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Author Topic: [ANN] ORA :: NXT 'monetary system' currency  (Read 181211 times)
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Kora (OP)
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July 19, 2014, 11:56:21 PM
 #1301

What is the total number of coins?
50 Millions is the total coins i believe.It might be changed.

My original thinking was for 50M, but someone pointed out that if the max coin number starts with a '1' then it's a lot easier to do quick trading calculations in your head. That made sense to me, so we just need to decide on the number of 0's after the 1.

My preference is for 1 billion or 10 billion. It's really a psychological choice ... what number is most appealing for the users now, and in the future?

My opinion is the bitcoin max coin number (21 Million) is too small, and new people seeing the price of one bitcoin at ~650 USD makes them think they've missed the party. I know all the arguments about having 8 decimal places, and we'll all end up thinking & talking in 'milli bitcoins' eventually, but I think for a global currency the coin supply should probably be in the billions. If one bitcoin equals 100K USD the psychology for new users *could* be a major factor effecting wider adoption.

A low coin supply makes bitcoin look really expensive now (~650 USD), but with a total market cap of only ~8 billion, logic would say that bitcoin is still massively undervalued.

Who has a killer argument for what is the 'perfect' coin supply?

mikelitoris
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July 20, 2014, 12:13:20 AM
 #1302

I think below 25 mil is good, because it makes it easier to trade, when there is billions of coins it can be annoying putting in buy/sell orders when it's eg 0.00000001 - 0.00000099

But this is only my opinion, i find it more easy and less chance of stupid mistake & going cross eyed if it's eg 0.00000200 - 0.00002500

I don't mind either way, doesn't make it more or less valuable over all, just psychological preference

6561742061206469636b
DarkhorseofNxt
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July 20, 2014, 03:49:43 AM
 #1303

1 billion is good. Cheaper coins makes it easier for experiment, donation, crowdfunding etc. Expensive coins might not attract volume. I dont know just my 2 cents.

Kora (OP)
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July 20, 2014, 03:52:40 AM
 #1304

Update.  Cool

Things are going smoothly. We'd like for people with no NXT address in the block explorer ("0" in the third column) to get some more time to fix this. Three extra days should be reasonable considering this requirement was well known before registrations even opened.

This also gives some more time for those who wants to switch/fix their NXT addresses.
After this we can move on to distribution.

Of course, until the guy who'll deliver the stakes is ready there's always room for adjustments as well.

Thanks for the update Mac Red!!

We have the guy!!

I'm very pleased to announce that Darkhorse has kindly agreed to act as "keeper of the (K)Ora stakes".

Darkhorse also has a BTT account here: https://bitcointalk.org/index.php?action=profile;u=347640

Darkhorse will create a new fresh NXT account that he will use to create the (K)Ora asset on the NXT AE. We're still planning on using an automated script to distribute the stakes, so Darkhorse will transfer the total stakes for distribution in "round 1" to the account of a NXT dev who will run the distribution script for us.

Darkhorse will then keep the remaining (K)Ora stakes safe in his NXT account for later distribution to community members for bounties etc based on 'starfish' decision making principles in a decentralised leaderless community. Hey, sounds like fun Smiley

I'm extremely confident Darkhorse is the right guy for this task, mostly because he was one of only a handful of regular nxtforum.org users to make contact with me about registering for (K)Ora, and he showed genuine interest in (K)ora and what we're trying to do.

He was also very upfront and thoughtful about his concerns that he might not be suitable for this task, and that confirmed to me that Darkhorse is more than capable of performing this roll for (K)Ora.

Acting as a community treasurer requires honesty and integrity, and people who question their own suitability for such tasks generally perform them very well, as it shows they approach such undertakings with thoughtfulness, diligence and a sense of responsibility.

For the sake of transparency (with permission), I will show my PM's to Darkhorse, and his replies!


Quote
Hi
Soon it will be time to:
1- create our asset
2- distribute the stakes

I was wondering whether you would consider helping me with these tasks? As you probably know, we'll have a lot of stakes left over, and so far I have not found a trusted long term community member to perform these tasks. I asked CfB & anon136, but both declined.

Would you consider performing these tasks (create the asset & manage the distribution process)? I've contacted valarmg and I'm hopeful we will have an automated mechanism to distribute the stakes, so the real 'task' would be:

1-creating a new NXT account
2-create the asset
3- run the distribution script
4- keep the remaining assets safe for later distribution

Say no if this does not sound appealing, but for the sake of the project these tasks should NOT be performed by me, and as you're a long established & trusted NXTer, and you've shown true interest in (K)Ora, I think you would be perfect for this roll.

