Quote from: DawgDCG on January 30, 2014, 04:07:45 AM

Quote from: Level Coin on January 30, 2014, 01:58:05 AM

Quote from: GreXX on January 30, 2014, 01:47:52 AM

Level Coin,

I noticed that you are planning a 2 week beta period for founders after the initial funding phase. How will the initial funds be generated? I'm just wondering how you would be generating funds for a Kickstarter campaign once the blockchain is created. I'm not the most well versed on the intricacies of the blockchains, but if it is possible to generate new L1 currency for those who pledge on the Kickstarter, would it be possible to implement a system for the founders wherein they could increase their initial investment up to the 1 BTC cap during the 2 week beta period?

For instance, I pledge 2 ltc now and become a founder. The beta starts and I feel very confident in the coin, can I during the beta pledge more money prior to the end of the beta? The 1 btc cap could still be a good cutoff for initial investors. Maybe offer additional buy-ins at only 1.25x the Kickstarter values or even just offer them at 1x as we would still be getting a head start on the market.

Just a thought / suggestion.

The founder rates are set in stone. 1.5x for pre-beta, and 1.0 post-beta. It would be unfair to change it this late into the project. The initial funds will be generated on the genesis block once I have tallied how much Level 1 coin each person has purchased. The Kickstarter will have 3 reward tiers. 100 slots for $100 USD each, 50 slots for $500 USD and 10 slots for $1,000 USD. The level 1 required to fill exactly the entire Kickstarter total will also be generated on the genesis block. Should there be any leftover Level 1 coins due to the reward slots not being filled up, these coins will be used for giveaways, bounties, and generally will be given back to the community. The whole process can be monitored via the blockchain, I will not be keeping any of these coins. There is still time to buy into the 1.5x pre-beta rate.

Can I make a request as an investor?
The coins that are left over from the kickstarter should be destroyed to protect the investment of everyone who invested. Kickstarter projects rarely sell out of all slots of any project. We may be left over with a lot of spare coins. The kickstarter may not succeed and we may be left over with ALL the coins. To give these coins away for free to everyone doesn't seem fair since this is an IPO and we had to pay for those coins. Even if they are to be used for bounties, they will enter the marketplace and devalue the rest of the coins we paid for.
For a pre-mined coin, this makes sense. For an IPO it doesn't.

NXT didn't premine coins for bounties/giveaways. It secured the value of the initial investors coins.

I can do that. Does anyone else have an opinion on what should be done with the left over coins?