[ANN] Blacknet | IBO for BlackCoin | New code | PoS | No ICO - page 1316.

lonely@thetop

full member

Activity: 210

Merit: 100

Quote from: ssaCEO on March 23, 2014, 05:24:29 PM

Proud to announce that the first StrikeSapphire BlackCoin tournament has gone off without a hitch! Congrats to (dare I say it) Mr. Dick Fever, who came in first place (ummm, Dick you might want to say a few words, heheh). 1000 BTC to the winner. 700 [c], 300 and 150 to the runners up.

We're gonna do this again very soon. Meanwhile, park your BC at our blackjack table and you could just find yourself a bit heavier around the wallet area.

I'll be back later in the week with another freeroll. 'Til then, stay strong BC =D

over and out...

1000 BC or BTC?

Jabulon

sr. member

Activity: 266

Merit: 250

Quote from: draco71 on March 23, 2014, 05:25:36 PM

Quote from: Jabulon on March 23, 2014, 05:23:37 PM

After the great shakeout of shitcoins and wannabees, behold! The International Flag of Crypto, recognized worldwide: https://i.imgur.com/I7kRgRi.png

I take it as BTC, LTC, BC and MINT, right?

Yikes, no, green was for Vertcoin. Lol, sorry for the ambiguity. (not Emerald or Pot either haha).

draco71

member

Activity: 84

Merit: 10

Quote from: Jabulon on March 23, 2014, 05:23:37 PM

After the great shakeout of shitcoins and wannabees, behold! The International Flag of Crypto, recognized worldwide: https://i.imgur.com/I7kRgRi.png

I take it as BTC, LTC, BC and MINT, right?

ssaCEO

hero member

Activity: 568

Merit: 500

Proud to announce that the first StrikeSapphire BlackCoin tournament has gone off without a hitch! Congrats to (dare I say it) Mr. Dick Fever, who came in first place (ummm, Dick you might want to say a few words, heheh). 1000 BTC to the winner. 700 [c], 300 and 150 to the runners up.

We're gonna do this again very soon. Meanwhile, park your BC at our blackjack table and you could just find yourself a bit heavier around the wallet area.

I'll be back later in the week with another freeroll. 'Til then, stay strong BC =D

over and out...

Jabulon

sr. member

Activity: 266

Merit: 250

After the great shakeout of shitcoins and wannabees, behold! The International Flag of Crypto, recognized worldwide: https://i.imgur.com/I7kRgRi.png

mr_random

legendary

Activity: 1344

Merit: 1001

Quote from: neilh on March 23, 2014, 04:53:33 PM

Quote from: IconicExpert on March 23, 2014, 04:25:20 PM

Dumps are good for a strong coin like blackcoin, we need more people in blackcoin, if people want out let them out.

But that little dump <5000 was caused by someone who already has a large
stack and is simply panicking people into selling. So the majority would not
have gone to new buyers but to the dumper and others riding the wave who
are looking to increase their stacks!

+2.

I lol'd at that obvious dump trying to induce panic sells. It worked last weekend but not this time.

Speaking of coin distribution, Blackcoin seems to be one of the better distributed coins looking at the richlist.

I mean looking at NXT or Doge (where 3 accounts hold 30% of the coins), Blackcoin looks in good shape. This is important because if there are a minority of accounts who hold a ridiculous amount of coins, the market is at their mercy when they decide to dump. We've seen this happening a lot in NXT.

Jabulon

sr. member

Activity: 266

Merit: 250

Quote from: l4p7 on March 23, 2014, 04:56:25 PM

Quote from: x0rcist on March 23, 2014, 03:08:43 PM

Quote from: l4p7 on March 23, 2014, 02:03:47 PM

Quote from: Jabulon on March 23, 2014, 01:43:22 PM

Quote from: l4p7 on March 23, 2014, 01:42:24 PM

Quote from: Jabulon on March 23, 2014, 01:39:28 PM

Quote from: mr_random on March 23, 2014, 01:37:02 PM

Quote from: l4p7 on March 23, 2014, 01:26:43 PM

Quote from: mr_random on March 23, 2014, 01:16:03 PM

Quote from: l4p7 on March 23, 2014, 01:06:34 PM

Simple question: What makes blackcoin substantially and essentially diffferent from peercoin, novacoin and mintcoin?

Assuming this is a legitimate question and not a trolling attempt.

