[ANN] FoldingCoin - MINE FOR MEDICINE- PHASE 2.0

[FoldingCoin]

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

We feel a use is probably the most important thing for a crypto coin. If it doesnt have a use, it becomes a pump and dump coin which cannot sustain in a market for very long (ex: Worldcoin). Also it seems to be a huge positive in the BTC community that the energy isnt wasted on a blockchain, and we agree with that

[FoldingCoin]

We are currently reviewing our crowdsale and taking into factor the fact that we may be asking to much. Anyone who purchased FLDC so far will receive an adjusted amount to make up for their purchase.

[John776]

Yes i agree that this is to high as well. From your previous posts it looks as though you only need 10 BTC. I think this would be a fair price making it 0.00001 BTC per FLDC (current rate on https://masterxchange.com is 0.00000103) making this only 10x the price. Honestly i think this is still undervalued on MasterXchange due to it only being on there recently.

[FoldingCoin]

Yes i agree that this is to high as well. From your previous posts it looks as though you only need 10 BTC. I think this would be a fair price making it 0.00001 BTC per FLDC (current rate on https://masterxchange.com is 0.00000103) making this only 10x the price. Honestly i think this is still undervalued on MasterXchange due to it only being on there recently.

I have to run this by my team tomorrow, but the 10 is all we need at this moment. I also think that this coin will be more valuable i think the way to get it to be the most valuable is by integrating the other FAH teams and donors. The crowdsale is going to make this a possability. just think, there are 200,000 members of FAH that are active, probably way more than any coin other than BTC and LTC. If all of those participants are given a currency for their work, the coin will grow in value fairly quick

[John776]

How do you plan on implementing Foldingcoin with other teams and donors? Your distribution looks as if it only pays for usernames with BTC addresses

[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  

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.

By 'setup' I mean your formula for distribution, folding/daily 500,000 coins + crowdsale. I don't have a problem with you raising 100 BTC or more. What I'm worried about is that you're not providing enough security for investors. Your daily distribution of 500,000 coins means that people receiving those coins can easily drop their ask price to way below what the investors paid  for in the crowdsale. Daily distribution of 500,000 coins makes this coin extremely easy to get which is in direct contradiction with the high value set by the 1,000,000 coins crowdsale. This means that there is absolutely no privileges in being an early investor. Quite the opposite, investors are likely to see their investments greatly reduced because people receiving free coins can outbid them anytime. For this to work, you would need to try and mitigate the effects of dumping by people who received the coins for free/folding.

[FoldingCoin]

How do you plan on implementing Foldingcoin with other teams and donors? Your distribution looks as if it only pays for usernames with BTC addresses

We are going to alter the way we do the distribution once we receive funding for the new website. Creating the off-chain system will allow funds to be held in an online account in our website by the users. This will keep funds on foldingcoin.net until members wish to withdrawal them (similar to how a mining pool website works). Then donors of other teams will register with FoldingCoin using their existing FAH name and team. Verifying the user is still something we are working on. We have a couple of ways that we can do this and haven't decided on one yet.

[ObscureBean]

One way of mitigating dumping would be to have a huge number of participants folding daily. This would mean that the 500,000 coins would be spread across a large number of people, effectively making the coin rare. I don't think this is very realistic though (at least in the beginning) because you'd need to have 1000's of folders.
Maybe you could consider lowering the number of coins distributed daily. You really need to work this out properly though if you want to be fair to both early investors and folders.

[ChristianVirtual]

Just some remark for the power required for a PC: yes, a Pentium can fold technically but it will take quite some time to finish some of the work units, could be easy more than a day.

It is expected that once a user start with a work unit (WU) it should be finished for the simple reason as the WU are sequential in nature. When such a sequence get interrupted by not finishing in certain timelines the overall science progress get delayed.

Plus modern GPU will get much more points will much less energy. So if your goal is folding & money: don't go in with too slow equipment.

Is your goal is primary the science: every hardware is useful and welcome.

There is also a client running under Google Chrome browser (NaCL). That one has smaller WU which easier could be finished on a Pentium.

That said: a Pentium driving two or three GPU is a great use of older hardware.

Welcome to folding ...

[-Greed-]

Counterparty Asset with 1,000,000,000 FLDC created and locked.
500,000 FLDC distributed per day, 100% of the FLDC distributed everyday is divided amongst all folders combined daily credits.
FoldingCoin is currently running a crowdsale that will consist of one million FLDC sold for 20 BTC. This values 0.00002 FLDC per BTC or 50,000 FLDC per BTC.

Assuming this aprox. 5.5 years to distribute all coins = 10 BTC thrown to market every day = 1000000000*0.00002 = 20,000 BTC. Are you kidding us? "PoW" period must last much longer.

