ZiftrCoin Maths: offering 1600 Ziftrs per 1BTC with a promise 1 Dollar per Ziftr

[xChain]

Ziftr promises to redeem 1 ZiftrCoin for 1 Dollar at merchants yet is giving 1600 ZiftrCoin's for 1 BTC  how is the maths going to work?
https://uk.finance.yahoo.com/news/ziftrcoin-crowdsale-passes-500-000-174858520.html

[djm34]

Ziftr promises to redeem 1 ZiftrCoin for 1 Dollar at merchants yet is giving 1600 ZiftrCoin's for 1 BTC  how is the maths going to work?
https://uk.finance.yahoo.com/news/ziftrcoin-crowdsale-passes-500-000-174858520.html

it won't  

[ZWGuy]

Ziftr promises to redeem 1 ZiftrCoin for 1 Dollar at merchants yet is giving 1600 ZiftrCoin's for 1 BTC  how is the maths going to work?
https://uk.finance.yahoo.com/news/ziftrcoin-crowdsale-passes-500-000-174858520.html

I'm not sure I entirely understand you question, but I'll try and answer it.

The current rate for ziftrCoins in the presale is 1 btc for 1260 ziftrcoins. With bitcoin worth about $330 (as I type this) that puts ziftrcoins at about 26 cents each at the moment.

Our website will offer a $1 redemption value for coins when you shop using our site. If the market value or volume is too low then there will be a limit of 5% of your purchase paid for with ziftrCoin. So think of ziftrCoins like coupons that work at any of our merchants (and can typically be combined with other coupons). This discount is basically us giving our advertising dollars to shoppers to drive usage of our coin (and other cryptocurrency).

[kekek]

Ziftr promises to redeem 1 ZiftrCoin for 1 Dollar at merchants yet is giving 1600 ZiftrCoin's for 1 BTC  how is the maths going to work?
https://uk.finance.yahoo.com/news/ziftrcoin-crowdsale-passes-500-000-174858520.html

I'm not sure I entirely understand you question, but I'll try and answer it.

The current rate for ziftrCoins in the presale is 1 btc for 1260 ziftrcoins. With bitcoin worth about $330 (as I type this) that puts ziftrcoins at about 26 cents each at the moment.

Our website will offer a $1 redemption value for coins when you shop using our site. If the market value or volume is too low then there will be a limit of 5% of your purchase paid for with ziftrCoin. So think of ziftrCoins like coupons that work at any of our merchants (and can typically be combined with other coupons). This discount is basically us giving our advertising dollars to shoppers to drive usage of our coin (and other cryptocurrency).

That seems like a system that will collapse within a month.

[ZWGuy]

That seems like a system that will collapse within a month.

Maybe it's because I've done a bad job explaining it, but I'd actually be very interested to hear why you think the system won't last.

[Este Nuno]

Ziftr promises to redeem 1 ZiftrCoin for 1 Dollar at merchants yet is giving 1600 ZiftrCoin's for 1 BTC  how is the maths going to work?
https://uk.finance.yahoo.com/news/ziftrcoin-crowdsale-passes-500-000-174858520.html

I'm not sure I entirely understand you question, but I'll try and answer it.

The current rate for ziftrCoins in the presale is 1 btc for 1260 ziftrcoins. With bitcoin worth about $330 (as I type this) that puts ziftrcoins at about 26 cents each at the moment.

Our website will offer a $1 redemption value for coins when you shop using our site. If the market value or volume is too low then there will be a limit of 5% of your purchase paid for with ziftrCoin. So think of ziftrCoins like coupons that work at any of our merchants (and can typically be combined with other coupons). This discount is basically us giving our advertising dollars to shoppers to drive usage of our coin (and other cryptocurrency).

That seems like a system that will collapse within a month.

I don't know any details but it could work like that if they have good affiliate deals or something or they're selling stuff directly with enough of a profit margin.

Getting people to buy the coin to get discounts on shopping could be a decent idea, I honestly don't know. Sounds plausible though.

It sounds a hell of a lot better than Paycoin's plan...

[Aur3]

they have good affiliate deals or something or they're selling stuff directly with enough of a profit margin.

This is exactly what they have, affiliate revenue streams they are opening up to the bitcoin community. Basically they are 'backing' the price with this known revenue source by providing a cut from the affiliate deals they have with all these merchants. http://www.ziftr.com/about/sites/ this is why Ziftr is a better bet then Paycoin, they have existing partners and expertise in the ecommerce space, Paycoin is trying to be too much instead of being focused and doing 1 thing really awesome.

[ashleygrey08]

I think this will be a great deals but how can 1 Ziftr redeem to 1 Dollar? While the 1600 Ziftrs per 1BTC?

[StephenMorse]

I think this will be a great deals but how can 1 Ziftr redeem to 1 Dollar? While the 1600 Ziftrs per 1BTC?

