Rubycoin is nothing but yet another crypto-currency. Their #1 boast is that with Rubycoin its easy and instant to transfer "value" to anywhere in the world. This is not much of a boast, since ALL crypto-tokens achieve same. Rubycoin is proof-of-stake, which means no complex computer-centric "mining" is required, the inflationary coins are given out to those who "prove" they have Rubycoins. What is Proof-of-Stake (POS)? This is an important question since MANY new cryto-currencies are using proof-of-stake rather than proof-of-work (POW) which bitcoin made famous-- what with their bitcoin "miners".
Proof-of-Stake: Bitcoin began by allowing computers (CPUs or ASICS, Central Processing Units are the main "Intel" chip in your desktop or server, and Application-Specific-Integrated-Circuits are just SPECIALIZED chips optimized for doing miner-calculations at very low energy cost) to "mine" new coins (inflation). The computer's CPU is given an algorythm to run to solve a problem, the solution of which creates more "blocks" on the blockchain which the cryptocurrency can then use to record and prove transactions. POS changes this to allow computers with wallets containing that specific crypto-currency, in this case Rubycoins, to remain running in order to "prove" the wallet holds a certain amount of cryptocoins. The more cryptocoins you own, the higher your inflationary payout. Thus, your computer doesn't have to do a bunch of "work" to create new coins, the new coins are created by the wallets themselves based on how many you already have. So if the cryptocurrency inflation is 1%, then for 100 coins you get paid 1 coin.
Rubycoin must be bought via an exchange, and then you can either store the code somewhere (even on a piece of paper-- "cold storage") or you can keep your Rubycoin in the downloaded Rubycoin wallet. If you keep your wallet running, then when "time to stake" occurs, your wallet will get credit for the new coins minted. For Rubycoin, every 1.5 minutes a stake reward is given out to non-zero wallet balances connected to the network. Rubycoin has declared their payout is 5% per year. While this might seem like "making money", it's actually a form of inflation, thus the value of Rubycoin should go DOWN in all cases except when it is hoarded or used for actual purposes. By "actual purposes", ask your friends if any of them have gone out of their way to buy some Rubycoins so they can buy something off the internets! Yeah, so, if Rubycoins are hoarded and not sold, the coin price can go up via exchanges by people 'daytrading' them. Thus, Rubycoins are kinda worthless unless there's a USE for them-- is there? Stay tuned.
Rubycoin founders alotted themselves 1.2 million coins (plus interest) pre-mine, and a maximum amount of coins will be 60 million. These coins can be effectively sold via Bittrex (the exchange which allows Rubycoin trading) to anyone who pays with bitcoins. So whoever started this POS coin, is basically selling them to you in exchange for bitcoin which at least has a recognized brand name at this point. The owner of these 1.2mm coins can sell them slowly or fastly for cash (dollars even, after they exchange their bitcoin for dollars or yen or some other sanctioned monies), and then spend the money on whatever Rubycoin sees fit to spend it. Rubycoin, according to WorldCoinIndex, has 20.74mm coins outstanding, which gives Rubycoin a market value of $40 million. Not bad considering Rubycoin isn't much different from the leagues of OTHER POS coins out there.
Rubycoin creates new blocks every 150 seconds, and "rewards" are stepped down every month until 50 are ultimately given out at a time.
The most interesting part of this Rubycoin bologna, and why the value might be going up, is it's association with a trading platform called "TraderDaddy". TraderDaddy is a platform who's intent is to automate trading over multiple exchanges. But right now, it ONLY trades via Bittrex, so it's not clear what advantage it has over a direct Bittrex account. In fact, TraderDaddy is a bit suspect, bc when you put an order into TraderDaddy to trade cryptos, it doesn't immediately execute like you'd maybe be used-to seeing in a stock brokerage account. According to TraderDaddy, it "builds up your initial trading positions". This is not really explained in detail, so TraderDaddy might actually just be a method of allowing the Rubycoin people to profit off your delayed-execution of orders. Funny thing is, this is how big brokerages work too, but they at least have the liquidity to execute your orders quickly if that's what you want, while "trading ahead" of your market orders ("pay for orders order-flow"). TraderDaddy REQUIRES Rubycoins, so that's why people might actually be purchasing Rubycoins in the first place, and making Rubycoins value go into the millions. To use TraderDaddy, a minimum of ONE bitcoin is "recommended", which is nowadays over $5,000. Why do they recommend 1 btc? Probably bc it'll be easier for them to make money from your account if they can trade ahead of bigger orders, you can't exactly make much money trading ahead of a $10 order given the commissions Bittrex charges. However, a MINIMUM of 500 Rubycoins must be purchased by you and maintained in your Bittrex account. This means that to use TraderDaddy, you MUST buy Rubycoins and store 500 of them. THIS is why Rubycoin can go up in value, bc if more people sign up for TraderDaddy, more Rubycoins must be effectively "hoarded" inside Bittrex accounts. Thus HOARDING Rubycoins seems to be the #1 priority of TraderDaddy (in addition to any trading-ahead algos it may or may not have created to slooooooowly execute your crypto orders/trades), and thus there's a kind of circular logic pertaining to Rubycoins.
If you've gotten SOME kind of benefit from TraderDaddy, feel free to comment below and refute anything here. But from going to the Rubycoin and TraderDaddy websites, it appears Rubycoins and TraderDaddy exist solely for the purpose of making it's clever founder/founders rich. Maybe that's why it's hard to find ANYTHING on the actual Rubycoin founders; in fact, there's a few dead-ends when looking for this information-- or rather-- OBFUSCATIONS.
Rubicoin with an "i" has nothing to do with the cryptocoin Rubycoins, at least we don't think so. Rubicoin is some kinda investment-advice firm out of Ireland.
There's also "Rubycoins" with an "s" on the end. These were in-game payment solution to enable cross-platform (many games, instead of just one) payments. It was founded in 2009 and hasn't had any active twitter posts since 2011.
If you go to bitcointalk.org you can witness someone labelled "rby" who seems to answer questions about Rubycoin. "the plan is to buid products and services that only accept rubycoin as payment, increasing demand...."
That about says it all, Rubycoin exists to make Rubycoin founder/s money.
We'd avoid this one like the plague
sources:
https://www.rubycoin.org
https://www.traderdaddy.com
