https://new.reddit.com/CreditsCryptocurrency/comments/937w1n/we_need_to_talk_about_credits_llc_re_cfo/ submitted by
We entered into August 2018 now a full 7 months after the launch of Cred CX @ Credits.Energy
As the jingle goes we have been hearing "Credits Cryptocurrency, Supports Green Energy"
Many are only waiting to have an exchange listing.... Many are questioning what they really have received after they paid for their Cred CX coins.
Most do not know they are still waiting for an actual Cred CX cryptocurrency coin.
If you read this I hope it will help educate some on matters of a cryptocurrency the one in review here is based upon cryptonote - The most popular cryptocurrency like Cred CX is Monero.
I would go over the last 7 months but there is little to Report. So little to report that Credits has not released a much anticipated end of July update as they did with the end of June. The end of June report was mostly about challenges and future or forward thinking and goals. Nothing in the way of a verifiable blockchain / coin.
Some ICO fundamentals:
~Dollars and Cents~
How well did the pre ICO and ICO and Now crowd sales do from a financial perspective is not clear to to purchasers and or investors alike.
The only thing I find is that in a May 2018 they edited the timeline infograph they ~ failed to reach the softcap of 100 million Cred CX sold. They have subsequently said that they have exceeded the softcap but have not made known a hard cap, nor do we know how many Cred CX where purchased as of this date.
As well they also have not published any official figures from their corporate offices regarding bonuses, incentives, airdrops or other distributions etc. This in addition to corporate distribution among themselves and their stake or holdings, the company, and what appears to be a un published foundation or "entity", there are no details about any such entity as of yet in our knowledge. Perhaps the whitepaper plans have changed again with out noting public revisions.
We do know that they are still taking orders for Cred CX and are reportedly going to "explore" merchant account options. July saw Paypal suspended on Credits.Energy
website. Another red flag.
Our analysis leads us to think it went something like this...
Read the following:https://www.reddit.com/CryptoCurrency/comments/7zkzjz/go_fuck_yourself_paypal/
We are writing to you in regards to your PayPal Account.
PayPal appreciates that you have chosen us to accept payments for your business. A periodic review of your account shows that you are cryptocurrency trading using PayPal.
However, unfortunately we have determined there to be excessive risk involved with the business model that you engaged in using PayPal. While we wish you the best of success in your future business endeavors, we respectfully ask that you seek another method of payment for the online business.
Your remaining balance will be held in your PayPal account for 180 days from the date your account was limited. After 180 days, you will be notified via email with information on how to receive your remaining funds.
We deeply regret any inconvenience this matter may cause you.
Sincerely, PayPal Compliance Department PayPal"
^^The above was of an IOTA trader a well established coin.
Cash is still king with this ICO it appears.
Looking at their past known published crypto addresses used at some time over the last 7 months to receive crypto payments for orders of Cred CX it reveals "nominal" volumes. The current address advertised shows zero activity for in puts and out puts at the time of this writing.
I it is another cleaning of the crypto slate as it where. No update notification has been given of the change on social media other than now perhaps here. By publishing the explorer to their adresses and hashes here I am not promoting anything.
You can explore them here:
With out the public having kept track of previously published address one would not know that they raised anything via crypto during this ICO and the pre ICO based on currently available data.
Please see this post for IMPORTANT INFORMATION: https://new.reddit.com/CreditsCryptocurrency/comments/937w1n/we_need_to_talk_about_credits_llc_re_cfo/
~ EXCHANGE LISTING/S ~
There is no data to reference as to who Credits llc has been in talks with or what applications they have submitted to whom. They say that is what they are doing still. Acceptance is reported to have been granted by two exchanges as to why thy have not taken the listing offer and acted upon it until now is not clear at all.
They have said they want to get it just right and the coin was not ready for release and others agreed. I am presuming that includes exchanges feedback, with out comments on the acceptance and negotiating there is nothing definitive I can find to clarify anything re exchange listings chatter.
The exchange listing seems to be the number one question with Cred CX owners.
We did not see any new code commits to the official github. Reginald Gaines created the first cryptonote fork 2 years ago.
Forked from Appinvestocred and is found here: https://github.com/CreditsCryptocurrency/cred-1
Appinvestor Reginald Gaines aka Appinvestor a seemingly abandoned github account that points to a now defunct domain and email, attached to a Business "AppInvestor.Co
Seattle Wa USA
We do see the blockchain project for Cred CX "CRED-1" was updated 6 months ago on or about the time Reginald Gaines was last known to be developing for Credits LLC.
Reginald Gaines was known by me to have been paid by the founders based on past phone conversations,
In fact I advised founder Luke to cut him loose as he was at the time failing to deliver as contracted and development of the blockchain rested solely with him. He was holding the project up and I advised Luke to not be held hostage by a prepaid contractor and take the loss and move on quickly. Last conversation I had with him about it in Feb 2018 he reported to me that he had candidates lined up to replace him.
Bidhan Baral Co founder of Technojagat.com
is said to be responsible for the android and iOS apps. We are not certain that what Bidhan and or others @ Credits in collaboration have released is a cryptocurrency / blockchain wallet. On Andorid the back end is served by firebase.google.com
Firebase is built on Google infrastructure and scales automatically, for even the largest apps.
Firebase is not a open distributed ledger aka blockchain. Credits plans to include a credits run private (in app) auth network in tandem with an actual open distributed ledger. How they have implemented this is unknown.
App Store Preview gives it a 5 out of 5 out of 8 Ratings currently.
The current progress report is minor setbacks re the mobile miner. No reports on any Windows, Mac, Linux wallets, or mining pools. As for as we know there is no published list of mining nodes or if code exist for "testnet" and or actual mining.
We have seen no community activity among miners to create their own pools to Mine Cred CX and there are literally billions that need to be mined.
What kind of computing infrastructure is Cred CX relying on in the future or have already deployed the blockchain on, who are the service providers, they are part and parcel to a healthy "ecosystem" who are the supply partners?
I am not convinced that withholding details about logical questions asked of a blockchain company start up, or not, is good for business.
The current advertised CTO @ Credits.energy
is Justin Farmer, he has a previous private relationship with Rick Floyd CEO before both of them came to Credits.energy
He has been the chief technical officer according to the website since approx mid March of 2018...?
Justin's code developments or those of others he is in charge of as CTO appear to be one of the most closely guarded secrets about Credits LLC's coin Cred CX's development, just as much as fundraising data and operations.
