FLY COIN ANN.Swapping to "Las Vegas"coin,+Masternodes,Darksend,Stealth, instantX

[galacticpilgrim]

Wow, who was the lucky FLY-catcher that got about 27 of them at .00065???   Nice!

I saw that...wish it was me.  I'm trying to get an order filled at almost twice that, (0.00102032) with no luck yet.

Seems like a fair price to me.

I can't wait for the fee exemption update to kick in, I'll be in the top 50 holders when I transfer off the exchange 

[vegasguy]

So this weekend I be announcing a major project that we have been working on for weeks. It involves a website where you can buy things. The website is not entirely complete , so it will be in beta format. But it will give you guys a real good idea the direction we are heading with fly and its real world usage that will be very unique and badly needed by the crypto community.


Other POSSIBLE changes if the community agrees:

The "stake to self" fee will be removed. Now when we do this it will 1/2 the amount that it sent to superfly. So as a thought if the community agrees:

1. Stake to self (no fees) AND
2. Stake to exchange (15% -20% fee to superfly)

Because Superfly rewards will have to be lowered if we keep "stake to exchange" at only 10% or superfly will run out of funds. So this needs to be discussed with the community.

From the beginning fly has always rewarded long term holders, and the dumpers have paid the most fees, so this is not new. 

FLY is a VERY long term coin. So for those of you that stake to self and dont sell, voting yes to this option will benefit you the most. You will pay nothing in, and if you qualify for superfly rewards, you will get those rewards. If you constantly sell, youll probably vote against this. As ive said many many times in the past a couple of years down the road, there will be a gentle exit strategy to sell your main balance.  But I would like to hear feedback on this idea. There is plenty of time to discuss this.

Vegas

[groggin]

   ^^within the proposed structure, what tx fees would apply to manuual sends from the savings addy?

[vegasguy]

   ^^within the proposed structure, what tx fees would apply to manuual sends from the savings addy?

Really, you shouldnt be sending from your savings addy to exchange. Because then its considered a normal sending, which has the most harsh fees. If you plan on selling, always point your savings to the exchange address directly, and not your internal savings addy. Logically sellers should be asking 20% more for the coin under these conditions which keeps prices high. As Ive stated before I want this to be a coin to hold long term around 2 years. So I want to reward those that stay with it that long. Then I will restructure the coin to allow people to slowly deflate their balance without crashing the market.

Vegas

[vegasguy]

So this weekend , will be very big for FLY. We should have a new wallet that exempts all from withdrawal fees. Also I have removed the "stake to self" fee, and changed " stake to exchange fee to 20% that goes to Superfly. I will also give details and the address of our website that only accepts FLY as payment. The website is in beta format, but it will give you a very good idea what we are doing. So good things are coming. Also I changed the pos min stake time to 9 days. This is NOT a bad thing, as it will keep inflation in check, and when prices rise on my announcement then they will stay there. I want to keep inflation as low as possible. Currently there are only 187k fly, not counting what has been burned.

Vegas

[groggin]

So this weekend , will be very big for FLY. We should have a new wallet that exempts all from withdrawal fees. Also I have removed the "stake to self" fee, and changed " stake to exchange fee to 20% that goes to Superfly. I will also give details and the address of our website that only accepts FLY as payment. The website is in beta format, but it will give you a very good idea what we are doing. So good things are coming.

Vegas

   would be nice if peeps w/out a lot of capital could daytrade. it takes fly to make fly, a graduated scale tx tax on the stakes would help alot! if you made your chunks small the stakes would be tiny, small tx tax but exelent network support.

[vegasguy]

Thank you Groggin. It kind of is that way anyway, because the largest holders can create blocks of 200-400 fly to stake, which in turn will be taxed higher or even if the larger holders make smaller blocks , we will stake more frequently and pay more in fees. My plan has been all along is to shape this coin into a long term "hold coin" , that benefits those that hold and stake, and I intentionally made it very difficult to day trade. Every coin can be day traded, so I wanted to create a coin that is different and unique, and reward holders that have the patience to hold for about 2 years. The rewards of fly are NOT immediate. The plan is to stake coins for approx 2 years and during that time add new and exciting features to keep interest and prices climbing. Then at about the 2 year mark initiate a plan to slowly deflate the balance of those that want to sell their main balance. In short , the holders get all the benefits.

