Sunday, January 19, 2014

Reggie Middleton discusses his proposal to recreate today's financial system ... Bitcoin 2.0, aka Ultra Coin: Bitcoin's Derivative Layer That Allows The Virtual To Control Real Things ...... More discussion on Ultracoin ( presented simply for consideration - this blog and blogger post should not be considered an endorsement of any product , cyber / crypto - currency of any type or any endorsement of the safety of any such product )

http://www.zerohedge.com/contributed/2014-01-19/bitcoin-20-aka-ultra-coin-bitcoins-derivative-layer-allows-virtual-control-re

(  Reggie is seeking to launch Zero Trust Currency Contracts, the first implementation of UltraCoin, to go into open public beta by the end of next week. That means individuals / traders / organizations  will be able to short, leverage, go long and arbitrage BTC. So , we are seeing additional derivative development for bitcoin - ponder whether this is a good or bad development ? )


Bitcoin 2.0, aka Ultra Coin: Bitcoin's Derivative Layer That Allows The Virtual To Control Real Things

Reggie Middleton's picture






Reggie Middletons UltraCoinReggie Middletons UltraCoin
As should be obvious to many, I'm quite serious about recreating today's financial system. I'd like to introduce what some in the media have coined (no pun intended) Bitcoin 2.0 (which is actually just the true implementation of bitcoin), otherwise known as UltraCoin. UltraCoin is the derivative layer that we're writing on top of Bitcoin to enable Bitcoin holders, buyers and sellers to do some pretty amazing things.
Here's the latest Max Keiser in which he and Stacey Herbert to a good job of explaining what I have in mind. Of course, I get to speak my mind in the second half of the show (~13:08 minute mark).
I am pushing very hard to have the Zero Trust Currency Contracts, the first implementation of UltraCoin, to go into open public beta by the end of next week. That means you will be able to short, leverage, go long and arbitrage BTC. The strategies I and my analysts and developers have come up with will blow... your... mind! Here's a screen shot of the early beta trading desk:
Untitled





Zero Hedge comment of note.....



Sun, 01/19/2014 - 10:55 | 4345848One World Mafia
One World Mafia's picture
The NSA will be there every step of the way becauce Bitcoin cryptography uses NSA designed SHA-256
...and secpk1 which is not fully rigid which leaves room for a backdoor.
There you have it - or I should say the NSA has it - the backdoor to mining and your private keys.



More information on  UltraCoin  ......This seems like something different  than what Reggie is discussing , this sounds like a new crypto-currency rather than a derivative project even though the same name is used for both  .....


https://bitcointalk.org/index.php?topic=413978.0


January 13, 2014, 06:59:59 PM
 #1




THIS THREAD IS SELF MODERATED , TROLLING  AND BASELESS ACUSATIONS ARE REMOVED WITHOUT WARNING

BIDDING IS CLOSED ALL BIDS ACCEPTED 100% SOLD OUT 14 HOURS AFTER POSTING THIS ANNOUNCEMENT , we LOVE you community! (we might have to counter some offers that were fairly large to give others a chance aswell), If certain payments do not follow through we will reopen that spot.

Breaking NEWS!: The exchange www.crypto-trade.com has agreed to accept our coins on or before launch, we will attempt to get this working in the next 7-14 days. We have interest from other exchanges too, hopefully this means great prospects for us.

Our first partner crypto-trade.com has a variety of deposit methods ranging from fiat to crypto currency meaning most people can have a hassle free time when buying their ultracoin

Hello,

I would like to take this opportunity to announce the release of our coin called :Ultracoin (UTC) on February 1st.


We have been working hard to finalize our coin, and I have been fortunate enough to work with a team consisting of a good dev and a professional external consultant to help guide the entire process. We have also commissioned custom pool software with real time API data to our website to track various statistics, such as users, hashrates and current difficulty.

You may know me (bumface) as a chat moderator on btc-e, however i would like to emphasize the fact that this coin is not an affiliate of btc-e, but a personal endeavour with a proper team.

