OLD FLY THREAD

[Crestington]

About 4.5 days into the POW from 30 days.

So for POW you will get exactly 360 Coins for the first 7 days before POS begins. Once POS begins, it generally accounts for approximately 50% of the Blocks but lets say it is a bit on the low end and the average is 30% of the Blocks as POS levels out.

360 * 7 = 2,520

(360 * 0.7) * 21 = 5,292

So if POS is on average 30% of the Blocks during the POS stage then the total POW Coins would be 7900 Coins, if on average it is 50% of the Blocks then it would be 6300 Coins so if we err on the higher side the estimate would be 7000-8000 Coins during POW or approximately 5% of the total supply.

Of course, you should also be splitting up those Blocks from the 150K so you have enough Blocks to cover the minimum Stake period of 7 days which is about 5000 Blocks. If not enough total Blocks to Stake, you will get a higher amount of POW Blocks because there isn't enough eligible Blocks to Stake.

Hope this helps a bit with understanding the inflation rates.

To try to limit the pow rewards and have the POS get the most rewards, what size block would you recommend 5000 coin blocks?

Vegas

Just need a lot of Blocks really so there is always that competition.

Not 5000 Coin Blocks as in the amount in each Block, 5000 individual Blocks or inputs so if you have 150k Coins then each Block should be about 30 Coins each (150,000/5000 = 30)

If you have a lot of competition between all Blocks constantly, the amount of POS during the POW/POS stage is about 60% so in a sense you will want to have all your Blocks between 10-30 Coins (or even less) in order to have a magnitude higher amount of Blocks than the minimum amount of Stake age, plus you also have the SuperBlocks so each person should want many Blocks anyways.

[vegasguy]

About 4.5 days into the POW from 30 days.

So for POW you will get exactly 360 Coins for the first 7 days before POS begins. Once POS begins, it generally accounts for approximately 50% of the Blocks but lets say it is a bit on the low end and the average is 30% of the Blocks as POS levels out.

360 * 7 = 2,520

(360 * 0.7) * 21 = 5,292

So if POS is on average 30% of the Blocks during the POS stage then the total POW Coins would be 7900 Coins, if on average it is 50% of the Blocks then it would be 6300 Coins so if we err on the higher side the estimate would be 7000-8000 Coins during POW or approximately 5% of the total supply.

Of course, you should also be splitting up those Blocks from the 150K so you have enough Blocks to cover the minimum Stake period of 7 days which is about 5000 Blocks. If not enough total Blocks to Stake, you will get a higher amount of POW Blocks because there isn't enough eligible Blocks to Stake.

Hope this helps a bit with understanding the inflation rates.

To try to limit the pow rewards and have the POS get the most rewards, what size block would you recommend 5000 coin blocks?

Vegas

Just need a lot of Blocks really so there is always that competition.

Not 5000 Coin Blocks as in the amount in each Block, 5000 individual Blocks or inputs so if you have 150k Coins then each Block should be about 30 Coins each (150,000/5000 = 30)

If you have a lot of competition between all Blocks constantly, the amount of POS during the POW/POS stage is about 60% so in a sense you will want to have all your Blocks between 10-30 Coins (or even less) in order to have a magnitude higher amount of Blocks than the minimum amount of Stake age, plus you also have the SuperBlocks so each person should want many Blocks anyways.

Excellent!!! That will be the plan!

[presstab]

About 4.5 days into the POW from 30 days.

So for POW you will get exactly 360 Coins for the first 7 days before POS begins. Once POS begins, it generally accounts for approximately 50% of the Blocks but lets say it is a bit on the low end and the average is 30% of the Blocks as POS levels out.

360 * 7 = 2,520

(360 * 0.7) * 21 = 5,292

So if POS is on average 30% of the Blocks during the POS stage then the total POW Coins would be 7900 Coins, if on average it is 50% of the Blocks then it would be 6300 Coins so if we err on the higher side the estimate would be 7000-8000 Coins during POW or approximately 5% of the total supply.

Of course, you should also be splitting up those Blocks from the 150K so you have enough Blocks to cover the minimum Stake period of 7 days which is about 5000 Blocks. If not enough total Blocks to Stake, you will get a higher amount of POW Blocks because there isn't enough eligible Blocks to Stake.

Hope this helps a bit with understanding the inflation rates.

To try to limit the pow rewards and have the POS get the most rewards, what size block would you recommend 5000 coin blocks?

Vegas

Just need a lot of Blocks really so there is always that competition.