Good question. As described by Aur3, we are essentially backing the coin with a percentage of our affiliate fee, which is just a reward that merchants give advertisers for bringing the merchant new customers. That's why you can only pay for up to 5% of your purchase in ziftrCOINs with the $1 guarantee. So, in this sense, it's sort of like a coupon for anywhere from 0-5% off, with any of the retailers we have signed up to work with our ziftrPAY API. There will be announcements coming out in the next 6 months or so about merchants who sign up to work with us.

We have some info graphics on how the affiliate fee backing will work, go to https://www.ziftrcoin.com/presale/ and click "How Does the $1 Redemption Value Work?". Here's the main pic:



As to why the $1 price is different than the BTC price, it's so that you get a deal by participating in our pre-sale. i.e. You can buy them for maybe $0.25 worth of BTC and then get $1 dollar off a purchase you make in our merchant network a little down the road. And you also can fund a crypto startup that's working on some cool stuff at the same time.

[Aur3]

we are essentially backing the coin with a percentage of our affiliate fee

Ah ha, yeah that's what I thought...this is totally what we need to cast Bitcoin to a big audience, ty Ziftrcoin! ...watch the whales come in a buy the rest of the presale now

[DiabolusLoki]

It sounds a hell of a lot better than Paycoin's plan...

This is like paycoin but they actually have a proven team and an existing product with customers and merchants.

[ashleygrey08]

I think Ziftrcoin is better than paycoin. I just read on news that PayCoin Delisted from ShapeShift.io.

[solid12345]

Interesting concept but I dislike the name, rhymes with Grifter.

[ZWGuy]

Interesting concept but I dislike the name, rhymes with Grifter.

It's a play on the word "sifter" since that's what our current site/tools do (www.ziftr.com). We "sift" through all sorts of product offers and merchant sites to find users the best price.

[barabbas]

I think this will be a great deals but how can 1 Ziftr redeem to 1 Dollar? While the 1600 Ziftrs per 1BTC?

Good question. As described by Aur3, we are essentially backing the coin with a percentage of our affiliate fee, which is just a reward that merchants give advertisers for bringing the merchant new customers. That's why you can only pay for up to 5% of your purchase in ziftrCOINs with the $1 guarantee. So, in this sense, it's sort of like a coupon for anywhere from 0-5% off, with any of the retailers we have signed up to work with our ziftrPAY API. There will be announcements coming out in the next 6 months or so about merchants who sign up to work with us.

We have some info graphics on how the affiliate fee backing will work, go to https://www.ziftrcoin.com/presale/ and click "How Does the $1 Redemption Value Work?". Here's the main pic:



As to why the $1 price is different than the BTC price, it's so that you get a deal by participating in our pre-sale. i.e. You can buy them for maybe $0.25 worth of BTC and then get $1 dollar off a purchase you make in our merchant network a little down the road. And you also can fund a crypto startup that's working on some cool stuff at the same time.

Not "essentially" Steve... and doing a hideous job of it. On purpose.

For anyone to understand, what you are offering is to "back the coin" by giving those who buy the pre-sale coins that are in fact coupons that will get them discounts of less than 5% from the merchants you are affiliated with. To clarify:

If someone purchases merchandise or services from one of your affiliates, for 100 dollars, they will have to pay 95 of those dollars with fiat or coin equivalent at whatever price market has it at the time. The other 5 dollars can be paid with 5 of your coins. If those coins were purchased at the rate of 25 cents per unit, and assuming the price has not gone down, they'll have a 3.75% discount after the buyer redeems his/her 5 coins ($5 minus the cost of purchase in the pre-sale, $1.25). To redeem 1000 coins, one would have to make 200 different purchases...

Obviously this is nothing but a meaningless gimmick, poorly "explained" on purpose in the hope people deceive themselves.

As for the other "enticing" aspect of this project -"participating in a coin with a lot of cool things..."- nah, it's just another copy/paste hackjob/shitcoin.

But, by all means, you be the judge. I simply explain, really explain, what it is that the gimmicks are here.

[Brilliantrocket]

Should be called Griftercoin.

[StephenMorse]

Not "essentially" Steve... and doing a hideous job of it. On purpose.

For anyone to understand, what you are offering is to "back the coin" by giving those who buy the pre-sale coins that are in fact coupons that will get them discounts of less than 5% from the merchants you are affiliated with. To clarify:

If someone purchases merchandise or services from one of your affiliates, for 100 dollars, they will have to pay 95 of those dollars with fiat or coin equivalent at whatever price market has it at the time. The other 5 dollars can be paid with 5 of your coins. If those coins were purchased at the rate of 25 cents per unit, and assuming the price has not gone down, they'll have a 3.75% discount after the buyer redeems his/her 5 coins ($5 minus the cost of purchase in the pre-sale, $1.25). To redeem 1000 coins, one would have to make 200 different purchases...

