[RE-ANN] FAILCoin | This thread will not be followed! - page 9.

_kit

member

Activity: 71

Merit: 10

Quote from: spartak_t on January 30, 2015, 11:02:44 AM

Dear FAILers,

After another discussion we decided to use following specifications on FAIL:

FAILCoin final* specs:

Algorithm: Scrypt + SHA 256(Hybrid PoW/PoS)
Total supply: 80,000,000 after about 101 years
Block reward: 12 FAIL
Coinbase maturity: 50 blocks
Target spacing: 60 seconds
Halving POW block: 525,600 (about 365 days)
Block reward after 1,051,200 blocks (2 years): 3 coins for about 28 years
PoS interest: 3% per year
Min stake age: 8 hours
Max stake age: none
Premine for Swap: 20M

Supply:

1 year: 26,496,416 coins in total
2 years: 29,744,624 coins in total
2-30 years: 75,219,536 coins in total
30-101 years: 80,000,000 in total (about 47,304 coins/year from PoS interest)

* We have set ETA for 4th of February. Our dev will test combination with scrypt + sha + PoS, but if he does not find a solution until 4th of February, we will use only scrypt algo. SHA and GPU miners will be able to mine FAIL on the multipool who will be launched right/or soon after the swap.

As we already said, EmpoEx agreed to host the swap for 2 weeks. This is how it will be done:

1) Rate is 1 old FAIL for 0,00025 new FAIL.
2) John sends 1,000,000,000 (1 billion) old FAIL to EmpoEx and they will send him 250,000 new FAIL after 2 weeks.
3) All people who swap their FAIL will receive new coins right/or soon after the 14th day of the swap.

Best regards,
Spartak

Hi, is the coin swap still starting today?

Mineotaur

full member

Activity: 200

Merit: 100

Quote from: spartak_t on February 02, 2015, 07:52:04 AM

Dear FAILers,

Just wanted to warn you about new ransomware virus called CTB-Locker! I am dealing with one infected PC for 2 days with no luck whatsoever. The virus encrypts your documents and photos and demands for ransom (usually more than $300 (some people were asked for $800+) which may be paid in bitcoin as well). Currently there is NO WORKING solution of the problem, which means that you MUST pay the ransom in order to restore your files. Many people reported that they have paid and restored their files. Removing the virus is pretty easy, but the problem with encrypted files remains. That is why be EXTREMELY cautious when you are receiving suspicious e-mails or links.

Regards,
Spartak

Appreciate the warning... and I hope everyone backs up their wallets and other stuff you can't afford to lose, on external media. That way you can just format, reinstall on a clean O.S, then send to a new wallet for safety's sake... and stick two fingers up to the filthy thieving scumbags.
Even if I hadn't backed up all my files, I'd rather lose everything than pay a single satoshi to these dickheads.

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

Dear FAILers,

Just wanted to warn you about new ransomware virus called CTB-Locker! I am dealing with one infected PC for 2 days with no luck whatsoever. The virus encrypts your documents and photos and demands for ransom (usually more than $300 (some people were asked for $800+) which may be paid in bitcoin as well). Currently there is NO WORKING solution of the problem, which means that you MUST pay the ransom in order to restore your files. Many people reported that they have paid and restored their files. Removing the virus is pretty easy, but the problem with encrypted files remains. That is why be EXTREMELY cautious when you are receiving suspicious e-mails or links.

Regards,
Spartak

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

Dear FAILers,

After another discussion we decided to use following specifications on FAIL:

FAILCoin final* specs:

Algorithm: Scrypt + SHA 256(Hybrid PoW/PoS)
Total supply: 80,000,000 after about 101 years
Block reward: 12 FAIL
Coinbase maturity: 50 blocks
Target spacing: 60 seconds
Halving POW block: 525,600 (about 365 days)
Block reward after 1,051,200 blocks (2 years): 3 coins for about 28 years
PoS interest: 3% per year
Min stake age: 8 hours
Max stake age: none
Premine for Swap: 20M

Supply:

1 year: 26,496,416 coins in total
2 years: 29,744,624 coins in total
2-30 years: 75,219,536 coins in total
30-101 years: 80,000,000 in total (about 47,304 coins/year from PoS interest)

* We have set ETA for 4th of February. Our dev will test combination with scrypt + sha + PoS, but if he does not find a solution until 4th of February, we will use only scrypt algo. SHA and GPU miners will be able to mine FAIL on the multipool who will be launched right/or soon after the swap.

