Ninjastic
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Board Announcements (Altcoins)
Re: [B3]B3Coin Hybrid POW/POS [Scrypt] - ANTI-INSTAMINE, NO PREMINE, NO ICO, NO IPO
by
chrysophylax
on 06/12/2017, 05:06:07 UTC
Quote from: enlightenedcryptonian on December 06, 2017, 04:55:19 AM
Quote from: chrysophylax on December 06, 2017, 04:32:34 AM
Quote from: rplescia on December 06, 2017, 12:17:30 AM
The total supply B3 has started dropping. About 1 Billion coins (net) were burned today. Still a long way to go but its a start, the B3 team said that they are working on a couple of options to accelerate the burn

Why do you post things like this to mislead?

Is it that you don't understand what it is you are writing also? Or just a simple mistake?

TOTAL SUPPLY will never change. In the blockchain, total supply will always be the total supply. A burned coin is STILL a coin in the blockchain and will ALWAYS show in the block chain and count towards the total supply, no matter how many coins are burned. All burning means is placing in a wallet and destroying the address that the coins go into. On the blockchain, the wallet address is STILL there holding those coins, but they can NEVER be retrieved.

The circulating amount will vary due to this, NOT the total amount of coins.

It's like saying FORD have produced 100 Billion cars of which 50 Billion were destroyed which means the total amount of cars they MADE were 50 Billion. Wrong. The total amount of cars they MADE is STILL 100 Billion, but the circulating cars left are 50 Billion after the others were destroyed. So on their 'books" (the blockchain) they will STILL show 100 Billion cars were made, but the circulating ones that are still around are 50 Billion.

I hope that is easier to understand now.

#crysx


My understanding is that the genius nature of FMN that coins are burnt, and as such no longer part of total supply, thus never having any ability to be part of circulating supply in future, bit like the stars in the cosmos that have burnt out, and no longer part of the calculation, same as extinct species on the planet. The fact that it existed in the block chain is immaterial, same as spent outputs is immaterial. Are you from Cryptopia?.


You are correct in that the coins are 'burnt'. You are incorrect to say the the blockchain will show a TOTAL coin count less than that which was created. Completely and utterly wrong. That is NOT how blockchains work.

The coins will NOT be part of the circulation, that is where you are correct. However, they WILL be still counted as part of the TOTAL supply.

Once again my analogy of FORD, but using your cosmos example. 100 Billion stars are counted in the ledger of life (in the blockchain of life) and many many stars die, so they are not counted in the circulation, but the blockchain of the cosmos STILL has them counted as part of the TOTAL stars.

Whether you believe that is immaterial or not, the fact is simple. YOU state that the TOTAL supply will show a different figure. It won't. State what is correct as it will confuse (as you seem to be) those that do not understand how blockchains work.

No, I am not from Cryptopia, and no I am not trying to be rude to you if that is how it reads. Just clarifying Smiley

#crysx