[ANN] [QRK] Quark | Core 0.10 upgrade

[reRaise]

I think PoB is the best option

+1

POB as explained by QRKfx sounds like it could solve a lot of QRKs problems if not all of them.

I still prefer the QRK only IPO. Only because i see no reason to destroy qrks for good. The QRK only ipo rather stores them away from the market until a time that demand builts and they can be released again in return for more services and projects. It is just like POB in every other way only the QRK is not destroyed for good and is held by the foundation to give incentive for incoming developers wishing to join the qrk project or sold to the market once demand is there for fiat to pay for developments and services by those that will work for but not essentially join in with our qrk/companion coin community. Either way is good and achieves similar goals. Burning QRK will inflate the price of qrk, so it will cost less qrk to get things done, however with the qrk only ipo the price of qrk will rise at the same rate as long as it is not released to the market. It will build a nice foundation pot. This pot we will use to get services and projects completed that will push up demand for qrks. So the difference to me is. QRK through POB will rise in price due to scarcity and some new projects and services. Qrk only ipo will achieve the same results but the price rise will eventually be more due to the fact of even greater demand based upon the many more services and projects that can be funded with the qrk that would have otherwise be burned. The key here is the qrk is not released until the projects and services are live and demand is increased.

The POB or QRK only ipo could solve many if not all of qrks current issues if handled correctly.


development pot - bring on some real developers to work full time - pay qrk foundation member % for projects they complete etc
coins for rewarding the mining of qrk on foundation approved pools - hash rate increase for qrk
Burn rate can  depending upon activity rate within community- bring back those investors that have forgotten about qrk, and new investors should get involved too.
new features the market demands to increase member uptake into the commuity along with their BTC.

Really though, if done correctly the POB or qrk only ipo looks very promising.  

The KEY here is attracting or finding an awesome development team that can actually code out a coin the alt community really does see as a promising prospect.
The % decided upon must rely upon what they can deliver and released only in stages for results.

So what do you get in return for the quark you give for the ipo? What i imagine with ipo is you pay and get back shares or coins in return.

[1714692025]

1714692025

[1714692025]

1714692025

[kitaco]

Why are you guys still in this coin? Leave Kolin to dig his own grave. Give him no satisfaction of control. You may have lost 150k, but that's your own risk. Dump it, get into new coins. You're just supporting the parasite that is Kolin right now.

Look, he's 1/2 way down already, and scurrying in a panic to dig the rest of the way down:
https://mobile.twitter.com/Kolin_Quark/status/496260336693940225/photo/1

[digitalindustry]

Why are you guys still in this coin? Leave Kolin to dig his own grave. Give him no satisfaction of control. You may have lost 150k, but that's your own risk. Dump it, get into new coins. You're just supporting the parasite that is Kolin right now.

Look, he's 1/2 way down already, and scurrying in a panic to dig the rest of the way down:
https://mobile.twitter.com/Kolin_Quark/status/496260336693940225/photo/1

: D

[digitalindustry]

I think PoB is the best option

+1

POB as explained by QRKfx sounds like it could solve a lot of QRKs problems if not all of them.

I still prefer the QRK only IPO. Only because i see no reason to destroy qrks for good. The QRK only ipo rather stores them away from the market until a time that demand builts and they can be released again in return for more services and projects. It is just like POB in every other way only the QRK is not destroyed for good and is held by the foundation to give incentive for incoming developers wishing to join the qrk project or sold to the market once demand is there for fiat to pay for developments and services by those that will work for but not essentially join in with our qrk/companion coin community. Either way is good and achieves similar goals. Burning QRK will inflate the price of qrk, so it will cost less qrk to get things done, however with the qrk only ipo the price of qrk will rise at the same rate as long as it is not released to the market. It will build a nice foundation pot. This pot we will use to get services and projects completed that will push up demand for qrks. So the difference to me is. QRK through POB will rise in price due to scarcity and some new projects and services. Qrk only ipo will achieve the same results but the price rise will eventually be more due to the fact of even greater demand based upon the many more services and projects that can be funded with the qrk that would have otherwise be burned. The key here is the qrk is not released until the projects and services are live and demand is increased.

The POB or QRK only ipo could solve many if not all of qrks current issues if handled correctly.


development pot - bring on some real developers to work full time - pay qrk foundation member % for projects they complete etc
coins for rewarding the mining of qrk on foundation approved pools - hash rate increase for qrk
Burn rate can  depending upon activity rate within community- bring back those investors that have forgotten about qrk, and new investors should get involved too.
new features the market demands to increase member uptake into the commuity along with their BTC.

