[ANN] ParallelCoin - DUO - SHA256 + Scrypt | HardFork Soon!!! We are going Go!

[trax0r]

We will be doing our servers reorganization today, so please don't be surprised if you can't open any of our web stuff.

Hope the exchange wallets will not be affected. Hope they are not going offline?

No, of course not. It is just related to the main website and blockchain explorer.

Thank you very much for your belief and support.

Any ideas how I could work out liquidity? The payment we received today are stuck in the exchange so we can't process stock for our customers, which means instead of 3 transactions being passed through the exchange today, we will only do 1. This may affect tomorrow's sales and subsequent sales.

Are there members of the community with whom I could brainstorm, so we set up a liquidity pool to ensure that all incoming funds can be more easily liquidated going forward? This will help the coin in the long run as there will be daily inflow of funds, which might attract other crypto enthusiasts.

I am just putting this out there, as I will always ask for superior strategy whenever I get stuck.

I also did a withdrawal of DUOs from YOBit today (about at the same time as you did write your message) and it was working perfectly. Until now I have 43 confirmations in my wallet and I fully received all the coins.
What I never tried before is to do three withdrawals from YOBit at the same time... But normally this should work, too (why not?).
Maybe you did it too fast... do a withdrawal, wait for the confirmation email (which you might need to confirm), and then, when this was done, do the next withdrawal.

[1714130298]

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[marcetin]

As I told you all so many time, you will all realize how big scam is YoBit, that is not exchange it is pure living shit in digital form.
They hold 3 coins on which I was working on, which 2 years doesn't have a living chain.
Fuck them, get your coins from them as soon as you can.
They will be anyhow expelled if they don't change wallet to new.

[consort]

As I told you all so many time, you will all realize how big scam is YoBit, that is not exchange it is pure living shit in digital form.
They hold 3 coins on which I was working on, which 2 years doesn't have a living chain.
Fuck them, get your coins from them as soon as you can.
They will be anyhow expelled if they don't change wallet to new.

Thanks for this information. I will try to withdraw as soon as possible. Is Altilly safe to use for DUO? Nova?

[consort]

We will be doing our servers reorganization today, so please don't be surprised if you can't open any of our web stuff.

Hope the exchange wallets will not be affected. Hope they are not going offline?

No, of course not. It is just related to the main website and blockchain explorer.

Thank you very much for your belief and support.

Any ideas how I could work out liquidity? The payment we received today are stuck in the exchange so we can't process stock for our customers, which means instead of 3 transactions being passed through the exchange today, we will only do 1. This may affect tomorrow's sales and subsequent sales.

Are there members of the community with whom I could brainstorm, so we set up a liquidity pool to ensure that all incoming funds can be more easily liquidated going forward? This will help the coin in the long run as there will be daily inflow of funds, which might attract other crypto enthusiasts.

I am just putting this out there, as I will always ask for superior strategy whenever I get stuck.

I also did a withdrawal of DUOs from YOBit today (about at the same time as you did write your message) and it was working perfectly. Until now I have 43 confirmations in my wallet and I fully received all the coins.
What I never tried before is to do three withdrawals from YOBit at the same time... But normally this should work, too (why not?).
Maybe you did it too fast... do a withdrawal, wait for the confirmation email (which you might need to confirm), and then, when this was done, do the next withdrawal.

Withdrawals are fine. That is not what I meant.

I was actually thinking along the line of market makers. Does anyone know how to get a hold of market makers who professionally provide liquidity for coins like they do in the stock market, for a fee of course. Such that if I channel 0.5BTC - 2BTC through the exchange in payment acceptance from my customers, I could get the volume of Bitcoin needed in the DUO/BTC market within say, 30 minutes. The more transactions like that occur on a daily basis, the earlier the general public will exhibit enough confidence in using parallelcoin for a lot of things.

[lokiverloren]

It sounds like a good idea but it requires capitalization, and involves careful risk management systems.

We are planning to create applications that use the coin as a security deposit instrument with intentionally deflationary token issuance rates, such that these deposits grow in value over the time bonded. Very likely this could support hundreds of chains doing this, and there would be a huge utilisation with low bandwidth overall. It is part of a strategy to deploy a specific model on a Tendermint based chain and using the Cosmos Inter-Blockchain Communication protocol, to create a model for masternode-like tokens to form networks, as a protocol for bonding server operators and acting as an economic incentive that can't be attacked and operated directly by the nodes to impose penalties and release bonds.

If you have some model for how to build this market maker application we could make one where people can invest together to run a group of servers that operate it across to other services (and chains).

