Topic: [ANN][OC] Orangecoin v2.0.4 ✦ PoS ✦ Anon ✦ Masternode Whitepaper ✦ Get Juiced! - page 11. (Read 72528 times)

1. Yes, unless we have leftovers if they don't get burned by bittrex. Withdrawal limits would be stated on their website. Current users could use their current account or you can make a new one just for the swap, this is what I would have to do with the development fund since I don't want to do it through my personal accounts anywhere.

2. An escrow: 3rd party or not, it can be done through a trusted person manually or automated through a website.

I think it can also be done through a contract like ETH can offer, using private keys to validate what you can redeem.
I've only had one swap in my experiences. It was done through a website -- you get an address to send your old coins to and you fill out the address you want your new coins sent to, and the process sends you your new coins.

That all makes sense.  Thanks for the response.  I've never seen one of these and can imagine it could be confusing but have confidence this community will figure it out in good fashion. 

1.  In the case of the first option; I have used bittrex.com extensively and consider it a very good exchange.  If this option is chosen would that be the only option as it would have to run from a central place?  Do they have withdrawl limits of any kind?  In order for this option to work, all current users would have to set up an account there? 

2.  Using an escrow >> is there any more info on how this process works?  How does the process of sending coins in work?  How does the escrow know who to send the new coins to?

How works those Masternode?
And what are the profits?

Thank you crysx,

The more help the better off we are! I appreciate your ideas and input. I think bittrex would be willing to help us. Start with a new genesis block would be easiest.

we did with droidz and the 'new' drz coin that replaced the old coins and wallet and blockchain ...

it can be done in a number of stages - but the way we did it was through two stages ( only after a premine of the total coins held in the current blockchain ) ...

1 - exchanges will HAVE to change over if it is to be successful - and swap drz coins for 'new' drz - simply by depositing coins into the exchange and the exchange puts the old wallet offline then activating the new wallet and assigning the ( already deposited coins prior to the swap - organized by the dev ) new coins for the old ...

not all exchanges will cooperate ( like bittrex ) but ccex and yobit did a grand job ...

2 - using an escrow ( like sebatianju - as i have suggested but yet to implement ) for the remainder of the coins ...

then when all have been swapped - and AFTER the deadline and cutoff for the swap - the remainder of the coins not claimed ( or excess from the premine ) are burned ... or used - with the communities / investors consent ...

not easy - but simple enough ...

ill discuss this with soopy if he needs any help with it when i speak to him next ... IF that is the way he wants to do this ... AND ill be more than happy to help in any way i can - as soopy has helped me in big ways in the past ... lots of respect for him ...

#crysx

I didn't think you knew how it was going to be done in this case but what are some other ways they are conducted whether with or without the help of an exchange?  I've never seen or witnessed one done so don't know how they are accounted for.

We're not sure how exactly it will be done, we're waiting for soopy to let us know.

How does a swap usually work?  Will it go through an exchange?

That sounds good to me. As usual I am here checking in waiting to report news, or ask the hard questions. Maybe push a few ideas.

But as usual Keep up the good work!

Cheers!

-Raven

I'll explain a lil better what I meant by "swap leftovers". You already have the idea, but just to clarify.
Citrus block #1 will probably contain ~60 Million Citrus to be able to swap out what's in OC circulation. Not all 60 Million OC will get swapped to Citrus, for examples: some OC have been lost due to computer issues like failing to back up wallet.dat, then hard drive corrupts and fails to spin up -- losing coins that way, or if we put a expiration date on the available time to swap, unfortunately some people will miss the swap opportunity, leaving some Citrus unswapped. Bittrex knows how to burn coins (one way is to send them to an address that is non-recoverable, for example) if that is the arrangement soopy sets up. Trex has no reason to be un-trusted, in my opinion.
***If those coins get sent to me as treasurer and we decide to burn them, it will be done transparently like how I've always managed the dev fund. I could also see if I could send them back to Richie to burn.***
Soopy, can you please ask Richie if what I asterisked above is possible or not, if it's necessary?

