Potentially offtopic: curecoins ?

[ChristianVirtual]

This might be (or is certainly) offtopic of regular folding but I saw this and wanted to check if legit ...

http://curecoin.us/index.php?topic=4.0

Something like this ante portas ?

Mods/Admin: feel free to move/remove if not appropriate ...

[P5-133XL]

It reminds me of this thread: viewtopic.php?f=16&t=24206&p=241896&hilit=bitcoin#p241888

[ChristianVirtual]

I'm actually not sure if it's a good idea to get (virtual) money into the world of folding. Sure, everyone (or many) would like to get some support on the power bill associated with folding; but not sure what is the right way beside using disposable regular income.
Today with the clear concept of donation the things are easy and we can focus on getting science done without worry about virtual coins.
Or can someone explain me what the benefit would be ?

[P5-133XL]

The benefit is to get a whole bunch of people folding that wouldn't do so for free.

I see a bunch of potential problems. The biggest is what happens if something goes wrong. If there is a actual monetary value to WU's then PG/Stanford will get sued. Things like changing the point system, releasing a new core, closing down a core, or even releasing a new project that gives more or less PPD can become a problem for them when points mean money.

When money becomes involved, people make purchasing plans. If those plans do not pan out they look for someone responsible to blame. When a core become decommissioned then the HW that uses it may not be capable of folding any more and that means money out of someones pocket: Whos to blame? What happens if there is a big Stat server error and people don't get credited enough or worse a bunch of points get removed then PG gets sued. Lots of bad things can happen and where is the money coming from that pays for the lawsuits?

[orion]

When money becomes involved, people make purchasing plans.

True enough but we've also seen people make purchasing plans just on the prospect of getting more points alone.

What I found interesting is this if it's true.

New 11/14/2013 - Conference call with devs of curecoin and Stanford university on Tues 19th of Nov

[P5-133XL]

When money becomes involved, people make purchasing plans.

True enough but we've also seen people make purchasing plans just on the prospect of getting more points alone.

But they are much less likely to sue when their plans get messed up if they can't monetize the value of points.

[orion]

When money becomes involved, people make purchasing plans.

True enough but we've also seen people make purchasing plans just on the prospect of getting more points alone.

But they are much less likely to sue when their plans get messed up if they can't monetize the value of points.

Maybe, maybe not. If I buy gold because a broker says that it will only go up but then it goes down can I sue the broker? Will I win?

But still if the quote I quoted is true and Stanford is going to talk with them

[Jesse_V]

Also https://pay.reddit.com/r/Folding/commen ... _starting/

[codysluder]

For the purposes of this topic, put me down as a novice. I've done fah for several years, but have never delved into bitcoin/altcoin.

In the past, early in April there have always been questions deducting donations to fah on your taxes. The general thrust of the answers has been: no which is consistent with saying your donation cannot be monetized to satisfy the IRS. Looking at the new concept from the other side, do people have to declare their bitcoin income on their taxes? Can it truly be monetized?

But they are much less likely to sue when their plans get messed up if they can't monetize the value of points.

[jimerickson]

i doubt bitcoins are declared on taxes as they supposedly can't be traced.

[Jesse_V]

i doubt bitcoins are declared on taxes as they supposedly can't be traced.

I'm no expert but I'm pretty sure taxes apply somewhere when you convert them back to native currency. Could be wrong about that though.

This is getting a bit off topic, but BTC transactions are recorded in the public ledger, (called the blockchain) which anyone can look at. It shows X BTC were transferred from wallet Y to wallet Z. For example, here's a random transaction that just appeared on blockchain.info: https://blockchain.info/tx/1c62166e758b ... d912037019 Figuring out the original owner is the trick.

[bruce]

I'm no expert either, <humor> but if I were the judge, I'd look the plaintiff straight in the eye and say "You claim that FAH has defrauded you. Submit your last three year's tax returns and we'll see how much income you lost in actual dollars." </humor>

[orion]

Until the government, at least here in the states, figures out that there's something in it for them and can find a way to lighten your wallet even more (tax) of bitcoin or curecoin I wouldn't worry about it.

[7im]

Except if you have been keeping up with current events, the US government has been moving in that direction, trying to add Bitcoin currency to the list of other monetary vehicles that it regulates.

[CygnusXI]

Except if you have been keeping up with current events, the US government has been moving in that direction, trying to add Bitcoin currency to the list of other monetary vehicles that it regulates.

Yes, I have been watching the BTC senate hearings ( as much as i can stand to hear a bunch of senators talk about cryptocurrency when they clearly have a lot to learn). In fact, many people may not be aware of this yet too

federal-judge-rules-bitcoin-is-real-money
http://www.forbes.com/sites/kashmirhill ... eal-money/

The Curecoin Foundation is being built in fully legal manner, and we already have lawyers working on the paperwork to make Curecoin Foundation its own entity, which will be solely responsible for any loss that might occur. Meaning that if someone decides to sue someone because they did not get paid on a WU, then the only entity they can sue will be my foundation. This will protect Stanford and FAH from any problems.

Also, to put everyone at peace with the project, if it is determined that Curecoin is impossible to launch without adverse effects to FAH, then I will halt the project completely. Currently the Curecoin Dev team has many great devs, and investors all ready to make Curecoin a real innovation. This project has the aid of many CS experts. Recently someone trained in CS by NASA has expressed their desire to join the dev team . Expect good things.

I dont have much time to reply to all the posts on the forum curecoin.us , but my team will likely answer any questions in a timely manner. Feel free to read over the info there. Some of the info is outdated as the project is still making changes to ensure security of the system.

Thanks all for you interest and your time
CygnusXI