[ANN][WOLF] Project WOLF

[BlackMarket]

can you tell me second exchange?

[InsanityDev]

mmihai1978, please go through my recent posts, all the answers to your questions are in there, and to others you have not yet asked.

BlackMarket, the second exchange turned out to be me getting scammed by a user pretending to be from CoinMarket.io and asking for a bounty + test coins to implement. Luckily he only got 100 from me. It's good to have a single exchange for now, it makes Insanity Sundays more viable, and gives them more impact.

[mmihai1978]

it is better to have only one exchange. cryptsy is too flaky for this.

will you limit direct sales to 100 btc per week, no matter of the demand?

[ZeroK]

it is better to have only one exchange. cryptsy is too flaky for this.

will you limit direct sales to 100 btc per week, no matter of the demand?

Sales of WOLF have no weekly limit (ie could all go in one massive purchase), only the BTC pot is limited to 100BTC per week.

[gtac01]

it is better to have only one exchange. cryptsy is too flaky for this.

will you limit direct sales to 100 btc per week, no matter of the demand?

Sales of WOLF have no weekly limit (ie could all go in one massive purchase), only the BTC pot is limited to 100BTC per week.

So if somebody buys 101 btc of WOLF from the dev, the dev still only uses 100 btc to buy back WOLF on sunday? If someone buys the rest of the supply right now, where does the 100 weekly btc come from for the next 9 weeks for the bumps?

[InsanityDev]

it is better to have only one exchange. cryptsy is too flaky for this.

will you limit direct sales to 100 btc per week, no matter of the demand?

Sales of WOLF have no weekly limit (ie could all go in one massive purchase), only the BTC pot is limited to 100BTC per week.

So if somebody buys 101 btc of WOLF from the dev, the dev still only uses 100 btc to buy back WOLF on sunday? If someone buys the rest of the supply right now, where does the 100 weekly btc come from for the next 9 weeks for the bumps?

https://bitcointalk.org/index.php?topic=471166.msg5265447#msg5265447

I've copied and pasted all these questions in to the ANN top post under the section "Questions"

[edok]

it is better to have only one exchange. cryptsy is too flaky for this.

will you limit direct sales to 100 btc per week, no matter of the demand?

+1 for keeping it all on one exchange. Will also make it easier for dev on Sunday.

[edok]

Currently the cutoff for 45BTC is at the huge sell wall at .02, but I wouldn't be surprised if it doesn't even get there come Sunday.

I'm afraid if anyone buys all the coins at once, we'd never see InsanityDev again. 

[fudge]

InsanityDev, buy wall @0.0009 removed at Poloniex?

[InsanityDev]

InsanityDev, buy wall @0.0009 removed at Poloniex?

Moved to 0.001 - Have already acquired 628.88442508 WOLF back at 0.001

[ZeroK]

InsanityDev, buy wall @0.0009 removed at Poloniex?

Moved to 0.001 - Have already acquired 628.88442508 WOLF back at 0.001

What is the reasoning behind keeping a buy wall up, instead of just using the entire pot for the Sunday bump?

[InsanityDev]

InsanityDev, buy wall @0.0009 removed at Poloniex?

Moved to 0.001 - Have already acquired 628.88442508 WOLF back at 0.001

What is the reasoning behind keeping a buy wall up, instead of just using the entire pot for the Sunday bump?

I am aware that some people trade with their living costs, if somebody has a personal issue whilst I am asleep or afc and needs to get BTC out (at a slight loss), then this ensures there is an avenue for them. I'm sure that at least one WOLF holder will have next weeks food money riding on this - even though I hope nobody is trading that close to the financial wire, I do feel it's important to provide that avenue. It's also my job to acquire and destroy as much as possible.. which I'm doing. Finally, I understand everybody wants to maximize profits, but I need to keep my morals and ethics here, this is the right thing to do, it's a small amount compared to the pot so cannot be abused - people have to take a loss to "get out" in a hurry, which benefits all in the long run.

aside: 1 BTC received through a one time address 1LbQUmzw4pJwkGQgxK5ABSBDtgmbrakcB5 for 1000 WOLF. BTC Pot tipped over 45. I'm offline in a moment.

