[ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained]

[thisisit]

One thing that may not be clear for everyone: we are talking about an officially sanctionned, legally-recognised Fund under the French jurisdiction (with all the tax-deductible thing also). Not a Facebook fan page or the like.
If you want to read (or stress-test) the bylaws, follow the mintcointalk page link above.

This is good because it means individuals and corporations can save millions in taxes by being involved with the endowment fund for charity (legally).

why would these corporations not donate directly in fiat? the whole cryptocurrency thing is about not having to pay tax. only when the fund is converted back to fiat ( depends by whom ) taxes may/maynot be paid. depends on organisation structure. i cannot see why there would be a need to register this fund officially. can someone elaborate/explain.

They probably would donate directly in fiat. But then it could be changed into Mintcoin by the endowment fund. Price of Mintcoin could rise a TON if millions are converted to Mintcoin.

what i mean to say is: corporations will donate directly to charities, without going over the mintcoin foundation( fund ). how are you going to change this? what is the unique value? trying to figure out if i should invest or not. all is very vague. launching a fund is one thing, actually getting it being used is a second thing.

[David Latapie]

To be clear:
1 . The Fund is not registered yet. Monday, I will go to the administration and get it registered (it will take one month to take effect)
2. It will be registered as in "if something goes wrong, the person held accountable can go to jail". Guess who will be this person? That should give you an idea of my commitment.
3. The higher the mintcoin price, the less of the premine will have to be used (nah, the French administration won't accept mintcoins )

[acceptance2]

One thing that may not be clear for everyone: we are talking about an officially sanctionned, legally-recognised Fund under the French jurisdiction (with all the tax-deductible thing also). Not a Facebook fan page or the like.
If you want to read (or stress-test) the bylaws, follow the mintcointalk page link above.

This is good because it means individuals and corporations can save millions in taxes by being involved with the endowment fund for charity (legally).

David, can you clarify one thing please. You state the fund is officially sanctioned and legally recognized, are you saying it is LEGALLY REGISTERED with French authorities? This is what's implied.

If legally REGISTERED with French authorities (meaning individuals are held accountable and responsible for said actions ) this is great news.

If it's not a registered fund or foundation, doesn't mean much.

Yes. We need to get it registered asap. When will it be registered?

Unsurprisingly, the actual person held responsible for it will be me (I could even go to jail if something goes wrong, so that gives you an idea of my commitment).

So the question was " Is it a registered fund or foundation? ". Simple yes or no answer will do.

[thisisit]

To be clear:
1 . The Fund is not registered yet. Monday, I will go to the administration and get it registered (it will take one month to take effect)
2. It will be registered as in "if something goes wrong, the person held accountable can go to jail". Guess who will be this person? That should give you an idea of my commitment.
3. The higher the mintcoin price, the less of the premine will have to be used (nah, the French administration won't accept mintcoins )

ah and how are you going to provide transparency? are you going to open books? is the administration public?

"if something goes wrong, the person held accountable can go to jail" if you loose say 10-100million mint.

you cant go to jail? since it is not a currency.. or commodity for that matter.

[David Latapie]

what i mean to say is: corporations will donate directly to charities, without going over the mintcoin foundation( fund ). how are you going to change this? what is the unique value? trying to figure out if i should invest or not.

Exactly like a startup tries to succeed in a crowded environment: find a way to be unique, like, for instance, actually donating money to a project.
Example: the Northern California reforestation effort could get a matching contribution from the State (tokyopotato for details). Small project, small but actual money. The community echoes this and look for other projets, whilst in the meantime our beloved dev continue getting merchant adoption.

[thisisit]

reforestation? are you kidding me?

[ShibeonBarkmont]

http://www.mintcointalk.com/index.php?topic=400.0  Join the conversation over at Mintcointalk

[acceptance2]

To be clear:
1 . The Fund is not registered yet. Monday, I will go to the administration and get it registered (it will take one month to take effect)
2. It will be registered as in "if something goes wrong, the person held accountable can go to jail". Guess who will be this person? That should give you an idea of my commitment.
3. The higher the mintcoin price, the less of the premine will have to be used (nah, the French administration won't accept mintcoins )

ah and how are you going to provide transparency? are you going to open books?

"if something goes wrong, the person held accountable can go to jail" if you loose say 10-100million mint.

you cant go to jail? since it is not a currency.. or commodity for that matter.

If it's registered with a public entity (any representative agency of government) it's public information. In the name of transparency I look forward to seeing a copy of the official application posted here for all to see. This will go a long way in showing people everything is on the up and up.