Really though, if done correctly the POB or qrk only ipo looks very promising.  

The KEY here is attracting or finding an awesome development team that can actually code out a coin the alt community really does see as a promising prospect.
The % decided upon must rely upon what they can deliver and released only in stages for results.

I could support this idea in the medium term - but its separate from the hash issue - i've been actively studying PoS  while others have been having fun arguing and trolling.

The problem becomes - how do you prove who  burned what where?

I assume the point is to have a burn issue an IPO and have that full PoS - with a certain fixed % return?

this is fine, i'd even support this to a degree - but its a separate thing from Quark - so we'd need to bundle the 3 tier up to a degree -

1. Quark for micro trans base money and stable investment.
{+} {these two are linked}
2. The merge mine - i.e the PoW currency for mining.

3. the PoB "Smart contract" off the top of that (most likely off the top of Quark as it has superior PoW distribution )


----------------------^^^^^^^^^^^^^ These are good ideas.

Its basically a Quark family of crypto investment - each has its own separate purpose - broken broadly down like this :

1. Quark to transact spend and buy the things you love online (Apps vouchers amazon etc. ) (plus a stable investment)

2. To mine and profit from a hardware investment also speculative buying and selling (more volatile)

3. PoS interest bearing return investment - not really focused on transactions  rather than pure investment return-

I we could bridge the gap - of education that could be a great crypto family investment -

[Thule]

no what are botnets ? oh you mean hacked pcs ? you can get those at $400 ? wow so wait.. you ?... ok please do IT, not only you'll ruin your farm for nothing as you won't be able to double spend but on the other hand you'll help quark hashrate so do IT :-) Btw even if you have botnets you'll also need to write code to be able to control and use them for quark, thats the expensive part, if you can do that yourself go ahead butt I highly doubt you have any skills except trolling but its funny to see you throw terms around.

You are a complete idiot who has no practical knowledge.The script for managing botnets expensiv?If $500-2000 is to expensiv for you maybe you are in the wrong place.




I will also predict that quark WONT EVER REVIVE if the big wallets wont be killed.Sorry but if you can't understand this issue than i can't help you guys.You will need to learn it the hard way like before
where i had to read daily nonsense too like "quark to the moon"

[cryptohunter]

I think PoB is the best option

+1

POB as explained by QRKfx sounds like it could solve a lot of QRKs problems if not all of them.

I still prefer the QRK only IPO. Only because i see no reason to destroy qrks for good. The QRK only ipo rather stores them away from the market until a time that demand builts and they can be released again in return for more services and projects. It is just like POB in every other way only the QRK is not destroyed for good and is held by the foundation to give incentive for incoming developers wishing to join the qrk project or sold to the market once demand is there for fiat to pay for developments and services by those that will work for but not essentially join in with our qrk/companion coin community. Either way is good and achieves similar goals. Burning QRK will inflate the price of qrk, so it will cost less qrk to get things done, however with the qrk only ipo the price of qrk will rise at the same rate as long as it is not released to the market. It will build a nice foundation pot. This pot we will use to get services and projects completed that will push up demand for qrks. So the difference to me is. QRK through POB will rise in price due to scarcity and some new projects and services. Qrk only ipo will achieve the same results but the price rise will eventually be more due to the fact of even greater demand based upon the many more services and projects that can be funded with the qrk that would have otherwise be burned. The key here is the qrk is not released until the projects and services are live and demand is increased.

The POB or QRK only ipo could solve many if not all of qrks current issues if handled correctly.


development pot - bring on some real developers to work full time - pay qrk foundation member % for projects they complete etc
coins for rewarding the mining of qrk on foundation approved pools - hash rate increase for qrk
Burn rate can  depending upon activity rate within community- bring back those investors that have forgotten about qrk, and new investors should get involved too.
new features the market demands to increase member uptake into the commuity along with their BTC.

Really though, if done correctly the POB or qrk only ipo looks very promising.  

The KEY here is attracting or finding an awesome development team that can actually code out a coin the alt community really does see as a promising prospect.
The % decided upon must rely upon what they can deliver and released only in stages for results.

So what do you get in return for the quark you give for the ipo? What i imagine with ipo is you pay and get back shares or coins in return.

