Topic: [ANN] [888] [SCRYPT] OctoCoin ◦ The Power of Eight ◦ Don't Blink - page 8. (Read 297717 times)

https://bitcointalksearch.org/topic/m.10507881

Excellent work Squids. Thanks for updating the process Robert. Did they say total cost? NM you said trans fees was the balance for explorer?

OP updated. Donate BTC to the address below by Saturday February 28th. Your name will be added to the OCTO Wall of Fame and the 50,000 OCTO Bounty will be split between the donators. As soon as you donate to the address please follow Squids footsteps and post the transaction ID with the amount you sent. If we receive more than 15 unique screen names who have donated .1BTC or more, then I will up the 50,000 OCTO bounty to 100,000. .1BTC x 15 users = 1.5 BTC. All funds will be used to pay for block explorer, website and BTC fees to transfer OCTO out to users during the burn. Any left over BTC will be used to pay out another bounty. I will keep zero BTC after the block explorer, website and transfer of OCTO is complete. The remaining BTC, if any, will be immediately offered in another bounty along with some more OCTO.

Donation Address: 1fff2DwPLF3gYCgTL8HBNsLkmJfrhn5rd

https://blockchain.info/address/1fff2DwPLF3gYCgTL8HBNsLkmJfrhn5rd

It looks like we have a working Block Explorer! =)

I got an email from BlockExperts saying it was up and running;

http://blockexperts.com/888

It will take a while longer to fully load the block chain and sync up but is looking pretty good.  It still needs paying for but rather than paying for it directly I figured I'd start the donations rolling for the official donations address so it can be paid from there.  So, I sent BTC0.1 (TxId: 3398278d7ede920d13a8bb9ee1e0ee043b22c0219d109407faf5ceb772d8a13b).  We'll need at least one more small donation before we can pay for it (I forgot to add some for the transaction fee).

This explorer should also have a Rich List when it's synched which is something we didn't have before, that will be interesting to see!

/SquidsIn

I will update the process on the documents step by step for the burn

Strike that. Correction from Robert. Thanks to GW and Robert for a better idea. This cuts out all the emails.

Ok, so I think that doing a manual google docs is a bad idea, this community is correct. I have created a google form that should take care of what we need.


Please go here to fill out the form https://docs.google.com/forms/d/16a6AvxrfOQ_gzMrM3tH2iRlBvPX-OSge4QG_2rLDkYQ/viewform?usp=send_form

And go here to read the results from the form https://docs.google.com/spreadsheets/d/13nfukjfGvfwwI6Y2dUY13eVZLF6NmslkvXtx7GczO-g/pubhtml

Honestly though, while there may be other burners show up, we only have a handful of confirmed burners. For now I'ld say lets stick to email.

[email protected]

Octocoin address
Counterwallet address
Rough estimate of Octocoin to burn

https://docs.google.com/spreadsheets/d/1Y60M5mVcWTOWuiFb7InkjnJlx89IN7PduNG1FU3HPFo/pubhtml

So far we only have two listed and one is me.

Squids emailed them about the block explorer. I also sent a follow up email. It said allow for 48 hours for response.

One of the perks of working at an IT company: I work with guys who have forgotten more than I'll ever learn. Just had a discussion about the first project with a buddy at work who is a high level tech. Each time I have these conversations I learn about something I hadn't previously thought about.

There's a lot that goes into building a website that accesses Counterwallet in a decentralized manner.

I'm glad the world has plenty of smart people

But also think about that idea as a whole. Say 30 Million Octocoin 888 is burned and we issue 30 Million OCTO, then we have a community full of OCTO holders and no way to crowd sale OCTO raise BTC for projects, no OCTO to distribute as payments to devs/promoters so that they have a vested interest, no OCTO to use for promotions, no OCTO to use for sponsoships.

Even if we were to be listed at an exchange or you could sell it on DEX, why would anyone trade for OCTO?

See, Counterparty could get away with that because they burned BTC which had tremendous value and funded CP protocol development. Octocoin doesn't have that type of value, so you must allow others to come into the fold by trading, folding, purchasing, etc.

You must give the coin value and simply transferring 30 million coins from Octocoin to OCTO doesn't really achieve that. I don't think anybody would trade BTC or XCP for OCTO. And even if they did, then the burner who originally held OCTO gets some BTC out of it and OCTO has no way to raise money to fund projects to give it use.

