[ANN][WAS][WeAreSatoshi] | X11 | Hybrid PoS/PoW | Trading on C-Cex.com

[AmericanComputerNerd]

I think listing an item for a raffle would be great. Maybe 5k was per entry. This will make people want to buy up WAS which will raise price. This increases awareness also. I am not sure we should expect someone to destroy or hold these coins. Those coins will need to be sold to fund new giveaways. As long as interest grows it can handle coins being resold.

The way I see it, there are two problems at present.  Both of which could be critical if not dealt with swiftly...  First, there is simply no demand for WAS.  People need a reason to want to buy it, and at present, the market is clearly showing that is not the case.  Second, there is a HUGE amount of WAS in circulation, especially considering the weak (really, non existent) demand.

I think the raffle will solve for the demand piece.  If we place something up for auction that is of enough value to make people want to buy WAS for a chance to win, that will create a good surge in demand...  However, reselling the WAS will undo the positive effect on the market.

I really see only one path here, and I'm going to need the community's help to save the coin at this point.  We need to pool our BTC and buy something of value (ASIC, Gift Card, Gold / Silver, etc) and sell tickets for WAS.  The WAS should be put in a cold wallet until market value / volume picks up substantially, or simply burned in a wallet with no private key.

For this to work, we will need donations from the community in BTC.  Some of you big bag-holders should dig deep and look at it as an investment (with risk, of course) and an ROI.  If you are holding 100 million WAS at 10 satoshi, you've made 10x more than 1 satoshi, and infinitely more than holding 100 million WAS with no value.

[1715068380]

1715068380

[AmericanComputerNerd]

I hate to say it, but we are at a hard stop if we can't get demand increased.  I'm open to other ideas...  I'm also open to other people coordinating things like WAS raffles or stores...  I don't have to be the one holding the donation wallet or pushing this forward.

If we don't generate sales soon the coin will get delisted from the exchange.

[lin0sspice]

Betting site ?
World Cup ?
Still good for couple weeks then we move on to other bet sport ?

[lin0sspice]

Brazil             -            Chile
 1   (0.81)   -            [0.8]
(Brazil over 1 ( 100 win 181 ) , Chile under 1 ( 100 win 180 )


Colombia        -             Uruguay
 0.5   (0.9)     -           [0.8]
(Colombia over 0.5 ( 100 win 190 ) , Uruguay under 0.5 ( 100 win 180 )

Any one

[AmericanComputerNerd]

Betting site ?
World Cup ?
Still good for couple weeks then we move on to other bet sport ?

The problem is you'll be paying out winnings in WAS.  Unless you enter your bet in WAS for a chance to win BTC or something else of value.  This won't be a problem forever, but to "kick start" the coin we need to enter a catalyst in to the equation.

[lin0sspice]

Will be good right If you some want to buy WAS for betting ?

[AmericanComputerNerd]

Will be good right If you some want to buy WAS for betting ?

The problem is as soon as someone wins they will want to cash our their WAS and the market will drop.  It's a good idea, but until WAS has a value, you'll have to introduce something else of value.

[lin0sspice]

I think you need to imply some thing to new wallet ?
Anon...That cause the Hype.
Or go POS.
OR some thing new features.

[AmericanComputerNerd]

I think you need to imply some thing to new wallet ?
Anon...That cause the Hype.
Or go POS.
OR some thing new features.

We'd have to get MrData's opinion on what he thinks is possible in terms of new algo / PoS.  I'm not 100% sure either scenario will help with the fact that the market is saturated with little to no demand.  There is a reason sand is not valuable; because there are trillions of sand grains.

[MrData]

I think you need to imply some thing to new wallet ?
Anon...That cause the Hype.
Or go POS.
OR some thing new features.

We'd have to get MrData's opinion on what he thinks is possible in terms of new algo / PoS.  I'm not 100% sure either scenario will help with the fact that the market is saturated with little to no demand.  There is a reason sand is not valuable; because there are trillions of sand grains.

Enabling PoS would probably require doing a coin swap to a new blockchain, it can be done if people really want it though.