[BlackMarket]

mmihai1978, please go through my recent posts, all the answers to your questions are in there, and to others you have not yet asked.

BlackMarket, the second exchange turned out to be me getting scammed by a user pretending to be from CoinMarket.io and asking for a bounty + test coins to implement. Luckily he only got 100 from me. It's good to have a single exchange for now, it makes Insanity Sundays more viable, and gives them more impact.

ok. yes, i think is good for single exchange  

[fairglu]

It's good to have a single exchange for now, it makes Insanity Sundays more viable, and gives them more impact.

ok. yes, i think is good for single exchange  

+1 for having only one exchange

Also poloniex works quite well, is clean and is a good place.

The only other fast/stable exchange out there being mcxnow IME, Cryptsy is very busy (in many ways) and very slow. Coinmarket.io is ugly and unstable, so no big loss.

[capsized]

Great to see a dev with strong ethics, but I do believe that the buy wall is turning the InsanityCoin into RegulatedInsanityCoin(tm pending). 

It should be clear that if you invest into this coin that you could lose everything, just as in any gamble, bet or stock investment.
Please put a big red disclaimer in the ANN that people should not invest anything they cannot afford to loose.
You cannot be held responsible for anyones irresponsible gambling issues.

If by Sunday 100.000 WOLF (100 BTC) are in circulation and you buyback 50.000 WOLF for 100 BTC
then your buywall will be gone the same night, because there will be a good portion of the remaining 50K WOLF holders that get cold feet and want out.

In the free market that would mean lower prices, but if you keep putting buywalls at 0.001 you are melting away the weekly pool and it also eliminates the possibility for traders to purchase WOLF below buy-in price.

And where is the insanity if there won't be a panic sale once in a while?

If you really want to have a sort of buyback wall, please consider lowering the buyback price proportionally to the amount of coins left in the market every week.
This way you can also destroy more. 

[InsanityDev]

Great to see a dev with strong ethics, but I do believe that the buy wall is turning the InsanityCoin into RegulatedInsanityCoin(tm pending).  

It should be clear that if you invest into this coin that you could lose everything, just as in any gamble, bet or stock investment.
Please put a big red disclaimer in the ANN that people should not invest anything they cannot afford to loose.
You cannot be held responsible for anyones irresponsible gambling issues.

If by Sunday 100.000 WOLF (100 BTC) are in circulation and you buyback 50.000 WOLF for 100 BTC
then your buywall will be gone the same night, because there will be a good portion of the remaining 50K WOLF holders that get cold feet and want out.

In the free market that would mean lower prices, but if you keep putting buywalls at 0.001 you are melting away the weekly pool and it also eliminates the possibility for traders to purchase WOLF below buy-in price.

And where is the insanity if there won't be a panic sale once in a while?

If you really want to have a sort of buyback wall, please consider lowering the buyback price proportionally to the amount of coins left in the market every week.
This way you can also destroy more.  

Will do, I'm assuming the buy wall will only be needed this week, and at most only a small number of BTC. I'd honestly be uncomfortable holding the BTC Pot on any exchange all week any way, so cold storage it is until sunday. Further, I must allow you wolves to pick up coin cheap, buy low sell high is the most common trading pattern after all.

I'll put a disclaimer on the Ann, that's a good idea. Thanks.

Online from here most of the day, I will of course be on and off a few times whilst doing family things, and my puppy needs a good walk today!

update BTC pot continues to rise, over 45 BTC now. Poloniex will be adding a trade api soon, however Tristan has agreed to keep it turned off for InsanityCoin over the first 9 weeks at least

[r0b1nuk]

so it should pan out hopefully by week 9, 900,000 wolf will have been destroyed

so you are effectively investing in a coin with a future cap of 100,000.
so you could if demand is right turn 1 bitcoin into 10 (ish) after 9 weeks

even if you turn 1btc into 3 its still a win win buy with this coin.

but if you dont make the 100 btc per week then it could get tricky

so 900btc is around half a million dollars thats a tall order

this is exciting as im not sure where its going to go.

what happens if you dont hit the 900btc target after week 9? do you just keep going until you have destroyed 900,000 wolf?

