Coinplorer and Vircurex: It looks bleak for FRC

[Bicknellski 276]

Vircurex Announcements

2016-04-05 DVC Delisting on 4th May 2016
The lack of DVC network hash power puts it at risk against double spend attacks. Hence we will decommission DVC on 4th May 2016. With immediate effect, deposits are no longer possible.

What these two things are showing us in the FRC community is the end of FRC if we can't get things either in our own house created like block explorers, exchanges but also how the smaller coins are being systematically ignored. I think this is for good reason given that the effort to maintain information for coins that are weak exceeds any revenue or potential problems they may cause.

1. FRC has very low mining power and is easy to attack and manipulation.
2. FRC with a small base of users will have no viable reasons to be included in block explorers that use ads to generate revenue.
3. FRC will eventually be de-listed on Vircurex the last exchange to have FRC. Further Vircurex is likely to shut it's doors as its own volume in BTC trading is low and out of step with larger exchanges on BTC price.

The ways we try and promote FRC are going to be cut off and at some point we will not be able to even get into a position to reach any coin users because the places we want to use will not have us or they will cease to exist.

We will need a better longer term strategy beyond building our own exchanges and explorers for the coin. How can we get the coin moving forward and noticed and used or useful? Those are questions we need look at.

I suggest having a close look at successful coins that were launched recently or within the past year or two. See if there is anything in that which could be used by us to get things moving forward instead of letting the coin die.  http://cryptocurrencies-review.toptenreviews.com/

 

 Freicoin (FRC)

$ 0.003083 
0.00000700 BTC

•  Website
•  Explorer
•  Mineable Currency

Market Cap	Volume (24h)	Available Supply
$ 141,687  322 BTC	$ 0 0 BTC

 

 

 

Cryptocurrencies: What to Look For

Cryptocurrencies use a number of different algorithms and are traded in different ways. Here are the main characteristics that you should consider.

Market Capitalization and Daily Trading Volume
A cryptocurrency's market capitalization is the total worth of all coins currently in circulation. A high market capitalization can indicate a high value per coin or simply a lot of available coins. Perhaps more important than market capitalization is daily trading volume: the value of the coins that exchange hands every day. A high daily trading volume relative to the market capitalization indicates a healthy economy with many transactions.

Verification Method
One of the major differences between cryptocurrencies is their verification method. The oldest and most common method is called proof of work. To gain the right to verify a transaction, a computer has to expend time and energy solving a difficult math problem. The trouble with this method is that it requires a massive amount of energy to operate. Proof-of-stake systems attempt to solve this problem by letting the users with the largest share of the currency verify the transactions. These systems require less processing power to operate and claim faster transaction speeds, but concern over security means that few coins use an entirely proof-of-stake-based system.

Retailer Acceptance
A cryptocurrency isn't much use if you can't buy anything with it. That's why it's important to know who accepts a currency before you invest in it. A few cryptocurrencies are widely accepted, even boasting partnerships with major retailers. Most, however, have more limited acceptance, and some can only be exchanged for other cryptocurrencies. Some coins simply aren't designed to be exchanged for goods and are built for other purposes.

https://coinmarketcap.com/

#	Name	Market Cap	Price	Available Supply	Volume (24h)	% Change (24h)	Price Graph (7d)
1	Bitcoin	$ 6,924,577,123	$ 447.92	15,459,475 BTC	$ 62,472,000	1.28 %
2	Ethereum	$ 640,297,122	$ 8.07	79,302,600 ETH	$ 13,758,700	-4.19 %
3	Ripple	$ 256,951,135	$ 0.007369	34,868,679,462 XRP *	$ 1,139,120	1.01 %
4	Litecoin	$ 151,339,033	$ 3.33	45,458,351 LTC	$ 955,307	1.55 %
5	Dash	$ 39,299,136	$ 6.15	6,391,870 DASH	$ 183,053	-3.07 %
6	MaidSafeCoin	$ 34,811,463	$ 0.076923	452,552,412 MAID *	$ 421,534	-2.66 %
7	Dogecoin	$ 23,505,546	$ 0.000226	104,016,046,712 DOGE	$ 106,136	0.20 %
8	NEM	$ 14,373,630	$ 0.001597	8,999,999,999 XEM *	$ 62,437	-2.47 %
9	Synereo	$ 11,871,607	$ 0.064240	184,800,000 AMP *	$ 215,379	17.97 %
10	BitShares	$ 11,705,639	$ 0.004585	2,552,840,000 BTS *	$ 181,099	-2.75 %

[Arcurus 331]

@Bicknellski thx for the summary.