Yes with the QRK only ipo. You are essentially buying the companion coins from the foundation for QRK. Depending on the minting for example say the companion coin was 330M or even 360M

Depending on the development pot we decide the companion coin needs to attract the development team we want and fund the projects and services we want ...example 60M (20%)

So if the foundation holds that in a transparent wallet for the community to spend as we see fit to bring on a great dev team and start some big projects and services.

Then 300M remain. You will be able to buy one companion coin for one quark.

Although that is just an example. We need to use this companion coin to bring all the new improvements and features the market has shown people want, and ALSO solve qrks issues with hashrate.

So perhaps we work out away to retain some additional companion coin to reward miners of QRK on foundation approved QRK pools.

The burn rate or buy limits can also be governed by things like community participation and contributions, so the huge wallets can't simply move their entire shares to the companion coin at will without becoming involved with the community.


There are endless possibilities with the companion coin either through POB or quark only ipo, if used to max potential there is huge upside.

I mean the companion coin could even be only 70% premined and 30% will come from merge mining with qrk. Or whatever % we decide. 

The important thing is for this to benefit qrk holders that are actively involved with promoting qrk, to held secure qrk and bring in new blood and their BTC through a great dev/marketing/project managment teams that can create desirable features, services and general reason to invest in the qrk family of coins.

[Netnox]

I think PoB is the best option

+1

POB as explained by QRKfx sounds like it could solve a lot of QRKs problems if not all of them.

I still prefer the QRK only IPO. Only because i see no reason to destroy qrks for good. The QRK only ipo rather stores them away from the market until a time that demand builts and they can be released again in return for more services and projects. It is just like POB in every other way only the QRK is not destroyed for good and is held by the foundation to give incentive for incoming developers wishing to join the qrk project or sold to the market once demand is there for fiat to pay for developments and services by those that will work for but not essentially join in with our qrk/companion coin community. Either way is good and achieves similar goals. Burning QRK will inflate the price of qrk, so it will cost less qrk to get things done, however with the qrk only ipo the price of qrk will rise at the same rate as long as it is not released to the market. It will build a nice foundation pot. This pot we will use to get services and projects completed that will push up demand for qrks. So the difference to me is. QRK through POB will rise in price due to scarcity and some new projects and services. Qrk only ipo will achieve the same results but the price rise will eventually be more due to the fact of even greater demand based upon the many more services and projects that can be funded with the qrk that would have otherwise be burned. The key here is the qrk is not released until the projects and services are live and demand is increased.

The POB or QRK only ipo could solve many if not all of qrks current issues if handled correctly.


development pot - bring on some real developers to work full time - pay qrk foundation member % for projects they complete etc
coins for rewarding the mining of qrk on foundation approved pools - hash rate increase for qrk
Burn rate can  depending upon activity rate within community- bring back those investors that have forgotten about qrk, and new investors should get involved too.
new features the market demands to increase member uptake into the commuity along with their BTC.

Really though, if done correctly the POB or qrk only ipo looks very promising.  

The KEY here is attracting or finding an awesome development team that can actually code out a coin the alt community really does see as a promising prospect.
The % decided upon must rely upon what they can deliver and released only in stages for results.

So what do you get in return for the quark you give for the ipo? What i imagine with ipo is you pay and get back shares or coins in return.

Yes with the QRK only ipo. You are essentially buying the companion coins from the foundation for QRK. Depending on the minting for example say the companion coin was 330M or even 360M

Depending on the development pot we decide the companion coin needs to attract the development team we want and fund the projects and services we want ...example 60M (20%)

So if the foundation holds that in a transparent wallet for the community to spend as we see fit to bring on a great dev team and start some big projects and services.

Then 300M remain. You will be able to buy one companion coin for one quark.

Although that is just an example. We need to use this companion coin to bring all the new improvements and features the market has shown people want, and ALSO solve qrks issues with hashrate.

So perhaps we work out away to retain some additional companion coin to reward miners of QRK on foundation approved QRK pools.

The burn rate or buy limits can also be governed by things like community participation and contributions, so the huge wallets can't simply move their entire shares to the companion coin at will without becoming involved with the community.


There are endless possibilities with the companion coin either through POB or quark only ipo, if used to max potential there is huge upside.

I mean the companion coin could even be only 70% premined and 30% will come from merge mining with qrk. Or whatever % we decide.  

The important thing is for this to benefit qrk holders that are actively involved with promoting qrk, to held secure qrk and bring in new blood and their BTC through a great dev/marketing/project managment teams that can create desirable features, services and general reason to invest in the qrk family of coins.

