[XCR] Crypti | Dapps | Sidechains | Dapp Store | OPEN SOURCE | 100% own code | DPoS

[th4o]

The pre-sale will end on July 30th, 24:00 GMT. Each week ends on Monday 24:00 GMT.

Does this mean the bonus is reduced every week? Or is it reduced every day?

Can someone please answer this

I answered this but then I second guessed my answer. Let me double check our boards and with the team to make sure I am not lying here. We had 2 main proposals initially, one was a weekly decrease in bonus and a second was a more constant decrease based on volume sold, so let me verify which we went with and I will get back to you.

Thank you!

Any news on this yet?

[Litoshi]

Hey Crypti!!! 

Are you (were you) "_Heisenberg_"

who developed CryptoMeth and now has abandoned it???

[crypti]

Hey Crypti!!! 

Are you (were you) "_Heisenberg_"

who developed CryptoMeth and now has abandoned it???

No

[GreXX]

Ok. I'll ask another way. What's the equivalent of 51% attack here? What proportion of purchases in what period is needed to abuse the system?

Resetting of uptime and purchases after each forged block makes no difference here. Any real attacker will have many nodes with sufficient uptime and can distribute new purchases accordingly. There is also possibility of fake purchases - "send the money to yourself" type. True, there is 1% fee (actually half of it) but this will be compensated by forging blocks.

Well let me try to break this down.

Purchases aren't the only weight calculated to determine who will forge a block. It is a calculation based on Node up-time since last block forged + purchases to a valid merchant ID since last block forged.

The weight in the calculation for node time is higher than the weight for purchase power. For purchases to count towards the weight calculation, they would have had to have been done to a validated merchant. The only was to "send money to yourself" and earn weight for it, would be for you to open a store and purchase a large amount of items from your own store. You would have to do this repeatedly every minute in order to sustain enough weight to continue to forge blocks as the network will automatically eliminate all accumulated weight for that address as soon as a block is forged.

Not only that but this is behavior that would be noticeable to everyone on the network and a store can be flagged and invalidated for fraud. Node up-time would be the key element in the calculation for block weight, but purchase power is being thrown in to push people over the edge when multiple nodes have similar up-time. For instance, on day 1 if 1000 create nodes and run them full time, that is 1000 nodes competing for each block with almost identical up-time (until they start forging blocks), if some of those users were actually using Crypti to buy goods from validated merchants, then they would forge first, as opposed to those only running a node.

Your comment about node resets, etc not mattering isn't necessarily something I agree with. The network understands the weight calculation and if an address forges a block, it won't have sufficient weight to forge another unless it is the only active node on the network. For 1 person to conduct a 51% attack, I would guess that they would have to maintain a majority of all nodes on the network but I would still think confirmations would be an issue.

It's a good question and I'm not going to brush it off. I am going to talk to Bitseed & Boris (the engineer's behind the algorithm and network) and see if they can give a more technical description of how a 51% attack would play out. I know we haven't released a ton of specifics on the calculations and algorithm yet as we don't want to open ourselves up to clones, but maybe they can give a glimpse into a few details.

[GreXX]

The pre-sale will end on July 30th, 24:00 GMT. Each week ends on Monday 24:00 GMT.

Does this mean the bonus is reduced every week? Or is it reduced every day?

Can someone please answer this

I answered this but then I second guessed my answer. Let me double check our boards and with the team to make sure I am not lying here. We had 2 main proposals initially, one was a weekly decrease in bonus and a second was a more constant decrease based on volume sold, so let me verify which we went with and I will get back to you.

Thank you!

Any news on this yet?

As it stands right now, the plan is to start at a 30% bonus on day 1 and decrease the bonus percentage by 1% each day until day 30 or 0%.

[GreXX]

For those still waiting to hear about the development funds and 1% fee, I will provide a quick update.

Disclaimer

Keep in mind this isn't 100% official until we update the OP, but based on our internal vote, this is what we are looking at right now.

Development Funds / Initial Distribution

For the development funds. We are going to keep the 15% the way it is.

