The Cypherfunks[FUNK]: a coin for a global band! Talking v2. Join! 80+ songs

[shavers]

Let me clarify some things. When you burn a coins supply, it reduces it's supply it doesn't eliminate it. In this case due to the low volume of FUNK, a supply reduction will actually solve a lot of it's economic problems. FUNK will continue to exist, merely it's supply will be reduced, making each FUNK more rare and hence potentially more valuable.

Airdrops are nice for investors, or people who don't want to take any risks but they also encourage dumping which can harm the economics of the coin. We prefer an EarnDrop where each person that does something to support the project is rewarded with some tokens. It encourages people as an incentive to do something beneficial to support the project. It's not something we have decided yet, however it's an important consideration.

So we'll send FUNK tokens to a burn address (good for the remaining FUNK) and get SONIC for them (good for new project).

Sounds like a win-win for both projects  

Beside coins are not actually burned, they are just going to be held by whoever has 'burning' address, and could be brought back to the market (at the higher price).

They kind of enforcing sonic, which is not good for people that want to hold coin (funk) instead of token (sonic).

Why not have both?

EDIT:

Lets use appropriate terms first. There is no burn at all, there is a COLLECTION and that is different.
Burn would consider releasing a new wallet with updated core. Such release would have to be a hard fork, and require exchanges update as well. Cryptopia would have to update the wallet too. That would be a burn.

What they are doing is COLLECTING  the FUNK coins. If something is collected it means it could be released back to the market.
So what they are trying to do is to collect as much FUNK as possible to have control over it, and then to give newly printed tokens to the people in some ratio.
Once FUNK is collected it could be easily pumped, and it will look that some other guys and not SONIC team is doing it.

It is not the most honest way of doing things.

Wrong. FUNK will be burned for real actually. Those who decide to burn it for Soniq will have to send FUNK to unspendable address. Those addresses will be published and they lack private key, so the coins will be deducted from supply for good.

That's correct. A burn means that the coins are sent to an UNSPENDABLE address, which means they cannot be brought back into the market.

I would be worried if the "burn address" would look like something randomly generated, however as long as it's similar to FUNKSONICSWAPXXXX00000 than it's impossible for someone to hold the private key for it.

What you're referring to looks like a vanity address Delphinus. It's possible for one to generate such address and use it as any other. It's no guarantee of UNSPENDABLE. We will provide the algo used to calculate such addresses.

[1715241386]

1715241386

[1715241386]

1715241386

[CryptoManDude]

any idea, why I only see this coin is traded in cryptopia as per coinmarketcap.com? I have a 1 million coins in yobit bought in December 2017. Any suggestions what I should be doing?

[groggin]

any idea, why I only see this coin is traded in cryptopia as per coinmarketcap.com? I have a 1 million coins in yobit bought in December 2017. Any suggestions what I should be doing?

you should prolly sell your FUNK, on yobit, so you can rebuy them on cryptopia,

WITHDRAWAL FUNK
Wallet status: Maintenance
Withdrawal address (ADDR)


Quantity (FUNK)


0
Max
Withdrawal fee (FUNK)


0.01000000
Obtain (FUNK)

the south korean exchange is notorious for not maintaining their wallets, and holding entire coin populatioons prisoner ...

[DataAnalyst]

any idea, why I only see this coin is traded in cryptopia as per coinmarketcap.com? I have a 1 million coins in yobit bought in December 2017. Any suggestions what I should be doing?

Apparently, it's not the same coin - the FUNK listed on Yobit is FunkCoin.


https://bitcoingarden.org/forum/index.php?topic=17559.0

[dzonikg28]

Let me clarify some things. When you burn a coins supply, it reduces it's supply it doesn't eliminate it. In this case due to the low volume of FUNK, a supply reduction will actually solve a lot of it's economic problems. FUNK will continue to exist, merely it's supply will be reduced, making each FUNK more rare and hence potentially more valuable.

