Topic: [AC] AsiaCoin | Pure PoS | 100% Interest - page 175. (Read 264588 times)
I've been monitoring what's been going on here and as someone who has invested hundreds I would like to say I'm happy and excited with the way this have been panning out over the last couple days. I'm holding for now in hopes that someday my thousands of coins will be worth something. Thanks to everyone who is putting work into reviving this currency!
Huh.. well it looks like the original dev didn't really think ahead past 10 years... The original code burned Tx Fees AND ends subsidy in 10 years..
So this was destined to need a fork in 10 years, regardless...
Okay so here's my proposal.
It will be 100% for the next month. After that it will go to 70% for the remainder of the year. After that it will be 2% ad infinitum (at least the same length as blackcoin/ppcoin)
So this was destined to need a fork in 10 years, regardless...
Okay so here's my proposal.
It will be 100% for the next month. After that it will go to 70% for the remainder of the year. After that it will be 2% ad infinitum (at least the same length as blackcoin/ppcoin)
Do you mean the first month AFTER relaunch is 100% then next 11 months are 70%?
Or June will be 100% and July to December will be 70%?
Wow. It looks like a big mess!
Huh.. well it looks like the original dev didn't really think ahead past 10 years... The original code burned Tx Fees AND ends subsidy in 10 years..
So this was destined to need a fork in 10 years, regardless...
Okay so here's my proposal.
It will be 100% for the next month. After that it will go to 70% for the remainder of the year. After that it will be 2% ad infinitum (at least the same length as blackcoin/ppcoin)
So this was destined to need a fork in 10 years, regardless...
Okay so here's my proposal.
It will be 100% for the next month. After that it will go to 70% for the remainder of the year. After that it will be 2% ad infinitum (at least the same length as blackcoin/ppcoin)
is the 100% staking still happening? cause thats a big reason i invested in asiacoin
This is still undecided, in all likelihood it will be above 70% though.
is the 100% staking still happening? cause thats a big reason i invested in asiacoin
I have a little bit of this nonsense coin on Cryptsy. Can someone explain if I will ever be able to sell this coin again or if if my coins are just stuck in imaginary limbo forever?
We're working with a cryptsy developer to fix the coin. Once the fix has been validated they have promised to reopen the exchange.
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How long are we looking at this 're-launch' taking? Will the market just magically re-open for me on cryptsy and allow trading again?
Not a relaunch but just a patch.. eta is in 2 days.
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Anyone care to explain in simple terms when I should expect my AsiaCoins to be worth anything again and not 0?
Unlikely to reach 0.. actually it's not even 0 today, as junk bond traders today are buying them in bulk for cheap hoping for a big pay off later (via private PMs)...
It will absolutely take a hit in terms of confidence.. it'll be up to the community to hoist it up. Because in theory, almost nothing will have changed.. we will still reach 360m coins released. There won't be more than those coins in the system.. So up to everyone to make their own decisions on whether or not to dump or go for broke..
I have a little bit of this nonsense coin on Cryptsy. Can someone explain if I will ever be able to sell this coin again or if if my coins are just stuck in imaginary limbo forever?
How long are we looking at this 're-launch' taking? Will the market just magically re-open for me on cryptsy and allow trading again?
Anyone care to explain in simple terms when I should expect my AsiaCoins to be worth anything again and not 0?
Dazed & Confused in Texas
ATX
How long are we looking at this 're-launch' taking? Will the market just magically re-open for me on cryptsy and allow trading again?
Anyone care to explain in simple terms when I should expect my AsiaCoins to be worth anything again and not 0?
Dazed & Confused in Texas
ATX
Everything is explained on the first post, and on the website's news page and FAQ:
http://thecoin.asia/news
http://thecoin.asia/faq
The market value of Asia Coin will depend on how the community will react, we are doing everything we can to increase the value of the coin (that includes setting up and promoting multipools, as well as making contact with various exchanges and payment processors to include Asia Coin). But in the end, it will up to the community to see how much they are happy to sell their Asia Coins for. Cryptsy, Mintpal and Bter.com have confirmed that they will resume AC trades once the issue is resolved.
All I can say is that we are fully committed for a long term support of the project, and after we fix the issue, there will be nothing wrong with Asia Coin that endangers its long term success but in the end it's the community that will decide on the worth of the coins.
The value of Asia Coin was around 1200-1300 when the premine news was hit and I believe when we fix the issue, nobody should agree to sell for any less. That is my opinion.
no pos,no mutilpool？
Please read the first post, and the website.
This will truly turn a negative into a huge success story like no other. The AC community is strong and this coin will once again rule the markets.
I have a little bit of this nonsense coin on Cryptsy. Can someone explain if I will ever be able to sell this coin again or if if my coins are just stuck in imaginary limbo forever?