As we already said, EmpoEx agreed to host the swap for 2 weeks. This is how it will be done:

1) Rate is 1 old FAIL for 0,00025 new FAIL.
2) John sends 1,000,000,000 (1 billion) old FAIL to EmpoEx and they will send him 250,000 new FAIL after 2 weeks.
3) All people who swap their FAIL will receive new coins right/or soon after the 14th day of the swap.

Best regards,
Spartak

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

Dear FAILers,

I asked friend of mine to draw new logo for FAIL. Here it is:

We will use that one, because it is better than previous versions and some people already liked it.

P.S. I am talking with our dev as we speak. Soon there will be some news about the fork.

Stay FAILed!

Regards,
Spartak

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

Quote from: johnywalker on January 30, 2015, 08:02:59 AM

Respected community, we would like to remind you that FAILCoin is traded on Comkort exchange.
We will be happy to see you.

Three markets are live FAIL <-> BTC, LTC, DOGE.

Best buy prices:
0.00021005 DOGE per 1 FAIL - DOGE market

Happy & Profitable Trading!

Few weeks ago we tweeted constantly about your exchange, but we are currently working on new FAILCoin and that is why we are not promoting it at the moment. Good luck to your exchange though. I think you deserve more attention.

Regards,
Spartak

johnywalker

full member

Activity: 153

Merit: 100

Respected community, we would like to remind you that FAILCoin is traded on Comkort exchange.
We will be happy to see you.

Three markets are live FAIL <-> BTC, LTC, DOGE.

Best buy prices:
0.00021005 DOGE per 1 FAIL - DOGE market

Happy & Profitable Trading!

jacktheking

legendary

Activity: 1484

Merit: 1001

Personal Text Space Not For Sale

Quote from: spartak_t on January 29, 2015, 06:23:32 PM

Quote from: jacktheking on January 29, 2015, 06:16:03 PM

I mean.. what if.. I dont want to swap my old coin for new coin. What can you do to people like me? Just an example. - I will be swaping my FailCoin. No worry.

I really can't understand your question. FAIL will stay FAIL, but it will be reduced (denominated).

Never mind. When new FailCoin is up, you should be able to understand (and answer) what I'm not understanding.

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

Quote from: jacktheking on January 29, 2015, 06:16:03 PM

I mean.. what if.. I dont want to swap my old coin for new coin. What can you do to people like me? Just an example. - I will be swaping my FailCoin. No worry.

I really can't understand your question. FAIL will stay FAIL, but it will be reduced (denominated).

jacktheking

legendary

Activity: 1484

Merit: 1001

Personal Text Space Not For Sale

Quote from: spartak_t on January 29, 2015, 10:53:07 AM

Quote from: jacktheking on January 29, 2015, 02:52:00 AM

What if I dont send my old FailCoin to the address? They remain in my old FailCoin wallet - my computer.

Burning is not affecting your coins at all. You just need to swap your old FAL for new and that's it.

I mean.. what if.. I dont want to swap my old coin for new coin. What can you do to people like me? Just an example. - I will be swaping my FailCoin. No worry.

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

Quote from: jacktheking on January 29, 2015, 02:52:00 AM

What if I dont send my old FailCoin to the address? They remain in my old FailCoin wallet - my computer.

Burning is not affecting your coins at all. You just need to swap your old FAL for new and that's it.

jacktheking

legendary

Activity: 1484

Merit: 1001

Personal Text Space Not For Sale

Quote from: spartak_t on January 28, 2015, 11:33:52 AM

Quote from: jacktheking on January 28, 2015, 08:35:46 AM

I understand the swapping part. What I dont understand is how those coins will be 'burn'.

Coins will be send to kjvwb2744gvfrwjvrwuvb79gbv (i.e. impossible to use address). Block explorer/s for example will still show that they are 20M in existence, but people will know that 5M of them are not usable.

What if I dont send my old FailCoin to the address? They remain in my old FailCoin wallet - my computer.

