Topic: [ANN] [888] [SCRYPT] OctoCoin ◦ The Power of Eight ◦ Don't Blink - page 18. (Read 297708 times)

I will put in my $20 to get this moving. I actually will put in more to ensure that this WILL happen! Thanks for taking this on!

Counterparty is a protocol that was created to run on top of Bitcoin. When they say Bitcoin 2.0 that is what they mean. People "burned" Bitcoin by sending Bitcoin to an address where it can never be spent again. They raised like 2400 Bitcoins back when it  was around $800 a coin I think. They created around 2.4 million XCP with the "burnt" Bitcoins. Now XCP is Counterparty's own currency.

The cool thing about Counterparty is anyone can create your own token to use. They also have their own exchange in wallet where any tokens created by people like use or other companies like StorjCoinX, FoldingCoin, GEMZ, Swarm, etc can be traded in wallet. But other exchanges carry all of those tokens and most trade for between half a cent all the way up to 5 cents. XCP is at about $2 a coin right now. But it's been as high as $8. Most Counterparty assets are listed in the top 50 all the way to the top 10 coins on coinmarketcap at any given time.

So the only altcoin that has "burned" coins was ScotCoin. They burned damn near their whole blockchain I guess cuz they created 1 Billion ScotCoins on Counterparty. Their ticker is XCPSCOT. I do not know how they burned theirs.

So vennd.io is a company that works with Counterparty, Swarm, Koinify and such that does Counterparty projects. They basically created a vending machine for websites where you put Bitcoin in and spit whatever coin, token or asset you create out.

So if you wanted to sell something virtual like a coin or something in real life and make a Counterparty token to represent that you could spend Bitcoin and buy whatever item it is.

The good thing about Counterparty is it's cheap to make. You can pay .5 XCP which is roughly a dollar and name your token, put whether the token is whole or divisible to the 8th decimal like Bicoin, choose the number of coins you want and either lock that number or leave it unlocked to create future tokens for whatever reason.

It will also allow things like smart contracts and other Bitcoin 2.0 features in the future as they develop them. Some of these things include smart contracts and betting through the blockchain. Some of this is already available even. Granted the betting blocks US IP addresses but with VPN you can try it out cuz other places in the world can use that wallet to create betting contracts that run on the blockchain.

We can discuss the burn and stuff on the call. Honestly we could just make a new token but how do you fairly distribute them? Without burning what ppl mined and paid for with Bitcoin, like Octocoin, and trading them out to an address that can never be spent in the future, how would we have value?

Now, all of the coins mentioned above have value, they were created when ppl spent Bitcoin and bought the token. The token was created and not mined but what really gives it value is the Bitcoin they spent and what that Bitcoin funded those companies to do. Whether it's projects or marketing, paying devs, we could possibally raise a lot of Bitcoin to pay for all of this if we burn Octocoin and create our token then hold a crowdsale to sell the tokens we make in the future.

It's weird to think about but Counterparty, vennd, Swarm and all of those companies got a lot of media attention and raised a lot of bitcoin to pay for their projects.

Also, nobody is saying we have to do this. If the majority of people aren't behind it there is no point. If people would rather not be a part of this, it doesn't have to be an Octo project. Some may not want to but I highly doubt anyone is ever gonna take over this blockchain and make it profitable for us so I figured I'd throw this idea out.

If you want to see how it works go to:

counterwallet.co and make a password for your wallet and post your address here.

I have created PTCRYPTO and I can send you that coin/token so you see how it works.

Counterwallet holds Bitcoin and any/all Counterparty tokens/coins/assets that will ever be created.

The 888 block chain is actually moving along just fine. The only issue was with Bittrex on a couple of withdrawals that they double-paid because of a conflicted transaction. The Octo code was a straight rip-off of Doge 1.7 except it was rushed to market before the Doge release. The Doge developers actually made a few changes before their own release. A couple of these relate to transactions, but really do not change the way they are seen on blockchain. Nevertheless, Bittrex will not re-list the coin in its current state and, even with a new client, we will have to show them real development plans before they will even consider listing it again.

