[ANN] [888] [SCRYPT] OctoCoin ◦ The Power of Eight ◦ Don't Blink

[frameLAlife]

As of this post, more than 31,000,000 Octos have been mined.
The block reward remains at 88 per block as per the block explorer.

Maybe the wording is a little difficult in the OctoCoin website, and the rewards will be cut down to 80 in 88 days, or I did not read something correctly.

Anyone care to take a better stab at it? 

hmmm yeah i thought it was supposed to cut from 88 to 80 also... it's not super clear though.

[bholzer]

As of this post, more than 31,000,000 Octos have been mined.
The block reward remains at 88 per block as per the block explorer.

Maybe the wording is a little difficult in the OctoCoin website, and the rewards will be cut down to 80 in 88 days, or I did not read something correctly.

Anyone care to take a better stab at it? 

hmmm yeah i thought it was supposed to cut from 88 to 80 also... it's not super clear though.

In looking at the source:

Code:

int64_t GetOctoCoinSubsidy(int nHeight) {
   int64_t qSubsidy = 80*COIN; 
   
   int BlockCountA = 180655;
   int BlockCountB = 358364;
   if (nHeight <= BlockCountA)
   {
      if (nHeight <= 94255) {
         qSubsidy = 188 * COIN;
	  }
	  else 
	  {
	     qSubsidy = 88 * COIN;
	  }
   }
   else
   {
      qSubsidy >>= ((nHeight - BlockCountA) / (BlockCountB)); // Subsidy is cut in half every 358364 blocks (~1 year)
   }
   
   return qSubsidy;

}

So basically, it will remain at 88 until block #180,655. Currently, we are at block #176,615. So in about 4,000 blocks, the reward will drop to 80 coins/block. This will likely happen at some point within the next 5 days.

Once it drops from 88 to 80, it will simply halve every 358,364 blocks (or roughly every year). So around this same time next year, the reward will drop to 40 coins/block.

[frameLAlife]

Thx Bholzer 

[djslick]

it's not a matter of reading comprehension. i fully understand the dev's humility and conscious effort to be frank and up front with us.

however...

in a case where we cannot deliver our first release within the next couple weeks, we will take the advice some of you have given and release a preview via a medium TBD.

this is the fourth time that we've been given a definite timeframe where there will be action on behalf of the dev team. this is not open to interpretation. they just said:

"if octocoin does not release something that they've been working on in the next 2 weeks, then they will definitely release a preview of said project in some form"

i don't care if it's a crude drawing on a bar napkin, this is going to be expected. this is one more promise that i want the community to watch like a hawk instead of ignoring and shrugging "oh well, it's fine, developing things are hard".

september 28th this was decreed, so by october 12th if no projects have been released, then we should expect a preview in some form or another. as always i'm not extrapolating anything, i'm reading their words verbatim. let's keep october 12th on our radar, and make sure that there's an expectation on our end.

fair's fair, and the first 4 months of fanfare every time the devs posted was a barometer showing the enthusiasm this community has for octocoin. in the last 2 months however, the criticism has been absolutely warranted after they've repeatedly forgotten (and never mentioned) their previous promises. i'd love nothing more than to get back to that glee when even a dev post without much content at all would make the whole community do a backflip. let's just start with this one thing at a time.

october 12th.  

[dawj20]

I think you've got the wrong month there slick.   

[frameLAlife]

marijuana - it does a body good. 888 is green also.

[thenotfatguy]

I think you've got the wrong month there slick.   

Maybe slick has caught on to the devs time traveling capabilities

[frameLAlife]

lol somebody get the DeLorean DMC-12

[th0ms0n]

just one question: if the devs would be really just trying to deceive us, posting "soon"-messages now and then, followed by a sip froman ice cold cup of pina colada.
why? what could be their intention? for sure, that's not a way to get rich. or is it? can't think of anything at least.
any ideas?

