[ANN] FoldingCoin - MINE FOR MEDICINE- PHASE 2.0

[FoldingCoin]

Can you fold with any computer or do you need a powerful one?

The great thing is ANY computer can do it. I just helped one of our donors setup a Pentium III and he is folding, he gets about 300 credits a day. Now obviously this is no where as good as lets say an i5 that gets you about 2000 a day. But every computer counts because you are not securing a blockchain, your developing medical research so you really win no matter what. Stanford states on its website that they would like to have 1 million computers do this, they currently have around 200,000. Even a Pentium is one more close to the mil

[John776]

How bad does it slow down your computer while you are running it?

[FoldingCoin]

How bad does it slow down your computer while you are running it?

When you are just using a CPU, not at all. It runs as the lowest priority in windows so you really dont see lag. I run multiple i3-i7 and i have no problems, even on a cheap 40$ CPU my buddy has it tends to not hurt, you can always right click the icon in task bar and set it to "low, medium, high" while you work, or even check "pause" then unpause when you are done.

A GPU however does make the screen lag while running it high and working on it at the same time. I have a R9 290x that i set to "medium" when i work on it and "low" when i play Starcraft II on it, then back to "high" when im done.

[John776]

Thanks good to know. Cool project, I will point some CPUs that are collecting dust your way tomorrow. Hope this coin takes off

[FoldingCoin]

Thanks good to know. Cool project, I will point some CPUs that are collecting dust your way tomorrow. Hope this coin takes off

Sounds great! Please follow us on twitter as well for all the distribution updates https://twitter.com/FoldingCoin

[ethought]

Interesting concept.

I would be willing to invest but the crowdsale does seem overpriced to me.

1,000,000 @ 20BTC

with a total of 1,000,000,000

That values the coin at 20,000 BTC = approx US$9,460,000

[FoldingCoin]

Interesting concept.

I would be willing to invest but the crowdsale does seem overpriced to me.

1,000,000 @ 20BTC

with a total of 1,000,000,000

That values the coin at 20,000 BTC = approx US$9,460,000

It is just to help fund us for the new website that we wish to implement. We are hiring the developer of LTB website to do our website overhaul (for 6BTC)  that will have off-chain transactions and user logins so we can implement FLDC for team members outside of our FAH team.

Also it is to help fund the distribution of the coins themselves. Since FLDC rides on BTC it costs about 0.000006 BTC per FLDC transaction. That is not much, but we distribute to about 40 people a day right now, and 126 members overall, so that will get expensive especially if we start distributing for 1,000 people a day. So 4 BTC should cover that for sometime.

The remaining 10 will be used for advertising and further development. Instead of asking people to donate, we are simply selling off some of our earned coins at a premium.

[ethought]

Interesting concept.

I would be willing to invest but the crowdsale does seem overpriced to me.

1,000,000 @ 20BTC

with a total of 1,000,000,000

That values the coin at 20,000 BTC = approx US$9,460,000

It is just to help fund us for the new website that we wish to implement. We are hiring the developer of LTB website to do our website overhaul (for 6BTC)  that will have off-chain transactions and user logins so we can implement FLDC for team members outside of our FAH team.

Also it is to help fund the distribution of the coins themselves. Since FLDC rides on BTC it costs about 0.000006 BTC per FLDC transaction. That is not much, but we distribute to about 40 people a day right now, and 126 members overall, so that will get expensive especially if we start distributing for 1,000 people a day. So 4 BTC should cover that for sometime.

The remaining 10 will be used for advertising and further development. Instead of asking people to donate, we are simply selling off some of our earned coins at a premium.

Fair enough. But usually to raise funds I would think it would be better to offer a good priced deal rather than a premium priced deal.

Like I said I am interested in this coin but not really interested in spending BTC at a pretty hefty premium.

[e1ghtSpace]

Can you fold with any computer or do you need a powerful one?

Even a Pentium is one more close to the mil

How about a Centrino? (my computer sucks)

[Superxfast]

The purpose of this project is good for people. I followed topics of this developer on bitcointalk and LTB for a while. He is active, talent. Hope foldingcoin is success.

[FoldingCoin]

We dont expect to crowdsale to sell fully right away, we really need the 6 BTC to get our new platform started, thats why it doesnt have an expiration. If you have other thoughts on what we should do i would be all ears on hearing them

Centrino will work, just slow

Thanks Superxfast and just to be clear, one comment i get alot is "it looks like just one guy on the internet." That is not the case, we do have 3 developers, one of my big duties though is being the forum guy

[Superxfast]

Dear FoldingCoin,

Got it, foldingcoin' s developers are active as I see.

Best Rgrds,

We dont expect to crowdsale to sell fully right away, we really need the 6 BTC to get our new platform started, thats why it doesnt have an expiration. If you have other thoughts on what we should do i would be all ears on hearing them

Centrino will work, just slow

Thanks Superxfast and just to be clear, one comment i get alot is "it looks like just one guy on the internet." That is not the case, we do have 3 developers, one of my big duties though is being the forum guy

[mcostanza]

I've been folding for about a week or two and this is what I've noticed:

-My rigs use far less electricity and produce far less heat than when I was mining scypt.
-My rigs are actually useful while mining- I have it in the background all the time mining GPU and I never notice it, even on my media computer and we can still watch Netflix
-I enjoy reading about the proteins I'm folding and the good I'm helping with!

Right now I feel like I'm donating the cost of running my rigs to a noble cause. I'll also be taking part in the crowdsale because I want to support this initiative. My old BTC mining rigs are useful again!!!

Yay ingenuity! Nice job FLDC devs!

