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Topic: [ANN] ColossusXT (COLX) Private| Sustainable| Grid Computing - Mandatory Update - page 142. (Read 149057 times)

newbie
Activity: 27
Merit: 0
People holding CV2 are still part of our community. It's the same coin, just an older implementation of it, and that's not their fault.
People should not be forced to check up on their coins every 3 months to prevent those coins from being destroyed. They paid real money for their CV2, and at 4 sats, that's still about 1.2 million dollars we're talking about.

The way we deal with CV2 will be an example for how we deal with COLX in the future. Destroying CV2 will also destroy trust in COLX, and dealing with CV2 it in a decent matter will also make COLX a trustworthy and valuable coin.

I don't want you to open your COLX wallet two years from now, expecting lots and lots of value, only to find out that your coins were replaced by some new "COLX2" coin and your value distributed amongst other people. I'm sure you would be pretty upset and angry if that happend. So let's not do that now either.

I hear you but it is a two way street.

Holders have at least half of the burden of keeping up to speed with their portfolios. This includes planning for situations where they may not be able to take action themselves.

The risks that come with having a huge pile of COLX sitting around waiting for a small inactive component of the community to get their acts together is significant.

The crypto community will not trust COLX until the leftovers from the swap are proven burnt, we've already seen FUD from this starting earlier in the thread.
member
Activity: 70
Merit: 10
Updated COLX Slack invite link: https://colossuscoinxt.herokuapp.com/

Should see less pesky scammers now!
newbie
Activity: 37
Merit: 0
Deflating the COLX economy is NOT stealing funds from the community, its quite the opposite!

People holding CV2 are still part of our community. It's the same coin, just an older implementation of it, and that's not their fault.
People should not be forced to check up on their coins every 3 months to prevent those coins from being destroyed. They paid real money for their CV2, and at 4 sats, that's still about 1.2 million dollars we're talking about.

The way we deal with CV2 will be an example for how we deal with COLX in the future. Destroying CV2 will also destroy trust in COLX, and dealing with CV2 it in a decent matter will also make COLX a trustworthy and valuable coin.

I don't want you to open your COLX wallet two years from now, expecting lots and lots of value, only to find out that your coins were replaced by some new "COLX2" coin and your value distributed amongst other people. I'm sure you would be pretty upset and angry if that happend. So let's not do that now either.
newbie
Activity: 27
Merit: 0
Burning that many coins would be nice for COLX price development but personally I think we shouldn't be stealing funds from our own community at all. OR we should vote about it (and only burn a percentage accordingly).

From page 1:
Unswapped coins: Once the swap is completed in 3 months all excess ColossusCoinXT unclaimed coins will be destroyed by Nova Exchange(*)
and no more CV2 Coins will be accepted.
*: Reserve 5% for initial funding of services and to get added to Bigger Exchanges (such as Bittrex.com).
For that purpose we will be selling COLX Masternodes to larger Investors.


So the current plan is to burn 95% of the unswapped coins at the end of the swap period.

If 3.6 billion COLX are distributed then 8.4 billion would remain.

5% of 8.4 billion is 420 million, or 42 masternodes worth with the current requirements.

Deflating the COLX economy is NOT stealing funds from the community, its quite the opposite!

It is also an AMAZING marketing opportunity.

Agree that whatever happens need to be decided by the community. Fortunately COLX has consensus tools we can lever out of the box.
newbie
Activity: 37
Merit: 0

...

COLX:
  • Circulating supply after swap  =  3,600,000,000
  • Masternode requirement = 10,000,000
  • Maximum potential masternodes = 360
  • Current masternode count = 20 (approx.)

If 40% of COLX gets locked up in masternodes the same as PIVX we're looking at only 145 masternodes which would give COLX a weak centralised network compared to PIVX.

However, if the masternode requirement was changed to 750,000 we'd have a scenario much closer to PIVX's current state

...
Obviously we're months away from the end of the swap but discussion on fundamental change like this should start sooner rather than later.

Thank you for that.

Burning that many coins would be nice for COLX price development but personally I think we shouldn't be stealing funds from our own community at all. OR we should vote about it (and only burn a percentage accordingly).

Indeed, masternode prices would be way off after a burn. The current max of about 1000 masternodes is on the low side already. Definitely something that should be looked into, thanks again.
newbie
Activity: 27
Merit: 0
Some thoughts on COLX masternodes?

Note that the assumption that the swap will end with a total supply of 3,600,000,000 COLX is a guesstimate, it could end up being way different.

PIVX:
  • Circulating supply  =  54,413,888
  • Masternode requirement = 10,000
  • Maximum potential masternodes = 5,441
  • Current masternode count = 2200 (approx 40% of total supply)

COLX:
  • Circulating supply after swap  =  3,600,000,000
  • Masternode requirement = 10,000,000
  • Maximum potential masternodes = 360
  • Current masternode count = 20 (approx.)

