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

[OCTOPARTY]

https://www.youtube.com/watch?v=LBBvay6n5kc

great video about Counterparty, vennd.io, swarm and different things you can do.

[OCTOPARTY]

https://www.youtube.com/watch?v=ABeQb8IHsTo

explanation of digital vending machines.

[OCTOPARTY]

http://www.slideshare.net/informaoz/jeremy-lam-vennd

why crowdfund on Counterparty?

[SquidsIn]

So, I talked to one of the guys from ScotCoin. They pretty much gutted their blockchain and turned it into a CP asset. He said they did their own burn without help from a third party. You just have to create a wallet and do all the work manually. So if a user has 20,000 octo they send it in to the burn address with their counterwallet address i'm assuming with an email and a screenshot of your balance.) and you just manually return the amount of your new CP asset.

We could do that probably pretty easy since we don't have a ton of people burning. It may take a team of us to to do it. But we would save $1500 that way.

We would still have to raise money for the crowd sale because I don't think we could manually process tons of orders in btc to sell the new Octo asset, plus you have to have media attention for that so you need another party that can get that for you.

One thing that made me think it would be better to burn the coins was the fact that we don't want FUD or the scam accusations. If someone came along and did something with the original blockchain you don't want one person or a team of people to have a wallet full of millions of octocoins to cash out with. So I was thinking we could do this: After the burn is complete, anyone who participates is emailed the .dat file with the public and private keys to the wallet. That way everyone has access to the wallet. Granted, someone could come and take off with all the octocoins in one transaction. But honestly, do we really expect anyone to come along and do something with octocoin?

So, do we burn ourselves for free? Or do we pay for legitimacy of vennd.io doing it? Does one really bring more legitimacy or does it really matter?

If you were a btc holder and had the chance to buy some coins for a project, would it make a difference about the coins already issued and how they were burned? Just something to think about.

Nobody should have access to the private key in the first place, it should be possible to create a burn address without ever knowing it's private key;

https://en.bitcoin.it/wiki/Proof_of_burn

i know that... i'm not talking about if we have someone who knows what they are doing do a burn.... i was talking about if we didn't pay $1500 to vennd.io and found a way to do it ourselves, which to my knowledge nobody here knows how to make a burn address....

pay attention to the differences i'm talking about. that whole paragraph was about NOT DOING A BURN and finding a way to trade out the coins like ScotCoin did.

if we don't want to spend money as some of you have clearly said you don't or won't, we can just trade them out manually. if we create a wallet with an address there will be a private key.

hence the reason you actually pay vennd the $1500 burn the coins instead... if nobody has a private key there's no room for someone to come back later with everyone's coins and dump them should the octocoin blockchain revive.

My point was we can spend money but we don't have to. And if there are very few participants then maybe there's no need in spending that money.

I was actually trying to help.  I made a quick post in a rush with every intention of coming back later and pledging my full support for all of this so thanks for the shitty response.

Did you bother to read a few lines from the link I posted? If you did you'd have realised how easy it is to create a non-spendable address (i.e. WITHOUT A PRIVATE KEY BEING KNOWN TO ANYBODY).  Once you have that everybody can confidently burn to that address and prove they did via a message in the wallet console;

So I did a little further research myself and using these articles;

http://earlz.net/view/2014/10/22/0340/provably-spendable-altcoin-burn-addresses
https://en.bitcoin.it/wiki/Technical_background_of_Bitcoin_addresses
http://bitcoin.stackexchange.com/questions/1851/how-to-generate-a-valid-bitcoin-address-for-destroying-bitcoins

plus looking at octocoin source and a few other references I created a python script to generate valid Octocoin addresses from a known pubkey hash for which nobody can have pre-determined the private key (as I understand it, if they can then bitcoin itself is broken);

Code:

#!/usr/bin/python
import base58
import hashlib

class SHA256:
    new = hashlib.sha256

address_byte = "12"
ripemd160_pubkeyhash = "8888888888888888888888888888888888888888"
hexstring = address_byte + ripemd160_pubkeyhash
checksum = SHA256.new(SHA256.new(str(bytearray.fromhex( hexstring ))).digest()).hexdigest()[0:8]

string2encode = hexstring + checksum

burn_address = base58.b58encode(str(bytearray.fromhex(string2encode)))
print(burn_address)

You could either use the address as generated above (shown below) or you could have a bunch of community members post one or two hex chars each to form the 40 character ripemd160 pubkey hash used to generate the address.

