[ANN] OCTO - Resurrect 888 - New Counterparty Asset

[OCTOPARTY]

Yes, I think the voting aspect is one of the best things about Counterparty. I can't wait to be able to use this since the whole premise is that it's a community coin

[FoldingCoin]

Yes, I think the voting aspect is one of the best things about Counterparty. I can't wait to be able to use this since the whole premise is that it's a community coin

Keep in mind two things though:

1. We need to establish a general layout of how your first at least 2-3 months of Merged folding will be so we can get started right away after the deadline is hit
2. People need to have OCTO before we can do a vote, so it would need to be after the burn

[OCTOPARTY]

So from what I understand, vote tokens can be distributed in accordance to the total amount of OCTO you hold in your wallet. The more OCTO you have in your wallet, the more invested you are, the more weight you can throw around in voting for different issues. Makes sense, why would a vote for someone who holds 200 OCTO be equal to someone who holds 200,000 OCTO. Every person counts but in the financial world, you have to keep your main investors happy. Some have more risk than others.

I'm sure you could just as easily send 1 vote token to each wallet address. Each address would hold the same weight evenly.

Very interesting to see how some of the OCTO votes turn out. The only close voting I have followed was some of SWARM's early votes. I was so new that I held my vote tokens and didn't participate. I really didn't have a good understanding of how it all worked at the time. I also have held FoldingCoin vote tokens but since I wasn't heavily invested and didn't fold I didn't want to skew the voting for those who that is their passion just because I held a token.

As we move along in the Counterparty world what types of things come up for voting and seeing how well the whole system works.

[OCTOPARTY]

Yes, I think the voting aspect is one of the best things about Counterparty. I can't wait to be able to use this since the whole premise is that it's a community coin

Keep in mind two things though:

1. We need to establish a general layout of how your first at least 2-3 months of Merged folding will be so we can get started right away after the deadline is hit
2. People need to have OCTO before we can do a vote, so it would need to be after the burn

good point. i mean we could definitely decide the first 2-3 months of OCTO distribution very quickly and then add on later

i suppose we could do vote tokens right after the burn. it will also be interesting to see as coins are distributed in merge folding and new users join the community how it will change in 2-3 months. I think having people outside of the burners and original community who have OCTO to gain with mining will definitely have opinions on future distribution. that will somewhat effect how much they hold vs how much they dump when we are finally on exchanges if they value having a say by voting. interesting factors.

[FoldingCoin]

So from what I understand, vote tokens can be distributed in accordance to the total amount of OCTO you hold in your wallet. The more OCTO you have in your wallet, the more invested you are, the more weight you can throw around in voting for different issues. Makes sense, why would a vote for someone who holds 200 OCTO be equal to someone who holds 200,000 OCTO. Every person counts but in the financial world, you have to keep your main investors happy. Some have more risk than others.

I'm sure you could just as easily send 1 vote token to each wallet address. Each address would hold the same weight evenly.

Very interesting to see how some of the OCTO votes turn out. The only close voting I have followed was some of SWARM's early votes. I was so new that I held my vote tokens and didn't participate. I really didn't have a good understanding of how it all worked at the time. I also have held FoldingCoin vote tokens but since I wasn't heavily invested and didn't fold I didn't want to skew the voting for those who that is their passion just because I held a token.

As we move along in the Counterparty world what types of things come up for voting and seeing how well the whole system works.

We actually used to do it this way, but another vote was passed with us that actually changed this process a little bit. With your coin though, i think a 1:1 vote is good to start with, but our vote coins are now only distributed to those that hvae folded in the previous month and you are only aloud to earn a max of 500k FLDCVOTE tokens per period. But thats because our coin is purely Folding, yours is not.

Thats the beautiful thing, we had a vote that changed the way we vote

[OCTOPARTY]

http://blockexperts.com/888/address/8burnYouroctoHere4oCToPartyXRcdDgX

[hashbrown9000]

anyone heard from ShellBunner or fedaykin?

[OCTOPARTY]

i messaged both on here. i also messaged shell on reddit.

no responses from either.

thenotfatguy responded to me on reddit. but he was busy and kinda over crypto which sux.

[hashbrown9000]

hmm maybe he can donate some octo.

also i wonder if that balance on buttrex was shell's i know he had a shitload

[OCTOPARTY]

i would suspect it was a mix but you never know. it was def the largest octocoin wallet. as for money we are almost there. and one person already said they'd do the balance saturday if nobody else could donate. we should have 1.5 BTC easy. I mean we did .7 and paid out .1 for the explorer.

we'll be good. i'll issue the OCTO and OCTOFAME to the donators prolly Monday when i'm in Florida. by the next week it'll be the end of the burn. get that issued. decide on the merge mining. then start on the website.

it's going to be a busy summer getting all of this going but i think it will be worth it. to fund the first project will be cool. but when others start wanting to fund projects is when it will get really interesting.

[OCTOPARTY]

and yeah i would think he'd want to burn but at the same time, a lot of people didn't stick around when the devs bounced. i don't blame them. i hope if he wants to burn he shows up.

[FoldingCoin]

i would suspect it was a mix but you never know. it was def the largest octocoin wallet. as for money we are almost there. and one person already said they'd do the balance saturday if nobody else could donate. we should have 1.5 BTC easy. I mean we did .7 and paid out .1 for the explorer.

we'll be good. i'll issue the OCTO and OCTOFAME to the donators prolly Monday when i'm in Florida. by the next week it'll be the end of the burn. get that issued. decide on the merge mining. then start on the website.

it's going to be a busy summer getting all of this going but i think it will be worth it. to fund the first project will be cool. but when others start wanting to fund projects is when it will get really interesting.

