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

[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?

[th0ms0n]

On the page they say 8 days 888, 88 days 188 and 88 days 88,
this would be 8+88+88 days from the start = 184.

That points to the 8 September 2014 as the reward reduction day!?
Where is my mistake?

[frameLAlife]

On the page they say 8 days 888, 88 days 188 and 88 days 88,
this would be 8+88+88 days from the start = 184.

That points to the 8 September 2014 as the reward reduction day!?
Where is my mistake?

correct. i was figuring the same. but when you check the current reward is still 88? i'm locked out from fusionhash at the moment. hmmmm.

http://www.coinmine.pw/poolinfo.php?pool=OctoCoin%20(888)%20mining%20pool&coinid=66

coinmarketcap is showing 30,590,439   supply. so still just under half a million until the 31 million mark.

did the fork and change in the 888 to 188 bonus blocks affect this? it seems that it may. i need to go back and read posts about the fork.... if it wasn't 1 AM and i have to be up in 6 hours.

[frameLAlife]

awesome cake! happy bday!

[djslick]

that cake is fucking ill

great summary frame, looks like you guys were very productive on the chat!

can we get some buy support plz? don't like this sub 400 area we're moving into, i think that 400 should be our basement. i'd buy more but i'm outta btc

it's literally only 0.041 BTC to get back to 400 sat.

[frameLAlife]

that cake is fucking ill

great summary frame, looks like you guys were very productive on the chat!

can we get some buy support plz? don't like this sub 400 area we're moving into, i think that 400 should be our basement. i'd buy more but i'm outta btc

it's literally only 0.041 BTC to get back to 400 sat.

Right and it would sit there once you ran the price up but it appears most miners are dumping hard. I know it looks bad to fall on coinmarketcap and to see the low price but at this point it doesn't bother me. I mean for now it's sit and wait and I don't think this lower price really hurts us. I mean overall until the apps are released it's just sit and wait.

I almost got on there and bought about .08 btc worth but I have been busy and stuff at work.

It was a good call dude. Mainly small talk about different stuff.

[wartywarlock]

awesome cake! happy bday!

Thanks buddy yeah it is awesome, my apprentice at work made it, he said the other choices were minecraft (I run a school club) League of Legends or pokemon. Followed by him saying "I was just hoping you wouldn't get sad because of a massive crash" haha.

BTC is down, most things are down. Business as usual. Put in some buy support, it almost feels mean taking such cheap coins off people.

[peterw]

as a show of intent and good faith, we understand the urgent need to release some of these projects publicly even if they aren't 100% where we want them to be. We are working on assembling a hard timeline to make available to the public with penalties for key missed dates.

Your concerns are heard, we are with you 100%, and we have forcefully broken free from the bulk of constraints previously preventing us from keeping the public communication pipeline more open.

give us a couple weeks to prove ourselves to you and become a part of history.

We have delivered 6 months of hype - it is time to deliver on the hype.

Who writes that and then dissapears again?

I’m still shocked about the whole thing. I’m angry with myself for believing in these developers.

There are a lot of terrible altcoins. Hundreds. There’s a lot wrong in crypto right now. Octocoin is part of the problem, which I hate to say. But it’s true.

The way the devs went about it is different. They wrote those really great messages every so often. But that doesn’t change the fact that the devs have contributed to the mess of altcoins, at the expense of our time and money.

I check the board occasionally because I hope I’m wrong. But I can’t honestly say I hold out much hope anymore.

I guess I hope that the devs see this, they do have stuff to release, and decide they want to be part of the solution with altcoins and not part of the problem.

[syncsam]

as a show of intent and good faith, we understand the urgent need to release some of these projects publicly even if they aren't 100% where we want them to be. We are working on assembling a hard timeline to make available to the public with penalties for key missed dates.

Your concerns are heard, we are with you 100%, and we have forcefully broken free from the bulk of constraints previously preventing us from keeping the public communication pipeline more open.

give us a couple weeks to prove ourselves to you and become a part of history.

We have delivered 6 months of hype - it is time to deliver on the hype.

Who writes that and then dissapears again?

I’m still shocked about the whole thing. I’m angry with myself for believing in these developers.

There are a lot of terrible altcoins. Hundreds. There’s a lot wrong in crypto right now. Octocoin is part of the problem, which I hate to say. But it’s true.

The way the devs went about it is different. They wrote those really great messages every so often. But that doesn’t change the fact that the devs have contributed to the mess of altcoins, at the expense of our time and money.

