More Crypto - Social currency? Redd Coins

By Michael Marneros, in , posted: 17-Apr-2014 15:51

So after getting a feel for Lite Coin mining (see my previous blog post), the difficulty eventually has become quite high, making it increasingly more difficult to earn coins, (which makes it also less profitable to mine).
I was able to mine about 9.5 lite coins since I started. Quite happy with that result. Also setup an exchange account, and popped a couple of them into the exchange for a little play.

Decided to look at some of the other Alt coins around, and was contemplating DOGE coin. They have been legitimising their coins by setting up a charity site, where organisations could ask for so many millions of coins (at the time it was around $1 USD = 1400 DOGE). With Bitcoin dropping all coins have also dropped in value. The other kicker for DOGE was you had to ask someone to take your coins in exchange for something else. This was a little risky. There are now a couple of crypto exchanges out there allowing you to exchange for BitCoins and sometimes LiteCoins. So not as risky as it once was.
I also thought the idea of mining towards charities seemed like a good idea, you could join the charity mining pool, and donate 50% mined to your charity, and keep the other 50%, or just flat out mine and donate.

DOGE is still a popular Alt Coin used around currently. And then...

Just by pure fluke, I was looking up Tipping coins for some reason and stumbled across a brand new player.
They had just finished re-branding and their website looked exceptionally professional.
They also had listed on their website several mining pools, and also a nice handful of exchanges ready to go.
I don't think this is the norm, so did a bit more digging.

They are calling themselves the Social Tipping coin, or Redd Coin.
I have to admit I think this concept by far sounds like a very logical idea, especially with the online social networks out there. And they are "PUSHING" themselves very well, with developers etc. All very promising.
Launched early APril 2014, this one is def worth a looksie.

I have been mining since last Thursday, and have earned almost 500,000 coins already.
And because I like the concept of this coin I am also one of the highest donators to my pool. These donations not only help keep the pool going, but also allow them to continue developing towards the new social coin.

So what are these coins worth? Not very much. 10,000 Redd Coins = $1 USD approximately.
But this makes the coin mining much more profitable than litecoins for me now. So I think its worth it.

Biggest obstacle they face is getting a legitimate facebook tipping system in place. So they are working around the system a little right now.
Interesting stuff. But if this coin does work out, and gets anywhere close to what DOGE coin is worth, or even overtakes DOGE. This could be a very good investment indeed. =)

I still use my GUIMiner-Scrypt to mine Redd and it was pretty easy to setup.
So if your interested in getting on board something brand new right from the start (before the hype sets in) then this could be worth a looksie.

If your a developer and want to contribute, maybe we could get a Redd Tipping system for Geekzone =)

Helpful Links: - Official Redd Coin site - Pool I am using - but all the official mining pools are listed on the official site link above.

This also would be one of the 1st coins to actually give you pretty much all the info you require to get started.
But if you get a little stuck, check out my previous post about Lite Coin mining, which has some setup articles.
I am using the same miner setup for this and any other alt coin I might like to mine. =)

Other related posts:
LiteCoins - My experience so far

Author's note by kinsten, on 17-Apr-2014 16:33

There are lots of interesting articles on this around the place, checkout their facebook page for different peoples "learn about Redd" perspectives.  The main idea is that people can tip each other in whole digits, instead of fractions..  Cos your not going to tip someone 1 BTC, your more likely going to tip them 0.000001 BTC.  Which just looks ridiculous.   =)

kinsten's profile

Michael Marneros
New Zealand

What do I do?
I work for a Software Development company teaching people how to use our amazingly simple & yet complex software.  I also test the software for bugs, and help come up with ideas for improving our software for our customers.

What do I do when i'm not working?
Usually at home enjoying my wife's company or enjoying time with friends, & playing games or watching tv/movies. I love most kinds of movies.

I love computer games and music. I have taught myself Piano, and created my own style and sorta tinker from there. Compose my own music & currently working on some Electronica projects. You can download and listen to some of my works for free from here.  Or check out my soundcloud here.

Yes, they are terrible inventions, sent to make peoples lives supposedly easier. So far I get enjoyment out of the ease of communication (I hate hand writing letters) & how close it has made the world. Constantly called upon by friends to help with somewhat simple tasks (removing viruses, installing applications, hiding the material they want hidden from their partners).

Web design & Hosting:
I dabble in web design, getting the occasional contract via friends or through word of mouth.  Here are some of my projects. 

Trott's Garden - Internationally recognised garden design, Alan & Catherine Trott are my first customers

Container Waste - Recent project presented to me by their graphic designer

The Cheshire Cats Grin - My wife was diagnosed with cancer & she REALLY needed an outlet.  So I setup this wordpress blog to express herself.  We also decided to trial those Penguin Cold Caps to help prevent her from losing hair during the Chemo.

Darjon Vineyard - A venue for weddings or events.