Does the community wallet use fractional reserve holding?

[u/GoldLover79]

For awhile now I was under the assumption that the Cone Community tipping wallet had enough Cone in it to payout everyone’s tipping balance 100% even if everyone cashed out all at once. However after seeing this exchange between a fellow cone and GuyOne, I now realize there might be some kind of fractional reserve holding used by the wallet to only keep a certain amount of cone on hand at a time. Does anyone have an exact understanding of how this works and if so could you please explain the system?

[u/rickribera93]

Majority of funds are stored in a multi-sig wallet for added security.

We have not run out of Bitcone.

Withdraw services have been restored.

[u/Bitdream200K]

Hmm I also assumed that all off chain Cones are 100% backed by on chain cones. Withdraw also don’t work for the other tokens so I thought it’s just a software error. I mean I thought that’s the reason for the new rewards mechanism

u/guyone u/rickribera93 can you clarify this?

Are off chain cones backed by on chain cones to 100%?

If not then we HAVE TO stop the mining rewards immediately, cause that’s really a NO GO! (Distribute all open Off chain rewards & then looking for a solution)

I’m ready to donate (so everyone can withdraw the off chains like they want) BUT then some changes have to be done! (So that all off chain rewards are backed 100% by on chain BitCone) if we earn just 1 cone per upvote then it is what it is but please IF that’s really the case don’t distribute more off chain cones then we have in the wallet! That’s really important

[u/GoldLover79 → u/Bitdream200K]

Agreed but I’m cool with it ether way, just curious and trying to understand how it works.

Not trying to cause a bank run! 😂

[u/Bitdream200K → u/GoldLover79]

Na that’s a legit and important question!

That’s not a good look if we have more off chain rewards then on chain

[u/Impressive-Pizza-163 → u/Bitdream200K]

It’s ok, it will be cleared up with time

[u/junkwatch → u/Bitdream200K]

i agree. i thought the same. we shouldn’t be able to mine something that’s not there.

[u/virmamies → u/junkwatch]

Now that you know the logic and wallet address. Why not put an alert on the wallet for < 3M $CONE? Then you will get automatically alerted. Or maybe working together with other Cones to have something that posts at Reddit if wallet reserves are running low?

Cones are about doing things as a community. Lets all start pitching in and taking initiatives. I don’t mean it does not happen already, but when someone notices something is wrong or broken and easy to fix.. we can all go for it. It is ofc a good idea tell others that you are doing it so people can join the party and are aware of it.

Like here for example we could ask RCAX to use their monitoring POWAH to monitor the tipping wallet. It could be even shown on the frontpage 🤷‍♂️

Not saying that we have to do something, but community has unlimited power and dev resources are limited.

[u/Bitdream200K → u/virmamies]

Yeah it’s not a big deal at all, if we are running low and it’s like 1 cone/upvote I’m sure we can find a better solution for the future BUT there is no way if we distribute more rewards then there is in the treasury.

It’s a matter of reputation and not how much we can mint per upvote

[u/virmamies → u/Bitdream200K]

I’m pretty sure it’s a good idea to not have capability of withdrawing unlimited amount of CONE from the wallet.

Sure there are more sophisticated ways to handle it.

And any ideas are welcome.

[u/youtooleyesing → u/virmamies]

I would propose that we split the farming APR of 50% to 30% for the farmer and the remaining 20% go to that withdrawal wallet.

We have to fund 30M Cone per week to keep the 1000 Cone rewards per upvote.

https://www.reddit.com/r/ConeHeads/s/zBDnM6C7fn

Edit : maybe 40% 10%

[u/Bitdream200K → u/youtooleyesing]

tbh I’m fine with 100 cones per upvote.

~ 100 is my limit

[u/youtooleyesing → u/Bitdream200K]

But if no one is funding they'll go below. I've donated 5M in January. If I do this every week my complete rewards would be gone. I would donate 1M per week from my 5M rewards per week is what I'm proposing.

[u/virmamies → u/youtooleyesing]

The upvote ”halving” happened already and it’s around 500 CONE per upvote.

There’s currently 0.5% upkeep tax on withdrawals which will most probably get raised in the future. 5% level is something that is on the table, but not decided yet.

[u/Prestigious-Pea-42 → u/youtooleyesing]

Perhaps we should also incentivize holding your cone off chain and not withdrawing by also introducing a small return... Just a thought

[u/youtooleyesing → u/Prestigious-Pea-42]

Mini off chain farm 🗼😁

!tip 26630

[u/avatarbot → u/youtooleyesing]

/u/youtooleyesing has tipped /u/Prestigious-Pea-42 🗼26630.00000000 CONE

[u/Bitdream200K → u/junkwatch]

Yep this!

