tldr; generally, think of the 9 week game as (quote:) "very effective initial distribution phase"
this needs serious thought, wolf will compete with 100+ altcoins. A couple of points / questions as food for thought, in order to prevent 10 hardforks and have just 1 or 2.
No KGW? Coin should have such, if mined.
How will you deal with multipools pointing 25 GH at the coin? And I'm not meaning only difficulty.
KGW is a very likely possibility, either as is or a slightly modified version of it.
Why POW? Why not also POS?
That's a good question, please do put forward reasons why PoS may be better for this coin specifically.
What is the differentiating factor of this coin once it moves to PoW? Technical excellence or strong fundamentals? None is there yet.
I have multiple unique features planned for the coin which should distinguish it from the crowd. Ultimately that's why I'm raising these questions now, so I can address the fundamental approach, get everybody on to a longer term stable daemon/qt early, and start implementing the second layer of the coin.
I also hope that this 9 week period proves to strengthen the value of the coin, since it'll be held entirely by people who have had to buy it for a set base cost, no person has a super supply mined and ready to dump at any point.
What will support the interest hence the price over the 9 weeks? (the initial answer should not be community or trust
There are two major factors, and one which serves as a foundation. The first is the gamification of the distribution phase, it has been modelled in a way where the nine week game serves to increase demand whilst reducing supply. I'm quite sure that by week 5 we will have no WOLF supply left, and a market which is "bumped" each week with a gauranteed amount. The second, and where my primary interest is, concerns rolling out new features and resources every 7-14 days around WOLF. The combination of these two should serve to increase demand and interest by both short and long term holders.
Your initial answer acts as a strong social foundation on which the rest is built: remember we are not even 2 weeks in and we are on target to have 170 BTC+ buy in from traders, over 100 unique WOLF holders, investment to the tune of 60 BTC incoming, and a strong stable base market cap.
The gist of my post was: yeah +1 to what you post, but you also need to retain the unique feature of this coin.
Nothing wrong with ensuring the future of the network, but implement _only_ those changes
and you'll make WOLF a generic coin with no incentive to hold or trade.
And it's value will drop steadily like all the other emerging coins without unique features.
My proposal:
Keep the weekly pot and buyback, but remove the human factor and automatize both (decouple purchasing from this forum and make the buyback on exchanges random).
Ultimately remove the bus factor
http://en.wikipedia.org/wiki/Bus_factor by removing the dependency on you to run this coin.
Raise the price/WOLF incrementally every week, which will raise the base price on the market and give an incentive to hold longer than a week.
Again, I'm trying to get this decision out of the way so that I can release a new long term stable qt+daemon early, and get on developing the distinguishing features to separate it from the crowd. I also suggest that the nature in which holders have acquired will strengthen the long term legitimacy of wolf, since all involved know that others have acquired the coin by investment, rather than by mining free money.
The weekly pot cannot continue after 9 weeks, as there is no more supply. The price cannot be raised each week, as all you'd have is a perpetual dump where each week the previous weeks buyers dumped the coin on the next weeks buyers, I'm sure it would force a collapse of the coin and kill it within a short period of time.
Dependency on me to run the coin (or distribute it) will be gone either way in circa 3 weeks, either by having no supply left, or by having automated distribution (something I'm working on at the minute).
OK, I admit that I haven't given this coin (game?) the full analysis that it probably deserves. I thought that I would play it with a small amount and see how it goes for the first couple of weeks. But, one of the things that attracted to me about the coin was the 10% reduction "fee".
Part of that attraction was your arguments for it! In fact in your FAQ section on the front page all questions are answered in some variation of the extreme rarity this coin will have, in no small part due to that very fee. Now it's just fun?
Fun was certainly the wrong word, the 10% tx fee is a pivotal part of this initial phase where it serves to increase the rarity of the coin, however longer term I'm now concerned that it will limit adoption and the movement of it between parties. I can sum this up simply, how many of you are happy to move coin between wallet and exchange, to different addresses, and back again, as you do with other coins? I know for a fact most of you have had it sent straight to poloniex where you'll keep it. This serves it's purpose whilst the coin is in it's trading game phase, but after 9 weeks it's extremely inhibiting for all.
Plus, unlike many other people, I hate miners. They are all in it for a quick buck, they feign enthusiasm for a coin until such time as they can dump, and they fill up forums with endless chatter about hashrates, forks, configuration files and the relative merits of the AMD 7950 card. I don't blame them for any of that, it's just that this forum was so refreshing in that department.
I completely agree, I don't hate miners, but I do not appreciate having vast amounts of each currency held by specific miners, it's a time bomb which kills most coins. Hence why I propose such a small block reward, it's enough to provide a stable income for miners who support the insanity coin network, but is not enough to affect the market in any way.
To give rough figures, we expect there to be ~540k WOLF in circulation after 9 weeks, the subsequent mining would produce a further 48.5k over the first year, and ~21k per year after. Even if WOLF went up to 0.04 BTC per coin that would equate to max 16 BTC worth of coin being bought per week. In other words for the price to go down demand would have to be at less than 16 btc worth per week.
And if I am not mistaken, didn't you think that hoarding was a good thing at one point? Or at least, if my memory serves me correctly, a viable strategic maneuver?
Hoarding certainly is a valid strategy for anybody holding longer term, however it should be a strategy during the game phase, not something which people feel they need to do.. the 10% tx fee over the long term decreases the ease of movement of the currency, and I'm sure you'll agree that one of the major benefits of crypto is that it makes the transfer of money much easier. Even from a trading stand point, if after 9 weeks the currency is on several exchanges, will you appreciate the 10% hit incurred to move it to another exchange, or likewise if you want to move it to a paper wallet, or send some to a friend or family member?
Is there a place that shows total number of coins outstanding in circulation after all Tx fees as well as the WOLF you bought and destroyed?
Partially, you a link on the ann but you need to do some maths over it to get the figures for: how much is sendable (less 10%), how much is left in the supply available to buy, etc. A website is coming next week which will have all these figures on it though
Thanks for the replies and informed discussion, one of the best things about this coin is the genuinely interested community, you all have a stake and are concerned about it, as opposed to pumping and dumping. It's appreciated
BTC Pot at ~80, pm's needing a response or pending wolf orders will be handled in the next few minutes
