Topic: [ANN] [SFR] SaffronCoin | Latest Version - 1.4.2/2.6.2 | Mandatory Wallet Update - page 66. (Read 437868 times)

The amount of total cSFR that will be produced will only be known at the end of burn stage. It is based on how much SFR is burnt for cSFR. SFR<->cSFR will be the only 2 coins that will be traded on the exchange initially.
SFR<->cSFR is similar to BTC<->XCP and Via<->XCH.
SFR and cSFR addresses will be the same. We have created a single burn address where SFR sent to that address through the SFRDirect wallet will get converted to cSFR.

At present we are planning to keep 1 SFR burnt would give 50 cSFR which will gradually reduce to 30 cSFR during the later stages of burn period. So the ones that burn in earlier stages would be benefited to get more cSFR. These values can change. It is not yet decided on.

I personally love the Elite club but as you mentioned before, we need a bigger incentive for the largest long term holders of SFR. This is especially important for a pure POW coin. I remain a firm supporter of POW as this the best method for an alternative type of currency unless there is some backing asset such as Saffron spice [US$110,000/kg] [not a joke] or 24k Gold, etc , etc. When millions of people world wide and in particular Asia are embracing cryptocurrencies, POW will be shown to be vastly superior. i.e we dont create money from thin air but from the energy of technology and even cSFR will be created from destroying SFR.

However for a POW coin we need a core of long term holders who need to be incentivised. 0% trading fees and sub 1% earning on trading are both good but we need more. My suggestion is a system that solves i) the POW incentive to hold long term problem and uses ii) a back stop of backing the daily coins produced that further reinforces i)

Members of the Elite Club [ Elite Investors Club] could be given some ownership potential of cryptoxindia say 10 - 25% of the shares.


1) 5 - 12.5% of cryptoxindia could be set aside for Elite Club members based on a system of how many SFR coins held per set period of time  . This a real investment opportunity that is a easy sell because of the integrity of the SFR development team.  We can lay out the fine details over the next week or so.

2) A further 5 - 12.5% of cryptpxindia could also be set aside for Members of the Elite Investors club members who would also be required to provide monetary investment to the equivalent of the monthly coin creation rate of SFR approx [ 960blks x 32coins x 30days x 0.00002700btc] = 24.88btc/month == <1btc/day.
The support would be used to buy SFR daily using SFRpay. That SFR would be also be stored in escrow for 6 - 12months !

So for example if we have 30 - 100 Investor Club members then the monthly investment amount required in really quite minimal.

Both 1) and 2) could be coded within a couple of weeks so as to work automatically and be operational for the months leading up the launch of cryptoxindia .

a) cSFR reduces SFR supply permanently
b) Suggestion 1 increases demand & reduces supply substantially
c) Suggestion 2) sets a floor in price by substantially reducing supply at a crucial level on the supply curve.  

  

Thoughts ?

Dev,

Its great that we have finally gone with a Counterparty type protocol. I still dont understand a few things.

1) Does it mean ALL the coins from the 28800 blocks [ blk 221500 - 250300 ] will burn to create cSFR ?
2) How do we know that is all we will need to burn ?
3) Will holders of existing SFR be able to burn their SFR for cSFR ?
4) Will cSFR be tradable ?

Been out of the loop of Saffroncoin for a while. What is happening?

  I would say 100 K for membership. Those that own more than 100k could then still trade the amounts over 100k.

Yea I agree. Fixed coins will be coming to market everyday. Once more exchanges add us, volume won't really be a problem.
I am really excited about this Elite Club but we do not want to officially announce it unless we find another kick-ass feature to go along with the 0% cryptoxindia fees. Cryptoxindia is not an immediate implementation. Some other big idea to implement currently , would be great and we can push this club through.

I think this would only happen with a pure pos coin.
SFR is still a pure pow so there are still coins coming to market everyday.
If elite membership has significant advantages people would try to grab sfr whatever the cost.
Sure sfr volume would be low compared from what it is now, but btc volume would be significantly higher no?
you see my point?

Well buys and sells need to go side by side. Only big buys and not much sells would not drive volume high.

Not sure why it would affect volume.

This would drive the price upper and upper, and people who would like to be part of elite club would have to pay more and more, which means... more volume

What do u guys think of Elite Club? Is it finalized to have a tier format?
1 thing to note is that the entry to the club should be with a larger amount of SFR. Because if there are more members in elite club, then not many would trade and it could affect volume.
I believe it is best to have about 150K SFR to start with. Which is close to 5 BTC at present.

I am late to SFR ? or i am at correct time ? time to invest in SFR before it's to late !

+ 1 for SFR dev  he doing very hard work and his hard work always tell me to invest in SFR so here we go  buying coins on trex

 

Well no i'd love it...
But you ask for ideas, I try giving some.
Why not peg saffron coin with real saffron.
Saffron is the gold of spice after all.

Concentrated SFR (cSFR) daemon for SFRDirect is created. The web wallet will be based on counterparty design. Need to test it and start burn testing.
Gonna hit the sack. Will do this is in the morning.

Those new, cSFR is the currency for SFRDirect which is a decentralized platform for hosting SFR based applications such as an exchange and the PeerMarket like a sidechain.

Haha are u a SFR Millionaire?

since we need to keep certain amount of SFR  > 100K in our wallets. Why not as an incentive is that  the coins can generate an income or interest like PoS.

2 days away and this is what I miss...........amazing. For now its the same money churning in the cryptocurrency world but when crypto's really make it into the mainstream, SFR will be in the top 3 coins

Yes, and 0.2 - 0.5% is profit from exchange of cryptoxindia.
Any other ideas please just put them out , so we chose the best for Elite.

We need a super elite rank for 1 Million+ sfr owner.

reward : 1kg of saffron!

So you are proposing a club for people who keep their shares, and one of the benefits is 0% trading fees? 

It would be hard to reach that goal since I have to shutdown my 4 S1 antminers due to high utility bills, not profitable anymore.

 

Trading would be the next option.