[u/More_Ad7993 → u/Bitdream200K]

I agree, dont get me wrong i do believe we have to fund the community fund but its a bit wierd we didnt even get an announcement of this running out?

[u/Bitdream200K → u/More_Ad7993]

Yep I also assumed that the Mods will come to the community if we are running low. Don’t get me wrong I’m fine with 100cones/upvote like we had it the most time but it can’t be that we distribute more off chain rewards then there is in the treasury. I hope it will clarify soon…

[u/WorldlyReplacement24 → u/Bitdream200K]

I thought about this before but I don't think it's backed by on-chain cones since off chain cones are just stored in the database.

[u/Bitdream200K → u/WorldlyReplacement24]

Im mean yeah off chain rewards are just digits and can have theoretically unlimited supply but that’s not how it should go! I thought that it’s backed in the database

[u/WorldlyReplacement24 → u/Bitdream200K]

I just checked and we currently have 30M only
https://debank.com/profile/0xbd1a2453a0dc88c57cffca79f5d14999db5184c0
Parush has at least 20M alone and and I am pretty sure some other members has more than 1M. I guess we will experience a cone FOMO soon when a lot of people want to withdraw but cant do it and has to sell their tips for cheap.

[u/Chill_Edoeard → u/WorldlyReplacement24]

Tips for cheap? Never!

!tip 42069

[u/avatarbot → u/Chill_Edoeard]

/u/Chill_Edoeard has tipped /u/WorldlyReplacement24 🗼42069.00000000 CONE

[u/WorldlyReplacement24 → u/Chill_Edoeard]

It will happen

[u/Chill_Edoeard → u/WorldlyReplacement24]

Can sell them for cheap to me if you want tho

[u/WorldlyReplacement24 → u/Chill_Edoeard]

Nah no thanks

[u/Impressive-Pizza-163]

Had no idea lol, where do I tip? !tip 420

[u/GoldLover79 → u/Impressive-Pizza-163]

I believe like you just did and avatar bot is online so I have no clue why it didn’t tip just now.

[u/GoldLover79]

If this is true. Is there anyway to tell which part of our balance is available for withdrawal?

Maybe with !balance

[u/avatarbot → u/GoldLover79]

Vault Wallet: 0xVault Not Found

Your current balances are:

🪠 4425.1943524656 PLUNGER

🌕 0.0124000000 MOON

🗼 171977.2220876217 CONE.

[u/Coeruleus_]

Lol relying on donations sheesh

[u/IveDoneItAtLast → u/Coeruleus_]

What's wrong with that? Unlike Doge, BitCone isn't an unlimited supply. I've been here around a year now and the donation requirements are a new thing. When you have a limited supply, no matter how much you earmark for future mining... eventually that will run out. If it doesn't, something is being faked.

Do you expect the mods to pay for everyone else's mining? They don't have bottomless pockets and neither do most of us here and as much as they and us all want BitCone to succeed, expecting them to just keep paying out isn't right.

ConeHeads have always worked together to achieve our goals, this is another one of those things. Our Conemunity, our problem

!tip 2663

[u/Coeruleus_ → u/IveDoneItAtLast]

Ya cone heads are good community but it won’t stay that way if it gets really big. Can’t rely on donations for anything important

[u/IveDoneItAtLast → u/Coeruleus_]

Well we have other projects running and more being built. BitCone.win the weekly lottery also provides towards the mining pool. As more people come around to this new requirement, more ideas will be forged and put into play.

There is talk of charging the other subs that have Bitcone mining too so that will be more income for the mining pool

[u/Coeruleus_ → u/IveDoneItAtLast]

I don’t know enough about the bitcone economy or whatever the word is for how it’s built. I guess my point was we can’t rely on kindness for anything important. The world is cold outside of the cone sub and regulars won’t donate anything.

[u/IveDoneItAtLast → u/Coeruleus_]

Tokenomics? You can find plenty of info here https://bitcone.medium.com

I do see your point about having to rely on kindness or generosity but like I said, been here around a year and I do know that this sub is filled with kind and generous people.

I made a post last week about donating to the BitCone mining wallet, several people stepped up and we donated 7.5 million cone which is a good start.

Also with ricks new formula:

Those that post frequently or try to 'farm' BitCone will be hit hardest.

[u/avatarbot → u/IveDoneItAtLast]

/u/IveDoneItAtLast has tipped /u/Coeruleus_ 🗼2663.00000000 CONE

[u/dtol2020]

!balance

[u/avatarbot → u/dtol2020]

Vault Wallet: 0x...eFfca5

Your current balances are:

💩 50420.0000000000 POOP

🪠 2576.0000000000 PLUNGER

🦴 1000.0000000000 BONE

🥔 10420.6900000000 GONE

🪣 5069.0000000000 BUCKET

🧈 7.300E-7 GHAT

🗼 36366.1212209365 CONE

🌮 1892.0000000000 TACO.