If 40% of COLX gets locked up in masternodes the same as PIVX we're looking at only 145 masternodes which would give COLX a weak centralised network compared to PIVX.

However, if the masternode requirement was changed to 750,000 we'd have a scenario much closer to PIVX's current state:
  • Circulating supply after swap  =  3,600,000,000
  • Masternode requirement = 750,000
  • Maximum potential masternodes = 4,800
  • Estimated masternode count (40% of total supply) = 1,940

Masternodes need to be affordable in the medium term for COLX to be successful.

Obviously we're months away from the end of the swap but discussion on fundamental change like this should start sooner rather than later.
sr. member
Activity: 2506
Merit: 368
Nice project great team, i hope you can get a lot of investors to become successful in the future.
full member
Activity: 161
Merit: 100
COLX will adopt zerocoin anonymous protocol?
newbie
Activity: 27
Merit: 0
Is there going to be a burning of extra coins? I wonder what the max supply with be?

Someone correct me if I'm wrong but the guesstimate for the total amount of COLX that will be swapped is 3.6 billion.

There was 12 billion in the premine to cover the maximum possible amount that could potentially be swapped.

So we could be looking at a 70% burn of the premine...!

member
Activity: 70
Merit: 10
Is there going to be a burning of extra coins? I wonder what the max supply with be?
full member
Activity: 122
Merit: 100
it seems all of the weak hands already sold, the price is increasing Smiley
full member
Activity: 216
Merit: 100
Last block is still 10124, so wallets are still out of sync. Manual intervention might be needed to get the blockchain running. Devs are working on it behind the scenes, so please be patient.

Good! I stuck now with 10124 now and storing my new swapped coins with novachange just in case.
Better to wait right now. Once a bunch of people start staking, the coin will move. I'd give it till 05.10. at least. (Launch date on NovaExchange Coin Swap Page: 28.09 + 7 days)
full member
Activity: 216
Merit: 100

I think this.
All users will wait a bit if there is a problem with the coin.
But was the question too difficult?
Or was it not worth the answer?
In the past six months I have collected one billion cv2, but sold it today.
I do not know why colx rich list is now
Before describing the problem with the coin
What the rich list coin is
If you do not answer, maybe 1 Satoshi
People will not buy.

You want to look at the Rich List?
Richest Addresses by Rank   Address   Amount

Here: http://www.presstab.pw/phpexplorer/COLX/richlist.php
full member
Activity: 183
Merit: 103
Crypto maniac - HODL
Last block is still 10124, so wallets are still out of sync. Manual intervention might be needed to get the blockchain running. Devs are working on it behind the scenes, so please be patient.

Good! I stuck now with 10124 now and storing my new swapped coins with novachange just in case.
newbie
Activity: 37
Merit: 0
2017-10-02 12:44 - CV2/COLX info
https://novaexchange.com/news/
CV2 ColossusCoin2 markets are closing on 15. October, 2017. Delisting due to a full coin swap to a new ColossusCoin XT Blockchain, please swap your ColossusCoin2 CV2 to the new ColossusCoinXT COLX BlockChain


I thinks its good to emphasize that both deposits and withdrawals and the CV2->COLX coin swap will be available till December, 28. At least, that's the idea.
It's just the CV2 markets closing because its declining price would keep the COLX price down too long.

Last block is still 10124, so wallets are still out of sync. Manual intervention might be needed to get the blockchain running. Devs are working on it behind the scenes, so please be patient.
full member
Activity: 338
Merit: 123
COLX - Spread the grid.
2017-10-02 12:44 - CV2/COLX info
https://novaexchange.com/news/
CV2 ColossusCoin2 markets are closing on 15. October, 2017. Delisting due to a full coin swap to a new ColossusCoin XT Blockchain, please swap your ColossusCoin2 CV2 to the new ColossusCoinXT COLX BlockChain
sr. member
Activity: 392
Merit: 250
Can't even say shit, COLX made me lose over 12 million CV2, had over 24 mil and swapped for 12 mil COLX. Am so mad right now...

You're joking trolling right?

Fixed.

Bet a lot of people feel that way. As i expected price went down enough to do a 1:1 swap if you sold all cv2 b4 the swap and bought colx instead (as i did). Did not expect the price to go down that low or i would have swapped 1:2 lol. And regarding the comment about the "goon" trying to make people panic sell at 1 sat, no need for anyone to try that, dev's doing an awesome job at making people do that. ;-)

Lol funny you should say that I've been waiting to thank you for your trading tip. I've had buy orders filled at 2 sats and bought some more at 3, will chuck in some more when my BTC clears later this evening. I thought I was happy with my earlier CV2 buys but this is basically heaven.