Peercoin and Novacoin are a hyrbid of proof of work and proof of stake. Blackcoin is proof of stake only making it more environmentally friendly.

Mintcoin is similar to Blackcoin except it's premined and the proof of stake rate of interest is 20% rather than Blackcoin's 1%. 20% interest rate is too high for various reasons discussed already.

It's more than technical specifications that make a coin though. Otherwise Litecoin would have the same market cap as Bitcoin. It's also community support and the quality of the dev team (blackcoin has a great one as demonstrated by the blackcoin multicoin concept being pioneered).

I am not troling. I am beeing a potential investors understanding his investments and asking questions for that purpose.
So...

Where does the POS code come from? I assume it is based on PPC?
There was a reason (security reasons) why PPC does not rely on POS completely and not that quick. Did Mintcion/Blackcoin overcome this?

I'm not a coin dev so can't answer that with authority. I read someone else say on here that the Blackcoin code is using a modified version of PPCoin's staking algorithm. However I don't know how accurate that statement is (he seemed to know what he was talking about but I lack the knowledge to verify it).

Sunny the PPC dev brilliant though he is has always been vague about PPC and it's security issues.

Understood. To my knowledge, Sunny King sorted the matter out already over a month ago. To wit:

The protocol upgrade in 0.3.0 includes a new algorithm to derive proof-of-stake hash modifier, the entity that scrambles computation for stake owners, which replaces the current proof-of-stake difficulty used as modifier in 0.2 protocol. The design was started late September last year, when I first began to realize the issues with using difficulty as modifier. Honorary mention also goes to Jutarul, who independently discovered and verified an issue with using difficulty as modifier and published on bitcointalk in December last year, while successfully executed a demo attack on the block chain. Other changes in the protocol include starting hash weight from 0 at the 30-day mininum age, and requirement that coinstake timestamp must equal block timestamp. Overall 0.3 protocol should significantly strengthen the proof-of-stake protection and resolve the current known vulnerabilities.

My sincere appreciation to co-contributors of 0.3.0 release:

Robert VanHazinga of Hartland PC (dreamwatcher) for the vanitygen compatibility fix
Jutarul for demonstrating stake generation vulnerability
EskimoBob for reporting issue fixed in 0.3.0

You mean that PPC has solved the security issues and now could works as pure POS too?

That is my understanding.

Then my initial question is still valid. What specifically is better about Blockcoin compared to PPC?

PPC generates a lot of new Proof of Work coins each day, if these are sold directly PPC needs a lot of BTC each day to sustain the price. With blackcoin the inflation is only 1% per year so it needs a much lower daily flow of BTC to keep the price steady. This is the biggest advantage of BC over PPC. Also dont forget the energy efficient part as there is no need for a expensive miner rig to generate new coins.

Why didnt PPC reduce their POW if they resolved the security issue?

And when did that PPC 0.3 update come out?

That update from Sunny King was from around Feb 18.

artiface

full member

Activity: 238

Merit: 100

Quote from: virtualfaqs on March 23, 2014, 05:01:39 PM

After reading the FAQ let me get this straight,
http://www.blackcoin.co/faq/

My Wallet doesn't have to be open to generate stake.
I'll make the same amount of interest as someone who has never opened their wallet.
Keeping your wallet helps secure the network, but will not give me any extra interest.

Is that correct?

You will get slightly more through compounding by keeping open all the time, but in general yes you will get 1% whether you keep it open all the time or not.

virtualfaqs

hero member

Activity: 700

Merit: 500

After reading the FAQ let me get this straight,
http://www.blackcoin.co/faq/

My Wallet doesn't have to be open to generate stake.
I'll make the same amount of interest as someone who has never opened their wallet.
Keeping your wallet helps secure the network, but will not give me any extra interest.

Is that correct?

virtualfaqs

hero member

Activity: 700

Merit: 500

Quote from: Lokken86 on March 23, 2014, 04:49:30 PM

Quote from: virtualfaqs on March 23, 2014, 04:42:51 PM

Quote from: Lokken86 on March 23, 2014, 04:36:58 PM

Quote from: IconicExpert on March 23, 2014, 04:30:25 PM

Quote from: ThePatient on March 23, 2014, 04:29:18 PM

Should I sell (and buy back more later) or hold??

Hold...

I say sell some and buy back. Reason being I believe this is temporary pump then back to 4000. It would be silly not to when we are seeing 20% swings in 5 minute gaps. Just don't gamble your main stash but use clear cut chances to increase your stash!

