[ANN] [888] [SCRYPT] OctoCoin ◦ The Power of Eight ◦ Don't Blink

[TheOldDevilMoon]

Expected payoff / block = 88 + (888 * 1/8) = 199. 

Roughly 1/4 of what is was - all else equal, difficulty should be 1/4 of what it was before the switch, right?

[SuperSta]

Why does the everyone and especially the DEV ignore the elephant in the room?  FusionHash has almost never been under 50% of the total hash. Usually they are in the 80+ range and often well above 90% of the total hash.

Way past time to deal with the elephant in the room and stop complimenting the emperors nice clothes.

First of all, there is some confusion here on what exactly a 51% attack is. Double-spends are a concern if we're talking about a malicious pool operator but FusionHash has an impeccable reputation and maliciously abusing their position would be senseless to their long-term business plan. Also, while it may be true that at one point they had over 90% of the total hash, as you may have noticed, there was no fork/etc - there are a lot of misconceptions surrounding what exactly a 51% attack is capable of and I suggest doing additional research on the topic.

I think it's time for the DEV to disclose any relationship with fusionhash. I for one was surprised to see him/her making announcements on behalf of fusionhash throughout this thread. Is the dev also running fusionhash? What is the relationship if this is not the case? Part of the 8 unknown people behind this coin? If anyone doubts me, quickly check through this thread before the dev's posts are deleted or edited and you can see for yourself where he has been reporting on their behalf.

Our relationship to FusionHash is that we reached out to them 2 weeks before we launched OctoCoin and asked if they would be one of our launch pools. Mining pools are only a small part of their business model as they are building a large rent-a-hash operation, an exchange, coin hosting services, and more...but everybody speaks very highly of FusionHash which is why we specifically reached out to them. Also, we knew it would be great for marketing. The majority of OctoCoin miners were mining in that pool so when my inbox began to fill up with people upset about delayed payouts, I contacted the owner of FusionHash to help sort it out. I doubt they even have an account here - I wanted to make an announcement regarding an issue that was affecting a number of people mining the coin we just launched. I'm surprised anybody would have an issue with that.

Way past time to deal with the elephant in the room and stop complimenting the emperors nice clothes.

No elephants in this room. Look - people are going to mine where they want to mine. If it actually becomes an issue, we will address it...but it's nowhere near an issue. People need to educate themselves on these things and react accordingly. We are very serious about OctoCoin and if we thought any of this was a threat to its future (even short-term future) we would have addressed it by now.

More to come later...

Thanks for responding.

I completely disagree with ignoring the issue of having one pool with a substantially higher share of the total hashrate. It makes no sense to ignore this regardless of your faith in the admin(s).  It's 's not like it has been a rare occurrence. In fact it would've been almost impossible to ever find a time when they didn't have a lot more of the total hashrate. As I write this they have just about 80% of the total which has been a completely common value throughout the last week. Ignoring issues doesn't make them go away.

If they are so ethical, why haven't they made any effort to deal with the issue?

I think he's taking the "Let the shit hit the fan, then we'll deal with it" approach. Lifeforce could really use some extra hashes if you change your mind. We dropped quite a bit in hashes when the big miners left. If you don't help us now, we will probably die out, and instead of Octocoin being active on 3 pools it will be 2 pools, then soon after 1? I hope you act, but if you don't I'll stop trying and refocus my attention elsewhere.

[SuperSta]

http://octo.lifeforce.info

System: Prop Stratum VarDiff
Pay Interval: Every 5 Minutes (for confirmed blocks)
Fee: 0%

[dmp]

Vote on https://www.cryptorush.in/index.php?p=vote please. Help me up in 12 hours

[dmp]

i prepeared around 0.5 btc for voting

[MaGNeT]

Vote on https://www.cryptorush.in/index.php?p=vote please. Help me up in 12 hours

It's easy to get high in the voting on Cryptorush

P.S. Coins that are caught cheating. (aka bots voting) will be disqualified and automatically removed from the list at the end of the voting cycle.

Just cheat on other coins and they get removed
In other words: don't waste a coin on that exchange.

[makishart]

vote and mine!!! diff is low!

[th0ms0n]

Unfortunately, most exchanges determine which coins to add based on voting now. We assumed we would have pull at Cryptsy, for example, since I am one of the largest shareholders there. Regardless, it sounds like even at Cryptsy we will have to go through the voting process. We really need the assistance of the community here as the next phase of our project will rely on OctoCoin being more liquid (which requires higher volume exchanges.)

