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Author Topic: [ANN] STRAKS - A POW/Masternode Cryptocurrency focused on e-commerce utility  (Read 121177 times)
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lupanar
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December 01, 2017, 07:25:02 AM
 #941

Here is a text of latest announcement from Straks discord for those who haven't looking it yet:

"squbs:
@everyone The STRAKS team have a responsibility to consider all market participants - a sizable part of which are Signatum investors.  Decisions made in relation to the swap process - to date - seek to protect all parties concerned, and in a way in which allows STRAKS to grow organically and fulfill its potential with the backing of its nascent but continuously growing community.

It seems a cohort of Signatum investors are fixated on a 6 year swap time frame.  Please note that this is a WORST case time frame and will only come to pass if 100% of Signatum holders swap to STRAKS.  The expectation that ALL Signatum holders will swap to STRAKS is very remote,  However, to ensure that in taking on the fiduciary responsibility to swap STRAKS for Signatum, we, the STRAKS team, need to assume FULL participation in order to meet our obligation as stated, with zero shortfall.  I can assure you, we most definitely understand the merits of confidence levels and capitalization to the extent that we are able to cover expectation and uncertainty to a defined level.  However, objective consideration will draw anyone to the fact that the approach we have taken is far more approachable for your average individual (albeit, with some guidance).

(... continued from above) The swap-bot is being extensively tested and will be announced very soon.  Once an official announcement is made with respect the commencement of the swap period, all Signatum investors will have 30 days to use the swap-bot to transfer their Signatums and register for the monthly swap payments.  All Signatum coins will be burnt instantly upon receipt in a transparent manner, which the user should be able to track via the Signatum explorer.  This is aligned with the STRAKS team's position to NOT be responsible for the maintenance of Signatum's chain, associated nodes and issues that may arise over the duration of the swap payback period.  The STRAKS team will only be responsible for the swap allocated STAK and monthly distributions to swap participants on an ongoing basis.

The first swap payment will be made on day 33 post commencement of the swap period.  That is, to be clear, 3 days after the registration of the swap period ends.

You, as an investor, have a choice, you can either trust us, or you can continue holding your Signatums.  If you truly believe that STRAKS is only viable because of the old Signatum community, and cannot stand on its own merits, then you are free to disconnect from the STRAKS community and all channels of communication.

Note, the 'devfund' will not be used to run Masternodes.  Any payments made to developers and/or the internal team on a monthly basis are rightfully the recipients' funds to do what he/she pleases with.  We will not, and cannot, dictate what they do with their funds. We encourage a community solution to allow market participants to be able to operate shared Masternodes, not disimilar to other Masternode coins.

For exposition purposes and to ease understanding please see the attached image for 3 different scenarios."    Image with examples of scenarious can be found in discord chat.


Funny how this swap information is STILL hidden from any casual user of bitcointalk.  Not saying that this forum is gospel, but when you use it as an advertising mechanism to reach the giant user base, I don't think its unfair to expect major announcements to go on the front page of the thread.  But who am I kidding, this information isn't on their website either.  And for them all SIGT users swapping would be a worst case scenario, because if you read the fine print, any coins that are left over from the swap, go to the devs! I like how they tell people who disagree to "disconnect from the community."  If this coin is based on the community, then why do we have to believe everything the dev says?
Think all this swap details wil be provided in next Weekly update.

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December 01, 2017, 09:32:02 AM
 #942

The information is not delayed - it was scheduled to be delivered the 29th and was delivered on the 24th, earlier than scheduled - which may be what is causing your confusion. Information concerning when to expect the final swap dates were not announced. Everything needs checking and double checking to ensure the swap bot is working perfectly. The final touches are currently being applied. We will have the swap dates announced soon.

Unswapped coins will be split 60/40 between the treasury, to cover ongoing development, business development and operational expenses and air-drops. This is covered in full on the official Github repository. These are NOT going to be distributed to developers.

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December 01, 2017, 11:14:42 AM
 #943


 Will it be possible to send the SIGt from Yobit to the swap bot?
aagert
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December 01, 2017, 11:55:08 AM
 #944

Cool that masternode limit is now lower.  What is the payout for a masternode?

