[ANN][WOLF] Project WOLF

[gtac01]

Massive 500+ btc sell wall from the dev at .001 in addition to the 1.5 btc wall at poloniex

[gtac01]

Massive 500+ btc sell wall from the dev at .001 in addition to the 1.5 btc wall at poloniex

This 500 btc sell is where?

The dev


"Details

1,000,001 coins mined, 10% transaction fee which is destroyed.
Max 900,000 coins are available at 0.001 BTC each.
The remaining 100k are destroyed (by the transaction fee when coins are purchased)."

[gtac01]

Massive 500+ btc sell wall from the dev at .001 in addition to the 1.5 btc wall at poloniex

This 500 btc sell is where?

The dev


"Details

1,000,001 coins mined, 10% transaction fee which is destroyed.
Max 900,000 coins are available at 0.001 BTC each.
The remaining 100k are destroyed (by the transaction fee when coins are purchased)."

What? I don't follow. You said sell wall, where is this sell wall? That's an irresponsible term to use in this instance, don't you think?
Did you read the entire OP and subsequent postings from the dev?

On the contrary, the dev has a literal 650 btc sell wall at .001, it's just not on the exchange.

[InsanityDev]

On the contrary, the dev has a literal 650 btc sell wall at .001, it's just not on the exchange.

The semantics of a coin supply which is shut down each week, and limited to fixed reducing figure is quite different to a wall. As you know, that's why you made 100% profit on your first encounter with insanitycoin.
ps: all those orders at 0.001 or just under seem to be gone.

Good game, i waited until the last second to put my 1000 in under everyone else at .001995 and within 30 seconds the dev bought 16k WOLF to then use the WOLF as a sell wall and collect as much as he can with his buy wall. I'll buy back at .001 on Monday, thanks for playing dev =)

• removal of percentage based fee, replace with a traditional fixed 0.002 WOLF fee
• a block reward of 0.48 WOLF for weeks 9-26 (total of 17 weeks, this would produce 27417.6 WOLF, 1612.8 per week)
• a block reward of 0.24 WOLF for weeks 26-52 (this would produce 20966.4, 806.4 per week)
• a permanent block reward of 0.12 WOLF after week 52 (this would produce 20966.4 per year)

reasoning:

• 10% tx fee whilst fun at the start, will force hoarding and prevent people from moving WOLF around, even between exchanges
• the network needs supported, and miners need rewarded for that support
• we do not want to vastly increase the monetary supply, this proposal would mint ~8.5% of the wolf supply over the first year, then ~3.5% annually (slightly less than the world average inflation rate)

Please do comment, +1, or counter propose. offline for the night

It feels like this will go against the original WOLF spirit.  If possible, there should not be even a tiny amount of inflation.

To keep it rare after week 9, I think the block rewards should at most be equal to the 0.002 fee. e.g. you need to mine two blocks before you can send it.  This makes it more interesting.

That's a nice thought, but surely security of the coin (chain) is quite important, I can't see anybody mining for such a low reward.
maths:
20*24*365=175200 blocks per year
0.002 Reward = 350.4 WOLF per year for miners, with potentially only half spendable, 175.2 WOLF per year.

my proposal:
27417.6+20966.4 in first year
20966.4 per year after
estimated coin supply for each year:
0 weeks: 1,000,001
9 weeks: 540,000
26 weeks: 567,500
52 weeks: 588,500
2 years: 609,500
3 years: 630,500
~3.5% annually

Put another way, this week we destroyed 2.5 years worth of mined coins on insanity sunday. This doesn't feel like it could have a negative impact on the price, or allow any miner dumps in any way, but should ensure those keeping the network safe and strong are remunerated at a good rate.

[gtac01]

On the contrary, the dev has a literal 650 btc sell wall at .001, it's just not on the exchange.

The semantics of a coin supply which is shut down each week, and limited to fixed reducing figure is quite different to a wall. As you know, that's why you made 100% profit on your first encounter with insanitycoin.