Vegas

[groggin]

     

My plan has been all along is to shape this coin into a long term "hold coin"

         well then that is a good thing, it is all good       i've sent only 4 fly to 'topia, and they're still hanging there on the sell side, while i've picked up 1 fly, which i take from to balance my buys, i just always buy more than i sell. it will build up a lot slower without more sell support, but i can still make that work for me   

[Woody20285]

Reminder - Get your SuperFly Qualifying done for this Week
Current Period: Monday 2/15 thru - Sunday 2/21.

Fill your wallet with Free Fly
Two days left to qualify this week![

If you miss a week, just re-qualify the next.

[Mark Zuckerberg]

FLY is going to dump SO HARD it'll be hilarious.

Yea, remove those fees.  Good idea.

[BTC-BTC-BTC]

My tweet: https://twitter.com/btcbtcbtc20155/status/700857689870499840

I like the idea of Stake to self (no fees) and Stake to exchange (15% -20% fee to superfly).

[vegasguy]

FLY is going to dump SO HARD it'll be hilarious.

Yea, remove those fees.  Good idea.

Mark, the antidump fees are staying. This prevents the dumping. What we are debating is the fees on the staking.

Vegas

[TimC]

FLY is going to dump SO HARD it'll be hilarious.

Yea, remove those fees.  Good idea.

Mark, the antidump fees are staying. This prevents the dumping. What we are debating is the fees on the staking.

Vegas

I also like the no fee to stake to self but fee when staking to exchange.

[vegasguy]

So now our coding is moving at a rapid rate, would be the time to discuss some changes you guys would like to see. Even though some of you have never seen a superblock, I can assure you they are real and active and in the code. So this is just an idea I want to throw out there:

We could substantially raise the chance of superblocks in sacrifice of a lower POS.

So currently our superblock system looks like this:

1% chance of 2x multiplier
0.8% chance of 3x multiplier
0.18% chance of 5x multiplier
0.018% chance of 10x multiplier
0.0002% chance of 20x multiplier

If the majority of users wanted to drop the POS rate down to 25% , we could make our superblock system look like this:

25% chance of 2x multiplier
10% chance of 3x multiplier
5 % chance of 5x multiplier
3 % chance of 10x multiplier
1% chance of 20x multiplier
.25% chance of a 50x multiplier

So this would be kind of a built in lotto system. Fly already has special graphics in the transaction box that clearly will show that you have hit a superblock and what "X" amount it was.
For example if you typically stake 1 coin, and you hit a 20X multiplier , youll get 20 FLY instead of 1.

So let me hear your thoughts. If you want we can lower the POS rate a bit more and raise the chance % much higher. This would make the system VERY dependent on the superblock system. These are just ideas.

Vegas

[metamorphin]

So now our coding is moving at a rapid rate, would be the time to discuss some changes you guys would like to see. Even though some of you have never seen a superblock, I can assure you they are real and active and in the code. So this is just an idea I want to throw out there:

We could substantially raise the chance of superblocks in sacrifice of a lower POS.

So currently our superblock system looks like this:

1% chance of 2x multiplier
0.8% chance of 3x multiplier
0.18% chance of 5x multiplier
0.018% chance of 10x multiplier
0.0002% chance of 20x multiplier

If the majority of users wanted to drop the POS rate down to 25% , we could make our superblock system look like this:

25% chance of 2x multiplier
10% chance of 3x multiplier
5 % chance of 5x multiplier
3 % chance of 10x multiplier
1% chance of 20x multiplier
.25% chance of a 50x multiplier

So this would be kind of a built in lotto system. Fly already has special graphics in the transaction box that clearly will show that you have hit a superblock and what "X" amount it was.
For example if you typically stake 1 coin, and you hit a 20X multiplier , youll get 20 FLY instead of 1.

So let me hear your thoughts. If you want we can lower the POS rate a bit more and raise the chance % much higher. This would make the system VERY dependent on the superblock system. These are just ideas.

