test

[Mr. CoinLove]

Hello Qiwiman2,

I'm gonna split up the answer so I can be more specific

What will be the actual use case scenarios for this token?

The token will lateron empower you to do two things:
1. It will be the fuel for our instant swap platform. You can get a brief overview on our homepage - check out the voiceover too!
2. It will be your stake once we get the community involved on further developments. We do not see ourselves as white bearded men making decisions in their chamber behind closed doors. We will heavily rely on the input of our community in the future.
3. Once we are on exchanges you can sell them for sure. Most likely to people who need them for point 1.

So basically it's an ERC20 token that we mine by paying you the gas fee in ETH, is this correct?

The gas fee goes to the Ethereum miners, not to us. We are not generating profit by your mining attempts. This would not meet our transparent plans and would not be fair at all - as not every attempt is likely to be successful.

I would love to know what are your future plans to make this a big token and how do you see it evolving over the coming say next 12-18 months?

I can feel you. We discussed for many hours if we should launch with a fully qualified white paper or with a position paper (can be found here: https://cyle.cc/assets/pdf/CYLE_Position_Paper.pdf). As we wanted the distribution to start, we chose to go for the smaller position paper.
Currently we are working on those things:
1. Getting exchanges on board
2. Setting up a technical white paper
3. Setting up a technical white paper that non-techies are able to understand
4. Evaluation of different Frameworks that will power our platform. (Own ETH fork, public Quorum chain, open Hyperledger format, Corda, ...) There are many pros and cons to consider in terms of transparency, privacy and performance.
5. Get a PoC out for 3-5 Chains

Those are the top 5 objectives of our Objectives-And-Key-Results (OKR) board (yes, I mixed objectives and key results up here for better understanding, and no there are of course qualified and measurable key results linked to our objectives). But those here should give you a quick overview on what is currently happening.

We set up our board for the timeframe of 3 months. From our experience in software engineering, things change too quickly to be planned for a whole year. The goal is set to bring all currencies together, by providing an instant swapping solution. How this will be implemented and what other functions we provide may change over time (new technologies, new laws, etc..)

It's an interesting concept, but always am wary to part with my ETH and like to ask questions and do a lot of research first. It did pique my interest but I am going to look further into it before I decide if it's for me or not. I do wish you though good luck with this endeavor, does sound quite interesting.

Loved those honest words. But you seem to be the kind of people we would love to have around: people who care, read white papers, pay interest and not spam channels for when there lamb will arrive. That's a reason, why we didn't do an airdrop, but rather chose such a "new" way of distributing coins.

Hope this helps. Feel free to ask further questions, if the occur on your end

That is some nice overview of your plans. Thank you for this level of transparency!
Which exchanges did you contact already?

[1714854016]

1714854016

[1714854016]

1714854016

[badykvik]

I am having some discomfort about your masternode, i received 1.7 cyle after 600 hours, this is too little and highly discouraging if that is how your masternode pays.
There should be some kind of reward for early adopters and not this type of peanuts.

[badykvik]

I am having some discomfort about your masternode, i received 1.7 cyle after 600 hours, this is too little and highly discouraging if that is how your masternode pays.
There should be some kind of reward for early adopters and not this type of peanuts.

Hello badykvik

we're sorry to hear you feel discomforted and expected higher rewards for your staking attempts. We built CYLE as a sustainable and long term service and carefully calculated the interest with that in mind. As the interest is percentage based, you naturally can raise your benefit
by locking a higher amount of CYLE. Claim your interest as soon as possible and lock CYLE again - that is the way to get the most out of our staking system. As CYLE is built on egalitarian principles, we chose not to prefer some users (like early adopters) over others.

Please see the CYLE PositionPaper to learn more about how and why CYLE has been created.

I am not expecting higher stakes since I am aware of 1.22% staking interest but the problem is about staking time frame that is not clearly specified.
Can you tell us when to expect stakes from masternode?
When exchange listing?
The above questions are important because getting cycle is not free and there is need to compare it to the exchange rates to know if it is profitable or not.

[badykvik]

I am having some discomfort about your masternode, i received 1.7 cyle after 600 hours, this is too little and highly discouraging if that is how your masternode pays.
There should be some kind of reward for early adopters and not this type of peanuts.

Hello badykvik

we're sorry to hear you feel discomforted and expected higher rewards for your staking attempts. We built CYLE as a sustainable and long term service and carefully calculated the interest with that in mind. As the interest is percentage based, you naturally can raise your benefit
by locking a higher amount of CYLE. Claim your interest as soon as possible and lock CYLE again - that is the way to get the most out of our staking system. As CYLE is built on egalitarian principles, we chose not to prefer some users (like early adopters) over others.

