Quote from: Netnox on August 11, 2014, 12:32:34 AM

Quote from: Y3llowb1ackbird on August 10, 2014, 11:21:59 PM

Quote from: Netnox on August 10, 2014, 06:10:57 PM

Quote from: quarkfx on August 10, 2014, 06:07:13 PM

Quote from: Netnox on August 10, 2014, 05:32:14 PM

Quote from: quarkfx on August 10, 2014, 12:32:05 PM

For those who are interested in the Proof of Burn proposal that I made: You can find the Alpha Draft of the concept on Reddit.

http://www.reddit.com/r/QuarkCoin/comments/2d5521/proof_of_burn_concept_alpha_draft/

I'm impressed with the draft, what i like about Peter is that he as an ambitious dev (or one of the devs) of this coin who is connected to the community and is a strong favour of transparency, this alone build trust.

About the slowly maturing coins aka initial phase, if i understood right 50% will be paid back monthly spread into 5 years. Lets say someone needs his 50% or a major part of it, is it possible to request? Adding community fund of 20% makes 70% of the fund stored away. Wouldn't this 70% hold some off from investing/burning despite the issues it can solve?

Well yes, this is a deterrent to speculants and that is fully intended because while it reduces liquidity for a certain period it allows long term planning: as i wrote in the draft, this has zo be understood like a contract between all participants to not dump their holdings. If it could be hedged as proposed by Josh the sense would be undermined in a way and give way to speculation. Just my opinion on it.

I see, fair explanation. Overal looking forward to this

I could imagine those who burn would want to know if their investment is safe hands. I know this is legit but would appreciate if you could explain on that? and also if someone would want to request funds for personal reasons how would that go?

Yeah, I am by no means advocating the hedge...I was just exploring the implications. QuarkFx is correct it will cause way too much volatility compared to the benefits.

Basically, burners just have to trust the reputation of the people creating the new coin...same as any other coin that does PoB or IPO. Hopefully, with Quark veterans behind the project, people will trust us. After the Genesis block is mined, it will all be transparent because all the new coins will show up in your wallet, although some of them will be immature until predetermined block numbers in the future.

What do you mean by your statement "if someone would want to request funds for personal reasons how would that go?"

By the new coins showing in the wallet you mean both the slowly maturing coins of 50% + the 30%? Will the slow maturing coin be in my wallet or hold elsewhere?

By the last statement i mean, lets say i would like to have my slowly maturing coins back all at once because of personal reasons, is this possible?

No, it would be written into the code and unalterable except by a developer fork. The reason they mature slowly is to stabilize the coin supply and prevent massive dumping. Additionally, slow coin maturation encourages investors to stay involved with the coin for the long haul, rather than just looking for a quick pump & dump. However, you should also remember that your percentage of total coin supply will not change during the initial phase of coin distribution, so your relative Core wealth remains the same no matter how many coins have matured.