Reddcoin is great, but there are some flaws

Hey reddcoin community! I just wanted to share an opinion that I have on reddcoin. I honestly feel that reddcoin is a great idea that can really change the way social media makes transactions. However, my main concern is that since reddcoin is in such an early stage, computer illiterate people will have a hard time trying to understand the system. For instance, downloading a wallet to their computer and enabling it to stake. I know it is not difficult to perform these actions, but there are people out there that are going to have a hard time trying to do them.

Something else that concerns me is reddcoin’s unlimited coin generation. Wouldn’t that hurt the value in the long run when a trillion coins exist? Correct me if I am wrong , I think that should be changed because people aren’t going to see the value nor the point of reddcoin because it is not finite.

Thank you for taking the time to read my concerns. Please comment below if you agree/disagree with me I would love to hear other people’s opinions.

SapeMan

SapeMan Downloading a wallet and enabling it to stake by unlocking it are relativley easy.
The QT Client installs with one click, and once you have chosen a password for your wallet and recorded it somewhere for safe keeping, Once you start your wallet and unlock it’'staking and minting will happen automatically with no further intervention, Your computer needs to be ON and the Wallet Open and Unlocked for Staking and that it. Really easy to do,
We have a ton of information available for you if you need help post here and we will all do what we can,

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Hi there,

Thanks for starting this thread.

As a basic computer user myself I can sympathise with what you are saying. However it is in my view quite normal that we are where we are, considering that we are at an early stage, as you say.

In my opinion it will take at least a few years for the general public to become comfortable with cryptocurrency. Realistically, I think we are looking at significant adoption rates by the “mainstream” as we get near to 2020. This stands in stark contrast to the illusory idea that many newcomers to Bitcoin and crypto had throughout much of 2014: the idea that Bitcoin is a “viral” phenomenon that will just explode into mainstream use.

Reddcoin has a great team who know what they are doing. There have been all kinds of discussions within the team and community about this topic and we are heading in the right direction. It’s going to take some time to get the pieces of the puzzle together but we know what we are looking towards as the future goal.

As for the “unlimited coin generation”, a 5% annual increase is actually small considering the potential for adoption as the project grows over the years. In fact I think the staking interest rate is really well set - it is a good interest rate to earn by any standards but still very realistic. By the time a trillion coins exist Reddcoin will look very different to its current form, I believe! :slight_smile:

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Reddshift Thank you for the reply, I am not reffering to myself in this post I am very comfortable with using computers/mobile devices. The kind of people I had in mind were older people, business owners, and people who don’t really use computers much. I totally agree with you that it is rather simple to start staking and minting. The only frustrating part of it though is the fact that the client has to sync to the blockchain which I think will cause people to be skeptical.

reddibrek I also thank you for replying. I honestly believe that reddcoin can blow up way before 2020, we just need to market it correctly and to the right people (investors) so that they can roll it out to the public and the media. My concern with the infinite supply is that if lets say 5 million people start staking at the same time won’t a huge chunk of reddcoins generate behind that?

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SapeMan Laudney has mentioned before that it may be possible to stake via the ReddApi or a hardware wallet like a Trezor. I don’t think the QT wallet will always be our only staking option, but right now Social-X is a bigger priority.

SapeMan said:

reddibrek I also thank you for replying. I honestly believe that reddcoin can blow up way before 2020, we just need to market it correctly and to the right people (investors) so that they can roll it out to the public and the media. My concern with the infinite supply is that if lets say 5 million people start staking at the same time won’t a huge chunk of reddcoins generate behind that?

I think that Reddcoin is going to stand out as a cryptocurrency the growth of which will track closely genuine adoption and use, although of course marketing will play a part in that. Anyway, I was not specifically referring to Reddcoin only - IMO it is going to take years for cryptocurrency as a whole to reach significant mainstream adoption.

Regarding staking, don’t worry - it is fixed at +/- 5% per year. Anyway it’s all a matter of scale. As things stand now, 5 million people would be staking a mean of just over 5000 Reddcoins each to make… a little over 250 RDD per year!

reddibrek Ohh I see. Yeah it will take a while for cryptocurrency as a whole to be well recognized. As for the staking I meant generating blocks. Once a block is generated deosn’t the reddcoin weight reset? Causing you to be able to generate another block? All happening by 5 million people.

