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Kredits (XKR) • View topic - Coin swap
It is currently 03 Apr 2020 17:39

Kredits (XKR)

COMMUNITY INITIATIVE BRINGING NEW LIFE TO KWAGSH

Coin swap

 
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Coin swap

Post by Ough » 12 Sep 2018 18:38


 
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Re: Coin swap

Post by ZeilerCD » 13 Sep 2018 10:53

Sounds great to me :) Great planning and well laid out for everyone

 
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Re: Coin swap

Post by ivko » 13 Sep 2018 11:57

This is a good idea.

 
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Re: Coin swap

Post by Chameleonoox » 14 Sep 2018 04:53

waiting

 
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Re: Coin swap

Post by Ough » 14 Sep 2018 12:40


 
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Re: Coin swap

Post by Karsen » 15 Sep 2018 00:13

About the Unclaimed coins, i do agree, a fair share of it should go for bounties, and fees and stuff, but part of it should go back into the chain itself, to solve the over mined problem, and that's something that should probably be decided when the swap ends, and the ammount left is determined.

 
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Re: Coin swap

Post by haifeng542769796 » 15 Sep 2018 06:55

非常好 非常期待这个交换,我拥有60000000 的KGH

 
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Re: Coin swap

Post by AverageCitizen » 17 Sep 2018 01:53

I am highly impressed with the way the team is handling the change over to 2.0.
You have my support on the swap. I especially like the unclaimed coin useage. It makes sense.

 
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Re: Coin swap

Post by neopunk » 20 Sep 2018 21:16

Everything is good except the swap period and the processing period. We can easily shorten the swap period to one month and the processing period to two weeks. This is really a small coin, and there are not a lot of holders, so we don't need three months for this. A month and a half in total sounds like plenty of time. The faster we get going, the better.

Other than that, everything sounds perfect.

 
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Re: Coin swap

Post by Ough » 21 Sep 2018 10:08


 
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Re: Coin swap

Post by S7nAcks » 23 Sep 2018 19:34

How far out are we from launching this coin? As another option to consider, we start the swap process now, make announcements, take a snapshot of the blockchain, have everyone submit their swap requests. Once the swap period is up, we use that data to help determine the swap ratio and genesis block when we launch Kredits. Not sure how may coins have already been mined, but this will help keep the genesis block under control. Of course there are other things we will need to consider for the swap ration such as the block rewards and what not.

Just an idea...

 
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Re: Coin swap

Post by AverageCitizen » 27 Sep 2018 15:10

I will be working up the coin swap ratio shortly to move this forward. What I would like from the community is some feedback as to what ratio seems fair. Honestly a 1:1 swap would be out of the question. I was thinking something like 1000:1 KGH/XKR. It wouldn't short the current coin holders while ensuring the supply is strong, attracts new miners, keeps circulating coin amounts on the lower side and will last for years. Please let me know your views on the subject, if you have a different ratio and why you believe that would be more suitable. I'll ask oooouhhgh to put it out for an official vote.

 
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Re: Coin swap

Post by S7nAcks » 28 Sep 2018 00:22

Here's what I posted in the emission discussion. I think it applies here too:

I think we need to consider the emission rate/block rewards and swap ratio together. Say for easy numbers you mined 1,000,000 coins over the past few months. At 1000:1 swap ratio, you end up with 1,000 coins. If the new emission rate/block rewards allow you to mine 1,000 coins a day (assuming you use the same hash rate) that would mean all the work you did over the past few months is worth 1 day of mining on the new coin. Setting the emission rate/block rewards so you are mining 100 coins a day would make more sense as now the coins you mined prior are worth 10 days of mining on the new coin. Again these numbers are for demonstration only to show why we should consider all aspects together.

I'm not opposed to a high swap ratio as long as it doesn't completely wipe out the work we did on the old coin mining compared to the new emission rates. Otherwise, it's not a relaunch, but it would be more of a new coin launch.

 
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Re: Coin swap

Post by Karsen » 28 Sep 2018 23:32

Here's my opinion also posted in the emission discussion

Has i've said before, we are making these assumptions with the 68 % in mind, we should do a pre swap before making drastic changes, or at least a survey to know where we stand, seeing that alot of the mined coins could have been abandoned and wallets deleted, at the moment there's no way of knowing for sure, in case we stand close to the current mined supply i would say halving would be the way to go, and increasing the difficulty, by alot.

We can't simply forget the last 6 months of mining, and go back to the begining, by that logic we would be better off, creating a completly new coin, because it would be the same.

Obviously, i'm a miner has alot of other people here, and i do have a considerable large stash, we are here to make profit but i also want the coin to thrive, in order to do both halving might be the best case scenario, there will be massive losses on everyone, but it's the most logical path to ensure both profits and a good coin.

If the supply was to be halved we would stand at 34% of the current supply, not forgeting what i mentioned before, if there was a large ammount of lost coins that would be even lower, let's imagine that only 50 % of the coins were claimed, that would cut the current supply to 25 % in the first 6 months, we could then consider an emission rate of 18 or 19.

Now let's imagine a scenario where only 30 - 40 % (It can always be lower) of the coins are swapped and we halved it, we would stand at 15 - 20 % of the current supply, and we could then consider an emission rate of 20.

