Incorrect Bitcore(BTX) Circulating Supply on CMC

[gwestcot]

Greetings Community,

As many of you know, the Bitcore team have been trying to work through the issues with CMC about our circulating supply being incorrectly displayed. I believe CMC views our "virtually forked" coins to Bitcoin holders to not be in circulation so in response our circulating supply has been arbitrarily frozen at 1,195,602 as of November 6th. Since November 6th, we have tried to establish direct contact and consequently we have been waiting for our circulating supply to be corrected. We are now creating this poll to enlist the help of the community in determining a good solution to the problem. Below is a brief description regarding each option and also the spreadsheet that documents everything from the airdrops, first claiming period, virtual fork, development fund addresses, and even the supply from mining. We stopped the calculations at block 84700 so anything that has occurred after that is not accounted for in the spreadsheet. We hope that you find this poll satisfactory and if you have any questions then please be sure to ask.

Sincerely,

Your Bitcore Team

Option 1: Circulating Supply includes the "virtually forked" coins

This option would essentially mean that all coins not currently controlled by the development team are considered in circulation. The numbers are documented below in the spreadsheet and this would mean the circulating supply would be 9,945,943.897515 as of block 84700. We think that this treatment is very fair since the coins are not in our possession and it is exactly how Bitcoin, Bitcoin Cash, and even additional forks have been calculated by CMC.

Option 2: Circulating Supply does not include the "virtually forked" coins but still all of other coins

This option would not consider the "virtually forked" coins to be in circulation but all other coins would still be counted in the circulating supply. The circulating supply for this option would be 1,625,941.46974566. All additional airdrops and coins mined beyond block 84700 would of course have to be added to the running total.

Option 3: Circulating Supply should be permanently frozen at 1,195,602

This option would mean that our circulating supply, despite any proven numbers, would be permanently frozen at 1,195,602.

https://docs.google.com/spreadsheets/d/1gzHqrDDCHyfBtA4H4wl15VYHQzwwfULcJq1r4JcVnOA/edit?usp=sharing

[minestro]

Greetings Community,

As many of you know, the Bitcore team have been trying to work through the issues with CMC about our circulating supply being incorrectly displayed. I believe CMC views our "virtually forked" coins to Bitcoin holders to not be in circulation so in response our circulating supply has been arbitrarily frozen at 1,195,602 as of November 6th. Since November 6th, we have tried to establish direct contact and consequently we have been waiting for our circulating supply to be corrected. We are now creating this poll to enlist the help of the community in determining a good solution to the problem. Below is a brief description regarding each option and also the spreadsheet that documents everything from the airdrops, first claiming period, virtual fork, development fund addresses, and even the supply from mining. We stopped the calculations at block 84700 so anything that has occurred after that is not accounted for in the spreadsheet. We hope that you find this poll satisfactory and if you have any questions then please be sure to ask.

Sincerely,

Your Bitcore Team

Option 1: Circulating Supply includes the "virtually forked" coins

This option would essentially mean that all coins not currently controlled by the development team are considered in circulation. The numbers are documented below in the spreadsheet and this would mean the circulating supply would be 9,945,943.897515 as of block 84700. We think that this treatment is very fair since the coins are not in our possession and it is exactly how Bitcoin, Bitcoin Cash, and even additional forks have been calculated by CMC.

Option 2: Circulating Supply does not include the "virtually forked" coins but still all of other coins

This option would not consider the "virtually forked" coins to be in circulation but all other coins would still be counted in the circulating supply. The circulating supply for this option would be 1,625,941.46974566. All additional airdrops and coins mined beyond block 84700 would of course have to be added to the running total.

Option 3: Circulating Supply should be permanently frozen at 1,195,602

This option would mean that our circulating supply, despite any proven numbers, would be permanently frozen at 1,195,602.

https://docs.google.com/spreadsheets/d/1gzHqrDDCHyfBtA4H4wl15VYHQzwwfULcJq1r4JcVnOA/edit?usp=sharing

Was there any response when, how and if they would consider the virtual forked coins as circulating supply. As there would be: never, when they are transferred from the fork address or when the fork address' amount is changed in any way?
They can't only say, "Sorry guys, it's done. The supply is going to be frozen forever.". Are they going to at least count the future airdrops into the circulating supply? That's all very strange.
Why do they don't count the virtual fork into the circulating supply? The money is accessible for the ones having the needed private key as every other address on the blockchain. I really don't get on what grounds they're arguing to not count the virtual forked coins. What's the criterium for a coin to be count into the circulating supply. There has to be a definition from their side.