Although this is not a secret many people do not know about the webwallet (https://wallet.credits.energy/
) that is believe to be in part coded by Justin and Bindam. There are no verifiable details know to me. It is the code that I can reference as proof of development and evidence of an accomplishment task as set forth in the companies whitepaper... We do not beieve it is a webinterface to an actual blockchain but the same corporate ledger as is found in firebase.google.com
that drives the android app.
Why Credits LLC Cred CX did not update github over most of the life of this opensource code based project has no official explanation as far as we are aware. Why they have not released where the development logs and code are is a mystery to us.
We have to presume that there are in fact those things some where. Both developmentally as is financially this companies ICO has been anything but transparent where it matters most.
Lastly on the subject of this topic heading is Steven Crider the Sr. Product Analyst is hoped to be in a position to provide his analysis on the product.
"Kendra" highlights the relationship between Credits (CRED - CX) and renewable energy. https://www.youtube.com/watch?v=YjSKSKMeK0k
- Published on 2 May 2018
^^That is pretty much all of what some know regarding aabout Cred CX and how it support green energy.
Last know relationship building with green energy groups was focused on Denver area associations.
A Missed speaking engagement.
Former acting CEO and Credits LLC's founder Mr. Ingraham was said to have be confirmed as speaking on March 13th at Solar Power Mountain West about how Credits LLC via Cred CX is incorporating blockchain technology into the renewable energy sector. Mr. Ingraham was not able to attend that conference @ Colorado Solar Energy Industries Association (COSEIA). Since that time there has been no updates regarding green energy relationships or building a community of interested parties in the purported solar energy project on the outskirts of Denver Colorado.
With out a doubt the real world clean or green energy producing project is the most significantly complex and challenging part for Credits LLC and it's Cryptocurrency with a purpose .
It seems that Jared Wells has the best publicly documented insight on how credits is actually thinking in part what they are achieving in what can be called a Green energy Cypto Currency - A Crypto with a purpose.
, the “crypto with a mobile mining app that supports green energy,” aims to virtually eliminate the cost of supporting renewable energy. We asked Credits.Energy
COO, Jared Wells, to explain what the current barri-ers to entry are in the renewable energy market:
“Mainstream adoption of solar and wind power is all about efficiency. Obviously, if I put a solar panel on my house, I need batteries to harness that power overnight, charge controllers to manage wattage and voltage, and a way to integrate that energy into the power system. These same basic components are required whether you have 1 panel or 400 panels . . . 1 turbine or 50 turbines. . . . So while the overall cost per watt in the solar and wind power har-nessing platform decreases incrementally by increasing the number of generation components involved in the sys-tem, it is inversely more expensive per unit of electricity to implement the smaller scale systems that can be afford-ed by an individual homeowner. In addition to that, there are so many people who live in leased or rented housing and are unable to attach solar panels or wind generators to their residences or who maybe just can’t afford to have their own system.... Credits.Energy
intends to resolve this problem by allowing for simple purchasing and management of the CRED cryp-tocurrency token through their intuitive website and mobile applications. "
Google search: Credits.Energy
ICO is now live Jared wells
As it is with the CEO, CFO, CTO, and Developers, Operations @ Credits has very little shared data on the strides taken to invest into a green energy project/s on the outskirts of Denver Colorado. The location of the Solar Project remains undisclosed. There has been no comments by the COO Jared or press releases with regards to acquisitions, investment or strategic partnerships with any Green energy related entities to date.
Participants in this ICO who participated based on the green energy components are due for a long anticipated report on how their investment and purchases have contributed to green energy, the environment and how it has helped the Cred CX ecosystem" and various charities.
~Community and Ecosystem~
Other than this reddit and the Facebook & Twitter pages Credits does not have a perceptible community.
Some cryptonote forks attract anaon coin investors, cryptopunks, miners etc. As there is know known blockchain and wallet / node / miner for Cred CX it is no surprise they have not joined our ranks as of yet. There is always the future.
Adoption and traction take time and delivering open source software tools to the community to create an ecosystem / auth network and mine the coins as reward for participation in the auth network. Potentially billions and billions of of hashes waiting to make this a viable anaon coin.
As for Ecosystem there is none that we can speak of. One can use the apps or webwallet to send and receive in app tokens. The functionality is only extended to include the ability to send a one line note. We have not tested to see what is the character limit is or if it is encrypted and will be recorded on the immutable open ledger.
So as a community, or one on one, holders I suppose could use it as a message or note app. It would "cost" you 1 Cred CX per as many characters you can write in the line space provided.
Although Cred CX is as said as being based on cryptonotes cryptonight algorithm it shares the note feature.
XDN has built a solid cryptonote enterprise on this one feature. Cred CX is it's sibling technically speaking.
"DigitalNote XDN is a decentralized private cryptocurrency. It is based on CryptoNote anonymous technology and has a unique untraceable encrypted messaging system with blockchain based staking for a defined period." https://digitalnote.biz/
There is always a bright side and we hope Cred CX will come into that as soon as is possible. DigitalNote XDN had a name change and a history that had it reinvent it's self several times...
About DigitalNote XDN
Formerly known as DarkNote XDN
Formerly known as duckNote XDN
As you can see they have had some stormy seas and needing to "right the ship". The question is how is Cred CX navigating those waters?
"May 30, 2014 — day of the first XDN block"
We have been long waiting and anticipating the announcement of Cred CX first block announcement.
With a new cryptocurrency the first block mined is like the fist minting of a new coin in metal. It is generally a celebrated event and anniversary date.
It is unclear how one deletes or closes out their accounts.
Example in the case of refunds. Do you send them back their Cred CX using the convenient email address feature they sent it from and use the Note space to file an invoice / refund? After that is settled how does one close the account out for good. How does one close an account or in cypto speak burn their coins with proof (on the open blockchain).
Not being able to transfer off app has left Cred CX use limited to, limited in app only functionality.
I have not ever seen any press or pr promoting this feature alone.
A community of testers would have really helped. No group feed back forum was used including this the reddit group. That leads us to...
~ PR / IR / Social Media ~
Very little evidence of a concerted social media campaign/s Relative new comer to the Credit's team is Torin Tostanoski the "Social Media Strategist". The strategy seems to be that less is more in the way of social media and customer relations / support.