Please see the CYLE PositionPaper to learn more about how and why CYLE has been created.

I am not expecting higher stakes since I am aware of 1.22% staking interest but the problem is about staking time frame that is not clearly specified.
Can you tell us when to expect stakes from masternode?
When exchange listing?
The above questions are important because getting cycle is not free and there is need to compare it to the exchange rates to know if it is profitable or not.

Hello badykvik,

the time frame you addressed is roughly 7 days between each claiming attempt. There is an indicator on your dashboard - right beneath the button to claim your interest - that specifies that time frame for your account in real-time.
If you can't see the indicator, please empty your browser cache and reload the dashboard.
Regarding exchange listing, we are in negotiations with several exchanges and will update you as soon as we're listed, which will be soon.
We see the importance of these questions as well. However, let us kindly remind you that CYLE is a fully free service - aside from gas fees which are determined by the Ethereum blockchain and are therefore out of our control.

I can understand a lot of professional experience in the way you answer questions and i feel i need to continue with the mining, the network fees is increasing and the stakes is 1.22% for 7 days, i expect a good trading price for this coin when it is listed on an exchange.

[FoBoT]

This project does not have large community compared to those that were started the same day.
I feel it will be nice if the team can consider bounty program.

[badykvik]

I cant wait to see this coin listed and traded in an exchange, i also hope it will worth some fortune.
The mining fees has also increase to 0.002eth though i know you do not have control over that but it also add up to the coin cost of mining.

[jacafbiz]

Hello badykvik,
you're right. We also recognized the raising gas fee and hope it will decrease soon. And thanks for your continuing support.

I think this is the main issue for the project now especially for a token not listed on any exchange yet, if the fee continue to increase then it makes absolute no sense to continue to mine it, because there is no incentive to do so and another big question now is the usecase of the token long term

[dodziu]

Is there a minimum system requirement? I have been exposed to malware that can mine crypto with my browser, and that makes my CPU resource run out. Does your project also require high CPU resources?

There is nothing special about the way this works, it works perfectly the way you send funds from your wallet, the only issue there is that you need a metamask wallet before you can login to your wallet and pay for the transaction gas.

[pinoycash]

Hello FoBoT,
thank you for your comment and suggestion. We are discussing bounty programs and the like. However, our main focus at the moment is on negotiations with exchanges. We will update you as soon we can provide more precise information in that regard.

You can start a bounty program while waiting for exchange listing. The more people holding the token the better for the whole community.

I cant wait to see this coin listed and traded in an exchange, i also hope it will worth some fortune.
The mining fees has also increase to 0.002eth though i know you do not have control over that but it also add up to the coin cost of mining.

That's the only cons of smart contract mining, Due to expensive transaction less people will be inclined in mining this token.

[FoBoT]

Rightly said, the team can offer bounty to the community in order to increase awareness, the exchange listing of this token is also very important since getting it is not free entirely and masternode that pays out 1.22% every 7 days is highly discouraging.
I will hold on till this token get listed in an exchange.

[badykvik]

This project dev is not active on this forum, I keep on spending my ETH on gas fees to mine this token without any hope of getting my money back.
I have officially resign from mining this token until when it is listed on an exchange.

[dodziu]

@cyle_collective what are the possible effect of listing this token on the mining process, is it possible for the gas fee to increase when listed or the amount payout reduce when listed ? What is your introducing price of this token to the market ?
Kindly update.

[FoBoT]

You are an intelligent fellow and I am impressed with the way you handle questions and give reasonable answers.
Can you share the link to you OTC channel here or send me pm ?

[dodziu]

Hello dodziu,

we are going to split up the answers for a better understanding

what are the possible effect of listing this token on the mining process?

One possible effect could be that more people try to mine. This could lead to multiple people trying to mine the same block. Only one person (wallet) will receive the reward tho. Who gets the reward is not decided my us or our smart contract. It depends on the miners, which hold up the ethereal network and which transaction they confirm first. But this seems a very, very rare case.

is it possible for the gas fee to increase when listed or the amount payout reduce when listed ?

The gas fee isn't connected to a listing on an exchange. It will always be the standard gas fee, which is currently needed to fire a transaction on the ethereal network.
You can find the current gas prices here : https://ethgasstation.info
At the moment we encourage you to mine with the lowest amount possible (something around 155 Wei). The transaction may take up to 5 minutes, but as there isn't that much competition, you can get your CYLE very cheap.