The OctoCoin burn into OctoParty is an idea that frameLAlife came up with. I was skeptical at first, not being very familiar with the CP platform. After looking into it and seeing how other coins/tokens built on the CP platform were performing, I agreed that this was the best possible way to go. Since the idea was first put forward here, there has been a mainly positive reception for the idea. There are some other advantages of using the CP platform that should make implementing some of the project ideas easier.

I can update the OctoCoin client... but, at this point, I believe the swap to OctoParty is a better long-term solution. Join in on the Skype sessions when they are announced, and listen to the plans. Express your opinions. Either way we will make this work.


PTCCRYPTO.com has nothing to do with Octo. That is frameLAlife's site. Many people choose to have private domain registrations. If you have ever owned a domain and seen the number of spam emails you get each day from people who have searched your who-is info, you would understand.

The skype sessions are designed to let the community members know the plans and let them voice their opinions on how we move forward with the coin. Nothing is set in stone, that is why we want to have these discussions on Skype before we release any plans.

And once again... Anyone that doesn't want to participate in the swap does not have to. You can stick with the old Octo and try to keep it going if that is your desire. Nobody will be forced to burn their coins.

Is there any transparency with anyone in this plan?  Why does the PTCCRYPTO.com site have the domain information hidden?

Firstly, Octo was never intended to be just a gambling coin. The gaming aspect was only one of the eight promised applications... and even that was hinted at being developed for one of their "investors". There were many aspects to the devs plans/scam/whatever, none of which ever materialized.

As far as burning your OctoCoin into OctoParty... Nobody is being forced to do it. That is your decision and only you can make it. But instead of getting your knickers in a twist about it, maybe you should wait and see what the plans are for OctoParty. When frameLAlife posts the times for the Skype calls, get in on them and listen to what is planned and give your opinions. Of course, you could always send them to Xnigma and dump them into that 1 satoshi buy order there...

We want everyone that is holding Octo to be involved in the decision making process. We all started out in this thing nearly a year ago as a community following a "dev team". Now it is time for the community to take the reins and make Octo into something that we can once again believe in.

I agree. 

So - I apologize if I am asking already answered questions regarding what happened with 888 (as I'm been a way since a new baby came into the house :-)

The current 888 blockchain -- can it not be fixed by someone legitimate?  Is it just a matter of money?  Or does no one know what is wrong with it?  I'd be glad to invest some real money into this coin - love the 888 symbol.  From what I've seen, some people have given a fraction of a bitcoin here and there to someone to do something -- but then I got lost.

I can also put real hashing power behind this coin to make sure the gears start moving again (3 to 4Gh/s to start).

Can anyone give me a brief history of this coin and what happened?

for myself and the dozens who have no idea about, nor even heard of before... what is counterparty?

are we burning octo into another coin that already exists? is counterparty a coin?

or are we burning through counterparty which is a service, and it will turn into octoparty which is our new currency?

i'm glad to see some progress being made on taking control, but i'm just in the dark as to what this is really entailing. and what the $1500 is actually for.

also, there doesn't seem to be discussion on what to do with a new currency once we have it.

i'll say it again, as i've done 1000 times here already, we need a gaming portal. a simple, even text-based online poker app which people can bet with our currency. that's gotta be #1, and would make our currency immediately more useful than 99% of others, as you can actually USE it for something.

online gambling is where 888 needs to stay. and we need to keep the 888 ticker, i'm not burning 888 into CP.

One technical aspect we need to figure out about Counteparty for the first project:

Counerparty runs on top of Bitcoin. You can do automated escrow with Bitcoin. Can you set up automated escrow for Counterparty?

From what I understand you can store Counterparty in a regular Bitcoin address. Counterparty and any tokens created on Counterparty is using the Bitcoin blockchain and addresses already.

If we have a project where multiple people pay into an address and the winner is paid out to their address that they sent the payment with?

I will continue looking. I would think it would not make a difference but it may.

