New ZiftrCOIN Presale Launched!

[StephenMorse]

Questions!!!

DEV, where is your POD?

ZiftrCOIN is in development. We don't want to publish our source and have someone fork our work before we even release our coin, though, but it will be made available pretty soon, at the very latest the coin will be released in early February. We are getting merchants on boarded now so that the coin has a use when it  comes out. Plus, we want to make sure everything is stress tested and not going to break. I think you will be able to see that we've put a lot of development into this already though, by looking at our website and our android Multi-coin wallet (in Beta). https://www.ziftrcoin.com/ & http://www.ziftrwallet.com/. Remember, all the software we create will support many coins, just like our mobile wallet does. We want to get more everyday people into using cryptocurrency, and not just bitcoin.

Will this coin be mineable after the IPO is over?

Absolutely, it's a PoW coin. The pre-sale is a small percentage of total coins, most of the coins will be mined.

What happens to coins not sold?

We will either give them away in promotions to get people into cryptocurrency (relatively small amounts to each person) or burn them.

How many coins are the DEVs holding?

The giveaway coins and the IPO coins are the only coins that we will have available when the coin is released. The only coins that employees might get access to just for being involved with ziftrCOIN will be locked up in the block chain for 1, 2, 3, and 4 years (in chunks), through the use of OP_CHECKLOCKTIMEVERIFY. The coins locked up for employees/future promotions are 1% of total ziftrCOINs. More details are available here: https://www.ziftrcoin.com/what-is-ziftrcoin/coin-specifications/. Note that the shape of the distribution curve has changed, we will be pushing updates soon, but the total # coins and %ages are still the same.

Are you using escrow for your IPO, or can you simply bolt with the BTC when the IPO is over?

We considered using an escrow, but couldn't really find a third part we found trustworthy. We're an established company, based out of Milford, NH (an hour north of Boston), and have been around since 2008. So basically, if you read up about us, look at who we are (https://www.ziftrcoin.com/about-us/ziftr-team), and like what we're doing, then participate in the pre-sale.

Not trying to spread FUD, but there have been SO MANY IPO scams.  Questions need to be answered.

I know, your questions do seem genuine and not like someone just trying to spread FUD, so thank you. They're very good questions.

[unusualfacts30]

Will this coin be mineable after the IPO is over?

Absolutely, it's a PoW coin. The pre-sale is a small percentage of total coins, most of the coins will be mined.

that's way too risky for investors who purchase during pre-sale. As soon as mining starts miners will start dumping their coins in the market and price will fall. 

[RagingBull]

I wanted to point out some issues I am having with Ziftrcoin concept and ask for an explanation.
Assuming you will be able to peg the coin to $1 within your network, that is not my concern.
Currently you sold ~3.6 million coins for ~$652,000
For the sake of argument let's assume the pre-sale ended today, at those figures, each coin would have been sold at ~ 18 cents
Then the plan for distribution calls for 300 million coins giveaway and ~1 billion coins at year end with mining.
So it's fair to assume at the end of 2015 you will have 1 billion coins,  at that inflation rate your break even price/market cap
is ~$180,000,000 dollars, in 10 years the break even price/market cap is ~$1800,000,000
If your plan to peg this coin at $1 requires a market cap of $1,000,000,000 by the end of 2015 and 10 times that in 10 years,
Ripple which is the biggest market cap winner after Bitcoin ranks at $ 753,077,008 market cap,
What makes you think you will have a bigger market cap than Ripple by the end of 2015 and double that in 2016?

I know when you peg the coin at $1 and sell it at 18 to 25 cents, the initial investors will need buyers/investors at the range of
30 cents plus to make any profit. In the next 10 years you will need merchandise valued at $10 billion just to support the mined
and given away coins. Correct me if I am wrong, also please give me the yearly inflation rate for Ziftrcoin, I am sure you have
that figure calculated. It is clear you will not support the price of $1 on the exchanges, for the simple fact you can not, and you did
not say you will, the question remains how will your 10% in fees support $10 billion in merchandise? that also is not the case, because
the reality is you will not peg the coin to $1 ever unless it's worth 95 cents on the open market, because the peg will only go up to
5% of the total purchase, however, this somehow contradicts this statement:
" The $1 minimum redemption value is guaranteed because we'll use part of our own compensation to ensure that the value is never less than $1 on our website or within our retailer network. "

Just explain the simple math, how can part of the 10% fee help you support a 100% value, when the value is a variable with a potential to be zero?

Now if we say Ziftrcoin is a 5% coupon towards purchases on your network of merchants, if the value is less than $1, things will be much clearer to me.
The initial investors will get 5% coupon for each purchase made within your network, but might or might not get a guaranteed redemption value of $1

Maybe I did not fully comprehend the concept, I watched your videos as well on youtube, still I am not getting it.

