POCKET Day 2: Some tips for using Pocket
![](https://steemitimages.com/DQme8G8TL4J1VpDEJjzmgUkTG9G2Q4RTL1R4kJU1fmdxgrK/logo.001.png)
Claims have predictably slowed; we have a total of 514 as I'm writing this. Yesterday saw a big uptick in transactions, though. People are starting to trade Pocket OTC (over the counter - investospeak for "without an exchange"). You can find a bunch of the open offers and other Pocket-related content by going here.
I won't link any particular offers to buy and sell any more; someone else can do that for me. I also won't announce the market cap because I want it to be clear that I'm not pumping POCKET. I'm neither buying nor selling until after genesis is complete and we've assessed the fairness of the distribution. If you're interested in computing a market cap yourself, do some research on OTC prices and then multiply by the total supply of 514,000,514.
Some general tips for using POCKET
- If you're sending to someone, write your
pocketsend
command in a reply to that person rather than in a reply to someone else. That way, they'll see it. Otherwise, they'll get no notification of the transaction. - If you want to sell Pocket tokens, be sure that the person who's buying is good for it. So far everybody has been above board and I think everybody has gotten their money - but scammers abound in crypto.
- If you want to buy Pocket tokens, do everybody a favor and be very clear about your terms and about exactly how people should transact with you. Some of the current buyers have come up with a pretty nice format; see @chefcryptoshark and @strangerarray's posts.
- Whether you're buying or selling, understand the risks of ascribing value to Pocket. There are nearly 80,000 accounts eligible to receive Pocket tokens; only 514 have gotten them so far. That means the supply could theoretically increase over 100-fold in the remainder of the Genesis interval (in the next 12 days). After Genesis ends, the supply is fixed and there's no more risk of dilution, but until then, proceed with caution.
- A number of people have replied to the Genesis post with
confirm
and then resteemed the post; if you do that, you will get your tokens, but you won't get a confirmation message. You have to reply withconfirm
after you resteem the post. Don't worry if you did it in the wrong order; you didn't mess anything up. - Finally, and this is pretty minor, I discovered a weird quirk in the code that runs the @pocket-a bot. This isn't a bug in the Pocket protocol, just a weird quirk: If you try to post a
pocketsend
that's too deeply nested in replies (like 10 deep or something), my bot can't confirm it. The technical reason is that the permlink of the Steem comment is too long. Your tokens will still be sent, but you won't get a confirmation from @pocket-a. This problem should go away once others start running their own confirmer bots to collect fees.
Greetings biophil,
Should bleujay be concerned if a confirmation from the initial post offering pocket has not yet been received?
Thank you for your time.
The confirmation to my "send" shows your balance is 1000001. Did you request confirmation before you resteemed? It has to be resteem and then
confirm
. But don't worry, you don't need to get the confirmation to have the tokens.If you're still concerned, just reply to the genesis post with another
confirm
.pocketsend:1@bleujay, let's find out!
Successful Send of 1
Sending Account: biophil
Receiving Account: bleujay
New sending account balance: 975165
New receiving account balance: 1000001
Fee: 1
Steem trxid: 6bf4db05c0ce836b4aa002b047c89655f92887fe
Thanks for using POCKET! I am running this confirmer code.
Thank you @biophil.
Confirmation received.
Successful Send of 1
Sending Account: biophil
Receiving Account: bleujay
New sending account balance: 975165
New receiving account balance: 1000001
Fee: 1
Steem trxid: 6bf4db05c0ce836b4aa002b047c89655f92887fe
Thanks for using POCKET! I am running this confirmer code.
Arg... I’ve been comment spamming lol...
It seems like the logic that checks whether a transaction confirmation comment is already present is not working as expected
Sorry
Successful Send of 1
Sending Account: biophil
Receiving Account: bleujay
New sending account balance: 975165
New receiving account balance: 1000001
Fee: 1
Steem trxid: 6bf4db05c0ce836b4aa002b047c89655f92887fe
Thanks for using POCKET! I am running this confirmer code.
Can't....resist....
pocketsend:100@lexiconical, Nice meme :)
Successful Send of 100
Sending Account: wekkel
Receiving Account: lexiconical
New sending account balance: 999800
New receiving account balance: 1000099
Fee: 1
Steem trxid: 95440a153228904f21ed582be4673afcc17303a6
Thanks for using POCKET! I am running this confirmer code.