As was pointed out to me in analysis of this aspect of this ICO was that one could have looked at the youtube channel and some have said it speaks volumes perhaps even enough to make an informed decision to pass on Cred CX - https://www.youtube.com/channel/UChi2qFyDx5mynP52lTjDRLQ
Joined Jan 16, 2018
VIDEOS: Uploads 1 title "Credits Cryptocurrency & Platform" 162 views 6 months ago
It appears to be abandoned. Rick Floyd has a youtube Chanel set up for credits but the original "official" youtube account is inactive for over 6 months now.... Bitcointalk.org
- Good news they created a Topic for Cred CX there. A powerful creditable account and community to have a voice in as an ICO, trader, miner. Minimal activity on the content and any substantial information shared has given no cause for exposure to arguably an ICO's best source of support in all things cryptocurrency. It is a market place for ideas and collaboration as well as investment and traders. See: https://bitcointalk.org/index.php?topic=3086671.20
Most PR was done in the form of paid for press releases and they where picked up and syndicated on crypto centric investments aka ICO's and technology blogs. I do not know of the effectiveness of the paid adwords and facebook ads. Facebook delivered a blow to all ICO's this year with a change in policy.
Many holders of Cred CX are baffled by the choice to not improve Credits social media presence and reach. As it is, it remains a decidedly non communicative, non transparent ICO on this front as well.
With some issues in its executive ranks, lacklustre ICO participation, and very little to report regarding progress some might think it not surprising to have a policy that seems to be based on one of silence is golden.
~WHERE ARE WE AT?~
The issue is at this point very, very, basic: Where are our cryptonote blockchain tokens / coined as Cred CX?
What many holders in the public do not know is they do not need an exchange or mobile app with a mobile miner to hold the coins and exchange them. We have yet to see code written by them for the actual blockchain.
There are mobile apps and a webwallet. OK.
Where are Windows, OSX, and Linux wallets and miners? Where are Cred CX testnet/s? and the credits internal node network? Who has been recruiting or building a mining pool?
This reddit should be abuzz with posts about such things and @ Bitcointalk.org
The last update on twitter after a full calendar month of no updates @ credits.energy
we hear that there are minor set backs and re the mobile mining feature. That could very well may be. It is understandable to have compliance issues both technical and policy, to not ever reference technical or policy data is a red flag for many.
It also does not explain why a mobile platform with an off app network cannot not give us our hashes, our coins on an immutable ledger aka blockchain. Cred CX Cryptocurrency a cryptonote fork is an anonymous coin by default. Transactions on the apps and on credits internal auth network are not truly anon, and require the public open blockchain for distributed off credits network authentications of transactions for them to be so.
We have not been given it. When looking at credchain.org
(<--- Hint the foundation that is or is not?) it redirects to credits.energy
The chain explorer is not publicly active nor is the source code for anything as far as we can see other than the github - Last updated 6 months ago... It is a fork (a copy for those who might not know what a fork is) - no development code or update to or of code have been committed to the projects opensource software repository as advertised on the website.
How is the premine going? Is it started or over? Where are the cryptonotes coined and mined as Cred CX?
Do I need a mobile app with mining features to use my cryptonote wallet, no, no one does. So if a "feature" is what the project hangs on that is a red flag.
A quick way Cred CX could be made viable and live right now is like this:
MyMonero is the only web wallet for Monero. It is operated and owned by Riccardo Spagni, who is one of the lead Monero developers.
The wallet works like any account. You create an account and can login online to access your funds. MyMonero only encrypts your keys and stores the data on its servers. It cannot access your funds.
for a live example
Monero Desktop Wallet
The best and only Monero desktop wallet is the official client which is a full node.
It can be downloaded from the official Monero website.
"...crypto with a mobile mining app..." A Crypto. A mobile mining app. One does not need a mobile mining "feature" in an app for there to be a coin or crypto wallet, in fact it is quite the opposite in certain respects. "Technicalities"
So set backs as of August 2018... We have no progress reports we just have our own ongoing independent analysis.
I hope this has been helpful to the community. Your feed back is welcomed.
If you have questions or concerns feel free to post here. Start a new topic.
I am certain there are other things people can share here that would be of a benefit to the community as small as it may be at the moment.
Supporters and fans of Cred CX are welcomed to share what good news the have and what inspires their enthusiasm and support for Cred CX. COME WAVE THE GREEN FLAGS FOR CRED (CX)
We are looking into sponsoring a Cred CX airdrop and give aways! Tell your Friends :-)
We hope for the best and truly want to see the CRED CX coin succeed
"Stay tuned" here for more in depth reports and analysis on (Cred) (CX)
You would listen to your mechanic or lawyer if they gave you advice, why not listen to the climatologists?
If my mechanic said the only way to fix my car was to shut down the US economy for 3 months out of every year, I wouldn't take his word for it.
The problem here is (at least) two-fold.
First, agreeing that the climate is changing, and that man has affected that change, does not mean that you have to agree with the most dire predictions of apocalyptic effects. Here's Al Gore in 2007 giving a speech accepting the Nobel Peace Prize for his work on climate change, in which he cites to climatologists who predict that the ice caps will be completely gone by 2014
. Again, just to emphasize how absurd that is -- that's Al Gore accepting a Nobel Peace Prize for his work on climate change
, and highlighting a profoundly _wrong_prediction on climate change. Here's an article discussing another climatologist from 2013 that predicted that the polar ice caps would be gone by 2016
. The UN predicted back in 2005 that unless we acted immediately to stop rising sea levels, by 2010, there could be 50 million "climate refugees" fleeing the devastation of global warming
. We get dire predictions that climate change is going to increase the frequency and severity of hurricanes, followed by the longest drought of hurricanes making landfall in the US in recorded history
Obviously, those were all predictions by climatologists that proved to be wrong. Hopefully I don't need to list more. Hopefully we can agree that the most dire predictions have proven wrong. And often, dramatically so.
The point being that climatologists may be experts in their field. But even the climatologists _should_tell you that there's still a ton of uncertainty in this field right now. They don't know yet.
And yet, for some reason, people keep talking about this "consensus" as justification for incredibly dire policies.
Which brings us to the 2nd problem -- the "cure" might be worse than the disease.
Like it or not, for better of worse, the global economy right now runs on fossil fuels. Creating power through fossil fuels is _much_cheaper and more efficient than "green" energy. And the vast majority of the world's infrastructure is built on fossil fuels.
