Topic: [ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!! - page 37. (Read 946599 times)

History of all other POS coins that have all been pumped and dumped into oblivion.

The most successful alternative coins to litecoin are those that champion different algorithms.
Making ULT POS basically makes it abandon the algorithm market. It's strong point was the scrypt-jane algo.

I don’t understand why some are skeptical or think it would be the end.
Oke some have pointed us at some good arguments but others are only shouting without giving any good reasons. I don’t think we can wait longer time to do something big for UTC. The asic resistant thing is a very attractive point, it is a pity to lose that, but nobody knows for shore when the asics are really being shipped and nobody knows for shore the miners will put their gpu’s on UTC for mining when the asics are finely there.
So tell me please, can you explain why UTC needs to stay like this? Do you think if UTC stay’s like this it will get more demand by itself in short time? even with the fact that every day new coins are floating the market? I don’t think it works like that anymore.
And please can you tell me what other specific features or things UTC can develop or start, other than start minecraft en get more web shops accepting the coin? I don’t think there are many other super-duper features possible anymore.
So agree with some others here. I guess there are not many other real options. Going full pos is not a bad thing for UTC. Together with mincraft and getting more web shops accepting the coin it can still be a big success.
And about the miners, they can mine at the UTC multipool x11 coins as they are doing now.
Win-Win

I'm skeptical but intrigued at the same time. Interesting times   

Can you maybe deliver some arguments to substantiate your theory instead of just throwing buzzwords, please?

I'm skeptical but intrigued at the same time. Interesting times   

POS is the end of UTC.

The last pump and dump before its end.

I really liked this coin and I thought it had a future right there next to DRK, VTC and BC.
But I guess the developers have other plans.

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Currently in today’s society people are not so focused on the meaning of a coin, but mostly to the desire or the limitation of a coin.
Unfortunately our coin has the "curse" of actually being well developed and people don't care much about that.
Scrypt-Chacha is a great algorithm, but it’s not very easy to configure because miners have to change settings constantly, and it runs hot.
This has chased away some people, and that is undesirable.
It's just too much effort for a miner when they can simply go and mine X11 instead and have a lower power bill and increase the life of their GPU.

Next to that, a coin that is 100% asic resistant and high in energy consumption will never be mined to its peak.
Even if PoS rewards are being implemented, it will still not drive the popularity up to a level we aspire to.
Not now at 5,2% PoS but also not at 10% or even at 15% or 20% PoS.
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That is a nice way to describe 90% of the people who post on this thread.

So I put a couple of Scrypt ASICs on the multipool today.  The hashrate at the pool is right, but the worker dashboard says 0 scrypt shares.  However, for some reason, I have a lot of SHA256 shares?  I'm using port 3333 in cgminer.  Is this normal or is something wrong with my setup?

Dear UTC Community Members,

As management team we are pleased to announce the new direction of Ultracoin.

The last two weeks we were busy investigating this new direction and discussing it with our coin dev’s.

ULTRACOIN WILL BE CHANGING INTO FULL POS !

This means that from the full PoS update Ultracoin cannot be mined directly anymore.
Generation of new coins and the maintenance of the network are from that moment done through minting instead of mining.
This can be done perfectly through the Ultracoin Multipool.

Off course we don’t take this big decision lightly.

We realize we are giving up one of the prime features of Ultracoin, the asic resistance,
However, in this constantly and quick changing crypto world we don’t think the asic resistance alone will get Ultracoin to a price point where we need it to
be or where we all want it to go.
So after a lot of deliberation, careful thoughts and discourse we have decided to give this feature up to go full PoS.

Our motivation is as follow :

The reason why we are now here in the leads is to change things into the positive for Ultracoin.
In a landscape with new coins emerging every day, our coin needs to be made exclusive if we want it to survive.
It`s that simple....

Currently in today’s society people are not so focused on the meaning of a coin, but mostly to the desire or the limitation of a coin.
Unfortunately our coin has the "curse" of actually being well developed and people don't care much about that.
Scrypt-Chacha is a great algorithm, but it’s not very easy to configure because miners have to change settings constantly, and it runs hot.
This has chased away some people, and that is undesirable.
It's just too much effort for a miner when they can simply go and mine X11 instead and have a lower power bill and increase the life of their GPU.