[frameLAlife]

i think it's a combo of them not being used to the crypto world and dealing with a message board of users wanting updates. in the real world they may only answer to one or two managers above them. supposedly they are devs with legit backgrounds if i remember correctly. Bholzer alluded to them not being cryptocoin devs previously.

the other reason is the weak hand theory. if you want the currency to be stable later on when it's important have the "weak hands" dump early so you are only left with stronger, long term investors. how that could apply to octo and what would happen when the apps launch and how early some investors would dump for returns is up for discussion and debate. who knows what the strategy is after the apps are released. the software may not even stay to just octo if they decide to sell or lease to others. it will be interesting to see.  one thing is known, in crypto, when you dump early, pre release of anything special, the buyers are buying it up cheaper. nobody in octo seems to be dumping early. not that there's that much buy support anyways. i believe most dumping is from miners it appears.

there is no proof of that but just a theory and it does happen in any investment not just the crypto world.

[th0ms0n]

yeah that's the most likely story.
i guess I'll just go into hibernation, as there's no reasonable explanation why the devs would have lied to us. well as a consequence, they are telling the truth.
"Our favorite holding period is forever" - big warren

[frameLAlife]

yeah that's the most likely story.
i guess I'll just go into hibernation, as there's no reasonable explanation why the devs would have lied to us. well as a consequence, they are telling the truth.
"Our favorite holding period is forever" - big warren

yeah there is no proof that any of that is the case. i wouldn't consider it lying. nonetheless, at this point you have risk either holding or dumping so i think the safer bet is to hold.

[djslick]

ugh, that's what i get for posting so late at night.

october 12th! mark it on your calendars!

i have no reason to believe that they'll stick to their own words, pretty sure they'll just let this date slide just like all the others, and then never acknowledge that they totally flaked on their own timeline.... again!

[BeardedCouncil]

Slick, can we get a photo of your smiley face on the 12th when (if) something arrives?

[peterw]

See the Reddit crypto news today?

http://www.coindesk.com/reddit-50-million-new-cryptocurrency/

Don’t see how this affects octocoin directly, and I don’t think reddit is launching this anytime soon, but stuff like this is what I mean when I say that the opportunity for octocoin won’t be around forever. Things change. New ideas are launching. There is an opportunity for a great and innovative coin now but the devs can’t let the opportunity pass.

Hopefully they aren’t. I am feeling optimistic about recent developments

The devs have been posting more
There’s been a lot more buying on bittrex which is pushing the price up
Network hashrate was up last I checked

So the opportunity is there and I really hope all the recent developments are leading up to some great launches for octocoin.

[frameLAlife]

See the Reddit crypto news today?

http://www.coindesk.com/reddit-50-million-new-cryptocurrency/

Don’t see how this affects octocoin directly, and I don’t think reddit is launching this anytime soon, but stuff like this is what I mean when I say that the opportunity for octocoin won’t be around forever. Things change. New ideas are launching. There is an opportunity for a great and innovative coin now but the devs can’t let the opportunity pass.

Hopefully they aren’t. I am feeling optimistic about recent developments

The devs have been posting more
There’s been a lot more buying on bittrex which is pushing the price up
Network hashrate was up last I checked

So the opportunity is there and I really hope all the recent developments are leading up to some great launches for octocoin.

the most exciting part of this is the 10% asset based backing... amazing. it will be interesting to see how this is done and the format used to launch it. i predict counterparty but that's just my opinion. i don't see a separate blockchain in this case but who knows. altcoins on separate blockchains just seem like old news with all the Bitcoin 2.0 apps. we shall see.

the good thing is Octo should have an "asset" backing the currency in the form of it's apps. if they are quality and marketed well so that companies or maybe other cryptos want to use them it will be really interesting to see how it affects Octo's value imo. exciting to see if they can make it happen

[LeFiste]

Who has been buying the last few days? Someone from this thread? I'll start buying tomorrow again.

[th0ms0n]

so i hope my order will be filled completely until i'm getting competition 

[bholzer]

Who has been buying the last few days? Someone from this thread? I'll start buying tomorrow again.

I put a couple buy orders out there but they never got filled (they're still sitting there). For the most part, the only ones selling are the miners+auto-sellers. Makes it difficult to buy in any decent quantity. Even if you put the top buy order in, odds are it will never get filled because other buy orders will just stack on top of it.

[djslick]

Slick, can we get a photo of your smiley face on the 12th when (if) something arrives?