[ANN] NeuCoin - Easy to use, free to try, focused on micropayments - Official

[NeuCoin Project]

Much noise has recently been posted about “Althouse” on this thread. Althouse is simply a software development company that has employed some members of the NeuCoin team prior to launch of the cryptocurrency. It has been doing contract work for the NeuCoin Foundations that will largely finish by the time of launch. It has no power or control over the NeuCoin Project. There are numerous other legal entities that have likewise done contract work for the NeuCoin Project, such as web design agencies, law firms, PR and marketing agencies, jurisdictional consultants, and a game development studio.

The key NeuCoin entities from the time of launch are the NeuCoin Code Foundation, the NeuCoin Utility Foundation and the NeuCoin Growth Foundation, as well as their wholly-owned subsidiaries. More information about all these entities will be provided upon NeuCoin’s launch. For now, see below. Much more content can be found at http://www.neucoin.org/en/wiki/.

NeuCoin Foundations

NeuCoin’s core development, consumer marketing, and projects to increase the coin’s utility will be handled by three independent non-profit foundations based in the Isle of Man – the Code, Growth and Utility foundations. Three separate foundations with distinct functions and resources were created rather than a single one, with the object of making this support of the cryptocurrency even more decentralized. This structure also affords NeuCoin greater flexibility and adaptability to navigate the international regulatory environment for cryptocurrencies that is still evolving.

Although the three foundations are independent of each other, they all share the same mission – to maximize the long-term value of NeuCoin. Each one is overseen by independent Council Members, who are aided by Advisors with experience in cryptocurrencies, consumer marketing, economics, finance and regulatory matters.
All foundations are ultimately controlled by NeuCoin holders (1 NeuCoin = 1 vote), who have the power to hire, fire and set compensation for the foundations’ Council Members, and have a right of approval on annual budgets, spending priorities and other matters.

Funding and Expenditures

By the time of launch, NeuCoin’s three non-profit foundations will be funded with 2.4 billion NeuCoins and at least $1.2 million (enough fiat currency to cover their first year cash expenditures).
Each year, the foundations’ goal is to sell sufficient NeuCoin tokens through private sales or exchanges to fund the following year’s cash needs. However, when NeuCoin prices rise, the foundations may sell additional coins, with the excess cash obtained kept as a “rainy day” reserve. When prices fall, fewer (or zero) coins will be sold. 

Over time, the NeuCoin foundations must continuously determine what the optimal use of their NeuCoin assets are - optimal from the perspective of maximizing the value of NeuCoin. The Growth foundation must always assess whether NeuCoin’s long-term value would be maximized by giving more coins away to consumers, or selling more coins and using the funds for consumer marketing. The Utility foundation must always assess whether NeuCoin’s long-term value would be maximized by awarding more coins (ideally with sales restrictions) to service providers that make NeuCoin more useful, or by selling more coins and using the proceeds to directly fund projects. The prevailing price and demand for NeuCoin will always have a large bearing on this decision calculus.

During the first few years after launch, the number of NeuCoin tokens held by the foundations is expected to increase, because the extremely high PoS awards during the early years should be considerably higher than the foundations’ expenses. Foundation coin holdings are projected to peak around year five, then decline slowly and ultimately stabilize at under 10% of the total supply.
Direct Democracy and Accountability

Each foundation will be managed by an Executive Director and overseen by Council Members whose compensation packages are tightly linked to the growth in the market capitalization of NeuCoin. Furthermore, each foundation has an “Enforcer,” whose oversight role is to ensure that the Council Members are following the objectives and rules of the foundation and the results of coin holder votes as discussed below.
The initial Council Members were recruited and appointed by NeuCoin’s founders and will serve for an initial term of three years. In the first year, the Council Members will be primarily composed of members of the NeuCoin Project team (however not founders). By the end of year one, the foundations will each recruit two independent Council Members and some of the NeuCoin Project team Council Members will resign from the Councils. After the first term, Council Members will stand for re-election for consecutive three year terms.