You can't cut fossil fuel emissions without turning off the economy. People can't drive to work, factories can't run, and you can't keep the lights on in the office without generating carbon emissions.
And, as your economy grows -- which you definitely want it to do -- the amount of carbon emissions from your economy grow, too.
And yet climatologists suggest that our current level of carbon emissions is way too high, and needs to be cut. Not just a cut in the amount of increase per year. Cut absolutely.
Under the Paris Accord -- which many people criticized as doing too little
-- the Obama administration agreed to cut US emissions from their 2005 levels by 26% - 28% annually by 2025
We can meet that goal in two ways.
First, we can shrink our economy by 26%-28%. Maybe we just ... I don't know ... shut the factories and workplaces and power plants down for 3 months out of the year. I really hope that doesn't happen in the winter, when we need our heat, or in the summer, when we need our air conditioning.
Second, we can completely remake our current power infrastructure and society, which will cost trillions of dollars. This website suggests that changing the global power structure to "go green" would cost 21.96 trillion pounds, which is "only" 21% of all human wealth on the planet
. What a deal!
Of course, that prediction is practically rosy compared to other estimates. The Global Commission on the Economy and Climate puts the price tag as $89 trillion. And Mark Jacobson, a civil and environmental engineering professor at Stanford, and Mark Delucchi, a research scientist at the University of California, Davis’s Institute of Transportation Studies -- they're scientists, so you have to take their word for it! -- estimate that construction of a worldwide wind, water and solar system would cost a cool $100 trillion
To give some perspective at how much money that is, under a broad definition of "money," there's currently about $90.4 trillion in easily accessible "money" in the world right now
So there's reason to doubt the most dire predictions associated with climate change. And the policy proposals are so absurdly costly -- not just in terms of money, but in terms of freedom -- that they make sense only if you buy the most dire predictions. And even then, you kind of have to question the idea of spending the entire world's collective wealth to stop the climate from warming 1 degree over 100 years. It's a patently absurd cost-benefit scenario.
And in that regard, the climatologists should stay in their lane. I'm fine with my mechanic telling me I need to change my oil, or repair my transmission. I'm not going to take his word for it when my mechanic tells me I need to try this new type of yoga, or invest in bitcoin.
Similarly, I'm fine with climatologists describing the climate. But I'm not going to give them any more credit than they're due when they talk about how the economy needs to work, or how the US should create and deliver power, or how cars should operate. The climatologists have to convince me on their own merits.
When climatologists are trying to tell me about something that doesn't involve the climate, then they have to make arguments. And I get to disagree with them. They're certainly no more qualified to tell me how Americans should live their lives than I am.
from mattymillhouse on Why is global warming a partisan issue?
leithaus 6:32 PM If she redeems the AMP for a RHOC and even 1 RHOC is burned, then she has 1/(1B -1 ) of the total supply of RHOCs. (edited) 6:32 This is a strictly better position than her position in AMPs. 6:34 Now, we have gone over the arrangement between the Co-op and the Holdings company in detail many times. lexysis 6:34 PM Show us the documents leithaus 6:34 PM There have been infographics, discussions, all posted in videos. lexysis 6:34 PM Show us what the arrangement is in legal terms 6:34 this information should be given to everyone in a structured manner leithaus 6:35 PM It has been over the last 4 months. lexysis 6:36 PM We don't want an infographic. We want actual precise language. For example, it's not enough for you to say "don't worry about X because the company is legally bound to develop on the platform." You should give us the actual legal documents that precisely describe what the situation is. amp100 6:36 PM Keep ignoring Greg. Nobody watches those hangouts anymore thats why we all keep asking here! 007 6:37 PM @leithaus Please, all I'm asking is: what will be the total Rchain if 10 mil amp are swapped. Please no formulas just a number. lexysis 6:38 PM You're doing the equivalent of telling us that we should trust some smart contract code we've never seen, because you've told us in videos and infographics about how it works. Do you not see how this goes against the whole idea of this project? amp100 6:38 PM @ed.eykholt Ok mayeb I misquoted you, though that didn't change anything at all IMO. 'under any circumstances' is the same for me as 'in any case'. So the 105 million won't be changed 'in any case'. (now happy?) And nwo please answer what will hapopen if 10 million coins will be swapped. Pinned by fdt leithaus 6:39 PM As we posted back in February, we will burn the difference between what's in circulation versus what's redeemed. amp100 6:39 PM Where does teh burning come from if the Holding wont be touched! The 1:10 ratio cant be honored in that case. 6:40 As teh Holding company holds 105 million and teh total supply would be 100 million if 10 mill is swapped ed.eykholt 6:40 PM @amp100 No, I said there is no plan to return them; the whole sentence matters. (edited) Pinned by fdt leithaus 6:40 PM What's in circulation is roughly 115M, take away 10M, that's 105M burned. Leaving a total supply of 895M. amp100 6:40 PM Ed : 'in any case'. 6:40 SO thats why I ask this question abotu 10 million amps. Will that 'in any case' change? ed.eykholt 6:41 PM @amp100 Greg is addressing the question about supply. I'm not going to. amp100 6:41 PM Ok 6:41 So now we are getting somewhere Greg. 007 6:42 PM Thanks Greg!!! (edited) amp100 6:42 PM The Holding company keeps 105? +10 = 115 and teh rest gets burned. So then teh next question! How is this all gonna work with teh Rchain COOP having ZERO Rhocs? leithaus 6:43 PM No, you have misunderstood. 007 6:43 PM so only 105 mil Rchain would be burnt if 10 mill are swapped.?? leithaus 6:43 PM The Holding Company has what it has. End of story. 6:43 @007 that's correct. amp100 6:43 PM lol? Pinned by fdt leithaus 6:43 PM i have to double check the number of AMPs in circulation is 115M. amp100 6:43 PM OMG 6:44 This you coudl anwers very very easily a long time ago to all these people who ask here! 6:44 yes you kept ignoring and saying it was in some hangouts. 