The 10% will work in a different manner and will not be guaranteed. We will adjust the 10% based on the amount of BTC raised in the pre-sale. Right now the plan is to lower the 10% by 1% for every 50 BTC raised in the pre-sale. So a quick breakdown would look like this:

0 BTC = 10%
50 BTC = 9%
100 BTC = 8%
150 BTC = 7%
200 BTC = 6%
250 BTC = 5%
300 BTC = 4%
350 BTC = 3%
400 BTC = 2%
450 BTC = 1%
500 BTC = 0%

We decided on this scale because we believe 500 BTC will provide substantial development funds for future growth of Crypti and therefore would require no additional funding from the launch.

The additional percentage not allocated to the developer fund will be added to the 75% of genesis awarded to pre-sale investors.

The 1% Transaction Fee

As per the 1% transaction fee, we area also looking at a sliding scale based on volume. We are currently looking at having the 1% transaction fee reduce by 25% every time the transaction volume doubles.

Code Audit

We plan to approach a well known Code Auditor during the beta phase to review the Crypti source and provide a review to those who are interested. This will be during the pre-sale and prior to it's completion. This will be a reputable person who has done prior major coin releases. No details are cemented yet and therefore I cannot make an official confirmation announcement but a code audit WILL be conducted prior to the end of the pre-sale.

Please keep in mind. These details have not been officially announced and I wouldn't consider this the official announcement, but this is what we have agreed upon as of right now and an official announcement will come shortly.

I just know people are anxiously awaiting these details and I wanted to give an update.

Thanks everyone for sticking around!

[Tobo]

Hey Crypti!!!  
Are you (were you) "_Heisenberg_"
who developed CryptoMeth and now has abandoned it???

No

Then, are you BCNext?

[open82buy]

For those still waiting to hear about the development funds and 1% fee, I will provide a quick update.

Disclaimer

Keep in mind this isn't 100% official until we update the OP, but based on our internal vote, this is what we are looking at right now.

Development Funds / Initial Distribution

For the development funds. We are going to keep the 15% the way it is.

The 10% will work in a different manner and will not be guaranteed. We will adjust the 10% based on the amount of BTC raised in the pre-sale. Right now the plan is to lower the 10% by 1% for every 50 BTC raised in the pre-sale. So a quick breakdown would look like this:

0 BTC = 10%
50 BTC = 9%
100 BTC = 8%
150 BTC = 7%
200 BTC = 6%
250 BTC = 5%
300 BTC = 4%
350 BTC = 3%
400 BTC = 2%
450 BTC = 1%
500 BTC = 0%

We decided on this scale because we believe 500 BTC will provide substantial development funds for future growth of Crypti and therefore would require no additional funding from the launch.

The additional percentage not allocated to the developer fund will be added to the 75% of genesis awarded to pre-sale investors.

The 1% Transaction Fee

As per the 1% transaction fee, we area also looking at a sliding scale based on volume. We are currently looking at having the 1% transaction fee reduce by 25% every time the transaction volume doubles.

Code Audit

We plan to approach a well known Code Auditor during the beta phase to review the Crypti source and provide a review to those who are interested. This will be during the pre-sale and prior to it's completion. This will be a reputable person who has done prior major coin releases. No details are cemented yet and therefore I cannot make an official confirmation announcement but a code audit WILL be conducted prior to the end of the pre-sale.

Please keep in mind. These details have not been officially announced and I wouldn't consider this the official announcement, but this is what we have agreed upon as of right now and an official announcement will come shortly.

I just know people are anxiously awaiting these details and I wanted to give an update.

Thanks everyone for sticking around!

Hey GreXX, thanks for he update, I await the official announcement.

[Kooness]

When the pre-sale will begin?
00:00:00 June 30th UTC??

[SyRenity]

When the pre-sale will begin?
00:00:00 June 30th UTC??

We will announce soon the exact date both here and via emails (to these who left their email addresses on crypti.me).

[SyRenity]

E.g. 30 June IPO & beta launch --->  30 July IPO end & Main Net launch ---> ?

Is the second step correct? Also, do you have any exchange, merchants or services planned for immediately after the launch of the main net?

We will do our best to reach this 2nd milestone, that said it pending testing.
In any case, the funds will be at Escrow hands until the mainnet is launched.

We are working to have an exchange ready close to mainnet launch, and also in contacts with potential merchants.

[SyRenity]

IPO amount?

Total amount?

that means 75% of totla for  IPO??