The first thing we have to solve is the slow block time.

 

Freicoinalliance: Buy Miners / hashpower

The easiest thing would be to buy some miners / or rent some hashing power.

I would suggest, that the Alliance would buy some miners with the funds it has.

I m ready to finance it and take care of the exchange to bitcoins.

We just need someone to take care of the miners and the purchase (personally im too long out of the mining business, i guess the best would be to use bitfury miners, maybe be could cooperate with them?)

 

Freimining

Second I suggest to register freimining project for donation maching

In short: For every Freicoin you mine you get one Freucoin for Freicoin related / common good projects

We could use Feddes pool share system to distribute them if Fedde agrees.

On top of that we could use the Freimining project to buy miners o have the coin more secure.

Im ready to donate for that.

 

Third: Mergemining

the Freicoin core devs are looking into merge mining Freicoin.

The question is to use a quick dirty name coin like merge mining, or an improved one.

The dirty version would mess up our Freicoin, chain, which would be acceptable if we so or so switch to a new chain fomat (lesson learned)

Here we need from the devs the clarity if we stay with the current mining alg. Then we as community can proceed with the above outlined steps.

 

Next is to have updated websites / functioning wallets.

Maaku suggested here that the Freicoin community can take care of freico.in so thats more decentralized.

Who ever wants to take care of that now is your time

 

Fourth: Univeral income / Freipay

Once block time problem is solved we can start Bicks school project / universal income and the freipay project. That would give some unique use cases to freicoin.

Freipay could look like that:

If you buy something with Freicoin from somebody that supports Freicoin values you get up to 10% Freicoins back (maybe even up to 50% in the beginning as promotion).

To be fair we could limit the coins received per user / user group.

 

Fifth: Freicoin Faucet

We should bring to run the Freicoin Faucet again and use donation matching to support it.

We could also give some extra coins to donate to projects.

For example 1 coin for each ip per time for the user and 10 coins for an registered project. (Numbers can change)

 

Sixth: Freiexchange

We could start the Freiexchange project to increase liquidity

This could look like that (numbers can be replaced):

If you provide liquidity to the market and place an unfilled order, your fees for this order decrease 0.1% per hour up to -10%

The negative fees are payed with the coin matching.

If there are not enough coins, coins are distributed first come first severed.

 

 

To be fair we could limit the coins received from negative fees per user / user group.

In the beginning I would suggest to use feeds exchange as pilot project (if he agrees)

In the loger run with freimarkets we could use the blockchain itself to make it transparent and fair.

This could also lead to the first commonly used decentralized exchange

 

 

As summary:Freipay in combination with universal income could increase Retailer Acceptance.*

Freimining could increase Hashpower (Verification Method)

 

Freiexchange could increase Market Capitalization and even more the Daily Trading Volume

 

Im also ready to help to stabilize Freicoin with making an Freicoin / Bitcoin Fond, that buys and sells Freicoins to make it more stable.

 

So that are my thoughts to that.

Have fun!

 

* At optimum I m aiming for 50% universal income and 50% for incentives using freicoin

Just imagine 10 dollars worth Freicoins per person and 10% if you buy from Freicoin supporting people / enterprises. with 1000 users this would be already 100.000 dollar per month sales volume on top of that we have a fair currency system and an value based more cooperative economy

 

 

 

 

[fedde 311]

Coinplorer bases prices from bter /cryptsy that is dead now. Thats why it drops to no value.

Coinwarz i got them change to vircurex as it's the exchange to use now.

http://www.coinwarz.com/exchange-charts/freicoin-exchange-rate-chart

[Arcurus 331]

great work! lets bring liquidity to them

[Bicknellski 276]

I emailed Coinplorer as well no change yet.

I think we need to make sure any of these well know information aggregates for crypto know the changes.

We have to get market cap site to use our explorer some bad info on coinplorer is used by market cap.

Ultimately we need to be the default aggregate for all information going out on FRC.

 

https://coinmarketcap.com/currencies/freicoin/#markets

 

Market Cap	Volume (24h)	Available Supply
$ 460,839  1,034 BTC	$ 146 0 BTC	45,962,594 FRC

Available supply is more like 19,000,000 FRC vs. a total of 95,000,000 in circulation. 80% is foundation unused and 20% in use. That available supply is inaccurate.