6:44 I cant believe this. 6:44 Anyway the dillution will be ridiculous to swappers. bad deal. 6:45 Thanks for finally answering , it cost me lots of valuable hours/days/weeks/months. Pinned by fdt leithaus 6:45 PM Assuming that is correct, if only 10M is redeemed, then 105RHOCS get burned. So, the total supply of RHOCs is 1000M - 105M = 895M. 007 6:45 PM I might be mistaken, but I recall a plan to burn MUCH more amps. leithaus 6:46 PM They aren't going to do that. 6:46 But, anyway, if you don't want to participate, don't. 6:46 We don't need this. We're doing it as a service to the people who were defrauded. 6:47 People who feel this doesn't serve their interests should definitely not participate. 007 6:49 PM Currently AMPs in circulation are 10% on total supply. If we maintain the same ratio (10 mill swapped) we should end with 100 mil Rchain??? (edited) leithaus 6:50 PM @amp100 - your calculations are incorrect. No matter how you calculate this, RHOC holders' positions are not diluted at all. They are improved. If you look at the position of liquid, they are in a much, much better position. If you look at the total supply they are in a slightly better position. amp100 6:50 PM no. as 10 million will be in circulation and a 895 million supply 6:51 Bad 6:51 Holdings companies coins are not in circulation yet. 6:51 This is very bad for investors/swappers or however the hell u wanan call it leithaus 6:51 PM Do whatever you think is right! 007 6:51 PM 10 mil rchain circulation and 895 millin supply DOES'T maintain the same synereo ratio amp100 6:52 PM You not maintain your promise Greg. leithaus 6:52 PM If you feel it doesn't serve you, please don't participate. ed.eykholt 6:53 PM @amp100 Holdings company RHOCs are in circulation. amp100 6:54 PM Synereo company hold abotu 850 million coins and 85 in circulation. Total supply is 1.1 x what SYnereo holds. In Rchains case its far from 1.1x. It's 9 x.:joy: (edited) 007 6:54 PM Back in January I understood that the ratio would be the same as Synereo. If only 10 mil Rchain are in circulation how do we get to 900 mil Rchain supply?? amp100 6:55 PM @ed.eykholt Do as Synereo does and you get a 115 million total supply. 6:55 10 million investors and 105 by company. (synereo 85 million investors and 850 million company) 6:56 This is teh worst deal ever, and not even close to all your promises Greg. 6:56 What a joke... 007 6:57 PM Wish I could get slack archive. What was said few months back is completely different. 6:59 This is NOT the same ratio Synereo I was promised! amp100 6:59 PM It's not even close..... leithaus 7:00 PM Again, please don't participate if it doesn't serve your interests. amp100 7:00 PM Synereo holds 1:10 (investors : synereo) If Rchain woudl do that it would be 10:100. 7:00 Greg is a big liar and never keeps his words. What a fking joke. 007 7:01 PM I remember we spokes about it here and understood that total amp swapped to rchain would be approximately 10% of total supply. (10% is the synereo ratio). amp100 7:01 PM Only cares about safing his ass from legal battles and only cares to enrich himself in a way that it looks like that isnt the case. 7:02 @007 we re fucked over once again. 007 7:03 PM @amp100 no need to be nasty.... we are here to get answers help decide if to swap or not. Lets not insult. lexysis 7:06 PM @leithaus and @ed.eykholt - Will you please start putting these questions and answers into an official FAQ? cleiton 7:07 PM joined #general lexysis 7:07 PM you will save everyone so much time and energy if you will just make this basic effort to professionalize your communication amp100 7:07 PM @007 indeed but having be here for at least 300 hours I feel fucked over once again. My words aren't nasty, Greg is nasty.... Fact imo, his words not kept as usual. And these were very IMPORTANT words to keep. (edited) 7:08 Anyway I'm out. 007 7:10 PM I understand the frustration. I have been waiting months for the swap to start. Burn ratio is not what we were promised back in January. 7:12 Well now we know.... will keep my amp's, maybe sell and get into ETH. 7:12 Rchain Good luck! 7:14 In January we were speculating on 30 mil amp being swapped. Now it looks like less than 10 mil. 7:16 So far only the CORE slack members (Greg followers) swapped. Why invest here with these burn ratio, take a risk?? Cosmos already done it. tantrum 7:31 PM how many amps swapped to date greg? (edited) 007 7:38 PM @leithaus I feel deceived now. leithaus 7:39 PM If you include the ones recently pledged, but not yet processed, just under 4M. 7:39 If you include my founder's AMPs, it's about 104M. 7:39 :slightly_smiling_face: ab 7:40 PM So u have 100m or the coop (edited) 007 7:41 PM your founders amps are locked no?? leithaus 7:41 PM Thereabouts. You can check the founders' wallets. 7:41 But mine are going to be redeemed. :slightly_smiling_face: 007 7:41 PM when redeemed? 7:42 before the end of the week? 7:42 the swap is only 10 days. 7:43 you will swap in the future outside the 10 day swap window? 7:46 The swap is only for 10 days. 7:47 when you get your founder amps, you could sell them on polo and buy Rchain on the market. leithaus 7:53 PM No. They will be redeemed. 007 7:58 PM you could redeem you founder amps now??? Before the 10 day swap period? 007 8:04 PM First I don't think that you have a special option to swap amp's at any FUTURE date! it's in 10 days or never! (edited) libertyzeal22 8:16 PM joined #general libertyzeal22 8:17 PM at what point in the redemption process should i receive a confirmation email? tantrum 8:18 PM 104 millino amps ???? :thinking_face:# 007 8:21 PM @leithaus This is a big lie! you don't have 100 mil amps. you have 25 mil. 8:21 https://blog.synereo.com/2016/09/16/synereo-burns-half-of-all-amps-in-existence/