How long are we looking at this 're-launch' taking? Will the market just magically re-open for me on cryptsy and allow trading again?
Anyone care to explain in simple terms when I should expect my AsiaCoins to be worth anything again and not 0?
Dazed & Confused in Texas
ATX
How long are we looking at this 're-launch' taking? Will the market just magically re-open for me on cryptsy and allow trading again?
Anyone care to explain in simple terms when I should expect my AsiaCoins to be worth anything again and not 0?
Dazed & Confused in Texas
ATX
Everything is explained on the first post, and on the website's news page and FAQ:
http://thecoin.asia/news
http://thecoin.asia/faq
The market value of Asia Coin will depend on how the community will react, we are doing everything we can to increase the value of the coin (that includes setting up and promoting multipools, as well as making contact with various exchanges and payment processors to include Asia Coin). But in the end, it will up to the community to see how much they are happy to sell their Asia Coins for. Cryptsy, Mintpal and Bter.com have confirmed that they will resume AC trades once the issue is resolved.
All I can say is that we are fully committed for a long term support of the project, and after we fix the issue, there will be nothing wrong with Asia Coin that endangers its long term success but in the end it's the community that will decide on the worth of the coins.
The value of Asia Coin was around 1200-1300 when the premine news was hit and I believe when we fix the issue, nobody should agree to sell for any less. That is my opinion.
no pos,no mutilpool？
Please read the first post, and the website.
I have a little bit of this nonsense coin on Cryptsy. Can someone explain if I will ever be able to sell this coin again or if if my coins are just stuck in imaginary limbo forever?
How long are we looking at this 're-launch' taking? Will the market just magically re-open for me on cryptsy and allow trading again?
Anyone care to explain in simple terms when I should expect my AsiaCoins to be worth anything again and not 0?
Dazed & Confused in Texas
ATX
How long are we looking at this 're-launch' taking? Will the market just magically re-open for me on cryptsy and allow trading again?
Anyone care to explain in simple terms when I should expect my AsiaCoins to be worth anything again and not 0?
Dazed & Confused in Texas
ATX
You will still have your coins. Cryptsy has already said they will resume trading as soon as the patch is applied.
no pos,no mutilpool？
I have a little bit of this nonsense coin on Cryptsy. Can someone explain if I will ever be able to sell this coin again or if if my coins are just stuck in imaginary limbo forever?
How long are we looking at this 're-launch' taking? Will the market just magically re-open for me on cryptsy and allow trading again?
Anyone care to explain in simple terms when I should expect my AsiaCoins to be worth anything again and not 0?
Dazed & Confused in Texas
ATX
How long are we looking at this 're-launch' taking? Will the market just magically re-open for me on cryptsy and allow trading again?
Anyone care to explain in simple terms when I should expect my AsiaCoins to be worth anything again and not 0?
Dazed & Confused in Texas
ATX
I'm sure the original developer never cared to think this through for AC and just replaced the hardcoded value with his own.
Yes.. that's evident from the code that he didn't plan for this case... So in essence once we fix this , it will be better than the original coin
Quote
Peercoin destroys the transaction fees (fixed at 0.01 ppc) to offset the 1% minting stake -- the fees do not go to the PoS minters. Sunny King, the creator, has a fixed/hardcoded maximum limit (at 4 billion???)
Sunny King is the father of all of this.. so yeah his word should be definitely taken as gospel.. But what i don't get is.. why destroy the TxFee.. why not just pass it along like NXT and just not have rewards?
I think to destroy it is a good idea, as if just pass it along, it will be exceed the 360m cap for sure.
By the method of destroy the TxFee, we can make it always under 360m.
Does it possible to adjust the TxFee to a variable rate.
for example:
If amount > 340m & < 350m , TxFee = 0.02 else
If amount > 350m & < 355m , TxFee = 0.2 else
If amount > 355m & < 358m , Tx Fee = 2 else
If amount > 358m , Tx Fee = 20
or make the rate to a meaningful formula,
so it will not exceed the cap
as a result, we can keep the first year rate to 100%,
it will be 342m theoretically minus the TxFee, (however, it will be like ~300m as not all coins will be stay in wallet for stake)
and start from the 2nd year, the TxFee can offset the interest.
This can minimize the change of the spec.
i saw that you want to change the pos rate; i think it's bad because people are buying on specs; fixing the blockchain is ok but changing conditions after all that shit; i think it's a bad idea.
let's +1 if you agree that will be easier to count
good luck dev team
cheers
+1let's +1 if you agree that will be easier to count
good luck dev team
cheers
changing the specs isn't what this coin is about.
Yes its not abouth changing the specs its abouth making specs what they should have been and remove premine.
And we have "First year stake interest is 100%" and no premine !!!
