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

[bholzer]

I will try to make the call next week, guys - I think this is a good idea. We can use it to vent, toss ideas around on how we can contribute, etc. Would be good if we can get at least a decent group locked in. Hopefully by next week we'll have some good news to help fuel excitement. Morale in the altcoin community is approaching an all-time low and the trend needs to be reversed.

[frameLAlife]

I will try to make the call next week, guys - I think this is a good idea. We can use it to vent, toss ideas around on how we can contribute, etc. Would be good if we can get at least a decent group locked in. Hopefully by next week we'll have some good news to help fuel excitement. Morale in the altcoin community is approaching an all-time low and the trend needs to be reversed.

I agree... and it is always nice to have a developers perspective on things Bholzer... sometimes we forget what exactly developers have to go through on many levels when producing a product in this industry. Plus you are the only one that has any contact with them outside of here.

[djslick]

nope.

live chat = too spooky

[frameLAlife]

lol DJ c'mon... you know you wanna...

[djslick]

[mafort1469]

What?

[beitris.dwlul]

So this is where all of my Murraycoin miners ran off to...

[frameLAlife]

So this is where all of my Murraycoin miners ran off to...

hehehe nah. we still love the big MC!

[th0ms0n]

from an economical point of view, how many percent of a whole currency does the founder need to keep it stable? for a joint stock company it would be 51% i guess, but in the octo case? what do you guys think

[djslick]

from an economical point of view, how many percent of a whole currency does the founder need to keep it stable? for a joint stock company it would be 51% i guess, but in the octo case? what do you guys think

well the pre-mine was 0.8% and i'm sure they've been mining since day 1, possibly buying on the side, i know i'd be if i was putting all of this effort into something this big.

you've got to imagine that there's been 6 people working on this for 6 months, that's a lot of paid hours if they were working for fiat. also the investors need to make their ROI too, plus profit on investment.

if it were me i'd be aiming for %10 of the market for security, then once this reaches $10,000,000 USD market cap, which is very reasonable to assume IMO, then they're worth a cool million.

The only hard part about this coin has always been obtaining it, people just aren't selling, the community aren't dumpers. there are some sites which are profit-switch mining octo, and they're pretty much %90 of the daily volume at this point, the last %10 is just the people saying fuckit and buying whatever there is on offer.

you couldn't take a controlling share of this currency even if you wanted to, the only way would have been to control 51% of all mining 24/7 since day 1, which would have cost hundreds of thousands of dollars at this point, actually more...

[frameLAlife]

from an economical point of view, how many percent of a whole currency does the founder need to keep it stable? for a joint stock company it would be 51% i guess, but in the octo case? what do you guys think

well the pre-mine was 0.8% and i'm sure they've been mining since day 1, possibly buying on the side, i know i'd be if i was putting all of this effort into something this big.

you've got to imagine that there's been 6 people working on this for 6 months, that's a lot of paid hours if they were working for fiat. also the investors need to make their ROI too, plus profit on investment.

if it were me i'd be aiming for %10 of the market for security, then once this reaches $10,000,000 USD market cap, which is very reasonable to assume IMO, then they're worth a cool million.

The only hard part about this coin has always been obtaining it, people just aren't selling, the community aren't dumpers. there are some sites which are profit-switch mining octo, and they're pretty much %90 of the daily volume at this point, the last %10 is just the people saying fuckit and buying whatever there is on offer.

you couldn't take a controlling share of this currency even if you wanted to, the only way would have been to control 51% of all mining 24/7 since day 1, which would have cost hundreds of thousands of dollars at this point, actually more...

well said slick. i agree.... good luck trying to buy any of this up. i think everyone knows the potential or they would have dumped. such a weird coin.... so many others by this point would have died based on the hype and the time. this one is different. it will be interesting to see how it all plays out.

[shellbunner]

So the developers logged on a few days back and no update? Sad 

[th0ms0n]

So the developers logged on a few days back and no update? Sad 

at least they are alive, or have bot that randomly signs in to bitcointalk ; )

[frameLAlife]

don't forget guys.... this weekend. Sunday 3:15 Central Standard Time. Octo Call.

[djslick]

we could use some buy support... i ran out of BTC it went under 400 for the first time in a while, would be nice to keep it above that at the very least

[th0ms0n]

I'll give huge buy support in about a week  

so dumpers, please wait for me!!

[frameLAlife]

skype chat conversation is up. i have sent invites but may have missed some of you. please add kristharp78 if you want to join or message me if you've added me.