[consort]

It sounds like a good idea but it requires capitalization, and involves careful risk management systems.

We are planning to create applications that use the coin as a security deposit instrument with intentionally deflationary token issuance rates, such that these deposits grow in value over the time bonded. Very likely this could support hundreds of chains doing this, and there would be a huge utilisation with low bandwidth overall. It is part of a strategy to deploy a specific model on a Tendermint based chain and using the Cosmos Inter-Blockchain Communication protocol, to create a model for masternode-like tokens to form networks, as a protocol for bonding server operators and acting as an economic incentive that can't be attacked and operated directly by the nodes to impose penalties and release bonds.

If you have some model for how to build this market maker application we could make one where people can invest together to run a group of servers that operate it across to other services (and chains).

I did some digging around after my last post, and it seems the market maker model is already in use by most coin exchanges and some token issuers. Here is one of the articles I found https://www.bitcoinmarketjournal.com/crypto-market-makers/

[marcetin]

I like he used the term "crypto space" and I realized how ethical we are


You know what, the original title of com-http.us was "Crypto Coins World" from today it will be Crypto Space. Although I see now there already are few with the same name related to coins or other "the crypto" related stuff... who cares, this is internet and only domain name matters. Is that ethical?

[consort]

I like he used the term "crypto space" and I realized how ethical we are


You know what, the original title of com-http.us was "Crypto Coins World" from today it will be Crypto Space. Although I see now there already are few with the same name related to coins or other "the crypto" related stuff... who cares, this is internet and only domain name matters. Is that ethical?

True. In unregulated crypto space, some actors could do unethical things. I like that parallel coin chooses to remain ethical. Market making on its own, seems to be an accepted practice, so much so, it is regulated by the SEC for the stock market. This article - https://www.hg.org/legal-articles/market-makers-101-30616 sheds more light on this.

[JohnBonachon]

ParallelCoin has been listed in Enmanet Exchange:  https://enmanet.com/market/BTC-DUO  ! Happy Trading!

Charts will appear once 2 transactions are made!



Exchange: https://www.enmanet.com
Discord: https://discord.gg/qryFzJA

[marcetin]

ParallelCoin has been listed in Enmanet Exchange:  https://enmanet.com/market/BTC-DUO  ! Happy Trading!

Charts will appear once 2 transactions are made!

Exchange: https://www.enmanet.com
Discord: https://discord.gg/qryFzJA

I am glad to see this happening, new exchanges adding DUO, but when we are in those ethical things, please let me explain you something.

First of all, if you want to be a not-decentralized exchange, when there is one point of failure, you can not hide who is behind. You use Let's Encrypt SSL certificate, which is ok, but then you hide the name of person/company which registered the domain and of course there is no mention on the site. So, a guaranty for someone who wants to send their coins is basically 0%. I am not accusing you that you are a scammer or not, just that how I see it is seen so many times until now. I even know some people who did the same. Also, you are a user here from April 12, 2019.
0% transparency = 100% risk. Sorry, but it is like that. There must be someone responsible for that kind of tools, not-decentralized exchanges.
What happened with "A decentralized Data Sharing Platform, Hosting and Content Distribution Network through Masternode Network" how that becomes a centralized exchange?
Cheers, wish you luck in further development.

[marcetin]

There is one very important thing that comes out regarding Cryptopia issue.

As we see there is 3rd of all existing supply in the circulation stuck there on Cryptopia wallet which is now in hands of authorities/court/liquidators, so if we look what we know from cases which happened in last years we can count that none will be given back to the people. We need to settle this on another way, to defend those true holders somehow. It is quite simple from one hand but it will be really complicated from another.
It will be good if we collect the list of holders somehow so we can make a plan to ban that address on the hard fork and to issue new tokens which will be given to those old holders.
If you had some DUOs on cryptopia please join out discord channel so we can discuss what to do. Please don't miss this now and then ask after a few months what to do. We need to settle this ASAP.
I was believing that cryptopia will give back to all holders, but then after today's talk with the guys, I am convinced there is for real no hope for things from there to be ended easy.

[lokiverloren]

After I am finished with getting the server app `9` completed with its hard-fork switch, the exact details of the hash functions in the new proof of work, and we have the GUI sketched out, I will be assembling the verifications for any users making claims to recover funds lost to Cryptopia.

The details will be more clarified in the next week or three, but this is basically what we need:

1. Amounts deposited and the deposit address at cryptopia
2. Signed message proving control of the addresses that were the inputs for the deposits to cryptopia
3. An address to have the recovered DUO sent to as part of the hard fork switch process

With this information, and tracing it all back to the single address that now contains over 118,000 DUO, if everything looks correct we will encode into the hard fork to have the full amount that is provable returned to the accounts as requested by the holders.

