Topic: [ANN] OCTO - Resurrect 888 - New Counterparty Asset - page 32. (Read 37816 times)

hmm maybe he can donate some octo.

also i wonder if that balance on buttrex was shell's i know he had a shitload

i messaged both on here. i also messaged shell on reddit.

no responses from either.

thenotfatguy responded to me on reddit. but he was busy and kinda over crypto which sux.

anyone heard from ShellBunner or fedaykin?

http://blockexperts.com/888/address/8burnYouroctoHere4oCToPartyXRcdDgX

We actually used to do it this way, but another vote was passed with us that actually changed this process a little bit. With your coin though, i think a 1:1 vote is good to start with, but our vote coins are now only distributed to those that hvae folded in the previous month and you are only aloud to earn a max of 500k FLDCVOTE tokens per period. But thats because our coin is purely Folding, yours is not.

Thats the beautiful thing, we had a vote that changed the way we vote

good point. i mean we could definitely decide the first 2-3 months of OCTO distribution very quickly and then add on later

i suppose we could do vote tokens right after the burn. it will also be interesting to see as coins are distributed in merge folding and new users join the community how it will change in 2-3 months. I think having people outside of the burners and original community who have OCTO to gain with mining will definitely have opinions on future distribution. that will somewhat effect how much they hold vs how much they dump when we are finally on exchanges if they value having a say by voting. interesting factors.

So from what I understand, vote tokens can be distributed in accordance to the total amount of OCTO you hold in your wallet. The more OCTO you have in your wallet, the more invested you are, the more weight you can throw around in voting for different issues. Makes sense, why would a vote for someone who holds 200 OCTO be equal to someone who holds 200,000 OCTO. Every person counts but in the financial world, you have to keep your main investors happy. Some have more risk than others.

I'm sure you could just as easily send 1 vote token to each wallet address. Each address would hold the same weight evenly.

Very interesting to see how some of the OCTO votes turn out. The only close voting I have followed was some of SWARM's early votes. I was so new that I held my vote tokens and didn't participate. I really didn't have a good understanding of how it all worked at the time. I also have held FoldingCoin vote tokens but since I wasn't heavily invested and didn't fold I didn't want to skew the voting for those who that is their passion just because I held a token.

As we move along in the Counterparty world what types of things come up for voting and seeing how well the whole system works.

Keep in mind two things though:

1. We need to establish a general layout of how your first at least 2-3 months of Merged folding will be so we can get started right away after the deadline is hit
2. People need to have OCTO before we can do a vote, so it would need to be after the burn

Yes, I think the voting aspect is one of the best things about Counterparty. I can't wait to be able to use this since the whole premise is that it's a community coin

Remember, once you are on our platform, you could also hold VOTES for the OCTO community to decide. FLDC originally was 500k a day until its gone, but through a community voting platoffrm, that was changed to a half life where once 500 million are distributed, cut the disto in half to 250k a day and so forth

So you can start with something, then hold a vote after a month or so if it doesnt work out to change the process. I can help you setting up votes as well

http://foldingcoin.net/fldc-voting/

Ok I repasted your code.

As for merged mining. I have some ideas in mind for the amounts and we can discuss them but keep in mind, it will definitely sway depending on the number of coins burned.

The less coins we burn, the more coins dedicated to merged mining. I highly doubt we will be anywhere close to 40 Million burned. My original guess was 20-30 million. That's still a 5-15 million difference in what we could give towards merged mining. But we have to balance that with funding devs, distributing to counterwallet, a future crowd sale, contests and promotions.

My original intent was to have 20-25 million over a long, slow distribution so that the total market cap slowly rises.

Now, what do we consider slow? I think that at least 8 years. Just my opinion. I mean it's not a billion cap or even hundreds of millions so i don't think the need for going forever is there. Plus over the years if our apps and projects grow we'll need the liquidity.

Now we could just as easily go longer. Here's an example:

25 million total coins over 8 years:

3,125,000 coins per year
60096.1538 per week
8561.64384 per day
356.73516 per hour

And that amount can even be adjusted for time frames where there's halving. There could be bonuses for mining at the beginning and after a few months it drops and evens off.

I'm interested in hearing all of your ideas.

Just to confirm how our distribution works, if we are sending multiple amounts to the same address, the distribution server will automatically add them together and send them in one transaction so the cost will not increase. However, the headache of going through the google doc will still exist

Since this is now two weeks away, should we start making plans for Merged Folding? What does this community think, because we can announce it on our end, anytime you would like.

Last thing, OCTOPARTY, can you update the OP burn process to this code https://bitcointalksearch.org/topic/m.10563876 as the process in the OP still says Do not send to the burn address in various locations

Well there goes mining to the burn address!!    LOL

Ha thanks for understanding.

Ok I'll hang on so thanks, I want to keep your costs to a minimum and my curiosity can wait:)

by all means though. one test transaction won't hurt. just please don't do multiple transactions per day to the burn address.

I would prefer that you do it all in one transaction closer to the end of the burn. I can't stop you from sending some in now. But we really want to keep the total transaction count low as possible. I promise that anyone mining, if there are any issues and you waited to send in 1 transaction at the very last minute so that you can burn as much as you mined as possible, we will honor that and take care of you.

We will not say, oh too bad, you waited to late. As long as you contact me before midnight and let me know you waited due to mining and now the transaction won't go through or whatever the issue is.

What we don't want is everyone sending in a ziillion separate transactions because then we either will spend a lot longer going through them before we can send back, or spend a lot more BTC in transaction fees when sending back.

Just a quick question is it ok if I burn all my Octo now and then burn more later(still mining)? Or should I burn it all in one go to save you on multiple transactions?  I'm itching to test it out:)

Corrected.

No problem. We will correct it when the block explorer shows the transaction. Thanks for the heads up.