Interesting read, quarkfx has in mind to present a paper for the concept of a PoB coin on sunday.

[Coinmama2014]

Hi Everyone,

Thanks to everyone who attended Sundays meeting- and  thank you especially to Max and Shake for attending, and for your help with clearing up some matters.

Below is the chat log of the meeting for your reference--

There is another meeting planned for Quark community members next Sunday to discuss future,projects etc.

Exact time tba...

For me personally, the main highlights of the meeting that come to mind are:

- The concept of adding large random rewards (aka superblock) to Quark, to increase incentive to miners/increase hashrate. (This # needs to be worked out so as not to affect overall inflation rate- and would require a fork).

- Max is willing to work with Shake and the Foundation on developing a merge mine project, if one is brought forth. Additionally any Quark algo can merge mine with Quark, and Max does not control this.

**There were many more items discussed- Some core members have expressed their indecision about continuing forward as a result of ongoing concerns/recent events- this will become more clear as the coming weeks progress.

If anyone wants to post a more detailed outline of the meeting for reference, this might be good. Meanwhile everyone can refer to the log.

By next week, hopefully we should have a better idea of where things are heading!

Thanks again!


Chat Log with Max and Adam : http://pastebin.com/jviD91wL


P.S. On the topic of the  random "superblock" reward  idea, here are some excerpts from the chat to get the conversation going..Comments? CH?!?!:

" [20:56:27] <MaxGuevara> from the suggestions i've heard, i'm not opposed to a random lotto-type reward, as long as it doesn't increase inflation to much, i.e. some random blocks have reward higher than 1
[20:56:52] <@iamfx> are you referring to superblocks?
[20:57:13] <MaxGuevara> yes
[20:57:19] <quarkcheck> But that also means hard fork of Quark no?
[20:57:23] <MaxGuevara> yes
[20:57:28] <promethium> If they were spaced out enough there would be little impact on inflation
[20:57:43] <MaxGuevara> yes, that's what i was thinking"


"[21:03:07] <coinmama> I did not realize that u would consider a fork to change the rewards--If this is possible to be implemented, would u consider suggestions put forth by the community? If so, I can bring it forward as a discussion.
[21:04:34] <MaxGuevara> yes coinmama, we can discuss with the community. the superblocks should be large enough to encourage people to mine (like a lotto winning), but sparse enough so that inflation doesn't go too high
[21:05:51] <coinmama> yes this sounds like it could be reasonable--however would it require any changes re: exchanges or changing any infrastructure we currently have
[21:05:52] <coinmama> ?
[21:07:17] <MaxGuevara> pools and exchanges just need to update to the latest daemon
[21:07:35] <MaxGuevara> android wallets and such will require changes to their code"

"[21:08:47] <Netnox> How much reward should we approximately imagine for a superblock by meaning more then 1?
[21:10:17] <MaxGuevara> we will have to look at the inflation and see how much we're willing to make it rise, but maybe blocks of up to 512 qrk reward or such.. i'm open to suggestions, we just have to do the calculations."

"[21:25:28] <promethium> can I present some figures on superblocks?
[21:26:37] <@iamfx> please go ahead promethium
[21:26:41] <promethium> 0.5% inflation would create 1,240,000 quarks per year 1,051,200 are actually being created. Adding superblocks to the value of 188,800 quarks would still fall within the 0.5% range; A superblock of 3630 Quarks every week would still maintain the original perview."

Please everyone, since Max is considering  adding additional block rewards as an option, lets see what we can contribute in terms of ideas on block rewards that might work to increase incentive to miners, while still in keeping with the 0.5% inflation range--What do people think of Promethiums idea, anyone have different block reward ideas? Once we get some community feedback we can bring it forward to Max

[cryptohunter]

Hi Everyone,

Thanks to everyone who attended Sundays meeting- and  thank you especially to Max and Shake for attending, and for your help with clearing up some matters.

Below is the chat log of the meeting for your reference--

There is another meeting planned for Quark community members next Sunday to discuss future,projects etc.

Exact time tba...

For me personally, the main highlights of the meeting that come to mind are:

- The concept of adding large random rewards (aka superblock) to Quark, to increase incentive to miners/increase hashrate. (This # needs to be worked out so as not to affect overall inflation rate- and would require a fork).

