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

[frameLAlife]

Well my wallet is synced. I'm ready to burn once address is confirmed. May have to send multiple transactions if the 50k post is true.

[frameLAlife]

Ok, so be sure not to send any coins to the unconfirmed burn address.

We are still figuring this out and really need the block explorer up. You can start to email in your Counterwallet and Octocoin addresses as stated a few posts earlier.

Thanks.

[GWCalvert]

http://ltcd.lifeforce.info/

"We've determined the Octocoin wallet WILL NOT send more than 50,000 coins in one transaction and peoples manual payouts over 50,000 coins were failing, requiring us to perform manual payouts which then required us to do a lot of work on the pools accounting back end - this gave cause to seriously consider shutting down the pool. The best remedy for us and you miners was just to disable manual payouts"

this was posted on lifeforce's info page for Octocoin. i do not see a date for the post. i wonder if that is true that the wallet transactions over 50,000 coins fail? i remember sending transactions between 20-40k but i cannot remember if i ever sent a transaction over 50k.

please keep that in mind when burning your coins if this is the case. it may take multiple transactions all tied to the same return Counterwallet address.

I know that I have transferred more than 100K at once from Bittrex in the past, but it may have been with an earlier wallet.

I do not recall anything in the code that would limit large transactions, but there could be an issue with the number of inputs that make up the total quantity being sent. If you have a lot of small transactions coming into your wallet (from mining and faucets) and then try to send them all at once, it could possibly cause an issue.

All coins have a max transaction block size, not in number of coins, but in bytes. The more inputs that have to be put together to make a transaction; the larger the transaction block size in bytes. If the transaction size creates a block that is larger than the max size, it will be rejected.

I know that is why most exchanges do not want you to mine directly to your wallet address on the exchange, as it can limit the number of coins that they can include in a withdrawal transaction because of the transaction block size limit on most coins.

I would think that if all of the coins were sent to the burn address from the same Octo address, it would be fairly easy (although time consuming) to get an accurate total.

I'll scan through the code again and see if I see anything...

[frameLAlife]

http://ltcd.lifeforce.info/

"We've determined the Octocoin wallet WILL NOT send more than 50,000 coins in one transaction and peoples manual payouts over 50,000 coins were failing, requiring us to perform manual payouts which then required us to do a lot of work on the pools accounting back end - this gave cause to seriously consider shutting down the pool. The best remedy for us and you miners was just to disable manual payouts"

this was posted on lifeforce's info page for Octocoin. i do not see a date for the post. i wonder if that is true that the wallet transactions over 50,000 coins fail? i remember sending transactions between 20-40k but i cannot remember if i ever sent a transaction over 50k.

please keep that in mind when burning your coins if this is the case. it may take multiple transactions all tied to the same return Counterwallet address.

I know that I have transferred more than 100K at once from Bittrex in the past, but it may have been with an earlier wallet.

I do not recall anything in the code that would limit large transactions, but there could be an issue with the number of inputs that make up the total quantity being sent. If you have a lot of small transactions coming into your wallet (from mining and faucets) and then try to send them all at once, it could possibly cause an issue.

All coins have a max transaction block size, not in number of coins, but in bytes. The more inputs that have to be put together to make a transaction; the larger the transaction block size in bytes. If the transaction size creates a block that is larger than the max size, it will be rejected.

I know that is why most exchanges do not want you to mine directly to your wallet address on the exchange, as it can limit the number of coins that they can include in a withdrawal transaction because of the transaction block size limit on most coins.

I would think that if all of the coins were sent to the burn address from the same Octo address, it would be fairly easy (although time consuming) to get an accurate total.

I'll scan through the code again and see if I see anything...

thanks for clarifying.

[syncsam]

BURNING

Sorry haven't had time to read all the messages yet, so will catch up on the info soon

[FoldingCoin]

http://ltcd.lifeforce.info/

"We've determined the Octocoin wallet WILL NOT send more than 50,000 coins in one transaction and peoples manual payouts over 50,000 coins were failing, requiring us to perform manual payouts which then required us to do a lot of work on the pools accounting back end - this gave cause to seriously consider shutting down the pool. The best remedy for us and you miners was just to disable manual payouts"

this was posted on lifeforce's info page for Octocoin. i do not see a date for the post. i wonder if that is true that the wallet transactions over 50,000 coins fail? i remember sending transactions between 20-40k but i cannot remember if i ever sent a transaction over 50k.

please keep that in mind when burning your coins if this is the case. it may take multiple transactions all tied to the same return Counterwallet address.