I picture the distribution being something like this, and this is ONLY a draft layout. It will have to be discussed and scrutinized so that it works well for all parties, to include: burner, crowd sale buyers, folders/merged miners and those who receive funding for projects. Plus the distribution has to be fair since there is no typical mining like if you had your own blockchain.

30 million burned
22 million merge mined
22 million crowd sale
2 million Counterwallet Asset holders
2 million project distribution
2 million developers
2 million promoters/social media
2 million sponsorships
4.8 million left for future use

Of course these can all be adjusted and tweeked. We may not reach 30 million burned. I think the balance between burned, merge mined and crowd sale need to be as close as possible. But keep in mind the balance is that the other 2 key points of distribution should be close to even or slightly outnumber the burned as to gain trust from the community.

I also think that the merge mined should be a long term, slow distribution. We can reward the early miners with a higher payout and trickle down for a few years. That keeps scarcity.

Once we see how much we burned we can begin discussing the distribution further and in detail.

A new thread has been started by frameLAlife and could be found here https://bitcointalksearch.org/topic/ann-octo-resurrect-888-new-counterparty-asset-960933 but for this thread, a continuous posting will be required since we cannot access the OP.

as for the Mail Chimp idea, that is not a bad idea, however could that lead not false inputs from the community? If not, would that be something you could setup so we can see how it works? I like the idea

The Octocoin burn will begin soon. Burn your 888 in exchange for the OCTO Counterparty Asset. We will create 88.8 Million OCTO total but will only distribute the burned 888/OCTO at first. The burn ratio will be 1:1. The burn process will last for 1 month only and a snapshot of the blockchain will be taken. When the midnight deadline is announced you can no longer burn your 888 and the only way to acquire OCTO will be to purchase, trade or participate in FoldingCoin’s merged mining and other promotions. We will announce future distribution plans at a later date on the new OCTO bitcointalk.org and letstalkbitcoin.com forums. If you have any questions about the burn, please PM frameLAlife or FoldingCoin on bitcointalk.org.

Be aware that OCTO will be a community asset and is not associated with Octocoin 888 or it’s original developers. We as a community are choosing to leave the original, abandoned blockchain behind to participate in the Counterparty protocol on the Bitcoin blockchain. While we do have leadership in place that is planning the first project for the new asset, you the community will be free to use any available open-source code to build and promote your own projects in the community. However, please understand that certain projects, applications and activities will not be allowed to be promoted on official OCTO forums for legal reasons.

Please refer to the following instructions and follow this process to burn your 888 to the new OCTO Counterparty Asset. PLEASE NOTE: Do not send any 888 to the burn address until we have posted the link to the block explorer when it goes live. The following instructions will be posted to the most recent page until the burn period begins.

• Step 1 - 888 Holders please create a Counterwallet with these steps http://foldingcoin.net/counterparty-guides/#wallet
  
  
• Step 2 - Send all your current 888 to a single 888 wallet that you control. If you are going to continue mining, please make sure to mine directly to that address (or if you are using a mining pool, please start to withdrawal to that address)
  
  
• Step 3 - Fill out this google form https://docs.google.com/forms/d/16a6AvxrfOQ_gzMrM3tH2iRlBvPX-OSge4QG_2rLDkYQ/viewform?usp=send_form with the following information:
  
  
  • BTC address from your Counterwallet found in Step 1
    
    
  • Your 888 address with all your 888 from Step 2
    
    
  • The estimated total amount of 888 in your wallet from Step 2 that you will be burning in exchange for the new OCTO asset on Counterwallet (the estimated amount is for trying to get an understanding of how much 888 is going to be burned)
    
    
• Step 4 - DO NOT SEND any 888 to the burn address at this time, but rather you can confirm on this document that your information is correct https://docs.google.com/spreadsheets/d/13nfukjfGvfwwI6Y2dUY13eVZLF6NmslkvXtx7GczO-g/pubhtml
  
  
  • If you do not see your address here or if the information is wrong (such as your 888 address is not the one you wish to associate  with your Counterwallet address) please contact [email protected] AND [email protected] to resolve this issue and get your accurate address information added.
    
    
• Step 5 - Once the block explorer and the burn address has been verified and working by this community, then a deadline will be announced to send the 888 from your wallet in Step 2 to the burn address to receive the new Counterparty OCTO asset. The deadline will be 1 month after the explorer and the burn address have been announced.
  