Code:

sendtoaddress 8TXnBYf96LvSRZrLeuhyTKn7bgaMCAYxqr 1 "i just burnt this (SquidsIn)"

You could process these manually or semi-automatically using a block explorer to verify the amount sent and apportion the amount of OCTOPARTY at whatever the exchange rate is.  The only trust required is that you will issue the OCTOPARTY, you certainly won't be able to pick up the 888 and spend it later and neither will anybody else.

My point was/is that you can do a burn yourself without paying anybody AND everybody can be absolutely confident that NOBODY has the private key for the burn address and those coins have been put beyond use regardless of what happens in the future.

There are two issues with any plan to burn at the moment;

1) AFAIK there is no active block explorer
2) The blockchain is hugely insecure, anybody with ~ 60Mh/s can take it over whilst you're mid-burn

The first could easily be resolved, the second would depend on how much hashing power we can collectively muster during the burn process.

[OCTOPARTY]

I have skimmed through proof of burn before, yes. No, I did no read it again.

As for how easy it is, if you know about it then awesome!

I'm telling you, as far as some of the tech side, I am very limited. I can usually do things when I follow instructions but I'm telling you I'm no dev and i hate reading code. I usually relied on Joshycoin for the more technical stuff. Or I would follow posts where people were arguing different sides of the technical stuff.

If you and others are confident that we can officially burn octocoin to a non spendable address, then I'm all for it. It makes it so we don't have to spend the money on assistance from another party i'm all for it. Besides technical assistance the thing you get from vennd is a well-known name you can pitch around in the media.

On the crowd-sale front. Vennd makes the vending machine so that you can install it on your web site and accept Bitcoin payments from Counterwallet and it returns a Counterparty asset to that  address. The awesome thing is, it's open source so you can install the basic vending machine on your own, you can edit the code for more features on your own and if you don't know crap or need assistance you can pay vennd.io to do it for you or for assistance.

I was coming at this from a purely, i don't know shit about code, i will pay for the assistance and media attention vennd would bring. But we don't have to do that. If we have knowledgable people here that can implement what we want and we trust them and we even want to pay them in bitcoin or the new octoparty, then we could do that and do it a lot cheaper.

Thanks for your response Squids. I'm glad you understand the burn feature. I was hoping the more guys here read into it somebody would.

I think after re-thinking what Derek from ScotCoin and I talked about on Skype, he may have meant the burned it for real to a unspendable address. I was thinking that he meant they didn't because they scrapped the blockchain. But for us, we cannot do that unless we control the blockchain. And, do we really need that? If we only have a small % of users participating in the burn I would guess no. I do think that it would be important to truly burn the coins so they cannot be spent. I think that it means more when we take the mining and bitcoin we spent and even though we aren't listed, we all know that at one point we had some value holding octocoin. So the only true way to transfer that value and also to ensure that nobody holds on to private keys in case octocoin blockchain starts up again, is to burn.

The post I made, I did say burn, so I see why you responded that way. I should have chose better wording to separate the  other idea of simply doing a trade, not a burn, to an address that nobody would use. I think that is a horrible idea and would tarnish switching to CP. If the original blockchain became something because Bholzer or any dev comes along and makes it something, and somebody cashes out the group of octocoins in those trade addresses, it would scream scam and the FUD and backlash would suck. Plus, if the original amount of octoparty created wasn't burned, i don't know that we could get other people invested in octoparty. I think most people would think, why am I paying you Bitcoin for an asset you created and distributed to your friends out of thin air. At least with a burn, we can say that all the first batch of octoparty distributed still comes from a burned alt that was mined and bought with Bitcoin. I know some may think that's semantics, but I do think that it can psychologically affect people's thought process. We don't want them to think it's a scam or a pump n dump. We want to have a good 1-3 projects lined up that will make the coin useful, give it value, possibly profit so you could pay a dividend, if we think that's a smart way to attract investors.

I'll go back and re-read the proof-of-burn even though that shit intimidates me I hope that besides you Squids, that some more technically minded people read what you posted, and that if we feel comfortable doing it on our own, that we do it. I'm all for saving $1500 if we can do it right on our own.

[OCTOPARTY]

So, I talked to one of the guys from ScotCoin. They pretty much gutted their blockchain and turned it into a CP asset. He said they did their own burn without help from a third party. You just have to create a wallet and do all the work manually. So if a user has 20,000 octo they send it in to the burn address with their counterwallet address i'm assuming with an email and a screenshot of your balance.) and you just manually return the amount of your new CP asset.