Airdrops are nice for investors, or people who don't want to take any risks but they also encourage dumping which can harm the economics of the coin. We prefer an EarnDrop where each person that does something to support the project is rewarded with some tokens. It encourages people as an incentive to do something beneficial to support the project. It's not something we have decided yet, however it's an important consideration.

So we'll send FUNK tokens to a burn address (good for the remaining FUNK) and get SONIC for them (good for new project).

Sounds like a win-win for both projects  

Beside coins are not actually burned, they are just going to be held by whoever has 'burning' address, and could be brought back to the market (at the higher price).

They kind of enforcing sonic, which is not good for people that want to hold coin (funk) instead of token (sonic).

Why not have both?

EDIT:

Lets use appropriate terms first. There is no burn at all, there is a COLLECTION and that is different.
Burn would consider releasing a new wallet with updated core. Such release would have to be a hard fork, and require exchanges update as well. Cryptopia would have to update the wallet too. That would be a burn.

What they are doing is COLLECTING  the FUNK coins. If something is collected it means it could be released back to the market.
So what they are trying to do is to collect as much FUNK as possible to have control over it, and then to give newly printed tokens to the people in some ratio.
Once FUNK is collected it could be easily pumped, and it will look that some other guys and not SONIC team is doing it.

It is not the most honest way of doing things.

Wrong. FUNK will be burned for real actually. Those who decide to burn it for Soniq will have to send FUNK to unspendable address. Those addresses will be published and they lack private key, so the coins will be deducted from supply for good.

That's correct. A burn means that the coins are sent to an UNSPENDABLE address, which means they cannot be brought back into the market.

I would be worried if the "burn address" would look like something randomly generated, however as long as it's similar to FUNKSONICSWAPXXXX00000 than it's impossible for someone to hold the private key for it.

What you're referring to looks like a vanity address Delphinus. It's possible for one to generate such address and use it as any other. It's no guarantee of UNSPENDABLE. We will provide the algo used to calculate such addresses.

Is it because it doesn't have a high number of zeroes and therefore it is theoretically possible to generate the address mentioned?

[DataAnalyst]

For someone who might know the answer, few questions - is the "Circulating Supply" number of FUNK on the CMC the correct one ? ( Currently shows the 47,477,182,499 FUNK in circulation).
What is going to be a total supply of Soniq  ...50 M ?


Thanks in advance.
Z

[tdokta]

whats happening with sonic? is there an eta on swap and burn yet?
cheers,

[Delphinus]

whats happening with sonic? is there an eta on swap and burn yet?
cheers,

Only 8 LTC sale orders left for 36 litoshi, so I think something must be near 

[baldricjohn]

I like where your head is at: especially with regards to paying attention to "mainstream" users. People who aren't necessarily interested in all the parts that make up a cryptocurrency.

I'll definitely give your idea some thought. It definitely gives rise to some interesting possibilities.

[crunck]

Interesting comments on here about forks, and coin swaps.

I do think more thought needs to go into implementing either of these option.

I also fail to understand why anything needs doing, this coin has survived with little or no direction, and only needs a few people to pick up the lead and this coin will do well.

Where are people mining this to ?

[Delphinus]

Interesting comments on here about forks, and coin swaps.

I do think more thought needs to go into implementing either of these option.

I also fail to understand why anything needs doing, this coin has survived with little or no direction, and only needs a few people to pick up the lead and this coin will do well.

Where are people mining this to ?

Yes, it's pretty quiet again but I think they are actually working on it. I just hope they can also get sonic directly listed on Cryptopia...otherwise the swap/burn might not be worthwhile for anyone. It's to bad we're losing such an old blockchain, but it might be for the best !

[soundposition]

Interesting comments on here about forks, and coin swaps.

I do think more thought needs to go into implementing either of these option.

I also fail to understand why anything needs doing, this coin has survived with little or no direction, and only needs a few people to pick up the lead and this coin will do well.

Where are people mining this to ?

