I'm happy to buy them back and destroy them for your original 3 BTC (minus the tiny transfer fees).

I'm considering creating an automated system for it - specifying it as we speak.

Wait time is pretty much zero during GMT 10:00 to 00:00, outside of that I'm asleep, apologies. Usual nuances of eating, speaking to family, nipping to the shop etc.

y3804, let's hope so, I'd love to see orders that low. please do read my previous replies regarding multi week strategy.

33+ and growing. If I executed the purchase now, the price would go over 0.01 per WOLF.

Consider what you are doing. Those coins are guaranteed to be bought for 3 BTC on Sunday. You have not made a loss, even though 10% fee has been lost. You still hold 3 BTC worth.

Think of this scenario:
one person buys all 900k coins. there is now 900 BTC in the pot.
that person destroys 899k coins. there is now only 1k WOLF with a value of 900 BTC.
that person transfers the 1k to poloniex, they lose 10%.
now on poloniex there are 900 WOLF worth 900 BTC, that are gauranteed to be bought for 900 BTC.
1 wolf = 1 btc at that point.
the person who bought all the coins, has he lost anything?


Message poloniex support with the txid.

Thank you, but No.

One of the strengths of this coin is that supply diminishes whilst demand goes up, it becomes increasingly rare.

Fixed 0.001 pricing makes it far more likely that all coins will be purchased within the 9 weeks. Far more likely that some people will cycle through it for smaller profits. Far more likely that I can acquire and destroy more significant portions of the coin supply.

Consider this in 4.5 weeks time:
All the supply has been bought. ~250k coins have been bought back and destroyed, nobody can buy at 0.001 from me any more.
At this point we are in a situation where everybody knows that for the next 4-5 weeks 100 BTC per week of coin is going to be bought for sure. Meanwhile the coins in circulation is still reducing, the coin is added on coinmarketcap, and has had 4-5 weeks of solid exposure and discussion from you fellow traders. Do you imagine that coin going down over those weeks? Perhaps somebody will have xxK and dump them, but we know another 100 BTC order is coming.

Profits now are virtually guaranteed if you are at a lower price than the majority on a sunday. Major profits are not guaranteed, but are likely if you acquire and hold WOLF for longer. After those 9 weeks, anything can happen - I honestly have no idea.

Each trader has their own strategy, their own weaknesses, their own personal pressures, and will second guess themselves at some point as to when to hold, buy, and sell.

There is also the 24 week question, what will the price be. That, is the biggest question I have.

Likewise, I agree. You made that point well. So a short timeframe allows various skills to be employed - (and gives me personally some flexibility in my own life). For example somebody may want to buy the cheaper orders and place them higher.

I'm very intrigued to see how week one pans out, and compares to later weeks.

I "manage" them, not own.

The only people who own coins are the ones who have bought them. Any coins not bought in the allotted 9 week time slot get destroyed.

I own circa 6000 total. Which hopefully is fair, it'll be my reward at the end, if I don't give any more away for bounties. (I gave 1000 to poloniex as first exchange to add, and 1000 to the windows developer who compiled the windows qt client for me, I'm a linux man).

edit: it was block 1, not block 0, which had all the coins in it. 1,000,000 exactly. Block 0 also had a reward of 1 single coin, that cannot be redeemed or spent, an offering as is customary.

You have no idea how much I've already been tempted to do that. I wish I'd ignored requests to fix a time, however I can see how it's beneficial.

Regarding transparency, I can simply c+p the order history to the forum. Poloniex (staff or market history) could verify if there were any questions by anybody.

Glad you made that clear - people have already taken different approaches, some are in it for 1% gains, some for 1000%.


And by "large" that could mean large-btc-low-wolf (0.1 BTC per coin) or large-wolf-low-btc (0.001 BTC per coin), purely to destroy it and acquire more. Strategies.

Thanks for all your replies ZeroK, and for taking the time to check everything out properly - I can see you being a valued member of this community.