We could do that probably pretty easy since we don't have a ton of people burning. It may take a team of us to to do it. But we would save $1500 that way.

We would still have to raise money for the crowd sale because I don't think we could manually process tons of orders in btc to sell the new Octo asset, plus you have to have media attention for that so you need another party that can get that for you.

One thing that made me think it would be better to burn the coins was the fact that we don't want FUD or the scam accusations. If someone came along and did something with the original blockchain you don't want one person or a team of people to have a wallet full of millions of octocoins to cash out with. So I was thinking we could do this: After the burn is complete, anyone who participates is emailed the .dat file with the public and private keys to the wallet. That way everyone has access to the wallet. Granted, someone could come and take off with all the octocoins in one transaction. But honestly, do we really expect anyone to come along and do something with octocoin?

So, do we burn ourselves for free? Or do we pay for legitimacy of vennd.io doing it? Does one really bring more legitimacy or does it really matter?

If you were a btc holder and had the chance to buy some coins for a project, would it make a difference about the coins already issued and how they were burned? Just something to think about.

Nobody should have access to the private key in the first place, it should be possible to create a burn address without ever knowing it's private key;

https://en.bitcoin.it/wiki/Proof_of_burn

i know that... i'm not talking about if we have someone who knows what they are doing do a burn.... i was talking about if we didn't pay $1500 to vennd.io and found a way to do it ourselves, which to my knowledge nobody here knows how to make a burn address....

pay attention to the differences i'm talking about. that whole paragraph was about NOT DOING A BURN and finding a way to trade out the coins like ScotCoin did.

if we don't want to spend money as some of you have clearly said you don't or won't, we can just trade them out manually. if we create a wallet with an address there will be a private key.

hence the reason you actually pay vennd the $1500 burn the coins instead... if nobody has a private key there's no room for someone to come back later with everyone's coins and dump them should the octocoin blockchain revive.

My point was we can spend money but we don't have to. And if there are very few participants then maybe there's no need in spending that money.

I was actually trying to help.  I made a quick post in a rush with every intention of coming back later and pledging my full support for all of this so thanks for the shitty response.

Did you bother to read a few lines from the link I posted? If you did you'd have realised how easy it is to create a non-spendable address (i.e. WITHOUT A PRIVATE KEY BEING KNOWN TO ANYBODY).  Once you have that everybody can confidently burn to that address and prove they did via a message in the wallet console;

So I did a little further research myself and using these articles;

http://earlz.net/view/2014/10/22/0340/provably-spendable-altcoin-burn-addresses
https://en.bitcoin.it/wiki/Technical_background_of_Bitcoin_addresses
http://bitcoin.stackexchange.com/questions/1851/how-to-generate-a-valid-bitcoin-address-for-destroying-bitcoins

plus looking at octocoin source and a few other references I created a python script to generate valid Octocoin addresses from a known pubkey hash for which nobody can have pre-determined the private key (as I understand it, if they can then bitcoin itself is broken);

Code:

#!/usr/bin/python
import base58
import hashlib

class SHA256:
    new = hashlib.sha256

address_byte = "12"
ripemd160_pubkeyhash = "8888888888888888888888888888888888888888"
hexstring = address_byte + ripemd160_pubkeyhash
checksum = SHA256.new(SHA256.new(str(bytearray.fromhex( hexstring ))).digest()).hexdigest()[0:8]

string2encode = hexstring + checksum

burn_address = base58.b58encode(str(bytearray.fromhex(string2encode)))
print(burn_address)

You could either use the address as generated above (shown below) or you could have a bunch of community members post one or two hex chars each to form the 40 character ripemd160 pubkey hash used to generate the address.

Code:

sendtoaddress 8TXnBYf96LvSRZrLeuhyTKn7bgaMCAYxqr 1 "i just burnt this (SquidsIn)"

You could process these manually or semi-automatically using a block explorer to verify the amount sent and apportion the amount of OCTOPARTY at whatever the exchange rate is.  The only trust required is that you will issue the OCTOPARTY, you certainly won't be able to pick up the 888 and spend it later and neither will anybody else.

My point was/is that you can do a burn yourself without paying anybody AND everybody can be absolutely confident that NOBODY has the private key for the burn address and those coins have been put beyond use regardless of what happens in the future.

There are two issues with any plan to burn at the moment;

1) AFAIK there is no active block explorer
2) The blockchain is hugely insecure, anybody with ~ 60Mh/s can take it over whilst you're mid-burn

The first could easily be resolved, the second would depend on how much hashing power we can collectively muster during the burn process.