What is your introducing price of this token to the market ?

You can calculate the intrinsic value yourself by diving the 40 CYLE you get per mining attempt by the spend transaction fee costs.
We already had two users in our OTC channel, which negotiated a price of 0,1 dollars per. So we would expect something between those two values.

I hope this helps you and answers your questions.

Have a nice weekend.

Your explanations are well understood and I hope everything will turn out good, I scan through your OTC channel though i didn't join yet and I do not see people willing to buy the token or any message about that and that got me confusing.

[badykvik]

This project dev is not active on this forum, I keep on spending my ETH on gas fees to mine this token without any hope of getting my money back.
I have officially resign from mining this token until when it is listed on an exchange.

Hello badykvik,

we are active here, but didn't see any question which required an answer by us.
We feel sorry that you are no longer taking part. We hope to welcome you back on board once we got listed.

In the meantime, we will share our progress with you during the upcoming weeks. We are currently negotiating with various HSM box and Server providers.

Still: if you have any questions, feel free to reach out to us here.

Have a nice weekend.

Alright, i already have over 500 cyle in my account and i have locked everything, i will be glad to see this token listed in an exchange then i can come back to mining.
Good luck.

[FoBoT]

Dev last active was on the 26th of may, is this the end of this project? Will there ever be an exchange?
I need to know because I had spent some ETH in more mining this token.

[FoBoT]

Dev last active was on the 26th of may, is this the end of this project? Will there ever be an exchange?
I need to know because I had spent some ETH in more mining this token.

Hello FoBoT,

To clear things up:
There are many exchanges, but some of them didn't reply or want a ridiculous amount of money for listing us. Even minor exchanges with mostly fake volume request 2-3 BTC for a listing. We won't waste such an amount of BTC for a clumsy exchange. If one exchange with a better reputation reaches out to us/answers to our listing-request, we will gladly do so. Feel free to connect us to someone of them if you know anybody.

Regarding why we aren't here 24/7:
We are currently developing the next phase of this project. It's important to us to drive this forward.

If you still want to sell your token (at least that's how it sounds), try your luck in our OTC channel.

Hope this helps.

It is good to know your true position about an exchange, personally I will not support that you should pay 2 or 3 btc to get your token listed.
I can be of help with the following exchanges listing , EtherDelta, ForkDelta, Bitox, EtherC send me pm if you are interested.

[dodziu]

Dev last active was on the 26th of may, is this the end of this project? Will there ever be an exchange?
I need to know because I had spent some ETH in more mining this token.

Hello FoBoT,

To clear things up:
There are many exchanges, but some of them didn't reply or want a ridiculous amount of money for listing us. Even minor exchanges with mostly fake volume request 2-3 BTC for a listing. We won't waste such an amount of BTC for a clumsy exchange. If one exchange with a better reputation reaches out to us/answers to our listing-request, we will gladly do so. Feel free to connect us to someone of them if you know anybody.

Regarding why we aren't here 24/7:
We are currently developing the next phase of this project. It's important to us to drive this forward.

If you still want to sell your token (at least that's how it sounds), try your luck in our OTC channel.

Hope this helps.

Practically the main purpose of mining any crypto is to make some profits from it either in long or short runs, the exchange platforms provide this opportunities.
You can take fobot up on the offer he suggested may be things might work and we have cyle listed on exchanges.

[pinoycash]

Dev last active was on the 26th of may, is this the end of this project? Will there ever be an exchange?
I need to know because I had spent some ETH in more mining this token.

Hello FoBoT,

To clear things up:
There are many exchanges, but some of them didn't reply or want a ridiculous amount of money for listing us. Even minor exchanges with mostly fake volume request 2-3 BTC for a listing. We won't waste such an amount of BTC for a clumsy exchange. If one exchange with a better reputation reaches out to us/answers to our listing-request, we will gladly do so. Feel free to connect us to someone of them if you know anybody.

Regarding why we aren't here 24/7:
We are currently developing the next phase of this project. It's important to us to drive this forward.

If you still want to sell your token (at least that's how it sounds), try your luck in our OTC channel.

Hope this helps.

It is good to know your true position about an exchange, personally I will not support that you should pay 2 or 3 btc to get your token listed.
I can be of help with the following exchanges listing , EtherDelta, ForkDelta, Bitox, EtherC send me pm if you are interested.

Why not just reach out with IDEX, its a free listing with decent volume. Since the token offers unique smart contract this could be a good candidate for their listing.