[ANN][ParkByte][PKB][Electrum] Pure POS

[ParkByte]

IMPORTANT

I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.

As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.

Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)

As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.

I would therefore say we are around 45% the way through POW ...

Thoughts? 

[gdavis024]

IMPORTANT

I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.

As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.

Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)

As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.

I would therefore say we are around 45% the way through POW ...

Thoughts? 

So basically because of the amount of staking, POW is going by faster than you anticipated and we should end up with less coins in total than you originally estimated? Since there will less coins in total (due to shorted POW) and the original premine was based on a percentage of the estimated total coins, you will burn the extra coins due to smaller supply in order to maintain your original premine percentage?

If i'm understanding correctly, I'm totally fine with your plan you. It seems you are just pointing out that the premine will be a larger percentage due to smaller total supply, so in an effort to remain transparent and fair, you are going to burn the extra coins so that the original premine percentage matches the acutal total supply. If so, cool with me
 

[ParkByte]

IMPORTANT

I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.

As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.

Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)

As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.

I would therefore say we are around 45% the way through POW ...

Thoughts?  

So basically because of the amount of staking, POW is going by faster than you anticipated and we should end up with less coins in total than you originally estimated? Since there will less coins in total (due to shorted POW) and the original premine was based on a percentage of the estimated total coins, you will burn the extra coins due to smaller supply in order to maintain your original premine percentage?

If i'm understanding correctly, I'm totally fine with your plan you. It seems you are just pointing out that the premine will be a larger percentage due to smaller total supply, so in an effort to remain transparent and fair, you are going to burn the extra coins so that the original premine percentage matches the acutal total supply.
 

Yes that is correct. I posted this shortly after discussing this with the dev who coded the coin so it doesn't come as a suprise to everyone and to remain as transparent as possible.

Looking at CryptoID explorer POS has taken 73% of the last 1000 blocks, it could slow down but personally I do not think it will.

[gdavis024]

IMPORTANT

I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.

As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.

Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)

As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.

I would therefore say we are around 45% the way through POW ...

Thoughts?  

So basically because of the amount of staking, POW is going by faster than you anticipated and we should end up with less coins in total than you originally estimated? Since there will less coins in total (due to shorted POW) and the original premine was based on a percentage of the estimated total coins, you will burn the extra coins due to smaller supply in order to maintain your original premine percentage?

If i'm understanding correctly, I'm totally fine with your plan you. It seems you are just pointing out that the premine will be a larger percentage due to smaller total supply, so in an effort to remain transparent and fair, you are going to burn the extra coins so that the original premine percentage matches the acutal total supply.
 

Yes that is correct. I posted this shortly after discussing this with the dev who coded the coin so it doesn't come as a suprise to everyone and to remain as transparent as possible.

Looking at CryptoID explorer POS has taken 73% of the last 1000 blocks, it could slow down but personally I do not think it will.

I appreciate the openness, and im sure many others in the community do as well. It actually speaks a lot about your team that even without any pressure from the community, you guys already had plans to burn the extra coins. Many other coins have had similar situations with premines and chose not to do the honorable thing, so much appreciated I think it shows that your team isn't here for the quick profit, which really does help build some trust.

Also don't think POS blocks will slow down either I know at least for me, i'm just trying to catch more dumps on yobit and send them to my wallet to stake!

[ParkByte]

IMPORTANT

I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.

As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.

Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)

As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.

I would therefore say we are around 45% the way through POW ...

Thoughts?  

So basically because of the amount of staking, POW is going by faster than you anticipated and we should end up with less coins in total than you originally estimated? Since there will less coins in total (due to shorted POW) and the original premine was based on a percentage of the estimated total coins, you will burn the extra coins due to smaller supply in order to maintain your original premine percentage?

If i'm understanding correctly, I'm totally fine with your plan you. It seems you are just pointing out that the premine will be a larger percentage due to smaller total supply, so in an effort to remain transparent and fair, you are going to burn the extra coins so that the original premine percentage matches the acutal total supply.
 

Yes that is correct. I posted this shortly after discussing this with the dev who coded the coin so it doesn't come as a suprise to everyone and to remain as transparent as possible.

Looking at CryptoID explorer POS has taken 73% of the last 1000 blocks, it could slow down but personally I do not think it will.

I appreciate the openness, and im sure many others in the community do as well. It actually speaks a lot about your team that even without any pressure from the community, you guys already had plans to burn the extra coins. Many other coins have had similar situations with premines and chose not to do the honorable thing, so much appreciated I think it shows that your team isn't here for the quick profit, which really does help build some trust.

Also don't think POS blocks will slow down either I know at least for me, i'm just trying to catch more dumps on yobit and send them to my wallet to stake!

