POCKET Day 2: Some tips for using Pocket

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

1. 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.
2. 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.
3. 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.
4. 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.
5. 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 with confirm after you resteem the post. Don't worry if you did it in the wrong order; you didn't mess anything up.
6. 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.

For more information

• Pocket Genesis Post (Resteem to claim your stake)
• Pocket Protocol Specification
• Pocket Announcement Post
• @biophil's Pocket Confirmer Github
• My meta-subchain post
• Dan's original post on subchains