|
tom14cat14 (OP)
|
 |
September 29, 2014, 05:24:33 PM |
|
I wanted to just take some time to explain why this is better than just buying a share of a Hashlet.
If we just did mining shares the only money you will have is the income from that Hashlet. You will never be able to buy anything with it. Your only options are to sell it to get BTC or to just keep receiving your payments. With Envy our long term goal is to be added to all the major merchants accepting BTC. You will be able to buy and sell your ENVY on an exchange, we fully plan for you to be able to buy real world products plus other features that we will develop for the coin over time. Value will be added to the coin just like other coins that have active development teams. The profit share is just a feature of this coin. It may not be a tech feature but it is still a feature of this coin. How many coins can you say if the price of the coin drops I can just hang on to it and I will eventually get my money back? You will be getting your coins to spend just like any other coins but you have a security blanket of the profit share.
|
|
|
|
|
|
JTB800
|
|
September 29, 2014, 06:05:32 PM |
|
This would be /very/ hard to coordinate with Bittrex. However, how would you feel about the total coin supply and mining reward being changed to match the amount of coins sold?
For instance, the 10 coin block rewards are currently assuming we sell all Envycoin's in ICO. If we only sold half, we could halve this reward so that really, you'd own that large of a stake in the supply. So, if you buy 1% of the ICO coins, you'd own 0.5% of the total supply (after it's mined out, in 10 years) regardless of how many coins are sold
Yes, that would be an improvement. But, I didn't bring this up initially as I am not here to FUD your coin (in fact, I am very interested in it), but why is there mining at all? Why aren't we using 100% of the BTC invested toward the plan. Aren't the miners just diluting everyone's share of the income? As far as it being "hard to coordinate with Bittrex", I doubt that, only because I know for a fact that Poloniex has run ICO's using that method. All that has to be done is that you (or they) calculate the proper pro rata share at the end of the ICO and they add that to the wallet. They have all of the wallets (and coins!), so it can't be that hard. Like I said, I am not here to disparage the coin, and I may get some anyway, but I am confused on the details. Isn't at least part of the appeal that if we all chip in to the coin, we will get a better hashrate deal than if one did it on their own? And on top of that we will have a nice coin to boot that might rise in value, get added features, etc.? |
|
|
|
|
|
JTB800
|
|
September 29, 2014, 06:14:00 PM |
|
The reason we are destroying them is because they are all mined and we have limited options. If we were to allow trading to begin and not destroy the market would fear we would dump all remaining coins as a money grab. But if a destroy them they will be out of circulation creating a rarer coin. Obviously this is not what we want but it is the better of two evils. And on the comment about the price. We will roughly $400k market cap after the ICO of we sell. The price was chosen because we needed enough financing to buy an amount of Hashlets that would make a difference. We went 50 million coins because it brought the price per coin in a range small investors could grab a descent amount of coins. If we sell out there will only be 3.67 million new coins over the next year and then roughly 2.5 million the remaining years. This means that the people that paid for their coins will far outweigh those who mined it. 14,400 coins will be mined per day. Which at current ICO rate is .28 BTC per day. This is a pretty small amount for a coin that would have a $400k market cap. And we run the risk that it will not be attractive to miners thus the network will not be secure. I just ran the new numbers since BTC has tanked and it does hurt the time to make back your coins by just holding it now has moved from 70 days when the price was 430 and it now is 114. But what other coin can say even if the price of the coin tanks you can hold it and you will make your money back? We can say this. Something that will greatly effect it is the price of BTC when we buy the hashlets and how many people buy the ICO.
Miners will "secure the network" for very little money (they will just whine about it). But more importantly, they will gladly secure the network if the coin is a big success. My suggestions are toward making it a success, not to FUD. Miners are basically parasites to coins anywhere near the beginning of their life. And especially with a coin like this, the higher the rate of return the better it is. It is an interesting idea for a coin though. I wish you the best of luck. |
|
|
|
|
brian_nguyen
Legendary
 Offline
Activity: 1404
Merit: 1001
|
|
September 29, 2014, 06:15:53 PM |
|
This would be /very/ hard to coordinate with Bittrex. However, how would you feel about the total coin supply and mining reward being changed to match the amount of coins sold?
