Topic: ⚡[ANN]⚡ ▐░Espers [ESP]░▌▐░PoW/PoS░▌▐░HMQ1725 Algo░▌ ▐░New Features░▌ - page 396. (Read 924226 times)

I say give them all away in the form of promotions. Get more exposure. When you give them away, the value may increase. If you burn them, they are destroyed and value is not affected.

Okay so here's the rundown.

If we burn:

- Everyone hardforks and chain is completely re-calibrated (hardcap must be redone or the chain will never reach the 50B intended Cap)
- This will cause delay in development as there will need to be time put in for updating, upgrading all nodes and informing all exchanges, service providers of hardfork.
- The Devs go back to raising funds for giveaways and promotions as we would all only have our personal balances like before and hence why there were little bounties ever tied to this, everything else was given away
- On the positive the chain will payout longer before hardcapping.



If we DONT burn:

- Development can focus on features and updates
- The chain technically would have picked up where it left off (as ESP2 was premined the same amount as ESP1 will be mined out to as of the end of swap date)
- Unswapped Espers2 would go into a community voted upon "trust" address. Where they would sit in stasis only being scraped at for community agreed upon faucets, giveaways, competitions and such (THIS WOULD BE A COMMUNITY FUND)
- Overall market value doesn't become affected as the unswapped coins will never be spent by the dev team in any markets yet current  and new users would benefit from being able to run faucets and the like.


That's our outlook on the situation. There is considerable voicing in favor of burning for market value increase, this will not increase the market value at all. There are still 50Billion total coins to be made, if many are burned it simply means the the miners and bagholders will gain more over a longer period of time to offset the burn and ESP2 would not longer pickup from ESP1's spot in terms of total mined coins.

As for the political correctness we agree with. It is absolutely unfair for the dev team to split it up like a fat bonus check or anything of the sort and that was never the intention.
We simply thought of this as an excellent opportunity to utilize already accounted for coins from the first chain that were not claimed due to users exiting or other reasons for Pushing Espers, we don't even have a faucet for users to be able to go to to get into this, we don't really have any bounties to offer other than the ones that the dev members personally choose to pay for, it's a little ridiculous and a COMMUNITY fund would solve this issue.

Everything would be voted upon by the community including what faucets were used, what the payout rate is, what giveaways to run, and the list goes on of course.
Otherwise like we said before, we do not mind burning them and we will if that is the final decision by the community.





Burning the coins would have ZERO impact on value




This ^^^ is what we're trying to say. Again IF it is decided not to burn the COMMUNITY would be the one's in control of the functions that dispense anything from the fund





Once ESP1 shuts down the ticker will be changed from ESP2 to ESP. It is only a temporary measure during swap.



@Everyone,

We only argue to state a possible beneficial alternative to burning that we saw. We want to work with you and aren't going to twist anyone's arm.
That being said informing you all that there is an alternative to burning that also doesn't wind up in a dev's pocket is possible and probably a great choice.

Again, we will burn if that's the end decision but let's discuss this a little more first. We have some time prior to swap end to discuss proper usage of the unswapped coins.
(Bear in mind that the Novaexchange swap will not account for 2 of the Dev's funds being swapped and few other users as there were some manual swaps done)

just send me all the unswapped :-)
or burn them...

by the way is it possible to let the coin symbol to ESP instead of ESP2
as investor i'm always suspicious about coin version 2

Reading through this I tend to think stick with the plan rather than burn anything. I am hardly knowledgeable enough to know the effects of burning or not but to me a resource for marketing and promotion of Espers seems rather needed at this stage. The coin must be known about, does that not go hand in hand with usability and liquidity, value even?
As the hard work of the developers is added to Espers these new features must be promoted to attract new users to the project bringing along with them strength and life to Espers.