IMHO that's completely BS. By their criteria to not count the forked coins, they would have to ignore most of the "sleeping whale" accounts in other blockchains. I really just don't get it and it feels very arbitrary.

[gwestcot]

Greetings Community,

As many of you know, the Bitcore team have been trying to work through the issues with CMC about our circulating supply being incorrectly displayed. I believe CMC views our "virtually forked" coins to Bitcoin holders to not be in circulation so in response our circulating supply has been arbitrarily frozen at 1,195,602 as of November 6th. Since November 6th, we have tried to establish direct contact and consequently we have been waiting for our circulating supply to be corrected. We are now creating this poll to enlist the help of the community in determining a good solution to the problem. Below is a brief description regarding each option and also the spreadsheet that documents everything from the airdrops, first claiming period, virtual fork, development fund addresses, and even the supply from mining. We stopped the calculations at block 84700 so anything that has occurred after that is not accounted for in the spreadsheet. We hope that you find this poll satisfactory and if you have any questions then please be sure to ask.

Sincerely,

Your Bitcore Team

Option 1: Circulating Supply includes the "virtually forked" coins

This option would essentially mean that all coins not currently controlled by the development team are considered in circulation. The numbers are documented below in the spreadsheet and this would mean the circulating supply would be 9,945,943.897515 as of block 84700. We think that this treatment is very fair since the coins are not in our possession and it is exactly how Bitcoin, Bitcoin Cash, and even additional forks have been calculated by CMC.

Option 2: Circulating Supply does not include the "virtually forked" coins but still all of other coins

This option would not consider the "virtually forked" coins to be in circulation but all other coins would still be counted in the circulating supply. The circulating supply for this option would be 1,625,941.46974566. All additional airdrops and coins mined beyond block 84700 would of course have to be added to the running total.

Option 3: Circulating Supply should be permanently frozen at 1,195,602

This option would mean that our circulating supply, despite any proven numbers, would be permanently frozen at 1,195,602.

https://docs.google.com/spreadsheets/d/1gzHqrDDCHyfBtA4H4wl15VYHQzwwfULcJq1r4JcVnOA/edit?usp=sharing

Was there any response when, how and if they would consider the virtual forked coins as circulating supply. As there would be: never, when they are transferred from the fork address or when the fork address' amount is changed in any way?
They can't only say, "Sorry guys, it's done. The supply is going to be frozen forever.". Are they going to at least count the future airdrops into the circulating supply? That's all very strange.
Why do they don't count the virtual fork into the circulating supply? The money is accessible for the ones having the needed private key as every other address on the blockchain. I really don't get on what grounds they're arguing to not count the virtual forked coins. What's the criterium for a coin to be count into the circulating supply. There has to be a definition from their side.

I agree with you but I can't really answer your questions because there has not been a lot of open discussion between us. I cannot really speak for what their rationale is for freezing our circulating supply.

[mmmmyah]

Done - agree with you, option1 of course!

[minestro]

Was there any response when, how and if they would consider the virtual forked coins as circulating supply. As there would be: never, when they are transferred from the fork address or when the fork address' amount is changed in any way?
They can't only say, "Sorry guys, it's done. The supply is going to be frozen forever.". Are they going to at least count the future airdrops into the circulating supply? That's all very strange.
Why do they don't count the virtual fork into the circulating supply? The money is accessible for the ones having the needed private key as every other address on the blockchain. I really don't get on what grounds they're arguing to not count the virtual forked coins. What's the criterium for a coin to be count into the circulating supply. There has to be a definition from their side.

I agree with you but I can't really answer your questions because there has not been a lot of open discussion between us. I cannot really speak for what their rationale is for freezing our circulating supply.