Thanks, I wasn't sure how it would go down and do expect some complaints to follow but it is best to get any potential problems out there as soon as possible and deal with them.

[gdavis024]

IMPORTANT

I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.

As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.

Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)

As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.

I would therefore say we are around 45% the way through POW ...

Thoughts?  

So basically because of the amount of staking, POW is going by faster than you anticipated and we should end up with less coins in total than you originally estimated? Since there will less coins in total (due to shorted POW) and the original premine was based on a percentage of the estimated total coins, you will burn the extra coins due to smaller supply in order to maintain your original premine percentage?

If i'm understanding correctly, I'm totally fine with your plan you. It seems you are just pointing out that the premine will be a larger percentage due to smaller total supply, so in an effort to remain transparent and fair, you are going to burn the extra coins so that the original premine percentage matches the acutal total supply.
 

Yes that is correct. I posted this shortly after discussing this with the dev who coded the coin so it doesn't come as a suprise to everyone and to remain as transparent as possible.

Looking at CryptoID explorer POS has taken 73% of the last 1000 blocks, it could slow down but personally I do not think it will.

I appreciate the openness, and im sure many others in the community do as well. It actually speaks a lot about your team that even without any pressure from the community, you guys already had plans to burn the extra coins. Many other coins have had similar situations with premines and chose not to do the honorable thing, so much appreciated I think it shows that your team isn't here for the quick profit, which really does help build some trust.

Also don't think POS blocks will slow down either I know at least for me, i'm just trying to catch more dumps on yobit and send them to my wallet to stake!

Thanks, I wasn't sure how it would go down and do expect some complaints to follow but it is best to get any potential problems out there as soon as possible and deal with them.

I really don't think you'll get too many complaints, or at least right now. Maybe it will be brought up by some sock puppet/ fud accounts later down the road, but i can't imagine anyone making too big of a fuss over it now.

So people who were strongly against the premine at the beginning, i can only imagine them being happy because a portion of the premine is being offered to be burned. And for the people that may have reluctantly accepted or have been apathetic towards the premine, i'd assume they would only be happy as well that some of the premine was being destoryed.

lol maybe i'm just too optimistic but i can't honestly think of a negative or possible complaint towards burning a portion of the premine, except for the fact that the premine exists.

[subseaguru]

IMPORTANT

I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.

As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.

Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)

As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.

I would therefore say we are around 45% the way through POW ...

Thoughts?  

So basically because of the amount of staking, POW is going by faster than you anticipated and we should end up with less coins in total than you originally estimated? Since there will less coins in total (due to shorted POW) and the original premine was based on a percentage of the estimated total coins, you will burn the extra coins due to smaller supply in order to maintain your original premine percentage?

If i'm understanding correctly, I'm totally fine with your plan you. It seems you are just pointing out that the premine will be a larger percentage due to smaller total supply, so in an effort to remain transparent and fair, you are going to burn the extra coins so that the original premine percentage matches the acutal total supply.
 

Yes that is correct. I posted this shortly after discussing this with the dev who coded the coin so it doesn't come as a suprise to everyone and to remain as transparent as possible.

Looking at CryptoID explorer POS has taken 73% of the last 1000 blocks, it could slow down but personally I do not think it will.

ill shut off my miners after i have mined 100k should be anytime now

[subseaguru]

IMPORTANT

I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.

As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.

Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)

As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.

I would therefore say we are around 45% the way through POW ...

Thoughts? 

i think that is ok. transparency and looking out for the benefit of the coin is most important to me.

[donnyespo]

IMPORTANT

I have noticed something, you may like it or you may not, but it is what it is and it will change the POW phase.

As I previously said in one of the previous posts POW will end at block 89000, we are currently on block 39046 with 3.6million PKB in supply.

Because of the POS blocks we have now mined 1.6m PKB mined in 39k blocks, guesstimating this would give us the following: 1.6m * 2.2 = ~3.5m (a new estimated 5.5m POW supply, before burning the premine to 20%)

As I said in previous posts, we won't be forking the coin to manipulate the coin supply but I will obviously burn the premine down to 20% of the actual total POW coins to keep that inline with the original plan.

I would therefore say we are around 45% the way through POW ...

Thoughts?  

So basically because of the amount of staking, POW is going by faster than you anticipated and we should end up with less coins in total than you originally estimated? Since there will less coins in total (due to shorted POW) and the original premine was based on a percentage of the estimated total coins, you will burn the extra coins due to smaller supply in order to maintain your original premine percentage?

If i'm understanding correctly, I'm totally fine with your plan you. It seems you are just pointing out that the premine will be a larger percentage due to smaller total supply, so in an effort to remain transparent and fair, you are going to burn the extra coins so that the original premine percentage matches the acutal total supply.
 

