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

[jonald_fyookball]

I just want a bit of clarity.

The strategic plan has just been quietly updated.
A quick summary of what has changed.
(otherwise you will have to read the whole thing to find the updates, there are no pointers)

Code foundation 0.2bn neucoin + $200k    (was 0.4 + $400k)
Growth foundation 1.4bn neucoin + $400k (was 1bn + $600k)
Utility foundation 0.8bn neucoin + $400k    (was 1bn + $600k)

"neucoin Project" used the old figures here as recently as 7th Sept. Less than 1 week ago. Deflection?

"foundations will be funded with 2.4 billion NeuCoins and at least $1 million"
(down from at least $1.2m)


Anyway, don't bother telling anyone.

Perhaps there was no original 2M from angel investors and they only had some vauge letter of intent.
Now that they have money from prelaunch, the investors can get out risk free (which was the intention
all along) with some free neucoins for their troubles.

That means neucoin only have 1M to prop up the price.

[rizzlarolla]

This is still the same,

"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."

So, why are the 300m neucoin, set aside for founders still counted in the foundation totals?

Why refer to the work as "unpaid" when founders are clearly being well rewarded?

Is an email based voting system acceptable for reward?

And why not answer this question,- How many neucoin will the founders receive in total (on this deal alone) over the three years for their "unpaid" work?

[rizzlarolla]

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

Yeah, those figures quoted last week by "neucoin Project", amongst all that noise they bought.

Which neubie asked if I'd read the strategic plan? 

[scam confirmed]

I just want a bit of clarity.

The strategic plan has just been quietly updated.
A quick summary of what has changed.
(otherwise you will have to read the whole thing to find the updates, there are no pointers)

Code foundation 0.2bn neucoin + $200k    (was 0.3 + $300k)
Growth foundation 1.4bn neucoin + $400k (was 1bn + $600k)
Utility foundation 0.8bn neucoin + $400k    (was 1bn + $600k)

"neucoin Project" used the old figures here as recently as 7th Sept. Less than 1 week ago. Deflection?

"foundations will be funded with 2.4 billion NeuCoins and at least $1 million"
(down from "at least $1.2m" in the old plan, although "$1.5m" was stated as above )


Anyway, don't bother telling anyone.

Edited (within the hour) to clarify my figures (using scam confirmed post p.60 as correct ref.)

Foundation's funding commitment silently reduced from

"at least $1.2million" minimum with $1.5million stated

to

"at least $1 million" with $1.0 million stated

How about you stop making accusations and start showing evidence NeuCoin is a scam ?

SEE THREAD...

[scam confirmed]

Oh my, we know. The typical Neucon team member prefers sentences like:
"I like shoes and Neucon" or "I put all my love in this project"

Haha

You're stoned today, aren't you?

You say something funny, I laugh. A lot of people must be stoned according to your standards.

Indeed.



Now good luck writing code!

[samspaces]

Now this

"- 0.2 billion sold to strategic angel investors for $1 million cash invested"

is pretty sketchy. By the way, those 10.000 neucoins for filling in a questionaire, were for the testnet. Could have told us before, but then again, nobody would have filled it in.

[jonald_fyookball]

Now this

"- 0.2 billion sold to strategic angel investors for $1 million cash invested"

is pretty sketchy. By the way, those 10.000 neucoins for filling in a questionaire, were for the testnet. Could have told us before, but then again, nobody would have filled it in.

really, where do you know that from?

[greg123]

Now this

"- 0.2 billion sold to strategic angel investors for $1 million cash invested"

is pretty sketchy. By the way, those 10.000 neucoins for filling in a questionaire, were for the testnet. Could have told us before, but then again, nobody would have filled it in.

That's not true. I've gotten email confirmations saying my survey neucoins will be delivered within 30 days of launch.

I've also been invited to the beta, where it's very clear everyone gets 10,000 test coins just for testing.
In the same email also clearly says that those are just test coins and that the real survey neucoins will be delivered within 30 days after launch.

[scam confirmed]

You've been reading correctly and also your math is correct. Neucoin is likely after a few months only fraction of IPO price. Why anyone would buy the ipo is beyond me aswell. Don't waste your time. The Neucoin team doesn't answer questions directly. All they have is their list of names on which you are supposed to go off. If you aren't impressed by the names and are actually crunching the numbers and trying to do DD you and your questions will be ignored. If you keep asking the club of fanboys is going to come out and call you names and cry FUD. Same shit, different day and coin 

[rizzlarolla]

2 New updates on neucoin forum,

Some queries -

Update 1
http://forum.neucoin.org/t/how-the-neucoin-community-can-monitor-the-foundations-and-teams-neucoin-token-holdings-over-time/1526

Coin holdings restricted for use or sale
First of all, unlike any other cryptocurrency project, all members of the founding team, angel investors, and service providers of the NeuCoin Project have agreed to the imposition of use and sale restrictions on the NeuCoin tokens they have received or will receive. Restricted coins become unrestricted according to the following schedule:

2% of holdings per month in the first year,
3% per month in year two
4% per month in year three
5% per month in year four
6% per month in year five
After year five, all restrictions expire

But, the strategic plan was updated this week and that say's-
http://www.neucoin.org/en/wiki/#role-of-founders-amp-team

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...