Nothing is set in stone, yet. I have not discussed these in-depth details with soopy, either. when I PM'd him, I asked soopy about the future of the dev fund and how we'd swap it. We will have to wait until more details are made known to and by Soopy. He is figuring things out as we go in regards to the swap, dependent on what trex says and does.

Indeed Raven! Cheers!

And @GREEDYJOHN Yes I believe what's leftover from the swap after a certain period of time can be burnt , this would be effective too.

I know that I may not sound democratic, but I prefer that all coins that have not been claimed (swapped) after a one month period should be burnt.
There are coins that appear to be forgotten/lost, that will never be recovered.

I have seen a lot of ups and downs with other coins in regards to the 'leftovers'.

Are we talking about the people who have either lost their wallet passphrases, or equipment AKA computer, hard drive, Etc. failure?

Leftovers as in the PoS Stake that has not been 'staked' or 'claimed'? 

Leftovers as in...

The Swap, what time frame are we looking at/how will this be done or announced besides the usual SM/New forum OP thread(s) those usually bring attention?

If we can figure out how many coins are still active (Yes including PoS), minus the total mined(50 Million Coins POW Initial Distribution(not counting PoS)), and figure out what we are 'burning' and then provide the total of ACTUAL active coins..... how are we going to prove that we deleted the tokens? Post a video? As for vote post something

Then say we did all of that, and of course we are going to come in less then the OP Spec Total of coin mined mathematically possible (50 Million Coins POW Initial Distribution (again not counting PoS)), wouldn't that help us? Will we include that in the Spec or update the Spec?

Then could we, as a bonus, reinstate the increased PoS since there will be less coins available? Just an idea to bring excitement again to newcomers/investors

I don't know I am thinking and typing at the same time, coming up with questions. Thinking out side of the box. Or I might just be confused?

Cheers!

-Raven

Thank you for the update Soop!  Things are looking great!

Here's to 2016!

Cheers!

-Raven

In the last 24 hours, I've been in contact soopy to hammer out the details of swapping the dev fund and to answer some questions I had. While we aren't voting on it yet, start to think about what we should do with any unswapped Citrus. If we aren't burning the leftovers and we decide to use the coin for a dev fund, they will most likely be sent to me as treasurer to use for development -- at which point I wouldn't need to swap the dev fund since the leftovers from the swap already included the current OC dev fund in the amount I'd be receiving -- if this swap is done on the exchange(s). So it eventually makes a difference what we do with the leftovers. Right now, it's only the OC community that have a say in what happens to the leftovers. Once we swap and get new Citrus investors in, we as old blood will lose some of that "say". Do we want to have this part of the plan figured out now or after we swap? That's also something to think about.

Now folks, it's completely normal to have questions or concerns. I have had a few I've been sitting on while I watch the forum, but I've since answered most of them by thinking to myself. If you have questions or concerns, ideas or whatever, please feel free to talk them out with us here, publicly or through PM. These are your coins, your investment, your future. We'll try to answer your questions as best as we can.

Thank you for everyone's continued support!

awesome ...

would be nice to know about whether bittrex would - as they are always reluctant to change things around on the exchange ...

#crysx

I have written to Richie at Bittrex with regards to the Swap and looking forward to hear his opinion about the same.

Thanks for the update!

looking forward to it soopy ...

and all the events that will take place in 2016 ...

much work - but much hope mate ...

#crysx

Dear All,

Just wanted everyone to know that everything that has been planned is being worked on behind scenes.

* Name and Logo Changes being worked on - A Logo is being designed and facelift changes related to it.

* Exchanges have been contacted for the Swap.

* A New wallet and blockchain is being worked on.

All the features discussed in the previous post will be implemented on the New Wallet and blockchain.

Looking forward to an exciting weeks ahead.

Warm Regards,
~SoopY~