There is certainly an absence of reliable information at this stage which is why we haven't even opened up the IPO yet. In this market, releasing information too soon is detrimental to a successful launch and opens the doors for competitors to duplicate and release them in close proximity. You seem quite upset that we opted to go with the X17 algo - if that is an issue for you, for whatever reason, there are plenty of other coins out there with other PoW algorithms. X17 has been defined for months and we just happened to be one of the first coins to implement it. We didn't invent the X17 algo, the coins your are referencing didn't invent it, and even if we aren't the first we are one of the first coins to put it into production. Also, Proof-of-RAM is an entirely new concept and is completely unrelated to whatever you continue to liken it to. The PoW phase is standard X17 and has absolutely nothing to do with our exclusive Proof-of-RAM implementation which was developed 100% in-house and has never been leaked. Again, no detailed information on any of this has been released because we are still a week away from opening the IPO. We certainly hope nobody would buy into an IPO based on the information currently available - there is virtually nothing here yet.

Civility, please. djm34 has fabricated information to support his agenda and defend his inaccurate statements, yes. Anybody who has been here can see this. He is here to argue for the sake of arguing and he will say whatever it takes to keep the argument going and continue to stir things up - please ignore him. Continuing to exchange posts with this person will only further pollute the thread. Let's eliminate the insults and labels, let him have the last word (no matter how inaccurate it may be) and be done with it. We need to minimize the parasitic components of this thread so that people who are actually interested in learning more about Griftcoin won't have to wade through page after page of childish posts to learn. It's extremely early to already be attracting crazy people - we haven't even explained anything yet.

Now we can simply move on. We will not ask for a dime nor a moment of your time until all information, technical and otherwise, has been made publicly available. We are still fine-tuning and testing things behind-the-scenes.

Once we get all of the information updated and the website online, we will take all feedback into consideration and possibly make adjustments to the distribution/etc before opening the IPO. Obviously, without support and trust, this project will not succeed - we understand that. We believe most concerns will be minimized once the Grift Foundation is explained in detail, escrow services are in place, and established members of this community are elected to the board. However, our primary concern is establishing a successful cryptocurrency, business, and charitable foundation all while ensuring a profit for investors. Based on the information available right now, an informed decision cannot be made. Clearly we understand this which is why we will not open the IPO until all information has been made public. We do have intellectual property that will need to be protected and some other unique ideas that could easily be copied in a short period of time. All information will be released within the week and password-protected source and binaries will be posted shortly thereafter; passwords and GitHub source will be released simultaneously with the beginning of the PoW phase.

As it's easy for important information to be missed when skimming through these FUD-filled Pre-Announcement threads, I will add this response to the OP as well until we have it updated. It's important to us that everybody understands our mission.

This is inaccurate. Proof-of-RAM is not the PoW algorithm - GRIFT PoW is X17 and is completely unrelated. Proof-of-RAM is an entirely new, energy-efficient form of minting we designed in-house from the ground up. PoR could be better likened to PoS and there are no minimum RAM requirements. The technical details will be released soon but, essentially, the more RAM you have, up until the 32GB cutoff, the more coins will be minted. This will help contribute to a strong network verifying transactions in addition to the standard PoS. Compromising the integrity of the GRIFT blockchain will be impossible which will make it the most secure cryptocurrency ever created. There will be a minimum coin requirement in order to benefit from PoR to ensure millions of VMs with empty wallets are not minting PoR coins and, in addition to this minimum, various tiers will exist to increase rewards for those with more coins.

Look 2 posts above yours, read it, and then rethink everything.

Measure twice, post once. If you aren't interested in reading, you have no business posting. Otherwise, you are simply contributing to chaos.

Would you like to know what I think? I think you posted before reading anything in this thread.

Unfortunate? Absolutely. Anticipated? Absolutely.

This is correct, albeit somewhat misleading - at face value, it appears this is essentially a hidden 2.5% premine. As more details become available, you will learn the actual percentage breakdowns as well as information on the foundation - unlike most altcoin "foundations" the Grift Foundation isn't just another dev wallet - it will serve an actual purpose, we will elect a board of senior forum/community members to publicly manage it, and all coins will be stored in escrow.