[FoldingCoin]

I've been folding for about a week or two and this is what I've noticed:

-My rigs use far less electricity and produce far less heat than when I was mining scypt.
-My rigs are actually useful while mining- I have it in the background all the time mining GPU and I never notice it, even on my media computer and we can still watch Netflix
-I enjoy reading about the proteins I'm folding and the good I'm helping with!

Right now I feel like I'm donating the cost of running my rigs to a noble cause. I'll also be taking part in the crowdsale because I want to support this initiative. My old BTC mining rigs are useful again!!!

Yay ingenuity! Nice job FLDC devs!

That is exactly right when I was scrypt mining I was spending almost $400 a month in electricity, now I am only spending about $250.

Another thing the team is working on right now, is developing a system to actually write off your folding for tax donations, since you are in fact donating resources to charity. This is something that will take time though as there are many factors involved with this.

We also are looking for this to really be a useful coin in the real world rather than be a pump and dump coin. We have been talking with Coinscrum (the largest BTC meetup in the world with 1800 members) about this being a meetup currency. We really want to see this coin used like LTBcoin, because most coins do not have a use so therefor become dead after a while.

[ObscureBean]

Interesting project but I'm not convinced about the setup. Depending on the number of people folding on a particular day, your daily distribution of 500,000 could really hurt investors in the crowd sale.
The value of the coin set by the crowd sale is very high, distribution of 500,000 coins a day could dramatically lower that value if there are only a few folders. Investors would be at a serious disadvantage 

[FoldingCoin]

Interesting project but I'm not convinced about the setup. Depending on the number of people folding on a particular day, your daily distribution of 500,000 could really hurt investors in the crowd sale.
The value of the coin set by the crowd sale is very high, distribution of 500,000 coins a day could dramatically lower that value if there are only a few folders. Investors would be at a serious disadvantage 

Just to clarify because i love feedback, by "the setup" are you referring only to the crowdsale or do you have concerns about the project itself?

And we really only need 10 BTC at this moment, so would lowering the crowdsale to 10 BTC seem like its fair to you, because we have had about 4 people agree with you so far and i would love to adjust this to what seems fair.

[BTC-Graphicdesigns]

Correct me if i am wrong but we already have Curecoin which is exactly the same concept.For what do we need foldingcoin?

[FoldingCoin]

Correct me if i am wrong but we already have Curecoin which is exactly the same concept.For what do we need foldingcoin?

Curecoin does exists with the same concept, i get this question a lot. We feel we have a few advantages over Curecoin:

-We do not have a blockchain that we must secure and update. The BTC miners secure and verify all FLDC transactions. BTC is the most developed blockchain far more than any other AltCoin chain. You never have to worry about our wallets lacking development since we do not develop it. We strictly develop our distribution system and website.

-Many coins are underdeveloped with features such as mobile wallets, as most time with developers is spent on the coins code. When https://counterparty.co releases features compatible with their assets, FLDC is automatically included in such development.  

-the only fear of a 51% attack is if it happens to BTC itself

-Since we dont have to worry about coin development, we have the time to go around and advocate FLDC to actual medical research communities. I myself have attended multiple organizations in my local area promoting FLDC with positive review. We also are very active on the internet, facebook, twitter, forums, and so forth.

-Its much easier for those interested in the coin to understand exactly how it works, since there isnt a bunch of coding talk, people can focus on how the coin can be used and ask more questions about FAH itself, not so much the coin.

-We want the general public (not just the crypto world) to start help folding with the FAH program. With a traditional AltCoin that has a QT client, many people do not wish to install such a program on their computer because they either do not believe in cryptos, or it seems to "over their head" for them. Also people generally like things on the cloud or online. I know i am a BTCer so i love paper wallets and desktop clients.... But nonBTC people do not. They want to be able to access things online from anywhere. Counterparty makes this barrier very easy and secure by implementing a secure 12 word password that can be saved as an encrypted bookmark with a single simple password to remember password.

-The ultimate goal of our crypto currency is to be useful, to promote FAH, and to promote BTC. Since we use a BTC wallet, this gives people who do not have BTC to start exchanging a crypto based on BTC and become more familiar with it. You do receive a small amount of BTC when you receive FLDC so its helps in the awareness. Its great for education to those not using BTC yet.

[FoldingCoin]

We also notice that many coins out there do not have a real use. They are just created to copy Bitcoin with no possibility of comparing to BTC. I know when i used to mine the different Altcoins, i sold them immediately. My friends used to ask me "what gives those coins value?" and i couldn't honestly answer. I always liquidated my altcoins mined as they are meaningless. In reality only a select few actual have real uses to my knowledge:

-Dogecoin, for fun
-LTBcoin, for publishing content on the LTB network
-Litecoin, only true copycat BTC that is accepted
-Ripple, for fiat currencies
-Counterparty XCP, for "user created assets" (FLDC and LTBcoin are among these)
-NXT, coin built from scratch with built in assets, exchanges, and marketplace
-Ethereum, anticipated 2.0 project compared to NXT and XCP with more features

We focus on finding a use for FLDC. Currently we are working on FLDC to be a tax write off token and used as a MeetUp.com currency to reward participation in your group. We have been talking with many people about this and should have something set soon for the MeetUp currency. As for the Tax write off will take some time as there are many details.

One other future plan would be to use this token as a way to receive discounts for the medicine developed from the FAH research. This is way in the future as we have to get FLDC to integrate with all FAH donors first, not just our team members. Also this would requiring talking to Stanford University directly. We have been in communication with Stanford, but talks are very early and no early collaboration is on the horizon, it will take time. Also would have to talk to the drug companies benifiting off of the FAH project which no talks have happened yet.

[John776]

Thats cool you are trying to find a use for it. Even if its not worth anything, it is a good utilization of computing power instead of a coin. You are right, not many coins have a real use case scenario. I do like this LTBcoin, I had never heard of it before