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.