You also have to think, since you can store Counterparty in a regular Bitcoin wallet and in Counterwallet and you can set both of those up in to the website, which one should be used? Will that make a difference in coding escrow transactions to pay winners?

I know this is vague. But it is also pretty straightforward. Don't want to give away exactly what the first project is but we need to see what is technically possible. Of course I  will be questioning some devs on this as much as possible in the next 2 weeks.

Any input is appreciated.

Any OctoCoin that you pick-up between now and the time of the swap can be exchanged for OctoParty. While we are waiting to finalize the details of the OctoCoin/OctoParty swap, you can still be acquiring OctoCoin by either mining or trading.

There is only one active pool (that I am aware of) right now: http://ltcd.lifeforce.info/ Do not mine at Fusionhash... they have not made any payouts and have had backend issues since December 1, 2014... The Fedaykin (Edric) pool has been offline since the middle of December. The good news is Octocoin mining difficulty is pretty low, so you may be able to pick up a few blocks solo mining, too.

Xnigma is the only current exchange trading and there is some OctoCoin to be had very cheaply. I created an account and bought a few earlier today as a test. Now, I am just waiting for them to be transferred into my wallet. Withdrawal seems to be a bit slow there... Not sure if they are manually verifying each one or what. I would advise to be careful while trading there. Is there someone who has experience trading there that can enlighten us on how quick their withdrawals usually are... how well support responds... etc. If not, I will report back later when I finally do get my withdrawal processed.

to expand a little more on what GW said: it will depend on vennd.io's schedule for the burn. Those dudes are legit and busy. However, we can do our part and at least get the website up and the new threads, facebook, twitter, reddit, youtube, all this going in a few weeks. anyone that is good at writing, we are going to need someone to prepare and re prepare press releases. we will probably need to run any press releases by vennd.io before we announce anything.

as for the first project, we think we have a good idea. remember, CP is very new and exciting platform. as devs and their community grow and add features it may give us a lot of options for future projects.

Well guys, This is frameLAlife. My account was locked/suspended... i think for 7 days... for you guessed it: spamming. Maybe they will unlock it soon.

I see some familiar names from messaging you all last night. I went through quite a bit of the 200 pages of posts.

If you need me I guess PM this name for now.

As for a timeline:

1. Gain interest here and set up a group Skype call so we can discuss a little more in depth.
2. After discussion hold a pre-sale or buy in for the burn. If I can get Jonathan from vennd.io or another dev from there on the Skype call I will.
3. Hold the Burn. Will it be possible to hold this in March around the 1 year anniversary or at least announce it and have the website up? I have no idea. We need to raise the BTC to pay for the burn and vennd.io will probably set the date and we can try to get some media attn about this. There may be octocoin holders who are not even on this board or aware.
4. Begin the planning stages for the crowd sale. This will take a lot of discussion and planning in the community.
5. Hold the crowd sale.
6. Determine how we ended up for the crowd sale and start pushing the development of the first project.

That's just a basic plan. We need to discuss things more and see what vennd.io says.

I think we can get this going fairly quickly though if we can get the word out about the burn.

Vennd.io quoted $1500 for the burn and we need a website for them to implement the code to accept Octocoin at a Counterwallet address.

We will discuss more, but don't let the word presale or $1500 scare you away. IF you are weary or broke but hold octocoin, you can still participate in the burn. We need original coin holders who mined or spent bitcoin for octocoin for this to work. However, if you do participate in the fund raiser, pre sale or whatever we decide on, you will be rewarded, either with a better tradeout ratio that 1:1, or as GWCalvert suggested hold a presale of 500,000 for like 2 satoshis a piece, and when we figure out how to implement the voting system, we can issue you some extra voting power since you were willing to raise the $1500.

Think about it: 100 people at $20 a piece is $2000. That's fairly cheap per person. I'm sure there may be some heavier hands that want to purchase more so maybe the pre sale is the way to go. That way of you only have $5 to spend you can still help out and get some OCTOPARTY.