I know that I have transferred more than 100K at once from Bittrex in the past, but it may have been with an earlier wallet.

I do not recall anything in the code that would limit large transactions, but there could be an issue with the number of inputs that make up the total quantity being sent. If you have a lot of small transactions coming into your wallet (from mining and faucets) and then try to send them all at once, it could possibly cause an issue.

All coins have a max transaction block size, not in number of coins, but in bytes. The more inputs that have to be put together to make a transaction; the larger the transaction block size in bytes. If the transaction size creates a block that is larger than the max size, it will be rejected.

I know that is why most exchanges do not want you to mine directly to your wallet address on the exchange, as it can limit the number of coins that they can include in a withdrawal transaction because of the transaction block size limit on most coins.

I would think that if all of the coins were sent to the burn address from the same Octo address, it would be fairly easy (although time consuming) to get an accurate total.

I'll scan through the code again and see if I see anything...

thanks for clarifying.

So if i understand this correctly, the issue is that the exchange could not transfer more than 50k or is it the actual QT client?

[kondiomir]

Its kind of messy to me

Pls guys, somebody explain step by step what to do to burn Octos ?

[FoldingCoin]

888 moving to Counterparty - OCTO

The Octocoin burn will begin soon. Burn your 888 in exchange for the OCTO Counterparty Asset. We will create 88.8 Million OCTO total but will only distribute the burned 888/OCTO at first. The burn ratio will be 1:1. The burn process will last for 1 month only and a snapshot of the blockchain will be taken. When the midnight deadline is announced you can no longer burn your 888 and the only way to acquire OCTO will be to purchase, trade or participate in FoldingCoin’s merged mining and other promotions. We will announce future distribution plans at a later date on the new OCTO bitcointalk.org and letstalkbitcoin.com forums. If you have any questions about the burn, please PM frameLAlife or FoldingCoin on bitcointalk.org.

Be aware that OCTO will be a community asset and is not associated with Octocoin 888 or it’s original developers. We as a community are choosing to leave the original, abandoned blockchain behind to participate in the Counterparty protocol on the Bitcoin blockchain. While we do have leadership in place that is planning the first project for the new asset, you the community will be free to use any available open-source code to build and promote your own projects in the community. However, please understand that certain projects, applications and activities will not be allowed to be promoted on official OCTO forums for legal reasons.

Please refer to the following instructions and follow this process to burn your 888 to the new OCTO Counterparty Asset. PLEASE NOTE: Do not send any 888 to the burn address until we have posted the link to the block explorer when it goes live. The following instructions will be posted to the most recent page until the burn period begins.

• Step 1 - 888 Holders please create a Counterwallet with these steps http://foldingcoin.net/counterparty-guides/#wallet
  
  
• Step 2 - Send all your current 888 to a single 888 wallet that you control. If you are going to continue mining, please make sure to mine directly to that address (or if you are using a mining pool, please start to withdrawal to that address)
  
  
• Step 3 - Fill out this google form https://docs.google.com/forms/d/16a6AvxrfOQ_gzMrM3tH2iRlBvPX-OSge4QG_2rLDkYQ/viewform?usp=send_form with the following information:
  
  
  • BTC address from your Counterwallet found in Step 1
    
    
  • Your 888 address with all your 888 from Step 2
    
    
  • The estimated total amount of 888 in your wallet from Step 2 that you will be burning in exchange for the new OCTO asset on Counterwallet (the estimated amount is for trying to get an understanding of how much 888 is going to be burned)
    
    
• Step 4 - DO NOT SEND any 888 to the burn address at this time, but rather you can confirm on this document that your information is correct https://docs.google.com/spreadsheets/d/13nfukjfGvfwwI6Y2dUY13eVZLF6NmslkvXtx7GczO-g/pubhtml
  
  
  • If you do not see your address here or if the information is wrong (such as your 888 address is not the one you wish to associate  with your Counterwallet address) please contact octocoinburn@gmail.com AND rross@foldingcoin.net to resolve this issue and get your accurate address information added.
    
    
• Step 5 - Once the block explorer and the burn address has been verified and working by this community, then a deadline will be announced to send the 888 from your wallet in Step 2 to the burn address to receive the new Counterparty OCTO asset. The deadline will be 1 month after the explorer and the burn address have been announced.
  
