Topic: [ANN] JIFFY COIN |SHA256 - 5.1M Max Coins | on YOBIT and SAFECEX - page 6. (Read 20111 times)

One thing worth noting is that you're going to have problems with being added to certain exchanges (including Bittrex, possibly Poloniex) if the premine amount differs from the announcement. So, I would definitely suggest burning coins to be left with a 2% premine of the total supply. Escrowing a portion of that 2% is up to you, but it would certainly be a great step towards building trust with miners, traders, and the community. I'd suggest the following:

1) Burn down to 2% premine, keeping a total of 108,402 coins as a premine for simple integer math.
2) Developer retains 36,134 coins (1/3 of premine), and places 72,268 coins (2/3 of premine) into escrow.
3) 3000 coins could be released once a week for the next 12 weeks, resulting in approximately 2/3 of the premine being made available for development uses in the first 3 months and 1/3 (36,268 coins) left for future use after that.

Less coins - high price. It is good.

Need exchange. Interest will increase

I will give dev the benefit of the doubt, just saying with all that is going on with retargeting and coin becoming rarer and larger premine, I would hope dev would be more vocal here and fill us in at least once a day until the coin is standing on it's own two legs.

Then put the ENTIRE premine in escrow if those are your intentions.  Otherwise, your motives are questionable.

Fair enough, lets see what others have to say also. I get the impression you wont be happy if all the premine was burned and just accuse me of mining all the coins to date.

What is best for the coin and project needs to be done here. Im still only holding 2% for development.  Id even go as far as saying if im not allowed to use the escrow and still have it used for development is better than burning it. Unless you just want a quick dump and move on.

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Quoted for future reference. 

Sorry that you are "annoyed" by legitimate questions.  2% used to be enough to accomplish the things you set out to do in the OP. 

I'm very troubled by your oversight that resulted in your premine becoming MUCH larger than you had originally led on to believe.

Even if you do the right thing and burn down to 2%, I do question your competence, as will other investors in the future.

Development needs funds so the more we have the more we can provide. And not to me to anyone doing work. Servers etc.

I had no part on the insane hash rate and that was not good for the miners at all. The specs were all on the op and code available so this is as open as it gets.

If you like the concept and ideas being worked on please stick around.  Otherwise you are just annoying me.

Why won't you be happy?  Burning the "escrow" part of the premine  would be honoring the initial post.

Coupled with the fact that you and your boys probably were responsible for most of the hashpower on launch, it sounds to me like you are VERY happy.

I agree with ipominer comments and thanks for your support with the pool.
 
Im looking at doing the following

Total "usable" max coin supply to 5.2 Million

Burn 220 000 coins (4.06%)
108400 development premine in my control (2%) to honour initial post.
91600 Escrow premine also for development (1.69%) will investigate suitable third party but reccomendations are more than welcome from respected members.

If the community want to burn the escrow premine 91600 and not put it towards development. I wont be happy but want the coin to succeed so not planning on handing it all to escrow. This also opens up the ability for someone to help coordinate the use of these funds. Volunteers?

I Have more to add but will do in a few hours time with other updates and progress.

I will update the op then giving enough time to get responses as once coins are burned theres no going back.

Actions speak louder than words.

This does all seem a little too coincidental.  If you could accidentally not realize that your premine was going to be enormous, I wonder what other oversights you could have in the future.  

Don't tell us what you are going to do to make jiffycoin a success.  Show us.

If you don't burn the premine as IPOminer suggested...this is a scam through and through.  

Insanely large premine that you suddenly realized you had, insane insider hashpower on launch... I bet you and your insiders own quite a bit more than you wish to speak on.

Wow less than 24hrs since my last post and accused of abandoning? Thats a bit harsh considering what i will be posting shortly and what i have been working on.

No twitter yet  im not into hyping at such early stage in development.

Agreed. Dev if you want your coin known and people mining you should at least start with posting a twitter account, releasing news there for retweets and to get miners and exchanges interested. Are you planning on doing what it takes to make a coin or are you abandoning it already?

Hard to disagree with IPOminer in regards to the premine but maybe that's just wishful thinking.


The forum activity is right on par with the dev. You want people talking about the coin? give us a reason to.............

I agree with IPOminer on this. Seen it happen many times before.  It will also be easier to get an exchange if you do the burn.

this next bitcoin???

The problem with large premines is that it makes exchanges, traders, and miners wonder if the development team will simply sell the premine.

Currently, the premine is 420,000 coins, which is 7.75% of the total coins that will ever be mined. That's certainly excessive, and burning should be done to reduce that to 2% or less of the total supply, like the announcement specified.

The other issue with the premine is that in the early stages of a coin a percentage based on the total supply is out-sized. For example, the blockchain is at block 2688 now... 420,000 coins is currently 75.7% of the coins so far. (50 coins mined per block x 2688 blocks = 134,400 coins mined + 420,000 premine = 554,400 total coins so far.) Even 2% of 5.42 million, which is 108,400 coins, is still 44.6% of coins mined so far.

The ideal solution is that you would:

1) Burn 311,600 coins of the current premine -- this would leave a premine of 108,400 coins which would be 2% of the actual total supply of 5.42 million coins.
2) Escrow the remaining premine with a neutral third party which would release funds for development as needed. In that case, the premine would be guaranteed to be used for the intended stated purpose of development.

where exchange ??

Hi a quick update on plans and to do list all being worked on or planned

Original Post: Tidy Up, Rearrange, etc wait for newbie status to allow images to appear.

Roadmap: Create detailed initial goals in a visual plan.

Website: Create a basic website about JiffyCoin, as well as beta version for testing job search features and how to integrate Jiffy Coins into the site.  This will need to be done in stages, I can provide more detail once I play around with it.

Testing: Depending on community involvement I would like feedback and initial testing, which could change direction in the plans otherwise I will just go through with how i want it to work.

Faucet - on the to do list not high priority as it fits in more with Marketing

Marketing - Twitter setup, use of some of the premine to give out incentives/competitions, faucet.  Articles etc to get the word out about benefits of using the site compared to competition.  

Exchanges - I want miners to get some return on their mining resources as the coin wont last without miners and Im not looking at adding POS, so miners will drive the price.  I think its a bit early for exchanges, but feel free to contact smaller ones if they are interested in accepting Jiffy at this early stage.

Coin itself - android and mac wallets need to be done, not high on the priority list but can be done by anyone or later.  

Stability - Just keeping an eye on hashing power and difficulty, this is important as Id prefer to leave the setup as is, Just want to avoid too much speculation and having difficulty skyrocket and have miners leave.

This is just some info about where things are at.   I havent added any timelines yet so please dont ask just to fuel speculation. l keep an eye on the forum but may not reply instantly and hopefully the community can help with responses if known.