If we were all to adopt a strategy like this its more likely to weed out the pumper dumpers long term by taking their coins.

Increase your stash. I'd buy more rather then selling. I'm been on the losing end way too many times when dealing with BTC to do that anymore. And it's really stressful. Anyone who's on this forum "knows" BC is undervalued. If NXT can hit $40 mil cap, I don't see why we can't given what BC can do. Remember hindsight is 20/20. Next time you try it might not fit the last pattern. Good luck.

Im not condoning making a trade and sleeping on it but rather keep eyes glued to screen hehe. When price rises from 4500 to 6000 in the blink of an eye you can be sure itl come back to earth and fast like it keeps doing.

"Keeps doing" is a term I'm very afraid of when it comes to this game. But luckily you were on MintPal, I hear other exchanges weren't as lucky to have a dumper.

l4p7

member

Activity: 70

Merit: 10

Quote from: x0rcist on March 23, 2014, 03:08:43 PM

Quote from: l4p7 on March 23, 2014, 02:03:47 PM

Quote from: Jabulon on March 23, 2014, 01:43:22 PM

Quote from: l4p7 on March 23, 2014, 01:42:24 PM

Quote from: Jabulon on March 23, 2014, 01:39:28 PM

Quote from: mr_random on March 23, 2014, 01:37:02 PM

Quote from: l4p7 on March 23, 2014, 01:26:43 PM

Quote from: mr_random on March 23, 2014, 01:16:03 PM

Quote from: l4p7 on March 23, 2014, 01:06:34 PM

Simple question: What makes blackcoin substantially and essentially diffferent from peercoin, novacoin and mintcoin?

Assuming this is a legitimate question and not a trolling attempt.

Peercoin and Novacoin are a hyrbid of proof of work and proof of stake. Blackcoin is proof of stake only making it more environmentally friendly.

Mintcoin is similar to Blackcoin except it's premined and the proof of stake rate of interest is 20% rather than Blackcoin's 1%. 20% interest rate is too high for various reasons discussed already.

It's more than technical specifications that make a coin though. Otherwise Litecoin would have the same market cap as Bitcoin. It's also community support and the quality of the dev team (blackcoin has a great one as demonstrated by the blackcoin multicoin concept being pioneered).

I am not troling. I am beeing a potential investors understanding his investments and asking questions for that purpose.
So...

Where does the POS code come from? I assume it is based on PPC?
There was a reason (security reasons) why PPC does not rely on POS completely and not that quick. Did Mintcion/Blackcoin overcome this?

I'm not a coin dev so can't answer that with authority. I read someone else say on here that the Blackcoin code is using a modified version of PPCoin's staking algorithm. However I don't know how accurate that statement is (he seemed to know what he was talking about but I lack the knowledge to verify it).

Sunny the PPC dev brilliant though he is has always been vague about PPC and it's security issues.

Understood. To my knowledge, Sunny King sorted the matter out already over a month ago. To wit:

The protocol upgrade in 0.3.0 includes a new algorithm to derive proof-of-stake hash modifier, the entity that scrambles computation for stake owners, which replaces the current proof-of-stake difficulty used as modifier in 0.2 protocol. The design was started late September last year, when I first began to realize the issues with using difficulty as modifier. Honorary mention also goes to Jutarul, who independently discovered and verified an issue with using difficulty as modifier and published on bitcointalk in December last year, while successfully executed a demo attack on the block chain. Other changes in the protocol include starting hash weight from 0 at the 30-day mininum age, and requirement that coinstake timestamp must equal block timestamp. Overall 0.3 protocol should significantly strengthen the proof-of-stake protection and resolve the current known vulnerabilities.

My sincere appreciation to co-contributors of 0.3.0 release:

Robert VanHazinga of Hartland PC (dreamwatcher) for the vanitygen compatibility fix
Jutarul for demonstrating stake generation vulnerability
EskimoBob for reporting issue fixed in 0.3.0

You mean that PPC has solved the security issues and now could works as pure POS too?

That is my understanding.

Then my initial question is still valid. What specifically is better about Blockcoin compared to PPC?

PPC generates a lot of new Proof of Work coins each day, if these are sold directly PPC needs a lot of BTC each day to sustain the price. With blackcoin the inflation is only 1% per year so it needs a much lower daily flow of BTC to keep the price steady. This is the biggest advantage of BC over PPC. Also dont forget the energy efficient part as there is no need for a expensive miner rig to generate new coins.