Have safe travels Is it ok if we officially start advertsiing OCTO on our end?

[FoldingCoin]

i would suspect it was a mix but you never know. it was def the largest octocoin wallet. as for money we are almost there. and one person already said they'd do the balance saturday if nobody else could donate. we should have 1.5 BTC easy. I mean we did .7 and paid out .1 for the explorer.

we'll be good. i'll issue the OCTO and OCTOFAME to the donators prolly Monday when i'm in Florida. by the next week it'll be the end of the burn. get that issued. decide on the merge mining. then start on the website.

it's going to be a busy summer getting all of this going but i think it will be worth it. to fund the first project will be cool. but when others start wanting to fund projects is when it will get really interesting.

If so, do you think you could get a new twitter as well for the new octo?

[OCTOPARTY]

Yeah you can go ahead and announce on your end. As for the twitter: @theoctoparty

[OCTOPARTY]

Follow: @theoctoparty

Retweet the first post on Twitter below:

OCTO ‏@theoctoparty  23m23 minutes ago
burn your Octocoin for #OCTO Feb 24-Mar 8. see https://bitcointalk.org/index.php?topic=960933.0 …. follow: @framelalfe @foldingcoin @CounterpartyXCP

DM your Counterwallet address to @theoctoparty and when the burn is over on the 8th We will pay you a few OCTO to make it worth your while

[hashbrown9000]

that 0.88888888 tx is my test. so i'll be sending over my stash towards the end of the burn. my 2 gpus are still happily mining away

[FoldingCoin]

Yeah you can go ahead and announce on your end. As for the twitter: @theoctoparty

Perfect I will announce it tonight. Do you have an initial distribution methodology set yet?

[OCTOPARTY]

Yeah you can go ahead and announce on your end. As for the twitter: @theoctoparty

Perfect I will announce it tonight. Do you have an initial distribution methodology set yet?

Nobody on the board has really responded about those initial posts. I don't think they mind either way. But we do need to discuss. A balance between the burn, mining and other distribution is important for stability and dumping.

I could picture 30-90 days as a short term until we vote. We'll give them 48 hours for opinions or I'll set the short term.

Please chime in guys or we may just go with what I decide for the first 30-90 days.

[FoldingCoin]

Yeah you can go ahead and announce on your end. As for the twitter: @theoctoparty

Perfect I will announce it tonight. Do you have an initial distribution methodology set yet?

Nobody on the board has really responded about those initial posts. I don't think they mind either way. But we do need to discuss. A balance between the burn, mining and other distribution is important for stability and dumping.

I could picture 30-90 days as a short term until we vote. We'll give them 48 hours for opinions or I'll set the short term.

Please chime in guys or we may just go with what I decide for the first 30-90 days.

How about this, since you are not sure exactly how many are gonna get burned, but we know that there is only 40 million in existence, how about you start with a set amount over 8 months that allow anyone to get some before deciding the change so you can get this rolling. Here is what i think:

• Distribute an initial 8,888,888 OCTO on merged folding to get some out there (keeping the 8 theme)
• Distribute over a period of 8 months
• that comes to 240 days
• That comes to 37,037 per day
• so that OCTO isnt paying a lot of transaction fees, do weekly payouts which would be 259259 per week
• Should cost roughly 0.01 BTC per week to do the distribution (with the current amount of folders we have)

Then during this time you can hold a vote to determine what you will do with the rest of the 888 and still get a lot out there to the existing folders

[OCTOPARTY]

Yeah you can go ahead and announce on your end. As for the twitter: @theoctoparty

Perfect I will announce it tonight. Do you have an initial distribution methodology set yet?

Nobody on the board has really responded about those initial posts. I don't think they mind either way. But we do need to discuss. A balance between the burn, mining and other distribution is important for stability and dumping.

I could picture 30-90 days as a short term until we vote. We'll give them 48 hours for opinions or I'll set the short term.

Please chime in guys or we may just go with what I decide for the first 30-90 days.

How about this, since you are not sure exactly how many are gonna get burned, but we know that there is only 40 million in existence, how about you start with a set amount over 8 months that allow anyone to get some before deciding the change so you can get this rolling. Here is what i think:

• Distribute an initial 8,888,888 OCTO on merged folding to get some out there (keeping the 8 theme)
• Distribute over a period of 8 months
• that comes to 240 days
• That comes to 37,037 per day
• so that OCTO isnt paying a lot of transaction fees, do weekly payouts which would be 259259 per week
• Should cost roughly 0.01 BTC per week to do the distribution (with the current amount of folders we have)

Then during this time you can hold a vote to determine what you will do with the rest of the 888 and still get a lot out there to the existing folders

I think that is too much. I was talking about distributing 20-30 million OCTO over 8 years at least. To distribute almost half of 20 mil or a third of 30 mil, in 8 months is too high. I think it would flood the space, depending on the size of burned coins.

Now if the burn turnout is much lower than I expect, say under 15 mil, i think we could do that many early. But I really hope people see the value in slowly allowing mining to bring new coins to the market.

Plus we have to keep some for the crowd sale, promotions and funding some other projects in the future.

I do like the idea of keeping with the 888 in some form though.

Hopefully some more people chime in. I mean if I could do it right now I would do it for 8 years and distribute 20 million coins. Have some of these early miners get larger payouts that cut down over the years.

I'll think about it some more and let ya know.