I would think that we could muster the hashing power. Yeah that sounds like it could be bad if someone tried to jack the blockchain while we were doing the burn. I know plenty of people here had asics or rented asics.

So the questions posed is are we going to have some trusted people throw hash at the blockchain while we hold the burn. I forget which place is still mining Octo. I know fedaykin and FH are down. GWcalvert said something about re-doing the block explorer.

So, if it is possible, for us to do this, and we have to secure mining, a blockchain and get the word out, when should we shoot for timewise? March?

As for the trust of distributing CP, I say that is something we discuss as well. You do have to trust someone to distribute upon creation. I know we could discuss the total amount we want to create and lock it right away... any that is not distributed in a burn or a crowd sale we will have to figure out how we hold and distribute. I guess if we do the burn on our own we are manually sending back to each user who burns. Now if someone wants to look at vennd's github and see how they can change the code to set up a vending machine that would accept Octocoin at a burn address and distribute the Octoparty back to a given Counterwallet address, I believe that is what vennd had in mind.

from Jonathan at vennd:

"Regarding hosting and presumably front end development, this isn't something we offer at the moment, but all you need is a simple site (Squarespace or something would do nicely) with the burn address and a form to link the user's Octo address with their Counterwallet address. We can provide a template form, it will just need to be modified a bit to allow Octo addresses rather than Litecoin ones."

[SquidsIn]

Burning in March is a nice idea in terms of the history of Octo, but... that means needing to secure the blockchain with hashpower until then which is a tall order.  With all the Scrypt ASICs around it would be very hard to secure against a determined and organised attack.  However, in reality the only possible benefit in anybody doing so would be for spite and to stop a switch to CP happening or just for the fun of it.  There's not really any financial gain in doing so.  I can only really see bholzer being motivated enough to do that out of sheer bloody mindedness.

At the moment we don't really have much to lose.  A working blockexplorer is essential to any plan and as much hashing power as we can raise.  I only have 17MH/s of scrypt, happy to add that to a pool (Lifeforce?) for a week or so whenever we're ready and depending on rental prices could maybe chip in with some rented hash too.

I must admit I haven't really read up on the CP side of things and don't have time today but will do. I had a *very* quick look at the code for vennd in GitHub, it does look like it could provide an elegant way of automating the payout for burn process but it doesn't do anything that can't be done manually with email, a couple of spreadsheets and a working block explorer.  Assuming it's as easy to obtain a CP address as it is with a conventional wallet, people participating in the burn could just send their CP address as the message with their remittance to the burn address.

[SquidsIn]

Burning in March is a nice idea in terms of the history of Octo, but... that means needing to secure the blockchain with hashpower until then which is a tall order.  With all the Scrypt ASICs around it would be very hard to secure against a determined and organised attack.  However, in reality the only possible benefit in anybody doing so would be for spite and to stop a switch to CP happening or just for the fun of it.  There's not really any financial gain in doing so.  I can only really see bholzer being motivated enough to do that out of sheer bloody mindedness.

At the moment we don't really have much to lose.  A working blockexplorer is essential to any plan and as much hashing power as we can raise.  I only have 17MH/s of scrypt, happy to add that to a pool (Lifeforce?) for a week or so whenever we're ready and depending on rental prices could maybe chip in with some rented hash too.

I must admit I haven't really read up on the CP side of things and don't have time today but will do. I had a *very* quick look at the code for vennd in GitHub, it does look like it could provide an elegant way of automating the payout for burn process but it doesn't do anything that can't be done manually with email, a couple of spreadsheets and a working block explorer.  Assuming it's as easy to obtain a CP address as it is with a conventional wallet, people participating in the burn could just send their CP address as the message with their remittance to the burn address.

One potential flaw... in the absence of a block explorer I wasn't able to verify whether the send comment is just stored locally or whether it is actually visible somehow in a block explorer.  I think it's possibly the former but will keep digging.

[Youghoor]

When will the block explorer is coming back.

[GWCalvert]

As for a block explorer... I have a couple of people that have set up explorers for me in the past that I can ask. I mentioned them to frameLAlife in the early stages of discussing what we could do to revive OctoCoin. Both of these people usually set up block explorers for free. One pays for his time through ad revenue and the other relies on donations. I'm not sure that either would be willing to create one for a short-term project without some sort of payment up front.