Vegas

This bring in new interests of course. I have a general question about superblocks. A guy with a big wallet has bigger chances to hit superblocks than a guy with smaller amounts? Proposal: We should describe it also for someone, who has only few FLY, how to split the blocks and reach bigger chances to hit superblocks like the bigger one.
I remember, that woody already calculated in the past optimized stakingrates for few examples!

Steve

[vegasguy]

Well I would like to get some feedback on this. If someone stakes 1 fly now , then that will stake 25 fly at a 50x jackpot, or 10 FLY at a 20x jackpot. So, this will give the little guys a chance on every stake to get fly that would normally be out of reach. But I need to get opinions about this soon as we are coding the big change that creates free withdrawals for all.

Vegas

[binmon]

That would be cutting the POS rate in half.....

My last stake, on 337 coins was 1.755; cutting that in half would have dropped it to .8775, and when the effects of compounding are taken into account, this seems to represent a significant hit on my LONG TERM earnings.

If we are to preserve the principal of FLY, that is, hold for the long term, I believe we should NOT sacrifice solid long-term growth for instant gratification of a very few.  Maybe I'd feel differently if I won all the time, but the odds dictate differently.  In looking at the aspect of helping the little guy, you may help one, but in the process hurt many.

I am not for turning FLY into a coin presenting more risk to the LONG TERM benefit for which I think we created this coin; I can roll the dice with plenty other coins, but none offer the sanctity of FLY for long term holding.

I guess I'm not in favor, lol

Thanks for letting us have a say though; I of course will live with the decision.

[binmon]

Way to go, hashmaster!  Pick'em up a few at a time when the price is right! 

[Woody20285]

Concerning Superblocks - It is important to understand the overall effect of changes.
Any increase, without an off-setting decrease, is inflationary.

Superblocks are fun to receive but, most have never received a superblock - the
chances are very small (I have never received one and I have a lot of FLY).
Increasing the chances means more fun and  unexpected rewards. I like the excitement
and lottery aspect. Greater chances would mean most holders would receive them.

However, while I favor increasing the chances, I think percentage changes
should be smaller. For example,
10%   chance of   2x Multiplier
  5%   chance of   3x Multiplier
  3%   chance of   5x Multiplier
  1%   chance of 10x Multiplier
1/2%  chance of 20x Multipiler
1/4%  chance of 50X Multiplier

Overall this is an approx. a 1 in 5 chance of hitting a superblock. Or, put another way 1 superblock
every 5 times you stake (depending on your luck). I am not lucky and would probably never hit one.

It still means an increase in total POS paid out but, is 60% less inflationary than proposed
schedule. To balance total POS there would need to be a reduction of POS from 50% to 35%.

Currently the return is 50% (minus the 10% of the 50% as a fee to SuperFly) for a current effective
return of 45%. Thirty-five percent (35%) POS would be a 10% reduction in POS - with no 10% to
SuperFly. However, with the increase of the stake to exchange fee (going to SuperFly wallet)
increasing to 20% of the stake it will offset part of the inflation.

While there is some guesswork because there is no way to know if a small input block or a
large one will hit say a 25x or 50x multiplier. - a reasonable guess is a reduction from the current
effective POS of 45% to 38% would keep inflation at the current rate.

In other words if you got a 1 FLY POS before minus the SuperFly fee you ended up with .9 FLY
With this proposal, the 1 Fly POS staked to yourself would end up being .73 FLY plus, you would
have a 1 in 5 chance of getting a Superblock. Hit a  5x and you are the same, hit a 50x and you are way ahead.

Flip a coin - are you a gambler? Let's hear your opinion. As a large holder of FLY, I would donate any 10x, 25x or
50x Superblock to the SuperFly wallet.

[xProphet]

FLY is going to dump SO HARD it'll be hilarious.

Mark, the antidump fees are staying. This prevents the dumping.

I think Mark means that price is still going down.
Check the 3 months chart on Cryptopia, before 2016 FLY was trading at 250k~400k sats. What now? 100~150k. This makes me sad.
How about implementing something like "buying back", when Dev buys coins from an exchange to keep the minimum price stable?
Right now just 0.8 BTC can take FLY back to the about 450k