Full details of the masternode are yet to be revealed, Devs have just informed of the revised amount for now  Wink
Well, in fact, we have everything we need to know to calculate masternode profits in STAK.

1. Collateral is 15k per node.
2. Block is 1 minute; blockreward is 9.5 STAK; rewards started at block 10081.
3. Node rewards start at block 50040, and for first months they will be 60% of blockreward, so 5.7 STAK per block going to nodes, or 8208 STAK per day for nodes.
4. At block 50040 there will be 39960 blocks mined with reward of 9.5 STAK, so 379 620 STAK in circulation, or 25 masternodes if supply fully locked.
There is also dev premine and swap reserve, total of 41 250 000 STAK. Devs will not use these funds directly to set up nodes, confirmed.
Soooo... if we have 25 masternodes at start, each node will earn 328 STAK per day minimum. If only 50% of mined supply will be locked in nodes, we are looking at 650+ STAK per day per node.
We don't know market price of STAK yet, but considering numbers above, STRAKS masternode will be very profitable and that profit will be long-lasting.

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December 01, 2017, 12:12:44 PM
Last edit: December 02, 2017, 09:00:49 AM by machamizu
 #945


 Will it be possible to send the SIGt from Yobit to the swap bot?

They prefer you to send your coins from your local wallet, so I think you should not send from exchanges.
You need to register which address your coins are sent from, and you do not know which address they will be using if you are
sending your coins from an exchange.

edit.
It seems you can send your coins from an exchange. sorry for posting wrong information.
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December 01, 2017, 12:21:12 PM
 #946


 Will it be possible to send the SIGt from Yobit to the swap bot?

They prefer you to send your coins from your local wallet, so I think you should not send from exchanges.
You need to register which address your coins are sent from, and you do not know which address they will be using if you are
sending your coins from an exchange.
Wrong. According to their swap mechanics:
Code:
1. User initiates SIGT swap by issuing direct-message to STAK-bot
2. STAK-bot generates new Signatum address and requests SIGT transfer from user
3. STAK-bot monitors address and waits for 15 confirmations
4. STAK-bot notifies user of completion of transfer
5. STAK-bot requests user STAK address for swap process.
6. User provides new STAK address for swap.
7. STAK-bot confirms user registration for swap.
8. End of STAK swap registration process
There is no need in registration of any of your sigt addresses. Bot will generate address for you and will wait for incoming transactions.

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December 01, 2017, 12:33:21 PM
 #947

whats current price of STRAKS and which market is it trading ?
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December 01, 2017, 12:41:09 PM
 #948


 Will it be possible to send the SIGt from Yobit to the swap bot?

They prefer you to send your coins from your local wallet, so I think you should not send from exchanges.
You need to register which address your coins are sent from, and you do not know which address they will be using if you are
sending your coins from an exchange.
Wrong. According to their swap mechanics:
Code:
1. User initiates SIGT swap by issuing direct-message to STAK-bot
2. STAK-bot generates new Signatum address and requests SIGT transfer from user
3. STAK-bot monitors address and waits for 15 confirmations
4. STAK-bot notifies user of completion of transfer
5. STAK-bot requests user STAK address for swap process.
6. User provides new STAK address for swap.
7. STAK-bot confirms user registration for swap.
8. End of STAK swap registration process
There is no need in registration of any of your sigt addresses. Bot will generate address for you and will wait for incoming transactions.
I'm sorry for posting wrong information.
so you can send Signatum from exchange wallet? thats cool.
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December 01, 2017, 12:54:04 PM
Last edit: December 01, 2017, 01:10:43 PM by aagert
 #949

whats current price of STRAKS and which market is it trading ?
$3-$4, OTC trading. No public market yet, but Yobit should be soon. There is https://koinbi.com/markets/stakbtc with last price of 38k satoshi, but I strongly advise not to use it, looks like a scam exchange to me.

I'm sorry for posting wrong information.
so you can send Signatum from exchange wallet? thats cool.
Looks like you can, yes.

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December 01, 2017, 01:40:55 PM
 #950


 But, 6 years is way too long...
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December 01, 2017, 02:01:31 PM
 #951


 But, 6 years is way too long...
It is only if all 100% of sigt will be swapped. Which is unlikely. I think it will be 1 to 3 years.

