Topic: [ANN] ParallelCoin - DUO - SHA256 + Scrypt | Community Takeover - page 8. (Read 61159 times)

Parallelcoin / DUO can perfectly be used to wire your funds from one wallet to another. So easy, you only need to follow these 3 steps to get started:

1. Download your DUO wallet from here and install it: https://parallelcoin.info/download/Parallelcoin-qt-v1.2.0.0-Win.zip

2. Start buying your DUO coins from one of the following two exchanges:

https://www.altilly.com
https://novaexchange.com

3. Transfer your funds from your exchange to your wallet and use your DUOs for save, secure and anonymous payments, from wallet to wallet.

The transaction fees are very low, so perfect for your transfers. Try it!

I am looking forward to the new DUO wallet, as it has CPU mining included...

Everyone with a normal PC at his home will be able to mine DUO coins, like it was with CPU mining in the first Bitcoin days.

What I had today with guys from NOVA I did not have ever in my life with any IT related company in term of responsiveness.
Those guys are fabulous!!!
First, trax0r sent them logo to change, done in a few hours. Then I wrote to the guy from NOVA on our discord regarding my observation on exchanges and he said that he will forward my message to someone in charge for that question. Just after 15 minutes coin manager join our channel and wrote me a full explanation. He wrote that direct to me not some bullshit copy/paste (I know that because of many typos he made). Believe me when I said I have a huge amount of experience and because of that, I am someone to who is not easy to be convinced, especially for crypto, but he wrote me all details from how they began, how they do monitoring, how they keep coins and how their system is organized.
The conclusion is that we can be fully confident in NOVA as a fully legit and serious exchange which came here to say for a long time.
If there is someone so stupid to be still on yobit my strong advice is to transfer to NOVA.

Very well said. This is why Bittrex doesn't list coins for a fee. They know from the history that more than a few times malicious code has been put into coins, that coins lost userbase completely and went offline. They don't want to associate themselves with this nor expose their users, and investors, to this risk.

I am aiming to make sure that once we have new software and the new protocol ready, that they will be able to easily review it, and determine that it is a lower risk. The fact that they do list Decred is a big plus in our favour, because our codebase is based on the same basis.

So, be patient, we are making sure that we do this right and I concur 100% with marcetin in that, once we get listed on bittrex, a lot of things are going to change.

I want to add that Altilly is also full legit exchange by my way of looking at exchanges matter. They are also a fully registered company with a variety of services in the field of cryptocoins. Funny thing is that they are the same as NOVA from Sweden. As I said they fulfill all my standards for legit exchange and they even have photos of people in charge.

---

Those were my good thoughts about NOVA and Altilly. Lets now look at the bad side.

Cryptsy was legit, Cryptopia was legit.... but they all have the same issue which these those two from Sweeden also have. They try to list as many coins as their capacity is but I can bet they don't count "a full source code review" from experts in term of their capacity. The full code review is not something you can perform in 10 minutes. There are really a lot of coins which are basically dead. No devs for months, as I see mostly POS coins survived as nobody needs to mine them. So beside of intention of those exchanges to get more users by listing all possible coins, I see no other purpose as people even don't trade them.
My point is to learn from others and from the past and not to let the same mistakes happened again.
We are witnessing what is currently happening, "shitcoins" are dying slowly but surely. All clones without true purpose and usability will probably vanish from serious exchanges and there will be left only true projects with honest people behind. Ok, not all are honest but you got my point. I know some will be traded still after that on scam exchanges as yobit and similar, but if we want to be serious we should never even look on that side.
To summarise, my message to all exchanges is STOP listing or adding coins for which you did not make a full source code review and do research regarding a project itself.

Well, I think it would be good to focus on Nova.

 I have part way finished registering there and I'll be putting some DUO up to bring buyers to it.

I think if we focus on it as our trading venue we have a better chance of getting noticed in the noise of the crypto space.

As I see it Nova exchange is a full legit Crypto-currencies exchange. The company, Goobit Exchange AB is registered in Stockholm Sweden. There are full details listed with even names of staff and board of directors. So, as far as I get they are very serious in their exchange business.

Due to the interesting nature of trading at Nova, I am seriously considering getting signed up, I would have done so sooner but they require mobile phone number and I don't have one. So I am getting one sorted out today and plan to place about half my remaining stack at quite decent prices to encourage some liquidity to develop there. However I will stick with Altilly if it seems a wiser option.

2 profiles, or just 2 people

Direct prohibition of accounts doing both sides of a transaction doesn't stop sybil attacks for those who are determined to do this, it just takes another person to collaborate or to use a stolen identity if there is KYC limits on this kind of size.

But one does have to wonder what is in mind... Anyone who follows the chatter at our discord would know that the 'total supply' is for sure under 200,000 (118k is from cryptopia liquidation) and probably is realistically more like half what coinmarket cap says.