Obviously this is nothing but a meaningless gimmick, poorly "explained" on purpose in the hope people deceive themselves.

As for the other "enticing" aspect of this project -"participating in a coin with a lot of cool things..."- nah, it's just another copy/paste hackjob/shitcoin.

But, by all means, you be the judge. I simply explain, really explain, what it is that the gimmicks are here.

Amongst all the FUD you are spewing, you have one valid point: it's not completely 5% off the purchase because there is a cost associated with getting the ziftrCOINs in the first place. To that I would just say that if 3.75% free money off your purchase isn't enough incentive for you to participate in the pre-sale, then that's fine, just don't. But there's really no need to spread a bunch of FUD like this about a company that's been around since 2008, has 35 employees, and is VC funded: http://www.marketwired.com/press-release/ziftrcoin-crowdsale-passes-500000-during-first-two-days-of-presale-1979276.htm.

But the cost to getting ziftrCOINs isn't pegged to the ~$0.25 that is required in the pre-sale. If you get your coins via mining, or giveaways, or on an exchange, they will still be valid within the ziftrCOIN network for the $1 each. In those cases, the cost of getting the ziftrCOINs could be much lower, and it would be more like 4.9% off your purchase. And I most certainly had no intention of deceiving anyone about how the discount process will work, I thought the picture and multi-paragraph response would explain it well enough.

It may also be good to note that if ziftrCOINs are trading above $1 then the 5% limit is removed and you can spend as many of them at checkout as you like. In addition, we will be doing limited giveaways to get people some free coins to play with, so they can realize that cryptocurrency isn't too hard or complicated, and they can use it in the real world.

I know the crypto community has been been scammed a lot before, and it sucks. But please take the time to read what we are doing and give critical, constructive feedback.

[barabbas]

Not "essentially" Steve... and doing a hideous job of it. On purpose.

For anyone to understand, what you are offering is to "back the coin" by giving those who buy the pre-sale coins that are in fact coupons that will get them discounts of less than 5% from the merchants you are affiliated with. To clarify:

If someone purchases merchandise or services from one of your affiliates, for 100 dollars, they will have to pay 95 of those dollars with fiat or coin equivalent at whatever price market has it at the time. The other 5 dollars can be paid with 5 of your coins. If those coins were purchased at the rate of 25 cents per unit, and assuming the price has not gone down, they'll have a 3.75% discount after the buyer redeems his/her 5 coins ($5 minus the cost of purchase in the pre-sale, $1.25). To redeem 1000 coins, one would have to make 200 different purchases...

Obviously this is nothing but a meaningless gimmick, poorly "explained" on purpose in the hope people deceive themselves.

As for the other "enticing" aspect of this project -"participating in a coin with a lot of cool things..."- nah, it's just another copy/paste hackjob/shitcoin.

But, by all means, you be the judge. I simply explain, really explain, what it is that the gimmicks are here.

Amongst all the FUD you are spewing, you have one valid point: it's not completely 5% off the purchase because there is a cost associated with getting the ziftrCOINs in the first place. To that I would just say that if 3.75% free money off your purchase isn't enough incentive for you to participate in the pre-sale, then that's fine, just don't. But there's really no need to spread a bunch of FUD like this about a company that's been around since 2008, has 35 employees, and is VC funded: http://www.marketwired.com/press-release/ziftrcoin-crowdsale-passes-500000-during-first-two-days-of-presale-1979276.htm.

But the cost to getting ziftrCOINs isn't pegged to the ~$0.25 that is required in the pre-sale. If you get your coins via mining, or giveaways, or on an exchange, they will still be valid within the ziftrCOIN network for the $1 each. In those cases, the cost of getting the ziftrCOINs could be much lower, and it would be more like 4.9% off your purchase. And I most certainly had no intention of deceiving anyone about how the discount process will work, I thought the picture and multi-paragraph response would explain it well enough.

It may also be good to note that if ziftrCOINs are trading above $1 then the 5% limit is removed and you can spend as many of them at checkout as you like. In addition, we will be doing limited giveaways to get people some free coins to play with, so they can realize that cryptocurrency isn't too hard or complicated, and they can use it in the real world.

I know the crypto community has been been scammed a lot before, and it sucks. But please take the time to read what we are doing and give critical, constructive feedback rather than spreading FUD like this.

https://bitcointalk.org/index.php?topic=894605.msg10054991#msg10054991

[Aur3]

https://bitcointalk.org/index.php?topic=894605.msg10054991#msg10054991

2nd oldest trick in the book...

Step 1. claim authority over a thread by posting a link to something 'long and important'  This tactic fools the user into giving instant credibility to the hijacker bogus information.

Step 2. write really long and authoritative sounding fiction bashing the mark in the hijacked thread.

Step 3. profit by spreading your own agenda.

People, don't be fooled by the professional fud spreaders...they are getting really good. 

[jason miner]

i have the bad feeling this is going one hell of a dump coin