SapeMan Reddcoin faces the same hurdles as any other Crypto Currency from my limited experience you need to understand at a minimum…How to secure and back up your wallet.
How to verify a valid transaction. How to make a valid transaction. If you can do those things and feel comfortable…ANY Crypto currency is yours to explore.
Know how to
SECURE YOUR WALLET with a Strong Password
Back Up Your Wallet to Multiple Locations Securely
Make a valid transaction.
Receive and validate a transaction.

Those you MUST be able to do…

everything else is reading and learning…you will make mistakes…Like not having a written down and safely stored password which will result in the locking up of your coins…ask me…I have done that. 500k of a Coin that I cant access…no matter how you think you wont forget you do and I did and its done…sometimes faster than you can believe. Crypto is not for everyone but it is for ANYONE who wants to learn.

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Reddshift I understand what you mean. I agree that crypto is not for everyone, but like you said it is anyone who wants to learn it. Sorry to hear about the 500k locked coins :confused: It’s very important to save passwords of things like wallets somewhere safe like a USB flashdrive.

SapeMan I will get around to recovering the key to my 500k of an alt one day when it’s worthwhile doing until then they are in the coldest of cold storage lol

Reddshift Lmaoo well said. I have a question, what is Social X? I have seen it around this site multiple times and I never got around to it.

SapeMan answering to your question about inflation, first the coin is distributed by everyone. So you have to be a holder in order to stake! So you have to have coins in order to inflate your 5%. You dump coins based on your wishes because no extra electricity isn’t needed other than you regular machine… with staking wallet open.

After that you will stake and create 5% new coins per year. The trick is that this rate is not constant for ever it starts to decline if your coin age passes more than 15 days without “staking”. Please see

Why? this was decided in order to promote an active network and making it impossible to create a 51% attack based on coin age. This is Proof of Stake Velocity! Meaning more coin age is not good, please be active and more coins will come in your way.

Last if you are to thing that everyone will sell their coins on the spot and as they are generated they will not because their share percentage to generate more coins next year becomes smaller. Something that in Bitcoin you don’t see miners do, it just about paying bills and dumping! :stuck_out_tongue:

Any more questions ask!

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SapeMan USB are good but carefull use only new ones! Pens that are widely used could bring you some unfortunes. BadUSB is a known disease to older pendrives. :stuck_out_tongue:

Oliver Thank you for clarifying how coin age works, that is something I wanted to understand a little more about the velocity part. What is Social X?

SapeMan Social X is a set of tools (not officially announced yet) aiming to fulfill the gap between the anonimous to social! The idea is to bring a hole enviroment to cryptocurrency where you can easylly deploy your ideas. From crowd funding and free marketing tools to easy to use wallets and ReddID association.

Bringing the entry barrier to low so that your father can use reddcoin without understanding all this technicality. Just Install and use make a registration and you will have access to more free services!

Check Reddcoin Broadcast Beta any more questions?

PS: how do you get in touch with us?

Oliver Another question. I plan on becoming a very active member and Reddcoin supporter, how do I become an official Reddcoin staff?

SapeMan There is no official staff. There is an awesome team of developers though. I guess the community is the staff if you want to think of it that way - if there is something you want to build/create, do it. There are lots of great people with different backgrounds here that can probably help you succeed too. Community is important and what gives coins potential. Lots of doers and makers in this community. Welcome :slight_smile:

Are you a software developer or computer scientist by chance? That skill set would probably be most useful, but by no means at all is it the only important thing, or way to contribute.

SapeMan as hydrazine said community is the staff!

The more you help the better openess and discussion but no official membership is needed, just willing to move thing up and work.

This forum is like the hub for testing ideas and getting help from other members…

SapeMan you can read in detail about social X,here is the link-

https://www.reddcoin.com/social-x-architecture-of-a-decentralised-system-for-social-payment-and-service/

Sinistkill Thank you for the link. Now I know more or less what Social X is about. If Social X really executes what it promises then Reddcoin will definitely see a major change in publicity.

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