[ANN] OCTO - Resurrect 888 - New Counterparty Asset

[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

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.

No worries, i understand your thought there. I will await your decision

[FoldingCoin]

Also when you get a chance, can i get a high resloution picture of the octo coin? the PNG you have on bitcointalk comes up wierd on our website, thanks

[OCTOPARTY]

also, i really gotta think about the balance between the burners, the miners and the crowd sale.

now the burners get there's all at once and all up front. so there's a little power there.

the crowd sale is so far down the road we won't count them yet.

the miners do need to have a larger distribution at first up front so that they hold enough to have some voting power.

of course all parties will have the ability to earn octo in the community in the future for becoming a dev, helping out with promotions, donating Bitcoin for funding, etc.

i'm just scared to throw a number out because there is risk of dumping and voting that can really help or hurt the coins success.

your thoughts on that?

p.s. the twitter is updated some. threw a graphic together. still have to edit it some more.

[madmartyk]

The only thing I'm going to miss is putting the ASIC on Octo!

[FoldingCoin]

also, i really gotta think about the balance between the burners, the miners and the crowd sale.

now the burners get there's all at once and all up front. so there's a little power there.

the crowd sale is so far down the road we won't count them yet.

the miners do need to have a larger distribution at first up front so that they hold enough to have some voting power.

of course all parties will have the ability to earn octo in the community in the future for becoming a dev, helping out with promotions, donating Bitcoin for funding, etc.

i'm just scared to throw a number out because there is risk of dumping and voting that can really help or hurt the coins success.

your thoughts on that?

p.s. the twitter is updated some. threw a graphic together. still have to edit it some more.

I would think by the end of the year (this includes the burners) you may want around 33% of your octo distributed because it looks like maybe 10 million might go to the burners which is already 1/8th of the total market. So without introducing more to new participants, you may have centraliation of OCTO holdings from this existing community. Now obviously thats not a bad thing as this is being designed to help recoop losses from the original 888, and our folders arent gonna mind because its just another token that they are receiving.

But thinking long term, you may want to get some out there in the first year. But your community will know what is right for you guys

[OCTOPARTY]

Yeah we will see. I do think you are right. We need a balance between the burn and the miners. Def don't want to risk it being too central. I'm willing to put a lot towards mining as long as the burn % is low.

I think it will be more than 10 million. I suspect that many are waiting because they are mining. Many may not know that it's going yet. But the longer the next few days go I suspect at least 15 million.

I was terrified we were going to end up with 50+ % of the market available between burning and the first few months of mining.

I don't think that's good.

[FoldingCoin]

So here is the FoldingCoin Octo page, let me know what you all think http://foldingcoin.net/tokens-page/#octoparty

And let me know if you would like any additional information or if you would like to change any information

[OCTOPARTY]

Don't forget that this Saturday is the last day you can donate BTC towards the squarespace website. Goal is 1.5 BTC and we are currently at .7 with a .1 payout to the block explorer. Balance is .6 BTC.

Donators receive:

50000, 75000 or 100000 OCTO split between all donators
OCTOFAME token
OCTO Wall of Fame listing on the OP and website
entry into the drawing for an OCTO tee when we launch them
future OCTOFAME benefits when they come out

I know one person committed to getting us to the 1.5 BTC. However, the more people that donate the bigger the pot grows and 100,000 will be split. Plus that's more OCTOFAME tokens issued and members on the Wall of Fame.

Remember, that you guys will be issued the OCTO and OCTOFAME before the burn OCTO is issued. So, you will be able to access the LTB forums before any other burners!

Thanks!

P.S. Donators on the wall of fame can begin PMing me your Counterwallet addresses so that I can send out the OCTO and OCTOFAME tokens after Saturday. I will be driving to Florida on Sunday so maybe by Monday night?

[mafort1469]

Yes, I do hope more people join the wall of fame and if not, then I'm glad it will be taken care of. I will burn my coins tomorrow night FYI. I do hope more people will be burning before Saturday as well.

[OCTOPARTY]

Yes, I do hope more people join the wall of fame and if not, then I'm glad it will be taken care of. I will burn my coins tomorrow night FYI. I do hope more people will be burning before Saturday as well.

i think many are still mining and won't burn until the last minute on March 7th or 8th.  i hope more people donate to the fund. if not, the ones that did will still be rewarded and we will get the website going

there will be plenty of chances in the future to donate and receive an OCTOFAME token which I think is the best part. we will find some really neat things to do with tokens over the next few years so the rewards will keep coming for the ones that hold he token. it will also be interesting to see if anyone decides to sell the token on the Counterwallet exchange and how much XCP someone would be willing to give for it in hopes that the future rewards are worth it.

interesting times.

can't wait to see your burn mafort. thanks so much for the support. you guys are a big reason this is going so smoothly.