Thanks bud. Looks like "Jimmy makes the shot" this time.
Successful Send of 100
Sending Account: wekkel
Receiving Account: lexiconical
New sending account balance: 999800
New receiving account balance: 1000099
Fee: 1
Steem trxid: 95440a153228904f21ed582be4673afcc17303a6
Thanks for using POCKET! I am running this confirmer code.
OK, so...hypothetically...
POCKET tokens are listed on an exchange. People start trading them. They have value outside of the Steemcosystem.
How does one send POCKET to an exchange? Where exactly are these things stored? I may have read this already in one of your posts, but is there a brief, laymen's explanation of how this process would happen?
I'm going to write a whole blog post answering this question, because I think it's really interesting. The obvious answers are really unhelpful - while the helpful answers are really not obvious.
A couple quick thoughts about it:
pocketsend
command, a 1-token fee will be taken out and then a message will be posted back to you telling you your balance. Right now, that's the closest thing we have to a wallet. You have the tokens because there's a record of you having the tokens, even though you can't see them anywhere.I envision it will be the same way that you send STEEM to an exchange:
pocketsend
to the exchange's account with a user-specific memo. Then it will be just like how STEEM is used on Bittrex: the @bittrex account holds your actual STEEM, but gives you an IOU to play with on their website. If you withdraw your STEEM, they "destroy" the IOU on their website and send actual STEEM back to whatever account you specified. So it could look something like this:Well, that was actually pretty helpful.
I guess a more accurate question would have been, how can the tokens be "extracted?" And the answer to that is, someone would have to create the ability to do it? I wasn't sure if you had created such a function for doing so.
I suppose that once the tokens are listed on an exchange, the ability to "extract" them would have obviously been solved at that point, so we wouldn't have to worry about it anyway.
Basically correct. But (and maybe I'm being a big pedantic here, apologies) in cryptocurrencies there's no "extract." If you deposit STEEM on Bittrex, your STEEM never leave Steem - they're sitting in @bittrex's wallet the whole time. They're still part of Steem.
In Pocket, I solved what you're calling the "extract" function by allowing people to include a memo with their
pocketsend
.So to get listed on an exchange, some exchange will have to list them - and they'll have to create the system that associated
pocketsend
memos with exchange accounts, etc. I'll talk more about this after Genesis ends in 12 days; I'm not supporting listing until then. If someone wanted to do it themselves, of course, I couldn't stop them.I'll harp on this just a little more: the "extract" problem isn't a problem that's solved by the coin developer, it's a problem that's solved by the exchange.
Thanks @biophil for the mention and I still have some OTC offers available for interested parties.
Great tips! Go ahead! POCKET token is an incredible experiment that will start new period in STEEM blockchain!
I`m glad to be here, when the birth of such event takes place.
Thx again for your great dedication And contribution for this project. The sky is the limit.👍
I am loving this idea. But I am very new to the crypto scene. I tried to get in, but I think I screwed up with the "confirm" thing. I didn't re-steem the original post first. So I tried it again. Am I burnt? #subchainsrock
Nope, your second confirm attempt got a reply. You're in!
boom goes the dynamite! Thank you my fine friend!
Having Pocket is better than not having Pocket, right?
You got that right!😉
Thanks @biophil
A beautiful second day!
I am supporting this pocket growth!
pocketsend:1@otitrader, let's find out!
Successful Send of 1
Sending Account: cryptorambo
Receiving Account: otitrader
New sending account balance: 999999
New receiving account balance: 1000000
Fee: 1
Steem trxid: 64bf700712173605236eb1cb6b4af20ded94232d
Thanks for using POCKET! I am running this confirmer code.
Successful Send of 1
Sending Account: cryptorambo
Receiving Account: otitrader
New sending account balance: 999999
New receiving account balance: 1000000
Fee: 1
Steem trxid: 64bf700712173605236eb1cb6b4af20ded94232d
Thanks for using POCKET! I am running this confirmer code.
We can resteem the article until it's 7 days old.
What about the remaining 7 days?
Resteeming is still possible on Busy.org for 7 more days!
Awesome! Thank you :D