Within a year after launch, NeuCoin holders will effectively take full control of the NeuCoin foundations. Using a voting mechanism currently under development by the NeuCoin Code Foundation, NeuCoin holders will be able to “vote their coins” (1 NeuCoin = 1 vote). With a majority vote, coin holders will be able to:
Remove Council Members and Enforcers
Change the compensation of Council Members and Enforcers
Change the Foundation Rules
Change the Budget
Force the Council Members and Enforcers to take any action that a majority of coin holders believes will increase the value of NeuCoin
Note that the NeuCoin Code Foundation, with the support of the founding team, is committed to launching the voting mechanism as soon as possible after the creation of the cryptocurrency. The founding team faces severe financial penalties if the voting mechanism isn’t operational within a year for any reason.

Role of Founders and Project Team 

Upon creating the decentralized cryptocurrency, the NeuCoin Project’s four founders are donating NeuCoin’s source code and the 2.8 billion pre-mined coins to the NeuCoin foundations. 200 million sale-restricted coins are retained by the founders and other members of the NeuCoin Project team in exchange for contributing over $1,000,000 of unpaid work from March 2014 through the time of launch in the summer of 2015 (value of $.005 per coin).
While the founders led the NeuCoin Project during its development phase, they are relinquishing control of the decentralized cryptocurrency upon its launch and will not serve as Council Members or Enforcers of any of the foundations or their subsidiaries or affiliates. However, the founders have committed to continue working for the NeuCoin Project for three years after launch, providing marketing, business and technology development services. The foundations have set aside an additional 300 million sale-restricted coins (plus PoS awards earned on these coins) to release to the founders over the three years following launch as compensation for their providing an additional $2.25 million of unpaid work (value of $.0075 per coin). Note that if the foundations fail to institute the voting mechanism described below within one year of launch, the founders forfeit their rights to receive the remaining 200 million coins.

NeuCoin Code Foundation

The Code foundation’s mission is to maximize NeuCoin’s long-term value through stewardship of the source code. Its main goals for the code are:
Security
Decentralization
Scalability
Development and maintenance of NeuCoin’s voting mechanism
Besides core code development, other activities of the Code foundation are:
Building a community of developers
Distributing bounties to community members in proportion to their contributions
Continuing to refine NeuCoin’s technical white paper and advocate its PoS design to the cryptocurrency community
Operating nodes if necessary
Initial funding:
400 million NeuCoins
$300,000

NeuCoin Growth Foundation

The Growth foundation’s mission is to maximize the long-term value of NeuCoin by attempting to grow the largest possible base of users. It will deploy its endowment of NeuCoins in three primary ways:
Distributing small amounts of NeuCoin tokens for free to two types of audiences:
“Freemium” service users. Key success metric is that recipients, on average, find NeuCoin useful enough that when their free coins run out, they buy more
Existing Bitcoin and altcoin users during NeuCoin’s early utility growth period. Key success metric is that recipients, on average, find NeuCoin attractive enough that on top of the free tokens they received, they buy more     
Awarding free NeuCoin tokens to people and companies who refer new users to NeuCoin:
Existing user referral program
Celebrities, key bloggers and and other major endorsers
Marketing partners who accept payment for their services in the form of resale-restricted NeuCoin
Game publishers, premium content providers and other distribution partners, as user acquisition bounties
Selling NeuCoin tokens through exchanges and uses the proceeds for:
Marketing campaigns targeted at consumers who would appreciate NeuCoin’s benefits
Developing onboarding websites, such as GetNeuCoin.com, consumer education materials, tutorials, etc.
Developing viral and social applications and experiences that promote the growth of the user base
Initial funding:
1 billion NeuCoins
$600,000

NeuCoin Utility Foundation

The Utility foundation works to maximize the value of NeuCoin by making NeuCoin both “as easy to use” as possible, and “more useful than traditional currencies” for specific applications. It uses its resources in two ways:
Awards NeuCoin tokens to service providers serving other cryptocurrencies in exchange for integrating NeuCoin into their platforms:
Exchanges are top priority
Payment processors and third-party wallets are second priority
Gambling sites, remittance services, discount shopping services and other high-value cryptocurrency service providers over time
Directly funds projects when there are no established players to simply plug into:
MyNeuCoin, the consumer-friendly online wallet
Proof-of-stake mining service in form of simple “growth account” and “vault” for sale restricted coins
Micropayment platforms for tipping and premium content in relevant verticals like music, video, games, blogs, photo, editorial, adult, social media platforms, etc
Discount buying services
Other applications, platforms or services that increase the utility and ease of use of NeuCoin
Initial funding:
1 billion NeuCoins
$600,000

[LiQio]

^
Would help if you emphasize the sentences that are not copy-pasted from known places/sources.