And so on, this theory would require unused coin's to be returned to the chain in a pre swap

In my opinion we can't decide until we know the ammount to be swapped, at least that's my opinion.

 
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Re: Coin swap

Post by S7nAcks » 02 Oct 2018 02:05

So now that we lost Altex, hopefully everyone was able to save screenshots of their holdings, can we speed up the coins swap start before the Kwagsh network crumbles? Anyway to take snapshots of the blockchain so we don't loose that data for the swap? I think time is now of the essence. Hate to see everyone loose their coins they are holding in their local wallets. Lot of work would be flushed down the toilet if we don't start taking the necessary steps to save the data.

 
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Re: Coin swap

Post by Karsen » 02 Oct 2018 17:56

If i'm not mistaken, Ough or Samvicky have already setted up a backup of the chain, so the network won't crumble, and what we have in our local wallets for the time being is safe.

The Altex situation is a really complicated one, that must yet be discussed, i think some people are trying to contact the altex devs in order to try and retrieve their coins or at least get their balance to be known, in the mean time, the swap ratio and emission are still being discussed.

 
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Re: Coin swap

Post by S7nAcks » 02 Oct 2018 22:19

Good to hear Karsen!

 
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Re: Coin swap

Post by Ough » 03 Oct 2018 10:58


 
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Re: Coin swap

Post by AverageCitizen » 03 Oct 2018 12:53


 
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Re: Coin swap

Post by rpelrod » 11 Oct 2018 07:21

Hi i am a holder and long time miner of Kwagsh from the first launch and a 1000 KGH=! of your new coins is so unfair to people like me who have spent hundreds of dollars on power to mine the coins i have i have over 100,000,000 Kgh and from my understanding the total supply staid the same so a swap of anything other than 1 to 1 will be like you are stealing from me and i bet all the people who think a 1000 to 1 swap would be good have very little to no Kgh and so don't care if people like me who started mining KGH at its birth and was old CN and then from the start of CN heavy so i know i probably have more time and money invested it this coin than 90% of you i am not a dev. or a coder but a loyal miner so i truly take offense to these people who have not mined any KGH before or people who have mined just heavy what it should be is a vote and the ones that prove they have say over 50,000.000 you know the ones who truly have something to lose get more votes say a vote for every 1,000,000 KGH that you prove you own just by posting a screen grab of there wallet with totals showing or if not then just people who have the most to lose only get to vote but when you say a 1 to 11 swap is out of the question how much KGH do you have or i feel you are screwing us large holders but just not as bad as the old dev. i mean the total is staying the same 100 billion so when it hits an exchange the price will be the same as it was so taking 10,100 or 1000 KGH for 1 of your new coins is wrong and like i already stated see we put out real money and quite a bit to mine what we have anything but a 1to1 swap will then make the coins us large miners get in an uneven swap worth less than newly mined 20 coins because we paid to mint each coin just like the new miners will but say a 1000 to 1 swap will make what we get worth 1000 times less than new mined coins because we have invested the same amount of power to min each one of the 1000 coins that you put into mining the 1 coin you want to give us in returned so the 1 coin we get cost us 1000 times more than it cost you to mine it making it 1000 times less than your new coins so it seems some think thats fair and what it does is make me lose money big time because i been paying to power a 125Khs rig and and now you was to devalue the coins i mined to make your new coin worth more which is pretty low and forgive my grammar but when i feel im about to be ripped off just so the new miners can make more but i lose a lot of money im pretty upset with how this is being set up for new miners by hurting the ones who like me mined KGH from the very first hour it was born

 
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Re: Coin swap

Post by AverageCitizen » 11 Oct 2018 13:17


 
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Re: Coin swap

Post by Ough » 11 Oct 2018 13:22


 
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Re: Coin swap

Post by AverageJoe » 11 Oct 2018 14:07

Hi repelrod, I don't know if you know this, but I suggested a swap of 10 to 1. Some people said that it was too much ('oouhhgh' even called it radical) but other people thought it was too little ('averagecitizen' proposed 1000 to 1).

It is hard to please everyone, but just remember that the swap is voluntary. No one's going to force you to exchange your KGH for the new coins if you don't like the rate.

 
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Re: Coin swap

Post by Karsen » 11 Oct 2018 14:52

repelrod, firstly damn that was a long text xD

Secondly the 1000:1 ain't gonna happen, currently we are discussing between a 2:1, 3:1, 4:1 swap, might be more, might be less, is still under discussion, in my personal opinion it should sit around 2:1/3:1 probably 3:1, from what i've discussed with citizen and a few other menbers, the 3:1 might actually win, but it will eventually be voted.

Thirdly everyone has an opinion that's gonna be heard, i'm not a small miner, i have alot more coins than you and i still support the 3:1, you can see my logic behind it in the emission logic and rate posts.

Sorry but i can't figure out, how can you with 125 Kh mining since the begining only have 100M? Or haven't you been mining the whole time or with the full power, because it's impossible to have only mined 100 M with that much power, i know it because i've used less to get where i am,

 
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Re: Coin swap

Post by Ough » 11 Oct 2018 14:58


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