[ANN] ColossusXT (COLX) Private| Sustainable| Grid Computing - Mandatory Update

[nathamos]

Burning that many coins would be nice for COLX price development but personally I think we shouldn't be stealing funds from our own community at all. OR we should vote about it (and only burn a percentage accordingly).

From page 1:
Unswapped coins: Once the swap is completed in 3 months all excess ColossusCoinXT unclaimed coins will be destroyed by Nova Exchange(*)
and no more CV2 Coins will be accepted.
*: Reserve 5% for initial funding of services and to get added to Bigger Exchanges (such as Bittrex.com).
For that purpose we will be selling COLX Masternodes to larger Investors.

So the current plan is to burn 95% of the unswapped coins at the end of the swap period.

If 3.6 billion COLX are distributed then 8.4 billion would remain.

5% of 8.4 billion is 420 million, or 42 masternodes worth with the current requirements.

Deflating the COLX economy is NOT stealing funds from the community, its quite the opposite!

It is also an AMAZING marketing opportunity.

Agree that whatever happens need to be decided by the community. Fortunately COLX has consensus tools we can lever out of the box.

[CrunchyCrypto]

Deflating the COLX economy is NOT stealing funds from the community, its quite the opposite!

People holding CV2 are still part of our community. It's the same coin, just an older implementation of it, and that's not their fault.
People should not be forced to check up on their coins every 3 months to prevent those coins from being destroyed. They paid real money for their CV2, and at 4 sats, that's still about 1.2 million dollars we're talking about.

The way we deal with CV2 will be an example for how we deal with COLX in the future. Destroying CV2 will also destroy trust in COLX, and dealing with CV2 it in a decent matter will also make COLX a trustworthy and valuable coin.

I don't want you to open your COLX wallet two years from now, expecting lots and lots of value, only to find out that your coins were replaced by some new "COLX2" coin and your value distributed amongst other people. I'm sure you would be pretty upset and angry if that happend. So let's not do that now either.

[hasteee]

Updated COLX Slack invite link: https://colossuscoinxt.herokuapp.com/

Should see less pesky scammers now!

[nathamos]

People holding CV2 are still part of our community. It's the same coin, just an older implementation of it, and that's not their fault.
People should not be forced to check up on their coins every 3 months to prevent those coins from being destroyed. They paid real money for their CV2, and at 4 sats, that's still about 1.2 million dollars we're talking about.

The way we deal with CV2 will be an example for how we deal with COLX in the future. Destroying CV2 will also destroy trust in COLX, and dealing with CV2 it in a decent matter will also make COLX a trustworthy and valuable coin.

I don't want you to open your COLX wallet two years from now, expecting lots and lots of value, only to find out that your coins were replaced by some new "COLX2" coin and your value distributed amongst other people. I'm sure you would be pretty upset and angry if that happend. So let's not do that now either.

I hear you but it is a two way street.

Holders have at least half of the burden of keeping up to speed with their portfolios. This includes planning for situations where they may not be able to take action themselves.

The risks that come with having a huge pile of COLX sitting around waiting for a small inactive component of the community to get their acts together is significant.

The crypto community will not trust COLX until the leftovers from the swap are proven burnt, we've already seen FUD from this starting earlier in the thread.

[CrunchyCrypto]

People holding CV2 are still part of our community. It's the same coin, just an older implementation of it, and that's not their fault.
People should not be forced to check up on their coins every 3 months to prevent those coins from being destroyed. They paid real money for their CV2, and at 4 sats, that's still about 1.2 million dollars we're talking about.

The way we deal with CV2 will be an example for how we deal with COLX in the future. Destroying CV2 will also destroy trust in COLX, and dealing with CV2 it in a decent matter will also make COLX a trustworthy and valuable coin.

I don't want you to open your COLX wallet two years from now, expecting lots and lots of value, only to find out that your coins were replaced by some new "COLX2" coin and your value distributed amongst other people. I'm sure you would be pretty upset and angry if that happend. So let's not do that now either.

I hear you but it is a two way street.

Holders have at least half of the burden of keeping up to speed with their portfolios. This includes planning for situations where they may not be able to take action themselves.

The risks that come with having a huge pile of COLX sitting around waiting for a small inactive component of the community to get their acts together is significant.

The crypto community will not trust COLX until the leftovers from the swap are proven burnt, we've already seen FUD from this starting earlier in the thread.

If by the 'small inactive component of the community' you mean the people that haven't swapped yet... so far that turns out the be a big majority, not a minority.
But yes, there are good arguments to both sides of the story, so maybe this will be a good subject to vote on in the end and burn coins accordingly.

[easyrimka]

did my swap, all went well !

[klimauk]

Can someone who got sync wallet, zip the folders /blocks and /chainstate and share to community? Put it to mega.nz and share the link.
What is the point to wait for anything, we are community of this coin and we should help each other, right? Or not?

[nathamos]

If by the 'small inactive component of the community' you mean the people that haven't swapped yet... so far that turns out the be a big majority, not a minority.

