Topic: ★★★★ [CAIx] ★ First 100% PoS At Launch ★ PSP ★★★★ - page 150. (Read 416437 times)

Been away for a week and so much has happened!!! If Caix were to catch up with BC in price, given the difference in total number of coins, BC is now at 0.000318, CAIx will be 0.0176!!! BUY TIME        

p2pool nodes scanner: http://lovok.no-ip.com:84/

Thank you for the answer and long life to Caishen 

Yes of course you will. We will start the exchange process from CAI to CAIx and then ask the exchanges to take CAI wallets down and put up the CAIx for trade instead. The exchanges will let people withdraw their CAI to be exchanged for CAIx on our special 1 for 1 exchange we will setup for this purpose. Once exchanged they can be sent  back to Mintpal for example and trade it on the new ticker or send to the new client to use for PoS...

That's sounds good for me.
The only question I have since I'm noob in Crypto currency world is :
Will I be able to sell CAIx for some BTC once I'll have all my CAI transfered into CAIx ?

Sorry if it's stupid question.
Btw, thanks

Most of what you said is correct. The only thing about double spending is not exactly true. We are still holding a part of the BTC we got from the original IPO. We will use it to pay the exchange that will do the exchange from CAI to CAIx so people do not get charged a fee, we will also use it for future promotions and services that require BTC for CAIx. We are moving the CAI to an escrow later today. The escrow will also have to be paid for this with BTC.

When we did the original 2% we were not anticipating a move to PoS. So we acted in good faith whether when we sold the IPO or gave away bounties or paid for services in CAI. If we continued as we had planned originally, we would still hold the 400k CAI which is worth a lot more than when we destroy it and move the entire amount of CAI into CAIx. If we decided to keep this premine post the transition it would have been a big problem, thus the destruction process is implemented. So far all the coins spent has been on the basis of 2% of 28 Million. That goes to the premine as well as coins owned by the community. The coins owned by the community when transferred to CAIx will also be a much higher percentage of the new max coin of 1.6 million. Because now 1 CAI is 1 CAI out of 28 Million, after the change That will be 1 CAIx out of 1.6 Million. So the biggest beneficiary of this transfer is not the devs who will destroy the premine, but the investors/traders/community holding CAI and exchanging to CAIx.

We also need to remember that CAIx max coins is not limited to 1.6 Million coins, that's what the PoS mining process will start with. The compounding effect will generate more Coins as the years go by so the fact that 1 CAIx is 1 of 1.6 million initially will change as more PoS coins are generated. The math can be twisted in many forms, but it is obvious that the devs gave up most of the premine in the process of moving to PoS, the reasoning behind this is that we did not want to leave a huge amount of premine available and putting a strain on traders or investors. All what the devs are getting is 4k CAI each for all the work done. If you calculate this to the percent of CAI in the market, you will find that to be a very reasonable amount considering the amount of work we have done and will continue to do with this. If you think otherwise please tell me what you think is reasonable, because in the end I can not have 8 developers working on a project for so long without any form of payment. if the community think the devs are overpaid by getting a one time payment of 4k CAI each. I would like to know what is reasonable.

The number does indeed add up to 10% of coins.  Heres the thing though...

Those coins were both earned by the community and purchased by IPO(in essence no different than if they were purchased on an exchange).  This makes those coins community coins, not premine used by the Devs anymore.  Those coins will be exchange at the exact same rate the rest of us will be able to exchange at so there is no advantage gained by anyone with IPO or Bounty coins over the rest of us.

Points of note:

1. DEVS OWN ZERO PREMINE:

Devs did not use any premine for person profit in CAI.  All CAI premine was released into the community as IPO or Bounties.  Therefore Devs in essence have ZERO premine to date if all the remaining is indeed permanently put into escrow.  All Premine coins to date are purely owned by the community.  

2. DEVS RELEASE ALL CLAIM TO THE REMAINING PREMINE COINS IN CAI AND CLAIM THE THE ORIGINAL 2% FROM CAIx INSATEAD:

(32000/1800000 = 2%)  This will be converted from the remaining premine before being handed off to escrow
(560000 - 160000 - 32000 = 368000) go into escrow.

3. END RESULT - DEVS OWN 2% OF PREMINE AS WAS INITIALLY INTRODUCED WHEN CAI WAS RELEASED.  DEVELOPMENT CONINUES AS NORMAL.

CAIx continues as aPOS coin with 5% annual generation.


DISCREPENCY - The only odd thing I see here is that the Devs are double spending the 160000 premine that was originally spent.  

560000/28000000 = 2% original Premine
160000/1600000 =.57% spent Premine

If the Devs were to be completely fair they would not double spend that .57% they already released as IPO and Bounties by reclaiming it in the new CAIx.  They would only claim 1.43% from CAIx as they already spend that .57% of the Premine originally.  Going from 2% to 2.57% Premine is not really a deal breaker for me and it might seem nitpicky, but nonetheless it is there and does show a discrepancy in the transition.  Whether the Devs address this or not is up to them.

______________________


"Okay so assume we believe what the Devs are telling us:

There will be a total of 1,600,000 million CAIx.

68,000 (to IPO) + 92,000 (to bounties) = 160,000 premined and spent coins

Question: does the remaining 400,000 CAI form the original premine go into escrow?

If this is the case then the original 28% is correct.

If this is not the case then: 160,000 premined and spent coins / 1,600,000 total coins = 10% premine

Either way this seems terrible, please correct me if I'm wrong.
"

We are adding regions to the game so you can play worldwide, for now it limits players to your geolocation. Also if you signup with facebook you can invite friends to play with you regardless of location.

Another one article about Caishen and Tiny Elementals:
http://thebitcoinnews.co.uk/2014/04/27/caishens-first-game-tiny-elementals-available-now-for-ios-android/

And another one:
http://cryptonewz.com/all-things-alt-a-crypto-congress-and-a-birthday-for-feathercoin/

Yes the game is awesome, most of the time i want to play though there are no other players online.

And the new article is up, really love Tiny Elementals

http://www.cryptoarticles.com/crypto-news/2014/4/27/caishens-first-game-tiny-elementals-available-now-for-ios-android

cool will read it soon

CAI in news article on Coindesk: http://www.coindesk.com/things-alt-crypto-congress-birthday-feathercoin/

Probably early to middle of next week.

so when is the switch to the caix coin ?

One thing we know for sure is that 160,000 CAI have already been spent from original premine. Bringing the total supply down to 1.6 million means minimum 10% premine @@

yeah lol, that story keeps flip-flopping ....

from a 2% premine to an 28% premine, then to a "we destroy the premine" back to 2% premine and now its 2% premine to the devs and 23% premine to the "escrow", makes 25% premine at the moment.

i wonder how much premine the coin has tomorrow, it could be anything ^^

So now the premine are going into ESCROW, and not being destroyed.
story keeps flip-flopping. 

This message is specifically directed at the developer(s). It is a huge problem. How do you think is is okay? How is it not a problem that you spent minimum 160,000 which is way over the 2% premine (160,000 = 10% premine). How can you decrease the total number of coins to 1.6 million without this being a scam? Make no sense. Please clarify.