Not 5000 Coin Blocks as in the amount in each Block, 5000 individual Blocks or inputs so if you have 150k Coins then each Block should be about 30 Coins each (150,000/5000 = 30)

If you have a lot of competition between all Blocks constantly, the amount of POS during the POW/POS stage is about 60% so in a sense you will want to have all your Blocks between 10-30 Coins (or even less) in order to have a magnitude higher amount of Blocks than the minimum amount of Stake age, plus you also have the SuperBlocks so each person should want many Blocks anyways.

Important part will be to ensure that PoS is fully capable of running the chain when PoW ends, not necessarily right away. Thats why a 30 day PoW with a very small reward was chosen, as a means to run the chain until everything gets cleared up and ready to stake. It will be fun watching those first stakes coming in this week

[vegasguy]

Presstab will you be joining us? Ive set up a private slack channel, so let me know if you want an invite. If so pm me your email address.

Vegas

[alinda]

i will swap my ros to fly 

[dukeneptun]

"FLYCOIN , in the hands of a trusted few"

I think you need to consider changing this slogan. It's not a good idea to trust someone in cryptocurrency world. We need trustless decentralized systems, not trusted by X or something.

[metamorphin]

"FLYCOIN , in the hands of a trusted few"

I think you need to consider changing this slogan. It's not a good idea to trust someone in cryptocurrency world. We need trustless decentralized systems, not trusted by X or something.

t
U will laugh...this model was alwayd wrong in altcoinscene...believe me...its better that some controls like a foundation...the altcoinscene is too worthless and no money as they can change into decentralized character...maybe in 2 years..but not yet...

[vegasguy]

"FLYCOIN , in the hands of a trusted few"

I think you need to consider changing this slogan. It's not a good idea to trust someone in cryptocurrency world. We need trustless decentralized systems, not trusted by X or something.

Guys please read the model of this coin. It is VERY different than anything you have ever seen. The "trusted few" hold their own coins, but almost the entire money supply will be held by about only 10 investors, and it will remain that way, and only less than 1% of the money supply will EVER be available to the public at a time, as these 10 investors have agreed to keep this coin private and only release tiny percent at a time. This prevents the public from dumping on us,  as in order to dump the price they will need a large amount of fly and none will be available.
Vegas

[placebo]

Current price is: .046 BTC per coin.

PLEASE do NOT sell for less than .046 BTC and we can keep this price!!

Why is price so low now? It's nowhere near 0.046BTC. Big dump happened?

.05% chance of superblock 10

Is this typo? Do you mean %0.5 chance?

You removed your post of .046 BTC per coin, why???

When will we see a bigger exchange for FLY?

[Lituation]

Guys please read the model of this coin. It is VERY different than anything you have ever seen. The "trusted few" hold their own coins, but almost the entire money supply will be held by about only 10 investors, and it will remain that way, and only less than 1% of the money supply will EVER be available to the public at a time, as these 10 investors have agreed to keep this coin private and only release tiny percent at a time. This prevents the public from dumping on us,  as in order to dump the price they will need a large amount of fly and none will be available.
Vegas

That's really interesting. You try to protect coins market value but expect whole community to trust 10 investors. If they don't sell their coins market value stay same. Why should people trust these 10 investors? Who are these 10 investors? Where's the written guarantee they gave to community? In case they broke their promise legal action should be taken. Can you show community this agreement paper?

[placebo]

Guys please read the model of this coin. It is VERY different than anything you have ever seen. The "trusted few" hold their own coins, but almost the entire money supply will be held by about only 10 investors, and it will remain that way, and only less than 1% of the money supply will EVER be available to the public at a time, as these 10 investors have agreed to keep this coin private and only release tiny percent at a time. This prevents the public from dumping on us,  as in order to dump the price they will need a large amount of fly and none will be available.
Vegas

That's really interesting. You try to protect coins market value but expect whole community to trust 10 investors. If they don't sell their coins market value stay same. Why should people trust these 10 investors? Who are these 10 investors? Where's the written guarantee they gave to community? In case they broke their promise legal action should be taken. Can you show community this agreement paper?

I think he is talking about

Funds received so far with username(in the order I received them):
 
c00p3r              2,556,982
Groggin                  57,926
nikl                       99,749
Ozcar                     94,016
GambleToWin          67,201
GregofDoom       7,000,000
bittamak                729,822
cjmining                893,123
(2)Woody20285   11,890,692
Wargo                    64,025
Piotr                  3,517,843
CapnBDL                   2,314
metamorphin      10,000,000
Vegasguy          12,216,765
Xardasim                64,1711
SpiralOut             6,000,100
   alinda                  5,234,735.00

[Lituation]

So, there's no signed agreement on investors to NOT dump their coins? How could you expect someone to believe these investors won't dump their coins? Where's this "trust" comes from? It's not that easy to gain trust here just to write "trusted few" in OP.

