Topic: [ANN] OCTO - Resurrect 888 - New Counterparty Asset - page 11. (Read 37841 times)

OK, I registered, but I don't see the lounge.

Haha yeah it does! Maybe that's what we will call it And, yes I love that you can use a token for something so simple. The fun part will be finding other ways to use tokens and coins in unique ways that help consumers and businesses. A forum is just the start. LTB as a whole is a great platform that rewards users for participating by posting, liking posts, commenting on posts, submitting content like writing blogs, recording podcasts, etc. Very unique. When it makes it's way to social media, that whole realm will change. When LTBcoin has the ability to purchase or is worth more in BTC trades, I think you'll see more users participating. We can do the same in the OCTO and Counterparty system overall. Bitcoin does it as well. But Counterparty and specific tokens can really create ecosystems that surround brands, ideals, groups in ways that Bitcoin can't.  It's an interesting time in crypto. I think we are on the cusp of seeing some of these ideas gain traction leading into the halving of 2016.

Very nice. I am glad to see this forum. OctoInsider has a nice ring to it!

https://letstalkbitcoin.com/forum/board/all Octofame lounge should be available in menu on left!

Can you post the forum link again?  Please!!! 

OCTOFAME holders - check the OCTOFAME forum for early access to news about OCTO!

Sync your Counterwallet address holding your OCTOFAME token in order to view and participate in the forum at LTB.

You guys will receive early news posts before it's listed anywhere else. Consider yourselves OCTO insiders

Remember: What happens on the OCTOFAME forum, stays on the OCTOFAME forum. It will get juicier in the coming months. You will have access to news, betas, talks with devs, contests and possibly pre-sales if we figure out a fair way to do it!

Also, we did not collect email addresses. We only asked for your Octocoin address, Counterwallet address and the number of Octocoin you were burning. The date range was set and we followed through in that date range per the burn plan. 

As for the burn, we have not decided to do it or not. IF we do, it would be announced long before hand, open to everyone, and only for a limited time. Problem is, we open it to everyone and really be fair about it and we risk the total burn going even higher than we can afford. The only way I see to combat that is with a short time limit and definite penalties such as a 2:1 or 4:1 ratio.

I still think that most people out there will say exactly what you just said. It compromises the integrity of the coin. That worries me more than anything. We already are fighting perceptions based on burning from an alt. People will look at us as dumpers and themselves as future bag holders. That's one reason why I said we cannot have 40-50% of OCTO being burners. I thought staying under 20 million of the 88.8 million total was awesome. Hell even if slick had burned on time 21.5 million or so would have been awesome. My fear was that we may have been closer to 30-35 million of the total 40 million.

When you really break down what we have done with OCTO and what the exact plans are:

Total pre-sale: 75,000 (raise BTC for website, block explorer and distribution fees)
Total burned: 19,594,174
Total merged mining: 22,677,108 (over 8 years)
Total lottery faucet: 322,892 (that was minimum commitment, but also committed to calendar year. this could go up if participation explodes before the calendar year is over.)
Total Bounties: 50,000 (in future need to set aside a set amount for any future bounties. the first one was paid to a community member for doing a weekends worth of research that is being used in marketing project.)


TOTAL: 42,719,174 (this total has been distributed or committed to distribution)

Balance: 46,080,826 (this balance is for future distribution which includes at least: bounties, crowd sales, dev funding, promotions, etc.)

The thing about doing a burn and not starting a crowd sale from zero distribution is that what gives them incentive to buy your coin? The first thought in every investor's mind is the potential for burners to dump. That's why our coin is unique. We want to have a crowd sale or possibly 2 to fund projects. Right now if we held 1 crowd sale we could pad it high enough that maybe it offsets the worry of the less than 20 million burn. Hell, we could have 2 crowd sales at 20 million OCTO a piece and the first one is still about even with burners and a second one still gives the total crowd salers an advantage over burners.

The other good thing is that the almost 23 million merged mining is a slow release over 8 years and truly accessible by anyone with a CPU/GPU.

This was supposed to be all about fair, even, balanced distribution. The burn was supposed to be for people who really were Octocoin people and had stuck around through all the BS, not open so long that we had every person who ever bought Octocoin to come in and burn and we have almost 40 million OCTO right away. That would have definitely not faired well for future distribution. If we had even burned 25 million or a little more, we would have effectively put the balance available now at or under 40 million to future distribution. Granted, if we had 25 million up front, we may not have committed 23 million to merged mining. But I also think that it was super important to have that distribution that high so that for the next few years you have a definite, planned, known release of OCTO and it's higher than what was burned. That's fair.

I also think we have to consider the amount of work that goes into the burn. Quite a few people busted their ass planning and getting this off the ground. I personally have spent countless hours on this stuff because I want it to be successful. It is rather annoying that I have to think about doing a burn again. But if I have to I will.

Another thing to consider. The amount of tracking this burn will have. If we open it even for 24 hours, and advertise it for a month or 2 out, so it's fair that anyone can burn, and we set a limit that you cannot burn any coins past March 10, then you have to check and be sure burners aren't scamming. That's a lot of blockchain investigating if a massive amount of people attempt to burn. Even those who do not care about OCTO, may spam us, sending in massive amounts of coins, even coins mined after March 10.

We also risk the blockchain being functional. We saw what happened between March 8-10. We were barely able to complete the first burn. People's transactions would not go over 1000 and they were trying to burn thousands to millions. Also, what incentive does anyone have to throw hash at the network to complete the burn?

I said it before, I'm not against a 2nd burn as long as we do it right. But these are all the things I think about. These are the stresses. These are the things that we risk.