A vast majority, maybe everything, seems to be old information from wiki, articles and co.

[RealMalatesta]

Much noise has recently been posted about “Althouse” on this thread. Althouse is simply a software development company that has employed some members of the NeuCoin team prior to launch of the cryptocurrency. It has been doing contract work for the NeuCoin Foundations that will largely finish by the time of launch. It has no power or control over the NeuCoin Project. There are numerous other legal entities that have likewise done contract work for the NeuCoin Project, such as web design agencies, law firms, PR and marketing agencies, jurisdictional consultants, and a game development studio.

Really. So let's listen to Dank:

What is Althouse Development?

We are working on developing a new cryptocurrency. If you have ever heard of bitcoin, it is similar to that. Our founder Daniel has been thinking about creating a new cryptocurrency since January and the team was assembled in June.

[scam confirmed]

By the time of launch, NeuCoin’s three non-profit foundations will be funded with 2.4 billion NeuCoins and at least $1.2 million

"at least $1.2 million"

NeuCoin Code Foundation

[...]

Initial funding:
400 million NeuCoins
$300,000

$300,000

NeuCoin Growth Foundation

[...]

Initial funding:
1 billion NeuCoins
$600,000

$600,000

NeuCoin Utility Foundation

[...]

Initial funding:
1 billion NeuCoins
$600,000

$600,000


$300,000 + $600,000 + $600,000 = $1.5 million

vs

"at least $1.2 million"


Can you elaborate?

[TibanneCat]

The best we can do here is judge based on known and observable facts:
- Neucon pump marketing: Storming many forums, posting only happy events, buttering up the project by promising easy free coins
- Bold claims without backup: Whitepaper, marketing, deadlines
- Not answering displeasing questions in general
- Not answering technical questions or strategical questions with a certain depth
- Engaging an army of sockpuppets
- Banning unpleasent users and calling critics trolls

That's my current perception of Neucon and team and it's gonna take a lot of work to change that.

PS: I don't know if they are scammers, but the behavior makes me believe that the possibility of them being is way more likely than not. Maybe it's all just way over their heads and they don't have the balls to admit it. Who knows for sure, but in the meantime I would highly advise everybody to stay away from Paycon.

no one knows if it will sink or swim but you can keep an eye out for a few indicators:
-What has been the general reception of the crypto community? Not just the Bitcoin one, but also of other major coins such as Doge, Peercoin, Dash and so on.
-Have the set targets been met so far??
-Has the coin secured any significant partnerships?
-Over a year in development and 25 days left to launch, what has been the achievements so far?
-Has the team been transparent and open to criticism in their forum? Or was there censorship?
-Beta is open. Has any impartial tester expressed awe or found any true innovations?
-Does the coin exhibit typical signs of a Pump n Dump??

TIP: you can find all answers in this thread, just be prepared to read  

I'll add another one:
-Does it hide behind strawperson and anonymous off-shores to evade tax and responsibility?

Indeed, skimming through the previous pages will bring up answers for all these points and none of them is looking good for nokoin.
In case of doubts, there's always good old Google

Until the muppets can bring up real, new facts for the issues above, I'll just keep hitting the ignore button

Have fun trolling, DanK

[rizzlarolla]

neucoin Project,
ok, copy and paste, I love it.

Pretty clear most of that,(putting Althouse aside) I have read the wiki.
ok, couple of things from "Role of Founders and Project Team" paragraph,

"Upon creating the decentralized crypto currency,..."
I thought neucoin was not decentralized for another 5 years? When foundations are expected to own less than 50 %. It's not decentralized at creation is it? I thought neucoin were saying "ultimately decentralized" these days?

and,
"200 million sale-restricted coins are retained by the founders and other members of the NeuCoin Project team in exchange for contributing over $1,000,000 of unpaid work from March 2014 through the time of launch in the summer of 2015 (value of $.005 per coin)."
It's a tough sum to work out. For simplicity, if neucoin stayed at approx 1c all year, how much $ value will have been paid? Around $4m is it? For $1m work.?