perlis 8:21 PM if I hold them to exchanges, how do I swap them? 007 8:23 PM 100 mil amps for 4 founders!! For a math wiz your numbers are not adding up. tantrum 8:23 PM oh so the general hockey pockey stuff! its "pledged" :joy: leithaus If you include the ones recently pledged, but not yet processed, just under 4M. Posted in #generalYesterday at 7:39 PM (edited) 007 8:25 PM He also said: " If you include my founder's AMPs, it's about 104M " 8:28 Oh-boy... glad we found out all the info now before swapping! Greg is using random numbers in his calculations. tantrum 8:28 PM tantrum 8:28 PM :joy::joy::joy: leithaus 8:29 PM Sorry, i just forgot what was in the founders' wallets. 8:29 That's why i said check. :-) 8:30 But, my AMPs will be redeemed. libertyzeal22 8:30 PM Well, I just redeemed my vast fortune of 20k AMPS, lol.. leithaus 8:30 PM :-) 8:31 Yay! 8:32 i'm just glad we can help out everyone who wants to continue being a part of the platform. libertyzeal22 8:33 PM That's just it, I wanted to invest in a technology platform, not a marketing campaign. ab 8:33 PM Well, if some of u naysayers think holding amps with Dor is less of a risk, then u are simply diluding yourselves.. libertyzeal22 8:35 PM Is there anyway to confirm a successful redemption? 007 8:38 PM @leithaus are you planning to liquidate your amp founder wallet in the future? ab 8:39 PM Well @leithaus , for better or for worse I am casting my lot with Rchain, because ultimately I think it has the potential to be the first truely scalable blockchain platform. rilly 8:40 PM Was Synereo "legally bound" to produce RChain? If so, what are you doing to recover this funding? Are you even getting any of your founders AMPs from them instead? leithaus Instead only 11% of the treasury has been transferred to a company that is legally bound to develop on the platform. Posted in #generalYesterday at 6:30 PM rilly 8:50 PM Ohh well that's rather important but not really because RHOCs expire at the end of 2018. Then you can issue more Revs instead. But no one has claimed Revs will be the sole staking currency on Rchain so you can make more tokens after that. LOL Pinned by fdt leithaus As we posted back in February, we will burn the difference between what's in circulation versus what's redeemed. Posted in #generalYesterday at 6:39 PM 8:51 1.12. Promotional Credits are valid for a limited time only and expire on December 31, 2018. Failure to use Promotional Credits to receive Eligible Services before such expiration date will result in the forfeiture of Promotional Credits. We reserve the right to modify or withdraw this promotional offer or cancel Promotional Credits at any time. No refunds will be granted for any expired or cancelled Promotional Credits. 8:51 source https://redemption.rchain.coop/#!/eligibility-check
8:54 And every hoop you jump through could require more stringent identification. (You might not care but the market certainly will.) amp100 8:55 PM @tantrum when Dor said that, just now? 8:55 So Greg can't acces his AMP's and yet he says he can swap them within the swap period? I smell another lie? (edited) rilly 9:02 PM See there is this problem with defining AMPs. 9:03 Greg can just issue himself RHOCs and say he redeemed his AMPs. 9:04 Don't assume that means that he will have AMP omni assets to sell in order to fund Rchain. 9:06 Or perhaps this is part of some deal he struck with Synereo LTD that he won't help recover the crowdfunds if they give him those amp omni assets. 9:07 That is probably the best you can do but maybe since the bnktothefuture thing is in the US you could make a case there. amp100 9:07 PM @leithaus Please respond to this: how will you redeem your founders AMPs if you don't have access to them as Dor controls it and makes the rules? (edited) rilly 9:15 PM And until he sells those AMP omni assets and they get mixed with the rest there is a risk that Synereo LTD could void them and refuse to use them to issue AMPs on their blockchain (assuming thatn's not RChain, etc) 9:15 AMPs and RHOCs are IOUs for we know not what darkpill 9:41 PM WTF is the developer posting memes and calling them infographics? There is no transparency here. You guys need to get your shit together, or I'll be publicly calling this out as scam. (edited) biophil 9:50 PM joined #general biophil 10:13 PM When I sent my AMPs to the target address given to me by the redemption website, I had this crazy idea that the redemption process would be the following things: 1. Documented somewhere 2. Transparent 3. Automated 4. HonestSo far, it appears to fail miserably on points 1-3, and we're still waiting to see about point 4. I sent a small enough amount that I won't lose my house if it turns out I've been scammed. My message to whomever is in charge of this: You should be embarrassed by your lack of professionalism regarding this swap. (edited) rilly 10:30 PM The less RHOCs you claim the more they own! I guess they say they will burn some but Greg will be issuing himself RHOCs for his founder AMPs (even though Synereo may not giving them to him) so he will have a shitton and thus burning will be more profitable to him personally. 10:32 They make the redemption as unattractive as possible and hardly promote it anywhere so they will have a larger share of RHOCS. (edited) 10:33 It is just so Greg and Synereo can pacify AMP buyers so they won't pursue legal action, or so they can win a defense. dandelion 10:57 PM https://ourchain.slack.com/archives/C2Y8CJ6HW/p1491763150920950
so in regards to that, what does the founders AMPs count as? redeemed or in circulation? Pinned by fdt leithaus As we posted back in February, we will burn the difference between what's in circulation versus what's redeemed. Posted in #generalYesterday at 6:39 PM 10:57 AMP founders wallet only has 60M AMPs now http://omnichest.info/lookupadd.aspx?address=3AKjXkuBEyaXfuXVfdf1VUBAzGPR49NifM
10:58 Well there's the vested founders wallet too with 40M http://omnichest.info/lookupadd.aspx?address=1FWdJYjZzwJJd1JSGTHLABZqp9kCCRPTnk
10:58 Data taken from: https://docs.google.com/spreadsheets/d/1r1G-ROS4vgHK84qfn1CBIxuXZQCCvIicCTQSxW1T_mo/edit#gid=1394495455
libertyzeal22 12:07 AM @biophil did you get a notification email of any kind? fweili 12:35 AM Hi, can someone let me know when the batches of redemption will be done? I submitted my first try over 36 hours ago and still haven't seen the RHOCS. ab 12:36 AM i think it was said either tonight or tomorrow night fweili 12:49 AM Thanks! amp100 1:38 AM @leithaus Help these guys out, seriously what are you waiting for?? 1:40 You promised for max 24 hour conversions. Again you didn't kept ur word. 1:41 Another thing, I just found another lie of yours. You said you would swap 25 million founders AMPs. This is incorrect and you know it! You can NOT thouch the founders AMPs as Dor decides when they can be moved. 1:42 So explain to me how you will get your founders AMPs into Rhocs? Will you do a secret deal later on when you finally have access to your AMPs? Please inform us if that is a possibility or if you can not do that. biophil 3:13 AM @libertyzeal22 no notification email. leithaus 5:01 AM The next batch will be run tomorrow. blo 8:13 AM I had my AMP in 2 different addresses. I ended up going through the redemption process twice and used the same email both times. I hope that doesn't cause any problems. tomtreeleaf 10:41 AM Still awaiting Rhoc. Man. This has been one painful experience from start to end. 10:42 I certainly hope we can get this redemption soon so you guys can get back to tech. tantrum 11:55 AM @amp100 dor said that a couple week ago darkpill 12:00 PM Just publish the fucking numbers regarding supply and dev allocation publicly now. 007 12:27 PM We need to be sure that any Founder AMP's will not be swapped in the future. The swap window is for 10 days only! coininterview 2:10 PM https://www.youtube.com/watch?v=fZxnR_Dx3FE
