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Initial allocation and fundraising

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toast:
I recommend an AGS-style fundraiser be used to get money for this project and allocate part of the initial supply.

For those that don't know, AGS are the "virtual" shares represented by addresses of people who sent money to special fundraising addresses for the bitshares ecosystem. It is similar to how Mastercoin raised money, except that instead of fixing a price per BTC and letting the supply be variable, the supply is fixed and the price per share is determined by splitting the fixed shares-per-day among all the donators from any particular day. (Personally I think you should count time in terms of blocks instead of days, but whatever).

Of course if we're going with bitshares_toolkit we should allocate 10%/10% AGS/PTS.
There is also value in dropping a fraction onto BTC or MSC/XCP.
Maybe 30%-50% allocation for "Proto-Truthcoins" (the virtual TC fundraiser share)?

I do *not* recommend distributing shares to miners. Mining has not been "fair" or "decentralized" for like a year now. Even if you go with POW, their rewards should be paid explicitly from the network's income rather than implicitly via coin/share dilution. Miners are subcontractors for your network.

I do *not* recommend a dev premine. That's the point of this type of fundraiser.

There is also a question of coin distribution vs share distribution. Whichever is the one that pays fees is the one that should be preallocated to AGS/PTS/"PTC".

psztorc:
This is exactly the question I've tried to avoid for as long as possible.


--- Quote from: toast on May 28, 2014, 12:51:18 am ---There is also a question of coin distribution vs share distribution. Whichever is the one that pays fees is the one that should be preallocated to AGS/PTS/"PTC".

--- End quote ---

This is a very important consideration. The actual "Truthcoins" as I designed them, are the voting shares. You must vote on outcomes (but are paid for doing so). In theory the coin layer could be a complete snapshot of the Bitcoin unspent set, ie to guarantee that you own Truthcoin-currency, you would just own Bitcoin on some chosen future date (block number).

I'm very interested in this (snapping Bitcoin for the coin-distribution [which would pay the fees]), primarily for signaling purposes: it is completely the opposite approach to that of every Altcoin so far. I want people not just to understand, but to know, that what is happening here is not at all anything like what has been happening. I want anyone who claims otherwise to be speechless. I think the marketing, and onboarding of the Bitcoin community, would be worth a ton.

That still leaves us with the shares to play with. However, investors must know that they have to use these shares to vote on outcomes or they slowly disappear. I can't really hold the shares for people...that really defeats the whole point, doesn't it?

I've never known exactly what to do about this...I think I may need to *gasp* ask for advice.

toast:
Sorry, could you clarify? I tried to find the coins vs shares in the whitepaper and couldn't.
From what you just described, both the coins and the shares are the "voting shares" used for outcomes. What is used for what? What charges fees for what?

CLains:
People have tried everything, and are still trying even more things than that to market their coin. The altcoin community may be blind and stupid, but so is evolution, and in the last two years they have evolved a lot. From the emerging strategies I have seen, the safe thing to do is to collect a lot of money by IPO, which seconds as an initial hype of your product. This will get you investors who do not sell low, which will get your coin up a reasonable distance at coinmarketcap once it launches, and it will get you enough money to hire someone to do web-page and viral marketing.

Dropping everything on Bitcoin is extremely risky, and to be honest it feels like an attempt at coming up with some unique marketing.  I would not want you to risk your neck on a single marketing stunt like that when you have no experience with marketing. Instead, let your code and product speak for itself to savvy, wealthy investors who are eager to listen and get involved, and then later try all the stunts you want, and hire professionals marketers to draw in the faceless horde.

/2cents

psztorc:
First of all I work during the day...trying to only work on Truthcoin in the afternoon.


--- Quote from: toast on May 28, 2014, 02:37:29 am ---Sorry, could you clarify? I tried to find the coins vs shares in the whitepaper and couldn't.
From what you just described, both the coins and the shares are the "voting shares" used for outcomes. What is used for what? What charges fees for what?

--- End quote ---

The reason you are confused, is that the whitepaper assumes that these will be Bitcoin prediction markets. Therefore when the paper mentions Bitcoin it is talking about coins and when it mentions TRU or Truthcoin it is talking about shares. When I said "Truthcoins" I mean shares, when I said Truthcoin-currency I mean coins. Does that help?


--- Quote from: CLains on May 28, 2014, 05:30:58 pm ---People have tried everything, and are still trying even more things than that to market their coin. The altcoin community may be blind and stupid, but so is evolution, and in the last two years they have evolved a lot. From the emerging strategies I have seen, the safe thing to do is to collect a lot of money by IPO, which seconds as an initial hype of your product. This will get you investors who do not sell low, which will get your coin up a reasonable distance at coinmarketcap once it launches, and it will get you enough money to hire someone to do web-page and viral marketing.

Dropping everything on Bitcoin is extremely risky, and to be honest it feels like an attempt at coming up with some unique marketing.  I would not want you to risk your neck on a single marketing stunt like that when you have no experience with marketing. Instead, let your code and product speak for itself to savvy, wealthy investors who are eager to listen and get involved, and then later try all the stunts you want, and hire professionals marketers to draw in the faceless horde.

/2cents

--- End quote ---

People become slavishly devoted to the coins they own, and oppose the coins they don't.

I have some savings of my own, and don't necessarily need investors at all (toast himself estimated it would only take on the order of weeks to build), but I do need a way to allocate the shares to make the project decentralized. I could have used the money a long time ago, when I was designing the project on weekends.

This project is no where near as involved as BitsharesX, NXT, or Etherium. (That's the major reason it's going to work). But I only need toast for a week, and he's under a related contract already. 4 other groups (of 1, 1, 2 and 2 coders) have contacted me and are interested in building Truthcoin.

The question is what to do about the two different coin layers, so that the project comes to life (once it is built) ASAP.

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