and,
"The foundations have set aside an additional 300 million sale-restricted coins (plus PoS awards earned on these coins) to release to the founders over the three years following launch as compensation for their providing an additional $2.25 million of unpaid work (value of $.0075 per coin)."
Again, a tough sum. For simplicity, if neucoin stayed at approx 1c for three years, (and voting mech conditions were met) how much $ value will have been paid? Around $12m is it? For $2.25m of work?
Don't forget what Dart said, " I'm concerned as to why you plan to pay the founders after the launch at the value of $0.0075 per coin. Before creation I understand getting it at $0.005. But to get paid at a value under presale prices after launch seems wrong to me."
And being "paid at launch" for work 2-3yrs away has a multiplying effect. The $0.0075 valuation has no meaning or relevance? (in effect you are paid neucoin at $0.0015 ish at yr3. I havn't done the math.)

And, last bit,
" Note that if the foundations fail to institute the voting mechanism described below within one year of launch, the founders forfeit their rights to receive the remaining 200 million coins."
Does that include the stake rewards from day 1 on those 200m neucoin?
(thats a lot to be voting on x3 but..)
Also, is the voting mechanism going to be email based or crypto based? If not known, is email likely? Is email within the conditions of reward? Is the voting mech part of the reason behind 1 address per myneucoin?

(the council hire / fire and 3yr /1yr bit is confusing. can you check if you think it is clear, I'll look again?) And that's it.

So, just a few clarifications here please, and we are all good? hopefully we can then do the freemium verification process?

Oh btw, Dart did ask a while ago "Will the expected expenditures for the year be released at launch?"  So,..
 
If anyone is worried about Dart. He was seen, but not heard on neucoin forum, a few hours ago.
Is he clearing his desk?

[jonald_fyookball]

The French need to get in on this action:

https://bitcoinmagazine.com/21864/south-korean-law-enforcement-launch-investigations-altcoin-pump-dump-schemes/

[OCP]

Okay, so the coin's creators are trying to make money, and the coins will grow with proof-of-stake mining. I don't have a problem with that.

[RealMalatesta]

Okay, so the coin's creators are trying to make money, and the coins will grow with proof-of-stake mining. I don't have a problem with that.

Hi DanK, sure you don't.

[Gekko463]

Let's imagine this is wildly successful.

What is the revenue model?

Which "company" gets the revenues?

In my twisted psychopath opinion, the ONLY way to legitimately make revenues for the founders is a pump.

Giving away coins, minting 100 billion coins, puts downward pressure on the price constantly.

You know who else has 100 billion coins, all mined out?

Dogecoin.  It went viral.  Is used for micropayments!  Is taken in hundreds of places.  Benefits from massive grassroots marketing, and is worth 1/10th of the Neucoin presale price.  The Dogecoin price is the future of the Neucoin price, optimistically.  So no legitimate revenue there.  90% losses at best.

What is the revenue model that continues to pay employees, besides dumping more coins into an already saturated market?

And as to the 2% a month rule, those guys paid 25% of what the dumb public money paid.  Nothing stopped them from buying more in the presale, and dumping those into the inevitable pump.

What company runs "Neucoin" if Althouse was just a contractor?

The entire matrix of companies and foundations is set up for a quick, clean escape for the meat bags who will need to go to jail for tax evasion, securities fraud, and money laundering.  Hi DanK and Sandrine and sock puppets!

Dank gave the order to set up sock-puppets to attack the messengers.

I have the honor of being target #1 because I ask the questions that Dank does not want to address.

Also, I pay my whores in cash, not Neucoins.

Where is the actual business plan that shows the revenue model?

Who holds the keys to the Seychells straw man corporation you slime bag?  Why anonymity if you are not planning to commit crimes?

Answer that.  But you won't, because that's the key to the whole scam.  There is no revenue model besides a pump and dump.  Yours is just fancy.

[OCP]

Okay, so the coin's creators are trying to make money, and the coins will grow with proof-of-stake mining. I don't have a problem with that.

Hi DanK, sure you don't.

Why is creators trying to make money a problem? Why is proof-of-stake mining a problem?

[LiQio]

Okay, so the coin's creators are trying to make money, and the coins will grow with proof-of-stake mining. I don't have a problem with that.

Hi DanK, sure you don't.

Why is creators trying to make money a problem? Why is proof-of-stake mining a problem?

DanK "make money" is a very elastic term, would you mind giving us some projected numbers please.

