Re: MC2 ("Netcoin"): A cryptocurrency based on a hybrid PoW/PoS system
With the Kickstarter project, will we require USD or can we do LTC?
Most crowdfunding platforms allow whatever fiat currency you use to convert to USD. The reasoning for why we need to do this at present is outlined in post #902. I do foresee that this will change one day, but right now we don't have cryptocurrency platforms to do so, as we need to bridge the space between funding to development. It may be an extra step for a few people, which sucks, but in the bigger picture it's no big deal.
That is true, things are not ideal, but I think creating a btc exchange account (in Bitstamp, MtGox..) and letting the btc users to pay and buy limited number of tickets through it, based on the current exchange rate of usd/btc at the moment of payment, wouldn't hurt anybody. This can at least be done for small investment/purchase of the tickets (<1 btc~=$100 for example).
The final amount received in that account (after reaching a cap perhaps), which will be in $, can be easily transferred by the use of wire system to any bank in US and Europe in not more than a week (you can include and charge the transfer and other fees this method may cause, to the investor's payment bill)
It will be wise to let 30% or even a bit more share of tickets to be sold this way (and you may put a limit for each purchase, by using btctalk id, to avoid rush or unfair distribution). Your currency will certainly have a brighter future if you let more people in to have a piece of the pie (even a very small one).
It's bad enough that those paying will have to provide identifiable information, but it's even worse if they have to connect it to their Bitcointalk ID too. That reduces security for the participants in exchange for decentralization of power. I think in this case security is more important than decentralization of power because power can be decentralized in other ways and at later times. Honestly, the people who buy in early aren't really guaranteed a larger piece of the pie than people who buy in late, they aren't necessarily going to have more coins, it just means they believed in the project from the start and were the first to become stakeholders and take the plunge.
Yup security is more important at this point. Yeah, there's really no guarantee, like Lucky said. This is a highly risky venture and it could be a possible flop for all we know. Only invest what you can afford to lose.
I think Kickstarter is a great platform to start with and really simplifies the whole process. It eliminates the possible headache that may occur with refunds should the project not be fully funded. I think it's still best to fully launch the crowd funding through an actual crowd funding platform that will only take the money once the goal is met. This is the most secure way to do this and in my opinion the best way to do it.
Privacy and identity isn't a major concern to me. Just as long as the developers get the money they need in an organized and efficient manner, I will be quickly happy as I have many ideas that I would like to see implemented socially for Netcoin and I can't wait to get started on those.
Very interesting. Kickstarter does have some benefits that people know what it is and I do believe the Kickstarter launch will meet the funding amount provided there is a marketing campaign behind it.
If it only takes the money once the goal is met then when exactly would developers get the money? Seems abstract.
It's an all or nothing funding approach, which is why i like it because there's less risk for everyone. I believe that they will recieve the money at the end of the fundraising date that the developers have set up only if they have met their goal
There's also a legal basis that ensures that the project starter will fulfill the ends of the project.
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Yes. Kickstarter's Terms of Use require creators to fulfill all rewards of their project or refund any backer whose reward they do not or cannot fulfill. (This is what creators see before they launch.) We crafted these terms to create a legal requirement for creators to follow through on their projects, and to give backers a recourse if they don't. We hope that backers will consider using this provision only in cases where they feel that a creator has not made a good faith effort to complete the project and fulfill.