What if I choose not to burn my coins?
you do not have to burn your coins. this coin will still be here. the blockchain will still be going. there are still some places to mine this blockchain. depending on how many coins are burned there will still be millions of coins left on this blockchain. i have no idea what plans other people working on this blockchain have, i'd message them if you have questions regarding that. but at the moment, anyone can come along and develop anything they want for octocoin.
Thanks for the information.
From this point I think I'm not going to burn my coins because I still like 888 which is mineable and I just don't like working with Counterparty which has a web wallet only (no QT client).
And it seems OCTO will simply make 888 a more rare coin.
For others who also choose not to burn their coins, there is an exchange we may go voting here:
https://cryptoine.com/votingspoken like a true bholzer.
each to their own, but who's going to maintain the wallet? and the huge premine will mean that the proportion of coins held by the original dev(
s) compared to other holders will be significantly weighted in favour of the dev.
i have a feeling the devs are going to burn their coins. so even they don't appear to have any faith in the original blockchain. i've tried following the trail and even had assistance from others. it's just too much to follow and too many addresses to try to block. i don't think they have burned any and maybe they won't. i just know there's been quite a bit of movement. i think that speaks to the state that the original blockchain will be once this burn happens.
i'm more concerned with some people who i thought were large holders who don't appear to have burned yet. however, messages were sent out to all posters and there's been a few months of talk about plans and there has been a roughly 2 week burn.
in reality we don't want all 41 million burned. it would be too lopsided for a fair distribution and it would be hard to gain investors down the road. in reality even with burn and merged mining, it would be a hard sell to get people to even buy in bulk at a discount in a crowd sale. luckily, there will be other perks and tokens given to the buyers to sweeten the pot.
thanks for all your input. i'm glad we have had quite a few in the community step up with their input and help. you, GW and all the donators to the fund are the ones who helped make this happen smoothly and quickly. i think we all have lives, jobs and family's so i like when people pitch in where they can.
guys, we really need to start thinking next step. we need opinions on the merged mining distribution. mining gives everyone a chance to use their GPU and CPU, no asics, and donate to a good cause to receive OCTO. it needs to be a good size of the coin and for a semi-long term. i personally have decided that 8 years is a good time. crypto will change so much, so who knows even in 8 years where we will be. we can do it for longer if the community wants. you can even set it up to just keep halving an kinda mine forever. i'm not sure what the best way is. i was originally thinking about a split between burn/mining/crowd sale/other as a 20/20/20/28.8 as a basic theory. however, we didn't know what the burn total would be. i was even scared that it would reach in the 30-40 million range in which it would be hard not to give a equal sale amount. it's safe to say at this point we prolly won't even hit close to 30. it gives us more flexibility. if we do a 15 burn then you could think more in line with 15burn/15crowdsale1/15crowdsale2/25mining/18.8million other.
the crowd sales would fund projects. the first project i'm already laying out. the second project, honestly, i'm hoping that someone else will come along with a great idea the community wants to see and we rally around them and raise some money for them to make it happen. now one thing that's important to remember, to keep funding more projects after the crowd sales we will have to establish funds for future projects past 2. so they have to be good ideas that can make profits and keep the wheel of projects turning. i think this first project will be a good money maker. but project 2 has to be something that can spurn funding as well. if we keep a % of profits out to fund projects between 2 profitable projects we may be able to fund at least 1 new project a year and maybe more
that would be awesome to grow and supply jobs. if the first project is successful, it should keep a few people working full time.
another thing to consider is the other section of distribution. other will include payouts to other counterparty asset holders as advertising, payouts to community for bounties, payouts to developers, sponsorships, etc.
one really bright note: of the coins i am burning, 250,000 was donated to me anonymously with the instruction to set up a developers fund. so out of the total burn amount, we already have a large amount to the devs without even distributing new OCTO for that purpose. we will post the address that hosts the developers fund and i'm sure more in the OCTO community will donate some small amounts over time. but some will have to come from the OCTO distribution.
if we just use the example of 25 million by 8 years for FoldingCoin merged mining:
3,125,000 per year
260,416 per month
60,096.1538 per week
8,585.16484 per day
357.715201 per hour
that's an even distribution. we could set it up over an 8 year period however we like. we could reward these early miners with a slightly larger payout. we could set it up to halve every year until 8 years is up. we have lots of options.
i am looking for community input on this. as burners and the original community we have the power to decide the distribution. remember, longer period and slower builds the total available slowly as the number of people begin to use OCTO.