Live leithaus 2:26 PM @tomtreeleaf - we will run the next batch a little later today. Don't fret. tomtreeleaf 2:27 PM @leithaus thankyou;) peculiarity 2:38 PM joined #general peculiarity 2:42 PM hey guys cobordism 2:43 PM joined #general otomplodomo 2:45 PM Hey @peculiarity. Does the peculiarity precede or follow the singularity? peculiarity 2:46 PM precede :slightly_smiling_face: cobordism 2:48 PM trying to get amps to rhocs... first time using bitcoin again in ages... has it always been this slow?! sighh... cobordism 2:54 PM I didn't have enough btc in the amp account to pay for gas the transaction... trying to get some more btc into that account has been taking hours(!) jimscarver 2:54 PM bitcoin block time was 25mins when I redeemed... we need rchain! :smile: (edited) cobordism 2:55 PM I'll take ethereum in the interim leithaus 3:14 PM The Holding Company/Co-op agreement is here https://drive.google.com/file/d/0BySpLPycRwtNak96T1N3QzhTWGs/view?usp=sharing
leithaus 3:14 PM 20170307 RHOC purchase and deferred payment agreement Executed redacted.pdf
229KB PDF from Google Drive Click to open in Google Drive mungwi 3:43 PM trying to get my private key out of my armory paper wallet... initial bitcoin core client blockchain sync is PITA, does bitcoin land have no fast sync options? libertyzeal22 4:48 PM so for receiving RHOC's is there a token contract address we need to use? 4:48 (in mist / eth wallet) pythagoras 4:51 PM Redemptionprocess with omniwallet is not working. When choosing ‘send’ it is impossible to choose the amp coin, and it’s impossible to choose the ’from adress. Tried it on several devices (macbook, iphone, windos-pc) and several browsers (IE, Safari, Chrome, FireFox), same problem everywhere. Must be an OmniWallet bug !! biophil 6:20 PM @leithaus from what I can make out from that document, the Holdings company is funding the development of Rchain by buying RHOCs at $0.05? So we exchangers are essentially buying RHOCs at $0.08-9, or for whatever our personal AMP cost basis is. Then when the exchange process ends, all RHOCs in existence have either been a. Sold to the Holdings company, b. Exchanged for AMPs, or c. Are still held by you.Is this correct? If so, what are you going to do with the remainder of the tokens in (c)? You have said something about burning them, but that appears to contradict section E.1. of the agreement you posted where it is implied that the Co-op can continue to sell RHOCs as it sees fit. mungwi 6:32 PM hah my cost basis is 0.14 biophil 6:34 PM @mungwi that's a lot better than some peoples'! libertyzeal22 7:21 PM it would be nice if there was someone here who could answer redemption questions, since it's there's only, what 8 days left? patrick727 7:23 PM @libertyzeal22 yes you need an ethereum wallet with keys that you control to recieve rhocs. myetherwallet works well. You will need to add cutom token in order to see it libertyzeal22 7:23 PM @patrick sure, I have the core wallet, but for the custom token I don't know the contract address? 7:24 @patrick727 oops, wrong patrick, see other message :smiley: patrick727 7:25 PM To see RHOC in myetherwallet.com choose add custom token, address 0x168296bb09e24a88805cb9c33356536b980d3fc5, with 8 decimal places amp100 7:44 PM @leithaus Greg keeps ignoring important questions and keeps being a liar. he said he would swap his founders AMPs (25 million) during the swap. But he fully knows that he can not swap them as he doesn't have acces to them as he need Dor to give the OK before founders AMPs can be thouched. So AGAIN Greg, what will happen with your founders AMPs in the future? Will you create a back door so you can swap outside of the swap window? What can we expect? (edited) amp100 7:52 PM All his lies and delays and the damage he did to us investors for wasting so much time will haunt him for a very long time. Greg I advise you to be more clear and keep your words. blo 7:56 PM 25 million AMP! That's a nice amount to hold. coininterview 7:56 PM its actually 100 million libertyzeal22 8:02 PM @patrick727 thanks, that's exactly what I was looking for, unfortunately my balance still shows 0 though.. patrick727 8:03 PM That's unfortunate, I know the next batch process is happening soon. libertyzeal22 8:04 PM @patrick727 thanks, been 26 hours since I submitted it approx patrick727 8:09 PM No problem, these questions of issuance are interesting. keep in mind these tokens are meant to run the RChain platform, it's not equity. Co-op and Holdings intend on running the platform. jessecouch 8:13 PM This is a meta-coin so all the coins start from a single source. I think the coop has 800 million coins. Is that what 800 million wallet is? fredmadrid 8:58 PM joined #general rilly 9:06 PM If you are wondering who @patrick727 was talking to it was me before the comments were deleted. Was the COOP consulted? Does anyone have any say or knowledge in the negotiations between Synereo LTD and Greg Meredith? Does anyone care whether Greg is issuing himself RHOCs for his founder's AMPs without actually recovering or contributing AMP omni assets to the development funds? The only way the community will have any control is by issuing your own tokens. #a-fork-of-rchain (edited) 9:08 And participating in uncensored social networks like https://www.reddit.com/ethereo/
reddit Synereo/RChain evaluations and alternatives • ethereo
