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Topic: [ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!! - page 38. (Read 946641 times)

SxC
sr. member
Activity: 336
Merit: 250
Quote
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.

this is the same reasoning that was used for reducing block reward.  and that didnt work as expected.
how does UTC become more exclusive with so much of it sitting on exchanges in sell orders?


The blockreward was not changed to affect price, it was done to repair an unsustainable system, in the original parameters, 100% of UTC would have been distributed in just 1 year

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?


You mine x11 coins on the multipool and that pays you in UTC which it does now
member
Activity: 76
Merit: 10
Quote
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.

this is the same reasoning that was used for reducing block reward.  and that didnt work as expected.
how does UTC become more exclusive with so much of it sitting on exchanges in sell orders?


The blockreward was not changed to affect price, it was done to repair an unsustainable system, in the original parameters, 100% of UTC would have been distributed in just 1 year

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?
full member
Activity: 238
Merit: 100
http://ultracoin.net/ - Ultracoin Website http://c
Shocked dont go full PoS, its a very bad idea for UTC and kill this coin.  Keep it mixed PoW/PoS, but reduce the min age for PoS, would be much better improvement.
Full PoS is already falling out of favor as a buzzword to pump on,  if devs care about the coin it deserves better then the cheap pump price treatment of a widely misunderstood feature like Full PoS.

If not planned and properly set up in advance by users and dev team, UTC will go from being a fast coin to move funds with with to a really slow coin when there are no users with UTC in wallets to mine PoS blocks for you, and as alot are concerned about price it can be assumed most them are keeping their UTC on exchanges and not in wallets so they are not supporting the coin at all.  

Exchanges can not be depended on to support the blockchain as they will sweep their coins to one address/not keep them in deposit addresses long enough for any PoS to occur.  
Majority of users are interested in PoS for the interest and tend to make large single stakes in the wallet, so they can not be depended on to support blockchain.  There needs to be dedicated PoS miners/nodes created well in advance.

Without dedicated PoS miners/nodes, transaction times will be very slow, hours or even days without PoW. this affects multipool as well, as it will be dependent on PoS to carry its payouts to the multipool miners.  

Does dev team really believe there are enough people keeping UTC in wallets to support transactions or maintain a fast network?  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.

The price will not go up just because a coin becomes 100% PoS, but it will quite likely crash when people find their transactions are stuck or is no longer as fast as they are use to.   Sad












i think devs should conisder your comments very carefully.
maybe we should reduce the reward of each block from 15 to 5,which make the output of every day reduce from 15000 to 5000
if this does not work, then  reduce the reward of each block from 5 to 1,which make the output of every day reduce from 5000 to 1000
hero member
Activity: 776
Merit: 557
Annoucing it on a Friday evening may not have been the best time
hero member
Activity: 728
Merit: 501
Quote
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.

this is the same reasoning that was used for reducing block reward.  and that didnt work as expected.
how does UTC become more exclusive with so much of it sitting on exchanges in sell orders?


The blockreward was not changed to affect price, it was done to repair an unsustainable system, in the original parameters, 100% of UTC would have been distributed in just 1 year
legendary
Activity: 1672
Merit: 1014
Quote
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.

this is the same reasoning that was used for reducing block reward.  and that didnt work as expected.
how does UTC become more exclusive with so much of it sitting on exchanges in sell orders?
hero member
Activity: 728
Merit: 501
Shocked dont go full PoS, its a very bad idea for UTC and kill this coin.  Keep it mixed PoW/PoS, but reduce the min age for PoS, would be much better improvement.
Full PoS is already falling out of favor as a buzzword to pump on,  if devs care about the coin it deserves better then the cheap pump price treatment of a widely misunderstood feature like Full PoS.

If not planned and properly set up in advance by users and dev team, UTC will go from being a fast coin to move funds with with to a really slow coin when there are no users with UTC in wallets to mine PoS blocks for you, and as alot are concerned about price it can be assumed most them are keeping their UTC on exchanges and not in wallets so they are not supporting the coin at all.  

Exchanges can not be depended on to support the blockchain as they will sweep their coins to one address/not keep them in deposit addresses long enough for any PoS to occur.  
Majority of users are interested in PoS for the interest and tend to make large single stakes in the wallet, so they can not be depended on to support blockchain.  There needs to be dedicated PoS miners/nodes created well in advance.

Without dedicated PoS miners/nodes, transaction times will be very slow, hours or even days without PoW. this affects multipool as well, as it will be dependent on PoS to carry its payouts to the multipool miners.  

Does dev team really believe there are enough people keeping UTC in wallets to support transactions or maintain a fast network?  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.

