[ANN] [GEO] GeoCoin | GIS & GeoTechnologies

[jyap]

Hello.

Please get a block explorer up and running.

Thanks
Julian (c/o Bittrex)

[kringkramfg]

I'm in for offering a bounty for it so that a block explorer gets done, if needed. Lets make sure our main exchange is happy :p

[weifa]

We've had some issues with our blockexplorer in the past, for the time being you can use a basic explorer available at zpool
https://www.zpool.ca/explorer/GEO

[PeterTheGrape]

I'm in for offering a bounty for it so that a block explorer gets done, if needed. Lets make sure our main exchange is happy :p

A block explorer gives some transparency to a coin and people should be cautious when a detailed explorer is not available.

Fairglu https://bitcointalk.org/index.php?action=profile;u=221182 makes excellent explorers at cryptoid that let a person interested in sleuthing find out lots about a coin, whether good or bad.

If Weifa wants to hold a bounty wallet, once us $90 is raised it will only be a day or less til a detailed explorer is up. I'll contribute $20.

[weifa]

Thanks for the information, I'll reach out to fairglu and see if he can help us out.


UPDATE: fairglu was able to get a GEO block explorer up and running already, thanks for the recommendation!

https://chainz.cryptoid.info/geo/

[Shooriko]

How do I get started and start finding geocoins?

[weifa]

How do I get started and start finding geocoins?

We are currently beta testing the new MapBox interface and preparing it for launch.  Keep an eye out and you'll be able to collect some GEO soon!

[Shooriko]

This is going to be the next Pokemon Go. Instead of people wasting electricity, they can go on a treasure hunt to find new GeoCoins, or ride a bike to collect some. This coin does not only stop people from wasting energy, it promotes the health and well-being of the overall society!!! And it's fun!!! I am all onboard for this coin, it will surely skyrocket! As long as we find ways, when it goes skyrocketting, to split the current geocoins so that there are not thousands of dollars lying around, lol. This will incentivise kids and adults to go out and get some exercise, and also, explore the world, and also, find some money on their journey. Even if someone is homeless, they can literally go and collect geocoins instead of pan handling!!! THIS IDEA IS ABSOLUTELY AWESOME!!!!!!!!!!!!!!!

[Shooriko]

One thing I would like to advise to the development team.... once this thing starts going big, you must split the amount of geocoins that current users have. Because if you do not, and you can find 1 per every 11 square meters, then people can literally be collecting thousands of dollars, while true investors, who invested early, will be left behind. We cannot increase the supply to an unlimited amount without asymptoting the value of the coins; therefore, the amounts that people carry, should continue to multiply, as the market capital grows. It would be nice if each GeoCoin is like $0.30 or even $0.25 if they are found one per every 11 square meters. Though as more people join in and competition grows, we may need to increase that to a small square meter amount, so that everyone can have a chance to get some.

From an economical standpoint, what I am saying, is that the current investors' investments should not be diluted by an increased supply of collectible coins, that is why BitCoin caps their supply at $21,000,000 BitCoins. We can continue to create new coins, as long as the current investors receive a duplication of the current coins that they carry. For example, someone has 100 coins today, so they invested approximately $84. The market capital rises by 2, so they should technically have $168 now. We cannot just go out and continue to keep the prices of the new collectible GeoCoins the same, but there should be a split for the current investors. So now they have 200 coins, still worth $168, but the new GeoCoins remain at the same value.... let's say for example, $0.84 per coin, if we use today's prices. So that new folks, cannot just collect the same coins at a growing rate, where they can literally pick up thousands of dollars from the ground and dilute the original investors' investments, but that the new coins are plentiful, but kept at relatively the same price and adjusted throughout the years to represent the inflation rate. For example, we want to cap GeoCoins at approximately $0.25. Perhaps as competition for catching coins grows, we can increase the amount of coins and reduce that to $0.20 per coin or something like that. In order to keep everyone engaged. This will reward the early believers and investors and attempters more than the ones who are just getting in.

In essence, we really need to watch the market capital and do a "stock split" or a coin split perhaps even daily, if this thing skyrockets 100% a day. Because once the app is out and people are collecting, their coins will be split too, but the early investors will retain their value by having the coin split, so that the amount of coins being collected are not increasing in value and substantially diluting the current coins on the market, but the ones that people are holding are doubling, to adjust the price per coin we want to be set and retain the value of the original investors and GeoCoiners.