I would like to wager a bet that we will see AC price 4000sat this year. how to do it ?
I have full confidence that it will be higher than that when all is fixed.
I would like to wager a bet that we will see AC price 4000sat this year. how to do it ?
I'm sure the original developer never cared to think this through for AC and just replaced the hardcoded value with his own.
Yes.. that's evident from the code that he didn't plan for this case... So in essence once we fix this , it will be better than the original coin
Quote
Peercoin destroys the transaction fees (fixed at 0.01 ppc) to offset the 1% minting stake -- the fees do not go to the PoS minters. Sunny King, the creator, has a fixed/hardcoded maximum limit (at 4 billion???)
Sunny King is the father of all of this.. so yeah his word should be definitely taken as gospel.. But what i don't get is.. why destroy the TxFee.. why not just pass it along like NXT and just not have rewards?
Destroying the trxn fee is suppose to offset the 1% yearly minting rate to prevent inflation. The stake holders are rewarded by the 1% minting rate while they are securing the network so they don't need the trxn fees. The trxn fee does not secure the network as designed for PoW coins like bitcoin. So if minting stops at 360 million for AC, what is there left to secure the network? The trxn fees can't because AC is now pure PoS.
I believe NXT is a different PoS design. AC is closer to Peercoin's design than NXT so I don't think NXT's design can be used unless there is a substantial design change. Maybe the coders can confirm this.
We might need to change it though, otherwise our money supply will be over the original specs...
Can someone run the calculations? What do we need to set as the rate if we want to hit 300m in 1 year?, and then 360m in 10 years?
Consider we could also do 100% for the first 6 months and 80% for the 2nd half.. or something of that nature
I do want to put in that code tonight.. even just as a placeholder..
The other thing to consider is .. does the original spec even make sense. If there's no rewards after 10 years.. why would you stake.. just for transaction costs? Maybe that's a good thing though.. if we're wanting a static currency in 10 years...
Anyways, discuss..
Can someone run the calculations? What do we need to set as the rate if we want to hit 300m in 1 year?, and then 360m in 10 years?
Consider we could also do 100% for the first 6 months and 80% for the 2nd half.. or something of that nature
I do want to put in that code tonight.. even just as a placeholder..
The other thing to consider is .. does the original spec even make sense. If there's no rewards after 10 years.. why would you stake.. just for transaction costs? Maybe that's a good thing though.. if we're wanting a static currency in 10 years...
Anyways, discuss..
Assume the current coin is 171,000,000 (as I don't have the extract number now)
The 1st year rate should be 75.438596491%, then new amount will be 300,000,000.00000000 coins after 1 year.
If the 2nd year and future are 2%, there will be 358,527,770.58669300 after 10 years, quite near the 360m max.
In the 11th year, it will be 365,698,325.99842700 , which exceed the original cap.
ps1. just to remind you, the interest rate is after compound, when you are coding, you have to adjust to 2 weeks rate and compound it to the year rate.
ps2. as no 100% of the coin will stay at wallet for staking, the actual number will be far lesser than the theoretical amount.
I'm sure the original developer never cared to think this through for AC and just replaced the hardcoded value with his own.
Yes.. that's evident from the code that he didn't plan for this case... So in essence once we fix this , it will be better than the original coin
Quote
Peercoin destroys the transaction fees (fixed at 0.01 ppc) to offset the 1% minting stake -- the fees do not go to the PoS minters. Sunny King, the creator, has a fixed/hardcoded maximum limit (at 4 billion???)
Sunny King is the father of all of this.. so yeah his word should be definitely taken as gospel.. But what i don't get is.. why destroy the TxFee.. why not just pass it along like NXT and just not have rewards?
keep it at 2% every year forever to keep the blockchain secure.
Forever is the problem.. max coins is a hardcoded value you can't just keep adding 2% every year.. and even without the hardcode protections, it will overflow int64 - 12bits (from static decimals).
There will be a limit..
For exmaple even though Blackcoin says it's 1% inflation "forever", but in their code, the real max coin is 2 billion hardcoded.. it's 75m in circulation right now.. so at 1% it'll take awhile to get there.... like around 400 years.
Anyways max money will have to be adjusted to some amount to account for it...
Peercoin destroys the transaction fees (fixed at 0.01 ppc) to offset the 1% minting stake -- the fees do not go to the PoS minters. Sunny King, the creator, has a fixed/hardcoded maximum limit (at 4 billion???) but he says that he expects it never to be reached. And if does, it could be changed. I'm sure the original developer never cared to think this through for AC and just replaced the hardcoded value with his own.
So this should be thought through with respect to Peercoin's design for AC.
Here's a good Wikipedia article on it:
http://en.wikipedia.org/wiki/Peercoin
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