I check the board occasionally because I hope I’m wrong. But I can’t honestly say I hold out much hope anymore.

I guess I hope that the devs see this, they do have stuff to release, and decide they want to be part of the solution with altcoins and not part of the problem.

+100000000000000000

<edit> add to that what frameLAlife previously put, most of what they have said they are coming out with are generic to every other coin in existence, gaming, crowdsourcing, atm cards

[djslick]

as a show of intent and good faith, we understand the urgent need to release some of these projects publicly even if they aren't 100% where we want them to be. We are working on assembling a hard timeline to make available to the public with penalties for key missed dates.

Your concerns are heard, we are with you 100%, and we have forcefully broken free from the bulk of constraints previously preventing us from keeping the public communication pipeline more open.

give us a couple weeks to prove ourselves to you and become a part of history.

We have delivered 6 months of hype - it is time to deliver on the hype.

Who writes that and then dissapears again?

I’m still shocked about the whole thing. I’m angry with myself for believing in these developers.

There are a lot of terrible altcoins. Hundreds. There’s a lot wrong in crypto right now. Octocoin is part of the problem, which I hate to say. But it’s true.

The way the devs went about it is different. They wrote those really great messages every so often. But that doesn’t change the fact that the devs have contributed to the mess of altcoins, at the expense of our time and money.

I check the board occasionally because I hope I’m wrong. But I can’t honestly say I hold out much hope anymore.

I guess I hope that the devs see this, they do have stuff to release, and decide they want to be part of the solution with altcoins and not part of the problem.

+100000000000000000

<edit> add to that what frameLAlife previously put, most of what they have said they are coming out with are generic to every other coin in existence, gaming, crowdsourcing, atm cards

hate to say it, but i've been thinking the exact same thing myself, i think it was yesterday i looked back at octocoin's last post, and everytime i read one of those lines you quoted my heart sank a little more.

it's all good and well to try and keep people satiated, but this is second time we're catching promises that aren't being kept.

you can't write shit like that, then disappear and get away with it. comes off as SAME OLD SHIT that every other alt pulls. octo is my last forray into altcoins anyways, and if it turns out to be all bullshit just like every other one i'm going to be walking away for good.

give us a couple weeks to prove ourselves to you and become a part of history.

well it's been twice that long now... just another bullshit car salesman line?

it's no bloody wonder no one thinks any altcoins are legit.

[brianbbad]

I was unable to attend this week, Sunday was my cakeday! Hopefully drop in next week if the EU to USA times line up. Hey devs, can a fella get a birthday octoupdate to go with this octocake?

Very legit! I'd nom that! (Sunday was Bill Murray's birthday too, in case you were not aware.)
I was spending some time with my sister on Sunday, how did the conference call go?

[brianbbad]

By the way, if anyone knows somebody who might be interested in buying my LA property for BTC, here's the listing. (Note: strong emphasis on the "send all offers" part, I will go much lower than the asking price, especially if someone wants to buy with BTC)
I will be reinvesting most of the proceeds back into altcoins, of course.

https://www.redfin.com/CA/Los-Angeles/0-OTAY-Dr-90065/home/22129204

[LeFiste]

I'm really disappointed now...my only hope is, that if they are really sponsored by the Alliance of Angels in Seattle, they have to deliver something. BUT: regarding "give us a couple of weeks tp prove us"...it's been a couple of weeks now and no communication at all. A little "Hi there we are still alive" every once in a while hurts no one and helps us to keep on believing in this so called "elusive entity".

Sad, sad, sad...that's all I can say

[SquidsIn]

Wallet disabled on Bittrex.

I couldn't make the Sunday Skype, I was away on business.  Personally, it's hard to conclude anything other than Octo is dead in the water (pun intended).

Unless the development team suddenly appear with something hugely innovative and present it to the world in the next day or two (preferably as soon as last month!) then the decaying carcass, which has thus far been managing to stay afloat, is going to start it's descent to the ocean floor.

EDIT: I don't think we have been deliberately conned, I think the devs had a little too much ambition and too little talent.  I'm sure they intended to build what they convinced us and possibly other cash investors they would, they just simply lacked the ability to execute.  I think it's time for them to admit that to us and to themselves and to give us all the closure that we deserve.  I personally don't harbour any ill thoughts or will, I just want to be able to say thanks for the ride, sorry it didn't work out and walk away with my head held high because 99% of us conducted ourselves with maturity and dignity against the tide in this little corner of bitcointalk.

[BeardedCouncil]

Wallet disabled on Bittrex.

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