There are currently 2,455,079 GeoCoins, so we cannot just go ahead and let people, within a day, to pick up that amount. If there are that many around the globe, then we seriously need to do a stock split, so that the original investors are not diluted by having their investments reduce by half in one day, because everyone went out and got free GeoCoins. Then the market capital, which is represented by investors, will not be a very attractive thing to invest into at all, so people will stop funding the project by investing and take off. This is a very very crucial thing to monitor for this coin and the team needs a professional accountant/economist who understands venture capitalism.

I LOVE THIS IDEA!!!!! But someone who is economically sound, really has to pull the strings in how this thing is split, so that the original investors are not dinged and everyone is rewarded. Someone who can calculate what it would be like to collect GeoCoins in a big city and whether or not it is even worth it, so perhaps the supply has to increase. Someone who can calculate how many are being collected each day and how much it represents from the total amount of GeoCoins available today, so it is decided whether or not we need a coin split. You know, an accountant who deals with economics. It is funny, because I am actually pretty good at that and I am an accountant.

[chocobo]

UPDATE: fairglu was able to get a GEO block explorer up and running already, thanks for the recommendation!

https://chainz.cryptoid.info/geo/

Nice, just making sure everyone sees this.

[Tobler]

UPDATE: fairglu was able to get a GEO block explorer up and running already, thanks for the recommendation!

https://chainz.cryptoid.info/geo/

Nice, just making sure everyone sees this.

Great work getting a nice block explorer up!

[Zer0p0inT]

Besides this pokemon type augmented reality project, is there any other value to GeoCoin? What real value will it have in the real world relative to other coins and technologies? Or is it just for fun and gaming.

[TeamMollyMassive]

10$ is reasonable but if geocoin reaches the mainstream geocaching community it will easily reach 20-50$

[Shooriko]

I believe there will be coin splits. So it will reach much higher, if you want to get in. I think this thing is going to the billions in market capital.

[Shooriko]

Besides this pokemon type augmented reality project, is there any other value to GeoCoin? What real value will it have in the real world relative to other coins and technologies? Or is it just for fun and gaming.

Of course, just like any other coin out there, GeoCoin should focus on being instant, secure, and anonymous. The only difference with it and BitCoin then should be that it is a different way of obtaining new GeoCoins, a different way to market the coin, and it promotes a certain type of world activity if commonly accepted as a form of payment in the U.S. or even around the world.

BitCoin, indirectly, promotes and supports the computer server industry, as to obtain new BitCoins, you need computer processing power, which a lot of professional miners purchase from outside server sources. Now, GeoCoin, as it is interactive, promotes health and fun activities of finding treasure. It also promotes people, to a little extent in the least, to be able to find ways of making money by staying healthy. So it directly will offset, to some extent, the medical industry around the world where less people are getting sick and more people are healthy because they go outside. Likewise, if a person is homeless, they can at least go around collecting coins and maybe make $5 an hour doing that. Hopefully buy a suit, get back on their feet, not use drugs, and be insentivized to find a career in the future. Because $5 an hour is not a whole lot, but it is still better than nothing, and it helps people in a social way to "work" by staying healthy in order to collect that amount from the community. It is good for them, because they do not need to go to the hospital at much. And it is good for us, because if less people are going to the hospitals, then insurance premiums are down too, so we do not have to pay as much. It keeps society more active and social and with these activities, it can actually help to spur the economy because people are spending less on medical bills and staying active to doing something with their lives and hopefully using it as a catalyst to find a career in the future and get a job. That is why, my whole argument was, that we need to do frequent coin splits when this coin starts taking off. One, to protect the original investors' investments. And two, so that people cannot just go around and pick up $1,000, then turn around and sell it out and ding the investors by reducing the market capital. In order to achieve that, a coin split must occur as fast as the market capital grows. Even a 1.5 for 1 split is advised, as this will keep the GeoCoin reward for new coins at a relatively low value, but one which is still incentivized, of approximately $5 an hour. So that it does not incentivize people from finding a job and just being a full-time GeoCoin catcher.... because if everyone stops working, then the economy is down the hole. The economy is not money, but more so, the goods and services available to the public. That is why everyone must work and looking for GeoCoins should not be incentivized too much.