[hashbrown9000]

[OCTOPARTY]

we're going to Japan!?!

[OCTOPARTY]

donators - pm me your Counterwallet address so that when the deadline is over for raising BTC i can send out OCTO and OCTOFAME to your wallet addresses.

[mafort1469]

donators - pm me your Counterwallet address so that when the deadline is over for raising BTC i can send out OCTO and OCTOFAME to your wallet addresses.

Hey it looks like no more donators so I sent 0.8 btc txid:  b2cc22beeadf851853083066c3e10225d8c3e4d9d1516b4ef3f36af11e1ee8e9

Goal achieved. Will be burning shortly.

Edit: Burned

[OCTOPARTY]

donators - pm me your Counterwallet address so that when the deadline is over for raising BTC i can send out OCTO and OCTOFAME to your wallet addresses.

Hey it looks like no more donators so I sent 0.8 btc txid:  b2cc22beeadf851853083066c3e10225d8c3e4d9d1516b4ef3f36af11e1ee8e9

Goal achieved. Will be burning shortly.

Edit: Burned

So been busy packing, seeing friends and family. Just figured I'd check in. Thanks mafort for donating so much. Looks like you will get the majority of the OCTO issued. Much appreciated. You are playing a huge part in the success of OCTO by helping the website get up.

You guys have seen the block explorer. Next week I will pay for the website so we will be good for 1 year. I'll post the transaction ID for where I send to Coinbase and cash out the cost of the website. When I arrive in Florida I'll spend as much time as possible next week getting the website designed and up.

The remaining BTC will be transferred to my Counterwallet to pay for the transaction fees on sending the OCTO to the donators, the OCTOFAME to the donators and the OCTO sent to all burners. Transaction IDs will be posted.

Any remaining BTC will remain in Counterwallet until another contest or use comes about.

Ok, back to packing. I have a long 13 hour drive to Florida tomorrow.

[FoldingCoin]

donators - pm me your Counterwallet address so that when the deadline is over for raising BTC i can send out OCTO and OCTOFAME to your wallet addresses.

Hey it looks like no more donators so I sent 0.8 btc txid:  b2cc22beeadf851853083066c3e10225d8c3e4d9d1516b4ef3f36af11e1ee8e9

Goal achieved. Will be burning shortly.

Edit: Burned

So been busy packing, seeing friends and family. Just figured I'd check in. Thanks mafort for donating so much. Looks like you will get the majority of the OCTO issued. Much appreciated. You are playing a huge part in the success of OCTO by helping the website get up.

You guys have seen the block explorer. Next week I will pay for the website so we will be good for 1 year. I'll post the transaction ID for where I send to Coinbase and cash out the cost of the website. When I arrive in Florida I'll spend as much time as possible next week getting the website designed and up.

The remaining BTC will be transferred to my Counterwallet to pay for the transaction fees on sending the OCTO to the donators, the OCTOFAME to the donators and the OCTO sent to all burners. Transaction IDs will be posted.

Any remaining BTC will remain in Counterwallet until another contest or use comes about.

Ok, back to packing. I have a long 13 hour drive to Florida tomorrow.

Safe travels! Ill be here to help with as much as i can during your travels

[hashbrown9000]

I see big things coming!

https://www.youtube.com/watch?feature=player_embedded&v=F5fZu-1bt6Y

[OCTOPARTY]

Ok, so I have sent the BTC to my coinbase and will cash out to my bank account as soon as it posts there. When it hits my account next week I will pay Squarspace for the website.

1.5 BTC Raised
1.24247312 Paid out for both the block explorer and the website.
.25752688 Transferred to Counterwallet address: 17zGZ3h13FaWV7rUxYK9DQyS6TtSapZGe4

We will not have that much cost for the fees. I will hold that amount until it's used again or use it for a contest. We could put it towards the cost of the first printing of tee shirts we print. We can discuss that at a later time.

[mafort1469]

Excellent work. I am glad it all worked out. Cant wait for things to get rolling. Glad I am a part of this!!!

[OCTOPARTY]

First 6 OCTOFAME tokens distributed (I will always keep a balance of 1 in the wallet just in case). madmarty and mafort have sent me their Counterwallet addresses. I need addresses from the rest of you. I know FoldingCoin has an address on their site but is that where you want to hold the OCTOFAME token? And of course I put up .1 so I'll have one.

I will figure up percentages for the 75,000 OCTO, issue it and send it asap.

Thanks guys!