- Max is willing to work with Shake and the Foundation on developing a merge mine project, if one is brought forth. Additionally any Quark algo can merge mine with Quark, and Max does not control this.

**There were many more items discussed- Some core members have expressed their indecision about continuing forward as a result of ongoing concerns/recent events- this will become more clear as the coming weeks progress.

If anyone wants to post a more detailed outline of the meeting for reference, this might be good. Meanwhile everyone can refer to the log.

By next week, hopefully we should have a better idea of where things are heading!

Thanks again!


Chat Log with Max and Adam : http://pastebin.com/jviD91wL


P.S. On the topic of the  random "superblock" reward  idea, here are some excerpts from the chat to get the conversation going..Comments? CH?!?!:

" [20:56:27] <MaxGuevara> from the suggestions i've heard, i'm not opposed to a random lotto-type reward, as long as it doesn't increase inflation to much, i.e. some random blocks have reward higher than 1
[20:56:52] <@iamfx> are you referring to superblocks?
[20:57:13] <MaxGuevara> yes
[20:57:19] <quarkcheck> But that also means hard fork of Quark no?
[20:57:23] <MaxGuevara> yes
[20:57:28] <promethium> If they were spaced out enough there would be little impact on inflation
[20:57:43] <MaxGuevara> yes, that's what i was thinking"


"[21:03:07] <coinmama> I did not realize that u would consider a fork to change the rewards--If this is possible to be implemented, would u consider suggestions put forth by the community? If so, I can bring it forward as a discussion.
[21:04:34] <MaxGuevara> yes coinmama, we can discuss with the community. the superblocks should be large enough to encourage people to mine (like a lotto winning), but sparse enough so that inflation doesn't go too high
[21:05:51] <coinmama> yes this sounds like it could be reasonable--however would it require any changes re: exchanges or changing any infrastructure we currently have
[21:05:52] <coinmama> ?
[21:07:17] <MaxGuevara> pools and exchanges just need to update to the latest daemon
[21:07:35] <MaxGuevara> android wallets and such will require changes to their code"

"[21:08:47] <Netnox> How much reward should we approximately imagine for a superblock by meaning more then 1?
[21:10:17] <MaxGuevara> we will have to look at the inflation and see how much we're willing to make it rise, but maybe blocks of up to 512 qrk reward or such.. i'm open to suggestions, we just have to do the calculations."

"[21:25:28] <promethium> can I present some figures on superblocks?
[21:26:37] <@iamfx> please go ahead promethium
[21:26:41] <promethium> 0.5% inflation would create 1,240,000 quarks per year 1,051,200 are actually being created. Adding superblocks to the value of 188,800 quarks would still fall within the 0.5% range; A superblock of 3630 Quarks every week would still maintain the original perview."

Please everyone, since Max is considering  adding additional block rewards as an option, lets see what we can contribute in terms of ideas on block rewards that might work to increase incentive to miners, while still in keeping with the 0.5% inflation range--What do people think of Promethiums idea, anyone have different block reward ideas? Once we get some community feedback we can bring it forward to Max

Thanks for posting...

TBH though i don't see this helping at all and does not solve any of the big issues qrk has. It may slightly increase incentive to mine, but i don't even think it will do this because as a miner i will look at my average mining returns and without increasing QRK's inflation in a huge way then my average mining returns will not increase. I won't risk mining qrk for a possible superblock hit.

This is not the kind of superblock that i see as having any point to it.  The only superblock i would like to see is a transparent development pot super block to fund projects and features voted for by the community.

The change to qrks code will put some purists off who don't want to see any changes at all for a small theoretical increase in hash that probably won't happen. I believe random superblocks can work with POS because it costs me nothing to leave my wallet open and yes it can be a bit of fun to see a WIN with a POS block since i can have 30 wallets open generating interest for almost zero cost. However i would not risk pumping money into mining a coin for a possible win that will average out over time as only a very small gain when i can mine a much more profitable coin to start with.

The POB or QRK only IPO is by far superior to a random superblock reward system that increases the inflation slightly but nothing like enough to get more miners on qrk.

Merge mining is Okay and i see no harm in opening up qrk for merge mining with other coins. Although, really it does not benefit qrk holders above any other miners... only that the chain is more secure and that can be done in a way that is beneficial to qrk holders above non-holders.  I see no way this creates a development pot unless you are merging with a foundation created coin that either has a premine pot or block tax to fund developments and features.

I can't wait for QRKfx outline for the POB which is my second fav plan for the qrk family of coins going forward.

