spent some time yesterday to look through the posts of badam. It appears that he registered at the BCT in Jan '14 and was a beginner miner at that time. The whole post history does not show a single evidence of being some how interested in coin sw development until his first post in this thread. Taking to account this and, most likely, the fact that there is no working wallet released to anyone who can prove its existence by just sharing it, I came to the conclusion that the whole story is a planned scam from the very beginning and no actual development were done.

I am sorry to say this, but I do not see the reason to hide this information from you.

Edit: the link to the whitepaper: https://drive.google.com/file/d/0B8ziil8jPfhlNFZ3VmVuNUxMZTg/edit?usp=sharing

[bee7]

First we need to collect all the tokens issued in the NXT AE. We can do this by creating a new account, ask all the token holders to send to that account. This will help to create a new share holder list. Then we send these tokens to the Nxt genesis account to 'destroy' the tokens.

So before this can be done, we need a working wallet and address so we can collect these data while collecting the tokens back.

I still do not understand, but I have no time now to read through NXT documentation to get it.

All I need is a list of RS addresses and the % of supply expressed in absolute figures to credit to each RS address.

I will provide a paper wallet generator to generate the addresses for not yet existing RS wallet shortly, so every RS asset holder would generate an address public/private key pair that later she would import into the wallet.

Edit: are there any females in the community, so I have to keep my posts politically correct?

[quanxinquanyi]

what the hell dev gone away

[kora2]

Good news - I can say we do now have an interested developer that is willing to spend some time on this project.

Bad news - We cannot implement Reserve Share plans on POR because of lack of information on how the algorithm works. The only function we know is, users reserve their stake in the system for a certain period of time and receive an x amount of coins. Lack of information on other important issues such as securing nodes, block generation etc.

This is my opinion - We can start working on a basic POS wallet. Slowly we can add on the features we want to the software. The developer can make this happen without much work. But what determines who gets the tx fees? What would be considered "fair"?. We need to identify that before we can proceed. Nxt using Proof of Stake, Nem using Proof of Importance. Reserving share is equivalent to Stake in Nxt. Do we want to incorporate the inflation into this? This you guys need to let me know what is your opinion so we can move forward with the project. These are the details i need to speak to the developer before he officially gets involved with the project.

Let us know of your opinion. I think we can progress now. Those who wish to get into the project, get your tokens now in the Nxt AE. Those who wish to get out of the project, please dump your tokens.  


Edit: Kora, how does the Proof of Burn algorithm works?
 

Proof of burn is very clever implementation IMO. I'm still amazed it hasn't taken off more. The original inventor (Slimcoin dev afaik) launched in May and had well documented whitepaper and working code. The wallet was a bit buggy, and Slimcoin had problems with forks, but overall for a 'new' coin tech it was going pretty well. He did have a very vocal critic/troll hassling him regularly, and then in Sept he announced he was moving on. Just recently a new guy has started working on Slim to iron out some bugs, but IMO Slimcoin is still an 'orphan' in most respects, but still very innovative coin.

The original was part PoW, PoB & PoS. The dev explains everything in his announcement OP plus whitepaper, it's all there for bee7 to look over.

Proof-of-Burn mining is different from Proof-of-Work mining. More computers and higher computational power offers no advantage over slower computers. In short, how this is achieved is: when one burns coins, that transaction can be used to calculate burn hashes. There is also a multiplier that is multiplied to the raw burn hash to calculate the final burn hash. The greater amount of coins burnt by a user, the smaller the multiplier will be and the smaller the burn hashes will be. The smaller the burn hash is, the more likely the hash will meet the difficulty target (be accepted by the network as valid). Over time, the multiplier of a single burn transaction increases slowly, lowering the effectiveness of those burn hashes, acting like "decaying burnt coins". Per transaction, only 1 burn hashes is needed to be calculated per ~90 seconds. The reason low power can mine this is because basically almost any machine can hash a few SHA256 hashes in ~90 seconds.

