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RE: Billionaire Token (XBL) ICO Date August 26th - Generous Bonuses - Rewards for Burning Coins - 🔥🔥
Hi shawn, great post.
I've read 2/3rd of the Bitcointalk thread and part of the white paper. I still can't figure out how this is a deflationary currency when there's a smart contract that lets you burn coins and get them back +25%. That's inflation, right?
I feel like I must be missing something here because nobody else is asking this. Can you help?
Is it a -EV burn with a gambling aspect?
PS - Followed you and messaged you in MSG.
Thanks for the comment @lexiconical . The burning of the tokens and the rewards happens during the ICO phase.
"Every day, until the 5th of September, tokens can be burned by anyone – the reward for this is getting back
the burned tokens plus an extra 25%. This bonus can be claimed 10 times per day and only once per
person"
After the ICO Phase has ended, all the tokens, except for the 50,000 XBL locked for the Lambo Bounty will be burned, reducing the total coin supply. From what I understand, the dev thinks that after the ICO phase, there will be about 1-2 million coins in circulation.
You can check the Bounty address here:
0x23EA016b4EBA78dFC374E99b2F6793f8d2dB3ff1
According to the whitepaper, 4.25 percent of coins are reserved for Bounties. It is my understanding that if there are no coins in the Bounty account, that the Burn function won't work. I think in the ANN thread it says to always make sure there are enough tokens in the Bounty Account prior to burning. It does reward the burner with extra coins, but it effectively reduces the total supply of the coin. I like the idea.
The raffle will slowly take bits off the supply, but no where near the ICO phase.
MSG? I'm not familiar with it. But I'm getting a "This site can’t be reached" if it's the steempower.org site. Thanks again for your comment. :D
Thank you, this was extremely helpful. It also reconciles why the dev thought there would be so few tokens after the ICO, relative to the total maximum amout of 3.33 million, iirc. I had misinterpreted this as a permanent feature somehow, not an ICO feature.
"This bonus can be claimed 10 times per day and only once per person"
So, this means that 10 people per day of the ICO can use the burn bounty. Will this be some sort of mad rush where whoever gets #10 beats out some others at #11+ who lose their burn? Can I safely burn my tokens if I buy some, or will I be left hoping I get a bounty until something processes?
I realize these may be questions better pointed at the dev.
I notice in the last page of the BitcoinTalk thread, the dev says this:
"2. Someone buying too many tokens (more than 15% of the total supply)
To address this we have decided to put a limit on the amount of funds someone can send to the ICO: 5 BTC or the equivalent in ETH or LTC"
Should we safely assume that the max purchase limit will be burned 10x per day until the pool is exhausted? That would be 50 BTC worth burned per day, assuming no collusion whereby parties combine wallets (which is actually probably the more likely scenario, so 50 BTC may be a floor).
"MSG? I'm not familiar with it."
Sorry, I should have been more clear. I meant in Discord, I see you are logged into the Minnow Support Group / PAL discord. I often leave messages there unnoticed for days however, so I totally get that.
Thanks again!
This area of the white paper implies the burning bonus is continuing once the raffle is live, which I presume is after ICO?
"The other 20% are sent to another Smart Contract Address that works like a twisted faucet – rewarding people for burning their own coins. The Become a Billionaire raffle Smart Contract will run forever,"
I think I may be misreading it.
Thanks @lexiconical. I asked the dev in the Slack. He'll give me a more detailed answer tonight. But he said to always check the Bounty Account prior to burning.
I asked him about the 50 btc burned per day . . and he said that isn't possible because the max value of all XBL at ICO price is under 50 btc
https://etherscan.io/address/0x23EA016b4EBA78dFC374E99b2F6793f8d2dB3ff1
There are currently over 63k XBL tokens in the Bounty address.
I assume there will be more detailed instructions or clarifications at the start of the ICO.
From the Bounty ANN " After the ICO there is a limit of 1000 tokens burned, per person.):
reward: Receive them back and an extra 25% XBL tokens "
So, it looks like there is a cap on burning.
Anyone will be able to register coins to be destroyed by the Burner, and they will receive their coins back plus a little bonus – provided that the Burner has enough coins for this
The Burner receives 20% of the tokens that are sent to the weekly
raffle.
The Burner acts as a sort of fail safe . . if there aren't coins in the Burner, ie, people aren't participating in the weekly raffle, then there won't be coins to burn.
I'm interested in seeing how this all plays out. The dev is quite active and responds to questions. You can join the Slack, ask on bitcointalk, or here, and I'll do my best to relay them.
I appreciate your thoughtful comments. It's helping me to understand the system more as well.
OH lol . . yea. Minnow Support Group. I swear I'm getting old haha
I'm seriously considering buying in a bit myself.
I didn't bother to do the math, didn't realize the ICO was so small.
Honestly, I think the poker idea is dead in the water - it won't be as good as 100 other places like Poker Stars. More importantly, it will have no fish. Fish don't know how to use crypto. Fish can barely get money onto Party Poker.
I don't know if the raffle is going to be used. I wouldn't use it.
If I'm honest with myself, I am mostly intrigued by the extreme deflationary nature. It seems almost a guarantee of a trading gain assuming that it does not die quickly.
This is what caught my attention as well. I do think that trading gains will be realized. I know that the dev is expecting supply to be much smaller than the max supply . . unless all coins are sold in the ICO. I'll be getting some on the first day because of the 75 percent bonus. We'll have to see what happens after that.
As far as the issues with people not understanding blockchain . .
the dev wants to eventually implement a sort of
"instant pay system, where people just pay with a credit card and then we'll do everything for them (buy XBL from exchanges, transfer to accounts, etc.) so they won't even know they're playing on a blockchain"
Still, very interesting to me.
I still can't decide if I want to get in on this one or not.
They have not emailed me any ICO instructions yet, although I signed up to the mailing list the day you posted.