I know I can easily do these tasks myself, but in order to make (K)Ora a true 'starfish' community it is better to have this key task performed by an established person with a good reputation who will be trusted by the wider community.

I will pay for ALL associated costs, and we can discuss compensation for your efforts.

Please take some time to consider this suggestion and let me know what you think.

Many thanks!



Quote
Hi kora,

Read your message a few times before i reply to you. I thank you for the trust you have in me. Please read my comments below:

1. I dont mind doing any of the above you mentioned Not All but i have few concerns.

1a. I am very new to crypto. I am not a dev. I have no language background. I understand to do the above that you want me to doesnt require language knowledge. But i wouldnt know how to do automated distribution. No idea how to do it.

1b. I do not know if anyone trusts me. I have beem here for a very short period of time. I am a part of Nxt community that has not contributed anything to talked about. But i like nxt and its community. So i support them in anyway i can.

1c. I am a phone/mobile user. I use my portable harddisk to keep my files which i only connect to my office pc. Which we cant download anything due to corporate policy and secured firewall. I dont connect my portable harddisk to any other pc. I dont use client all the time especially on weekends i dont use at all. I only use the client if i want to do any transaction in the week days only.

2. You can publish this in the forum if you want to get their opinion. It is not that i cant but more like i am not suitable for the task is what i feel. Of course i will try to support you in any way i can.

These are my concerns which you need to look at.


Quote
Hi Darkhorse
Thanks for your reply!

I respect your honest answer, and that gives me confidence you have what it takes to perform this roll for (K)Ora. This isn't a technical duty, and your main obligation will be to keep the left over stakes separate from myself, and to keep them safe. I think if you create a new account with a very long random password, and you keep that password in a password DB like keypass you will be OK. We can ask for the best advice from other more expert NXT community members to help you feel comfortable if you like.

I'm not a dev either, but I understand the nature of a brain wallet, and as long as the password is secure the NXT account will be OK.

The actual distribution will be done using an automated system, so you probably wont need to do anything, other than maybe create the asset, and then transfer the % needed for first round distribution to valarmg who will run the script. The number of manual transfers you would need to do would be very small IMO. Just bounty payments to community members. We still need to work out how we will decide who gets paid what, but that's down the road, and it will be by NXT voting system hopefully.

The other main requirement would be to try your best to stay in touch with the (K)Ora community in the future, even if I was not involved anymore. I don't plan to leave any time soon, but once the distribution is done, and nioccoin starts discussing his development plans more, my main roll with (K)Ora will be completed, and I'll just be another community member, and not the "leader".

IMO it's critical to distance myself from ongoing responsibility over the stakes asap, and if you control the account with the remaining stakes (K)Ora would be well on the way to being a fully decentralized and leaderless community, which will give us a better chance of success.

The issues you pointed out don't concern me, but I am happy to post to the community that we have had this discussion and see what people say. Let me know if that is OK with you.

I am very confident you can do this task very well Smiley

regards


Quote
Hi Kora,

In that case, i think i can do that. Just to summarise :

1. I will create a new nxt account for (k)ora, the nxt asset and will hold the stakes.

2. Valarmg will be doing the automated initial stakes distribution.

3. I will issue the remaining stakes according to the community needs.

Additional comment i would like to add. I will hold the stakes for time being until multisig is added into the nxt client. Afterwards maybe we can have 2 more additional person that can authorise the distribution of stakes.

And i am fine if you would want to post our discussion in the forum for the community's opinion.

Darkhorse


Quote
Hi Darkhorse
Thank you, that is excellent news Smiley

The multisig account idea for the future is an excellent idea! I will try and find at least one other person to act as a co-signatory on the NXT account that holds the (K)Ora stakes.

I'll make a post in the (K)Ora thread to let people know of our discussion.

Many thanks again!

regards

sanbashiyi
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July 20, 2014, 04:03:41 AM
 #1305

Update.  Cool

Things are going smoothly. We'd like for people with no NXT address in the block explorer ("0" in the third column) to get some more time to fix this. Three extra days should be reasonable considering this requirement was well known before registrations even opened.

This also gives some more time for those who wants to switch/fix their NXT addresses.
After this we can move on to distribution.