[OCP]

You're saying creators earning coins is a bad thing. That they're worth too much money. Especially if those coins increase through proof-of-stake mining.

[LiQio]

You're saying creators earning coins is a bad thing. That they're worth too much money. Especially if those coins increase through proof-of-stake mining.

Me, where?

Still waiting for your numbers, though....

[OCP]

Maybe not you, but rizzlarolla did.

neucoin Project,

and,
"200 million sale-restricted coins are retained by the founders and other members of the NeuCoin Project team in exchange for contributing over $1,000,000 of unpaid work from March 2014 through the time of launch in the summer of 2015 (value of $.005 per coin)."
It's a tough sum to work out. For simplicity, if neucoin stayed at approx 1c all year, how much $ value will have been paid? Around $4m is it? For $1m work.?

and,
"The foundations have set aside an additional 300 million sale-restricted coins (plus PoS awards earned on these coins) to release to the founders over the three years following launch as compensation for their providing an additional $2.25 million of unpaid work (value of $.0075 per coin)."
Again, a tough sum. For simplicity, if neucoin stayed at approx 1c for three years, (and voting mech conditions were met) how much $ value will have been paid? Around $12m is it? For $2.25m of work?
Don't forget what Dart said, " I'm concerned as to why you plan to pay the founders after the launch at the value of $0.0075 per coin. Before creation I understand getting it at $0.005. But to get paid at a value under presale prices after launch seems wrong to me."
And being "paid at launch" for work 2-3yrs away has a multiplying effect. The $0.0075 valuation has no meaning or relevance? (in effect you are paid neucoin at $0.0015 ish at yr3. I havn't done the math.)

This is like discussing Fortune 500 CEO pay. Is it really FAIR that they make as much as they do? A gazillion times more than a nurse or a school teacher? No, you probably can't argue that. But if the stock goes up and all shareholders make money too, then they're okay with it. If the stock goes down, then shareholders are not okay with it.

I think it's the same for neucoin, it all depends on how it goes. Either it works and all coin holders make money and it doesn't matter if the creators made 10 or 100 or 1000. Or it doesn't work and then nobody's coins are worth anything anyways.

[RealMalatesta]

What I am saying is the following: For more than 20 years, I've been investigating investment frauds.

Most of the fraudsters had a very good PR-machine. Most of them were hiding parts of their corporate infrastructure. Most of them were not responding to legit questions. Most of them were locking out investors who became too interested about where their money went. Most of them had a whole army of shills working for them. All of them were using names of well-known persons as a tool of reputation.

What I see is that the NeuCoin-team has all of these characteristics. Well, if the coin may be successfull, who knows. One of my clients, however, asked for a dd-report, and some of the parts of this report I've been released - with his consent - in this forum. Some other parts - where I talked to people involved in your team - I can not release yet.

My client's choice was not to invest. For a simple reason: Although such a dd-report is expensive, it is, at the end of the day, cheaper then chasing money.

So you may open a lot more of those throw-away-accounts. Each and everyone will do nothing but prove that the whole story about NeuCoin is somewhat sour.

[jonald_fyookball]

Premine/presale is what people seem to have a problem with.

I think Gekko is right and the coin is overvalued given the supply.

The founding team will be able to support the price for as long as
they choose, but the moment they stop supporting it, it will sink
like a stone.

[OCP]

Premine/presale is what people seem to have a problem with.

I think Gekko is right and the coin is overvalued given the supply.

The founding team will be able to support the price for as long as
they choose, but the moment they stop supporting it, it will sink
like a stone.

Yeah, maybe. But if it flies it flies. And none of this will matter.

[RealMalatesta]

Premine/presale is what people seem to have a problem with.

I think Gekko is right and the coin is overvalued given the supply.

The founding team will be able to support the price for as long as
they choose, but the moment they stop supporting it, it will sink
like a stone.

Yeah, maybe. But if it flies it flies. And none of this will matter.

But if it doesn't fly, all the investors who are not insiders will have lost their investment. This DOES matter.

[LiQio]

... Either it works and all coin holders make money and it doesn't matter if the creators made 10 or 100 or 1000. Or it doesn't work and then nobody's coins are worth anything anyways.

This is a misperception. Neucon is designed in a way that creators control the price for a very long time.