  
  • DO NOT SEND ANY 888 UNTIL THE BLOCK EXPLORER, THE BURN ADDRESS, AND THE DEADLINE HAS BEEN ESTABLISHED. AWAIT FOR FRAMELALIFE TO CONFIRM THAT THESE FACTORS ARE OFFICIAL AND ESTABLISHED, DO NOT TAKE THE WORD OF ANY OTHER USERNAME AT THIS TIME
    
    
• Step 6 - Once Midnight on the deadline is hit, the 888 block explorer will be captured fully with the accurate information regarding the 888 wallet locations at the exact deadline time (this will then be available to the public to view). You must have sent your 888 to the burn address BEFORE the deadline has been hit. So any amount of 888 created after the burn will not be considered a valid exchange since it will be officially moved over.
  
  
• Step 7 - After the block explorer has been fully captured, then 2 days will pass to allow time for any discrepancies to be established from the Octo community with the amount of OCTO they will receive. During these two days, frameLAlife and FoldingCoin (Kris and Robert) will be uploading a new column to the publically viewable google doc with the exact amount of OCTO each person will receive who sent 888 to the burn address.
  
  
• Step 8 - After the 2 days have passed, then FoldingCoin will create a distribution address and send all the OCTO out to all participants who are partaking in the burn. this community needs to keep in mind, that for every 1 address receiving OCTO it will require 0.00006 BTC (this is not a service fee, but it is the cost of a Counterparty transaction). So If 1,000 people are participating in the burn, then 0.06 BTC will need to be provided to distribute the new OCTO funds.
  
  
• Step 9 - OCTO will become part of the Merged Folding family and you will continue to be able to earn additional OCTO by setting up your computer to partake in folding following this step http://foldingcoin.net/windows-guides/#setup
  
  
  • The distribution on Merged Folding will need to have the OCTO community decide the following factors:
    
    
  • Total amount of OCTO to be distributed on Merged Folding
    
    
  • Amount per day to be distributed on Merged Folding
    
    
  • If there will be a half life
    
    
  • How often to do the distribution (daily, weekly, monthly)
    
    
• Step 10 - Robert Ross will provide complete training to frameLAlife on how counterparty works, securing undistributed OCTO, Merged Folding, and anything else needed
  
  
• Step 11 - Begin to rebuild the features and direction of OCTO
  
  

That could be a simple solution though, instead of a 1:1 it would be a 1:10 ratio. That would be up to this community. As for "Why so many coins" If you only distributed what is burned, then only those who burn 888 will receive 888 and there will be no more for expansion. So future folks looking to eanr 888 could not.

Think of it like there is still 888 that could be mined, so there still needs to be OCTO that can be folded

Maybe more.

Yeah, Robert mentioned that idea. I mean we are talking a lot about taking care of the community. It's easy for me to sit here and ask people to help pay for the website or block explorer and of course it's easier when we all can kick in a little BTC. But in reality, why not reward them with the new coin right away. I think it's fair and that's one of the things we said we would do. We may reward all donations with the first issue of OCTO and a place holder for their names on the OP and website. Just as a little thank you and showing appreciation for those who committed some BTC to help get the burn going which moves us to Counterparty.

So I'll figure out the number and post it later today. I'm thinking 50,000 OCTO to be split between any donators to fund the Website and Block explorer.

Hey! We are all somewhat strange or we wouldn't be involved in crypto to begin with. 

Having a pre-sale to raise the funds needed to pay for the site and explorer is a good idea. People are more likely to help out if they are getting something in return for their BTC. It also rewards the community by giving them the first mover option on buying the new OCTO before the crowdfunding phase kicks in for the early projects.

Great idea, a form might be quicker and easier for all parties. I'm already working on the new announcement page also. The website I haven't started yet but plan on it this weekend.

We also discuss an early sale of the new OCTO in exchange for BTC to pay for the block explorer and website. So while you are donating to help pay for the sites, you are still getting some OCTO in return. You are actually getting the first OCTO issued besides the original 1. You will actually be getting OCTO issued before the burned OCTO.

That should be special. In some sort of weird way. Or maybe I'm just weird.

So we are guessing that we will roughly have 20-30 Million coins burned. Those who said we should have less coins, you are correct we would have to do less than a 1:1 burn.

