I dont understand the point of Whiteoutcoin. Once its on exchanges people will be able to buy it for btc and makes the whole thing obsolete. I don't understand what it will accomplish.
Totally agree!
I really like the idea of Whiteoutcoin, but I understand that it should be interchangeable solely and exclusively by Whitecoins for a period of at least 2 months.
Suggest an idea
Whiteoutcoin is created with a cap of 60,000,000 coins and for a period of 2 months exchanged for each 1 5 WC and WOC this exchange deals exclusively The Whitecoin Foundation.
It should not burn any WC (that would give greater transparency to the process) and I understand that both currencies can coexist.
After 2 months and once the current holders have exchanged WC as they see fit is launched WOC.
We do EVERYTHING POSSIBLE to avoid suspicions of fraud and Premines etc. .. and above all current holders of WC should have priority.
I'm thinking closer to 3 or 30 million to help drive up demand.
The time we offer WOC exclusively via WC as an entry vehicle is definitely up for discussion. I also agree we shouldn't burn any currency, in my opinion we should come to a goal figure as a community, and decide together how much of that should be split between future development, current operations, and paying those who do the hard work to make this a reality.
Part of why we didn't want to offer this until registration had formally begun as a foundation, is that we wanted to offer our investors that level of accountability for our premine and IPO. We intend to offer a fully transparent plan where just as with the current foundation wallet, users are able to easily track the use of foundation funds. Once we hold our first general assembly, users and investors of the coin will then have a direct say in how that premine is used.
Generally speaking, my opinion is that this should not be a PoS coin, but instead should have a very lengthy mining period like bitcoin. Its time for us to experiment with the other successful approaches to crypto, and offer that as a companion/denomination coin. If we restricted the premine to 2-5% and gave specific timelines for release of funds, then we'd have ourselves a unique recipe for success.
If we let the IPO period go on for too long, my concern would be we risk losing momentum and interest in the service. First and foremost this has to be a coin people can use in all the same ways they use other cryptocurrencies. My instincts tell me we should offer the IPO up until launch, and allow early adopters to get in at a reasonable price in order to see profit returns. This IPO period would then drive up volume on the markets for WC as its the only entry vehicle (this would greatly benefit current holders). In my opinion, this needs to be "by the book" as much as possible, so what I'm hoping is that at launch we can partner with exchanges to offer WC:WOC direct conversion markets. This would then put our foot in the door of the "base currency trade" market currently held by BTC, LTC, DOGE, and a handful of others.
By managing all of this process via our not for profit, inclusive, and community driven foundation, I believe we'll have the right recipe to give people the trust, decentralization, and stake in the process they are looking for.