Topic: [ANN] Spells of Genesis - Innovating the Game Economy with BitCrystals (BCY) - page 235. (Read 676687 times)

You can get BitCrystals (BCY) and ShapeShiftCard (SHAPESHIFTCD) on Shapeshift.io

This was posted in reddit: https://www.reddit.com/r/SpellsOfGenesis/comments/3n7t71/can_anyone_use_the_cards_you_own/

 it's a good question:

Thank you for the kind response. 

https://docs.google.com/spreadsheets/d/1dyi7yMsqDOxCzk2cf9slODeein2L4GCDVubCY706QR8/edit?usp=sharing

I do some (boring) work in the counterparty blockscan.

In this sheet you have (i hope) how many bcy were spent for cards.

Probably is not very accurate, I will try to refine in the next days.
 Anyway

Total   bcy spent for cards :273.364
Half to be Burned        : 136.682

I think there should be more then 52M burned, but bet to just wait. is only few days away.

so good to see
here is the updated place to look :
https://counterpartychain.io/address/1BURNSogXXXXXXXXXXXXXXXXXXXXW3ny2Y

Oppps: 52.199.986,... BCY Burned
So we have:
47.800.014 BCY Avaiable....
But... some other BCY are to be burned till 5oct....

Yes I know, we speculate on the sucsess of Spell of Genesis of course.

The 30 milion bcy reserved to the developers are not so much today, at present prices (0.000065) are not so much, about 1950btc or 466.050$.

466.050$ in the (half of) economy of a medium success mobile game is nothing.

@Viva! , there is no game yet, so all buys of cards and Bitcrystals are just speculative. Well actually cards can be also used in other game Monga this Company also runs, but lets forget that right now.
14M Bitcrystals bought in crowd sale were bought by speculators and players that knew when game will start and dont plan to sell them on Poloniex before it does.

Half Bitcrystals that company collect for sold cards is also dont that much. We will see exactly how much when first batch will get burned.

What i see problem are 30M Bitcrystals that are reserved for Development and Marketing (15M each). That is 68% of all Bitcrstals. I am sure Company will not try to spend much if any at all before game actually start. But 15M (34%) reserved for Marketing is other story if not distributed right most of them will hit Poloniex.

That is an interesting point.
 It's counterintuitive to understand, but ithe very first period (now), every card sold by the developers do generate selling pressure in the bitcrystals price.

Now we have:

1) People who received bcy in the crowdsale
2) very few people (proxy to zero, i think) that actualy buy bcy on Poloniex for cards
3) Developers that sold cards, and that need fiat money (or bitcoin) to pay opereational costs.

So
1) the half of the revenue in BCY burned now have zero effect on the bcy price ( or near zero )
2) the other half are sold for bitcoin on the market by the developers

In other word... selling pressure.

But this situation is temporary, if the game SOG will gain popularity new customers (people that do not partecipate to the crowdsale) will have to buy BCY on the exchanges.

We gonna sell those it will constitute our operational revenue.
Short term we are going to sell only on blockchain for bitcoin.

With the app are release we still need to carefully check with apple and google how we can convert the fiat payement into digital assets. Or if we need to work with a money transmitter to convert fiat to BTC and BTC to BitCrystals

I recommend you review the concept of the SoG Token System described here: http://www.spellsofgenesis.com/users/token_system?lang=en

As you can see, EverdreamSoft is already committed to showing its confidence in the Bitcrystal token through the card purchasing mechanisms that will be in place as soon as the Spells of Genesis game is released. If you pay special attention to the charts describing how players can buy packs of trading cards using their own country´s fiat currency from the Apple Appstore or Google Playstore, you can see the following statement:

"You can purchase game items through Google Play/AppStore using your own country's currency. When a player buys a card pack in the AppStore or on Google Play, we buy back 50% of the price in BitCrystals from our backers."

So this implies that EverdreamSoft will be buying back BCY from exchanges like Poloniex where backers have offered their tokens for sale, in order to acquire BCY they need to send to the Gutenberg Platform to be burned so that a new card pack will be issued and then sent to the person that originally send their cash to the Appstore or Google Playstore to buy the cards.

The fact that BCY will be burned every time a new card pack is issued by Gutenberg also ensures that the token will retain or increase its value in the long run. So there is really no need for EverdreamSoft to put up buy walls on the exchanges to show their confidence in the BCY token. We are still in early alpha stages right now. As development of the game platform progresses, the in-game token´s true value will become more apparent to traders as well as players.

Artificially pumping a coin and providing market liquidity are definitely two different things.  Putting buy support under a coin is a great way to inspire confidence in a market because players know the issuers of the token are confident enough to buy them back.

Thanks for the great responses!

Hey thanks for your interest in SOG

Could be an idea. We will burn once a month anyway and issue a statement. Moreover the burn address is public


3) More information about buying BitCrystals on exchanges on the website, at least links to Bittrex/Poloniex in the FAQ

Yes we will update soon


4) Take some of the Bitcoin from the token sale and use them to provide buy support/liquidity on the exchanges.  Doesn't have to be a lot.  How about 20 BTC on each exchange spread out 20% below the market price in order to provide additional market support.

We are not artificially pumping the coin. Or mission is to work to make a great game and not speculating on the markets. If it becomes impossible to purchase bitcrystals for player then we will provide solution for them to acquire some and provide the liquidity.

We will burn the unsold BitCrystals on Monday, October 5th.
The reason why we didn't burn them immediately is that we wanted to wait until the end of the distribution (which took longer than expected, because some backers took a lot of time to send us their XCP address) to be sure that everyone received the right amount of BCY.

Well: "beginning of October 2015"

We can assume that "beginning of October 2015" is between 1 and 15 of October, so we have only to wait a few days.

Here are some very simple things that I think can make this cryptocurrency succeed and gain popularity and thus market liquidity:

1) Burn the unsold BitCrystals immediately, there's no need to wait until sometime in October.  Investors and community prefer to have hard dates for these types of things, not vague "sometime in October we will get around to burning them"  - it takes 5 minutes to login to Counterwallet and burn them

2) A clearly displayed counter of BCY burned daily on Spells of Genesis site  (this should be easy, just have a list of public burn addresses and a counter)

3) More information about buying BitCrystals on exchanges on the website, at least links to Bittrex/Poloniex in the FAQ

4) Take some of the Bitcoin from the token sale and use them to provide buy support/liquidity on the exchanges.  Doesn't have to be a lot.  How about 20 BTC on each exchange spread out 20% below the market price in order to provide additional market support.

That would be cool.

Thanks for your answers, the second question had the same meaning of the first question with other word.

Does exist a simple method to summarize day by day the bitcrystals spent (minus the bitcrystals refunded) in the card trading activities on the swapbots?

So we can easily calculate the daily (or weekly, montly...) bitcristals burning rate.

What is happening with other half of BYC that get used to buy cards?