[thisisit]

To be clear:
1 . The Fund is not registered yet. Monday, I will go to the administration and get it registered (it will take one month to take effect)
2. It will be registered as in "if something goes wrong, the person held accountable can go to jail". Guess who will be this person? That should give you an idea of my commitment.
3. The higher the mintcoin price, the less of the premine will have to be used (nah, the French administration won't accept mintcoins )

ah and how are you going to provide transparency? are you going to open books?

"if something goes wrong, the person held accountable can go to jail" if you loose say 10-100million mint.

you cant go to jail? since it is not a currency.. or commodity for that matter.

If it's registered with a public entity (any representative agency of government) it's public information. In the name of transparency I look forward to seeing a copy of the official application posted here for all to see. This will go a long way in showing people everything is on the up and up.

yes, for fiat currency. i know. but how about the mintcoin transactions. how to provide transparency on that. is it going to be transparent as the premine? also i am amazed by the reforestation thing. that is definately an area of another coin.

[Party Hard]

reforestation? are you kidding me?

Oh, now you hate trees too? Or do you just hate land being converted to forests? Either way, your comments are very insightful. CLEARLY you are a standup individual. I've stopped ignoring you thisisit - your insight is priceless. Literally, it has no price.

[David Latapie]

ah and how are you going to provide transparency? are you going to open books? is the administration public?

The French administration is as public as the US or Finnish administration. But I guess you mean: will actual movement of money be public?
To this question, the answer is: the "general interest" status (which makes a Fund eligible for tax-deduction) requires financial transparency

For the gory details, here's the law:
http://www.legifrance.gouv.fr/affichTexteArticle.do;jsessionid=BB1390703E5A853F096A1039ECE78975.tpdjo04v_3?idArticle=LEGIARTI000019285221&cidTexte=LEGITEXT000019284897&dateTexte=20140322
This part in particular:

VI.-Le fonds de dotation établit chaque année des comptes qui comprennent au moins un bilan et un compte de résultat. Ces comptes sont publiés au plus tard dans un délai de six mois suivant l'expiration de l'exercice. Le fonds nomme au moins un commissaire aux comptes et un suppléant, choisis sur la liste mentionnée à l'article L. 822-1 du code de commerce, dès lors que le montant total de ses ressources dépasse 10 000 euros en fin d'exercice.

In plain English: at least once an year, the fund must publish financial results. If there is more than 10.000€ of ressources at the end of the fiscal year, an external auditor must be mandated too.

"if something goes wrong, the person held accountable can go to jail" if you loose say 10-100million mint you cant go to jail? since it is not a currency.. or commodity for that matter.

If I do something illegal, like abusing peoples confidence in a harmful way (asking for fiat money is), then yes. Bad accountancy, abuse of power... may also bring me to jail. Much like any registered company everwhere in the world.

Of course, if the Fund only get mintcoins, the problem is less important. Abuse of power would not lead to jail, but more to get a fine. Now, if EUR or other fiat are involved (for instance, mintcoin to euro), then going to jail is possible again (although unlikely; a fine is more probable).

Needless to say, I will need support, people. I'm not talking of financial support, but moral support. This is quite a burden, even for experienced people, to run a registered organisation.

[thisisit]

reforestation? are you kidding me?

Oh, now you hate trees too? Or do you just hate land being converted to forests? Either way, your comments are very insightful. CLEARLY you are a standup individual. I've stopped ignoring you thisisit - your insight is priceless. Literally, it has no price.

maybe you should read before you reply. i actually own multiple businesses so i know what a "burden" it can be. nevertheless, good luck on it.

i will first see how it goes. especially since reforestation is another coins expertise as well. that coin is low on price currently, but i know they are working on many things as well.

however, i am still feeling like mintcoin is always a step behind. looking too much at other coins...

[David Latapie]

reforestation? are you kidding me?

I am not.

[David Latapie]

If it's registered with a public entity (any representative agency of government) it's public information. In the name of transparency I look forward to seeing a copy of the official application posted here for all to see. This will go a long way in showing people everything is on the up and up.

Not necessarily. The French law for association loi 1901 (VERY common in France) doesn't require financial information to be public (same goes for private company, those which are not on the stock exchange) - the only public thing is the name, location and goal of the association.

But this won't be an association (association is similar to charities in UK, don't know for US). This will be an endowment fund. And endowment fund ALWAYS have public accountancy.