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December 01, 2017, 02:04:52 PM
 #952

The Devs have issued a statement, it seems the "6 year" motto is used too loosely and is merely a worst case scenario of a 100% coins swap from Sigt, the real years could be a fraction to half that dependant on swap amount.
Swapping 50% of the entire coin supply (which is predicted) would only take 3 years, the reality is not everybody will swap.

"only 3 years" in crypto? Are you kidding me? SIGT failed withing 3 months.  Roll Eyes


whats current price of STRAKS and which market is it trading ?
$3-$4, OTC trading. No public market yet, but Yobit should be soon. There is https://koinbi.com/markets/stakbtc with last price of 38k satoshi, but I strongly advise not to use it, looks like a scam exchange to me.

I'm sorry for posting wrong information.
so you can send Signatum from exchange wallet? thats cool.
Looks like you can, yes.

3-4$? Sorry, that one made me laugh. Cheesy Cheesy Cheesy
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December 01, 2017, 02:35:28 PM
 #953

3-4$? Sorry, that one made me laugh. Cheesy Cheesy Cheesy
Yeah, me too: how can anyone sell so cheap these scarce tokens of unique masternode coin with full team of dedicated devs, while gobyte - shitty clone of innova which is clone of vivo which is clone of dash - is at $16 and growing? Nonsense. Laughable cheap.

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Freelancer76
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December 01, 2017, 02:51:20 PM
 #954

Is there any update of the whole swap process, or I am missing something here?
Since there are a lot of question, I would like someone from STRAKS team to reply if possible:

1. Is it possible to prepare full swap process description for people who have SIGT in Yobit, as well as people with SIGT in wallets?
2. Is time and date of the signing up for the swap process important (first comes-first served)?
3. What happens if more than 10.000.000 SIGT are applied for swap process? Will they be divided into next XY months (depending on time of application), or there is some other mechanics in place?
4. What happens if I applied for a swap, and my time of swap is scheduled for 1.5 years, can I opt out from it (if I dont want to wait that long)?

Thank you in advance for your answer.

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December 01, 2017, 03:00:02 PM
 #955

Is there any update of the whole swap process, or I am missing something here?
Since there are a lot of question, I would like someone from STRAKS team to reply if possible:

1. Is it possible to prepare full swap process description for people who have SIGT in Yobit, as well as people with SIGT in wallets?
2. Is time and date of the signing up for the swap process important (first comes-first served)?
3. What happens if more than 10.000.000 SIGT are applied for swap process? Will they be divided into next XY months (depending on time of application), or there is some other mechanics in place?
4. What happens if I applied for a swap, and my time of swap is scheduled for 1.5 years, can I opt out from it (if I dont want to wait that long)?

Thank you in advance for your answer.
I'm not from dev team, but I can help. Everything you need is here: https://github.com/straks/straks#the-swap-mechanics

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Freelancer76
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Hello fellow miners


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December 01, 2017, 03:02:55 PM
 #956

Is there any update of the whole swap process, or I am missing something here?
Since there are a lot of question, I would like someone from STRAKS team to reply if possible:

1. Is it possible to prepare full swap process description for people who have SIGT in Yobit, as well as people with SIGT in wallets?
2. Is time and date of the signing up for the swap process important (first comes-first served)?
3. What happens if more than 10.000.000 SIGT are applied for swap process? Will they be divided into next XY months (depending on time of application), or there is some other mechanics in place?
4. What happens if I applied for a swap, and my time of swap is scheduled for 1.5 years, can I opt out from it (if I dont want to wait that long)?

Thank you in advance for your answer.
I'm not from dev team, but I can help. Everything you need is here: https://github.com/straks/straks#the-swap-mechanics

I checked everything already, and there is not a single word about my questions.

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December 01, 2017, 03:12:51 PM
Last edit: December 01, 2017, 03:24:18 PM by aagert
 #957

Is there any update of the whole swap process, or I am missing something here?
Since there are a lot of question, I would like someone from STRAKS team to reply if possible:

1. Is it possible to prepare full swap process description for people who have SIGT in Yobit, as well as people with SIGT in wallets?
2. Is time and date of the signing up for the swap process important (first comes-first served)?
3. What happens if more than 10.000.000 SIGT are applied for swap process? Will they be divided into next XY months (depending on time of application), or there is some other mechanics in place?
4. What happens if I applied for a swap, and my time of swap is scheduled for 1.5 years, can I opt out from it (if I dont want to wait that long)?