IMO value is also given by the trading volume but as long as the coin is traded in litoshis it has from zero to very low attention

"Value" is not a valid argument IMO. The value of the entire chain depends on the practical use for it. If the practical use requires a high amount of coins (which was the reason I voted against lowering the coin amount during swap), if having much fewer coins would essentially render the whole thing unusable for the planned use cases, then well we will need another swap to increase the amount of coins again. Re-using unclaimed coins from other people is politically incorrect though, albeit much simpler than doing another swap.

@CryptoCoderz What negative effects would result from the hard cap being reached "too fast"? I don't think mining plays an essential role in applying a currency...

Yes, burning the coins is the best option too, I think.

This coin needs some valve and could get it with less supply.

I also believe burning them is the best option. Less supply means mor chance for this to get any value

http://earlz.net/view/2014/10/22/0340/provably-spendable-altcoin-burn-addresses

Here are some instructions on how to create a burn address
https://bitcointalksearch.org/topic/how-to-create-burning-address-on-altcoin-1108597

Send it to EsperEaterAddressBurnTheWitchAtTheStake1234 or whatever. Someone who knows how to compute a valid address make one. Or Send it to 100 people who tweet it and 50 people who put it on their signature.

Since we want to let the old chain die, there is no sense in using unswapped coins. You probably can't even sell them all, and the price will be very low.
I'd burn them, so they can't call scam.

@DigitalCurrencyConsultant, could you please stop writing in bold letters? This is ridiculous, I don't even mind quoting your text.

There is one thing though, your argument is correct. The success of the overall project in technical terms should be #1 priority, not politics. But being politically correct should not be ignored either, if possible.



Oh I remembered that correctly? That's kinda relieving

I was thinking more along the lines of creating a burn address and send the unswapped coins to it, instead of forking the current chain.
This is what I have notice with other coins, when they did similar swap thing.

As I said before, this only makes sense if there are a very large percentage of unswapped coins.

Developers mentioned to burn all not swapped coins when a swap was announced.
Whats the reason of changing mind?

Less supply -> more value -> bigger investors interest to buy it.
Also 2 month of mining by ESP1 and ESP2 network generetes 2x more ESP2 - should also consider it.
my vote - burn

ty

The other thing to consider is there would have to be a complete chain recalibration if we burn that many coins so as to not  hardcap short. So do we really want to fork?

Just our two cents.

We can of course put this up for vote. This should be beneficial for both newcomers and the ones who have been with us since day one though.

If the community is divided in its opinion, I would like to see a voting being done.
All the new comers to this coin want to earn more free coins, so they will argue to keep it for promotions and the people who had been with ESP for a while
may want to see the value of their coin rise. You dont need a phd from a financial related school to understand this.

The voting only makes sense, if the number of unswapped coins is a good percentage of the total supply.
So lets wait for the final figures.

I agree.. team is wise enough to think about good solutions to spend properly an amount that can lead the coin where investors want it to go. This is the contrary of a slap in investor's face!

It is up for consideration, however promotions and future giveaways are also a tempting idea.




The unswapped coins would be put into a separate address which would only be used for giveaways, contests, promotions and that sort of thing. Heck another option would be for us to slowly increase block network payouts with the amount not swapped.

We are not going to pull some nonsense, we have always aimed for legitimacy and transparency. If the community decides that instead of re issuing the coins back into the network they should be destroyed we will destroy them.




Why would you consider this a slap in the face? It's intended to be quite the oposite. Now community members such as yourself would be able to get more ESP here and there over a considerable series of giveaways and increased block tx fee payouts to both stakers and miners.

There are many intuitive ways the the coins can be reused without dropping the price and causing investors to feel cheated which is and never will be the intention.

We think that if the community were to have the unswapped address available in the ESP2 chain for transparency and every giveaway was announced and approved upon by the community with reasonable payout so as not to shock the markets then we could actually grow the project.

The outcome ultimately lies with the community.





We'll have a look shortly, thank you very much

Thanks for adding the logo.
And to quote me