Performing a lock in transaction will cost 1
Safex Token which is burned but counts towards the incentives in the lock in.
This says in essence that the coins are locked in and “burned” is not a good word to use. Its meaning is that is made inactive but still operated as an optionally locked in coin.
Since you still get incentives for that coin then that coin cannot be reissued or given to another because that would mean the potential for multiple incentives being given for the one coin.
EDIT: Just realised that “burned” is often used for removing coins from circulation. Like when a project moves from one blockchain to another the coins in the old one are sent to a “burn” address. The coins are not destroyed, just made inaccessible to anyone.
So it seems the meaning of “burned” here is to make the coin inaccessible to the user. And this fits the rest of the description.
I am interested in this as well. I suspect that the percentage in Wallets will be much lower than 100%.In the days leading up to Bittrex dropping Safex, well over 30% was still on Bittrex. Not to mention the holders that are in the process of selling and have it on exchanges. I suspect that alot of holders haven’t kept current with Safex since they bought and don’t even know about the Bluepaper or even the Wallet.
You can transfer the coins now on coinspot to your safex wallet. Go to coinspot help centre and they tell you your allowed for 100 safex fee. I transferred mine from coinspot last week
Hi could you please answer this question? Can u clarify how many safex tokens it would take to lock in the tokens for incentives/divs on an amount of 10,000 tokens the be locked in for this example. Would it be one token to lock the 10k in or would it be 10k to lock 10k in? Thanks
Just 1 and definitely not an equivalent amount to what you are locking in.
Performing a lock in transaction will cost 1 Safex Token which is burned but counts towards the incentives in the lock in. Unlocking the Safex Tokens will cost an additional 1 Safex Token.
My concern is that over time all the safex tokens will end up being permanently locked (burned) as people register names and lock/unlock their tokens. Definitely an incentive not to lock/unlock too many times.
It would be interesting @dandabek to consider releasing these permanently locked (burned) tokens after say 12 month’s worth of blocks. That way we will never see a majority of coins permanently locked (burned) after say 10 years. But 12 months or even 24 months means no one can spam the registrations or lock/unlock transactions.
Because that is what Dan decided to do. It is the 1 coin that is permanently locked for each transaction (1 for lock and 1 for unlock)
I guess they are marked as permanently locked (burned) so they go nowhere just marked. But you still receive the incentives (dividends) for those coins, so obviously you still own them, just cannot touch them.
The purpose is to make it expensive to do these things and prevent people spamming.
Image if registrations cost nothing then a bad actor could just keep registering and spam the blockchain. By permanently locking the coins then it costs and eventually any spammer will run out of coins.
How do we lock our coins and when?
By when (date/deadline) do we have to have all our safex tokens in our wallets?
I am not clear on what the ratio of conversion from safex tokens (coins) to safex cash.
Could someone kindly simplify this a bit more as i am still a bit unclear?
The ratio of safex cash per safex token can’t really be determined. As it will be only be distributed to those who have their safex tokens locked in or in the safex wallet. So it’s impossible to tell what total supply will be in wallets or locked in. 0.0023 safex cash per safex token is the absolute minimum you could receive, but I imagine this would be quite alot higher.
@Swimminabe9 This won’t be until the move to the new blockchain etc. So atleast a few months away. Just check the forum from time to time and there should be plenty of warning.
I’ve read the paper but still not 100% understood on locking in tokens. So it’s 1 token to lock in any amount?
Surely you would just leave them all locked in to receive air drops. What’s the advantage of not having them locked in? You can sell them on an exchange? I’d probably only sell once if I did to be honest. I guess it means folk who are trading often are not getting the benifits of the drop. But then if it only costs one token. Hmmmm.
Can someone explain in detail the reasoning behind it and the mechanics?
Also over time if some coins are burned then surely this would inflate the price as supply would go down. Something nobody seems to mention. This could be a good thing
If locked tokens get dividends, then what happens if private key correlated to it leaks to web? Can the key be changed? Or account becomes available to anyone.
1a. if private key can be changed (effectively account transferred to other public key) then what will stop me from selling this locked tokens?
1b. if selling will be possible why lock in the first place? Or at least allow to unlock?
Do unlocked tokens provide dividends? If yes – fine. If no – then buying tokens just for dividends is a one way ticket. If you need to burn them no further resell is possible(unless 1a)
Locked means you can’t sell, it’s locked. I guess at most you would lose the tokens that are burned (which won’t be much), since you can unlock & transfer the rest of your coins.
No that’s why you need to lock it. You only need to burn 1 token for each transaction. You can lock 10,000 by burning 1 token. You’ll still have 9,999 left you can trade with. (well technically 9,998 since you will have to unlock)
Makes sense now cheers.
Didn’t realise locked token still gave you dividends etc.
When I said airdrop though I meant the monthly (or whatever it will be) dividends from the transaction fees.
Locked coins will surely change the circulating supply though and circulating supply (not max supply) affects coin price. Unless, of course they still count as circulating, even though they are not. Would be nice to see it affect the circ. supply in realtime I think
On a side note. I think it’s funny how many people are like ‘it took them 4 months to come up with this?’ blah blah blah… The White Paper is great. As somebody said on twitter, it’s not just a Market Place it’s an entire economy and it’s one of the only projects that has real term use (in the near future).