Through our common love for crypto we got together as equal partners to make this coin a reality. We have offered rewards in BTC and UTC for many jobs, and some jobs are still open (Please view the 'Rewards and Bounties' section.)

We are currently in negotiations with multiple exchanges


Announcement                            : 13 jan.
Launch and                       : February 1st.
Mining start                                : X

We have this logo as a temperary logo, we have commissioned a logo by a real graphic designer, if this does not work out, we will organise a competition with a reward.


Launching time:
http://www.webcountdown.net/?c=1391284800


Please view the technical specifications and information below: 


-2 equal partners (ziggy and bumface)

-Scrypt-jane

-Pow/Pos

ultracoin is a hybrid proof-of-work/proof-of-stake coin, whereby active nodes are involved in the mining of blocks if they hold utc.
this will give a strong incentive to a. hold coins and b. be an active node (e.g. have wallet open/running) on the network.

this means that, under certain circumstances, you may accrue 20% proof-of-stake interest per year on the coins you own.

a good source for more information is https://en.bitcoin.it/wiki/Proof_of_Stake

-Total coins: 100,000,000

-Premine: 2% (2 million UTC, please view public premine distribution ledger below.)

-Block time target: 30 seconds

-Block reward: 50, halving every 990,000 blocks

-Difficulty retarget: 6 hours (in response to requests from the community we have decided to release a new version of Ultracoin which changes the retarget time to 6 hours, to prevent instamine,You ask, we listen! Wink)


-Mined block confirmation: 50

-Transaction confirmation: 5

-Port: 44100

-Rpc port: 44101


Windows-qt client:
Link will be here on February 1st.



CPU Mining: Open the console and type setgenerate true to start mining.


GPU Miner:
Link will be here on February 1st.
Directions:

 Open ultracoin.conf and add these lines:

 rpcuser=youruser
 rpcpassword=yourpassword
 rpcallowip=127.0.0.1
 daemon=1
 server=1
 listen=1

 Start ultracoin client, edit solo_mining.bat with user and password, run the .bat, done.

logos:
http://nl.tinypic.com/view.php?pic=hu5dzq&s=5#.UtRZGPTuLkJ

source:
Link will be here on February 1st


Twitter: https://twitter.com/official_utc

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-Why is there a premine?


You will probably have noticed a 2% premine, allow me to explain why we did this. We wish to be open about every single coin in existence, so you may see where it went and why.



Public premine distribution ledger:

-1.600.000 UTC are available to purchase by any potential stakeholder (Please view stakeholders proposition below.) in an open bidding system with a minimum bid of 0.00005BTC            


-100.000 UTC go to partner 1:Ziggy (dev)                                                                                                                    

-100.000 UTC go to partner 2:bumface (founder)                                                                                                              


-100.000 UTC go to our professional external consultant. (as well as 5 btc)                      

-100.000 UTC go to rewards for jobs done by any capable developer, for example: making an android wallet, or making a working
mining pool with real-time API data link to our main website. (also btc rewards)




Please note that every partner gets 0.1% of the total number of coins, we feel this is not unreasonable as a compensation for our time and investment.

We will have the balance of our wallets visible on our homepage  so everybody can see when we sell coins from our personal wallet. The reason we do this is because we feel there are too many coins where the premine is left unexplained and there are vague wallets with unidentified coins and owners.

We hope that this will foster a good relationship with the community.

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What is different about Ultracoin??

Let be honest, the code is not the most difficult part of an endeavour like this,although scrypt jane is not the easyest thing to do because of enhanced asic resistance.

So what is left then? ......the team.The people behind it. What is their intention? what is their vision?


Ultracoin has employed many influential people for ammounts like 5 btc, 10 btc and 15 btc per person as well as UTC rewards.Every person brings a different skillset to the table and is hard at work to make things happen for UTC.

It is not yet super evident to the public how this will unfold into actual results, but if you keep an eye on us you will see many fast and wonderfull developements.


