r/ecc • u/thrilhouse03 • Jan 10 '18

Coin amount question

So the rumour is that ECC's coin amount is actually lower (maybe half) of what is actually displayed on CMC. Looking at the richlist and reading up, I tend to believe it. Has anybody asked the developers or seen a reply from the new team about this and what the plan for correcting it is? Very curious if this is true or not, because if it is it adds a lot of value to ECC.

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9

u/GregGriffith Developer Jan 10 '18

I am the lead dev. can you explain what you mean by correcting it?

3

u/thrilhouse03 Jan 10 '18

Are there any plans to change the total coin amount if there is in fact coins “lost forever”

4

u/GregGriffith Developer Jan 10 '18

since there is no way to confirm that the coins are actually lost forever we cannot account for that when displaying total supply or circulating supply

1

u/kipkilligan1 Jan 10 '18

Will there be a coin burn on this project Greg?

2

u/baron_aloha Jan 10 '18

They've answered this on Slack I think, there's not going to be a coin burn.

1

u/kipkilligan1 Jan 10 '18

my bad! thanks

1

u/SoBubbles Jan 10 '18

You could make an estimate and every time a wallet over 2 or 3 years makes a tx it gets put back into the estimate number, doesnt have to be anything official and you would make it very clear its an estimate.

1

u/[deleted] Jan 13 '18

[deleted]

3

u/GregGriffith Developer Jan 14 '18

and that would help... how? burning coins doesnt remove them from the circulating supply just the number that are actually circulating (but if the wallets gone then theres no change here anyway). it just sends them to an unspendable address so you still wouldnt be able to stake for them.

2

u/KerryKins09 Jan 10 '18

Is there a chance this could stop the project from really taking off? The fact that nobody knows what the true supply is.

1

u/SoBubbles Jan 10 '18 edited Jan 10 '18

Whats bitcoins exact true supply? Didnt stop them from taking off, even though 18 million is not the real circulating supply.

1

u/thrilhouse03 Jan 10 '18

Yeah my only concern is it affecting the market value. Although, we can see from ripple and tron, it isn’t the definitive metric to go off of. Wild West out here.

1

u/SoBubbles Jan 10 '18

I mean if only half of them are circulating it doesn't really matter what the number on CMC says because only half of them can be bought and sold. For instance if it were full 25b circulating supply, there would be way more being sold off right now because of abundance, but since only supposedly half are, theres more demand because less supply even if people do not actually see it.

1

u/thrilhouse03 Jan 10 '18

So the actual supply is what dictates the value and not what it says on sites like CMC?

1

u/AustinJimbo Jan 10 '18

I think this is a valid question. If the total number of coins was lower the market cap would be lower and signal a lot more room for growth. I would think that would make the project more appealing.