[AmericanComputerNerd]

So, ladies and gentleman, what is the consensus?  How do we move forward from here???  It seems no one is jumping up and down to make a donation in BTC to try to kick start things...  I'd prefer to take immediate action instead of waiting for things to die out on their own...

I propose relaunching (on the same algo?) and doing a coin swap.  The coin swap should be 1/100 of the amount of what is in circulation today...  ie - 100,000,000 v1 WAS would trade for 1,000,000 v2 WAS.  This would take the 38,000,000,000 WAS in circulation down to 380 million WAS.  I also propose that we keep a block reward for network security, but make it 10 WAS.

My thoughts come from the fact that the network seems to be working fine, we're just completely saturated in WAS.  This would lower the amount in circulation while keeping the distribution of wealth the same.  I'd also, personally, like to take the opportunity to do a 2% pre-mine for ongoing development and enhancements.  Myself, and MrData, won't have to perform tasks at our own cost or bother people for donations.

Thoughts?  Suggestions?  Feedback?

[brian_nguyen]

I had the same thought but wasn't sure how it's going to play out and honestly I'm ready to send some BTC after selling some of my Mints for the raffle.
1. How will you handle the swap, Bittrex Richie did swap for some coins but they were on the Exchange to begin with?
2. What will happen to the people that didn't know or didn't want to participate at first?
3. What can you do with the largest wallet (WXvAuSCM9dJ9NYnfir2RrkivyC4PsLbdkQ)? I think it belongs to http://sha.mine-pool.net/was now Xguild.net. It stole hundred of million WAS from me and never responded with any of my emails. I'm sure there are many miners out there lost their coins too.
4. Will the 10 coin reward enough to keep the network safe? Why don't we go POS to save some energy?
5. 2% pre-mine is no issue IMHO, you guys just have to be transparent about it with Google doc or some sort of reports to inform everyone.

[AmericanComputerNerd]

I had the same thought but wasn't sure how it's going to play out and honestly I'm ready to send some BTC after selling some of my Mints for the raffle.
1. How will you handle the swap, Bittrex Richie did swap for some coins but they were on the Exchange to begin with?
2. What will happen to the people that didn't know or didn't want to participate at first?
3. What can you do with the largest wallet? I think it belongs to http://sha.mine-pool.net/was now Xguild.net. It stole hundred of million WAS from me and never responded with any of my emails. I'm sure there are many miners out there lost their coins too.
4. Will the 10 coin reward enough to keep the network safe? Why don't we go POS to save some energy?
5. 2% pre-mine is no issue IMHO, you guys just have to be transparent about it with Google doc or some sort of reports to inform everyone.

1.  MrData is very good with web-based wallet transactions.  If you recall, he's currently running the faucet.  He'd have to agree to take it on, but I think he would be able to manage the 1 / 100 coin swap.

2.  I imagine that the coin swap would stay online indefinitely.  This would be at the discretion of whomever was managing the swap though.

3.  Any 3rd party site would be responsible for 1) being on the correct fork, and 2) modifying their internal systems to account for the 1 / 100 swap.  We would not judge or take sides in any disputes.  Just ensure ownership of x v1 WAS and distribute x / 100 v2 WAS.

4.  Any "reward" would give miners an incentive to mine.  I came to 10 by taking MrBrew's original 1000 WAS ongoing reward and dividing by 100.  I've always preferred PoW over PoS, as PoW gives an incentive to ensure diversification of the hash power.  But, this is a community coin.  We can throw a vote up on the main page, or continue to have dialogue.

5.  I think 2% is fair, and realistic, we could get compensated for development time / cover hosting & domain fees / provide bounties for needed things / etc...  2% of 400 million would be 8 million v2 WAS.  MrData and I could each hold 4 to keep it a little diversified.