[frameLAlife]

[frameLAlife]

octohub.org

Soon - in or after a short time
Pronto - : without delay : right away
Presto - (especially as a direction) in a quick tempo
Bientot - or a bientot - so long
Spoedig - soon : speedy
Ckopo - we'll be open soon
Demnachst - coming soon
Chinese characters - is this Mandarin? I had an issue finding those exact characters

LeFiste posted on page 157 on September 2nd:

Source Code:

<meta name="keywords" content="cryptocurrency, crowdfunding, octocoin, cloud banking, gaming, security, business services, advertising, virtual currency, bitcoin, collaboration" />

So we have:

Currency
Crowdfunding
Cloud Banking
Gaming
Security
Business Services
Advertising

But all of the other words just allude to cryptocurrency, octicoin, virtual currency and collaboration.

I just don't see what the 8th one is. Also what is Business Services defined as. It's not as literal as the other 6 listed.

When you look at this and start to compare Octo to other altcoins, it's much the same as other have tried. Many have tried to implement these functions in other coins and we haven't really seen any altcoins break out. The last huge alt rise was Darkcoin and it has dwindled.

Many Bitcoin 2.0 platforms are integrating these as well. You also have Counterparty and Swarm making most of the news for Crowdfunding. Who knows where all this will lead.

I haven't looked too far into it but there are those who believe that in 2014-2015 most alts will die. There are different reasons for their opinions but one that stands out is something called Open Transactions.

http://opentransactions.org/wiki/index.php/Main_Page

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

http://www.cryptocoinsnews.com/chris-odom-explains-how-open-transactions-makes-altcoins-irrelevant-at-inside-bitcoins-conference/

https://bitcoin.stackexchange.com/questions/2708/how-can-open-transactions-benefit-bitcoin

The articles sum up what Open Transactions could bring:

Untraceable transactions

OT incorporates Chaumian blinding (untraceable cash), meaning it can provide anonymity and untraceability, similar to what the Bitcoin community strives for with existing mix services. (Bitcoin by itself is publicly-audit-able, which is a strength, but is also the opposite of untraceable. Its benefit is censorship-resistance, not untraceability, which can be added separately using OT.)

Instant settlement

OT has instant finality of settlement (instead of waiting 10 minutes to an hour for a transaction to clear.) This can be useful where merchants and and shopping carts are involved.

Micro-transactions

Micro-transactions will be more feasible on transaction servers than they would be on the blockchain.

Cash streaming protocols

Cash streaming protocols, in general, should become more prevalent and help to solve issues of resource allocation on mesh networks, anonymous networks, etc. Virtual Tahoe LAFS hosting and so on will eventually become more available, whether via OT or some similar system. (This would help protect the lives of Syrian bloggers murdered by snipers, and the lives of Chinese bloggers unjustly imprisoned to decades+ of hard labor--and to protect the anonymity of Mexicans who otherwise risk being disemboweled and strung from a bridge when following a "Real Names" policy.)

Operates securely on low-trust servers

OT cannot lie on your receipt. It cannot change your balance or forge any of your transactions. (Bitcoin also is like this, but it's still worth mentioning.) Combined with an auditing protocol, this makes it possible to run low-trust servers.

No transaction history

On OT, unlike most other systems, and unlike the blockchain, you will be able to prove which instruments are valid, and which transactions are cleared, without storing any transaction history, as long as you keep your last signed receipt. This is useful to all parties, and also reduces the cost of running a transaction server.

Full range of financial instruments

OT supports a full gamut of financial instruments, including cheques, transfers, cash, cashier's cheques, receipts, recurring payments, market offers and trades, and smart contracts (scriptable clauses - write your own.) You will have to decide for yourself how to best use these capabilities.

You could use OT to write a market exchange, or online wallet or personal wallet. (Of course these exist already, but I'm just saying...)

Client-side scripting

OT now supports client-side scripting also, meaning that people can combine "Unix scripting" with "financial transactions". The possibilities are endless, but that part is really up to the developer community.

You could use OT to build a digital ticketing system, printing out tickets with QR codes or whatever.

You could use OT to offer escrow services. You could devise your own escrow contract in script form, and then OT will process it.

In-game representations of real-world financial environments

You could use OT to build a full financial transaction system into an online game or virtual universe. (Gold duplication can get to be a real issue on games.) People on the game would be able to open accounts, withdraw and deposit cash, write cheques, trade on markets, just like people in real life. People would even be able to issue their own currencies, and trade in basket currencies.

Protection against online wallet fraud

At some point OT will support Bitcoin voting pools, meaning it would be impossible for any single server to just disappear with your Bitcoins. (A problem currently endemic to the Bitcoin world.) This will be a protocol between OT servers based on existing features in the Bitcoin script language (like multi-sign.)

So how does this compare to alt blockchains? Is this a threat to Octo or any other alts? I have never heard of OT until I read the cryptocoinsnews article.

Any input?

[frameLAlife]

Does anyone know which block number the reward will switch from 88 to 80 Octo per block? Will this be in line with around the time that Octo hits 31 million minted?