The amount will be based on amount of BTC, see Grexx explanation here:
https://bitcointalk.org/index.php?topic=654463.msg7572817#msg7572817

And look for an update to the thread OP soon.

[jokumat]

Grexx - thanks, yes It would be nice to know more details. I was just curious how "proof of transaction" scheme might work.  Transactions don't involve significant sacrifices so I wondered how you solved "nothing at stake" problem.  I like new ideas and innovative coins. I wish you success.

[SyRenity]

i know maxmint and he is definitely reliable!!

then please cite three examples of coins that maxmint has served as escrow for?

MSC, NXT, PTS, mining equipment and the list goes on - just check his trust rating:
https://bitcointalk.org/index.php?action=profile;u=36677

[SyRenity]

i am suspicious because:

1) they ask for money way up front, prior to proven development

2) the dev, "crtpti", is a newby log on. Likely a new posting ID from someone who launched other schemes here.  See STACKcoin.  Also, see CryptoMeth, where the dev has been AWOL ever since a huge dump of coins immediately after listing on MintPal.

3) They profess to be able to get merchants to use their coin... but BTC already has that market in development.  The merchant market is still very small, and will be for at least 2 more years.  Merchants have no need to accept BTC, since credit cards, debit cards, Paypal and cash work so well.  Merchants dont have time to convert cryptocoins to cash.  Until it is as easy and idiotproof to transact in BTC as it is in Credit Cards, merchants will not use any cryptocoin.  

4) transactions have to be confirmed, by miners.   With half of the coins premined, there is little incentive for miners to mine.  Unless there are miners, there are no confirms and no transactions completed.  This is the problem with Quark.  All coins have been mined, so transactions have to be confirmed by those willing to use their rig for a few Quarktoshi per confirmation.

1) Beta will up together with the pre-sale start.

2) Most of the team members have revealed their details, feel free to Google for Boris Povod.

3) We aware of these challenges (some of team members have extensive merchant experience of multi-MM sales), and we plan to introduce attractive solutions to merchants, giving them incentive to try Crypti.

4) There will be 15% allocated to developers, plus 10% based on amount of received BTC, which is quite far from "half premined" Crypti.

[SyRenity]

So even with all the talk about discussing the initial distribution nothing has changed. 4 days to go, we still are at the same distribution. I guess the signs of things to come (read the uni-direction of the coin to what devs decide). I am wondering even if the community vote will count.

Please see the update here:
https://bitcointalk.org/index.php?topic=654463.msg7572817#msg7572817

Will be soon updated in thread Op and whitepaper.

[SyRenity]

I am still concerned that it could be a centralized client - server model as it is closed source. They need to do a third party audit of the code to gain my and other potential investors trust.

We are talking with several code auditors known to the community, and will announce once we have chosen one.

A slight correction to Gregxx post, while we striving to have the code reviewed during the pre-sale, due to rapid changes done to the code at the moment, we may start the auditing once the mainnet part finished and has been launched.

[xtester]

E.g. 30 June IPO & beta launch --->  30 July IPO end & Main Net launch ---> ?

Is the second step correct? Also, do you have any exchange, merchants or services planned for immediately after the launch of the main net?

We will do our best to reach this 2nd milestone, that said it pending testing.
In any case, the funds will be at Escrow hands until the mainnet is launched.

We are working to have an exchange ready close to mainnet launch, and also in contacts with potential merchants.

Thanks for the info and best of luck with the project.

[Neo.op]

So even with all the talk about discussing the initial distribution nothing has changed. 4 days to go, we still are at the same distribution. I guess the signs of things to come (read the uni-direction of the coin to what devs decide). I am wondering even if the community vote will count.

Please see the update here:
https://bitcointalk.org/index.php?topic=654463.msg7572817#msg7572817

Will be soon updated in thread Op and whitepaper.

The new distribution model is even more confusing. So while you are going to give incentive to people to buy in early for 30% more stake, you will release 1% with each target hit. This will dilute the incentive for people digging in first for the coin, wont it?

[Tobo]

The new distribution model is even more confusing. So while you are going to give incentive to people to buy in early for 30% more stake, you will release 1% with each target hit. This will dilute the incentive for people digging in first for the coin, wont it?

Relax, there is no dilution since the number of total coins will not change. It actually will benefit the investors and investors will get more coins.