For instance, the 10 coin block rewards are currently assuming we sell all Envycoin's in ICO. If we only sold half, we could halve this reward so that really, you'd own that large of a stake in the supply. So, if you buy 1% of the ICO coins, you'd own 0.5% of the total supply (after it's mined out, in 10 years) regardless of how many coins are sold
Yes, that would be an improvement. But, I didn't bring this up initially as I am not here to FUD your coin (in fact, I am very interested in it), but why is there mining at all? Why aren't we using 100% of the BTC invested toward the plan. Aren't the miners just diluting everyone's share of the income? As far as it being "hard to coordinate with Bittrex", I doubt that, only because I know for a fact that Poloniex has run ICO's using that method. All that has to be done is that you (or they) calculate the proper pro rata share at the end of the ICO and they add that to the wallet. They have all of the wallets (and coins!), so it can't be that hard. Like I said, I am not here to disparage the coin, and I may get some anyway, but I am confused on the details. Isn't at least part of the appeal that if we all chip in to the coin, we will get a better hashrate deal than if one did it on their own? And on top of that we will have a nice coin to boot that might rise in value, get added features, etc.? Pure POS might not be a bad idea to consider and that even reward the original investors further. |
|
|
|
|
|
tom14cat14 (OP)
|
|
September 29, 2014, 06:19:35 PM |
|
This would be /very/ hard to coordinate with Bittrex. However, how would you feel about the total coin supply and mining reward being changed to match the amount of coins sold?
For instance, the 10 coin block rewards are currently assuming we sell all Envycoin's in ICO. If we only sold half, we could halve this reward so that really, you'd own that large of a stake in the supply. So, if you buy 1% of the ICO coins, you'd own 0.5% of the total supply (after it's mined out, in 10 years) regardless of how many coins are sold
Yes, that would be an improvement. But, I didn't bring this up initially as I am not here to FUD your coin (in fact, I am very interested in it), but why is there mining at all? Why aren't we using 100% of the BTC invested toward the plan. Aren't the miners just diluting everyone's share of the income? As far as it being "hard to coordinate with Bittrex", I doubt that, only because I know for a fact that Poloniex has run ICO's using that method. All that has to be done is that you (or they) calculate the proper pro rata share at the end of the ICO and they add that to the wallet. They have all of the wallets (and coins!), so it can't be that hard. Like I said, I am not here to disparage the coin, and I may get some anyway, but I am confused on the details. Isn't at least part of the appeal that if we all chip in to the coin, we will get a better hashrate deal than if one did it on their own? And on top of that we will have a nice coin to boot that might rise in value, get added features, etc.? We have mining because this is still a coin so we have to have a secure network. If we went PoS it would be very difficult to track everyone’s coins because at least the other PoS coin I have worked on when your coins are staked they will actually show in a different address. So everyone that has coins staked when we run the payout will now lose out on those coins for their percentage. This would discourage people from staking coins. So the miners are needed to make this work. We are doing our best to limit the risk for ICO investors. And yes I have the deal worked out with GAW on how much each Hashlet will cost. It is a better deal than anyone will get unless you have 100’s of thousands of dollars. And the real value will be what the coin is worth. We will be working hard to be added to merchants and will continue to develop the coin. The fact that it is asset backed and that asset makes money is a way to reduce the risk for holders of the coin. |
|
|
|
|
|
tom14cat14 (OP)
|
|
September 29, 2014, 06:24:35 PM |
|
The reason we are destroying them is because they are all mined and we have limited options. If we were to allow trading to begin and not destroy the market would fear we would dump all remaining coins as a money grab. But if a destroy them they will be out of circulation creating a rarer coin. Obviously this is not what we want but it is the better of two evils. And on the comment about the price. We will roughly $400k market cap after the ICO of we sell. The price was chosen because we needed enough financing to buy an amount of Hashlets that would make a difference. We went 50 million coins because it brought the price per coin in a range small investors could grab a descent amount of coins. If we sell out there will only be 3.67 million new coins over the next year and then roughly 2.5 million the remaining years. This means that the people that paid for their coins will far outweigh those who mined it. 14,400 coins will be mined per day. Which at current ICO rate is .28 BTC per day. This is a pretty small amount for a coin that would have a $400k market cap. And we run the risk that it will not be attractive to miners thus the network will not be secure. I just ran the new numbers since BTC has tanked and it does hurt the time to make back your coins by just holding it now has moved from 70 days when the price was 430 and it now is 114. But what other coin can say even if the price of the coin tanks you can hold it and you will make your money back? We can say this. Something that will greatly effect it is the price of BTC when we buy the hashlets and how many people buy the ICO.