Of course, there may be some who want to stick to the old OctoCoin, so having a block explorer may not be too much of a short-term prospect if people were still mining and trying to keep OctoCoin alive after most of us have moved on to OctoParty... I will send some emails out today and see if either of them are interested... We may need to raise a small amount of funds to actually make an explorer happen.

As for block chain security... There has been a small amount of hash on OctoCoin keeping the chain moving. At times it has been around 200mh/s, but usually much less. If anyone wants to mine (as I said in an earlier post) the only active pool I know of is at lifeforce.info. There has been some hash coming in from elsewhere at times, whether it is another pool or people solo mining, I'm not sure.

I threw a few mh/s on lifeforce just to keep the chain moving last week and have kept it there, for the most part, since then. If anyone knows of any other pools operating, post them in the thread. If you have some spare hash to throw at the lifeforce pool (or solo), you can pick up a few more 888's to burn for OctoParty and help keep the chain secure until we get the burn over with.

[OCTOPARTY]

Joshycoin has some script asics in our basement and about 600,000 Octocoins. I'm sure he'd prolly hash for a week to up that number for a burn and to help secure the chain. I know one other guy that also has script asics that i'm texting today to see if he'll commit to hash for a week. He's also a large holder of Octocoin.

Joshycoin has like 40 MH/s total maybe and the other guy has quite a bit more than that.

Joshycoin said he'd probably be willing to do it for a week.

[madmartyk]

I can put my ACIS (20 MH) on OCTO if you need them.  BTW, I have about 300,000 OCTO right now.

[OCTOPARTY]

based on what quite a few people have stated octocoin holding wise i wouldn't be surprised if we burn over 10 million octo at this point.

Looks like we might have some hashing support.

If people saw the jump in hash i wonder if random ppl would mine also lol.

[madmartyk]

I just added mine to it.

[madmartyk]

networkhashps" : 51596300

Over 50 Mh/s!!

[GWCalvert]

based on what quite a few people have stated octocoin holding wise i wouldn't be surprised if we burn over 10 million octo at this point.

Looks like we might have some hashing support.

If people saw the jump in hash i wonder if random ppl would mine also lol.

I'm thinking closer to 20+ million octocoin will be burned.

The need for hash support will be highest when we are doing the actual swap. Most forks will self-correct within a few blocks unless there is a sustained attack... and even then it should switch to the longest chain (the sustained attack chain) in fairly short order. That being said... I have seen a fork recently that re-wrote 1500+ blocks of data and nearly brought a coin's network to a halt when it corrected itself to the proper chain.

We need an extremely stable network while doing the swap so that coins being sent to the burn address aren't sent on a bad fork. They should be recoverable, but I would hate someone sending in 1 million+ 888 (or any amount, for that matter) to get them lost on a fork, even if temporarily.

Hash rate has been higher, recently. Whether that is because of a couple more people mining or people seeing activity on the thread and trying to grab some more OctoCoin before the burn party... or hoping they can dump them on Xnigma if the price rises. I think the latter is what was seen the past couple of days when the hash rate jumped up to around 250mh/s.

[OCTOPARTY]

So here's a something to think about. If we get close to 20 million what should we make the cap? I would think that anyone that would invest in a crowd sale would have to receive an substantial amount  of OCTOPARTY in order to trust that the burn holders in charge of 20 million don't have an out of balance % of the total coins. Then if you factor in any coins to hold for paying out to devs, paying bounties, promotions, etc., you have to keep it at a fairly low % level. I think you have to look at it in the form of a premine. If it's a small % most consider it acceptable if the distribution is transparent. Now we don't have to hold any of that. We could just pay that out from the burned coins. We already have an anonymous donor that will burn 250,000 to be used strictly for devs and promotions.

We also need to consider the return price based on the cap. We could even do it at a lower ratio than 1:1. If the goal is to keep the cap fairly low and you have 20 million octocoins burned then the ratio may have to be less than 1:1 burned in order to have the crowd sale coins balance it out.

Based on the name Octo and the 888 ticker in some form would we want 8 mil, 88 mil, 888 mil? Keep it the same as Octocoin and do 88,888,888?

Interesting to think about.