Nope, only referring to those who fail to swap within the three months the swap will be running for.

There was some rough analysis on this earlier:

... its highly anticipated a huge portion of the supply will be burned by nova as there was only 7.2b active coins including the CV2 dev fund = 3.6b COLX.  That being said theres still a chance someone will see this thread and be like OH WAIT I HAVE THAT WALLET DATA! 

However through the block explorer that was the rough estimate where coins had been moved or had staked in the last 6 months --- Some of which are now gone forever i.e. cryptopia, soon to be yobit.

Side note given that 3b coins have swapped currently -- And given that there is 180m COLX on the order books, as well as 600m CV2 left on the order books -- The swap may be significantly smaller.
 

According to Nova there has been 8.04 billion CV2 swapped for 4.02 billion COLX... maybe Mrbates could revisit his analysis now the swap is underway.

[CrunchyCrypto]

Can someone who got sync wallet....

All wallets are the same. We're all on 10124.
We'll need some intervention from the dev. He's working on it.

[imranq]

Same here. It's stuck on 10124.

Dev please fix.

[DigiWarfare]

So here we are once again. Block chain is not moving 10124, there is no staking, and no word from the devs. Sigh. This concerns me greatly as an investor into this coin. All the promises and hype were broken and let downs. Is it too much to ask that the dev comes one here and tells us what the issue is? How long to get it fixed? I do not think these things should be just let go to fester and upset people who spent btc to buy this coin.

I dont know how these dev's think that the silence is a good thing? I saw someone who was going to invest alot of btc in this coin walk away. When they looked at the issues, and seen the no response from the dev, they simply said.. "This will go bad" and walked.. 20 BTC they had. Devs are you hearing this? Major investors do not want to touch this coin because of your lack of ability to simply let people know whats going on... That completly infuriates me...

[Hangterisaan]

So here we are once again. Block chain is not moving 10124, there is no staking, and no word from the devs. Sigh. This concerns me greatly as an investor into this coin. All the promises and hype were broken and let downs. Is it too much to ask that the dev comes one here and tells us what the issue is? How long to get it fixed? I do not think these things should be just let go to fester and upset people who spent btc to buy this coin.

I dont know how these dev's think that the silence is a good thing? I saw someone who was going to invest alot of btc in this coin walk away. When they looked at the issues, and seen the no response from the dev, they simply said.. "This will go bad" and walked.. 20 BTC they had. Devs are you hearing this? Major investors do not want to touch this coin because of your lack of ability to simply let people know whats going on... That completly infuriates me...

Totally normal according to devs, everything is working just fine. Common thing on a POS coin they say lol. Maybe this is why this never happens to any POS coin. Ever.

10.331.250 COLX was mined more than 7 days ago (not counting the premine). So none of those are in wallets that are open?

[Rumhurius]

one day we will look back n laugh.
take it easy bois
 

[skadoosh1]

Deflating the COLX economy is NOT stealing funds from the community, its quite the opposite!

People holding CV2 are still part of our community. It's the same coin, just an older implementation of it, and that's not their fault.
People should not be forced to check up on their coins every 3 months to prevent those coins from being destroyed. They paid real money for their CV2, and at 4 sats, that's still about 1.2 million dollars we're talking about.

The way we deal with CV2 will be an example for how we deal with COLX in the future. Destroying CV2 will also destroy trust in COLX, and dealing with CV2 it in a decent matter will also make COLX a trustworthy and valuable coin.

I don't want you to open your COLX wallet two years from now, expecting lots and lots of value, only to find out that your coins were replaced by some new "COLX2" coin and your value distributed amongst other people. I'm sure you would be pretty upset and angry if that happend. So let's not do that now either.

The end user should have some responsibility in knowing what they are holding. If they have something invested in a coin, they also have to keep up with the news regarding that coin. There are some people who were asking how to swap their original CV coin to CV2 when COLX was getting brought up. You just can't wait for everyone. That is why the swap is lasting for three months. So that the majority of people holding cv2 can swap to the new chain. Also, trading of CV2 will cease on nova on the 15th this month so thats another problem gone. Tl;dr due diligence is necessary.

[Hangterisaan]

one day we will look back n laugh.
take it easy bois
 

i am sure we will. But can not help to find it funny. Especially the remarks that are given whenever a problem occurs. Wich is actually happening with every single step of the proces so far. From launch date to the pos switch.

;-)

[klimauk]

YES! finally I was able to sync my wallet!
Thanks!

EDIT: now there is a problem with wallet at novaexchange - unknown error, no possible to withdraw.  
EDIT2: it's working now!

[finamathmatics]

Finally! The block 10124 move out!

 

[steve321]

The current COLX blockchain snapshot is available from CryptoChainer.com.  Current at block 10133-10134.  The chain is moving again.  Enjoy!

[hasteee]

We're moving baby!!! 

[krizniq]

looks stuck on 10158 for me

Oct 4 20:44:59