Why didnt PPC reduce their POW if they resolved the security issue?

And when did that PPC 0.3 update come out?

neilh

full member

Activity: 196

Merit: 100

Quote from: kana on March 23, 2014, 04:29:57 PM

I wish exchanges would universally adopt limitations on the minimum sat you can sell a coin below current market price. Example: If a coin is currently selling at 0.00005900, the lowest one can sell their coin is 0.00005899. And for someone to sell at 0.00005898, a coin first has to sell at 0.00005899. Also a minimum low price hold would also combat random dumping. Example: If a coin is currently selling at 0.00005900, then it has to stay at that lowest price for x amount of seconds or even minutes before it can be sold lower. Of course it can sell higher, but by putting a hold on the lowest price it will slow down the rate of dumps.

Doubt that would ever happen, with fixed prices. But I'd love to see a
maximum limit on how many active sell and buy orders people can have
on each coin. Say 5 on each buy and sell walls.

Then you would not have someone adding stupid 10+ of 0.01000 orders
pushing the price either way.

Quote from: IconicExpert on March 23, 2014, 04:25:20 PM

Dumps are good for a strong coin like blackcoin, we need more people in blackcoin, if people want out let them out.

But that little dump <5000 was caused by someone who already has a large
stack and is simply panicking people into selling. So the majority would not
have gone to new buyers but to the dumper and others riding the wave who
are looking to increase their stacks!

germsite

sr. member

Activity: 1009

Merit: 261

Quote from: Fraxinus on March 23, 2014, 04:45:28 PM

Quote from: germsite on March 23, 2014, 04:34:33 PM

Quote from: Shizof on March 23, 2014, 04:26:28 PM

Quote from: germsite on March 23, 2014, 04:22:08 PM

Wallet's been open all day, as normal. Following rat4's blockchain fix, a flurry of Mined transactions came in. Now, the wallet is 'Synchronizing with network' ( something it's not had to do for quite some time ), and the number of blocks is increasing. Any suggestions ?

Restart your wallet

Yup, done that. Wallet tells me it's 'downloaded 37862 of 38030', stuck on those figures, number 'remaining' blocks increasing. All coins have moved from a combination of Balance and Stake to entirely Stake, wallet tells me it's not staking because I have no mature coins. I have not moved any coins out of the wallet. Ever.

- EDIT - It is stuck on block 37862 ...

Delete blockchain files and restart

Yes, am in the process of doing so, thanks ...

Lokken86

member

Activity: 113

Merit: 10

Quote from: virtualfaqs on March 23, 2014, 04:42:51 PM

Quote from: Lokken86 on March 23, 2014, 04:36:58 PM

Quote from: IconicExpert on March 23, 2014, 04:30:25 PM

Quote from: ThePatient on March 23, 2014, 04:29:18 PM

Should I sell (and buy back more later) or hold??

Hold...

I say sell some and buy back. Reason being I believe this is temporary pump then back to 4000. It would be silly not to when we are seeing 20% swings in 5 minute gaps. Just don't gamble your main stash but use clear cut chances to increase your stash!

If we were all to adopt a strategy like this its more likely to weed out the pumper dumpers long term by taking their coins.

Increase your stash. I'd buy more rather then selling. I'm been on the losing end way too many times when dealing with BTC to do that anymore. And it's really stressful. Anyone who's on this forum "knows" BC is undervalued. If NXT can hit $40 mil cap, I don't see why we can't given what BC can do. Remember hindsight is 20/20. Next time you try it might not fit the last pattern. Good luck.

Im not condoning making a trade and sleeping on it but rather keep eyes glued to screen hehe. When price rises from 4500 to 6000 in the blink of an eye you can be sure itl come back to earth and fast like it keeps doing.

Raptorjesus

newbie

Activity: 30

Merit: 0

Must...resist...panic buying...

Fraxinus

legendary

Activity: 1274

Merit: 1000

Quote from: germsite on March 23, 2014, 04:34:33 PM

Quote from: Shizof on March 23, 2014, 04:26:28 PM

Quote from: germsite on March 23, 2014, 04:22:08 PM

Wallet's been open all day, as normal. Following rat4's blockchain fix, a flurry of Mined transactions came in. Now, the wallet is 'Synchronizing with network' ( something it's not had to do for quite some time ), and the number of blocks is increasing. Any suggestions ?