So, is it 5yrs or 3yrs, or, are the "founders" not the same as "founding team".  
Not clear. Marketing speak.
(Also, no figure on total coins received over the period, for clarity.)


Update 2
http://forum.neucoin.org/t/the-neucoin-foundations-plans-for-distribution-of-neucoin-over-2015-and-2016/1529

NeuCoin Growth Foundation: 1.4 billion NeuCoins
NeuCoin Utility Foundation: 0.8 billion NeuCoins
NeuCoin Code Foundation: 0.2 billion NeuCoins

So, the new coin distribution is shown, but no mention of the reduced capitol?
The "at least $1.2m", previously promlsed as "$1.5m" now reduced to "$1m" in the wiki this week?
(always shown together previously, e.g. "Utility foundation 0.8bn neucoin + $400k")
http://www.neucoin.org/en/wiki/#funding



Just in,
http://forum.neucoin.org/t/selling-neucoin-related-domains/1347/10
Sandrine, Hi @kay5ive : NeuCoin will be listed on a few exchanges shortly after launch. We will communicate more details as soon as possible.

No exchange at launch? Who would have thought?
Bit of a damp squib.  

[Gekko463]

SadNeuCoin - apologies if you've interpreted my post as an Ad Hominem. Its not.../...We've already seen how Gekko is a delusional fantasist, who now tell us that in addition to being a Wall Street Hot Shot and Vietnamese Insurance tycoon he has also worked for a France-based start-up (funnily this has only come up now) - all while being a world leading "Securities Expert."

.../...His questioning on company structure illustrates his complete lack of understanding of how average technology companies are structured, let alone one in pre-MVP mode with an internationally distributed team, dealing with a field as complex and emergent as a cryptocurrency. I'm all for balanced arguments, but they seem to be pretty absent.

Ha ha ha ha!  Sorry if my life has been more interesting, varied and lucrative than yours.  I'm in my 50's.

I love this:  "apologies if you've interpreted my post as an Ad Hominem. Its not.../...We've already seen how Gekko is a delusional fantasist"

Motivation is easy:  we've all asked legitimate questions and were told to go fuck ourselves, they are not telling.  We then got banned from the Neucoin forum.  So we ask the questions here, and postulate the possible outcomes given the facts at hand.

There would be "balanced arguments" if the principles answered normal, simple due diligence questions.  As it stands, we pose questions and our responses are from the likes of you and the other sockpuppets.  Nobody is forthcoming with standard disclosure info like "who owns how much and how much did they pay when?"

As to your ascertation about my "lack of understanding of how average technology companies are structured, let alone one in pre-MVP mode with an internationally distributed team, dealing with a field as complex and emergent as a cryptocurrency."...

1.  Crypto is not complex.  It is just like any other widget.  If you sell them, you need to pay taxes on your sales.  If you sell them (to the public--including to children) before they are manufactured and delivered, they are a forward contract:  a security subject to blue sky laws and disclosure rules all over the world.

2.  Average technology companies can set up any way they wish.  However, when they solicited investments  from the PUBLIC to "finance the development of the cryptocurrency’s utility over time" (direct quote from today's email) they have a duty of transparency and disclosure.

These duties have not been met.  Hence, we bang the drum.

Also from today's email:  between now and end 2016, they ARE admitting that they are going to dilute the living fuck out of the coin:  "Direct to consumers (for free): 300 million - 750 million NeuCoins".  That is 3-750% of what they sold to idiots like you.

That's just to consumers.  In the first year.  But there's MORE DILUTION TO COME!  They are giving out further multiples of the pre-sale float---for free--in that first year--to other groups less dumb than pre-sale buyers like you.  All of those people will get for free what you paid for.

I do not know if there is enough bitcoins in the world to maintain a price of 1 cent per coin.  Given this info, it looks like the coin plunges straight to the depths of hell on the first trade.  They are giving away for free, 1000's% of percent of the pre-sale float---all unrestricted--in the first 12 months.

Dogecoin price here Neucoin comes!

So, fuck you and your dumb money newtoallthis.  You are chum (1).