I'm selling part of my dev payment stack so I can finally pay my tax bill here in Serbia and finish getting my work permit sorted out. I am almost there, just need a few hundred more euros worth of bitcoin in my hands and that is settled at last.

I figure I should also make a quick update here too... I have been bashing my head against the horribly tangled dependencies and mess that I worked from for some time, so I decided to go back to the foundation and break apart its tangle and separate things as much as possible. First task is already done, it is now possible to write another application that deploys a btcd node as a concurrent process inside it.

Once I have split everything into bite sized pieces I will be branching it to reintegrate all the changed parts that make it into a Parallelcoin node. The changes are mostly all ready and tested since months but I was getting snagged on the final integration because of this mess.

I guess not, as NOVA exchange does not allow to buy own orders....

Its just one person buying hes order

I was thinking that this what is happening to DUO is the same on all other coins as we see BTC rise in interest, but after checking dozens of other coins I saw just a few having this level of rising of the attention. Thing is we don't bullshit and just keep working, with all obstacles we have in the life and on the path of development, and a lot of people still have no clue what we are preparing. So, as soon as we start releasing finished stuff without promises and preannouncements it will move interest higher and higher. I see all this as just the beginning, as some people showed interest just because they saw a piece of our work. Anyhow, let's go step by step, first release the new wallet and do hard-fork, then get to exchanges with larger amounts of volumes. After that comes connecting stuff we already made before... then we will implement tendermint/cosmos with sporedb as a buffer for usage in making decentralized apps and subchains... which all will be leading to FreeBSD based, GoLang layered, full HTML/CSS operating system for crypto coiners, developers, traders, etc... which will work on all devices. This is something like a roadmap in short.

Another thing what I want to point out is for all guys who charge anything like tweets and other bullshits. There will be an organized fund after hardfork for sharing links, tweets, translations, etc.. so it will be needed to be involved not just to be paid. All things here need to happen naturally, people interest, amount of tweets, as we are not working on this coin to produce some exit pump or to have any kind of volatile market, but to develop a business platform for us and give people chance to work with it. The money will be consequence of our work, which will again just give us more power to get employes and make things be done faster.

 

Last night the market price of DUO did rise to half a btc (0.50000000 BTC) on Nova Exchange for some hours...
seems someone wanted to buy a bit of DUO for a high price....

but who knows.. maybe this market price will get normal for DUO in the near future?

=======  VERY IMPORTANT ANN   =========

Dear members of the Parallelcoin community,

as you are aware, Parallelcoin is currently traded on yobit, altilly and Nova exchange. While it is in the best interest for every cryptocurrency to be traded on as many exchanges as possible, the Parallelcoin team has been actively monitoring various scam accusations against yobit and various shady dealings attributed to the infamous exchange. Complains about stuck deposits, stuck withdrawals, fraud at the dice game, failure to update wallets and non-existent support have become the norm for yobit and have even been personally experienced by some of the Parallelcoin core members.

Consequently, the Parallelcoin team has decided that it is in the best interest of the community that Yobit exchange be banned from trading Parallelcoin (DUO).
We urge the community to IMMEDIATELY WITHDRAW THEIR FUNDS from the fraudulent exchange and to promptly CEASE ALL TRADING on the yobit platform.

The Parallelcoin developers are issuing the community with a ONE MONTH grace period to withdraw all their DUO coins from yobit, after which the team will be taking steps to IDENTIFY AND BAN ALL ADDRESSES BELONGING TO THE YOBIT WALLET  to keep yobit from dumping its coins on other exchanges. In addition, the team will be informing sites like Coinmarketcap to remove yobit from the Parallelcoin markets.

Please act fast; any coins left on yobit after the 31st of July 2019 will be LOST FOREVER.

Regards,
The Parallelcoin team

On another topic, one of the things that will be changing after the hard fork is the block reward will adjust by a fixed percentage per block (blocks will be regular, unlike the current steady slowdown) that amounts to about 9% expansion of supply per year, compounded every 36 seconds.

I calculated the theoretical supply growth rate for the existing chain *if* it were to stay at a steady block rate, but however, it has been slowing down at a rate so far it has 60% of the number of blocks each subsequent year. But in theory its supply rate was about 24% In actuality, it has been closer to 4% and will steadily get worse. There is no question it has to be fixed if the chain is to survive.

This is the curve I am planning, each of the vertical lines represents a year (and it will stick to the schedule like glue with the averaging formula I have written), and works out to about 9% per year. It probably seems shocking to look at but for comparison, the supply growth rate of Steem is 10% which is not far different.

https://i.postimg.cc/hSw-tg55k/Screenshot-from-2019-06-28-16-04-47.png

Economies and supplies of durable materials (eg gold) typically have rates somewhere around 3-5% per year annual increase of supply. For comparison, the supply of US dollars has been running at around 12-15% per year so in the long run, given a stable demand for more currency, you can see the basis of the 'deflationary' value of most cryptocurrencies.

9% is a good steady rate and the other side of the equation comes from promoting the growth in demand to hold. The more people hold, the tighter supply is pushed and the effective growth of circulating currency is reduced even more.