Again, we do not want people to feel like they have to spend more money. You spent plenty of time and Bitcoin the first time around. We are not here to scam anybody. We will discuss holding the Bitcoin in multisig wallets before payment is sent to vennd.io.

3-5 people will have control of the Bitcoin so that you know someone can't just take off with it. I think we can make this as fair and transparent as possible.

PS. I am not a dev. There's a reason I went with CP and didn't take over the Blockchain. When we hold a crowd sale we will figure out how to get a CP dev to implement Counterwallet into our first website project.

If anyone knows a good Counterparty dev that is trustworthy and affordable please refer them here so we can begin building relationships with these guys. We need to vet them, get to know them and see what their experience and intentions are.

I'll say this, an anonymous donor has already committed 250,000 OCTOPARTY to go towards development and promotion. Yes, we will have to pay Bitcoin as well but there will be some opportunity for everyone in the community to step up and do something that you are good at and experienced with.

If you have coins at Bittrex, they need to be removed by the end of the month! Richie posted here that they would be closing the 888 wallet and that all coins should be withdrawn before the end of January.


frameLAlife will be posting times for Skype group chats in the thread. After having a few of these discussions, sharing plans and getting feedback from the community, then a final timeline will be set. The goal is to get the swap going around the 1 year anniversary of Octo (March 8th).

The whole idea is to keep things as transparent as possible... to be the opposite of the original devs  There have been several ideas floated for the direction and projects of Octo. By getting the whole Octo community involved in deciding the direction and the projects, it will make for a better coin where everyone has an input on how things are done.

That being said; not all projects that get proposed can be taken up, even if they are wildly popular. There are many areas to look into when deciding on a project including: time, resources, cost and legality. We want to keep things moving forward and add features/services for Octo on a regular basis. This will keep current community members excited and also attract support from a whole new group of OctoManiacs.

Bottom line is... There have been some discussions going on that have laid out a rough plan for Octo and we need the community's input before any final decisions are made. We are looking at an untapped target demographic. We really don't want to discuss the exact ideas in the open thread (and have someone steal our market by hammering out another shit-clone overnight) until they are finalized and the community is ready to move forward. At the same time, we want to be transparent with and involve the current Octo community: Hence, the Skype discussions.

I can say this... The target market we have in mind and the Octo name/theme are an excellent fit. 

Bittrex always works fine, never had any problem.

I was able to send coins from Bittrex to my wallet.

Thank for this pelase save 888

just a question i had my coins on bittrex but market has been removed few weeks back but my balance still shows up. Can i still get my coins in my wallet ?

I am definitely interested in this. Thanks for taking the initiative!! Truly appreciated. Can you please give us some insight on timelines, etc. on when this when/will take place. Awesome man, just plain awesome!!!

Good work LA,

i am interessting to see what will be happen.

regards to all

We will discuss this more on the skype call soon. But when you send your octocoins to the website vennd.io will conduct a burn of octocoin in exchange you will receive OCTOPARTY coins. The ratio needs to be discussed. We could trade out at a 1:1 ratio. We also could trade out to a higher ratio for people that pay part of the burn fee. Or we could just do a pre sale of a small amount of coins to raise btc to pay the burn fee. We want to make it as easy as possible for octocoin holders to burn their coins. If some cannot afford to pay and we have a way to pay the fee then that's fine. We still want octocoin holders who mined our traded btc for octocoin to be able to participate.  Vennd.io will charge us for the burn and we will discuss why it is worth it to do it this way on the call.

Another cool thing about Counterparty is the voting. We will figure this out but you will get voting rights to participate in future decision making and project voting. I think it's a good idea to give original octocoin holders some extra votes since we were the originals and paid btc for octocoin back in the day.

We have a good idea for the first project but we will need good ideas and voting for the community to decide where to take OCTOPARTY after the first project is launched.

More to come. I hope you stick around and see if you are interested in making the jump.

Well I got a start. 16 pages and my 120 message limit in 1 hour. I think breezing through close to 200 pages is doable by the end of this weekend.

What do we get in exchange for burning coins?