Good game, i waited until the last second to put my 1000 in under everyone else at .001995 and within 30 seconds the dev bought 16k WOLF to then use the WOLF as a sell wall and collect as much as he can with his buy wall. I'll buy back at .001 on Monday, thanks for playing dev =)

• removal of percentage based fee, replace with a traditional fixed 0.002 WOLF fee
• a block reward of 0.48 WOLF for weeks 9-26 (total of 17 weeks, this would produce 27417.6 WOLF, 1612.8 per week)
• a block reward of 0.24 WOLF for weeks 26-52 (this would produce 20966.4, 806.4 per week)
• a permanent block reward of 0.12 WOLF after week 52 (this would produce 20966.4 per year)

reasoning:

• 10% tx fee whilst fun at the start, will force hoarding and prevent people from moving WOLF around, even between exchanges
• the network needs supported, and miners need rewarded for that support
• we do not want to vastly increase the monetary supply, this proposal would mint ~8.5% of the wolf supply over the first year, then ~3.5% annually (slightly less than the world average inflation rate)

Please do comment, +1, or counter propose. offline for the night

It feels like this will go against the original WOLF spirit.  If possible, there should not be even a tiny amount of inflation.

To keep it rare after week 9, I think the block rewards should at most be equal to the 0.002 fee. e.g. you need to mine two blocks before you can send it.  This makes it more interesting.

That's a nice thought, but surely security of the coin (chain) is quite important, I can't see anybody mining for such a low reward.
maths:
20*24*365=175200 blocks per year
0.002 Reward = 350.4 WOLF per year for miners, with potentially only half spendable, 175.2 WOLF per year.

my proposal:
27417.6+20966.4 in first year
20966.4 per year after
estimated coin supply for each year:
0 weeks: 1,000,001
9 weeks: 540,000
26 weeks: 567,500
52 weeks: 588,500
2 years: 609,500
3 years: 630,500
~3.5% annually

Put another way, this week we destroyed 2.5 years worth of mined coins on insanity sunday. This doesn't feel like it could have a negative impact on the price, or allow any miner dumps in any way, but should ensure those keeping the network safe and strong are remunerated at a good rate.

It's actually the same thing as having the 650k for sale on poloniex until insanity sunday, it doesn't go above .001 anyway. Actually, i think it would be better to do that because that way it's less hassle, it removes the trust part of the equation, people can buy 24/7 and overall more would get sold faster.

[illiki23]

It's actually the same thing as having the 650k for sale on poloniex until insanity sunday, it doesn't go above .001 anyway.

You might want to do a little more research about that whole not going above .001 thing.

[gtac01]

It's actually the same thing as having the 650k for sale on poloniex until insanity sunday, it doesn't go above .001 anyway.

You might want to do a little more research about that whole not going above .001 thing.

During the week there is no significant volume above .001 and i'd rather it go to the pot anyways..

[InsanityDev]

It's actually the same thing as having the 650k for sale on poloniex until insanity sunday, it doesn't go above .001 anyway.

You might want to do a little more research about that whole not going above .001 thing.

During the week there is no significant volume above .001 and i'd rather it go to the pot anyways..

gtac01, just in case you didn't realise: your previous posts came across to other pack members and to the general public in a way you perhaps didn't mean. Most read it to mean "the developer has a hidden 500,000 WOLF that he's dumping on market (or using to manipulate the market)" (i.e. huge scam beware!)

Either way, it really didn't come across well in respect to both the coin or yourself.

[xref]

lots of talking here, and honestly am bothered about one single thing that i care to know at this very moment.
clearly did not understand what exactly happening when i did buy, what i want to know is, am i gonna lose my btc? i did buy at 0.00145 and all what i care to know is, will i be able to sell it with minor profit any day soon? and where is this Sunday 100 btc pump? or did i misunderstood this as well?