XCP - current coins - 2,646,359 - current price: $ 1.99$ - current market cap: $ 5,266,095 - counterparty platform

SWARM - current coins - 99,945,431 - current price: $ 0.010260 - current market cap: $ 1,025,400 - crowdfunding

SJCX - current coins - 41,464,404 - current price: $ 0.024744 - current market cap: $ 1,025,991 - distributed cloud

GEMZ - current coins - 88,135,367 - current price: $ 0.019102 - current market cap: $ 1,683,518 - encrypted mobile messaging

XCPSCOT - current coins - 1,000,000,000 - current price: $ 0.000095 - current market cap: $ 95,072 - country coin

FLDC - current coins - 109,000,000 - current price: $ 0.000410 - current market cap: $ 44,729 - distributed computing for  disease research.

Where do we want OCTOPARTY to fit in with other top assets?

Also we could consider cross marketing with these assets. I know ScotCoin said they were interested. They also cross promoted with FoldingCoin recently and got media attention. They donated a portion of their coins to be distributed as payment along with FoldingCoin when users donated computing towards disease research. That might be something we consider to do to help get our coin spread out to other asset holders that won't know about that.

http://foldingcoin.net/2015/01/announcing-scotcoin/
https://letstalkbitcoin.com/forum/post/scotcoin-joins-merged-folding
http://scotcoin.org/

[GWCalvert]

So here's a something to think about. If we get close to 20 million what should we make the cap? I would think that anyone that would invest in a crowd sale would have to receive an substantial amount  of OCTOPARTY in order to trust that the burn holders in charge of 20 million don't have an out of balance % of the total coins. Then if you factor in any coins to hold for paying out to devs, paying bounties, promotions, etc., you have to keep it at a fairly low % level. I think you have to look at it in the form of a premine. If it's a small % most consider it acceptable if the distribution is transparent. Now we don't have to hold any of that. We could just pay that out from the burned coins. We already have an anonymous donor that will burn 250,000 to be used strictly for devs and promotions.

We also need to consider the return price based on the cap. We could even do it at a lower ratio than 1:1. If the goal is to keep the cap fairly low and you have 20 million octocoins burned then the ratio may have to be less than 1:1 burned in order to have the crowd sale coins balance it out.

Based on the name Octo and the 888 ticker in some form would we want 8 mil, 88 mil, 888 mil? Keep it the same as Octocoin and do 88,888,888?

Interesting to think about.

XCP - current coins - 2,646,359 - current price: $ 1.99$ - current market cap: $ 5,266,095 - counterparty platform

SWARM - current coins - 99,945,431 - current price: $ 0.010260 - current market cap: $ 1,025,400 - crowdfunding

SJCX - current coins - 41,464,404 - current price: $ 0.024744 - current market cap: $ 1,025,991 - distributed cloud

GEMZ - current coins - 88,135,367 - current price: $ 0.019102 - current market cap: $ 1,683,518 - encrypted mobile messaging

XCPSCOT - current coins - 1,000,000,000 - current price: $ 0.000095 - current market cap: $ 95,072 - country coin

FLDC - current coins - 109,000,000 - current price: $ 0.000410 - current market cap: $ 44,729 - distributed computing for  disease research.

Where do we want OCTOPARTY to fit in with other top assets?

Also we could consider cross marketing with these assets. I know ScotCoin said they were interested. They also cross promoted with FoldingCoin recently and got media attention. They donated a portion of their coins to be distributed as payment along with FoldingCoin when users donated computing towards disease research. That might be something we consider to do to help get our coin spread out to other asset holders that won't know about that.

http://foldingcoin.net/2015/01/announcing-scotcoin/
https://letstalkbitcoin.com/forum/post/scotcoin-joins-merged-folding
http://scotcoin.org/

There are roughly 40 million 888 that have been mined, at this point. Even if we created  40 million OctoParty, we would still have the lowest coin total in comparison to the other assets tied to CPY at this time. Any OctoParty (regardless of the amount created) not redeemed during the burn period could be placed in a multi-sig wallet and used for promotions, giveaways, bounties, dividend payments, and, lets not forget, the crowd sale to help fund the various projects. Or we could set aside a certain number for each of the areas listed above and distribute the remainder to everyone who participated in the burn as a bonus for getting things going.

I arrived at the 20 million figure as representing approximately half of all OctoCoin in existence. Even though the devs have been MIA for quite some time, I have seen many of the "old-timer" OctoManiacs posting recently, so that leads me to believe that we will see at least half of the coins out there burned... maybe much more.

[mafort1469]

Let's set a deadline and get this done. The longer we wait the worse it will be. Set a date and get it done!!!!!!!!  I am all in!!

[OCTOPARTY]

The burn can happen in a reasonable amount of time. However, planning for a first project and a crowd sale will be a fairly long task.