I have confidence that I will get my $16k worth of UTC back from C-T. But I won't be using there exchange again once I have them safely in my wallet. Their lack of communication has lost all my trust in them. A daily update would have taken them 1-2 minutes to compose. I understand they need to address their security but been honest with your customers is paramount & im afraid they have fallen well short unfortunately.
WOW, already 3 stakeholders worth 100k UTC each who deposited their bags on an exchange while being fully committed to UTC stability and price increase and blah blah blah?? -Excuse me guys but I think I would not let my coins staying for too long on an exchange especially if I pretend myself being a stakeholder. You obviously did not learn anything from gox recently, now did you?
so, 100k UTC that were most likely acquired for 5 BTC each bag and sold around 16-20k = 28 BTC. You must be really depressed to sell only with a less than 6 multiplication factor. I thought you would at least wait for 20-100 before selling out... Gee this is depressing.
These are signs like those which show that the coin itself has no real future besides a perpetual FTC-like pump and dump scheme, unless of course you could prove me wrong with some good sugar coated declaration of intent I'm going to swallow like kool aid. Come on...
No worries you will recover your funds rapidly, but let's appreciate you crying fool before for the priceless show it represents.
Why I am still mining and bagholding thousands of these things btw? -I'm just wondering.
Well, despite feeling about the same as you as far as the stakeholder issues go, You can either sell low now, or wait for the percentage of coins purchased at .00005 to be a dilute % of the total coins, which should result in a higher value as the rest will have been obtained at significantly higher prices. I haven't been thrilled with the promise of progress either when community members seem to be shouldering the bulk of the work, but to that regard, I think they've been doing a good job of it.
I had harped about the explanation of PoS not being clear many times, but after reading the code and realizing that they literally meant you can't move your coins for one year before they can be staked for PoS mining, I wish they would consider changing their PoS implementation to encourage more short-term holding of the coin. If staked coins could generate interest every month instead of every year, more people would be inclined to hold, which would also increase the price creating a positive feedback loop. As is right now, most altcoins haven't even been around a year and it's anyone's guess whether support will still exist for any given coin a year from now. The PoS component maybe should have it's own N-type factor implementation where the interest period is extended to longer durations as the coin ages.
That's a complete tangent from what you were talking about, but I understand your frustration but I am willing to bet selling now isn't in your best interests.
The coin age is a year?
? gtfo. gains by day-trading and trading on pumps and dumps far outweigh any interest gained. Small measure of success, unless you are a huge bagholder, when trading is no longer an option cuz bagholders only create walls, intentional or not.
From the github:
unsigned int nStakeMinAge = 60 * 60 * 24 * 365; // minimum age for coin age
unsigned int nStakeMaxAge = 60 * 60 * 24 * 730; // stake age of full weight
unsigned int nStakeTargetSpacing = 30; // 20 second block spacing
and....
// ppcoin: miner's coin stake is rewarded based on coin age spent (coin-days)
int64 GetProofOfStakeReward(int64 nCoinAge)
{
static int64 nRewardCoinYear = 20 * CENT; // creation amount per coin-year
int64 nSubsidy = nCoinAge * 33 / (365 * 33 +
* nRewardCoinYear;
if (fDebug && GetBoolArg("-printcreation"))
printf("GetProofOfStakeReward(): create=%s nCoinAge=%"PRI64d"\n", FormatMoney(nSubsidy).c_str(), nCoinAge);
return nSubsidy;
}
static const int64 nTargetTimespan = 30 * 60; // 6 hours (30mins now)
static const int64 nTargetSpacingWorkMax = 12 * nStakeTargetSpacing; // 2-hour