I didn't fall for anyone's propaganda. Although it was a breaking point in my decision not to invest. Here are some points. Refute them if you'd like and prove me wrong. If I am proven wrong, I will gladly invest in your coin and promote it and donate 2 btc worth to it.

First, your identity. David Elsinger. As proven on Facebook, you are not who you say you are. The excuse you give is 4/10 at best although I really wanted to believe in it. Here's why. Say your company prohibits you from working on cryptocurrency, why did you post your name, the state your in. Why did you assume nobody is going to check up on you on Facebook, LinkedIn. Then after that, why did you deny and then accept that the Facebook profile was yours? The "church" or "company" that you work for would've used that against you.
You have failed to provide the correct emails that were used on LinkedIn.
You lied about your Facebook profile.
You provided no evidence whatsoever that you are who you say you are even though I have repeatedly asked you to email using your company's email or the email you used on LinkedIn registration.

Second, your code. You have provided no whitepaper, screenshot that anyone can faked (just make a simple program System.out.println("Level Coin 1: 20000") or something and have it executed in terminal. Many have provided the screenshot like yours. All turned out to be scam IPOs (Neutrons, Neons, etc.). Your sample code was pretty much copied exactly from another person. Although the code can be similar, no two codes can be character for character, space for space, and yours was. I chose to believe that.

Thirdly and the breaking point is when LeoC kept trying to promote you throughout this ordeal. A normal person would question but he kept promoting you. I questioned it but still gave you a pass. However, proof of LeoC attempting to extort money from Etherium or whatever coin its called drove me to my conclusion that you are most likely 99% scammer. Either that or you are a horrible businessman who will fail with his coin because all coins needs business skills to succeed.

You could release the coin, and I most likely believe you will. But it will be a crappy coin you bought on Coingen.io like Ducats. (Not too sure on this).If you don't remember, Ducat also made an IPO promising wonders and look at his coin now.

Well, thats it. This is a 99% scam. If not then dev. is a horrible businessman and promoter and his coin wont survive. Idea is good though so I hope people actually implement this idea.

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 don't see how this system is anti-inflationary. As the number of LVL2 coins in the system increases, so the rate of LVL1 coin production increases. As LVL1 coins are now being produced faster, their value decreases. People then burn LVL1 coins at an ever increasing rate, thus producing more LVL2 coins, which in turn increases the rate of LVL1 coin production. How is that not inflationary?

Looks interesting. What is the maximum buy in? Can you confirm it is 1 bitcoin per person?

So far as I can tell the security is based on the blockchain and the POW that will be used in roughly the same way bitcoin does this. The big difference is that ethereum scripts are more powerful. I dont see a reason why this introduces new security considerations, but it is certainly a valid point to consider. And still I say this based on my understanding of the model of ethereum and not on the implementation.

Did the funding address change?

https://blockchain.info/address/1Padc5wujXQamfR8r2Dig45BFh7SiT2AE4 shows 0 activity.

Can you provide us a quick work-in-progress screenshot of the gui please.

Can you tell us how much will be rewarded per level for the Kickstarter campaign? For instance how many level 1 coins for each $100, $500, and $1,000 pledge?

LevelCoin, will you be releasing the software on Feb1st as well as the coins?

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.

You are calling every turing complete programming language out there dangerous and highly insecure. You do not seem to know what you are talking about.

Has anyone addressed the security of having a Turing complete foundation? Turing complete means that Ethereum contracts will likely be absolutely loaded with common and proprietary viruses, keyloggers, malware, adware, and a slew of other bad things. I am willing to bet my bank account that in a few short months people will be crying about how they got all their wallets/currency stolen, or their computers are now running slow, or how they blue screen every few minutes after a reboot.

If you want an example of how Turing complete works, load up a peer to peer sharing program and download a bunch of .MOV files and run them. I GUARANTEE that you will get a virus. That's because Quicktime movie files are Turing complete. This is why mkv, mpeg, mpg and avi, while not impervious, are much much safer to download. If you want to invest, mine, and run contracts at the risk of losing everything then go ahead. We will never know for sure how secure Ether is going to be until post release, so asking for money without proof of security is another red flag.