Why not just buy some votes at mintpal, cryptorush etc? If you're one of the largest shareholders at cryptsy, that shouldnt have much of an impact on your wallet, right?

[homey108]

Vote on https://www.cryptorush.in/index.php?p=vote please. Help me up in 12 hours

It's easy to get high in the voting on Cryptorush

P.S. Coins that are caught cheating. (aka bots voting) will be disqualified and automatically removed from the list at the end of the voting cycle.

Just cheat on other coins and they get removed
In other words: don't waste a coin on that exchange.

Never a reason to cheat and people should be wary of cryptorush anyway. If in doubt check out the Zeitcoin thread and see what happened to many cryptorush users there. It's not worth risking your coins on mickey mouse exchanges in my opinion.

[niothor]

Vote on https://www.cryptorush.in/index.php?p=vote please. Help me up in 12 hours

It's easy to get high in the voting on Cryptorush

P.S. Coins that are caught cheating. (aka bots voting) will be disqualified and automatically removed from the list at the end of the voting cycle.

Just cheat on other coins and they get removed
In other words: don't waste a coin on that exchange.

I like your plans

[frameLAlife]

Vote on https://www.cryptorush.in/index.php?p=vote please. Help me up in 12 hours

It's easy to get high in the voting on Cryptorush

P.S. Coins that are caught cheating. (aka bots voting) will be disqualified and automatically removed from the list at the end of the voting cycle.

Just cheat on other coins and they get removed
In other words: don't waste a coin on that exchange.

Never a reason to cheat and people should be wary of cryptorush anyway. If in doubt check out the Zeitcoin thread and see what happened to many cryptorush users there. It's not worth risking your coins on mickey mouse exchanges in my opinion.

I would think most users agree that it's not worth risking your coins on MM exchanges. However, at this point all you have 888 on is MM exchanges. Really, in most cases if you are a miner dropping coin early or a buyer buying in early you are dealing on these MM exchanges. I know as a buyer i've dealt with this quite a bit. As a miner, I have never dealt with this. Prior to this coin I didn't mess with launch coins and I only mined what I could sell on cryptsy.

[frameLAlife]

Kind of a slow weekend since the block reward reduction. I think we really need 888 to hit one of these exchanges with more volume and coinmarketcap.com.

You can apply to add it to coinmarketcap.com but I'm not sure they will list it unless it's on an exchange with some volume.

[Grrizz]

Expected payoff / block = 88 + (888 * 1/8) = 199. 

Roughly 1/4 of what is was - all else equal, difficulty should be 1/4 of what it was before the switch, right?

Nope assuming same number of miners diff should be the same as it is affected by block time not coin generation rate. The hope would be value would be 4x but you will likely see a drop in miners (at least initially) causing a drop in diff and a slight rise in value. Worst case scenario the shock of inflation kills the coin but here's hoping that doesn't happen.

[MEGAman]

The coin has barely been out a week and everyone acts like everything is falling apart because it isn't on a big exchange yet. Almost all exchanges are driven by community voting now so we all have as much pull as anybody else. I've been voting on MintPal every hour for 2 days now but we're so far down the list that it almost seems better to wait until we're up for voting on Cryptsy before shelling out BTC for votes (I'll continue to get my hourly votes in though.) Everybody should contact Cryptsy and ask them to add us - they do claim that some coins will be added without even having to go through the voting process. Everyone can't just sit back twiddling their thumbs waiting for the devs to take care of everything to make them rich. Put in some effort! Every coin is the same thing - a bunch of miners that feel entitled and complain about progress. You will notice that the people complaining never actually do anything to help they just want to make their profit with as little effort as possible. I've exchanged a few messages with one of the devs of this coin and they are working on some awesome software releases exclusively for 888 and letting the community take the lead on getting listed on exchanges. I'm sure members of the dev team will chip in BTC if we can get things closer. It's funny because I'm dealing with this same situation with all 3 coins I'm invested in right now. Awesome coins with great devs and a lot of potential but communities that consist primarily of people that would rather complain about progress than help out. I know that doesn't apply to all of you and even I could have done more to help but now I'm all-in here. This coin had a pretty huge launch and a ton of people are holding OctoCoins - lets start moving this thing along!

[frameLAlife]

Yeah I've been voting for mint constantly. I've voted for cryptorush.in as well but mint just runs better. I cannot wait for it to be picked up there.