[FoldingCoin]

Just some remark for the power required for a PC: yes, a Pentium can fold technically but it will take quite some time to finish some of the work units, could be easy more than a day.

It is expected that once a user start with a work unit (WU) it should be finished for the simple reason as the WU are sequential in nature. When such a sequence get interrupted by not finishing in certain timelines the overall science progress get delayed.

Plus modern GPU will get much more points will much less energy. So if your goal is folding & money: don't go in with too slow equipment.

Is your goal is primary the science: every hardware is useful and welcome.

There is also a client running under Google Chrome browser (NaCL). That one has smaller WU which easier could be finished on a Pentium.

That said: a Pentium driving two or three GPU is a great use of older hardware.

Welcome to folding ...

Spot On

[FoldingCoin]

Counterparty Asset with 1,000,000,000 FLDC created and locked.
500,000 FLDC distributed per day, 100% of the FLDC distributed everyday is divided amongst all folders combined daily credits.
FoldingCoin is currently running a crowdsale that will consist of one million FLDC sold for 20 BTC. This values 0.00002 FLDC per BTC or 50,000 FLDC per BTC.

Assuming this aprox. 5.5 years to distribute all coins = 10 BTC thrown to market every day = 1000000000*0.00002 = 20,000 BTC. Are you kidding us? "PoW" period must last much longer.

This is something we will address very soon. We actually are going to leave it up to the holders themselves. Unlike other coins, with counterparty we have the ability to distribute VOTE coins. Each person who has 1 FLDC will also receive 1 FLDCVOTE coin. if you have 100, than you get 100 and so forth. Come December 1st we will implement the first vote asking if holders would like to half the distribution at a certain time. If you the holder says yes, then you send your vote coin(s) to address 1, if you want no then you send to address 2. The address with the most FLDCVOTE coins wins.

We plan on holding these once a month starting on December 1st with the most requested change at the time. The voting period will last until the following first of the month, so Jan 1st. On Jan 1st we will also announce the vote for the following month.

[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.

By 'setup' I mean your formula for distribution, folding/daily 500,000 coins + crowdsale. I don't have a problem with you raising 100 BTC or more. What I'm worried about is that you're not providing enough security for investors. Your daily distribution of 500,000 coins means that people receiving those coins can easily drop their ask price to way below what the investors paid  for in the crowdsale. Daily distribution of 500,000 coins makes this coin extremely easy to get which is in direct contradiction with the high value set by the 1,000,000 coins crowdsale. This means that there is absolutely no privileges in being an early investor. Quite the opposite, investors are likely to see their investments greatly reduced because people receiving free coins can outbid them anytime. For this to work, you would need to try and mitigate the effects of dumping by people who received the coins for free/folding.

I guess unlike other coins, we do not see the crowdsale as an investment, rather a donation to FoldingCoin. Instead of just asking for BTC's, we figured we would at least give something back, and we the devs have a lot of coins since early on when it started, 6 million of them total. No premine happened but in the first few payouts we had 75% of the mining power, we are now down to 9.62% (17vBohqAPj1tAtVahxqWELw5VZ3zUWrW81 is us)

[bttshenxian]

dev, the official launch time, set the countdown,
What are your plans, please with pictures, thank you!

[FoldingCoin]

dev, the official launch time, set the countdown,
What are your plans, please with pictures, thank you!

Original launch date was July 6 the and we really advertised early on the LTB network due to that communities familiarity with counterparty, the thread is here http://letstalkbitcoin.com/forum/post/asic-proof-altcoin-on-counterparty

I believe that is what you meant by the countdown so correct me if I'm wrong

As for the official plans, I will upload those tonight when I get off work, thanks

[FoldingCoin]

You can also go here for all our web forums and articles http://foldingcoin.net/index.php/resources/

[John776]

Great article http://letstalkbitcoin.com/blog/post/foldingcoiu

[keyxkey]

I read about FoldingCoin in LTB, it has a great potential, I'm in.

[FoldingCoin]

Great article http://letstalkbitcoin.com/blog/post/foldingcoiu

Yes that is an article that we wrote for LTB. Many miners will have a similar story.

Side note: for those of you not into LTBcoin or the network, I highly recommend joining and start earning LTB. You can do this by simple adding forum comments, to listening to the show, but the biggest payout is adding front page content like that article. FoldingCoin got paid 360,000 LTBcoins for that article and we can use those for consultation sessions with Adam, show sponserships, and many more things! Start sharing your knowledge of the crypto world today. Go to http://letstalkbitcoin.com to get started! (I know that sounded like an advertisement, but it's not, I just really love what LTB does)

[FoldingCoin]

I read about FoldingCoin in LTB, it has a great potential, I'm in.

Thank you for your kind words and thanks for folding! Let me know if I can help with anything rross@foldingcoin.net