Miners will "secure the network" for very little money (they will just whine about it). But more importantly, they will gladly secure the network if the coin is a big success. My suggestions are toward making it a success, not to FUD. Miners are basically parasites to coins anywhere near the beginning of their life. And especially with a coin like this, the higher the rate of return the better it is. It is an interesting idea for a coin though. I wish you the best of luck. Thank you. I know it is a tough sell because people do not like handing out money to nameless people on a forum. But I may be nameless to you guys but I have given my personal info to GAW and to Crypto Asian. Since we are having Bittrex transfer the funds directly to GAW I will not be able to run away with the BTC. And if I tried to scam people by doing something with the Hashlets GAW would be able to turn me into the authorities. The CEO of GAW has confirmed that I have been talking to them and they are in full support of this project. |
|
|
|
|
|
tom14cat14 (OP)
|
|
September 29, 2014, 06:27:30 PM |
|
This would be /very/ hard to coordinate with Bittrex. However, how would you feel about the total coin supply and mining reward being changed to match the amount of coins sold?
For instance, the 10 coin block rewards are currently assuming we sell all Envycoin's in ICO. If we only sold half, we could halve this reward so that really, you'd own that large of a stake in the supply. So, if you buy 1% of the ICO coins, you'd own 0.5% of the total supply (after it's mined out, in 10 years) regardless of how many coins are sold
Yes, that would be an improvement. But, I didn't bring this up initially as I am not here to FUD your coin (in fact, I am very interested in it), but why is there mining at all? Why aren't we using 100% of the BTC invested toward the plan. Aren't the miners just diluting everyone's share of the income? As far as it being "hard to coordinate with Bittrex", I doubt that, only because I know for a fact that Poloniex has run ICO's using that method. All that has to be done is that you (or they) calculate the proper pro rata share at the end of the ICO and they add that to the wallet. They have all of the wallets (and coins!), so it can't be that hard. Like I said, I am not here to disparage the coin, and I may get some anyway, but I am confused on the details. Isn't at least part of the appeal that if we all chip in to the coin, we will get a better hashrate deal than if one did it on their own? And on top of that we will have a nice coin to boot that might rise in value, get added features, etc.? Pure POS might not be a bad idea to consider and that even reward the original investors further. I know you posted this while I was typing the other response but I will still answer this. I have this same program but on a smaller scale. The coins when staked go to a different address and therefore will not be counted for your percentage if staked during payout. This means it will encourage people to not stake. Believe me I want PoS but with the issue it would cause for the profit share we felt it was best to do PoW. |
|
|
|
|
|
armlock
|
|
September 29, 2014, 09:16:52 PM |
|
Interesting, I will keep watching
|
|
|
|
Maxmast
Member
Offline
Activity: 79
Merit: 10
|
|
September 30, 2014, 05:22:53 AM |
|
so many ico coin.
keep watching.
|
|
|
|
vindyne8
Legendary
Offline
Activity: 1260
Merit: 1009
|
|
September 30, 2014, 07:05:25 AM |
|
The money is not wasted. If enough of the ICO sells to implement the plan this will be a truly asset-backed currency. The hashlets (and reinvestment) will allow you to gain ROI without having to sell the coins you purchased. The coin itself will be integrated into point of sale platforms, merchants, large exchanges, and have additional features added to it, going forward. This is more than just a hashlet profit program. This is more than just a currency that will have full support. It's both. That's why this is the most sensible ICO to come along in a while.
If the minimum amount does not sell out, all purchases will be refunded by Bittrex. The only thing lost in that case, will be opportunity.
|
|
|
|
|
qiwoman2
Legendary
Offline
Activity: 2114
Merit: 1023
Oikos.cash | Decentralized Finance on Tron
|
|
September 30, 2014, 11:34:32 AM |
|
When can we mine it? Also I am interested in both to back our qbk currency as you have a similar proof of baghold program like our coin has. Also are you open to cross promotions and JV's with established coins such as ours?. I like your idea and am very happy with zencloud/gaw too so will want to purchase from Trex some Envy. Also any bounties going for Promos on twitter/ blogs? Also ENVY Bagholders will get paid weekly holder dividend bonuses correct? If so I like this..  |
|
|
|
|
tom14cat14 (OP)
|
|
September 30, 2014, 05:27:51 PM |
|
I am writing to everyone today to let everyone know that I have decided to cancel the ICO for ENVY Coin. I still believe in this idea but I have failed to show people the benefit that I believe this coin would have had. Based on the amount sold and the comments from forum members mainly in Hashtalk.org it has shown that most of you do not think this is a good idea or at least that I am not the person you want to trust your money with. I want to thank those that have helped me put this together and a big thank you to GAW for everything they had been trying to do. I know they have received a big target on their back after Josh posted his support. I have decided to bite the bullet eat the cost of development and clear lets things calm down for Josh and myself. I hope that maybe someday in the future someone else will be able to add this to their coin and make it a big success. I have informed Bittrex to close the ICO and refund everyone. I have just got off the phone with GAW and told them my intentions. I apologize for everyone that has bought and believed in this project but the reality is we most likely would not have met the min BTC sold to meet the terms of the ICO.