Next to that, a coin that is 100% asic resistant and high in energy consumption will never be mined to its peak.
Even if PoS rewards are being implemented, it will still not drive the popularity up to a level we aspire to.
Not now at 5,2% PoS but also not at 10% or even at 15% or 20% PoS.

Without trying to sound too negative about our coin, but with allot of opinion asking last weeks, this is how the crypto community feels about our UTC coin.

We feel that for UTC to be a success, we need to tease people more and more with it.
And what could be better than a super-fast Ultracoin which has limited availability !
Not only traders and investors would love this super-fast future but also the web shop owners.

Currently we have some bag holders that have a large amount of UTC and it's not moving around in the market at all.
This is one of our biggest concerns since we want UTC to be a real currency with a healthy market.

Once the coin is pure and full PoS, we believe it will go into a mad craze.
The current daily supply will reduce by factor 19.
We think people won't even care about the bag holders anymore because they just need to get their coins and they will pay top dollar for them.
This will lead to more exclusivity and an up going demand and price.
Have a look at some other coins that have done this before, they had a significant increase in value overnight.

So bottom line: Off course the future has to proof it but we believe that in the long run full PoS will be the right decision for our coin if the lead up to its implementation is correct.

Although we have not responded to the last pages of the forum, we did read everybody's opinion carefully and we have observed that the response was very positive.

Our management team is now busy with our coin dev’s to finalize the investigation and the test to make Ultracoin a full PoS coin.
Since nobody has ever done this with a scrypt chacha coin before this needs some time and fine tuning.
If everything goes as planned then the full PoS of Ultracoin will roughly start within one month or so much sooner as possible.

Please stay tuned for more updates !

Regards,
Ultracoin Management Team


PS-1: we want to ask all of you to help and to spread this great news to as much as chat boxes and troll boxes around. Let everybody knows about Ultracoin is going pure and full pos !    


PS-2: We are also busy with the Minecraft plugin, an android wallet and the CoinPayments regulation in web shops so we are trying to take big steps for Ultracoin.

Multipool does not mine UTC, its mines other coins, sells them for BTC, and then buys UTC from exchanges to distribute to its miners.

PoS is basically another way to mine a coin and for transactions to be processed on the blockchain.  Instead of using hardware, you use the amounts of coins you hold in your wallet.  Each stake that occurs is 1 block, and has the same function as PoW block mined with hardware in PoW coin be it SHA, Scrypt or X11.  
The difference in PoS is the block reward is "interest" on how much is staked. It uses the entire input (eg 1 withdrawal to your wallet, that is kept unmoved for a week), which afterward then will take another week (or the min period for staking in coin specifications) before it happens again. So you can see that without some planning, the blockchain and transactions can become very slow or irregular if people are not supporting the network with their own inputs/balances in wallets.  Successful full PoS coins and their holders planned for this advance had good specifications to support Full PoS eg BC has 8 hour min stake age and low interest.

UTC if switched to full PoS would take at least a week before the blockchain got upto speed again as it unlikely there are many who keep their wallets open 24/7 for weekly interest, they only need to open once a week at minimum. So unless preparation is made in advance by holders now or better thought into the specifications and implementation of full PoS, it could really harm UTC network and as a result cause it to further devalue.  

UTC was created as PoW/PoS coin, and the specifications had it being an investment coin (as it was 1 year for a PoS block to occur) with PoW mining to support blockchain/transactions.  Now i believe that is changed to 1 week, so becoming full PoS is possible but I dont see how it improve the or create more interest in it as a currency.  Imho it would be better to switch the algo for PoW mining to X11 (more ASIC resistant) or Scrypt (better blockchain support from ASICs) with a lower block reward, and keep PoS as it is or adjustments to encourage saving and holding in wallets.  Then multipool and others may buy up larger amounts off exchanges to keep in their wallets, and allow the price to rise steadily.

REMOVE your sell ORDERS!!!

I like the idea of going full POS but only if the Dev's follow thru with the rest of the UTC initiatives they have in the pipeline like the Minecraft app and the Android wallet . Otherwise getting "free" UTC may not be enough of a value proposition in the long term.

So someone explain to me how UTC will be 100% POS but you can still mine it using x11 or does that even matter? Has the decision been made on how the POS will be paid out?

The only people wanting full PoS it seems are those who do not understand what is it and/or are only care about price.  Stable price is better then pump and dumps for a coin that is promoted for arbitrage and fast transfers of value.