Topic: ★[ANN] [NAV] NAV COIN - Community Fund Live!!! - page 394. (Read 2085654 times)

Hi guys,

There are a few points which I think it's important that everyone understand while discussing the coin swap process.

We are doing everything in our power to notify Nav Coin users of the swap so they can participate. We are personally funding paid articles and advertisements to make sure we spread the word as far as possible. We have been in constant communication with the exchanges who trade NAV and asked them to notify their users of the switch and help us with this process.

Nav Coin has a large following and almost 1000 pages on this forum. With your help through social media we can make sure that everyone hears about the swap and has a chance to be involved.

We are not trying to make the swap occur silently to gain profit from unswapped coins. We will shout it from the roof tops. We want everyone who rightfully owns Nav to get their coins swapped. This will be proved when the advertising campaign is launched.

The only reason for this coin swap is because it is the only realistic way we can deliver you all the features we want to see in Nav Coin. When we implement the new wallet, the old block chain and wallet generation methods are simply incompatible. If we could easily retrofit the new features to the old chain, we would do that instead. However if we want to have a mobile wallet, web wallet, raspberry pi staking unit and other modern features, this is the only way to do it without wasting many more months of development time. So we are left with no real choice but to do the coin swap.

The reality is that there will be some (currently unknown) amount of unclaimed coins at end of the swap process. I personally believe this number will be small due to the steps we take to notify everyone. We have previously posted our strategy of how we deal with the left over coins. Remy 5 said it correctly, we will not personally be taking the coins at the end of the coin swap. They will have their custody transferred to the Nav Foundation. The Nav Foundation will hold the coins and attempt to perform manual swaps for any late comers to the process. After this, the remaining coins will be used to fund future development and pay hosting costs of the anonymous network which ultimately benefits all users of Nav Coin.

Agrees, yes.

Otherwise ill lost my coins, yes?

Swap is necessary for the further development of the coin, so the best would be to send your NAV to bittrex.

Guys i dont understand this "swap" thing because my english is bad. When i bought navajo more than year ago, i promised myself that i dont touch it untill 1nav will be worth 1 dollar and since that time i keep it in safe place. Do i realy have to send my coins to bittrex for some procedure, otherway ill lost my coins? Or i understud something wrong? TIA

This is one of those days when I am very happy to not be part
of the DevTeam or foundation.

In fact the question has pretty delicate ethical implications, and it is
easy to have doubts, bad moods or misunderstanding.

I hope that the automatic translator not make errors and respects the right
terms, which in this case are important.

If I understand correctly from the official announcement, what the team will
have to do, it is not to take the "ownership" of unswapped, dormant or
abandoned sums, but rather intends to take the "custody", a subtle but
important difference.

If you allow me the parallel, the DevTeam will be like a shepherd with the job
to care a flock of sheep for grazing, he will have control over them and the
responsibilities that them are not lost or get sick, but in the end, the
shepherd must return all the sheep to the rightful owner when he requests it.

However, as the sheep can produce milk without being consumed, the orphan sums
if enabled at staking potentially can produce a small annual gain, and without
touching the initial total.

I guess this is the gain, which in future will be entrusted to the foundation
in a separate fund, and that the foundation from time to time, will authorize
the use of this fund to pay for server expenses, and keeping alive and healthy
the blockchain, which mean in this parallel, for the good and live of the entire
population of sheep.

Of course, considering the sensitivity of the matter it could be placed a number
of restrictions and rules of conduct, both ethical and technical, but this is a
subject very wide.

Obviously this is only my point of view.

Yes but the name is now NAV coin.

Navajo it's a digital money!...?   

So total coins 59,599,414 NAV (coinmarketcap) and if somebody dont read about this swap and lost 2 weeks for Bittrex market swap + after 2 weeks for manual swap by the dev team and miss this time window he lost his coins? Many people have many different coins as "long term investment" and not checked their news/status so how many coins will not be swapped from this 60 000 000 coins ?
If 20% coins not be swapped by wallet cryptsy + people with small wallets with several thousend coins or I (hope not) somebody from top 30 rich list wallet its 12 000 000 nav which not will be swapped and "any coins which remain unswapped after the final cut off date will be entrusted to the Nav Foundation and used to help cover costs for the 12+ servers we rent to run the anonymous network and to fund Nav Coin's future developments" ?
So after this swap Dev Team (if 20% coins not be swapped) can have extra 12 000 000 Nav coins for free to use
Top 30 rich list have wallets 500k+ coins and top 90 have wallets with 100k+ coins. So many smallest wallets abandon or maybe big wallets not tracking can be not swapping and they coins go to Nav foundation as costs servers and future developers ? 12 000 000 coins for 4 dev team members is 3 000 000 coins or for 6 members is 2 000 000 coins for each.
So swap Nav its free donating because who dont tracking coins lost them ? If 10 % coins not be swapped its 6 000 000 Nav coins to dev team. I am sure that abandon or forgotten coins will be 10%+ (with cryptsy ofc).
Pakage show his wallet adress long time ago and I thing his bought his nice amoun Navs but I am not happy if dev team take all not swapped coins in ratio 1:1 for free because was swap ....
If I something dont understund tell me when I wrong.