Thanks for everyone's input. It's very important. And remember, if you really believe in this project and what we are doing, OCTO is dirt right now on bittrex. There's no reason for anyone who wants to hold OCTO not to just buy it.

It’s all about fairness. No offense to anyone particular but no one who successfully burned their coins received email notification either. If you accept XXX then you have to ACCEPT ALL LATE COMERS. Everyone comes late with a reason. There should be no preferential treatment for all

And if you do allow preferential treatment(s), serious investors including me won’t support or buy this coin for sure

Yes, I'd really hate to lose his enthusiasm and input since he has been a key player in 888 and all. I do agree that within limitations that we should help him out and I don't think it would compromise the coin unless he has like 10 million or something crazy like that. A slow monthly amount until he is caught up would be the best idea in my opinion. I do hope other people will have input on this. Anyway looking good overall and keep up the fantastic work man!! Lovin it!

only one or two people. i also don't have a total number of OCTO from DJslick or if he would be willing to burn a partial amount. his last pm to me said that i couldn't let him burn because it compromises the coin, or something to that effect. so he understands the position. it's still doable within limitations. we will see what he and others say if they decide to chime in.

Has anyone else commented on this through PM?

That's a great idea. I mean we distribute monthly for the faucet anyways. It's no big deal to add to that transaction list so that it's slowly sent to extra burners. I still think there needs to be a short time period to burn Octocoin so that not too many people jump in. I also think that you have to be able to prove via the blockchain you are not burning any coins mined after March 8th. And last but not least there has to be a cap. We absolutely cannot accept more than 25 million  total. If in the first 2 hours 5 million coins come rolling in that is it. There is also a possibility that they will have the exact same issues we did on the last day of the burn where we could not send any transactions over 999 or whatever it was. Who knows the state of the blockchain. And nobody is going to want to mine for free to keep the blockchain moving for transactions. Thanks for the responses.

I'm all for fairness here.  As long as there is a commitment not to flood the exchange with coins or maybe release the OCTO over an extended period.  I'm relatively new to OCTO and it sounds like djslick has contributed a lot to its revival so would have a long term interest in it.  As long as control of assets doesn't get too centralized it's all good.  

Also its important to emphasize that it is exceptional circumstances.  OCTO isn't exactly expensive now so, people who missed out can buy it up cheap if they are genuinely interested in its future and not just out to dump.  I hold quite a lot of OCTO and agree with what HYPster said monthly allocation from 1:1 burn until all coins are transferred is a potential solution to avoiding a flood of coins.

He missed the burn due to partial ignorance and nobody should hold anyone's hand in this world. That being said maybe see how many 888 coins he has and then have him transfer it all to the burn address. Once confirmed then maybe do a weekly/monthly distribution to him until his coin count matches his burn? I also do not think it is fair to the to the other OCTO holders that you will make an exception, but his participation on the 888 thread should also be considered. This is a very hard decision to make and definitely needs numerous community input on how this will be handled.

well said.

my personal opinion, i think djslick was a major contributor to Octocoin and deserves to be in OCTO. i really wasn't aware he hadn't burned.

things to consider:

1. first and foremost, OCTO burn total has to be a relatively small % of the 88.8 million total. to us who were at Octocoin, that may seem unfair. to those who will purchase OCTO in a future crowd sale, that is a must. we are at a disadvantage. most crowd sales start at zero coins. my goal was to keep OCTO under 30 million with a preference of 15-20 million burned. every form of distribution must be somewhat even as far as power for sectors controlling the coin and potential weighted voting rights. if we had 40-50% of the total, nobody would buy OCTO, NOBODY. they would risk us dumping first thing and crashing the price of their investment. then you consider that we are distributing via folding. then paying devs with OCTO. then having a faucet. the only people who have a right to an advantage on this token are those who pay BTC to fund the projects and even they have to concede not having 100% due to the other forms of distribution.

2. you have to consider fairness. if i let djslick burn, i can control when it happens, how long the burn lasts and other factors but all is lost if i give him preferential treatment. with that comes risk of exceeding the low burn amount goal. luckily this can be minimized and even capped. however, nobody wants claims that we give preferential treatment, it kills our image.

3. you have to consider the power and control i posses. this is not intentional, it is simply that i created the token. at some point others will have to take control of some parts of OCTO. i cannot and will not be the end all be all of OCTO. it's not safe for anyone's investment. it's not good for our image. we said community coin. i could have easily said yes or no. i choose not to do that. i also urge everyone to be involved. with distribution to the faucet and folding monthly you will also see involvement from those groups as well, many who are not involved since Octocoin. as OCTO gains more value, we will hold it in multi-sig wallets and it will require multiple people to distribute it. lots of changes will be coming this year. lots of safety nets will be going up.

4. you have to consider public image and fairness in terms of attracting good people and devs to our community. everything we do now will help shape how we end up.

just my two OCTO we will figure this out. i urge your participation. this decision can potentially make or break us depending on how it is handled.

I think this is well said, but you must take into consideration this point.... What defines special situations and how as a community do we decide this? Should this be up for a vote? shoud this be handled on the forum? You all would know this individuals commitment to OCTO more then I would

Well my vote is to exchange him one for one as he has/was always been a key player in all of this. Exceptions can be made and should be in this case even though it was kinda his own fault (there really isn't any excuse for not checking the thread when you knew this was a possibility). Just my two OCTO.

chatted with Robert. messaged djslick to get his opinion. will bring the solution to the community for input. know that depending on what is done the most important thing is fair distribution, community support of decisions and also protecting the overall OCTO market. the solution has to keep the burn amount low compared to other forms of distribution.

also, we are dependant on Octocoin even working. our block explorer for Octocoin was down today but appears to be back up and still lagging behind. i'm guessing it takes a bit for their blockchain to catch up after it's down.