[lametom]

The coin has barely been out a week and everyone acts like everything is falling apart because it isn't on a big exchange yet. Almost all exchanges are driven by community voting now so we all have as much pull as anybody else. I've been voting on MintPal every hour for 2 days now but we're so far down the list that it almost seems better to wait until we're up for voting on Cryptsy before shelling out BTC for votes (I'll continue to get my hourly votes in though.) Everybody should contact Cryptsy and ask them to add us - they do claim that some coins will be added without even having to go through the voting process. Everyone can't just sit back twiddling their thumbs waiting for the devs to take care of everything to make them rich. Put in some effort! Every coin is the same thing - a bunch of miners that feel entitled and complain about progress. You will notice that the people complaining never actually do anything to help they just want to make their profit with as little effort as possible. I've exchanged a few messages with one of the devs of this coin and they are working on some awesome software releases exclusively for 888 and letting the community take the lead on getting listed on exchanges. I'm sure members of the dev team will chip in BTC if we can get things closer. It's funny because I'm dealing with this same situation with all 3 coins I'm invested in right now. Awesome coins with great devs and a lot of potential but communities that consist primarily of people that would rather complain about progress than help out. I know that doesn't apply to all of you and even I could have done more to help but now I'm all-in here. This coin had a pretty huge launch and a ton of people are holding OctoCoins - lets start moving this thing along!

The dev made a claim that he is a large shareholder on Cryptsy and as someone else already pointed out, throwing BTC at an exchange to get 888 listed shouldn't be a problem. Voting is cool and I am very impressed with the number of votes 888 has received. At this point, it may not even be helpful to blow 888's load and get listed on a major exchange because very little information has been released about this coin's future. People are holding 888 with faith that the dev is not full of it. I believe that when the time is right, some substantial information about what this coin may be released along with a listing on another exchange. If not, then the coin may die and a small number of people will be upset. It's really all up to the secretive, large share-holding dev at this point, but community votes do help!

Also, with only about 185,000 Octocoins produced each day after the reward dropped, the dev may be just banking on the coin's scarcity causing a price increase and not be in a hurry to inform the public about the coin's usefulness nor list the coin on a more prominent exchange.

[SuperSta]

http://octo.lifeforce.info

System: Prop Stratum VarDiff
Pay Interval: Every 5 Minutes (for confirmed blocks)
Fee: 0%
Block Finders Bonus: 8 (9.09%)
Block Reward Bonus: 1%
Total Potential Bonus: 10.09% (per block)

Receive upto 10% extra with Lifeforce or pay 1-2% with the other pools. The choice is yours.

[MEGAman]

The coin has barely been out a week and everyone acts like everything is falling apart because it isn't on a big exchange yet. Almost all exchanges are driven by community voting now so we all have as much pull as anybody else. I've been voting on MintPal every hour for 2 days now but we're so far down the list that it almost seems better to wait until we're up for voting on Cryptsy before shelling out BTC for votes (I'll continue to get my hourly votes in though.) Everybody should contact Cryptsy and ask them to add us - they do claim that some coins will be added without even having to go through the voting process. Everyone can't just sit back twiddling their thumbs waiting for the devs to take care of everything to make them rich. Put in some effort! Every coin is the same thing - a bunch of miners that feel entitled and complain about progress. You will notice that the people complaining never actually do anything to help they just want to make their profit with as little effort as possible. I've exchanged a few messages with one of the devs of this coin and they are working on some awesome software releases exclusively for 888 and letting the community take the lead on getting listed on exchanges. I'm sure members of the dev team will chip in BTC if we can get things closer. It's funny because I'm dealing with this same situation with all 3 coins I'm invested in right now. Awesome coins with great devs and a lot of potential but communities that consist primarily of people that would rather complain about progress than help out. I know that doesn't apply to all of you and even I could have done more to help but now I'm all-in here. This coin had a pretty huge launch and a ton of people are holding OctoCoins - lets start moving this thing along!

The dev made a claim that he is a large shareholder on Cryptsy and as someone else already pointed out, throwing BTC at an exchange to get 888 listed shouldn't be a problem. Voting is cool and I am very impressed with the number of votes 888 has received. At this point, it may not even be helpful to blow 888's load and get listed on a major exchange because very little information has been released about this coin's future. People are holding 888 with faith that the dev is not full of it. I believe that when the time is right, some substantial information about what this coin may be released along with a listing on another exchange. If not, then the coin may die and a small number of people will be upset. It's really all up to the secretive, large share-holding dev at this point, but community votes do help!