 

[Bicknellski 276]

As for getting more Miners that is a good plan we should work on the following.

1. Get the initial issuance of 100 million Freicoin completed at required 10 minutes per block.
2. Set a mining benchmark so that transaction rates are 10 minutes per block.
3. Keep Vircurex price stable and higher incrementally as our go to exchange at least until our own exchange is working properly then we move to it.
4. Get others to use our block explorer and exchange as the go to ones so we can avoid closures or de-listings.
 

[Bicknellski 276]

Can we get a meeting of FA people interested in mining idea?

[Arcurus 331]

I meet with fedde today at 15:00 (Berlin / Oslo) time here : https://appear.in/freicoin

I think main topic is mining.

Second topic Freicoin exchange and Freicoin Faucet.

[Arcurus 331]

1. Get the initial issuance of 100 million Freicoin completed at required 10 minutes per block.

can you please outline?

2. Set a mining benchmark so that transaction rates are 10 minutes per block.

what you meant with that?
3. Keep Vircurex price stable and higher incrementally as our go to exchange at least until our own exchange is working properly then we move to it.

yea we are already doing that now until this block time issue is solved

[kieranf 26]

How much hired hash do you need to get things stable? I'm in a position to help these days. As long as it's not pointless and the group is really going to push freicoin forward.

 

if we all chip in a cup of coffee worth of $ a day that's a good group hash base

[Arcurus 331]

Im not a miner, so i dont know the exact stats.

You can finde here more details:

https://coinplorer.com/Charts/Difficulty/FRC

currently we must bring the difficulty down from the attack, so as short term solution i would be greaty to spent for example 1 BTC in exchange for the mined coins until the difficulty is more stable.

In the longer run it would be good to invest miners. I would be ready to give 1 btc per month for the next months (so in total 10BTC) (with foundation matching we could double that)

The mined coins would go to freicoin projects.

if btc is more lucrative to mine, we could mine for example 50% btc to buy freicoins and in case of need for speedup we can mine more freicoins, we just need some who are experiened in mining and know which miners are the best and take care that they mine on the longest chain. once merge mining is in place so or so we could mine both and buy freicoins with the mined bitcoins

 

 

[Arcurus 331]

great news! Thx to Fedde we have now 9 Terra Hashes more to bring down the difficulty.

That should least to at least one block per hour

And in around one week we have some more mining power behind Freicoin

So Bick, now we can start with your school project!

[fedde 311]

According to my other explorer there is 95mill coins issued.

http://explorer.sicanet.net:2750/

[Arcurus 331]

@kieranf thx for joing the mining effort!

We have now more then 24 Terra Hashes on Fedds pool!  http://frc.sicanet.net/index.php?page=statistics&action=pool

Great work!

[kieranf 26]

Im trying,

 

Rented a shit load but a lot of it is failing saying that the pool is sick.

 

Don't know what the problem is......

[Bicknellski 276]

21 hours ago, Arcurus said:

1. Get the initial issuance of 100 million Freicoin completed at required 10 minutes per block.

can you please outline?

2. Set a mining benchmark so that transaction rates are 10 minutes per block.

what you meant with that?
3. Keep Vircurex price stable and higher incrementally as our go to exchange at least until our own exchange is working properly then we move to it.

yea we are already doing that now until this block time issue is solved

1. I think we should as group in the FA work on getting the remaining 5 million coins mined so we then are in situation where rewards are transactional rewards. We should work towards the 10 minute block time as the base.

Step 1. Get as much mining as we can on the network for FRC until we mine out the remained 5 million coins.
Step 2. Adjust mining so that we as group try and maintain the 10 minute block time if we can.
Step 3. Discuss with Mark and Jorge about the mining rewards after initial issuance is complete. I do not want the Foundation to receive anymore FRC after this this happens. The 80% they have at that point should be recirculated out of Foundation hands as soon as possible or put in a credit union dispenser or universal income etc. It should be self regulating system without the need to have too much human decision making. I see a credit union that people can deposit FRC, loan FRC at 0% and some of the transaction fees can help with the offset of the 0% loans or deposits.


2. We need to get as much power on the network so that our efforts keep the coin at 10 minute blocks. So that there is a basic mining going on at all times.

3. Vircurex is not going to last very long I suspect we need to be very clear that we could lose it and our BTC / FRC so as much as possible we need to keep trading but only in so much as we are willing to lose individually or as the FA. We definitely need a new exchange. Friexchange.