Synereo/RChain is the latest of the cryptocurrency to be sold before they abandoned their pre-sale commitments. With proof-of-work becoming... libertyzeal22 9:08 PM Dumb question, who is Greg exactly otomplodomo 9:19 PM He is the CEO of rchain. Chief Scientist. (edited) libertyzeal22 9:21 PM @otomplodomo okay, then so yeah, I'm going to trust that guy, there is no RHOC without him. The value of RHOC is literally in his mind and the people who help him. rilly 9:31 PM That value being quite different from the future market value. (edited) rilly 9:36 PM Although being that issuance is entirely centrally managed by someone who has a history of abandoning explicit and implicit promises and expectations, he should be a lot more informed to make a judgement of what the future market value will be as compared with those who buy and hold RHOC. 9:38 What he is promising at this point is that you will help the development of Rchain and get early access to "services" up to a certain date; perhaps the service of producing the Ethereum token. LOL 9:41 They reserve the right to void your tokens for doing such naughty things as attempting to resell them. 9:41 Did you read the contract? libertyzeal22 10:13 PM @rilly my understanding is that RHOC's are basically placeholder tokens which we will later be exchanged for the native rchain tokens (similar to ETH) rilly 10:17 PM I thought that's what most would assume from Synereo/Rchain's marketing materials. But the contract makes no such promise and JohnMalthus tells us that at least two more fundraisers are planned and Vlad Zamfir seems to imply that these two fundraisers will involve the issuance of new tokens, Rev or whatever. (edited) libertyzeal22 10:23 PM @rilly " The promotional coupon token will then be later redeemable for a to-be-created software access protocol token on the to-be-developed RChain network. "... 10:27 @rilly definitely not your typical crowdsale, but I'd rather be holding RHOC's than AMP's rilly 10:28 PM When? What happens if they haven't launched their own blockchain by the end of 2018? It says they are void. libertyzeal22 10:28 PM @rilly where does it say that? 10:29 @rilly oh i see rilly 10:30 PM "AMP vs RHOC" those are your choices? Can't you sell AMP anonymously? You can't even buy RHOC for the AMP price without agreeing to these conditions that say you can owe them RHOC for even trying to resell them! LOL (edited) 10:31 It ends today. "After the closing of the Promotional Credits Offer on April 10, 2017, all requests for Promotional Credits in return for AMPs will be refused." (edited) libertyzeal22 10:32 PM @rilly sure, but the only reason I own AMP's at all was to invest in Rchain rilly 10:33 PM 1.12. Promotional Credits are valid for a limited time only and expire on December 31, 2018. Failure to use Promotional Credits to receive Eligible Services before such expiration date will result in the forfeiture of Promotional Credits. We reserve the right to modify or withdraw this promotional offer or cancel Promotional Credits at any time. No refunds will be granted for any expired or cancelled Promotional Credits. 10:36 Greg has not been reciprocating to "investors" in the past. You can look at his kickstarter campaign for a book. A decade later they are selling the book without giving it to the crowdfunders. 10:38 The campain included no refund or time limit, just like this one. leithaus 10:41 PM The next batch of redemption requests have been processed. leithaus 10:41 PM
"ampTrgtAddr" : "19dQWWNFqBCBNvbdPAumjeHcmbBYqyQTTB" -> "rhocTrgtAddr" : "0xE9be94b552eB81228482321710e1d8A485eC360F" 23431.0535321
"ampTrgtAddr" : "1F1w2SgiRVzyvT8ZqiS4r6sg5XtorCrPxb" -> "rhocTrgtAddr" : "0x1dffdb0eebb0e80eb22af3adbeb0070a40d384ee" 1725.12313909
"ampTrgtAddr" : "1GLhh92yegXh6qc1a3arqmD1AEDUFHds6x" -> "rhocTrgtAddr" : "0x1917aE21F1269F84fa93E9200106DCf9a4e3C513" 2412.089788
"ampTrgtAddr" : "1J6gVdzZzYUTFeD4HnXfK9PemF2soBzb3x" -> "rhocTrgtAddr" : "0xAF42df07969BA5Da676be3ED94439Ab85008aabf" 4200.00
"ampTrgtAddr" : "1BRg9TxctqzG9bUu4cVSKHyxztcTp57daL" -> "rhocTrgtAddr" : "0xB259AA92C97fbaA9001BA213680034f1D5C4C777" 13242.42527602
leithaus 10:42 PM These can be checked against both blockchains. libertyzeal22 10:42 PM @leithaus cool, checking now! dc 10:42 PM Awesome. FYI I’ve submitted a request to etherscan to have the RHOC token contract recognised in their list of verified tokens rilly 10:42 PM We can make our own tokens for those who want to invest in Rchain. The problem with the way these Rchain devs think is that they will "get Rchain built faster" by tricking "investors" over and over. It isn't working. Ethereum and Cosmos are getting way more funding by making offers that are attractive to rational investors and sticking to their commitments. libertyzeal22 10:43 PM @leithaus w00t, it worked, awesome leithaus 10:44 PM If your ampTrgtAddr is not included, this is either because you did not send AMPs to the AMP target address supplied to you, or in 1 outlier case, you provided a bad ETH address. 10:44 @dc - many thanks! libertyzeal22 10:45 PM @rilly I don't think you understand how this ICO stuff works, the devs could literally wake up tomorrow and decide not to do this, or the theoretical basis of the software might just outright fail, you are looking for guarantees and there are none in this game. rilly 11:00 PM @libertyzeal22 I've done quite well predicting the future market of ETH and ATOM. Although Rchain is likely to be dominant, ethchain or credichain could be far more profitable to those who invest in ETH or CRED. libertyzeal22 11:06 PM @rilly the point i'm trying to make is that worrying about the finer points of the contract is a waste of energy, if you don't believe the team is authentic and has a chance of delivering on this project, then there is simply no reason to invest or hang around here. rilly 11:06 PM Because Greg and Co can and will dilute Rev to the point that so many people have acquired it without much effort that by the time of the announcement that a million billion Rev will be issued for the next fundraiser, the same thing will happen that has happened with AMP. Some may rather join ethchain. At least with credichain RHOC/Rev/etc would be redeemable but the rates may not be great, at that time. 11:07 Didn't Greg deliver a book? When did I say he wouldn't deliver? After a decade he wrote a book. Didn't someone say Rchain would take a decade? 11:08 I'm here because I think they are already delivering information goods. 11:08 That doesn't mean RHOC will be a better investment than ETH or CRED libertyzeal22 11:09 PM @rilly you're constanting attacking the dudes character saying he's effectively going to do a cramdown and screw everyone, so obviously you don't trust him, so i again i ask, why are you here? 11:10 @rilly actually n/m it doesn't matter. I don't care.. rilly 11:10 PM Here is what Greg just sent me "Hello! i have had complaints about your signal to noise ratio on slack. Additionally due to limits on history you are erasing important posts. i must ask you to confine yourself to more on topic commentary and become a bit more considerate of the public resource." 11:11 So what is on-topic in #general? 11:12 I'm censoring the community because Slack sucks everything up the memory hole. LOL rilly 11:20 PM @libertyzeal22 I can speak when spoken to or no? I'm here because I think Rholang and the RhoVM could be the most advanced contract language to date.
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