The price will not go up just because a coin becomes 100% PoS, but it will quite likely crash when people find their transactions are stuck or is no longer as fast as they are use to.   Sad


This choice has absolutely not been made for some pump and dump,and also not to follow some trend, we dont care about hypes. This is a well thought out choice for the future.

also, why would there not be nodes,why would people not want free UTC?
legendary
Activity: 1672
Merit: 1014
 Shocked dont go full PoS, its a very bad idea for UTC and kill this coin.  Keep it mixed PoW/PoS, but reduce the min age for PoS, would be much better improvement.
Full PoS is already falling out of favor as a buzzword to pump on,  if devs care about the coin it deserves better then the cheap pump price treatment of a widely misunderstood feature like Full PoS.

If not planned and properly set up in advance by users and dev team, UTC will go from being a fast coin to move funds with with to a really slow coin when there are no users with UTC in wallets to mine PoS blocks for you, and as alot are concerned about price it can be assumed most them are keeping their UTC on exchanges and not in wallets so they are not supporting the coin at all.  

Exchanges can not be depended on to support the blockchain as they will sweep their coins to one address/not keep them in deposit addresses long enough for any PoS to occur.  
Majority of users are interested in PoS for the interest and tend to make large single stakes in the wallet, so they can not be depended on to support blockchain.  There needs to be dedicated PoS miners/nodes created well in advance.

Without dedicated PoS miners/nodes, transaction times will be very slow, hours or even days without PoW. this affects multipool as well, as it will be dependent on PoS to carry its payouts to the multipool miners.  

Does dev team really believe there are enough people keeping UTC in wallets to support transactions or maintain a fast network?  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.

The price will not go up just because a coin becomes 100% PoS, but it will quite likely crash when people find their transactions are stuck or is no longer as fast as they are use to.   Sad










hero member
Activity: 728
Merit: 501
SxC
sr. member
Activity: 336
Merit: 250
Another payout issues with x11 HuhHuhHuhHuhHuhHuh?

The issue has been with cryptsy, I'm currently fixing up all the incorrect data because of the cryptsy errors. I am running payouts shortly Smiley
I've recevied 1600 utc. problem solved. Thank you +11111111111

Nice i got 23 UTC fk yea i have some mining power
sr. member
Activity: 1221
Merit: 250
Another payout issues with x11 HuhHuhHuhHuhHuhHuh?

The issue has been with cryptsy, I'm currently fixing up all the incorrect data because of the cryptsy errors. I am running payouts shortly Smiley
I've recevied 1600 utc. problem solved. Thank you +11111111111
full member
Activity: 181
Merit: 100
Even if it goes full POS, you can still use your graphics cards to "mine" UTC on the multipool with x11. Win-Win Smiley



.....
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.
......


Indeed Win-Win situation !

newbie
Activity: 36
Merit: 0
Even if it goes full POS, you can still use your graphics cards to "mine" UTC on the multipool with x11. Win-Win Smiley
legendary
Activity: 980
Merit: 1000
Traveling in subspace
Another payout issues with x11 HuhHuhHuhHuhHuhHuh?
I also noticed something else on the cryptotrain site. Fastcoin was the scrypt coin being mined but 10 of the 27 blocks mined were orphaned. Why is the pool wasting resources on a coin with more than 33% orphaned blocks?

Because If I remove that coin, the pool will find 0 blocks in the scrypt algorithm due to a poor amount of hash power :/
Thanks for the explanation. Guess we're in a catch-22 situation.  Sad
full member
Activity: 181
Merit: 100

ULTRACOIN IS GOING FULL POS


REMOVE your sell ORDERS!!!


TO DAAAAAAA MOOOOON !!!!!





".....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 ! "
 

full member
Activity: 135
Merit: 100
member
Activity: 66
Merit: 10
Welcome to the future !








ULTRACOIN IS GOING FULL POS




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.


newbie
Activity: 56
Merit: 0
@ Cryptotrain

if i use the port 3333 i get 0 shares just pool found blocks

if i use the port 4444 i get shares which show up on the site

port 4444 is the port that came with lazybear sgminer which i downloaded from the pool site

which port should i be using ?

Please refer to the website.
http://www.cryptotrain.net/gettingstarted

As per the x11 Tab, 3332 is the correct port. Not 3333

ok thanks i knew it was 333 something i just went with your post above Cheesy

No problem Smiley

4444 is an alternative port to 3332. They will both work for x11
SxC
sr. member
Activity: 336
Merit: 250
@ Cryptotrain

if i use the port 3333 i get 0 shares just pool found blocks

if i use the port 4444 i get shares which show up on the site

port 4444 is the port that came with lazybear sgminer which i downloaded from the pool site

which port should i be using ?

Please refer to the website.
http://www.cryptotrain.net/gettingstarted

As per the x11 Tab, 3332 is the correct port. Not 3333

ok thanks i knew it was 333 something i just went with your post above Cheesy
newbie
Activity: 56
Merit: 0
@ Cryptotrain

if i use the port 3333 i get 0 shares just pool found blocks

if i use the port 4444 i get shares which show up on the site

port 4444 is the port that came with lazybear sgminer which i downloaded from the pool site

which port should i be using ?

Please refer to the website.
http://www.cryptotrain.net/gettingstarted

As per the x11 Tab, 3332 is the correct port. Not 3333
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