Post
Topic
Board Announcements (Altcoins)
Re: [ANN][WOLF] InsanityCoin - destructive coin for investors and traders
by
InsanityDev
on 19/02/2014, 15:48:45 UTC
update

Fellow wolves, I think I've caught up with all the PMs now, if anybody hasn't had a response please let me know. 40+ people have expressed interest to purchase, and over half of them already have.

Pot
BTC Pot is at 22+ BTC and growing constantly.

Everybody uses the same address 1B5XfuPZZesYMMLZFhpeHAX9NaRLnEJkDh, apart from one 2 BTC transaction at the start to user NWO (who was the first to buy).
5 BTC has been moved to Poloniex so far and comprises the 5000 Buy order at 0.0009 in case anybody wants out, and the 500 buy order at 0.001 to set the base price.
0.65 BTC has been set aside to cover high powered mining rig contracts to keep the chain strong and fast for everybody over the next few weeks. I'll let the community decide if this is fair to take from the pot or not, if not then I'll personally replenish that amount.

Clarifications
When you purchase initially, you are purchasing "tax free" as it were. If you buy 1000 WOLF via the pot you receive 1000. 1100 are actually sent, 100 of those are destroyed.
Coins traded at poloniex and kept there are not destroyed, other than poloniex's own fee. Coins withdrawn to blockchain and sent are of course subject to a 10% destructive fee.

Why don't you sell on market at a fixed price?
Well that would be a huge xxx BTC sell wall.. not healthy..!

Buying Back / the weekly bump
Do be aware there are multiple traders in our pack, each with different strategies. Some will hold, some will put coins on at a low price to try and get them destructed and to buy more. Some may even bump the price themselves, buying everything on market at the weekend and putting only 1 WOLF up for sale at pot-size-price. This is the game.

I as pot holder will try to acquire and destroy as many coins as possible each week on the bump. One week it may be a huge buy order right up the book, the next it may be 5 orders at 20% of pot size over 30 minutes or so.

You as wolves have different motives, some of you will want to get as much BTC profit as you can, others of you will want to acquire as much WOLF as possible for when there is none left and the money supply is 500k or less.

The bump will be each Sunday at a random time between 18:00 to 23:59 UTC. Shortly after I'll announce how many coins were bought, take them out of poloniex and start sending them backwards and forwards between two addresses until less than 1 WOLF remains.

Thank you all, and looking forward to seeing how this takes shape over the coming weeks.

We are but only 48 hours in so far.