Quote from: FoldingCoin on February 19, 2015, 08:40:02 PM

Quote from: cabbage2014 on February 19, 2015, 12:36:20 PM

Quote from: gd100 on February 19, 2015, 12:30:10 PM

Quote from: FoldingCoin on February 19, 2015, 05:27:44 AM

888 moving to Counterparty - OCTO

...We will create 88.8 Million OCTO total but will only distribute the burned 888/OCTO at first...

Why so much?
Let's make as many coins as are burned.

I'm guessing to have it 888 in number. its either that or move the decimal and have it 8.88 million, but then I doubt burn would be 1:1 ratio.

That could be a simple solution though, instead of a 1:1 it would be a 1:10 ratio. That would be up to this community. As for "Why so many coins" If you only distributed what is burned, then only those who burn 888 will receive 888 and there will be no more for expansion. So future folks looking to eanr 888 could not.

Think of it like there is still 888 that could be mined, so there still needs to be OCTO that can be folded

But also think about that idea as a whole. Say 30 Million Octocoin 888 is burned and we issue 30 Million OCTO, then we have a community full of OCTO holders and no way to crowd sale OCTO raise BTC for projects, no OCTO to distribute as payments to devs/promoters so that they have a vested interest, no OCTO to use for promotions, no OCTO to use for sponsoships.

Even if we were to be listed at an exchange or you could sell it on DEX, why would anyone trade for OCTO?

See, Counterparty could get away with that because they burned BTC which had tremendous value and funded CP protocol development. Octocoin doesn't have that type of value, so you must allow others to come into the fold by trading, folding, purchasing, etc.

You must give the coin value and simply transferring 30 million coins from Octocoin to OCTO doesn't really achieve that. I don't think anybody would trade BTC or XCP for OCTO. And even if they did, then the burner who originally held OCTO gets some BTC out of it and OCTO has no way to raise money to fund projects to give it use.

I picture the distribution being something like this, and this is ONLY a draft layout. It will have to be discussed and scrutinized so that it works well for all parties, to include: burner, crowd sale buyers, folders/merged miners and those who receive funding for projects. Plus the distribution has to be fair since there is no typical mining like if you had your own blockchain.

30 million burned
22 million merge mined
22 million crowd sale
2 million Counterwallet Asset holders
2 million project distribution
2 million developers
2 million promoters/social media
2 million sponsorships
4.8 million left for future use

Of course these can all be adjusted and tweeked. We may not reach 30 million burned. I think the balance between burned, merge mined and crowd sale need to be as close as possible. But keep in mind the balance is that the other 2 key points of distribution should be close to even or slightly outnumber the burned as to gain trust from the community.

I also think that the merge mined should be a long term, slow distribution. We can reward the early miners with a higher payout and trickle down for a few years. That keeps scarcity.

Once we see how much we burned we can begin discussing the distribution further and in detail.