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

Hey FAILers,

I just received e-mail from our lead dev.. It seems that we will have some actions by Sunday at the most. Wink

Regards,
Spartak

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

Quote from: PTseller on January 28, 2015, 11:57:39 AM

Like the name Grin

Well i'm watching this thread will invest once new features comes up

The name is unique in cryptoworld.. no matter that many people think we are joke.

I don't know about features though. We will surely work on some (we will start a discussion to ask FAILers what they want to see as feature in FAIL), but it will probably take months (i.e. no ETA's). I've seen enough coins with fancy roadmaps and whitepapers, but those are pure bs to me. Imho the most important thing for one coin is to have dedicated team, strong community, constant marketing and clear vision for the future.

Cheers,
Spartak

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

Quote from: Mineotaur on January 28, 2015, 11:36:39 AM

Is there any way people can exchange their old FAIL in the future? The exchange only runs for two weeks if I'm understanding things, isn't this thread soon going to be filled with disappointed people who didn't get the memo?

We first decided to run the swap for 1 month, but that means:
a) people should wait 1 month to receive their new FAIL
b) 2 weeks delay of our work

We will constantly post here, on Facebook and on Twitter that FAIL is forked and people must swap their coins.

Your concerns are right, because:

- Some people may postpone the time for the swap and their coins will be useless.

Our timing is right, because:

- If someone has some FAIL coins, is involved in cryptocurrencies and didn't swap his coins for 2 weeks - it's his fault.

I believe that there are many people who either dumped their FAIL or stop following our thread, but that again is not our fault - it's their decision.

Cheers,
Spartak

PTseller

legendary

Activity: 1148

Merit: 1000

I ❤ www.LuckyB.it!

Like the name Grin

Well i'm watching this thread will invest once new features comes up

marcoman22

sr. member

Activity: 350

Merit: 250

Quote from: Mineotaur on January 28, 2015, 11:36:39 AM

Is there any way people can exchange their old FAIL in the future? The exchange only runs for two weeks if I'm understanding things, isn't this thread soon going to be filled with disappointed people who didn't get the memo?

There is no need for disappointment.

Mineotaur

full member

Activity: 200

Merit: 100

Is there any way people can exchange their old FAIL in the future? The exchange only runs for two weeks if I'm understanding things, isn't this thread soon going to be filled with disappointed people who didn't get the memo?

spartak_t

legendary

Activity: 1960

Merit: 1176

@FAILCommunity

Quote from: jacktheking on January 28, 2015, 08:35:46 AM

I understand the swapping part. What I dont understand is how those coins will be 'burn'.

Coins will be send to kjvwb2744gvfrwjvrwuvb79gbv (i.e. impossible to use address). Block explorer/s for example will still show that they are 20M in existence, but people will know that 5M of them are not usable.

jacktheking

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Activity: 1484

Merit: 1001

Personal Text Space Not For Sale

Quote from: spartak_t on January 28, 2015, 07:49:12 AM

Quote from: jacktheking on January 28, 2015, 07:10:35 AM

Quote from: spartak_t on January 28, 2015, 06:59:27 AM

Quote from: jacktheking on January 28, 2015, 02:43:13 AM

Dont worry, I will swap my old FailCoin for new FailCoin when it is ready! However, I dont understand what you mean by 'burned old-coin'. Can you explain it to me?

It means that if we premine 20M from new FAIL, but only 15M are swapped, the rest 5M will be burned (i.e. it will be impossible to be used).

Why is it 'impossible' to use? What if I store them (old FailCoin) in the old wallet?

It seems that you don't understand me.

Currently we have about 80B FAIL mined. If the swap is made at the rate 1 old FAIL for 0.00025 new, this will reduce the coin to 20M initial supply. After that old FAIL will not work so you need to swap all the coins that you have. If we assume that not all FAIL are swapped (let's us say 60B out of 80B are swapped) it will means that FAIL will be with 15M initial supply. That also means that there will be 5M new FAIL left which have to be burned (with provided proof for burning), because some people may think that we will dump them or whatever.

I understand the swapping part. What I dont understand is how those coins will be 'burn'.

Topic: [RE-ANN] FAILCoin | This thread will not be followed! - page 9. (Read 68235 times)