Author Topic: Airdrop concerns with Lottoshares  (Read 7340 times)

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Offline jwiz168

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The Lottoshares DAC Denny/Hackfisher is doing is honoring MMC. Why?

Lottoshares DAC is different from Bitshare Lotto.

Offline santaclause102

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The Lottoshares DAC Denny/Hackfisher is doing is honoring MMC. Why?

Answering my own question: LottoShares is what MMC developer (former Protoshares maintainer) Freetrade is doing, nothing officially supported by Invictus. Of course he is honouring his own coin....
« Last Edit: May 27, 2014, 08:49:50 am by delulo »

Offline fuzzy

it is not a good start for Dacs!  Remember also that at first he don't wanted the AGS participation.Remember also that he changed his mind and canceled the project after 3 days...  lol...  now he changed his mind again...  newmine concerns make absolute sense!  Even if it is not a SCAM Bytemaster and Stan MUST take care on how to prevent future DAC scams because even we as a community don't loose money because we purchase "free" money we will loose also at last because bad reputation will occur on our ecosystem at the end...

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Respectfully, Stan and Dan have little they can do about DAC scams.  It is the community that needs to inform one another, and the community that must build a value base strong enough to dissuade people from attempting to use them for unearned rewards.
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Offline liondani

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it would be the ultimate disaster for bitshares reputation IF the first DAC release would be a SCAM and most importantly "BACKED UP" by 3I (marketing wise) like Stan allready promised !!! Guess what happens after that...  Everybody (including me) would think...  they are both scammers...

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« Last Edit: May 27, 2014, 08:17:51 am by liondani »

Offline pc

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Just beware and do you due diligence. It may be all good, but based on what has transpired before, it doesn't seem likely.

Exactly what I thought when I read the LottoShares snapshot announcement. There's several points that are fishy about the whole concept:

How will the numbers be drawn and prizes awarded?

As soon as a new block is generated, its hash will be signed by FreeTrade. The signed hash is used as a seed for the random numbers.

IOW: the creator of LottoShares, who is most likely also the biggest stakeholder, has at least some control over the "random" numbers used by a lottery!


Who will own the shares?

10% will be proportionally distributed to MemoryCoin (MMC) holders
10% will be proportionally distributed to ProtoShares (PTS) holders
10% will be proportionally distributed to AngelShares (AGS) holders

30% will be targeted at the public addresses of individuals who can be helpful to LottoShares DAC (devs, exchanges, service providers, marketeers etc - email memorycoincc@gmail.com to make a pitch, full list to be provided at launch)

It is unknown how much of the 30% for "devs" etc. are allocated for FreeTrade himself.


This first 60% is vested and funds will not be valid for (90 + rand(365))days - where the pseudo-random component is seeded on the address.

Again, the author is in a position to control when he will be able to sell his own allocations, while everyone else has to wait.


20% will be airdropped on the top 1,000,000 Bitcoin addresses (Block 302,000)
20% will be airdropped on the top 250,000 Dogecoin addresses (Block 232,000)

This 40% will be valid for use immediately, this will be non-proportional, providing a small amount to each BTC/DOGE holder regardless of the size of their holding.

Again, the author is in a position to control how much is "airdropped" to his own addresses.


Now, I'll be receiving free LottoShares, so I'm not complaining. But I'll be damned if I invest a single satoshi into that project.
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Offline liondani

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it is not a good start for Dacs!  Remember also that at first he don't wanted the AGS participation.Remember also that he changed his mind and canceled the project after 3 days...  lol...  now he changed his mind again...  newmine concerns make absolute sense!  Even if it is not a SCAM Bytemaster and Stan MUST take care on how to prevent future DAC scams because even we as a community don't loose money because we purchase "free" money we will loose also at last because bad reputation will occur on our ecosystem at the end...

Sent from my ALCATEL ONE TOUCH 997D using Tapatalk


Offline solaaire

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It was later discovered that FreeTrade gave himself 207,000 MMC of a 760,000 premine that was to be split amongst PTS holders and MEC "contributors". He never disclosed that he would receive 27% out of the gate.  He also refused to admit it, until multiple members of the community put continued pressure on him. In the meantime, he used these coins to further attain more MMC through 2 blockchain paid positions.

fucked up if true

anyone else care to weigh in on this?

Offline NewMine

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Most of the time I visit the forum here, I spend my hours of perusing through the General discussion board and Bank and Exchange now. With PTS going bye bye I don't see a need to visit there anymore. Today by chance I stumbled upon LottoShares. I follow a few people here and saw they posted in a new board labeled LottoShares. LottoShares it seems is going to have a snapshot at the end of this month and honor PTS and AGS with 10% each. It also is going to give shares to top BTC and Doge coin holders. Cool right? What I saw next was quite surprising. MMC holders were to get 10% and user FreeTrade was the man behind Lottoshares.

For those of you unaware, FreeTrade is the developer of MEC (MemoryCoin), and MMC (MemoryCoin 2.0).  He was also paid to help create PTS. MEC was a failed coin (I'll let you decide why if you are inclined to search). In releasing MMC, FreeTrade decided to airdrop to PTS holders and "contributors" to MEC in a premine genesis block. It was later discovered that FreeTrade gave himself 207,000 MMC of a 760,000 premine that was to be split amongst PTS holders and MEC "contributors". He never disclosed that he would receive 27% out of the gate.  He also refused to admit it, until multiple members of the community put continued pressure on him. In the meantime, he used these coins to further attain more MMC through 2 blockchain paid positions.

These paid positions are what made the MMC coin unique and different to any other. Each position was filled by an election every 20 blocks to those who got the most votes. Each coin you held was equal to one vote.  You can see where this is going... FreeTrade gave himself enough coin to vote himself into positions and not be touched. Not very democratic and put the coin in a compromised state.

What is significant about all this is that here we are again. FreeTrade using an airdrop to help mask that he is receiving a large amount of the "new" coin. He is airdropping to a coin where he is most likely one of the larger holders and his holdings were not "earned" through a fair distribution, traded for or bought on an exchange. 

You may say, "10% is beans and doesn't amount to much."

I would answer, "he is also airdropping to hundreds of thousands of BTC addresses and DogeCoin addresses. What is to stop him from giving himself boat loads hidden in those coin addresses too?"
After all, that's exactly what he did with MMC. This doesn't mean that he is doing this either. With that many addresses, how could you possibly figure anything out. This is where the beauty lies in this clever scam, airdrop your premine to yourself surrounded by thousands of money hungry hand out takers who only care about "their" free coin and what they can get for it.

Just beware and do you due diligence. It may be all good, but based on what has transpired before, it doesn't seem likely. Not to mention, my tiny post about this was immediately deleted by FreeTrade in the child board Lottoshares..