[Bicknellski 276]

15 hours ago, Arcurus said:

great news! Thx to Fedde we have now 9 Terra Hashes more to bring down the difficulty.

That should least to at least one block per hour

And in around one week we have some more mining power behind Freicoin

So Bick, now we can start with your school project!

As I mentioned via email I am ok with starting but it will have to be after the 12th of May the students are deep into examination preparation.

[kieranf 26]

So is this aiming for renting miners and keeping it constant? Maybe someone here could be in control of a wallet for using to hire miners? I can donate some btc per week if others are willing.

[Arcurus 331]

7 hours ago, kieranf said:

Im trying,

 

Rented a shit load but a lot of it is failing saying that the pool is sick.

 

Don't know what the problem is......

Is it functioning now? I see you have mined a lot of blocks on the pool. Thx a lot for that! If not we must inform fedde, so that he can fix it.

Currently the main goal is to bring the difficulty down to normal levels before the attack. Next week we should get also some more Terra hashes to mine on Freicoin.

The idea to rent some miners if needed sounds great. I think we could also use alliance funds for that. I m also willing to donate for it. Could you take care of this ¨renting¨ project?

[kieranf 26]

I had a total of 80th rented but only managed around 25-30 as they kept dropping out. The site does not like the pool at all, kept suspending the mining. Ive rented some more and threw them on multipools frc just to keep hash on it.

[kieranf 26]

As for renting, I will trial renting for a week with my own funds, see how much btc it eats up. I don't have a lot of time to be able to do anything else. Im working on a mine site 23days straight then I get my 10 days off but im usually traveling so not around a lot. But ill see how I go at getting the block time down. Will put 1btc aside for the trial

[Arcurus 331]

thats great! if you need another btc let me know. I will ask fedde if he can look into the pool problem.

[Bicknellski 276]

We should use FA funds to do rentals. If we can sell off some FRC on Vircurex and use it for rentals that be great. 

Is using Fed and Fabs a problem at the rental side or the Fed and Fabs pool side? 

P2P FRC pool not a bad idea but be nice to put back in to Fed and Fabs pool as well.

We can certainly work together and share rentals and divide FRC up among us that way Kieran you don't have to be 100% on top of it when you are working rest of us can pick up the work for you.

[kieranf 26]

fed said he is looking into it. I am very limited at work to check things once ive started renting them. I haven't had a single problem using multipools frc stratum so far.

 

[Arcurus 331]

1 hour ago, Bicknellski said:

1. I think we should as group in the FA work on getting the remaining 5 million coins mined so we then are in situation where rewards are transactional rewards. We should work towards the 10 minute block time as the base.

Step 1. Get as much mining as we can on the network for FRC until we mine out the remained 5 million coins.
Step 2. Adjust mining so that we as group try and maintain the 10 minute block time if we can.
Step 3. Discuss with Mark and Jorge about the mining rewards after initial issuance is complete. I do not want the Foundation to receive anymore FRC after this this happens. The 80% they have at that point should be recirculated out of Foundation hands as soon as possible or put in a credit union dispenser or universal income etc. It should be self regulating system without the need to have too much human decision making. I see a credit union that people can deposit FRC, loan FRC at 0% and some of the transaction fees can help with the offset of the 0% loans or deposits.


2. We need to get as much power on the network so that our efforts keep the coin at 10 minute blocks. So that there is a basic mining going on at all times.

3. Vircurex is not going to last very long I suspect we need to be very clear that we could lose it and our BTC / FRC so as much as possible we need to keep trading but only in so much as we are willing to lose individually or as the FA. We definitely need a new exchange. Friexchange.

 

Currently after the initial issuing all 5% goes to the miners.

The plan is to implement decentralized ways to vote on how to use some part of it. To test that we can use the foundation funds.

 

With the initial foundation funds:

¨without the need to have too much human decision making.¨

exactly because of that the foundation switched to donation matching, so that the foundation does not have to decide on that.

Everybody can vote with his donation for what the initial coins are used.

 

With the credit union

Sounds great. Just outline it then we can register it at the foundation.

My suggestion would be that we use the donation matching to double the credit amount.

For example you give one coin for lending, you get one extra coin to lent. This coin does not belong to the lender, but the lender can make an decision to who he wants to lend.

But better we make an own topic for that!