After a few weeks I hope we have a fairly solid pack of trusted traders centered around WOLF, I'd hope that community could make diplomatic decisions and decide this for themselves, they could stay, or reduce, or be removed all together. The community will decide nearer the time, I'll get a build together with whatever they choose, and people can update clients if a change is made.
nb: all past coins destroyed are gone for good, regardless of whether this change was made or not.


Exactly, there is of course nothing wrong with having multi-week strategies or changing them each week. I know I personally will learn a lot from this, and hope we all do (and make a profit).

I will stress again, as a pack the best course of action is to kill as many coins as possible, and reduce the supply from me to 0 as quickly as possible. That way the market should grow exponentially over the remaining weeks. A similar approach is to limit buying and let as many coins as possible be left in my supply at week 9, then they'll all be destroyed, also reducing the money supply massively. (Reducing the money supply increases the value of each coin).
I'd encourage you to discuss amongst yourselves, or think alone on, what is best for the individual, the pack, short term, and long term.

For interests sake, if I executed the pot now, the price would go over 0.01 BTC per coin on market, and 5000+ WOLF destroyed

[back to pm's]

more importantly:
1) a several hundred btc wall would not help anything
2) it would severely limit trading strategies
3) it would prevent exponential decline of the money supply. An important trading strategy is people buying off market, sell on market for more, and then buying more WOLF. This decreases the coin supply, grows the community + number of holders, and increases the value of each overall coin.

Ultimately, if you wolves can get through all of the InsanityCoin in less than 9 weeks, then you have x weeks of playing on market with a huge amount of traders, and guaranteed 100 BTC bumps each sunday.

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.

replying to everybody, so many pms now 5 pages worth, I'll get to you don't worry.

pot is growing, over 20 btc, will update everybody properly once I get through this sea of PMs.

probably an idea for me to make an automated purchase bot

Good morning all. I see 30 PMs and many replies, I'll respond to everybody over the next hour or so.

I have to retire for the night as it's 3am here

• pm orders and I'll serve in the morning ~ 9am (UTC)
• please discuss the subject of when buy orders should be placed, happy to take community feedback, we're all in this together

Best, and a wonderful day 1 - one exchange added, a second one coming, over 10 11 BTC in the pot - here's to the pack, and let's enjoy this novel trading game

Stays the same   So yes, you can sell a small percentage back for BTC and re-buy at base price of 0.001 to increase your holdings. This depletes the money supply faster and drives real coin price up higher and faster.


If they get desperate, there are orders on market to accommodate dumps.
No single person holds enough to push the price down, the amount being bought in BTC is known, so even if somebody puts 4000 up for sale at 2% gain, the next best order may be 1 coin for 5 BTC and it'll get fully bought too.
Will be interesting to see how people play it, and if approaches change each week.


Over the weekend, no specific time so as to give nobody an advantage, it'll be obvious when it happens.

Great questions, thanks!

exchange 1: https://poloniex.com/exchange/btc_wolf
exchange 2: in progress
ann: https://bitcointalk.org/index.php?topic=471166.0

BTC buy pot is almost at 10 BTC already, read ANN for more info.

pm to purchase

exchange one just added: https://poloniex.com/exchange/btc_wolf
exchange two adding..

the coin has 0 (zero) block reward and all fees are destroyed. you can mine the chain and support the network by adding "gen=1" to your insanitycoin.conf or running insanitycoind in the usual way and hooking up a miner to the rpc port (55445)

this is a coin for traders and investors, not miners.

http://5.9.111.71:2750/block/f660e10b223c0f9dfd3ffa0b3c7c6bc81e23e4866151287e75fd5f971eb8fda7

Somebody bought 5000 for 5 BTC, 500 were destroyed as a tx fee, and the remainder is the coin supply going back to a change address. (still available for purchase).

honestly, if somebody buys 890 BTC worth in one go they'd definitely be the most insane by far.

mining: please do mine to support the network, be aware there is no block reward, and no tx fees to claim though. Coin supply only decreases. and do read the ann so you know what this coin is.

any questions not covered in the ann will gladly be answered.