Nocoin lies of the day:
"Meaning that it is as easy to use as Coinbase, but without actually holding users coins (ie, without having access to users private keys) like Blockchain.info. This is a first for an online wallet in the crypto-space, let alone any altcoin."
"This will be the first time in the crypto-space that regular consumers get to participate in mining"
Source: http://forum.neucoin.org/t/neucoin-beta-with-test-coins-now-open-to-all-presale-buyers/1414Neucoin: No innovation just lies.
How can an online
wallet NOT store the keys? Or did you mean some sort of block explorer? Then again i'm not a very versed person as far as blockchain tech is concerned, but regarding the second sentence i suppose that my 2 GridSeeds that pull a whooping 750kH/s (about your average gamer's GFX card scrypt hashing power) don't allow me to participate in mining. Or, wait...!! I forgot that i'm not a regular consumer, i actually run an industrial mining farm with said equipment. I also run a PoS coin full node with an average of 40 active connections, and i stake once or twice a day (which thing is possible because the userbase is SMALL; with a userbase bigger than 60x24x365 (about half a million - negligible) i would be lucky if i staked ONCE per YEAR). But then again, a staking pool doesn't need the user's keys or coins... what for?
EDIT: I can see a "staking pool" working with just a regular account and a public key holding the coins, but that would be based ultimatelñy on trust - i.e. the user has your word that they will get paid for having coins. But what about change addresses? What would happen when a fraction of the coins are spent? How would the "mining fee" be collected? If you can really pull this off i'll be a bit impressed tbh, but it will still be completely centralised.
EDIT2: I know that the "Growth Account" would require you to actually store the coins in their wallet, but i assumed that this should have been a deal breaker in the first place. There's no decentralised network unless you run your own node, and with an initial userbase of 1MM average time between rewards is roughly 2 years. THAT was the technical innovation i was looking for (keeping 60 seconds block time BUT achieving a workable reward system). But then again YMMV.
A quick answer on this:
a. What it means that we do not hold the private keys of the user is that we do not have CUSTODY of the private keys -
when they're held in the regular wallet. I can break it down even more: it means that we cannot in any way have access to the funds held by people who have accounts at MyNeuCoin.
This is exactly what Blockchain.info does with their wallet, in contrast to what Coinbase does: Coinbase has total custody of their customers' funds (when they're held in the regular wallets, it's a different story for their Vault feature), which means that in case of fraud or issue, they can "grab" the funds of the fraudulent user.
We chose the option of not having any control on the funds of our users, it's very important aspect of the wallet.
b. For mining it is a different story
- meaning Growth Accounts. Indeed the Utility Foundation needs the coins to be able to stake them.
There are TWO accounts at MyNeuCoin: the regular wallet, describe above, there we do not have custody of the private keys, and the growth accounts, through which the Utility Foundation has access to the coins to be able to stake them.
It would nice for a change that instead of announcing lies and betrayal you would ask questions and for clarifications, which we are glad to give (on the NeuCoin forum more than here, as we do not spend too much time on Bitcointalk given the nice atmosphere of honest respect).