Of course, until the guy who'll deliver the stakes is ready there's always room for adjustments as well.
sounds not bad , when qora source release  , kora will have a better future
Mac Red
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July 20, 2014, 04:09:16 AM
 #1306

Glad to see ya on board, DarkhorseofNxt!  Smiley
DarkhorseofNxt
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July 20, 2014, 04:15:01 AM
 #1307

Thank you Mac Red. I will do my best. Wink

Equate
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July 20, 2014, 04:22:11 AM
 #1308

Its good to see the the updates posted regularly in this thread . Good job done by both Kora and Mac Red.
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July 20, 2014, 05:34:33 AM
 #1309

anybody got their stake yet? sorry I haven't been active in bitcointalk lately

1ADLcfwTofFXb95pKhebpeRkJ4WTWsvQXB
DarkhorseofNxt
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July 20, 2014, 05:47:15 AM
 #1310

anybody got their stake yet? sorry I haven't been active in bitcointalk lately

No stakes out yet. It will be announced here soon. How soon? Not sure yet. Probably in a week or so.

dance
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July 20, 2014, 06:36:48 AM
 #1311

What is the total number of coins?
50 Millions is the total coins i believe.It might be changed.

My original thinking was for 50M, but someone pointed out that if the max coin number starts with a '1' then it's a lot easier to do quick trading calculations in your head. That made sense to me, so we just need to decide on the number of 0's after the 1.

My preference is for 1 billion or 10 billion. It's really a psychological choice ... what number is most appealing for the users now, and in the future?

Who has a killer argument for what is the 'perfect' coin supply?
I think that cryptocurrency supply must be enough for everyone on the planet to have more than one coin. So, 10 or 100 billions, or even a trillion sounds good for me. Problems with current exchanges are their problems. They can easily implement minimal trading amounts for cheap coins for example. Like you selling or buying only stakes of 1000 coins.
DarkhorseofNxt
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July 20, 2014, 08:41:49 AM
 #1312

This is to everyone.

Before we can distribute the stakes on nxt ae, we need to iron out certain things. Can we decide this lets say 7 days from today? Please get yourself involved.

1. Decide the name. I would like the stakes distributed with the correct name.

2. Confirmation of the distribution as per given by kora. (I have a concern, i have emailed to kora regarding this).

3. Total number of stakes.

4. Total number of coins. This will not effect the asset/stakes issuance but will be good to decide on this fast.

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July 20, 2014, 10:15:26 AM
 #1313

What is the total number of coins?
50 Millions is the total coins i believe.It might be changed.

My original thinking was for 50M, but someone pointed out that if the max coin number starts with a '1' then it's a lot easier to do quick trading calculations in your head. That made sense to me, so we just need to decide on the number of 0's after the 1.

My preference is for 1 billion or 10 billion. It's really a psychological choice ... what number is most appealing for the users now, and in the future?

Who has a killer argument for what is the 'perfect' coin supply?
I think that cryptocurrency supply must be enough for everyone on the planet to have more than one coin. So, 10 or 100 billions, or even a trillion sounds good for me. Problems with current exchanges are their problems. They can easily implement minimal trading amounts for cheap coins for example. Like you selling or buying only stakes of 1000 coins.

I don't agree. I also used to think that having enough coins for every human on earth to be able to have at least one whole coin would be desirable. Doge is the undisputed king of micro transactions. I got into Doge a few days after it launched but Doge is an exception and is the only successful coin with a total supply of billions. The only reason Doge made it is because those billions of coins are handled by a ginormous community. Other than Bitcoin and possibly Litecoin, Doge has the biggest fan base out there and the billions of Dogecoins are in a LOT of hands. This is going to be something extremely hard to replicate. I think psychologically people are less prone to invest in a coin that has a value of a few satoshi because you can't really imagine a coin with total supply of 100 billion to ever be worth $1. That would put the market cap at $100 billion which is unthinkable.
Personally I would suggest a total coin supply between 45 - 100 million for Ora. Just my opinion though  Smiley

This is to everyone.

Before we can distribute the stakes on nxt ae, we need to iron out certain things. Can we decide this lets say 7 days from today? Please get yourself involved.

1. Decide the name. I would like the stakes distributed with the correct name.

2. Confirmation of the distribution as per given by kora. (I have a concern, i have emailed to kora regarding this).

3. Total number of stakes.

4. Total number of coins. This will not effect the asset/stakes issuance but will be good to decide on this fast.

Good to have you on board man and thanks for doing this  Smiley
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July 20, 2014, 11:51:32 AM
 #1314

This is to everyone.

Before we can distribute the stakes on nxt ae, we need to iron out certain things. Can we decide this lets say 7 days from today? Please get yourself involved.

1. Decide the name. I would like the stakes distributed with the correct name.

2. Confirmation of the distribution as per given by kora. (I have a concern, i have emailed to kora regarding this).

3. Total number of stakes.

4. Total number of coins. This will not effect the asset/stakes issuance but will be good to decide on this fast.

1. I don't mind. Kora is fine Ora or somethink completely different. Depends on they way, we want to go. Kora is fine, if it should just stay a clone. The name should be different, if we want to make an own way.