[StephenMorse]

@RagingBull, good questions, I'll try to explain more. Take a look at this:



So, this is a simple case. You have a $100 purchase, and you have to give 5 ziftrCOINs to get 5% off.

Now say you're buying something for $20 bucks. Then you can get 5% off your purchase ($1 off), by paying with 1 ziftrCOIN and $19. So the $1 minimum is guaranteed at checkout for up to 5% of purchase value. If your purchase is smaller, you need to give fewer ziftrCOINs to get the 5%. Does that make sense?

You are right, the $1 minimum is not guaranteed on any exchanges or anywhere else other than within our merchant network. So the coin will probably be helpful and a good deal for you if you do a lot of online shopping.

[madmartyk]

I guess it would depend on the merchants that will take the coin.  Get someone like Amazon to accept it you have a hit.  Other merchants will just mark up the price a bit to make up for the discount given with the coins.  Plus, how many merchants are going to reprogram their POS system to accept crypto?

With the rumor of Paypal and E-Bay accepting BTC in 2015 how will this play in?

[JuanHungLo]

Dev, what algorithm will your coin use during POW phase?

[StephenMorse]

Dev, what algorithm will your coin use during POW phase?

A custom algorithm called Sign to Mine. This algorithm requires an ECDSA signature to validate a block, and only the public key used to validate the block can be used to collect rewards in the block. Essentially, miners can no longer mine for someone else, they have to be mining for themselves. That does not mean that there can be completely no pool mining ziftrCOIN, however, it just means that there must be trust established with individuals before letting them join your pool.

[madmartyk]

Does it use the standard cgminer program?

[Repunza]

Seems interesting...

[FinalHash]

Does it use the standard cgminer program?

They are porting cgminer and sgminer.  FinalHash has been working with them on this front.  CPU mining is already rocking on testnet. OpenCL for you GPU folks coming soon.

[FinalHash]

Questions!!!

DEV, where is your POD?
Will this coin be mineable after the IPO is over?

Of course it will be. How else are they going to have a super fast network?

Are you using escrow for your IPO, or can you simply bolt with the BTC when the IPO is over?

Not trying to spread FUD, but there have been SO MANY IPO scams.  Questions need to be answered.

Im also going to skip a bunch of the silly questions you asked... why? well tbh i just got back from taiwan and i am tired. But i also did not care to read the rest of this thread and i figured they were probably already answered.

And also, you kind of ARE trying to spread FUD. First thing i would ask you is this.  Would you invest in a coin that steve wozniack made?  If your answer is no, i would ask why. Seeing as how your answer is probably yes, here is my input. Robert Wilkins was runnin' around with those guys back in the early 80's.  He ran PC Connection for god's sake. Bob personally took that company from around $300M to the IPO phase.  Here is there ticker symbol PCCC.  Bob left them and is now doing some big things even outside of crypto. So while i do agree with your IPO/ICO claims that alot of folks have put forth around other companies and it is something to take a second look at, i pose this question. Do you really REALLY truly think that a guy of Wilkin's caliber has time for games and scams?

[JuanHungLo]

I will mine your coin if nothing else for the mental exercise of your new algorithm but ICOs have a bad reputation for a reason.

[Aur3]

Do you really REALLY truly think that a guy of Wilkin's caliber has time for games and scams?

Yes Wilkins being involved is massive. The Ziftr network makes a lot of sense to move into crypto when you look at where eCommerce is going. No doubt amazon is watching this.   

[ashleygrey08]

Is it possible Ebay and Amazon will accept payment using Ziftrcoin?

[BTCMILLIONAIRE]

I'm one of the developers over at Ziftr. I'm doing some of my usual bitcointalk lurking and figured I'd pop in here and try to answer some of the questions.

Oh yeah....a developer is talking.....I believe everything you say ZWGuy.... 

[coinits]

PayCoin the second.

[BTCMILLIONAIRE]

Is it possible Ebay and Amazon will accept payment using Ziftrcoin?

Yes and so will walmart costco target and other 100k merchants 

[ZWGuy]

I'm one of the developers over at Ziftr. I'm doing some of my usual bitcointalk lurking and figured I'd pop in here and try to answer some of the questions.

Oh yeah....a developer is talking.....I believe everything you say ZWGuy.... 

I'm not sure what you're trying to say here exactly. I specified that I was a developer at Ziftr so that there was no doubt that I'm associated with the company and the coin.

[Odd Thomas]

PayCoin the second.

PayCoin the first. Ziftr has been around for a while.

http://www.ziftr.com/

[ZWGuy]

We will be on major exchanges, there will be an announcement next week. The coin is in development, too, it's not released yet.

There's an article about this on bitcoinist now.
http://bitcoinist.net/bitcoin-exchanges-add-ziftrcoin-listing-prior-presale-end/

ZiftrCoin will be on Cryptsy and Melotic (and possibly others) when the coin launches.