Yes that is correct. I posted this shortly after discussing this with the dev who coded the coin so it doesn't come as a suprise to everyone and to remain as transparent as possible.

Looking at CryptoID explorer POS has taken 73% of the last 1000 blocks, it could slow down but personally I do not think it will.

I appreciate the openness, and im sure many others in the community do as well. It actually speaks a lot about your team that even without any pressure from the community, you guys already had plans to burn the extra coins. Many other coins have had similar situations with premines and chose not to do the honorable thing, so much appreciated I think it shows that your team isn't here for the quick profit, which really does help build some trust.

Also don't think POS blocks will slow down either I know at least for me, i'm just trying to catch more dumps on yobit and send them to my wallet to stake!

Thanks, I wasn't sure how it would go down and do expect some complaints to follow but it is best to get any potential problems out there as soon as possible and deal with them.

Yes i totally agree with this dont think its bad at all. Yea I know ive been staking like crazy doesnt suprise me

[ParkByte]

Thanks for the replies, it seems you guys and the market are ok with it 

[D4RK5T4R]

Thanks for being transparent and honest, makes a nice change in crypto-land.

[njs811]

And if we are being realistic, who would bother to invest a ton of time, money and effort into something if they are not paid for it? Taking a pre-mine makes sense to anyone looking to invest a bit more long-term.  Although it would make me feel more comfortable if we had a roadmap specifically for the pre-mine. Where is the money going?

[ParkByte]

And if we are being realistic, who would bother to invest a ton of time, money and effort into something if they are not paid for it? Taking a pre-mine makes sense to anyone looking to invest a bit more long-term.  Although it would make me feel more comfortable if we had a roadmap specifically for the pre-mine. Where is the money going?

Ok I will give some insight into how the premine will be allocated/spent.

The main use will be for adoption bountys, I intend to offer a couple of big bountys totalling around 75% of the premine for the first parking companies to partner up with ParkByte to integrate it into their existing systems.

This should give these parking companies a good incentive to start adoption, 5-10% each of the total POW supply to use ParkByte.

This will leave around 25% of the premine to pay for development work, once this has been allocated I will likely take around 5% of the premine, if there is anything left but I have my own personal wallet which is enough for me.

More detailed information is yet to be confirmed such as minimum turnover, customer base, integration plans etc.

[NoobKidOnTheBlock]

And if we are being realistic, who would bother to invest a ton of time, money and effort into something if they are not paid for it? Taking a pre-mine makes sense to anyone looking to invest a bit more long-term.  Although it would make me feel more comfortable if we had a roadmap specifically for the pre-mine. Where is the money going?

Ok I will give some insight into how the premine will be allocated/spent.

The main use will be for adoption bountys, I intend to offer a couple of big bountys totalling around 75% of the premine for the first parking companies to partner up with ParkByte to integrate it into their existing systems.

This should give these parking companies a good incentive to start adoption, 5-10% each of the total POW supply to use ParkByte.

This will leave around 25% of the premine to pay for development work, once this has been allocated I will likely take around 5% of the premine, if there is anything left but I have my own personal wallet which is enough for me.

More detailed information is yet to be confirmed such as minimum turnover, customer base, integration plans etc.

Well thanks for at least a glimpse into how the premine is going to be spent.  It's just hard for coins with a premine because everyone thinks the exact same thing everytime..... "Oh premine Dev's going to dump it and abandon the coin!!" And I mean they have all rights to think that way because it's been done so many times in the past but as long as you keep those addresses available and people can see if the premine has been touched or not and as long as you are honest with the investors on how you are looking to use the premine then you shouldn't see no problems!! And I mean 5% premine for the Dev in my opinion is not that harsh as others would like to think.  The Devs put hard work into their coins and for them to want to also make some money off their creation is not too much to ask!!  Also I've noticed lately the coins that get pumped and dumped are all the coins which ANN states NO ICO/NO PREMINE!! Those coins get dumped and forgotten pretty quickly if you ask me Cheers to the work Dev and keep it up!! I will definitely be spreading the word about ParkByte to everyone

[ParkByte]

And if we are being realistic, who would bother to invest a ton of time, money and effort into something if they are not paid for it? Taking a pre-mine makes sense to anyone looking to invest a bit more long-term.  Although it would make me feel more comfortable if we had a roadmap specifically for the pre-mine. Where is the money going?

Ok I will give some insight into how the premine will be allocated/spent.

The main use will be for adoption bountys, I intend to offer a couple of big bountys totalling around 75% of the premine for the first parking companies to partner up with ParkByte to integrate it into their existing systems.

This should give these parking companies a good incentive to start adoption, 5-10% each of the total POW supply to use ParkByte.