2. confirmation? again? or what?

3. I thought we want to decide that after AE with a poll of all current holders...

4. This is not important for AE issuing. I don't know, why you all make so a drama about that. anything between a million and a billion is fine. just a different comma placement and we will need the comma anyway...
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July 20, 2014, 12:16:12 PM
 #1315

My thinking, not more than 100'000'000 Zoras
Kora (OP)
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July 20, 2014, 01:27:07 PM
 #1316

This is to everyone.

Before we can distribute the stakes on nxt ae, we need to iron out certain things. Can we decide this lets say 7 days from today? Please get yourself involved.

1. Decide the name. I would like the stakes distributed with the correct name.

2. Confirmation of the distribution as per given by kora. (I have a concern, i have emailed to kora regarding this).

3. Total number of stakes.

4. Total number of coins. This will not effect the asset/stakes issuance but will be good to decide on this fast.

Thanks Darkhorse!!

Here's my 2 cents:

1. Name is "Ora"
2. I'm happy with the distribution of stakes I came up with, but very open to other opinions (see OP for distribution %'s)
3. I prefer that we distribute the ~1000 stakes and then vote, (options include: save stakes for a round 2, distribute to existing stakeholders, use for bounties, combinations)
4. I prefer Max coin number - 1,000,000,000

I prefer to distribute coin tokens on the AE and not single stake tokens like NEM did.

The more I think about things, the more I realise the true power of the NXT voting system to organise ourselves, and from looking over the proposed NXT voting system, if we use "asset based" voting the fee for each vote would be 1 Ora asset. That makes me think it's better to have a higher number of coins, so each vote costs less, so the cost of having a direct democracy (where we vote on lots of issues) wont be too high.

https://nxtforum.org/voting-system/final-notes/

DarkhorseofNxt
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July 20, 2014, 01:35:49 PM
 #1317

This is to everyone.

Before we can distribute the stakes on nxt ae, we need to iron out certain things. Can we decide this lets say 7 days from today? Please get yourself involved.

1. Decide the name. I would like the stakes distributed with the correct name.

2. Confirmation of the distribution as per given by kora. (I have a concern, i have emailed to kora regarding this).

3. Total number of stakes.

4. Total number of coins. This will not effect the asset/stakes issuance but will be good to decide on this fast.

1. I don't mind. Kora is fine Ora or somethink completely different. Depends on they way, we want to go. Kora is fine, if it should just stay a clone. The name should be different, if we want to make an own way.

2. confirmation? again? or what?

3. I thought we want to decide that after AE with a poll of all current holders...

4. This is not important for AE issuing. I don't know, why you all make so a drama about that. anything between a million and a billion is fine. just a different comma placement and we will need the comma anyway...

Damn you replied before me.

2. I got my answers from Kora. Its fine.

3. So i will issue total amount of coin.

4. Would be nice to know to answer to the question, how many coins to a stake if someone ask you. Thats all. No drama here. I like to clarify grey areas. Nothing more.

Okay. So it will be 1 to 1. Everyone will be issued except for the unconfirmed stakes. So you want to pay the devs without completion of work? Can we do like partial as per project completion?

Kora (OP)
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July 20, 2014, 01:40:33 PM
 #1318

We have an ETA for the distribution script of 3-5 days!

That means I think we can plan to have the distribution for 'round 1' stakes completed in ~1 week!!

I can also announce that "fragout" has kindly agreed to be a second community treasurer along with Darkhorse.

Once NXT introduces multisig accounts Darkhorse & fragout will be "keepers" of the undistributed Ora coin tokens held back for bounties, and a *possible* 'round 2' distribution, depending on how the vote goes.

Thanks fragout Smiley

Equate
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July 20, 2014, 01:47:49 PM
 #1319

We have an ETA for the distribution script of 3-5 days!

That means I think we can plan to have the distribution for 'round 1' stakes completed in ~1 week!!

I can also announce that "fragout" has kindly agreed to be a second community treasurer along with Darkhorse.

Once NXT introduces multisig accounts Darkhorse & fragout will be "keepers" of the undistributed Ora coin tokens held back for bounties, and a *possible* 'round 2' distribution, depending on how the vote goes.

Thanks fragout Smiley

ETA of 1 week sounds good but shouldn't the coin name be changed before stake distribution.
DarkhorseofNxt
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July 20, 2014, 01:50:35 PM
 #1320

Yeap i think we can accomplish this in a week. The name is Ora.

Please welcome fragout.

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