Also, with only about 185,000 Octocoins produced each day after the reward dropped, the dev may be just banking on the coin's scarcity causing a price increase and not be in a hurry to inform the public about the coin's usefulness nor list the coin on a more prominent exchange.

I think you are confusing Cryptsy with Google - I am also a Cryptsy shareholder (and I even own a couple shares of Google) but because I have a couple BTC in Cryptsy shares doesn't mean I want to spend $2000 on 888 votes by myself just because I have a few dollars in investments. Maybe the dev is loaded and will just throw money at it but to me that seems like a BS excuse for the community being lazy (as I was mentioning earlier.) I don't care if the dev is a billionaire everybody should be doing their part. I'm sure many of us have more OctoCoins right now than the entire dev team. I believe he pointed out that he was a Cryptsy shareholder to show that even shareholders aren't given any advantages. I know I've contacted Cryptsy before about adding coins and, as a shareholder myself, they aren't even up to be voted on yet (let alone trading on the exchange.) So it's not all up to the dev - it's up to us as well. I've personally gotten over 400 votes in at MintPal - that's almost half. Imagine if there were 25-30 others out there doing the same?

[LuxCapacitor]

The coin has barely been out a week and everyone acts like everything is falling apart because it isn't on a big exchange yet. Almost all exchanges are driven by community voting now so we all have as much pull as anybody else. I've been voting on MintPal every hour for 2 days now but we're so far down the list that it almost seems better to wait until we're up for voting on Cryptsy before shelling out BTC for votes (I'll continue to get my hourly votes in though.) Everybody should contact Cryptsy and ask them to add us - they do claim that some coins will be added without even having to go through the voting process. Everyone can't just sit back twiddling their thumbs waiting for the devs to take care of everything to make them rich. Put in some effort! Every coin is the same thing - a bunch of miners that feel entitled and complain about progress. You will notice that the people complaining never actually do anything to help they just want to make their profit with as little effort as possible. I've exchanged a few messages with one of the devs of this coin and they are working on some awesome software releases exclusively for 888 and letting the community take the lead on getting listed on exchanges. I'm sure members of the dev team will chip in BTC if we can get things closer. It's funny because I'm dealing with this same situation with all 3 coins I'm invested in right now. Awesome coins with great devs and a lot of potential but communities that consist primarily of people that would rather complain about progress than help out. I know that doesn't apply to all of you and even I could have done more to help but now I'm all-in here. This coin had a pretty huge launch and a ton of people are holding OctoCoins - lets start moving this thing along!

The dev made a claim that he is a large shareholder on Cryptsy and as someone else already pointed out, throwing BTC at an exchange to get 888 listed shouldn't be a problem. Voting is cool and I am very impressed with the number of votes 888 has received. At this point, it may not even be helpful to blow 888's load and get listed on a major exchange because very little information has been released about this coin's future. People are holding 888 with faith that the dev is not full of it. I believe that when the time is right, some substantial information about what this coin may be released along with a listing on another exchange. If not, then the coin may die and a small number of people will be upset. It's really all up to the secretive, large share-holding dev at this point, but community votes do help!

Also, with only about 185,000 Octocoins produced each day after the reward dropped, the dev may be just banking on the coin's scarcity causing a price increase and not be in a hurry to inform the public about the coin's usefulness nor list the coin on a more prominent exchange.

I think you are confusing Cryptsy with Google - I am also a Cryptsy shareholder (and I even own a couple shares of Google) but because I have a couple BTC in Cryptsy shares doesn't mean I want to spend $2000 on 888 votes by myself just because I have a few dollars in investments. Maybe the dev is loaded and will just throw money at it but to me that seems like a BS excuse for the community being lazy (as I was mentioning earlier.) I don't care if the dev is a billionaire everybody should be doing their part. I'm sure many of us have more OctoCoins right now than the entire dev team. I believe he pointed out that he was a Cryptsy shareholder to show that even shareholders aren't given any advantages. I know I've contacted Cryptsy before about adding coins and, as a shareholder myself, they aren't even up to be voted on yet (let alone trading on the exchange.) So it's not all up to the dev - it's up to us as well. I've personally gotten over 400 votes in at MintPal - that's almost half. Imagine if there were 25-30 others out there doing the same?

+1  Stop complaining and start voting!!

[frameLAlife]

  OCTO

Alright! Can't wait to see what happens this week!