Without this kind of support a coin is just a coin, and has no real future.We wish to stand out from a legion of altcoins and with the building of this community we will achieve that.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Stakeholders proposition

BIDDING IS CLOSED<EXPECT A REPLY TODAY< WE MIGHT BE ABLE TO ACCEPT (ALMOST) ALL BIDS>STAY TUNED

ALL OFFERS ACCEPTED, NOBODY REJECTED

The reason we want to sell of coins during the launch is because not everybody has an ability to mine coins, this would give an unfair advantage to early miners.
They would get a fairly large amount of coins due to low difficulty, giving a great advantage over traders who have to wait until our coin is accepted on exchanges.



Stakeholders rights:

Stakeholder have a right to be anonymous for as long as they please (including in perpetuity).



A total of 1,600,000 UTC will be available to purchase right after the UTC launch by anybody who desires to do so. These 1.600,000 UTC will come out of the 2% premine, not on top of it. This means 98% (98 million UTC) of all coins can be mined by anyone with a GPU or CPU.

We will accept open offers with a coin amount and price of your choice (with a minimum bid of 0.00005 btc per unit of UTC), and will select people until all 1,600,000 UTC is sold.

We will launch as on February 1st, however you may make an offer to us now as of now.

Please send your offer to X. Offers will be entertained and replied between 13-1-2014 and 27-1-2014



this offer must include:

- your (nick) name this name will be on our website along with your UTC adress to offer total transparancy, if you wish to remain anonymous put an X here.

-The ammount of UTC you wish to purchase

-Your UTC unit price (with a minimum of 0.00005BTC) and the totals in UTC and BTC.




Example message:

name          : billy
UTC amount    : 10.000 (ten thousand)
unit price       : 0.00005
total          : 0,5BTC


you may copy & paste this

name          :
UTC amount        :
unit price       : 
total          :      BTC

If your offer is accepted you will recieve an adress to send BTC to, and as soon as we have received and verified your BTC, you will receive an e mail confirming your payment.We will destribute all the wallets to stakeholders on the same day as the wallet link goes up, and then you will recieve your coins( this is to prevent early mining and also reduce chance of 51% attack


please note that verification will not be optimal in the beginning since we need the miners to act as nodes (Custom pool software is being built).





------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------


-What will happen with the BTC that comes in?



A portion of this amount will be used for rewards and bounties to further the development of Ultracoin (please view the rewards and bounties section below), as well.

The remainder of the BTC will be divided under the 2 equal partners to recoup the investment in this coin, and yes, we will also earn BTC with this endeavour.

Also note that we are in this thing for the long haul and we are thinking long term, so because we might sell our coins years from now, the 2 partners will take some BTC at the start from the stakes that are sold.

We have no intention of dumping our coins when it reaches a certain value and then abandon this project. We would also like to state that we have no intention of becoming the next hype coin, with a massive rise in the first week and then a downwards slope without recovery. If this is what you desire there are many hypecoins to choose from, but that`s not us.

Bitcoin took 5 years to get to this level, so we have all the time in the world. We would rather have slow growth towards a truly stable coin than the next hype coin.


Please note that we would also like to ask larger stakeholders to sell responsibly right after launch, so that a healthy market may form.



------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Rewards and Bounties 


We will be giving rewards/bounties for certain jobs paid in BTC and/or UTC.



Our dev will review your work, and if it is selected we will launch it for a 2 week evaluation period in which the community can use it so we may test it for flaws and bugs.

After the work has passed the quality norm,you will receive your reward, and it will be visible on our homepage.

such jobs include:

-Blockchain explorer       -     7500 UTC

-Android wallet              -     3000 UTC

-Mac wallet                   -     3000 UTC

-mac os gpu miner         -     3000 UTC

-Linux wallet                 -     3000 UTC

-Linux gpu miner            -     3000 UTC


If you feel you are a capable developer, you may start one of these jobs at once, please announce that you are working on it on this thread.

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We hope to have informed you properly and openly about our project and we know that we are nothing without acceptance from the community. Crypto is an open market and we hope we can provide a stable coin with a proper and dedicated team behind it, however the community will decide our success or failure so please join us and make ultracoin a success.

Thank you Cheesy