[MrData]

1) On the swap, here is basically how it would happen:

1. Release a new v1 client that stops giving PoW rewards or gives miniscule rewards at block height X but still accepts work to keep the chain moving. That makes it so v1 isn't still minting money with people trying to trade it in for v2. The new version would also make it so new transaction comments will be stored with the transactions on the blockchain.
2. Release the new v2 client that has a premine for the entire replacement money supply of v1.
3. People will send their v1 WAS to an address with their v2 WAS address as the transaction comment, I'll write a program that watches the incoming v1 transactions and sends out new v2 replacement coins. Exchanges can use this method or contact us for a direct replacement without going through the program. If the transaction comment is empty or the comment isn't a valid v2 address then it would send the v1 coins back to their owner.
Edit: Part of the reason for doing it this way versus a web-based solution is so there is no IP trail connecting your old address to your new for your privacy.

2) People would have a long time to swap; say 3-6 months? Any of the new coins not swapped after the time allowed can either be destroyed or used for giveaways/advertising/whatever the community wants. Or it could be run indefinitely.

4) It probably is a good idea to keep PoW going along with PoS, it helps to make sure the blockchain keeps running smoothly. I'm not sure if we should keep it as a meaningful reward (like dividing the current block reward by 100 too) or a token reward like 10 WAS. Still assuming a 100:1 swap ratio my personal preference is probably a lesser block reward like 125 WAS halving every 200,000 blocks down to a stable 10 WAS; this would give about 3 more months of higher rewards before hitting the maintenance reward of 10 WAS. For PoS a 1-2% reward would probably be good since PoW would still be going; but really it's up to the community.

I had the same thought but wasn't sure how it's going to play out and honestly I'm ready to send some BTC after selling some of my Mints for the raffle.
1. How will you handle the swap, Bittrex Richie did swap for some coins but they were on the Exchange to begin with?
2. What will happen to the people that didn't know or didn't want to participate at first?
3. What can you do with the largest wallet (WXvAuSCM9dJ9NYnfir2RrkivyC4PsLbdkQ)? I think it belongs to http://sha.mine-pool.net/was now Xguild.net. It stole hundred of million WAS from me and never responded with any of my emails. I'm sure there are many miners out there lost their coins too.
4. Will the 10 coin reward enough to keep the network safe? Why don't we go POS to save some energy?
5. 2% pre-mine is no issue IMHO, you guys just have to be transparent about it with Google doc or some sort of reports to inform everyone.

[AmericanComputerNerd]

Since this is mostly systematic, and MrData is the software expert, I will defer to his judgement on how to move forward.  My vote is to press ahead as described.

Please let me know how to proceed with the community's support.  Shall I place a vote button or just wait for responses on the thread?

[brian_nguyen]

Not asking to be on my side but can you just block that address and give the owner a chance to respond? It will hurt the coin having the largest holder scam the miners out of of their coins.

[AmericanComputerNerd]

Not asking to be on my side but can you just block that address and give the owner a chance to respond? It will hurt the coin having the largest holder scam the miners out of of their coins.

I'm sending a PM to ViMal.  After some google searches, it turns out this is the username of the Pool Operator.  Have you just tried the contact form on the pool, or did you have a real email?

[brian_nguyen]

Not asking to be on my side but can you just block that address and give the owner a chance to respond? It will hurt the coin having the largest holder scam the miners out of of their coins.

I'm sending a PM to ViMal.  After some google searches, it turns out this is the username of the Pool Operator.  Have you just tried the contact form on the pool, or did you have a real email?

Great detective work. I've been using the forms both on the old and new sites with no responses and thanks for your work! Cheers!

[AmericanComputerNerd]

Not asking to be on my side but can you just block that address and give the owner a chance to respond? It will hurt the coin having the largest holder scam the miners out of of their coins.

I'm sending a PM to ViMal.  After some google searches, it turns out this is the username of the Pool Operator.  Have you just tried the contact form on the pool, or did you have a real email?

Great detective work. I've been using the forms both on the old and new sites with no responses and thanks for your work! Cheers!

Hopefully there is no malicious intent...  It is very easy to mess up the configuration (or skip completely) of the SMTP server when using the MPOS front-end.  I would venture to say that the form data is being lost in cyberspace, and the pool op doesn't know there is a problem...

[lin0sspice]

How about from 40 billions to 40 million coins.