But this isn't in any way connected to the HitBTC listing? Like HitBTC saying they won't list BTX until the market cap problem is sorted out.

[gwestcot]

Was there any response when, how and if they would consider the virtual forked coins as circulating supply. As there would be: never, when they are transferred from the fork address or when the fork address' amount is changed in any way?
They can't only say, "Sorry guys, it's done. The supply is going to be frozen forever.". Are they going to at least count the future airdrops into the circulating supply? That's all very strange.
Why do they don't count the virtual fork into the circulating supply? The money is accessible for the ones having the needed private key as every other address on the blockchain. I really don't get on what grounds they're arguing to not count the virtual forked coins. What's the criterium for a coin to be count into the circulating supply. There has to be a definition from their side.

I agree with you but I can't really answer your questions because there has not been a lot of open discussion between us. I cannot really speak for what their rationale is for freezing our circulating supply.

But this isn't in any way connected to the HitBTC listing? Like HitBTC saying they won't list BTX until the market cap problem is sorted out.

These two issues are completely unconnected.

[minestro]

Was there any response when, how and if they would consider the virtual forked coins as circulating supply. As there would be: never, when they are transferred from the fork address or when the fork address' amount is changed in any way?
They can't only say, "Sorry guys, it's done. The supply is going to be frozen forever.". Are they going to at least count the future airdrops into the circulating supply? That's all very strange.
Why do they don't count the virtual fork into the circulating supply? The money is accessible for the ones having the needed private key as every other address on the blockchain. I really don't get on what grounds they're arguing to not count the virtual forked coins. What's the criterium for a coin to be count into the circulating supply. There has to be a definition from their side.

I agree with you but I can't really answer your questions because there has not been a lot of open discussion between us. I cannot really speak for what their rationale is for freezing our circulating supply.

But this isn't in any way connected to the HitBTC listing? Like HitBTC saying they won't list BTX until the market cap problem is sorted out.

These two issues are completely unconnected.

Great, good to know. Thank you.

[-doubleU-]

Option 1 is the best Option. Is the same calculation like BTC, LTC and many other Coins

[iwosh]

The 1st option is the best, but maybe at least the second one is still much better than the frozen state.

On the other hand, the coins noone will ever claim from that second snapshot are lost, right? Because in that way is option 1 wrong.

 

[iamwhitewave]

Option 1. I believe it's the same calculation used for other cryptocurrencies.

[ciro1]

Actually I think most of the coins in the virtual fork would be lost forever and never in circulation, but surely it's the same with BCH and BCG with only difference in BTX being that many people with btc may not know plus people with less than 1btc in the address may not even bother claiming until maybe when btx is worth about $200 so imo a lot of those coins wont be in circulation, but sure they need to be accounted for as they will someday be in circulation as this project matures. I think CMC is just being a pain in the ass with this issue and need to get their shit together.

[paperbox]

Option 1 is the true.

[Robsen99]

Option 1 !!

[vantheman169]

Option 1!  This is insane that Coinmarketcap is treating BTX differently than any other actual Fork of BTC.  BTX is its own blockchain and has  distributed BTX to all BTC holders over .01 BTC.  Surely they would like to know they have BTX to claim.  The coins are in circulation period.  Just because some may never be claimed but the same is true for BCH.

[QB Horse]

Greetings Community,

As many of you know, the Bitcore team have been trying to work through the issues with CMC about our circulating supply being incorrectly displayed. I believe CMC views our "virtually forked" coins to Bitcoin holders to not be in circulation so in response our circulating supply has been arbitrarily frozen at 1,195,602 as of November 6th. Since November 6th, we have tried to establish direct contact and consequently we have been waiting for our circulating supply to be corrected. We are now creating this poll to enlist the help of the community in determining a good solution to the problem. Below is a brief description regarding each option and also the spreadsheet that documents everything from the airdrops, first claiming period, virtual fork, development fund addresses, and even the supply from mining. We stopped the calculations at block 84700 so anything that has occurred after that is not accounted for in the spreadsheet. We hope that you find this poll satisfactory and if you have any questions then please be sure to ask.

