100 BTC placeholder order placed on Poloniex.
18:00 I start trading & buying.

caiql005, sorry I didn't get back to you, it was past the cut off. Why not watch things unfold tonight, then get on board for next week if you like the look of it. Plenty of time yet.

I immediately responded and asked him to do it before 16:00 UTC, it may even have already been done, unsure.

100 BTC on it's way https://blockchain.info/tx/0069d1dfc58d74ec00217088ef115f8f5f14b8ec91b1e573d78a9992b21f05e4

supply cut, all pending orders have been sent.

BTC Pot is at 100 BTC, and 58 BTC for next week.

Remember, active trading today for a number of hours

I'd like to explain week 2 quickly to everybody.

Simply, everybody was hoping for a big single order buy up the board one week, it seemed fairly obvious that it was coming on week 2, so everybody jumped on board and put up their orders, then they jammed the order book up, out bid each other lower and lower instead of the other way, brought more people in to grow the btc pot, and then I executed the big buy up the board on the sunday, and it went nowhere (as you'd expect!).

Now that approach is out the way, we can get back to having fun and actually having a trading event on Sundays where there's a lot of fluctuation - the changing of price up and down, with walls etc, lets more WOLF be acquired cheaper, which ultimately clears the board and lets some have a bit higher profit, more importantly though, it's more fun for all involved, and can be a great learning opportunity.

I do have sufficient programming ability to secure the exchange, and will be doing this with Tristan next week.

No advertising at all, just word of mouth from this ANN.

I really wanted this to have completely organic growth, leading to both busy and quiet weeks, the exact opposite of all these pump and dump mined coins we see. So that's what I've been sticking to.

Once the supply get's to about 1/3rd left, or less, then I may start putting some effort in to advertising

Apologies for the delay in communications all.

That's me back and around, processing pm's, and will update the main thread shortly.

edit:

• all pm's and WOLF sent
• BTC pot for this week still 100 BTC, for next ~ 13 and rising
• as mentioned several times, will be sticking by Poloniex for the 9 weeks, I'm personally going to help him review all code and ensure the site scales well over the next few days to ensure it's safe and fast
• wolf circulation: there are about 600k WOLF left, and I'd suggest there are about 60-70k WOLF total at play on the market for this weeks insanity sunday, exact figure may be a bit less or more

Good to see you all discussing things as a community, including game plans.

Hi All,

Just a quick update to say that I'm away from the computer until tonight, a close member of my family has had a health complication which has taken up my time and thoughts for the past couple of days, I'm spending the day with them today.

I'll be back at the computer later tonight, and pretty much full time from there, at which point I'll respond to all pm's, orders, and update the thread.

Speak to you all later, and best regards.

Indeed, so let's tell him and help him out. He does have the bit most of the other exchange owners were missing, a bit of decency and moral fibre..

Put another way, most people capable of making an exceptional exchange that's technically just right, have neither the will or inclination to run one long term, and the profits involved are too low to warrant doing it.

Probably why you and I both don't have our own exchanges, eh.

Not yet, towards the end of the now 6.5 weeks sure, cryptsy, bter etc - but for now I firmly believe that sticking by Poloniex and helping them ensure a secure and scaling service is the best approach for all involved with crypto. We need another good exchange from somebody transparent. Personally I have lost too much to flaky exchanges and those run by scammers with no morals. Many have folded taking my funds with them, with no communication, and others like coins-e still run but owe hundreds of thousands of $ worth of crypto. Cryptsy is good, bter is small, there are a few others, but poloniex I believe has what it takes to be one of the major alt exchanges long term.

I have personally offered Tristan a lot of help, to help review code and ensure it's safe, and importantly I'm be helping him get a plan of action together to ensure his exchange scales well to continued growth. (That's been my day job for the past 15 years, and I specialise in secure high traffic website).

This thread was posted by Tristan, if there was a time to run, this was it - if he had bad intentions, why oh why is still here? and also when multiple people know his full details - he's top results on google with all his personal details going back many many years on the web.

Very okay with all of this.

Tristan has already capably handled one big error see: https://bitcointalk.org/index.php?topic=395761.msg5305316#msg5305316 (not his fault)  which resulted in a large loss. He's gained the respect of multiple people, and is doing the same again.

I've personally offered help to cover the security side of things via code review, to help him get a plan for scaling together, I have taken a 12.3% hit on 10+BTC of my own, and have offered a further 1-2 BTC to help him through this. I'd rather support him than risk my personal holdings elsewhere, lost way too much already the last year.

Count that as a constructive vote of confidence.

Calm down, let Tristan face this on a fresh day, ensure everything is okay, and then get his service running again properly. We can all see his intentions are good, he has taken full responsibility (even though somebody else exploited him), and that past evidence shows he will work through this with us.

Tristan is a guy, he's male. This discussion is not constructive and adds noise to an important thread.

Please keep it on topic.

Exactly, would rather support somebody transparent through this, than risk crypto at a new exchange where it could all be lost with no comeback or support.

The scum at coins-e who owe oh so much money could learn a lesson from this.

Yes let's all move to a new exchange which isn't transparent so we can all get burned with no come back. Great Idea.

Bussoni, keep up the good work and transparency, and send me a BTC address, I'll contribute something from my personal holdings

I just want to confirm that all the packs BTC is held in a cold wallet, on a vm, on a machine that isn't connected to the internet. It's all 100% safe.

BTC wallet is at 100 for sunday, 17 for week four, with only 60k WOLF on market to buy back currently.

gtac01, just in case you didn't realise: your previous posts came across to other pack members and to the general public in a way you perhaps didn't mean. Most read it to mean "the developer has a hidden 500,000 WOLF that he's dumping on market (or using to manipulate the market)" (i.e. huge scam beware!)

Either way, it really didn't come across well in respect to both the coin or yourself.

The semantics of a coin supply which is shut down each week, and limited to fixed reducing figure is quite different to a wall. As you know, that's why you made 100% profit on your first encounter with insanitycoin.
ps: all those orders at 0.001 or just under seem to be gone.



That's a nice thought, but surely security of the coin (chain) is quite important, I can't see anybody mining for such a low reward.
maths:
20*24*365=175200 blocks per year
0.002 Reward = 350.4 WOLF per year for miners, with potentially only half spendable, 175.2 WOLF per year.

my proposal:
27417.6+20966.4 in first year
20966.4 per year after
estimated coin supply for each year:
0 weeks: 1,000,001
9 weeks: 540,000
26 weeks: 567,500
52 weeks: 588,500
2 years: 609,500
3 years: 630,500
~3.5% annually

Put another way, this week we destroyed 2.5 years worth of mined coins on insanity sunday. This doesn't feel like it could have a negative impact on the price, or allow any miner dumps in any way, but should ensure those keeping the network safe and strong are remunerated at a good rate.

The "wall" is 1.5 btc worth of WOLF. The pot is 100 btc and there's only 61k WOLF in the book on poloniex and about the same in the wild after taking account of those holding + investors, destruction etc.

I think people have overestimated how much wolf is out there and available to purchase on market.. I could put up a 100 BTC wall at 0.001 and you couldn't empty it if you all dumped.