The complete process will be published and the documentation proving the justification to do this will be published when the code in the hard fork is ready to go.

I am not sure where these filings should be going, I am just writing this to explain how we will run it and ensure that nobody gets a satoshi they don't have a legitimate right to.

edit:

It was just highlighted to me that it is possible that a user who deposited a sizeable amount on cryptopia may have in fact sold those duo on the platform. As such, based on the odds that I will posit, 50% chance they are trying to recover what they mistakenly sold, that we will only issue half of the value claimed as an insurance against this.

[kurbeks]

Sadly can't login into Topia so plp who just bought and didn't withdrawl coins, won't be able to claim.

[lokiverloren]

Yeah, it's unfortunate that people still (even smart people) leave way too much in exchanges and not in paper wallets cold and offline.

It is only for those who can prove some connection to that pool, basically, otherwise it's yeah, sorry, you are in the cold.

But what matters more, to me, is that we cut off that new york court at the pass, because they are gonna sell most of it at a low price, affecting everyone, and paying the piss remaining mainly into administration.

The actual victims will not get anything either way. At least this way those who still have some DUO won't have a haircut thanks to a government court.

edit:

Of course, there is risk of putting money back in people who lost it's hands, and those who as you say, bought it but didn't draw it out...

I'm up for whatever solution seems most reasonable hence this proposal. But if there is going to be nobody happy with *some* redistribution versus none maybe it is better to burn the lot because I guarantee it is not going back to anyone based on past history of exchange liquidations.

edit 2:

Alternatively, we could put that pool in the hardfork, into a multisig account with 3 of 4 with me, marcetin, trax0r and nWo as signatories and then we can play hardball with the court on behalf of our coin holders, and refuse any deal that doesn't see at least 90% go back to our users.

Have your say

Come join the Parallelcoin DUO discord chat and in #agenda you can react to our proposals and have your voice heard.

https://discord.gg/sW8WPkP

This invite is good for 100 new users, if we need more we'll make more later.

[trax0r]

IMPORTANT NOTICE:

Dear members of the Parallecoin community,

The Parallelcoin team has been following the developments following the liquidation of Cryptopia and has decided to take protective action to preserve the investments of the community.
On the 28th of April of 2019 the Grant Thornton liquidators mobilized all DUO coins previously traded on cryptopia ( 118,689 DUO coins, > 30% of total supply ) into a single address. Although the liquidators still haven’t issued any statements in regards to the fate of the coins, previous similar cases strongly suggest that the coins will be sold OTC at a massive discount to investors. Most of the proceedings will be used to pay creditors and employees. Unfortunately, the previous owners of the coins will receive next to nothing. The investors who will buy these coins will be able to manipulate the market and drive prices down in order to accumulate more coins, further damaging the interest of the community.

In response, the Parallelcoin team has developed an action plan in order to prevent this from happening and to guarantee a reasonable amount of compensation to the affected coin holders.
Unfortunately, the liquidators at Grant Thornton have not responded to the requests of the team to reveal the balances of the coin holders. Consequently, the team is unable to return coins to the affected users at this time. However, the team is able to trace addresses that sent DUO coins to cryptopia and, if the owners of these addresses can prove their ownership by signing a text with the respective key, the team will be able to refund them 50% of their balance at the upcoming fork time.

Since not all coins will be recovered, the team will also assign 30,000 DUO coins to exchange funds and marketing. These coins will be used as listing fees as the DUO team continues to apply for new exchanges.  This address will be made public and will have 4 keys, each possessed by one of the core team members. At least three core members will have to agree to any withdrawal from this fund and the community will always be informed what the coins are used for in order to achieve maximum transparency.

All remaining coins will be burned in order to deflate the total supply and in order to prevent the Grant Thornton liquidators from selling them for their interests.

Please notice that the Parallelcoin team is not taking claims at this point. Please stay tuned for a future ANN where we explain how to claim your lost coins.

Regards,

The Parallelcoin team

[lokiverloren]

On another topic, one of the things that will be changing after the hard fork is the block reward will adjust by a fixed percentage per block (blocks will be regular, unlike the current steady slowdown) that amounts to about 9% expansion of supply per year, compounded every 36 seconds.

I calculated the theoretical supply growth rate for the existing chain *if* it were to stay at a steady block rate, but however, it has been slowing down at a rate so far it has 60% of the number of blocks each subsequent year. But in theory its supply rate was about 24% In actuality, it has been closer to 4% and will steadily get worse. There is no question it has to be fixed if the chain is to survive.