Yes, it's pretty quite again but I think they are actually working on it. I just hope they can also get sonic directly listed on Cryptopia...otherwise the swap/burn might not be worthwhile for anyone. It's to bad we're losing such an old blockchain, but it might be for the best !

The first version of the Soniq website is on target to be launched early May. The FUNK chain will still function after the Burn, and it will result in a reduction of supply in FUNK, thereby increasing the rarity and hence the value of your FUNK. You aren't losing the FUNK blockchain, you are simply gaining a new token on a new blockchain (Ether).

[Delphinus]

Interesting comments on here about forks, and coin swaps.

I do think more thought needs to go into implementing either of these option.

I also fail to understand why anything needs doing, this coin has survived with little or no direction, and only needs a few people to pick up the lead and this coin will do well.

Where are people mining this to ?

Yes, it's pretty quite again but I think they are actually working on it. I just hope they can also get sonic directly listed on Cryptopia...otherwise the swap/burn might not be worthwhile for anyone. It's to bad we're losing such an old blockchain, but it might be for the best !

The first version of the Soniq website is on target to be launched early May. The FUNK chain will still function after the Burn, and it will result in a reduction of supply in FUNK, thereby increasing the rarity and hence the value of your FUNK. You aren't losing the FUNK blockchain, you are simply gaining a new token on a new blockchain (Ether).

I hope it's successful, very much looking forward to seeing FUNK/SONIC take off after all this time. I've tried to pick up some more but the price is already at 30 litoshi now 
Remember a couple of months ago after the LTC surge when it dropped to 5 litoshi.

[Big Naturals]

Can someone explain the connection between the FUNK currency and the band that releases the music, is there any economics involved (i.e. the music and merch is sold only for FUNK), or is the band and music really not connected to the currency in any practical way?

I like the concept, but it looks like a bunch of musos and tech nerds had a great idea with FUNK, but forgot to actually connect the two together, what is the point of owning FUNK?

You guys have been around for years, are any of you thinking about crypto economics, or just a very loose marketing connection between the coin and music with the name FUNK?

Am I missing something?

[DataAnalyst]

I like the concept, but it looks like a bunch of musos and tech nerds had a great idea with FUNK, but forgot to actually connect the two together, what is the point of owning FUNK?

If you own FUNK, you'll be able to change it soon for the new ETH token - Soniq, in 1000:1 ratio.
I recommend you to check the last ~10 pages for more info.

[Delphinus]

I like the concept, but it looks like a bunch of musos and tech nerds had a great idea with FUNK, but forgot to actually connect the two together, what is the point of owning FUNK?

If you own FUNK, you'll be able to change it soon for the new ETH token - Soniq, in 1000:1 ratio.
I recommend you to check the last ~10 pages for more info.

I think his main question is; what gives the token value? Can you buy music with it for example?

[DataAnalyst]

The Funk ( coin ) has no use case nor devs working on it, and besides opportunity to swap it for the Soniq (Eth token) - it's pretty much worthless (at the moment).
As for the Soniq, we'll find out the use case once the team announce it.
Hope this helps.

[shavers]

We will announce our Whitepaper in few days time. But here's the spoiler: the actual burn ratio will depend of the amount of FUNK burned.
Therefore, the final and total amount of FUNK burned divided by 45,000,000 of Soniq (distributed proportionally to the amount of FUNK burned by each participant) will give the final ratio.
So in case the entire current FUNK supply gets burned (which is quite impossible), the ratio will be 1056:1.

[Rrush20]

Sounds interesting.

Waiting for whitepaper and details.

All the best.

Thank you.

[shavers]

Sounds interesting.

Waiting for whitepaper and details.

All the best.

Thank you.

Thank you Rush20. I believe we won't let anyone down. As our team credo goes, we're not promising to change the world with Soniq, but we'll certainly make a small steps towards that, one product at the time. Musicians and music aficionados need an alternative and fresh approach, and we're here to deliver.