At this point we have no concrete business proposal that makes the demand grow, but so long as we continue to work and promote it, there will be a relatively steady growth in demand, and price will 'moon' in any case, more or less, but we will be making sure that the demand gets stronger over time.

The plan involves using the DUO as a security deposit, so combined with this new supply rate, it should see a very healthy growth of price against other currencies. We will be building

IMPORTANT NOTICE:

Dear members of the Parallecoin community,

The Parallelcoin team has been following the developments following the liquidation of Cryptopia and has decided to take protective action to preserve the investments of the community.
On the 28th of April of 2019 the Grant Thornton liquidators mobilized all DUO coins previously traded on cryptopia ( 118,689 DUO coins, > 30% of total supply ) into a single address. Although the liquidators still haven’t issued any statements in regards to the fate of the coins, previous similar cases strongly suggest that the coins will be sold OTC at a massive discount to investors. Most of the proceedings will be used to pay creditors and employees. Unfortunately, the previous owners of the coins will receive next to nothing. The investors who will buy these coins will be able to manipulate the market and drive prices down in order to accumulate more coins, further damaging the interest of the community.

In response, the Parallelcoin team has developed an action plan in order to prevent this from happening and to guarantee a reasonable amount of compensation to the affected coin holders.
Unfortunately, the liquidators at Grant Thornton have not responded to the requests of the team to reveal the balances of the coin holders. Consequently, the team is unable to return coins to the affected users at this time. However, the team is able to trace addresses that sent DUO coins to cryptopia and, if the owners of these addresses can prove their ownership by signing a text with the respective key, the team will be able to refund them 50% of their balance at the upcoming fork time.

Since not all coins will be recovered, the team will also assign 30,000 DUO coins to exchange funds and marketing. These coins will be used as listing fees as the DUO team continues to apply for new exchanges.  This address will be made public and will have 4 keys, each possessed by one of the core team members. At least three core members will have to agree to any withdrawal from this fund and the community will always be informed what the coins are used for in order to achieve maximum transparency.

All remaining coins will be burned in order to deflate the total supply and in order to prevent the Grant Thornton liquidators from selling them for their interests.

Please notice that the Parallelcoin team is not taking claims at this point. Please stay tuned for a future ANN where we explain how to claim your lost coins.

Regards,

The Parallelcoin team

Yeah, it's unfortunate that people still (even smart people) leave way too much in exchanges and not in paper wallets cold and offline.

It is only for those who can prove some connection to that pool, basically, otherwise it's yeah, sorry, you are in the cold.

But what matters more, to me, is that we cut off that new york court at the pass, because they are gonna sell most of it at a low price, affecting everyone, and paying the piss remaining mainly into administration.

The actual victims will not get anything either way. At least this way those who still have some DUO won't have a haircut thanks to a government court.

edit:

Of course, there is risk of putting money back in people who lost it's hands, and those who as you say, bought it but didn't draw it out...

I'm up for whatever solution seems most reasonable hence this proposal. But if there is going to be nobody happy with *some* redistribution versus none maybe it is better to burn the lot because I guarantee it is not going back to anyone based on past history of exchange liquidations.

edit 2:

Alternatively, we could put that pool in the hardfork, into a multisig account with 3 of 4 with me, marcetin, trax0r and nWo as signatories and then we can play hardball with the court on behalf of our coin holders, and refuse any deal that doesn't see at least 90% go back to our users.

Have your say

Come join the Parallelcoin DUO discord chat and in #agenda you can react to our proposals and have your voice heard.

https://discord.gg/sW8WPkP

This invite is good for 100 new users, if we need more we'll make more later.

Sadly can't login into Topia so plp who just bought and didn't withdrawl coins, won't be able to claim.

After I am finished with getting the server app `9` completed with its hard-fork switch, the exact details of the hash functions in the new proof of work, and we have the GUI sketched out, I will be assembling the verifications for any users making claims to recover funds lost to Cryptopia.

The details will be more clarified in the next week or three, but this is basically what we need:

1. Amounts deposited and the deposit address at cryptopia
2. Signed message proving control of the addresses that were the inputs for the deposits to cryptopia
3. An address to have the recovered DUO sent to as part of the hard fork switch process

With this information, and tracing it all back to the single address that now contains over 118,000 DUO, if everything looks correct we will encode into the hard fork to have the full amount that is provable returned to the accounts as requested by the holders.

The complete process will be published and the documentation proving the justification to do this will be published when the code in the hard fork is ready to go.

I am not sure where these filings should be going, I am just writing this to explain how we will run it and ensure that nobody gets a satoshi they don't have a legitimate right to.

edit:

It was just highlighted to me that it is possible that a user who deposited a sizeable amount on cryptopia may have in fact sold those duo on the platform. As such, based on the odds that I will posit, 50% chance they are trying to recover what they mistakenly sold, that we will only issue half of the value claimed as an insurance against this.