FairCoin

History

FairCoin Development Team:

"6 of march one anonymous guy created the coin

About april 23 th, the anonymous developer leave the coin

About may 6th the community take over the coin, and I was one of the people involved that done this takeover. All of this is documented in the whole bitcointalk thread:

see specially this note: https://bitcointalk.org/index.php?topic=702675.0

Note from the FairCoin Development Team:

Faircoin begun in march with this First ANN

https://bitcointalk.org/index.php?topic=487212.0

FairCoin was abandoned at the end of April 2014 by its original developer; but not after promising huge projects, private investors, and much more. The FairCoin community was left to sit with unfulfilled promises, high hopes diminished, and a moral completely drained. A few leaders in the remaining community organized a new development team, consisting of some of the most devoted members.

This was the context of our second ANN

https://bitcointalk.org/index.php?topic=601280.0

From the initial community take over, a team of three committed individuals, was who really give continuity to the dev team: smartaction, drakandar and thokon00

Because the creator of the second ANN was not really involved and this was inefficient to have a good communication, we decided to close the second ANN at the same time of the First hard fork, and we created this third ANN really accessible by the current FairCoin Development Team."

Discussion

FairCoop's plan with the FairCoin distribution

Enric Duran:

" FairCoins was distributed before the idea of FairCoop even existed. Someone created this cryptocoin as well as the 50M Faircoins and spread it to all person that find it out in a airdrop… So all faircoins were distributed equally between cryptocurrency aficionados or people that find it out somehow…

After that, when the idea of FairCoop started to born, the initiators and other related people started to buy this faircoins by the rules of cryptomarket… So we started to collect all this coins with the objective to put it after in common projects…

The 20% you mentioned is in the fairFunds… This funds objective its to be re-distributed among all projects for the commons that needs financial aid… Also other 20% its between ppl and collectives compromised with the faircoop principles that also had bought faircoins to support the project and is committed with the cause, therefore in an autonomous way it will be also funding for projects related to the commons.

The remaining % is unknown where it is, however thanks to the http://coopfunding.net we aim to facilitate everyone to contribute in buying more of this coins and grow the FairCoop funds.

From the promoter team we encourage everyone to take part of the faircoop project by either giving a donation to the funds or if they have already some ideas for common projects to buy themselves faircoins.

We can not expropriate all dollars or euros or bitcoins.. But what we can do is to buy as peers as much as we can of this faircoins, and then participate in growing its value, increasing its market cap, and RE-distributing it between all projects for the commons

Thus, the plan is that: we are not gona distribute an “alter coin” we are gona take a coin, grow its value and re-distribute wealth iequitable in the real world.." (https://fair.coop/groups/faircoop-community/ask-us-anything/forum/topic/equitable-distribution-of-fair-coins-what-is-the-plan-to-achieve-this/#post-1857)

FairCoop project: why buy an existing cryptocurrency?

Enric Duran:

"Why choose to take advantage of an existing cryptocurrency such as Faircoin?

For a cryptocurrency to be accepted in cryptocurrency markets and be able to be bought and sold–exchanging it, for example, for Bitcoins–it must have a clean launch, which is to say, it must have been previously published so that all can participate. Another much-valued aspect is that the initiators of the cryptocurrency do not retain a significant portion of the cryptocurrency, or else it would be considered a scam.

If we were to distribute the cryptocurrency from the outset among the collectives that filled out a form and met certain criteria, it might seem quite fair outside the cryptocurrency community,, but inside we could easily find ourselves up against boycotts and complaints for having distributed it among our colleaguesusing political criteria , etc.

If, to avoid this situation, we were to allow a large percentage to be distributed by conventional criteria (mining it for several days, with a random list anyone can sign up for, etc.), we’d end up with minorities from the North making personal profits from our project, in a framework of speculation (because of the project we would be presenting). This could increase more quickly the value of what we defend, leading to drops in price which would create confusion, etc.

In contrast, if we take advantage of a cryptocurrency that has already been created and has already been through this initial speculative phase, is currently devalued, and on its way to being abandoned (right now, Faircoin is ranked at number 200, with a total value of 50,000 dollars; that is, with 500 dollars, we can buy 1% of all coins), it will be very easy for us to obtain an important share by means that are completely accepted by the cryptocommunity: buying it on the market for next to nothing. This way, we will be able to create a very advantageous situation for our project without having to assume the delicate responsibility of creating and distributing the cryptocurrency from the beginning.

Besides, it shouldn’t be difficult to ensure that once the dissemination of the project has begun and it is generating the ability to purchase and accumulate the currency, we can bring about a general trend toward a rising value of Faircoin, boosting the credibility of the project."