This is the curve I am planning, each of the vertical lines represents a year (and it will stick to the schedule like glue with the averaging formula I have written), and works out to about 9% per year. It probably seems shocking to look at but for comparison, the supply growth rate of Steem is 10% which is not far different.

https://i.postimg.cc/hSw-tg55k/Screenshot-from-2019-06-28-16-04-47.png

Economies and supplies of durable materials (eg gold) typically have rates somewhere around 3-5% per year annual increase of supply. For comparison, the supply of US dollars has been running at around 12-15% per year so in the long run, given a stable demand for more currency, you can see the basis of the 'deflationary' value of most cryptocurrencies.

9% is a good steady rate and the other side of the equation comes from promoting the growth in demand to hold. The more people hold, the tighter supply is pushed and the effective growth of circulating currency is reduced even more.

At this point we have no concrete business proposal that makes the demand grow, but so long as we continue to work and promote it, there will be a relatively steady growth in demand, and price will 'moon' in any case, more or less, but we will be making sure that the demand gets stronger over time.

The plan involves using the DUO as a security deposit, so combined with this new supply rate, it should see a very healthy growth of price against other currencies. We will be building

[trax0r]

=======  VERY IMPORTANT ANN   =========

Dear members of the Parallelcoin community,

as you are aware, Parallelcoin is currently traded on yobit, altilly and Nova exchange. While it is in the best interest for every cryptocurrency to be traded on as many exchanges as possible, the Parallelcoin team has been actively monitoring various scam accusations against yobit and various shady dealings attributed to the infamous exchange. Complains about stuck deposits, stuck withdrawals, fraud at the dice game, failure to update wallets and non-existent support have become the norm for yobit and have even been personally experienced by some of the Parallelcoin core members.

Consequently, the Parallelcoin team has decided that it is in the best interest of the community that Yobit exchange be banned from trading Parallelcoin (DUO).
We urge the community to IMMEDIATELY WITHDRAW THEIR FUNDS from the fraudulent exchange and to promptly CEASE ALL TRADING on the yobit platform.

The Parallelcoin developers are issuing the community with a ONE MONTH grace period to withdraw all their DUO coins from yobit, after which the team will be taking steps to IDENTIFY AND BAN ALL ADDRESSES BELONGING TO THE YOBIT WALLET  to keep yobit from dumping its coins on other exchanges. In addition, the team will be informing sites like Coinmarketcap to remove yobit from the Parallelcoin markets.

Please act fast; any coins left on yobit after the 31st of July 2019 will be LOST FOREVER.

Regards,
The Parallelcoin team

[trax0r]

Last night the market price of DUO did rise to half a btc (0.50000000 BTC) on Nova Exchange for some hours...
seems someone wanted to buy a bit of DUO for a high price....

but who knows.. maybe this market price will get normal for DUO in the near future?

[marcetin]

I was thinking that this what is happening to DUO is the same on all other coins as we see BTC rise in interest, but after checking dozens of other coins I saw just a few having this level of rising of the attention. Thing is we don't bullshit and just keep working, with all obstacles we have in the life and on the path of development, and a lot of people still have no clue what we are preparing. So, as soon as we start releasing finished stuff without promises and preannouncements it will move interest higher and higher. I see all this as just the beginning, as some people showed interest just because they saw a piece of our work. Anyhow, let's go step by step, first release the new wallet and do hard-fork, then get to exchanges with larger amounts of volumes. After that comes connecting stuff we already made before... then we will implement tendermint/cosmos with sporedb as a buffer for usage in making decentralized apps and subchains... which all will be leading to FreeBSD based, GoLang layered, full HTML/CSS operating system for crypto coiners, developers, traders, etc... which will work on all devices. This is something like a roadmap in short.

Another thing what I want to point out is for all guys who charge anything like tweets and other bullshits. There will be an organized fund after hardfork for sharing links, tweets, translations, etc.. so it will be needed to be involved not just to be paid. All things here need to happen naturally, people interest, amount of tweets, as we are not working on this coin to produce some exit pump or to have any kind of volatile market, but to develop a business platform for us and give people chance to work with it. The money will be consequence of our work, which will again just give us more power to get employes and make things be done faster.

 

[DenOfDevs]

Last night the market price of DUO did rise to half a btc (0.50000000 BTC) on Nova Exchange for some hours...
seems someone wanted to buy a bit of DUO for a high price....

but who knows.. maybe this market price will get normal for DUO in the near future?

Its just one person buying hes order