  
  • DO NOT SEND ANY 888 UNTIL THE BLOCK EXPLORER, THE BURN ADDRESS, AND THE DEADLINE HAS BEEN ESTABLISHED. AWAIT FOR FRAMELALIFE TO CONFIRM THAT THESE FACTORS ARE OFFICIAL AND ESTABLISHED, DO NOT TAKE THE WORD OF ANY OTHER USERNAME AT THIS TIME
    
    
• Step 6 - Once Midnight on the deadline is hit, the 888 block explorer will be captured fully with the accurate information regarding the 888 wallet locations at the exact deadline time (this will then be available to the public to view). You must have sent your 888 to the burn address BEFORE the deadline has been hit. So any amount of 888 created after the burn will not be considered a valid exchange since it will be officially moved over.
  
  
• Step 7 - After the block explorer has been fully captured, then 2 days will pass to allow time for any discrepancies to be established from the Octo community with the amount of OCTO they will receive. During these two days, frameLAlife and FoldingCoin (Kris and Robert) will be uploading a new column to the publically viewable google doc with the exact amount of OCTO each person will receive who sent 888 to the burn address.
  
  
• Step 8 - After the 2 days have passed, then FoldingCoin will create a distribution address and send all the OCTO out to all participants who are partaking in the burn. this community needs to keep in mind, that for every 1 address receiving OCTO it will require 0.00006 BTC (this is not a service fee, but it is the cost of a Counterparty transaction). So If 1,000 people are participating in the burn, then 0.06 BTC will need to be provided to distribute the new OCTO funds.
  
  
• Step 9 - OCTO will become part of the Merged Folding family and you will continue to be able to earn additional OCTO by setting up your computer to partake in folding following this step http://foldingcoin.net/windows-guides/#setup
  
  
  • The distribution on Merged Folding will need to have the OCTO community decide the following factors:
    
    
  • Total amount of OCTO to be distributed on Merged Folding
    
    
  • Amount per day to be distributed on Merged Folding
    
    
  • If there will be a half life
    
    
  • How often to do the distribution (daily, weekly, monthly)
    
    
• Step 10 - Robert Ross will provide complete training to frameLAlife on how counterparty works, securing undistributed OCTO, Merged Folding, and anything else needed
  
  
• Step 11 - Begin to rebuild the features and direction of OCTO
  
  

New ANN forum for OCTO on Counterparty can be found here https://bitcointalk.org/index.php?topic=960933

[kondiomir]

LOL Did not  expected this kindly answer.

Thank you vary much for the superb explanation!!!

[FoldingCoin]

LOL Did not  expected this kindly answer.

Thank you vary much for the superb explanation!!!

Anytime This was something that needed to be written up eventually anyway, so i figured I would put it on here now

[SquidsIn]

http://ltcd.lifeforce.info/

"We've determined the Octocoin wallet WILL NOT send more than 50,000 coins in one transaction and peoples manual payouts over 50,000 coins were failing, requiring us to perform manual payouts which then required us to do a lot of work on the pools accounting back end - this gave cause to seriously consider shutting down the pool. The best remedy for us and you miners was just to disable manual payouts"

this was posted on lifeforce's info page for Octocoin. i do not see a date for the post. i wonder if that is true that the wallet transactions over 50,000 coins fail? i remember sending transactions between 20-40k but i cannot remember if i ever sent a transaction over 50k.

please keep that in mind when burning your coins if this is the case. it may take multiple transactions all tied to the same return Counterwallet address.

I know that I have transferred more than 100K at once from Bittrex in the past, but it may have been with an earlier wallet.

I do not recall anything in the code that would limit large transactions, but there could be an issue with the number of inputs that make up the total quantity being sent. If you have a lot of small transactions coming into your wallet (from mining and faucets) and then try to send them all at once, it could possibly cause an issue.

All coins have a max transaction block size, not in number of coins, but in bytes. The more inputs that have to be put together to make a transaction; the larger the transaction block size in bytes. If the transaction size creates a block that is larger than the max size, it will be rejected.

I know that is why most exchanges do not want you to mine directly to your wallet address on the exchange, as it can limit the number of coins that they can include in a withdrawal transaction because of the transaction block size limit on most coins.

I would think that if all of the coins were sent to the burn address from the same Octo address, it would be fairly easy (although time consuming) to get an accurate total.

I'll scan through the code again and see if I see anything...

thanks for clarifying.