I just wanted to add a few additional questions. How long after release do you expect the exchange to be completed? Will it be a BTC/LTC/USD exchange? Is it already in production?

Also, will there be a quick reference stat on the website or exchange that lists the current number of L1 and L2 coins in circulation? It would obviously help valuation if this were readily available. I'm finding it really hard to come to a possible valuation or guess on market cap based on numbers i'm running.

If the initial numbers on this thread are close to the final numbers and we give a very generous estimate of the initial funding, we are looking at 40 BTC and 100 LTC. Like I said, generous compared to the current amount pledged. This would equate to

40 btc X 150,000 L1 Coins = 6 Million L1 coins.

100 ltc X 4275 L1 Coins = 427,500 L1 coins.

This would result in 6,427,500 L1 coins in the initial funding round. This obviously does not include any future Kickstarter campaign or additional funding.

IF there is a last minute mad rush and the initial funding is even double this amount, that is still only 12,855,000 L1 coins. By recent launch standards such as DOGE, MOON, and TIPS, this is an extremely low amount of coins in circulation.

On top of that, let's assume 40% of the initial offering are burned by long term investors in the currency for L2 coins.

This would create 5142000 / 1000 or 5142 L2 coins. That would then leave 7,713,000 L1 coins in circulation. The number may end up being a lot higher as far as the burn goes considering there will be no exchange at launch (as far as we know).

Just looking at these numbers and how many coins will be generated each week and burned, I have no idea how to determine a possible valuation or market cap on this coin. I imagine this will be very hard to gauge without up to the minute accurate numbers on L1 and L2 coins in circulation. Even then, it seems like it would be hard to comprehend a valuation. Say someone buys 5000 or 100,000 L1 coins on the exchange and burns them all. How does this impact the overall market cap and valuation of the coin? Do we see constant swings in price? Or does it just trend upward for several months until we get to an averaged consistent fluctuation and burn / earn ratio?

ok, thanks.
What’s with the security? If everyone is having on wallet then there will be a time when someone has a lot of money within this. In BTC or other cryptos you can save something of your coins on a paper wallet or cold storage or you can split it in several wallets to secure your money from data loss or cybercrime. Is there anything possible like this with this one-per-person-wallets?

Are you assuming that an account has only 1000 LV1 or does the "hold all LV1 generated until the ROI is achieved" point also works best with more than 1000 LV1?
If you are a guy who invested 1BTC then you have 150000 LV1 and if you burn all immediate you have 150 LV2 which will give him 1000 LV1 after a few days. If I read this quote right then you are recommending that this guy hold them for a year. If I understood you right, then I don’t get the point why he should not burn the next LV1 as fast as he can.


If you plan to make personalized wallets what’s with anonymity and security of the participants in the network?
Do you have any ideas to make wallets created anonymous or have them on paper or something similar save for the future?

Interesting analysis, though I would find it more credible without intervened personal attacks on Nex creator.

Levelcoin, I wonder what your opinion on this danger of constant inflation?

Good question.
Lv2 coins can't be transferred so diminishing returns on PoS for them could work.

Lv1 coins however can be transferred... which ones are chosen from the wallet?
Do they only start generating other Lv1 coins after a certain coinage (like PPC)?

e.g. they must be idle for 30 days before they start to generate Lv1 coins...

Ah so only Lv2 coin rewards diminish?

Interesting really... 1,000 Lv1 coins generate 200 coins /yr anyway, so actually holding Lv1 coins for the first year you are ahead of generating Lv2 and holding.

Then if you look at year 2... 1,200 coins produce 1,440 coins which is only 60 less than if you burnt the 1,000 to Lv2 at the beginning.

Then year 3 holding Lv1 coins catches up to the Lv2 burnt with 1,728 coins vs 1,750
Year 4, Lv1 will have netted 2,074 and Lv2 will never catch up.

The risk of holding Lv2 coins just for 60 more Lv1 coins after 2 years is far outweighed by the chance that LevelCoin isn't worth anything in that time frame imo.