The coin numbers should be the same as it is a 1:1 swap but I'm not sure what can be done about those that are locked up in failed exchanges like Cryptsy.

Hmm so pakage the amount of nav coins will be the same after swapping or lower(- coins from cryptsy)?or this coins will be also used for nav foundation?

I've posted a change request at coinmarketcap.com because they are still using the old name:



I gave them the new media repository on github. I hope that they can change it quickly! I've told a friend of mine about NAV Coin the other day and he couldn't find it on cmc because he didn't know that "Navajo Coin" was the one we were talking about! 

Hi Bitwho,

Most of your questions can be answered by reading the original announcement: https://bitcointalksearch.org/topic/m.14532355

When we finalize the swap date with Bittrex will be publishing an article with all the swap dates and information on a list of popular cryptocurrency news websites. We hope that our articles and our other paid advertising reaches as many Nav holders as possible and gives them appropriate notice to participate in the swap. The last thing we want is for legitimate Nav users to miss the swap!

The Bittrex swap will occur approximately 2 weeks from the date of announcement. After the Bittrex swap, we will be running a manual swap for which I am currently building the deposit and transferral system. This manual swap period will run for an additional 2 weeks meaning the coin swap will occur over the period of 4 weeks. Beyond that, we will take swap requests on a case by case basis, but we would hope that everyone has already swapped by this stage. Any coins which remain unswapped after the final cut off date will be entrusted to the Nav Foundation and used to help cover costs for the 12+ servers we rent to run the anonymous network and to fund Nav Coin's future developments.

The new coin structure is the same as the current coin, it is a continuation of the same coin for all intents and purposes.

The subchain based anon system is already operational (however currently down for maintenance) and has now been ported to work with the new block chain and wallet.

You can find more about our anon system and how it works in our white paper here: http://www.navcoin.org/files/navajo_whitepaper_march2015.pdf

And you can read about my current project to decentralize the anonymous system here: http://www.navcoin.org/files/nav-decentralized-whitepaper.pdf

For information on our other upcoming projects, please visit the projects page of our website: http://www.navcoin.org/projects

Cheers,
Craig.

Assuming a lot of these coins will not be swapped due to lost in exchanges and other reasons. Eventually what will you guys do with the coins not claimed ?

How long will you keep the claims ongoing for the late comers who will probably miss the swap at the exchange?

I am going to guess few millions coins of the of lost coins wont be claimed, dare i say up to tens of millions (probably stuck in cryptsy alone). Based on previous markets behaviors, this should make this coin even more rarer and thus hype spike. This would attract the attention to users who were not aware of the swap and come running. I think i recall reading that you guys will hold on to the rest of the coins for a while for the late comers. I would still suggest you come up with a deadline now or as early as possible. This way it is transparent and public, and who ever comes much much later and complains, it would be publicly known that they had all the time to participate on the swap.

Is the new coin structure and stake percentage same as the current?

also will there be any info how the annon will run?

Is there any new features?

got anything else you can share at this time?

I some how believe annon feature could be the only use that can take a POS coin to a new level. hope the major focus is on this feature more then the others : )

Hi Everyone,

Quick update from us. We are still testing the Anonymous Network with the new blockchain, it has taken a little longer than expected but our testing should be finished today / tomorrow. From there, we will submit the new code base to bittrex and set the date for the coin swap and distribute our press release to all available news websites with the confirmed date.

I have finished my job for the week and the next 4 days are Nav development for me. During this time as well as testing the Anon Network I will be building an automated system to manage the post-bittrex swap as suggested by Remy 5.

This will enable anyone who is unable to swap through bittrex to have a reliable method for swapping their coins however Bittrex will be the first point of call for all swaps.

I have started building this in NodeJS and will be using this as the base of the code for the decentralised anon distribution since it can be compressed and hashed to check for file integrity.

Talk soon,
Craig.

Hi mate,

when you swap we will hold a few coins to ensure the chain is still moving. The manual swap wallet will be staking the network!

Um I gotta ask a stupid question excuse my ignorance.
here goes ,

If most of us swap coins wont the old blockchain grind to a halt without staking making it very difficult for people move and swap their coins and leave it vulnerable to attacks? making an automated system kinda risky ?

Yes, I have. I don't know Bittrex's status in China. However we are in the process of building an automated swap outside of bittrex and we will keep you updated on the process as the details unfold.

Cheers,
Craig.

Did anyone receive messages in their inbox to say people in China can not register for Bittrex for the swap?