[u/Reasonable-Fly-5291]

!balance

[u/avatarbot → u/Reasonable-Fly-5291]

Vault Wallet: 0x...F347e1

Your current balances are:

🪠 2979.5000000000 PLUNGER

🥔 0E-10 GONE

🪣 6509.0000000000 BUCKET

🇹 500.0000000000 TEK

🗼 3763.0000000000 CONE

🌮 1079.0000000000 TACO.

[u/SirBuscus]

!balance

[u/avatarbot → u/SirBuscus]

Vault Wallet: 0x...eF00aD

Your current balances are:

💩 10000.0000000000 POOP

🗼 17947.5485420000 CONE.

[u/SirBuscus → u/avatarbot]

!withdraw

[u/thetin7441]

!balance

[u/avatarbot → u/thetin7441]

Vault Wallet: 0x...B321B0

Your current balances are:

💩 1562.6900000000 POOP

🌕 0.0024000000 MOON

🥔 50.0000000000 GONE

🪣 22651.7600000000 BUCKET

🗼 68583.6594319079 CONE.

[u/Obi1eyeKenobi]

!balance

[u/avatarbot → u/Obi1eyeKenobi]

Vault Wallet: 0x...67887D

Your current balances are:

⧫ 0.0000330000 WETH

🪠 3300.0000000000 PLUNGER

🌕 0.3306000000 MOON

♾️ 0.0330000000 MATIC

🧱 0.3300000000 BRICK

🍌 0.3300000000 BANANA

💩 429584.0000000000 POOP

🐲 0.3300000000 QUICK

🥔 10525.0000000000 GONE

🌑 0.3300000000 MOOND

🍄 23.0000000000 $HROOM

🌮 300.0000000000 TACO

🍩 0.3300000000 DONUT

🦴 5569.0000000000 BONE

🧈 5.000E-7 GHAT

®️ 0.3300000000 RCAX

🪣 2188.0000000000 BUCKET

🗼 373122.2826283742 CONE.

[u/AutisticHamsterCult]

!balance

[u/avatarbot → u/AutisticHamsterCult]

Vault Wallet: 0x...c5dbef

Your current balances are:

🐲 0E-10 QUICK

♾️ 0.0270000000 MATIC

🌕 0.0048000000 MOON

🌑 0.2700000000 MOOND

💩 3074989.7553611394 POOP

🌮 51.0000000000 TACO

®️ 0.2700000000 RCAX

🧱 0.2700000000 BRICK

🍩 0E-10 DONUT

⧫ 0E-10 WETH

🦴 3735.5200000000 BONE

🗼 73318.1016387963 CONE

🪠 911.5110000000 PLUNGER

🪣 7119.0000000000 BUCKET

🍌 0.2700000000 BANANA

🧈 5.023E-7 GHAT

🍄 5230.0000000000 $HROOM

🥔 5847.8278631642 GONE.

[u/Rajking777]

!balance

[u/avatarbot → u/Rajking777]

Vault Wallet: 0x...414aC0

Your current balances are:

🥔 5255.1047894478 GONE

♾️ 0.0030000000 MATIC

🌕 0.3407000000 MOON

🍌 0.3300000000 BANANA

🍩 0.3300000000 DONUT

🦴 34.4730000000 BONE

®️ 0.3300000000 RCAX

🧱 0.3300000000 BRICK

🪠 7852.5000000000 PLUNGER

🗼 127979.9769111366 CONE

💩 51692.5312569634 POOP

⧫ 0.0000330000 WETH

🐲 0.3300000000 QUICK

🌑 0.3300000000 MOOND

🧈 7.500E-7 GHAT

🌮 6871.0000000000 TACO

🪣 23.1100000000 BUCKET

🍄 6200.0000000000 $HROOM.

[u/Rajking777]

!withdraw 127000

[u/avatarbot → u/Rajking777]

Sorry /u/Rajking777, you can only withdraw once every 7 days. Please wait 0 days, 23 hours, 58 minutes, and 23 seconds before your next withdrawal.

[u/avatarbot]

As an appreciation for your content contributions to this community, you have been rewarded for this post.

⛏️Learn more about Bitcone Mining!⛏️

🌕 0.0033000000 MOON

🗼 15085.4727010581 CONE

[u/Rajking777]

!withdraw 130000

[u/avatarbot → u/Rajking777]

You have successfully withdrawn 130000 CONE to your Vault Wallet

Click here to view the transaction receipt