So, bottom line: acceptance2, you are right here

[acceptance2]

http://www.mintcointalk.com/index.php?topic=400.0  Join the conversation over at Mintcointalk

Much better to keep the discussion on a public forum. Directing the discussion to a forum controlled by insiders means they ultimately control the direction of discussion - not healthy for any organization - definitely not in the interest of Mintcoin holders (shareholders).

[David Latapie]

yes, for fiat currency. i know. but how about the mintcoin transactions. how to provide transparency on that. is it going to be transparent as the premine? also i am amazed by the reforestation thing. that is definately an area of another coin.

Crypto are off-limit if sent as such (which doesn't impede publication, it is just not mandatory). But if cryptos are converted to fiat, it works. Granted, conversion comes with a loss of money (two losses, because I will not use MINT to USD exchange, but MINT to BTC to EUR since the Fund will be in the Eurozone), but it may also increase legitimacy. This is a work-in-progress, inputs welcomed (here http://www.mintcointalk.com/index.php?topic=400)

Regarding reforesting being another coin's area: it is just a coincidence. We happen to have an interesting scheme here (someone working on this field and able to get a matching contribution). If it have been about helping organic agriculture in South America, it would have been the same.

[David Latapie]

http://www.mintcointalk.com/index.php?topic=400.0  Join the conversation over at Mintcointalk

Yes please. I will monitor mintcointalk.com in priority.

[mgburks77]

reforestation? are you kidding me?

Oh, now you hate trees too? Or do you just hate land being converted to forests? Either way, your comments are very insightful. CLEARLY you are a standup individual. I've stopped ignoring you thisisit - your insight is priceless. Literally, it has no price.

maybe you should read before you reply. i actually own multiple businesses so i know what a "burden" it can be. nevertheless, good luck on it.

i will first see how it goes. especially since reforestation is another coins expertise as well. that coin is low on price currently, but i know they are working on many things as well.

however, i am still feeling like mintcoin is always a step behind. looking too much at other coins...

I feel like you are offering tough, but valid questions. We do need something to put ourselves ahead of the pack.

[thisisit]

Will not jump over since my legit questions might be seen as FUD and might get deleted. i dont post to get deleted.

many people over here dont seem to understand that having these legit questions make developers ( and managers ) think about future problems they might encounter.

criticism is good, same goes for greed.

so this public forum is just fine.

[acceptance2]

yes, for fiat currency. i know. but how about the mintcoin transactions. how to provide transparency on that. is it going to be transparent as the premine? also i am amazed by the reforestation thing. that is definately an area of another coin.

Crypto are off-limit if sent as such (which doesn't impede publication, it is just not mandatory). But if cryptos are converted to fiat, it works. Granted, conversion comes with a loss of money (two losses, because I will not use MINT to USD exchange, but MINT to BTC to EUR since the Fund will be in the Eurozone), but it may also increases legitimacy. This is a work-in-progress, inputs welcomed (here http://www.mintcointalk.com/index.php?topic=400)

Regarding reforesting being another coin's area: it is just a coincidence. We happen to have an interesting scheme here (someone working on this field and able to get a matching contribution). If it have been about helping organic agriculture in South America, it would have been the same.

For those interested, here is the legal framework etc...

http://www.usig.org/countryinfo/france.asp

And below, the specific category unless I'm mistaken.

9. Endowment funds (fonds de dotation)

The endowment fund was established by Law No. 2008-776 of August 4, 2008 on the Modernization of the Economy, but related executive decrees are still pending.

An endowment fund is a not-for-profit legal entity that receives and manages the assets and rights of any kind that are contributed to it freely and irrevocably.

The endowment fund directly pursues a mission of general interest or finances structures that have missions of general interest and can have a fixed or indefinite term.

Founders can be one or more private individuals or legal entities. There is no minimum amount required and no prior administrative authorization needed for the creation of an endowment fund.

An endowment fund can be created as easily as an association. There are no standard models of by-laws to be complied with and no imposed governance. The endowment fund is managed by a board of directors comprised of at least three members.

The endowment fund can receive legacies and donations but cannot receive public funds except as otherwise provided by specific authorization.

Endowment funds benefit from the attractive tax regime applicable to Public Utility Foundations apart from the 2007 Law on Work, Employment and Purchasing Power or "TEPA Law" provisions (See Section V below for more information).

As of October 2011, over 600 endowment funds have been set up in a wide variety of sectors (environment, culture, social issues, etc.) over an approximately two-year period.