As for my "goon" comment you obviously haven't been watching the market very closely else you'd understand it. Wink

Anyway, overall thanks mate your advice earlier in the thread was excellent even if I didn't believe you to begin with. Grin Cool Cheesy

You are welcome. ;-) Been burned once b4 at a swap. Never again lol. :-D

Still didn't sell my old coins though but yeah much happier I got some extremely low too!

I have a question regarding the people that still need/want to swap. Was the swap not lasting 3 months?

Nova stated this:
CV2 ColossusCoin2 markets are closing on 15. October, 2017. Delisting due to a full coin swap to a new ColossusCoin XT Blockchain, please swap your ColossusCoin2 CV2 to the new ColossusCoinXT COLX BlockChain

I can answer this one...

So the swap will continue as announced and planned until 28th December 2017.

CV2 trading markets however will close on the 15th October 2017.

What this means is that there will be no more trading of CV2 on exchanges past this date.

Any CV2 that people hold in their own personal wallets, or any CV2 they hold on exchanges will still be able to be swapped to COLX right up until 28th December 2017.

The only thing you cannot do is continue to trade that CV2 on exchanges past 15th October 2017.

Does this make sense?

Sure does. Wink
member
Activity: 70
Merit: 10
Can't even say shit, COLX made me lose over 12 million CV2, had over 24 mil and swapped for 12 mil COLX. Am so mad right now...

You're joking trolling right?

Fixed.

Bet a lot of people feel that way. As i expected price went down enough to do a 1:1 swap if you sold all cv2 b4 the swap and bought colx instead (as i did). Did not expect the price to go down that low or i would have swapped 1:2 lol. And regarding the comment about the "goon" trying to make people panic sell at 1 sat, no need for anyone to try that, dev's doing an awesome job at making people do that. ;-)

Lol funny you should say that I've been waiting to thank you for your trading tip. I've had buy orders filled at 2 sats and bought some more at 3, will chuck in some more when my BTC clears later this evening. I thought I was happy with my earlier CV2 buys but this is basically heaven.

As for my "goon" comment you obviously haven't been watching the market very closely else you'd understand it. Wink

Anyway, overall thanks mate your advice earlier in the thread was excellent even if I didn't believe you to begin with. Grin Cool Cheesy

You are welcome. ;-) Been burned once b4 at a swap. Never again lol. :-D

Still didn't sell my old coins though but yeah much happier I got some extremely low too!

I have a question regarding the people that still need/want to swap. Was the swap not lasting 3 months?

Nova stated this:
CV2 ColossusCoin2 markets are closing on 15. October, 2017. Delisting due to a full coin swap to a new ColossusCoin XT Blockchain, please swap your ColossusCoin2 CV2 to the new ColossusCoinXT COLX BlockChain

I can answer this one...

So the swap will continue as announced and planned until 28th December 2017.

CV2 trading markets however will close on the 15th October 2017.

What this means is that there will be no more trading of CV2 on exchanges past this date.

Any CV2 that people hold in their own personal wallets, or any CV2 they hold on exchanges will still be able to be swapped to COLX right up until 28th December 2017.

The only thing you cannot do is continue to trade that CV2 on exchanges past 15th October 2017.

Does this make sense?
sr. member
Activity: 392
Merit: 250
I have a question regarding the people that still need/want to swap. Was the swap not lasting 3 months?

Nova stated this:
CV2 ColossusCoin2 markets are closing on 15. October, 2017. Delisting due to a full coin swap to a new ColossusCoin XT Blockchain, please swap your ColossusCoin2 CV2 to the new ColossusCoinXT COLX BlockChain
sr. member
Activity: 392
Merit: 250
Can't even say shit, COLX made me lose over 12 million CV2, had over 24 mil and swapped for 12 mil COLX. Am so mad right now...

You're joking trolling right?

Fixed.

Bet a lot of people feel that way. As i expected price went down enough to do a 1:1 swap if you sold all cv2 b4 the swap and bought colx instead (as i did). Did not expect the price to go down that low or i would have swapped 1:2 lol. And regarding the comment about the "goon" trying to make people panic sell at 1 sat, no need for anyone to try that, dev's doing an awesome job at making people do that. ;-)

Lol funny you should say that I've been waiting to thank you for your trading tip. I've had buy orders filled at 2 sats and bought some more at 3, will chuck in some more when my BTC clears later this evening. I thought I was happy with my earlier CV2 buys but this is basically heaven.

As for my "goon" comment you obviously haven't been watching the market very closely else you'd understand it. Wink

Anyway, overall thanks mate your advice earlier in the thread was excellent even if I didn't believe you to begin with. Grin Cool Cheesy

You are welcome. ;-) Been burned once b4 at a swap. Never again lol. :-D
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