As was stated in my previous response to another individual, please reserve judgment until all details are released. This is an extremely basic [PRE-ANN] and the primary purpose is to provide the general timeline and outline so that interested parties can mark key dates on their calendar and/or bookmark this thread for continued updates.

Perhaps you should reserve judgment until the Proof-of-RAM specifications are released, at minimum. Griftcoin will be the first coin on the planet to implement this technology and it will benefit both distribution and security in a way never seen before. This is just one of many ways Griftcoin will set the bar.

To those disappointed about the IPO, perhaps you should approach things realistically. Typically, with coins that have a limited/brief PoW periods followed by 100% PoS, initial distribution is determined primarily by rented hash power and/or massive mining farms. By offering a 50% IPO, the funds can go directly toward development, marketing, and all of the other components that will be outlined in our upcoming business model without affecting the value of Griftcoin negatively (as would be the case, typically). We believe this is a better use of funds from both our perspective, obviously, but the investors as well - instead of simply dumping their funds into power and hash rental services those same funds go toward strengthening Griftcoin and solidifying its future.

Another bonus for investors is that there will be no premine (which negatively affects value for a number of reasons) - instead, the development team receives a cut of all PoS after 180 days (as outlined in the original post). This provides a consistent, steady flow that can be likened to vested stock options while also eliminating potential concerns for a dump/etc.

Of course, by implementing an ASIC-resistant (and, to our knowledge, first ever) X17 PoW period for the distribution of 25% of the max supply, we are fusing together a powerful blend of distribution methods that will reach further, diversify more, and offer options for everybody.

There are thousands of options out there and we are truly offering something unique with a distribution model that was thoroughly calculated, debated, and adjusted before locking it in. No coin is one-size-fits-all - Griftcoin is no exception - but the argument could be made that Griftcoin is as close as it gets.

We hope you continue to follow the thread and learn more about what makes Griftcoin so stimulating as we make additional details available.

PoW+PoS+PoR begins July 31st, 2014 00:01 UTC

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_{Basic Griftcoin Specs/Overview/Timeline}

• 10,000,000 Total GRIFT
  
  • PoW [2,500,000 GRIFT]
    
    • X17 PoW Algo [1st?]
    • 14 Days Only [10,000 Blocks]
    • July 31st - August 13th
    • 250 Coins/Block
    • 10% of each PoW block goes to Development Team + Grift Foundation
    • 2 Min Block Target
    • GriftGravity™ Difficulty Adjustment [All-New, Cutting Edge]
  • IPO A [2,500,000 GRIFT]
    
    • Opens July 21st, Closes July 31st
    • Price Determined by Market
  • IPO B [2,500,000 GRIFT]
    
    • Opens August 1st, Closes August 8th
    • Fixed Price [IPO A Price + 10%]
  • PoS + PoR [Proof-of-RAM]
    
    • 10% Annual PoS + 10% Annual PoR for 180 Days
    • 5% Annual PoS + 5% Annual PoR for following 360 Days
    • 1% Annual PoS + 1% Annual PoR Standard [Until Max Coins]
    • From Day 180 forward, 10% of all PoS coins go to the development team

Development team compensated as outlined above. Wallets will be released upon completion of IPO A when the 14-day PoW period begins.

---

Once we get all of the information updated and the website online, we will take all feedback into consideration and possibly make adjustments to the distribution/etc before opening the IPO. Obviously, without support and trust, this project will not succeed - we understand that. We believe most concerns will be minimized once the Grift Foundation is explained in detail, escrow services are in place, and established members of this community are elected to the board. However, our primary concern is establishing a successful cryptocurrency, business, and charitable foundation all while ensuring a profit for investors. Based on the information available right now, an informed decision cannot be made. Clearly we understand this which is why we will not open the IPO until all information has been made public. We do have intellectual property that will need to be protected and some other unique ideas that could easily be copied in a short period of time. All information will be released within the week and password-protected source and binaries will be posted shortly thereafter; passwords and GitHub source will be released simultaneously with the beginning of the PoW phase, scheduled for July 31st, 2014 00:01 UTC.

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This is only the [PRE-ANN] | More info, including detailed technical specifications, previews, and business model coming soon | Bookmark this thread