Also, think about this. IF we created a new coin and only created the total amount that we burned, what would be the point? We would own all the coins? Then what? IF we owned all the coins created in the burn, nobody would ever participate in anything we did. Nobody will buy coins from a small group that owns them all, not even for any game or app to be created because if we are only selling a total amount of coins the only we own, what's the guarantee that we will even stick around?

So here is how you have to think about this. Octocoin holders can only be a fair % holder of the total amount of coins. No coin ever should be distributed to give people an advantage and most will already assume that with our burn we are trying to give ourself a dump advantage.

This is not a pump n dump scheme nor is it just some coin where we will own all the coins. Neither of those service us.

I had considered only doing 8.88 Million coins but when you look at all of the projects that may form around OCTO and need funding in the future you ned to have a higher coin count. The original was going to be 88,888,888 so I don't see an issue with simplifying that to 88.8 million. That seemed to be the most popular opinion in the past posts.

I'm sure some worry about the higher coin count and value of the coin. Well just remember while marketcap is important, there's much more to price than just that. Litecoin hit $49 at one point and they are a 80 Million coin. And we are still dealing with Bitcoin sitting between $200-$1200. There will be some alts gain higher prices in line with a rise in Bitcoin. If anyone remembers back in 2013, when Bitcoin was surging, so were many alts. So don't associate the number of total coins with price just yet.

The same way that mining only allows a slow portion of the coins on the market at first and then it slowly releases new coins to the market. That is also a strategy. With merged mining through FoldingCoin we will have a way to distribute a % of our coins over a period of time. We could distribute 20 Million coins in 3 months or 10 years. It's important to have a system that is close to traditional mining of your own blockchain like other alts. A slow release of coins to a broad group with bring stability to the coin and its price.

Plus, it's fair. We are getting our due with the burned coins. We are trading in a coin that has basically sat here for a year and done nothings and trading it in for a token that is going to do something. I don't know what all else will come from OCTO as far as other devs or others in the community developing around this coin but I have 2-3 ideas that I really want to do and I'm going to put the pieces in place to do it. And know this, some of the best things about having a project around your coin, is that you can help control the price of the coin. If you have demand for your coin at volume to use your platform or play your game or whatever it is, then holders selling can drive up the price and hold it there because you have the demand. Most playing a game or using a platform don't care about price per coin or token at first. They care about give  me $20 in tokens so I can play this game. They don't worry about the price per token until they see that holding can be profitable.

Also realize, besides merged mining there will be a crowd sale to fund the first project, bounties and promotions paid to users who help out, fees paid to devs who work on the projects, funding of the vending machine so users can purchase OCTO without going to an exchange, promo giveaway to Counterwallet users or other users who hold certain other Counterparty tokens, plus much, much more.

Remember, to make a coin useful will make your coin more valuable, but to make a coin useful costs money. The coin will need to raise money. Devs cost money. Other elements in place to make projects work, cost money. So if we create 20-30 million OCTO from burning we will definitely have to sell 20-30 Million in a crowd sale to have even distribution. You have to sell enough that buyers are not going to be scared of a dump from the burn holders.

I think the more we discuss these ideas, the more you will understand. Just know that some of you only need this coin to hit $1 and you will be getting a pretty big return. For a coin that only maxed out at 2 cents for a short time with virtually zero volume, I'm sure we can beat that. Depending on distribution and use, any coin can rise to a much higher price than what we've seen any digital coin at. So our focus will be on distribution and use.

Probably a better solution than continuously posting burn instructions would be to create a new thread with the burn instructions in the OP of it. Then, as we release the plans for the new OCTO, we can add them into the new thread's OP. I think FrameLAlife's other OCTOPARTY account may be a good username to create a new thread under.

Also, instead of everyone having to email their counterwallet and Octo addresses, we could set up a Mail Chimp account (free) and do a form that includes fields for each address and the amount to be burned to be entered in. Add the form to the front page of the website (really easy with Squarespace) during the burn period. The list from Mail Chimp can be downloaded in CSV format and easily converted to a Google Doc and updated, as needed. This will save time and human error by not having to manually enter each address to the Google Doc by hand.

QT client of the mining pool manager.

This Is True! I and  members in that mining community did have issues and ninja applied a rule  so as not to treat the octo pool as a coin bank!

I'm guessing to have it 888 in number.  its either that or move the decimal and have it 8.88 million, but then I doubt burn would be 1:1 ratio. 

Why so much?
Let's make as many coins as are burned.