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Offline mf-tzo

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DAC Country coins
« on: April 13, 2014, 03:20:58 PM »

I have an idea and I would like your feedback.

The idea is to create the first DAC Greek coin (100% premined) which could be traded and exchanged in Bitshares X.

Idea:

1.   Gather developers and marketing team, investors.

2.   X amount of Greekshares will be issued and each Greekshare will be equal to x amount of Greekcoins at Y date.

3.   X amount of Greekshares will be given away to Greek companies and Greek citizens.  A small premium will be given to each person who convinced the merchant to use it as a payment method

4.   X amount of Greekshares will be given away to PTS/AGS shareholders

5.   X amount of Greekshares will be issued to potential investors, like the AGS allocation style to raise funding for the development during the Y period

We are currently in the process of becoming a team with a common cause “to create a  coin that will help as many people in our Country as possible, people will adopt it and start using it in everyday transactions and make profit for the potential initial investors who believed in our idea”.  Opinions in the Greek community vary as to how the Greekcoin should be made. So at this stage the above is just my idea trying to convince others to join.

Any thoughts or advice will be greatly appreciated! Do you guys think that something like that could work? Anything that we should avoid?

I value very much the opinion of this community!

Thanks in advance

Offline mf-tzo

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Re: DAC Country coins
« Reply #1 on: April 16, 2014, 09:03:33 AM »
I am wondering as to why no one has commented on this... Is my idea not going to work and I shouldn't bother to do something like this?

Online Stan

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Re: DAC Country coins
« Reply #2 on: April 16, 2014, 01:54:58 PM »
I am wondering as to why no one has commented on this... Is my idea not going to work and I shouldn't bother to do something like this?

You certainly have selected all the right tools to be successful.

Coins are about marketing the right features to your chosen demographic. 

In particular, many countries will be experiencing a flight to safety as fiat currencies are debased.  Building confidence and demand for your coin as an alternative to gold and silver is one key to success.

Perhaps a custom exchange featuring some mix of BitEUR and BitDrachma would give you an edge over an ordinary coin.

Plan to serve the needs of your chosen demographic first.  The technology you need will be there.
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline mf-tzo

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Re: DAC Country coins
« Reply #3 on: April 16, 2014, 02:52:25 PM »

Thank you very much Stan.  :)

This is exactly how I have imagined the future:
Quote
Perhaps a custom exchange featuring some mix of BitEUR and BitDrachma would give you an edge over an ordinary coin.


Offline unimercio

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Re: DAC Country coins
« Reply #4 on: April 17, 2014, 02:11:32 AM »
I am wondering as to why no one has commented on this... Is my idea not going to work and I shouldn't bother to do something like this?
  +5% zeus, I feel your pain... 

If you notice this forum section "Alternate DACs"   is filled mostly with post with zero replies...  This section might be better served by a fuznuts mumble server channel, were ideas can be brainstormed live. Let me know if you interested, we could reach out to fuznuts together and collaborate..

Also Charles Evans and I are launching an incubator in Miami, we're always on the lookout for innovated projects with good Karma that pay dividends.
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Offline mf-tzo

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Re: DAC Country coins
« Reply #5 on: April 17, 2014, 07:31:00 AM »
Quote
If you notice this forum section "Alternate DACs"   is filled mostly with post with zero replies...  This section might be better served by a fuznuts mumble server channel, were ideas can be brainstormed live. Let me know if you interested, we could reach out to fuznuts together and collaborate..

Also Charles Evans and I are launching an incubator in Miami, we're always on the lookout for innovated projects with good Karma that pay dividends.

Thank you very much. Yes I would be interested! I believe that in order for my idea of a country coin to succeed it is essential to get on board a lot of Greek people who will believe in it's success and will be willing to spend much time into marketing the coin, get them out on the streets to educate and convince merchants to use it. In return these people will receive a small % of greekshares for their efforts and in the end of the day merchants will receive something for free that might gain value in the future. It is a win-win situation!

