Quote from: SlipperySlope on April 09, 2015, 05:58:48 PM

Quote from: TheReaper on April 09, 2015, 03:54:08 PM

Quote from: bybitcoin on April 08, 2015, 07:26:34 PM

No cap, the total coins created each day will be owned and then distributed or sold by a company that plans to get bitlicence and follow its upcoming regulation rules as soon as it becomes available.
By this plan, even Ripple would look more decentralized and user-driven than this one!

Sorry, but that is wrong:

there is a cap of 21 millions coin
50 coins created every 10 minutes
www.ai-coin.org
minting peers are not owned by company and are spread out globally over many continents.
a percentage of coins are sent back to company and the rest kept by peer nodes not owned by ai coin inc.
basically, a new type of mining.

It turns out that if the company owns all the coins, even for just the day they are created, it would be an "administrator" of a central repository from which tokens are issued and redeemed according to FinCEN guidance published last October. We knew this and assumed that we could obtain the money services business licences in the 48 US States where they are required as we progressed after launch. Our legal advice now is that we cannot launch under the previous business plan as that entails a legal risk in the USA.

Reaper mentions the new plan, which is to have a conventional altcoin minting method whereby independent operators create the new aicoins each day and pay a software licence fee to the company, which in turn promotes and develops AI Coin for the benefit of operators, current and future holders. Even this business plan is subject to tweaking, as the software license may create an situation in which the deal between the company and its independent operators creates what the US SEC views as a security, which is subject to onerous regulation. As a lay person, my reading of the regulation and court decisions is that because the company is not the *sole* provider of effort which makes the deal valuable, then the deal is not a security. Instead I believe it is similar to retail store franchise agreements in the USA in which a share of store revenues is sent back to the franchisor. The analogy is that aicoin mining operators, its super peers, must perform effort too in order for the deal to be valuable. AI Coin Inc is seeking the advice of attorneys who know this sort of law. Fortunately, our president works in New York City, and networks conveniently with such law firms. If the software license becomes a poor choice due to SEC regulations, then another method to try for the desired revenue split would be to have a distinguished super peer owned by the company that gets more turns to create aicoins than the other super peers.

I was referring to the plan mentioned in a previous page, before this new one being informed here (I just follow this btctalk thread).

Your new plan looks much better, and unless you put a harsh percentage to be paid for the software fee (>%5), paying the fee won't be a huge minus for this POS model.