By shake do we mean shake zula? is he involved with quark?

[Christ-Clin]

the price go down all the time.

[Netnox]

Does the cap of the PoB coin depend on how many quarks will be traded?

[digitalindustry]

the price go down all the time.

ha ha its the dudes that called me "cancer" selling poor guys oh well if you let emotions get in your way you give others a good opportunity

don't come back here all pissed off when the price doubles or triples or more.

not my problem you are just essentially right now giving me rock bottom prices.



{save you text cat lady - and Thule look forward to the winter you poor fuck - }

[Thule]

not my problem you are just essentially right now giving me rock bottom prices.

i heard that exectly months ago from you as quark still was $0.25 .

Its seems your buying power is peanut shit how else would you explain the current price and volume LOL


Kolin EVERBODY already knows that you are a fucking lying scammer

[digitalindustry]

not my problem you are just essentially right now giving me rock bottom prices.

i heard that exectly months ago from you as quark still was $0.25 .

Its seems your buying power is peanut shit how else would you explain the current price and volume LOL


Kolin EVERBODY already knows that you are a fucking lying scammer

price is the price - you wouldn't be able to understand that coming from the (hold my hand basket case potato nation) you come from.

price goes up price goes down, if you sell low you have the IQ of a potato.

[Thule]

, if you sell low you have the IQ of a potato.

Tell this shit to people who lost everything cause they didnt exepted a big loss on stock market

[Y3llowb1ackbird]

Does the cap of the PoB coin depend on how many quarks will be traded?

I think there are a couple different ways you can do it NetNox.

1. Set an IPO cap and distribute proportionally. Ex. assume there is a coin cap of 10 million coins for the IPO/Burn.

• If a total of 1 million Quarks are donated, you will receive 10 Newcoins for every 1 Quark you burn.
• If a total of 50 million Quarks are burned, you receive 1 Newcoin for every 5 Quarks you burn.

2. Establish a fixed conversion rate, ex. 1 QRK to 1 Newcoin. In this case, you can burn as many Quarks as you want and receive an equal number of Newcoins. For #2, there are a bunch of different options you can do though. For instance, you can set a limit on how many coins will be available in the sale. Ex. have a 10 million Newcoin IPO cap but still have a fixed 1:1 (or whatever) conversion rate.

Personally, I prefer option #1 because it lets the market decide how valuable the Newcoins are. Option #2 is what Ethereum is currently doing with their Ether presale. I worry this option creates an artificial price that could cause fluctuations once the coin is put on exchanges.

[coinerer]

Markets decided this is totally wrong. 1700 sat.

It was very predictable for me. Not dependant on me. Only predictable.

Continue lowering the price. First coin with new innovative features (BTC, LTC, PPC, and some others maybe) fallen 20x. Congratulations on brainstorming!

Question is: where is the second bottom?

[quarkfx]

Markets decided this is totally wrong. 1700 sat.

It was very predictable for me. Not dependant on me. Only predictable.

Continue lowering the price. First coin with new innovative features (BTC, LTC, PPC, and some others maybe) fallen 20x. Congratulations on brainstorming!

Question is: where is the second bottom?

Why don't you read the chatlog? Then you would know why price is dropping.

[coinerer]

Because this coin is searching for the minimum of the second bottom of the double bottom.

[Netnox]

Does the cap of the PoB coin depend on how many quarks will be traded?

I think there are a couple different ways you can do it NetNox.

1. Set an IPO cap and distribute proportionally. Ex. assume there is a coin cap of 10 million coins for the IPO/Burn.

• If a total of 1 million Quarks are donated, you will receive 10 Newcoins for every 1 Quark you burn.
• If a total of 50 million Quarks are burned, you receive 1 Newcoin for every 5 Quarks you burn.

2. Establish a fixed conversion rate, ex. 1 QRK to 1 Newcoin. In this case, you can burn as many Quarks as you want and receive an equal number of Newcoins. For #2, there are a bunch of different options you can do though. For instance, you can set a limit on how many coins will be available in the sale. Ex. have a 10 million Newcoin IPO cap but still have a fixed 1:1 (or whatever) conversion rate.

Personally, I prefer option #1 because it lets the market decide how valuable the Newcoins are. Option #2 is what Ethereum is currently doing with their Ether presale. I worry this option creates an artificial price that could cause fluctuations once the coin is put on exchanges.

I see, interesting points