This will leave around 25% of the premine to pay for development work, once this has been allocated I will likely take around 5% of the premine, if there is anything left but I have my own personal wallet which is enough for me.

More detailed information is yet to be confirmed such as minimum turnover, customer base, integration plans etc.

Well thanks for at least a glimpse into how the premine is going to be spent.  It's just hard for coins with a premine because everyone thinks the exact same thing everytime..... "Oh premine Dev's going to dump it and abandon the coin!!" And I mean they have all rights to think that way because it's been done so many times in the past but as long as you keep those addresses available and people can see if the premine has been touched or not and as long as you are honest with the investors on how you are looking to use the premine then you shouldn't see no problems!! And I mean 5% premine for the Dev in my opinion is not that harsh as others would like to think.  The Devs put hard work into their coins and for them to want to also make some money off their creation is not too much to ask!!  Also I've noticed lately the coins that get pumped and dumped are all the coins which ANN states NO ICO/NO PREMINE!! Those coins get dumped and forgotten pretty quickly if you ask me Cheers to the work Dev and keep it up!! I will definitely be spreading the word about ParkByte to everyone

Thanks, I announced it knowing people think premine = dev dump, and it is hard to change that opinion but to make PKB successful I feel it needs a premine so I will have to try and change opinions over time.

For clarity at 2million premine (10m POW supply) the figures were:

5% of premine - 100k - Dev
20% of premine - 400k - Development work fund
75% of premine - 1.5m - Adoption Fund

Percentages will stay the same as POW supply reduces and the extra premine coins are burned

[NoobKidOnTheBlock]

Thanks, I announced it knowing people think premine = dev dump, and it is hard to change that opinion but to make PKB successful I feel it needs a premine so I will have to try and change opinions over time.

For clarity at 2million premine (10m POW supply) the figures were:

5% of premine - 100k - Dev
20% of premine - 400k - Development work fund
75% of premine - 1.5m - Adoption Fund

Percentages will stay the same as POW supply reduces and the extra premine coins are burned

Well I have no problem with a coin with a premine as long as the Dev gives access to the premine addresses for the community to see where the premine is and as long as the Dev and team have some sort of idea on how they are going to spend the premine! Like I said the majority of coins lately I've seen that have been pump and dump coins are not the ones with a premine but the ones that say in big letters NO ICO/NO PREMINE!! Those coins seem to get abandoned pretty quickly At least you have an idea of what you would like to see done with this coin and that's way more than I can say for a lot of coins lately Dev Cheers on that and I will be sure to continue pointing out that your coin seems to be a pretty good investment

[njs811]

Thanks, I announced it knowing people think premine = dev dump, and it is hard to change that opinion but to make PKB successful I feel it needs a premine so I will have to try and change opinions over time.

For clarity at 2million premine (10m POW supply) the figures were:

5% of premine - 100k - Dev
20% of premine - 400k - Development work fund
75% of premine - 1.5m - Adoption Fund

Percentages will stay the same as POW supply reduces and the extra premine coins are burned

Well I have no problem with a coin with a premine as long as the Dev gives access to the premine addresses for the community to see where the premine is and as long as the Dev and team have some sort of idea on how they are going to spend the premine! Like I said the majority of coins lately I've seen that have been pump and dump coins are not the ones with a premine but the ones that say in big letters NO ICO/NO PREMINE!! Those coins seem to get abandoned pretty quickly At least you have an idea of what you would like to see done with this coin and that's way more than I can say for a lot of coins lately Dev Cheers on that and I will be sure to continue pointing out that your coin seems to be a pretty good investment

Plus the POW is for 60 days rather than a few days. And each block is worth very little. Rather than a high amount where early adopters get a bunch and sell during the pump. One of my concerns though is that the dev is anonymous.  You always have to ask why would someone want to keep their complete identity quiet. Dev, I would highly recommend sharing some details about yourself. (Not that you need to give us your facebook and twitter account), but tell us your first name, what kind of place you work at, experience, other coins you worked on?

[NoobKidOnTheBlock]

I agree that an anonymous Dev is harder to trust than a transparent Dev who will show who he is but we also need to remember that in a lot of countries Altcoins and Bitcoin are illegal and could land someone in jail! Plus there have been Devs who are transparent and they still scam everyone and take off with their money!! I think as long as a Dev stays active and answers any questions that the community asks of him then does it really matter who is behind the coin itself?  I mean no one knows who Satoshi Nakamoto is but we all wouldn't be here right now if it wasn't for that man!! I think the Dev of this coin is doing an amazing job and he has been open and honest about anything the community has asked of him That's way more than I can say for a lot of coin developers nowadays Cheers

[donnyespo]

I see its been bought up to 3k on yobit, that escalated quickly!

[ParkByte]

I will just leave this here ....