I think that the idea of a DAC with a common cause and with a profitable model will work. The difficult part is to explain to people this model. The few Greek people who deal with cryptocurrencies are stuck with the mining no mining coins. When I allocate them to AGS funding and try to explain the model all they see is a falling stock... People really don't understand DACs yet...  :(

Offline unimercio

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Re: DAC Country coins
« Reply #6 on: April 17, 2014, 05:36:38 PM »
Quote
If you notice this forum section "Alternate DACs"   is filled mostly with post with zero replies...  This section might be better served by a fuznuts mumble server channel, were ideas can be brainstormed live. Let me know if you interested, we could reach out to fuznuts together and collaborate..

Also Charles Evans and I are launching an incubator in Miami, we're always on the lookout for innovated projects with good Karma that pay dividends.

Thank you very much. Yes I would be interested! I believe that in order for my idea of a country coin to succeed it is essential to get on board a lot of Greek people who will believe in it's success and will be willing to spend much time into marketing the coin, get them out on the streets to educate and convince merchants to use it. In return these people will receive a small % of greekshares for their efforts and in the end of the day merchants will receive something for free that might gain value in the future. It is a win-win situation!

I think that the idea of a DAC with a common cause and with a profitable model will work. The difficult part is to explain to people this model. The few Greek people who deal with cryptocurrencies are stuck with the mining no mining coins. When I allocate them to AGS funding and try to explain the model all they see is a falling stock... People really don't understand DACs yet...  :(
+5%

 I suspect once the Bitshares Toolkit is further evolved, tested and documented with examples, tutorials, etc... we can then get on with the task of envisioning, modeling and launching 3rd party profitable/self sustaining DACs as this ...
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Offline fuzzy

Re: DAC Country coins
« Reply #7 on: April 18, 2014, 11:27:41 AM »
I guess I am a little confused.  Wouldn't bitUSD or bitDrachma pretty much fit this role? 

Also, I am currently looking into how I can give people moderator privileges for their own channel...but until then I would be glad to create a Channel for these discussions.  This service is here for all of you so I will always do my best to help within my means. 
« Last Edit: April 18, 2014, 11:29:26 AM by fuznuts »
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Offline mf-tzo

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Re: DAC Country coins
« Reply #8 on: April 18, 2014, 01:41:14 PM »
Quote
I guess I am a little confused.  Wouldn't bitUSD or bitDrachma pretty much fit this role?

I am not sure I understand the question... :(

Offline liondani

Re: DAC Country coins
« Reply #9 on: April 18, 2014, 04:58:41 PM »
"3.   X amount of Greekshares will be given away to Greek companies and Greek citizens."

Thats the big problem! How the coins will distibuted! Using AMKA ?  :P
  https://bitshares.OPENLEDGER.info/?r=GREECE  | You are in Control | BUY | SELL | SHORT | SWAP | LOAN | TRADE |  

Offline oco101

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Re: DAC Country coins
« Reply #10 on: April 18, 2014, 06:37:07 PM »
The problem I see with your idea is that what are you trying to do is just another altcoin. I can't call this a DAC because I don't see how your coin will be profitable.
There's altcoins with county names that are coming up every day, non of them had any success so far, look at spaincoin, chinacoin, auroracoin, they all are dying a slow death and they all will end up in the same place, altcoin cemetery. The problem with this coins is that the only people that are interested are those that are trying to make a quick bucks. Once they make some money they are moving on to the next altcoin.
None of this coins gain any traction outside the altcoin community and here comes Bitshares X.  The beauty of Bitshare X is that it has the potential to bridge the world of virtual currency and real world money in a way that everybody will understand in about 5 seconds.
I can explain pretty easy to my grandmother what a bitUSD, for her is just  a dollar that she can use it on the web that it. Whomever use bitUSD does not need to know how it come in existence or what it does, because they know already what you can do with a dollar. Now try to explain to someone bitcoin...

So instead of doing just another altcoin. Why not do a Bitshares X with one of the assets being  bitDrachma ?

Please don't take that in the wrong way, this is meant to be constructive. I think your idea is noble and hope it is gonna work one way or another. Are you involved with Greececoin ? https://bitcointalk.org/index.php?topic=516955.0

Offline mf-tzo

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Re: DAC Country coins
« Reply #11 on: April 19, 2014, 09:17:41 AM »
Quote
"3.   X amount of Greekshares will be given away to Greek companies and Greek citizens."