[vegasguy]

So, there's no signed agreement on investors to NOT dump their coins? How could you expect someone to believe these investors won't dump their coins? Where's this "trust" comes from? It's not that easy to gain trust here just to write "trusted few" in OP.

There is no agreement. Nothing signed. Just a verbal promise. Thats all. Nothing will happen should an investor sell. Its their money, its their choice what they do with it. Look, Im trying something new, thats never been tried before. Im tired of the same old clone coin with fancy roadmaps, that gets dumped when pow ends. I think your misunderstanding the project. But I do appreciate any and all questions. I want to help others understand the project. ANYONE can invest in FLY by submitting Ros. They then hold their own coins. They are ASKED to hold their coins and only sell off the POS. Im not even saying everyone will follow this, in fact I think 1 or 2 wont, and we will get them out of the way, buy their dumps and the few investors in fly will hold a higher percentage. Its a trust system. I can tell you this . *IF* this fails, it WONT fail on my behalf, it will fail because the investors decided to dump, but Im  going to do my best to make this work.

Vegas

[Lituation]

So, there's no signed agreement on investors to NOT dump their coins? How could you expect someone to believe these investors won't dump their coins? Where's this "trust" comes from? It's not that easy to gain trust here just to write "trusted few" in OP.

There is no agreement. Nothing signed. Just a verbal promise. Thats all. Nothing will happen should an investor sell. Its their money, its their choice what they do with it. Look, Im trying something new, thats never been tried before. Im tired of the same old clone coin with fancy roadmaps, that gets dumped when pow ends.

Thanks for the clear reply. People can read this and choose their investment plan with their own minds.

[vegasguy]

So, there's no signed agreement on investors to NOT dump their coins? How could you expect someone to believe these investors won't dump their coins? Where's this "trust" comes from? It's not that easy to gain trust here just to write "trusted few" in OP.

There is no agreement. Nothing signed. Just a verbal promise. Thats all. Nothing will happen should an investor sell. Its their money, its their choice what they do with it. Look, Im trying something new, thats never been tried before. Im tired of the same old clone coin with fancy roadmaps, that gets dumped when pow ends.

Thanks for the clear reply. People can read this and choose their investment plan with their own minds.

Agreed. But imagine for a second .... what it would look like if 10 people held 99% of the coin supply, and slowly released only the tiny POS rewards to the public, and *IF* all of these holders did NOT sell. What do you think the price of the coin would be? I can tell you, the price would be what those 10 people want it to be, and there would not be enough FLYcoin out there to dump it down.  Is it not true, that the price could not be dumped back down as there would not be enough FLY available to the public to trash the price?? Just think.. *IF* this happened. Try to imagine it for a second. Thank you. I want to discuss this from both sides.  I want to see any holes in my plan. *I* dont control the coin, the HOLDERS control the coin. I am going to act as a coach , as I am a very skilled and adept investor. We, the large holders will discuss in a private slack channel , what WE all agree on the next steps for fly. I agree it takes one idiot to ruin it for everyone, and if that happens, then we will recoup in slack and reformulate a new plan. Invites will be sent to the slack channel to the highest holders. We will join there as a team.

Vegas,

[presstab]

Presstab will you be joining us? Ive set up a private slack channel, so let me know if you want an invite. If so pm me your email address.

Vegas

I don't use slack. Also I plan on staking not selling any (I only have 7 FLY at the moment) so market tactics won't really concern me much. My primary concern is the functionality of the blockchain and network for this coin and ensuring everything runs smooth

[vegasguy]

Presstab will you be joining us? Ive set up a private slack channel, so let me know if you want an invite. If so pm me your email address.

Vegas

I don't use slack. Also I plan on staking not selling any (I only have 7 FLY at the moment) so market tactics won't really concern me much. My primary concern is the functionality of the blockchain and network for this coin and ensuring everything runs smooth

Thank you Presstab. Youve been amazing, and it was a no brainer who I wanted to create this wallet and setup the block chain and nodes. We will need you for future updates and you a VERY trusted member, so if you want to be paid in Fly, just ask. As you are the inovator of the additional features of wallets, let me know if anything interesting can be added to fly. I had some ideas. I thought about current money supply held by each wallet holder in a percent on the main page. Is that possible? Also a richlist tab with balance added on the left as a button, that when pressed will change page and show wallet addresses and and balances and percent held. For now I am using a basic block explorer , but as soon as pow and swap ends, Ill be using your block explorer.

Thanks again for all you have done for us.



Vegas

[Blazin8888]

Where may I purchase some Fly ?

[vegasguy]

It is swapped for Ros. You can still buy Ros on Bittrex. Swap happens in 2 days. Read op for more info

Vegas

[Woody20285]

Also, it is currenlt traded on Yobit. Supply
on Yobit is from the approx. 1 month on mining
currently going on.