So which exchanges are you thinking of hitting first? Also if all the tokens are sold before the ICO finishes will this push forward the date when they will be listed or will you be sticking to the original schedule?
We're going to try for Cryptopia first, and then the rest of the exchanges listed in the first page.
I read this up and down and still do not understand what the burning of coins you guys mean, is it that holders of you coin will choose to participate in a burn process or it is automatic for all holders?
In order to reward deflation this coin was rewarding users with 125% of coins burns as a reward but I believe that bounty campaign has since ended.
Yea, people were quick to burn what they had, depleting the Bounty account. The raffle will have a burner smart contract implemented.
Quote
Another key ingredient to the deflationary mechanism that is embedded into Billionaire Token is the
Decentralized Burner Smart Contract. The Burner receives 20% of the tokens that are sent to the weekly
raffle.
Decentralized Burner Smart Contract. The Burner receives 20% of the tokens that are sent to the weekly
raffle.
Quote
The weekly Become a Billionaire decentralized raffle will be the basis of the deflationary mechanism
for Billionaire Token. Every week, users can send 20 XBL to an Ethereum Smart Contract address – this
is the equivalent of buying one ticket, more tickets mean a better chance to win. Users can buy an
unlimited number of tickets to increase their chances. At the end of the week, the Smart Contract will
choose three winners at random. First place will get 40% of the tokens that were raised during that week,
second place gets 20% and third place gets 10%. From the remaining 30% of the tokens: 10% are burned
– as an offering to the market gods. The other 20% are sent to another Smart Contract Address that works
like a twisted faucet – rewarding people for burning their own coins.
The Become a Billionaire raffle Smart Contract will run forever, and will have an internal timer that
will reset itself every seven days. The players are registered to the Raffle by creating an internal mapping,
inside the Smart Contract, a mapping of every address that registers tokens to it and their associated
number of tickets. This mapping is reset every time the internal timer resets (every seven days).
for Billionaire Token. Every week, users can send 20 XBL to an Ethereum Smart Contract address – this
is the equivalent of buying one ticket, more tickets mean a better chance to win. Users can buy an
unlimited number of tickets to increase their chances. At the end of the week, the Smart Contract will
choose three winners at random. First place will get 40% of the tokens that were raised during that week,
second place gets 20% and third place gets 10%. From the remaining 30% of the tokens: 10% are burned
– as an offering to the market gods. The other 20% are sent to another Smart Contract Address that works
like a twisted faucet – rewarding people for burning their own coins.
The Become a Billionaire raffle Smart Contract will run forever, and will have an internal timer that
will reset itself every seven days. The players are registered to the Raffle by creating an internal mapping,
inside the Smart Contract, a mapping of every address that registers tokens to it and their associated
number of tickets. This mapping is reset every time the internal timer resets (every seven days).
I am sure that a more thorough guide will be created for users who may not be familiar with Smart Contracts. The way I understand it, is the Burner must be "called on" to burn, and must have the tokens (the 20 percent received from the raffle) or it cannot burn any tokens. So, the more people who play the raffle, the more tokens will be in the Burner. 10 percent are burned immediately, as an offering to the market Gods lol . .
So, over time, the supply will diminish. With the upcoming poker game, which should be going because the ICO looks like it has been successful already, even in it's third day . . this will create demand. Demand on exchanges as well. Demand for the raffle. And demand for the Burner. All in all, a good formula for economic gain.
Are the devs going to put a limit in how much can be burned? Like lets say the supply has burned down to 1m left, will they still keep burning?
I'd like to know the answer to this, maybe your cut off is 100k?
There is no limit to how many coins can be burned. The amount burned will be a percentage of all the coins sent to the raffle.
So obviously as the supply will get lower and lower, this percentage will mean less and less coins getting burned.
We'll let the users decide how many coins will be burned, we won't impose any limits on that.
So what happens if there's only one person to put in for the raffle? Do they get their money back automatically? Is their a limit to the number of people who can participate in the raffle? Like 2 ppl - to a maximum?
