Quote from: JTB800 on September 29, 2014, 06:14:00 PM

Quote from: tom14cat14 on September 29, 2014, 04:02:18 PM

The reason we are destroying them is because they are all mined and we have limited options. If we were to allow trading to begin and not destroy the market would fear we would dump all remaining coins as a money grab. But if a destroy them they will be out of circulation creating a rarer coin. Obviously this is not what we want but it is the better of two evils. And on the comment about the price. We will roughly $400k market cap after the ICO of we sell. The price was chosen because we needed enough financing to buy an amount of Hashlets that would make a difference. We went 50 million coins because it brought the price per coin in a range small investors could grab a descent amount of coins. If we sell out there will only be 3.67 million new coins over the next year and then roughly 2.5 million the remaining years. This means that the people that paid for their coins will far outweigh those who mined it. 14,400 coins will be mined per day. Which at current ICO rate is .28 BTC per day. This is a pretty small amount for a coin that would have a $400k market cap. And we run the risk that it will not be attractive to miners thus the network will not be secure. I just ran the new numbers since BTC has tanked and it does hurt the time to make back your coins by just holding it now has moved from 70 days when the price was 430 and it now is 114. But what other coin can say even if the price of the coin tanks you can hold it and you will make your money back? We can say this. Something that will greatly effect it is the price of BTC when we buy the hashlets and how many people buy the ICO.

Miners will "secure the network" for very little money (they will just whine about it). But more importantly, they will gladly secure the network if the coin is a big success. My suggestions are toward making it a success, not to FUD. Miners are basically parasites to coins anywhere near the beginning of their life. And especially with a coin like this, the higher the rate of return the better it is.

It is an interesting idea for a coin though. I wish you the best of luck.

Thank you. I know it is a tough sell because people do not like handing out money to nameless people on a forum. But I may be nameless to you guys but I have given my personal info to GAW and to Crypto Asian. Since we are having Bittrex transfer the funds directly to GAW I will not be able to run away with the BTC. And if I tried to scam people by doing something with the Hashlets GAW would be able to turn me into the authorities. The CEO of GAW has confirmed that I have been talking to them and they are in full support of this project.