|
|
|
|
|
|
candlesticks
|
|
September 30, 2014, 05:39:59 PM |
|
I am writing to everyone today to let everyone know that I have decided to cancel the ICO for ENVY Coin. I still believe in this idea but I have failed to show people the benefit that I believe this coin would have had. Based on the amount sold and the comments from forum members mainly in Hashtalk.org it has shown that most of you do not think this is a good idea or at least that I am not the person you want to trust your money with. I want to thank those that have helped me put this together and a big thank you to GAW for everything they had been trying to do. I know they have received a big target on their back after Josh posted his support. I have decided to bite the bullet eat the cost of development and clear lets things calm down for Josh and myself. I hope that maybe someday in the future someone else will be able to add this to their coin and make it a big success. I have informed Bittrex to close the ICO and refund everyone. I have just got off the phone with GAW and told them my intentions. I apologize for everyone that has bought and believed in this project but the reality is we most likely would not have met the min BTC sold to meet the terms of the ICO.
That's too bad, there were probably many that were waiting until the last minute to buy. No point in tying up BTC for a week, when we could be trading for profit, and have more to invest. Good luck in your future ventures. |
|
|
|
|
tom14cat14 (OP)
|
|
September 30, 2014, 06:03:34 PM |
|
I am writing to everyone today to let everyone know that I have decided to cancel the ICO for ENVY Coin. I still believe in this idea but I have failed to show people the benefit that I believe this coin would have had. Based on the amount sold and the comments from forum members mainly in Hashtalk.org it has shown that most of you do not think this is a good idea or at least that I am not the person you want to trust your money with. I want to thank those that have helped me put this together and a big thank you to GAW for everything they had been trying to do. I know they have received a big target on their back after Josh posted his support. I have decided to bite the bullet eat the cost of development and clear lets things calm down for Josh and myself. I hope that maybe someday in the future someone else will be able to add this to their coin and make it a big success. I have informed Bittrex to close the ICO and refund everyone. I have just got off the phone with GAW and told them my intentions. I apologize for everyone that has bought and believed in this project but the reality is we most likely would not have met the min BTC sold to meet the terms of the ICO.
That's too bad, there were probably many that were waiting until the last minute to buy. No point in tying up BTC for a week, when we could be trading for profit, and have more to invest. Good luck in your future ventures. Thanks. I do not think I will do any future ventures. This was a huge finical loss for me and I am just not good at dealing with trolls I guess. |
|
|
|
|
|
tom14cat14 (OP)
|
|
September 30, 2014, 07:13:57 PM |
|
For those that liked this IDEA. I have been doing this small scale on Fireocin. It doesnt have the payment that this would have since I paid for those hashlets out of my pocket but you can at least see how it works. https://bitcointalk.org/index.php?topic=702951.0 |
|
|
|
|
|
mafort1469
|
|
September 30, 2014, 08:01:57 PM |
|
All I can say FUCK! I really wanted this happen and you had my full support tom14cat14. You have proven yourself time and time again to me and if others can't see it then it is definitely their loss. How could anyone not see the benefits that this would bring to the cryptoworld? I do believe that most people were waiting until the last minute to buy, either to sell other coins or to get that last paycheck and then buy. I know I was planning on doing this on Friday along with what I had already bought. Damn!! Always a good thing is trashed by fucking trolls. I will put what I bought into firecoin as I know that is a good coin and have received payments from the mining profit share. Maybe more marketing first and then a redeployment? I would really hate to see a promising coin go in the trash. Anything I can do to help, PLEASE let me know. Thanks!