Yep, I think this was an old issue.  I have sent over a million Octo's between addresses in one transaction on more than one occasion without any issues.

[frameLAlife]

On the new wallet? Yeah it may have been an issue with the first wallet. I did not see a date of when that was posted. I checked my wallet and my largest transaction was only 47,000 so I had no way of knowing.

[frameLAlife]

That was pretty much the idea we had in mind Robert. Thanks for such a thorough explanation.

[FoldingCoin]

That was pretty much the idea we had in mind Robert. Thanks for such a thorough explanation.

Perfect, then is it safe for me to start compiling the list? I have already had the first person send me a burn request.

Also i think the answer is no, but do you have access to the OP?

[SquidsIn]

That was pretty much the idea we had in mind Robert. Thanks for such a thorough explanation.

Sounds like a plan.  The only thing I'd say is that the "exact" amount at point 3 may not be precise as there will be transaction fees, albeit small.

[FoldingCoin]

That was pretty much the idea we had in mind Robert. Thanks for such a thorough explanation.

Sounds like a plan.  The only thing I'd say is that the "exact" amount at point 3 may not be precise as there will be transaction fees, albeit small.

Ok, would you think that it wouldn't even be required to get the exact amount, as people will be mining gaining more anyways. I could alter that step

[SquidsIn]

That was pretty much the idea we had in mind Robert. Thanks for such a thorough explanation.

Sounds like a plan.  The only thing I'd say is that the "exact" amount at point 3 may not be precise as there will be transaction fees, albeit small.

Ok, would you think that it wouldn't even be required to get the exact amount, as people will be mining gaining more anyways. I could alter that step

The fee is going to be less than 1 Octo so maybe we just have everybody specify what they're burning minus 1 octo, either that or we just allow for a 1 octo variance from the reported burn amount? 1 octo per burner isn't going to make much difference in the scheme of things either way.

With regard to the block exploer; I contacted these guys and asked them to get back to me on how long it would take to get one up and running; http://blockexperts.com

They charge BTC0.1 for setup and 12 month hosting, we don't need that long obviously but I'm happy to pay for it myself.

[frameLAlife]

I think that we could still distribute the extra OCTO to cover the fee. I mean you are talking a very small amount. If we don't I doubt most would care about the fee.

As for the block explorer I'm all for any solution. I'll gladly pitch in on BTC to cover the cost of the block explorer. That's fairly cheap. Please post a donation address to collect BTC for the block explorer if we decide to use them. I'll wait to see if there are any better options or people's opinions. The sooner we have the block explorer the better.

Remember also guys, I'll be starting the website soon. If you would like to pitch in to cover the site, hosting and domain name, please send BTC to:

1fff2DwPLF3gYCgTL8HBNsLkmJfrhn5rd

https://blockchain.info/address/1fff2DwPLF3gYCgTL8HBNsLkmJfrhn5rd - track the amount raised

The website will be through squarespace and run between $100-$200 total depending on which package we raise enough money for.

http://www.squarespace.com/pricing/

[FoldingCoin]

I think that we could still distribute the extra OCTO to cover the fee. I mean you are talking a very small amount. If we don't I doubt most would care about the fee.

As for the block explorer I'm all for any solution. I'll gladly pitch in on BTC to cover the cost of the block explorer. That's fairly cheap. Please post a donation address to collect BTC for the block explorer if we decide to use them. I'll wait to see if there are any better options or people's opinions. The sooner we have the block explorer the better.

Remember also guys, I'll be starting the website soon. If you would like to pitch in to cover the site, hosting and domain name, please send BTC to:

1fff2DwPLF3gYCgTL8HBNsLkmJfrhn5rd

https://blockchain.info/address/1fff2DwPLF3gYCgTL8HBNsLkmJfrhn5rd - track the amount raised

The website will be through squarespace and run between $100-$200 total depending on which package we raise enough money for.

http://www.squarespace.com/pricing/

Ok, would you like me to continuously post the steps to burn 888 here since we cannot access the op?

Also when you get a chance, lets skype, I would love to setup an OCTO private forum on LTB with you. We need to make a video on this (tutorial) so yours would be a perfect one to do since we need to create it. That would allow only interested parties in OCTO to be able to access the new private forums. Let me know when you can skype, i am availalble tonight if you are

[mafort1469]

I am glad to be a part of this community and am very thankful that you have taken charge. I really cannot wait until this is over (the burn) and everyone is back in the game so to speak. I commend you all for you efforts in getting this done!!!