Thats the big problem! How the coins will distibuted! Using AMKA ?  :P

No. The whole point is not to give greekshares to anyone who doesn't understand what it is. Not all Greek people and companies will receive coins for free. The idea is not be a fair distribution!

The idea is to create a big family of people who will be willing to take the extra mile, go to each merchant individually and explain them that they get greekshares for free (which equals to x greekcoins in the future) as long as they accept greekcoin as method of payment. The idea is many merchants to use it. People who convince and educate these merchants will receive a small portion of greekshares for their effort...

Therefore day 1 greekshares worth nothing. But if after 200 days you have achieved to educate and make them accept as method of payment 2,000 or 20,000 merchants, hotels, bars etc... greekshares (=greekcoins) will have a lot of value. People who spent their time to achieve that and investors who believed will get their rewards...In the end of the day we have also helped some unemployed people to have a chance in making some money by distributing the coin. If by the end of 200 days no one wants to use it then we will lose our time and investors their money...

Quote
The problem I see with your idea is that what are you trying to do is just another altcoin. I can't call this a DAC because I don't see how your coin will be profitable.
There's altcoins with county names that are coming up every day, non of them had any success so far, look at spaincoin, chinacoin, auroracoin, they all are dying a slow death and they all will end up in the same place, altcoin cemetery. The problem with this coins is that the only people that are interested are those that are trying to make a quick bucks. Once they make some money they are moving on to the next altcoin.

If you gather together a lot of people whith a common idea " to distribute a coin, educate people how to use it, create a new market of merchants that currently don't know what bitcoin is, give unemployed young people whith skills the chance to participate and make some money if the project succeeds and most importantly give a chance to your country who is constantly f...by politiciens and bankers to have a new asset that might worth a lot in the future and has nothing to do whith any government etc.." then you have created a profitable DAC isn't it? You don't just airdrop a coin... You create a new marketplace and you convince people not to sell it immediately but use it in the future for their transactions. You explain to people why this might be valuable.. I am not very good with words so when the time comes it will definitely be not me try to explain the idea to people.. ;)

You have a company with a group of people with a common cause. If you believe in your cause then you will want to be an initial investor as well. All investors will not be dumpers. They will invest a few dollars in the beggining when no one else will believe, they will acquire as many greekshares they can, they will have motives for this to be a success and they will work hard in order to achieve it...

Quote
So instead of doing just another altcoin. Why not do a Bitshares X with one of the assets being  bitDrachma ?

I fully agree with this but what will be the value of bitdrachma? It will be zero unless you have taken all the above steps to create true value for the coin. Once true value for bitdrachma or greekcoin or whatever we call it is created then ofcourse the concept will be to issue it as bitasset in the Bitshare X ecosystem.

Quote
Please don't take that in the wrong way, this is meant to be constructive. I think your idea is noble and hope it is gonna work one way or another. Are you involved with Greececoin ? https://bitcointalk.org/index.php?topic=516955.0

I am not taking this the wrong way at all. This is exactly the constructive discussion that I was looking for so thank you very much for all your comments!! :)
I am not involved with Greececoin at all... I thought that this was done by Greek developpers in the beggining (and bought a few due to patriotic emotions) but then I realised that it was just another pump and dump coin (actually it never even got pumped i think) by developpers who don't even know how a national ID card looks like...

The only decent effort that I see so far from my country devs is GRcoin which is 0% premined and will be soon launched. Although mined or not I believe that unless we do the distribution of whichever coin in a longer period of time as I have imagined it (Form a big team, greekshares, educate merchants and people, give them coins at a later stage etc..), I am pretty sure GRcoin will also fail due to miners pumping the coin and then dumping it really hard like all the country coins there..

Just to clarify... This is my idea so  far trying to form a team to achieve it. I have nothing to do with grcoin, greececoin,drachmacoin etc. When we are ready it will have a different name than the above..

Please keep your comments comming. I want to understand as much as possible. Maybe I missunderstood the bitdrachma point with Bitshares X.

Thanks again! :)
 



 

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