Thank you in advance for your answer.
I'm not from dev team, but I can help. Everything you need is here: https://github.com/straks/straks#the-swap-mechanics

I checked everything already, and there is not a single word about my questions.
Ok. So.
1. Full swap process description, both for Yobit and wallets (there are NO differences, it's the same process):
1-1. Registration via bot, see detailed description on github and in one of my previous posts;
1-2. You get your share of STAK every month to your STAK address specified during registration;
1-3. That's it. Don't know how to make it more clear.
2. Non-important, everyone will get payments at the same time according to their burned SIGT value.
3. All applied SIGT, be it 10M or 137M, is divided equally into monthly payments in a way to emit exactly 14400 STAK per day for swappers. The only difference is: the less SIGT applied, the less time swap process will take. Example:

4. After you applied for a swap, your SIGT are irreversibly burned in a transparent way (can be checked via blockchain), so no way back.

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Freelancer76
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December 01, 2017, 04:10:01 PM
 #958

Is there any update of the whole swap process, or I am missing something here?
Since there are a lot of question, I would like someone from STRAKS team to reply if possible:

1. Is it possible to prepare full swap process description for people who have SIGT in Yobit, as well as people with SIGT in wallets?
2. Is time and date of the signing up for the swap process important (first comes-first served)?
3. What happens if more than 10.000.000 SIGT are applied for swap process? Will they be divided into next XY months (depending on time of application), or there is some other mechanics in place?
4. What happens if I applied for a swap, and my time of swap is scheduled for 1.5 years, can I opt out from it (if I dont want to wait that long)?

Thank you in advance for your answer.
I'm not from dev team, but I can help. Everything you need is here: https://github.com/straks/straks#the-swap-mechanics

I checked everything already, and there is not a single word about my questions.
Ok. So.
1. Full swap process description, both for Yobit and wallets (there are NO differences, it's the same process):
1-1. Registration via bot, see detailed description on github and in one of my previous posts;
1-2. You get your share of STAK every month to your STAK address specified during registration;
1-3. That's it. Don't know how to make it more clear.
2. Non-important, everyone will get payments at the same time according to their burned SIGT value.
3. All applied SIGT, be it 10M or 137M, is divided equally into monthly payments in a way to emit exactly 14400 STAK per day for swappers. The only difference is: the less SIGT applied, the less time swap process will take. Example:

4. After you applied for a swap, your SIGT are irreversibly burned in a transparent way (can be checked via blockchain), so no way back.

Than you for your answer, really appreciated! So, as I see it, 2 things will be very important here - STRAKS price and amount of SIGT applied for swap.
Is there a way to check how much SIGT has been applied for swap, it is really not the same if you have to wait 8 months or 6 years for you coins.
And they say - a dollar now is much more worth than a dollar tomorrow Wink

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December 01, 2017, 04:42:39 PM
 #959

Than you for your answer, really appreciated! So, as I see it, 2 things will be very important here - STRAKS price and amount of SIGT applied for swap.
Is there a way to check how much SIGT has been applied for swap, it is really not the same if you have to wait 8 months or 6 years for you coins.
And they say - a dollar now is much more worth than a dollar tomorrow Wink
I am not really sure, but I think there will be a way to check currently applied amount for swap. Would be strange not to have it.
And yes, you got it right: two things now matter the most, STAK price and SIGT amount applied. The real price is not available yet, because there are no exchanges. Yobit listing was paid a week ago, so should be really soon. If not, devs already consider listing at stocks.exchange, which is nice too as a start.

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December 01, 2017, 06:15:57 PM
 #960

As I read about SWAPs it looks a bit complicated. I hope it will be easier as it looks because it would scare off some former signatum investors.

My biggest hope and a fear about STRAKS is about exhanges. Signatum suffered lack of biggest exchanges. It was only on shitcopia and later on smaller Yobit and Novaexchange. I wonder if that was reason why Skankhunt and Doctor scammed us. Maybe negotations with exchanges failed and they didn't believe at signatums project like us?

But for now I am waiting for new good news about Straks Smiley
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