[northranger79510]

so it should pan out hopefully by week 9, 900,000 wolf will have been destroyed

so you are effectively investing in a coin with a future cap of 100,000.
so you could if demand is right turn 1 bitcoin into 10 (ish) after 9 weeks

even if you turn 1btc into 3 its still a win win buy with this coin.

but if you dont make the 100 btc per week then it could get tricky

so 900btc is around half a million dollars thats a tall order

this is exciting as im not sure where its going to go.

what happens if you dont hit the 900btc target after week 9? do you just keep going until you have destroyed 900,000 wolf?

This is assuming he wont run away before then. Dont get me wrong. I invested it because of the nice idea but the system is flawed. It should be a trustless system but I invested anyways for fun.

[InsanityDev]

so it should pan out hopefully by week 9, 900,000 wolf will have been destroyed

...

what happens if you dont hit the 900btc target after week 9? do you just keep going until you have destroyed 900,000 wolf?

1) Any coins not bought by week 9 will be destroyed immediately.
2) 100 BTC per week is a lot for an individual, but not for an organic and exponentially growing group, especially when some are reinvesting each week.
3) I can't make any predictions over price, gains, or loss. The one thing I can say is that if everybody puts all there WOLF back on the market at the price they bought it, the there's always enough BTC to buy it all back.

So far 45 BTC+ is in the pot, about 30 BTC has went through the open market (maybe more), and I'm personally quite sure that on Sundays I won't be the only one buying with BTC, as a valid strategy is to buy cheap WOLF and offer a % of it at a higher price to get free WOLF, or all of it to get BTC profit. Also remember not everyone will even know or bother to check what WOLF is, some people may just see an active market and join in.

There will be a lot of traders, and the supply is cut for 6 hours before I start buying, then 6 hours where I'll be buying using different strategies ( I'm not the worst trader ) to acquire as much as possible to destroy, then a ramp down period of 10 hours through to 10am GMT on monday.

It'll be fun, and fluctuate wildly.

This is assuming he wont run away before then. Dont get me wrong. I invested it because of the nice idea but the system is flawed. It should be a trustless system but I invested anyways for fun.

I completely agree, hoping to get a chance to create that in the future.

To settle people's minds a bit, some trusted members who've bought know my full identity, as does Tristan from Poloniex. I'm an aged trusted but quite quiet member of the community, many pivotal BTC people know me. First sign of me doing anything stupid and they'll release my identity, which would wreck my life. I'm a family man, fixed location, ten+ years of reputation on the web, and three in the crypto space. I'm also not rich but not poor, and have lived on crypto for over a year full time now with a reasonable wage. I'm already convinced that I stand to make more from my own small holdings, from building trust, and from subsequent projects, than by running away with 100 BTC (I already have more than this personally from my trading).

[capsized]

I'm a big fan of this coin/experiment and convinced that this is a great concept, coming at the right time and delivered well.

Still, if I was a bank or insurance that would have to neutrally evaluate the risk of a certain venture, I would have to mark this as ultra-high risk investment.
Higher even compared to other cryptocurrencies, due to various reasons, mostly because it is centered around the dev as sole holder of the pot.
Creating a new account solely for this coin doesn't help either.

Now how can you gain more trust in the community and improve the really high perceived risk of this coin?
And I think you mentioned one remarkable fact about yourself ...

many pivotal BTC people know me.

That is awesome!
It doesn't take much to increase the trust into you and your coin by a manifold,
if just one of those pivotal BTC people would mention WOLF and thus proving your alleged ties.
One tweet even would be enough.

Disclaimer: I have invested close to 1,5 BTC and am ready to invest more if dev can get couple known people vouch for his identity.