|
|
|
|
|
|
tom14cat14 (OP)
|
|
September 30, 2014, 08:08:50 PM |
|
All I can say FUCK! I really wanted this happen and you had my full support tom14cat14. You have proven yourself time and time again to me and if others can't see it then it is definitely their loss. How could anyone not see the benefits that this would bring to the cryptoworld? I do believe that most people were waiting until the last minute to buy, either to sell other coins or to get that last paycheck and then buy. I know I was planning on doing this on Friday along with what I had already bought. Damn!! Always a good thing is trashed by fucking trolls. I will put what I bought into firecoin as I know that is a good coin and have received payments from the mining profit share. Maybe more marketing first and then a redeployment? I would really hate to see a promising coin go in the trash. Anything I can do to help, PLEASE let me know. Thanks!
Thank you for the support. I am pretty beat up after envy. I never thought hashtalk would be so harsh to it. I will just keep working on Firecoin. GAW was ready to pull their support because of how many complaints they received. Granted we still could have bought it just would have had no official backing. I figured it was better to get everyone their money back sooner rather then later. We had only sold 3.5 BTC worth and the min needed was 100 BTC and even that would have been a pretty small amount of hashpower. |
|
|
|
|
|
JTB800
|
|
September 30, 2014, 08:51:38 PM |
|
I am just curious. It seems like there is a descent amount of support for this coin now. I can tell Bittrex to reopen since refunds have not started. But we would have to get to 100 BTC
Yes, I think you threw in the towel too early. I don't know what they were saying at hashtalk.org (actually, I have never even heard of hashtalk.org), but you should really give it a shot. I was one of those questioning the structure of the deal (and was hoping you would change it), but I was still going to invest at least a little. I think the idea is solid. Also, you quit just after quiwoman2 (who runs the QBK coin) reached out to you (on this forum). She sounded interested in the concept. That's worth a conversation right there. QBK had its ICO on Poloniex at .0002 and in about a month it is trading at around .00062 (as I write this), plus it has already paid a dividend. People wait until the last minute. I hated the Craigscoin idea (and definitely did not invest -- thankfully as it was a dud), but nearly all of the BTC came in during the last 48 hours. (That was on Bittrex too) I say, as best as you can, tweak the details of the ICO to answer your critics and still make you happy. Now, I have no idea what your critics were so upset about at hashtalk.org, so that may not be possible. All I am saying is now that you have some feedback, maybe you would like to make a minor change or two to the ICO terms, and continue on. Maybe extend the ICO deadline a bit also. |
|
|
|
|
|
tom14cat14 (OP)
|
|
September 30, 2014, 09:00:51 PM |
|
I am just curious. It seems like there is a descent amount of support for this coin now. I can tell Bittrex to reopen since refunds have not started. But we would have to get to 100 BTC
Yes, I think you threw in the towel too early. I don't know what they were saying at hashtalk.org (actually, I have never even heard of hashtalk.org), but you should really give it a shot. I was one of those questioning the structure of the deal (and was hoping you would change it), but I was still going to invest at least a little. I think the idea is solid. Also, you quit just after quiwoman2 (who runs the QBK coin) reached out to you (on this forum). She sounded interested in the concept. That's worth a conversation right there. QBK had its ICO on Poloniex at .0002 and in about a month it is trading at around .00062 (as I write this), plus it has already paid a dividend. People wait until the last minute. I hated the Craigscoin idea (and definitely did not invest -- thankfully as it was a dud), but nearly all of the BTC came in during the last 48 hours. (That was on Bittrex too) I say, as best as you can, tweak the details of the ICO to answer your critics and still make you happy. Now, I have no idea what your critics were so upset about at hashtalk.org, so that may not be possible. All I am saying is now that you have some feedback, maybe you would like to make a minor change or two to the ICO terms, and continue on. Maybe extend the ICO deadline a bit also. Thank you for the feedback. GAW was debating pulling their support for it(we still can buy the hashlets) because the people on Hashtalk were threatening to sell their accounts. And said Envy was to big of risk for GAW. |
|
|
|
|
|
tom14cat14 (OP)
|
|
September 30, 2014, 09:05:12 PM |
|
I have added a poll asking if I should open it back up. And please post if you want me to continue with this. I can say there will be a few changes to the plan. 1 Being the name GAW and hashlets will be removed from the plan and it will be changed to cloud mining. It will be a mix of Hashlets and other cloud mining providing the profit. This will spread out the risk. I will also review the feedback I have received and see where we can improve.
|
|
|
|
|
|
Poll