Sincerely,

Your Bitcore Team

Option 1: Circulating Supply includes the "virtually forked" coins

This option would essentially mean that all coins not currently controlled by the development team are considered in circulation. The numbers are documented below in the spreadsheet and this would mean the circulating supply would be 9,945,943.897515 as of block 84700. We think that this treatment is very fair since the coins are not in our possession and it is exactly how Bitcoin, Bitcoin Cash, and even additional forks have been calculated by CMC.

Option 2: Circulating Supply does not include the "virtually forked" coins but still all of other coins

This option would not consider the "virtually forked" coins to be in circulation but all other coins would still be counted in the circulating supply. The circulating supply for this option would be 1,625,941.46974566. All additional airdrops and coins mined beyond block 84700 would of course have to be added to the running total.

Option 3: Circulating Supply should be permanently frozen at 1,195,602

This option would mean that our circulating supply, despite any proven numbers, would be permanently frozen at 1,195,602.

https://docs.google.com/spreadsheets/d/1gzHqrDDCHyfBtA4H4wl15VYHQzwwfULcJq1r4JcVnOA/edit?usp=sharing

To be fair with all other coins, Option #1 is the logical choice.

Having said that, I also understand why CMC is questioning the virtually forked coins. From all the 8M coins, how many were redeemed? I mean probably 99.9% of all BTC address holders have absolutely no idea they can claim 0.5BTX per 1BTC they own. Even if over time more and more people will claim their BTX, one could argue that the vast majority of BTC holders will never claim their free BTX.

Am I right if I assume that the only virtually forked BTX coins that are in circulation are the one that were claimed by BTC address holders. If yes, then the true circulation from that portion of the circulation is not 8M, but just a few thousands?

So I think you should have an option #4 that would be Option #2 + the virtually forked coins that have been claimed by BTC address holders.

Why, because these virtually forked coins if they never get claimed, they will never really be in circulation.

My 2 sense!


BTW, I'm one of the early adopters of this project. I first invested last summer.

[Schtroumpf]

Even if over time more and more people will claim their BTX, one could argue that the vast majority of BTC holders will never claim their free BTX.

we could say the same thing for BCH ... and yet CMC count all frozen / forgotten coins

[drm]

Even if over time more and more people will claim their BTX, one could argue that the vast majority of BTC holders will never claim their free BTX.

we could say the same thing for BCH ... and yet CMC count all frozen / forgotten coins

Yes it's the same for several coins... that's why this behaviour coinmarketcap is displaying now is ridiculous.
They have had 2 weeks to check everything out, what was their conclusion? What did they say? Make a thread on bct and make a voting poll?

[Vigme86]

I think option 2 is a good compromise. It's highly unlikely all the BTXs during snapshot would be redeemed, and I still don't get why you have done it.
Anyway at least with option 2 would be like if it never happened.

[MickeyT2008]

Option two of course, why would it be the first option? there is no sense with that at all.
Has anyone noticed that bitcore was just another pump & dump situation? just look at the price, it was less than 25$ by the beggining of the last week, and then suddenly pumped to more than $45 each one of them.
Now it is at $29 each and a lot of people invested money in there because they wanted to earn some free money from that.
Lets see how it goes, but it is a good project, only that it seems very shady to me, and that is why i will never put my funds into that coin.

[minestro]

Option two of course, why would it be the first option? there is no sense with that at all.
Has anyone noticed that bitcore was just another pump & dump situation? just look at the price, it was less than 25$ by the beggining of the last week, and then suddenly pumped to more than $45 each one of them.
Now it is at $29 each and a lot of people invested money in there because they wanted to earn some free money from that.
Lets see how it goes, but it is a good project, only that it seems very shady to me, and that is why i will never put my funds into that coin.

I think option 2 is a good compromise. It's highly unlikely all the BTXs during snapshot would be redeemed, and I still don't get why you have done it.
Anyway at least with option 2 would be like if it never happened.

Sorry, but can one of you both tell me the difference to BCH and BTG and every other fork of BTC? And therefore why BTX should treated in any way different than these coins?