Restart your wallet

Yup, done that. Wallet tells me it's 'downloaded 37862 of 38030', stuck on those figures, number 'remaining' blocks increasing. All coins have moved from a combination of Balance and Stake to entirely Stake, wallet tells me it's not staking because I have no mature coins. I have not moved any coins out of the wallet. Ever.

- EDIT - It is stuck on block 37862 ...

Delete blockchain files and restart

virtualfaqs

hero member

Activity: 700

Merit: 500

Quote from: Lokken86 on March 23, 2014, 04:36:58 PM

Quote from: IconicExpert on March 23, 2014, 04:30:25 PM

Quote from: ThePatient on March 23, 2014, 04:29:18 PM

Should I sell (and buy back more later) or hold??

Hold...

I say sell some and buy back. Reason being I believe this is temporary pump then back to 4000. It would be silly not to when we are seeing 20% swings in 5 minute gaps. Just don't gamble your main stash but use clear cut chances to increase your stash!

If we were all to adopt a strategy like this its more likely to weed out the pumper dumpers long term by taking their coins.

Increase your stash. I'd buy more rather then selling. I'm been on the losing end way too many times when dealing with BTC to do that anymore. And it's really stressful. Anyone who's on this forum "knows" BC is undervalued. If NXT can hit $40 mil cap, I don't see why we can't given what BC can do. Remember hindsight is 20/20. Next time you try it might not fit the last pattern. Good luck. But if you believe this is BTC 2.0 or LTC 2.0 is that really worth risking? General philosophy now is to hold if there's no news. Evaluate the bad news and decide whether to sell.

virtualfaqs

hero member

Activity: 700

Merit: 500

Quote from: kana on March 23, 2014, 04:29:57 PM

Quote from: IconicExpert on March 23, 2014, 04:25:20 PM

I wish exchanges would universally adopt limitations on the minimum sat you can sell a coin below current market price. Example: If a coin is currently selling at 0.00005900, the lowest one can sell their coin is 0.00005899. And for someone to sell at 0.00005898, a coin first has to sell at 0.00005899. Also a minimum low price hold would also combat random dumping. Example: If a coin is currently selling at 0.00005900, then it has to stay at that lowest price for x amount of seconds or even minutes before it can be sold lower. Of course it can sell higher, but by putting a hold on the lowest price it will slow down the rate of dumps.

Dumps are good for a strong coin like blackcoin, we need more people in blackcoin, if people want out let them out.

Look it sucks to be on the losing side of a dump. That's just how the market goes. Unless someone gets hacked, I don't see the problem. I've used dump button before too right after some terrible news or when I felt the market was going up too quickly. But never when there's such massive slippage like this. But to each their own. I can't say one way is better then the other. Questionable, yes, but who knows.

Lokken86

member

Activity: 113

Merit: 10

Quote from: IconicExpert on March 23, 2014, 04:30:25 PM

Quote from: ThePatient on March 23, 2014, 04:29:18 PM

Should I sell (and buy back more later) or hold??

Hold...

I say sell some and buy back. Reason being I believe this is temporary pump then back to 4000. It would be silly not to when we are seeing 20% swings in 5 minute gaps. Just don't gamble your main stash but use clear cut chances to increase your stash!

If we were all to adopt a strategy like this its more likely to weed out the pumper dumpers long term by taking their coins.

germsite

sr. member

Activity: 1009

Merit: 261

Quote from: Shizof on March 23, 2014, 04:26:28 PM

Quote from: germsite on March 23, 2014, 04:22:08 PM

Wallet's been open all day, as normal. Following rat4's blockchain fix, a flurry of Mined transactions came in. Now, the wallet is 'Synchronizing with network' ( something it's not had to do for quite some time ), and the number of blocks is increasing. Any suggestions ?

Restart your wallet

Yup, done that. Wallet tells me it's 'downloaded 37862 of 38030', stuck on those figures, number 'remaining' blocks increasing. All coins have moved from a combination of Balance and Stake to entirely Stake, wallet tells me it's not staking because I have no mature coins. I have not moved any coins out of the wallet. Ever.

- EDIT - It is stuck on block 37862 ...

Topic: [ANN] Blacknet | IBO for BlackCoin | New code | PoS | No ICO - page 1316. (Read 2509934 times)