__________________________________________

I know you have trouble with the definition of words.  Let me help you on this one:

chum:  rotting fish entrails and other aromatic detritus chopped up and tossed into the water to attract sharks.

[scam confirmed]

So, the new coin distribution is shown, but no mention of the reduced capitol?
The "at least $1.2m", previously promlsed as "$1.5m" now reduced to "$1m" in the wiki this week?
(always shown together previously, e.g. "Utility foundation 0.8bn neucoin + $400k")
http://www.neucoin.org/en/wiki/#funding

REDUCTION OF FOUNDATIONS $$$ FUNDING COMMITMENT OVER TIME - SUMMARY


March24

http://web.archive.org/web/20150324084956/http://www.neucoin.org/en/wiki/#funding

April13

http://web.archive.org/web/20150413090232/http://www.neucoin.org/en/wiki/#funding

April25

http://web.archive.org/web/20150425030417/http://www.neucoin.org/en/wiki/#funding

May11

http://web.archive.org/web/20150511052215/http://www.neucoin.org/en/wiki/#funding

May13

http://web.archive.org/web/20150513205601/http://www.neucoin.org/en/wiki/#funding

September07

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).

Today

http://www.neucoin.org/en/wiki/#funding

[rizzlarolla]

 

So, "no exchange at launch". (launch maybe coming this week?)

Important news I would think. How does Sandrine announce this?

Probably start a new thread? Or post on one of the many "exchange related" threads?

No.
Sandrine "replied" to Kay5ive, (someone who wants to get free survey coin, and asked where to sell them, like you would.)
On a thread titled "Selling neucoin-Related Domains"
http://forum.neucoin.org/t/selling-neucoin-related-domains/1347/11

Talk about burying bad news.
The neucoiners had hoped for so much more, again. (led by James mod)
http://forum.neucoin.org/t/what-exchanges-would-you-like-to-see-neucoin-listed-on-pros-cons/1219

neucoiners haven't noticed yet,...   Ouch 

[rizzlarolla]

There is no refund.

some of were suggesting neucoin should offer one since so many negative things came out about newcon.

1. no technical innovation
2. completely centralized
3. huge premine and presale
4. rejection from larger altcoin community
5. lower stake rewards for small buyers
6. founder involved in spyware industry

and so the right thing to do would be to refund people's money....but it was only a suggestion that won't happen.

James mod just loves nocoin marketing speak.
http://forum.neucoin.org/t/what-exchanges-would-you-like-to-see-neucoin-listed-on-pros-cons/1219/44

James started another pointless thread, "What exchanges would you like to see nokoin listed on? Pros & cons?"
where nearly every exchange is suggested. (as if the nokoiners have a choice)

Then Drowning mark replies
"We're already reaching out to many of the exchanges mentioned here, and we hope to have at least a few of them available at, or soon after launch."

Now, to me, that is Marketing Speak meaning,
"We are trying to get on any exchange, no luck yet or I would tell you. Hopefully we will get on one by launch, but it's not looking to good."

But to James mod,
"This is great news, I can't wait to see where NeuCoin will be listed."

Blind faith, Pure shillism.

Hey, see, lf you read the wiki and stuff (between the marketing speak) it's all there

James mod, answer to your question - Nowhere

[OCP]

They never talked about exchanges on day one, but a coordinated listing within a month of launch.

Here's what the update to crowdsale buyers said:

3. Exchanges

During the beta, NeuCoin will be able to share its source code and client downloads with various exchanges to allow them to prepare for listing NeuCoin. Our goal is to be listed on at least 2 to 3 exchanges within one month of launch and many more over the coming year.

[rizzlarolla]

Yeah I know.

Then Drowning mark replies
"We're already reaching out to many of the exchanges mentioned here, and we hope to have at least a few of them available at, or soon after launch."

But to James mod,
"This is great news, I can't wait to see where NeuCoin will be listed."

Mark and James weren't sure.

[OCP]

I don't see the problem. Seems like they were always planning a coordinated listing within a month after launch. Probably smart.

[B4zzA]

I don't see the problem. Seems like they were always planning a coordinated listing within a month after launch. Probably smart.

The more exchanges the better for sure.

[OCP]

I don't see the problem. Seems like they were always planning a coordinated listing within a month after launch. Probably smart.

The more exchanges the better for sure.

Agree. So probably smart to start with a few quality ones all at once. Hopefully with some marketing built into the deal. Day 1 or Day 10 isn't what's important.

[rizzlarolla]

I don't see the problem. Seems like they were always planning a coordinated listing within a month after launch. Probably smart.

Probably a good selling point?
"No exchange at launch"

Yeah, neucoin should have sold it more on this point.
Sure all the investors will be delighted to hear about this "bonus"