[BitAddict]

Poloniex was hacked, 12,3% of the bitcoins lost 

[JTB800]

Poloniex was hacked, 12,3% of the bitcoins lost 

That is disturbing. He seems to be handling it well -- or at least as well as could be possible as he doesn't have the funds to cover the losses. Well, I don't know the guy, so I guess it is more accurate to say he claims that he doesn't have the funds to cover the losses. He sounds genuine though.

https://bitcointalk.org/index.php?topic=499580.0

[xref]

Poloniex was hacked, 12,3% of the bitcoins lost 

you wish

[illiki23]

lots of talking here, and honestly am bothered about one single thing that i care to know at this very moment.
clearly did not understand what exactly happening when i did buy, what i want to know is, am i gonna lose my btc? i did buy at 0.00145 and all what i care to know is, will i be able to sell it with minor profit any day soon? and where is this Sunday 100 btc pump? or did i misunderstood this as well?

There is no 'Sunday 100 btc pump' in the traditional sense.  100 btc are spent on Sunday to buy up orders - but the goal is not for the dev to see how high the price of the coin can be pumped but rather for the dev to buy as many as possible for as cheap as possible.  I would suggest going back and reading through the beginning of this thread to learn more about how this game works.

[InsanityDev]

I just want to confirm that all the packs BTC is held in a cold wallet, on a vm, on a machine that isn't connected to the internet. It's all 100% safe.

BTC wallet is at 100 for sunday, 17 for week four, with only 60k WOLF on market to buy back currently.

[bitwarrior]

Any plans of adding WOLF to another working and secure exchange?

[InsanityDev]

Any plans of adding WOLF to another working and secure exchange?

Not yet, towards the end of the now 6.5 weeks sure, cryptsy, bter etc - but for now I firmly believe that sticking by Poloniex and helping them ensure a secure and scaling service is the best approach for all involved with crypto. We need another good exchange from somebody transparent. Personally I have lost too much to flaky exchanges and those run by scammers with no morals. Many have folded taking my funds with them, with no communication, and others like coins-e still run but owe hundreds of thousands of $ worth of crypto. Cryptsy is good, bter is small, there are a few others, but poloniex I believe has what it takes to be one of the major alt exchanges long term.

I have personally offered Tristan a lot of help, to help review code and ensure it's safe, and importantly I'm be helping him get a plan of action together to ensure his exchange scales well to continued growth. (That's been my day job for the past 15 years, and I specialise in secure high traffic website).

[r0b1nuk]

its a shame really i see so so many of these smaller exchanges get hit and i also have lost a lot over time and some of my btc was stollen at polo as well but these things happen. i know he's implemented a check for negative balance but is it quick enough to notice when a hacker like that puts in multipl withdrawls that quickly? ive noticed this problem on a lot of exchanges. cryptsy does it all the time and im forever having to reverse trades to clear negative balances. in theory if you make the exchange really slow (like coinedup) would this happen? im no programer by the way just a miner/trader but i always worry about all the exchanges out there and never leave large amounts of btc if i do i leave it in the form of an alt coin as they tend to get left alone as most hackers just want bitcoin.

[edok]

Please just keep on one exchange, makes things simpler for the traders and the dev.

[capsized]

It's been quiet here.

How is the pot doing?
Always good to know how many WOLF are roaming in the wild. 

[claudespe]

I'm wondering what could be those whales movement Dev is planning to play 

100BTC buying in one go would drive the price close to 0,04, and roughly 58000 Wolfs should be bought.

Amazingly those 58000 Wolfs can comfortably clean the whole buy orders, what mean a serious price tank down to 0.00000001, means .... 0,000025% of initial price 
BUT gaining only 5 poor bitcoins.

Using only 7500 Wolfs and price falls to 0.0000005 : 0,05% of dev price

Quite a good discount, and 5 BTC to be reinjected on market. 

What do you think guys?