Granted, these $5 an hour can grow to $500 an hour once more and more investors begin to invest into the coins. Also, instead of trying to find them, for example, if you can make $30 an hour at your job, it would be more efficient to purchase the coins than to look for them, in which case, you are raising the market capital. Both early GeoCoin catchers and purchasers should see the reward of raised market capital. But I am attempting to spread this advice to the developers.... do not over incentivize people to catch the coins, but more so, incentivize people to purchase them. That is why frequent coin splits are necessary in order to not dilute the market capital of the original investors, or they will stop investing, and just looking for coins, which will in turn dilute everything even more and this coin will never go above $20 million market capital. The economy needs to work organically and logically. I could definitely help with this project if the development team would like to reach out to me about this. I understand both the economy and accounting. That is what I do for a living, after all, and I am an investor.

[Zer0p0inT]

Thanks for the informative response, Shooriko

[Shooriko]

Ok, just to be clear, you are launching with none of your features ready to go? Then what is the damn point? Why not have an ICO while you are at it?

That's correct. Features will be developed following the release of the coin. They will be developed more or less in order shown in the road map. The point is to change the world and in doing so become a multi-million dollar market cap in a few years.

Riiiiiight

Well I'll believe that when my shit turns purple and smells like rainbow sherbert

Fast-forward a couple of years.... and bam, GeoCoin is in the multi-million dollar market capital. And that's just the beginning, now that it's crossed the $1,000,000 mark, it has become a trustworthy coin in the sight of investors; in fact, it has now on the fence of crossing $2,000,000. This is just the beginning, now the investors will flock to this coin in the next, I would say 2-4 weeks. You can quote me on that too. Now once the bata testing is over for the GeoCoin catching, then this coin will skyrocket and probably multiply by 20 times in one week. I am waiting for that day. I hope the bata testing is over VERY soon. This coin has a ton of potential, though the coin splits for current GeoCoin holders must be executed timely and properly in order to not dilute the current coins that people have purchased to invest. Just like we have the whole blockchain halving, it reduces the amount of coins that can be obtained via mining. Though since we cannot take away the amount of coins that people are able to catch, then we need to adjust the other side of the equation and increase the current holders' coins by two. You can look at that equation in either halving the reward (new coins), or keeping the reward (new coins) the same and doubling the current outstanding coins, as a sort of a stock split. If done right, this coin will be sustained very well and function soundly and rationally in regards to economics.

[andrew2k]

Shouldn't there be a Slack channel for this coin? People could join and discuss much easier since it seems to get the interest of people lately.

[weifa]

Shouldn't there be a Slack channel for this coin? People could join and discuss much easier since it seems to get the interest of people lately.

GeoCoin does have a slack: https://geocoin.slack.com/
Grab an invite from here: https://geocoinslackinvite.herokuapp.com/

[PeterTheGrape]

One thing I would like to advise to the development team.... once this thing starts going big, you must split the amount of geocoins that current users have. Because if you do not....

You might be misunderstanding how coins work, or maybe I am misunderstanding.

My understanding is that 3,068,000 or so coins exist now, split among a certain number of people https://chainz.cryptoid.info/geo/

89% of coins are in the 100 biggest wallets, but some of those are exchange wallets that contain coins from hundreds of people.

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As I understand it, once the coin becomes more popular, more people mine and it becomes more difficult to create coins for each person. In other words when the price goes up you have to work proportionately harder to create a coin.

Probably that is different than 'getting' coins that are dropped somewhere. Today if you were going to leave us$1 for a visitor somewhere you would take a little over 1 coin from your wallet and 'drop' it on the map wherever you wanted. But when coins go up you would only have to leave somewhat less of a geocoin to make us$1.

... ?

On a separate note, could developers clarify any scaling issues that might develop in case the coin does get popular? Are the plans in place to deal with any degree of traffic on the chain? Or is the blockchain only able to hold a certain amount? Or is there a secondary step prepared to modify the chain when traffic hits a certain level? It would be awkward to bump into scaling issues unprepared, considering all the problems bitcoin is having with that.