only one or two people. i also don't have a total number of OCTO from DJslick or if he would be willing to burn a partial amount. his last pm to me said that i couldn't let him burn because it compromises the coin, or something to that effect. so he understands the position. it's still doable within limitations. we will see what he and others say if they decide to chime in.
It’s all about fairness. No offense to anyone particular but no one who successfully burned their coins received email notification either. If you accept XXX then you have to ACCEPT ALL LATE COMERS. Everyone comes late with a reason. There should be no preferential treatment for all
And if you do allow preferential treatment(s), serious investors including me won’t support or buy this coin for sure
As for the burn, we have not decided to do it or not. IF we do, it would be announced long before hand, open to everyone, and only for a limited time. Problem is, we open it to everyone and really be fair about it and we risk the total burn going even higher than we can afford. The only way I see to combat that is with a short time limit and definite penalties such as a 2:1 or 4:1 ratio.
I still think that most people out there will say exactly what you just said. It compromises the integrity of the coin. That worries me more than anything. We already are fighting perceptions based on burning from an alt. People will look at us as dumpers and themselves as future bag holders. That's one reason why I said we cannot have 40-50% of OCTO being burners. I thought staying under 20 million of the 88.8 million total was awesome. Hell even if slick had burned on time 21.5 million or so would have been awesome. My fear was that we may have been closer to 30-35 million of the total 40 million.
When you really break down what we have done with OCTO and what the exact plans are:
Total pre-sale: 75,000 (raise BTC for website, block explorer and distribution fees)
Total burned: 19,594,174
Total merged mining: 22,677,108 (over 8 years)
Total lottery faucet: 322,892 (that was minimum commitment, but also committed to calendar year. this could go up if participation explodes before the calendar year is over.)
Total Bounties: 50,000 (in future need to set aside a set amount for any future bounties. the first one was paid to a community member for doing a weekends worth of research that is being used in marketing project.)
TOTAL: 42,719,174 (this total has been distributed or committed to distribution)
Balance: 46,080,826 (this balance is for future distribution which includes at least: bounties, crowd sales, dev funding, promotions, etc.)
The thing about doing a burn and not starting a crowd sale from zero distribution is that what gives them incentive to buy your coin? The first thought in every investor's mind is the potential for burners to dump. That's why our coin is unique. We want to have a crowd sale or possibly 2 to fund projects. Right now if we held 1 crowd sale we could pad it high enough that maybe it offsets the worry of the less than 20 million burn. Hell, we could have 2 crowd sales at 20 million OCTO a piece and the first one is still about even with burners and a second one still gives the total crowd salers an advantage over burners.
The other good thing is that the almost 23 million merged mining is a slow release over 8 years and truly accessible by anyone with a CPU/GPU.
This was supposed to be all about fair, even, balanced distribution. The burn was supposed to be for people who really were Octocoin people and had stuck around through all the BS, not open so long that we had every person who ever bought Octocoin to come in and burn and we have almost 40 million OCTO right away. That would have definitely not faired well for future distribution. If we had even burned 25 million or a little more, we would have effectively put the balance available now at or under 40 million to future distribution. Granted, if we had 25 million up front, we may not have committed 23 million to merged mining. But I also think that it was super important to have that distribution that high so that for the next few years you have a definite, planned, known release of OCTO and it's higher than what was burned. That's fair.
I also think we have to consider the amount of work that goes into the burn. Quite a few people busted their ass planning and getting this off the ground. I personally have spent countless hours on this stuff because I want it to be successful. It is rather annoying that I have to think about doing a burn again. But if I have to I will.
Another thing to consider. The amount of tracking this burn will have. If we open it even for 24 hours, and advertise it for a month or 2 out, so it's fair that anyone can burn, and we set a limit that you cannot burn any coins past March 10, then you have to check and be sure burners aren't scamming. That's a lot of blockchain investigating if a massive amount of people attempt to burn. Even those who do not care about OCTO, may spam us, sending in massive amounts of coins, even coins mined after March 10.
We also risk the blockchain being functional. We saw what happened between March 8-10. We were barely able to complete the first burn. People's transactions would not go over 1000 and they were trying to burn thousands to millions. Also, what incentive does anyone have to throw hash at the network to complete the burn?
I said it before, I'm not against a 2nd burn as long as we do it right. But these are all the things I think about. These are the stresses. These are the things that we risk.
Thanks for everyone's input. It's very important. And remember, if you really believe in this project and what we are doing, OCTO is dirt right now on bittrex. There's no reason for anyone who wants to hold OCTO not to just buy it.