Whitepaper: Slimcoin Whitepaper PDF

Slimcoin thread: https://bitcointalk.org/index.php?topic=613213.0

If you check out the last month or so of the Slimcoin thread you can see what the new guy is discussing, basically options for altering the PoS part. IMO if we used this we just use PoB & PoS and leave out traditional PoW. Having all three in the same coin (PoB PoS PoW) probably resulted in the bugs, but the basic idea behind PoB worked quite well.

If we chose this option we would have an innovative coin with great tech, and as the original was abandoned but still had good documentation & source code, we could improve on the original and make something new and original almost. Plus, being PoB makes it possible to run on a raspberry pi, so it's got potential on small mobile devices. Low resource use, so easy to market also.

[bee7]

@kora2

thank you, I will study this now.

[kora2]

@kora2

thank you, I will study this now.

No worries, good luck

[btcshare]

 Good luck with this great community!

[bitsurfer2014]

I was hoping this coin will be revived by someone willing to develop it with sincerity. Goodluck to us.

[DarkhorseofNxt]

Good to see everyone coming back.

[bitsurfer2014]

Good to see everyone coming back.

Yeah, maybe we can make this coin much better than previously planned in terms of development and features. Hope a new DEV will take that challenge.

[bee7]

Good to see everyone coming back.

Yeah, maybe we can make this coin much better than previously planned in terms of development and features. Hope a new DEV will take that challenge.

I said already, that I am not a marketing guy. I meant that I am not creative in this area, i.e. not capable to create a good idea to sell. But I have a big experience in SW development that I began to obtain in '85.
So, I have enough experience to implement many things. I am not strong in cryptography as a science and definitely, I am not capable to make a studies like TheFascistMind (AnonyMint) presumably did, but I can apply the existing cryptography technologies appropriately and I am capable to see the overkills or overestimates in the appliances.

I looked a bit through this thread and I found that people here are ready to accept the fail of initial project but not willing to give up at the same time. This is why I decided to join you and I really take on all of you. I expect from all of you to be creative, not just collecting profits. From my side I promise to do all my best.

The first obvious thing that community members could definitely do is a coin logo and wallet splash screen design. I believe some of you are really good in creating such a stuff. You need this to be done regardless of you accept me as a new SW dev or not.

[bee7]

I can help in the bird campaign....I mean in twitter

The real hype in the best definition of it is also very important.

[bitsurfer2014]

I can help in the bird campaign....I mean in twitter

The real hype in the best definition of it is also very important.

Yeah. We could think of juicy tweet campaigns coupled with the actual progress of this coin. I think it will catch the attention of many.

[josegines]

ATTENTION
Care to buy now before having something running. Some bought cheap and already have the rods ready to catch their benefits

NXT-BNL2-8M6L-TYVJ-3BDC8
http://nxtreporting.com/?a=NXT-BNL2-8M6L-TYVJ-3BDC8+&c=EUR
Has bought 13746 at an average price of 0.07
Now sell:
8828 x 0.129
1500 x 0.397
3500 x 0.49
978 x 1.25
1000 x 1.54
1000 x 1.55

NXT-ZN7G-QXH2-4XNM-45KSD
http://nxtreporting.com/?a=NXT-ZN7G-QXH2-4XNM-45KSD&c=EUR
Has bought 18500 at an average price of 0.0346
Now sell:
10000 x 0.14
7000 x 0.398

NXT-DEC4-YP2R-72LW-AKRP2
http://nxtreporting.com/?a=NXT-DEC4-YP2R-72LW-AKRP2&c=EUR
Has bought 70773 at an average price of 0.05878
Now sell:
10000 x 0.8999
10000 x 1.5

...


I also have some RSU, but I do not want to be get ripped off a second time.

Those accounts that have bought cheap, can assist in giving erroneous information that would lead us to think that RSU is going to resurrect. However, we need to confirm all the information that we read. Especially after a deception would be stupid fall again.

[bee7]

Then I think the best strategy now for these who decides to stay, not sell and not buy: whoever bought it cheap just to make some bucks fast and now would have to claim his shares to be "exchanged" for the coins.