[ANN] Blacknet | IBO for BlackCoin | New code | PoS | No ICO - page 1451.

delion19

newbie

Activity: 43

Merit: 0

Quote from: tacotime on March 12, 2014, 12:09:55 PM

Quote from: delion19 on March 12, 2014, 12:05:50 PM

Ok, that makes sense from what I've read from the post. Haven't has a look at the code yet though so I haven't messed around with it myself. Truly a difficult problem to find a permanent fix for while remaining PoS only. What of the reported work-around by Sunny King, the PPC developer? Has he made it available? And moreso, does it work as intended?

Sunny King's workaround was to compute the modifier using PoW blocks for entropy so you'd couldn't game them by rapidly computing PoS blocks (as far as I could tell)

And to prevent the forking issue (although not a huge problem with the current state of PoW), he centralized the blockchain by constantly signing new checkpoints into the network. This allows him to select which chain he thinks is the valid one, and then miners mine off of that.

OK. Seems like it requires significant manual maintenance and monitoring though.

IconicExpert

full member

Activity: 168

Merit: 100

Quote from: colinfx on March 12, 2014, 11:59:19 AM

Quote from: brokedummy on March 12, 2014, 11:55:53 AM

Quote from: colinfx on March 12, 2014, 09:03:00 AM

Quote from: regnevacs on March 12, 2014, 08:44:49 AM

Just got an idea on the POS.. does this mean that i am only earning 1% of my total coins every year?

for example a coins worth 1,000 USD will have an interest of 10 USD per year? and the wallet should be left unlock and let it go POS mining?

if that's the case it's a very low profit on holding the coins for a long period of time.. or maybe my understanding is incorrect.
please enlighten me.

The 1% per year means the coin price only needs to rise 1% per year in order for your investment to not lose value. Compare with MINT, the price will have to rise 20% in first year for holders to break even due to higher coin inflation.

1% per annum coin inflation is a big positive feature of BlackCoin. There is no huge new supply of coins to be dumped. If someone wants the coins, they have to buy them at market rate.

Why would the price have to rise for me to break even? Math is hard, but the way I see it, the price of Mint can go down 20% and since I will have 20% more Mint after a year I will still breakeven after a 20% price drop. Why are you are saying the price needs to rise 20% for me to breakeven?

To keep same coin price a 20% inflationary coin has to rise by 20% otherwise the coin price drops. It is due to new coins being added to the supply. A coin with 1% inflation does not have this problem, only on a very tiny scale. If everyone always holds their coins it makes no difference. If everyone dumps their extra coins the price gets diluted downwards.

Colinfx well put. Too many people who mine and trade cryptocoins have a limited understanding of economics and inflation.

tacotime

legendary

Activity: 1484

Merit: 1005

Quote from: delion19 on March 12, 2014, 12:05:50 PM

Ok, that makes sense from what I've read from the post. Haven't has a look at the code yet though so I haven't messed around with it myself. Truly a difficult problem to find a permanent fix for while remaining PoS only. What of the reported work-around by Sunny King, the PPC developer? Has he made it available? And moreso, does it work as intended?

Sunny King's workaround was to compute the modifier using PoW blocks for entropy so you'd couldn't game them by rapidly computing PoS blocks (as far as I could tell)

And to prevent the forking issue (although not a huge problem with the current state of PoW), he centralized the blockchain by constantly signing new checkpoints into the network. This allows him to select which chain he thinks is the valid one, and then miners mine off of that.

delion19

newbie

Activity: 43

Merit: 0

Quote from: tacotime on March 12, 2014, 11:54:31 AM

Quote from: delion19 on March 12, 2014, 11:27:40 AM

Have you read this post? And have there been any counter measures taken work around the problem?

I don't think there's any easy fix not including PoW, and if you make the chain completely PoS you run into the forking issue (that miners can mine both forks of a chain easily and without consequence, so when forks are started they continue to propagate forever).

You can just turn PoW back on and make the block reward 0 at block 10,000.

Ok, that makes sense from what I've read from the post. Haven't has a look at the code yet though so I haven't messed around with it myself. Truly a difficult problem to find a permanent fix for while remaining PoS only. What of the reported work-around by Sunny King, the PPC developer? Has he made it available? And moreso, does it work as intended?

colinfx

sr. member

Activity: 364

Merit: 250

Quote from: tacotime on March 12, 2014, 11:54:31 AM

Quote from: delion19 on March 12, 2014, 11:27:40 AM

Have you read this post? And have there been any counter measures taken work around the problem?

I don't think there's any easy fix not including PoW, and if you make the chain completely PoS you run into the forking issue (that miners can mine both forks of a chain easily and without consequence, so when forks are started they continue to propagate forever).

You can just turn PoW back on and make the block reward 0 at block 10,000.

That's seems sensible. Turn POW back on and set low/zero coin reward.

colinfx

sr. member

Activity: 364

Merit: 250

Quote from: brokedummy on March 12, 2014, 11:55:53 AM

Quote from: colinfx on March 12, 2014, 09:03:00 AM

Quote from: regnevacs on March 12, 2014, 08:44:49 AM

Just got an idea on the POS.. does this mean that i am only earning 1% of my total coins every year?

for example a coins worth 1,000 USD will have an interest of 10 USD per year? and the wallet should be left unlock and let it go POS mining?

if that's the case it's a very low profit on holding the coins for a long period of time.. or maybe my understanding is incorrect.
please enlighten me.

The 1% per year means the coin price only needs to rise 1% per year in order for your investment to not lose value. Compare with MINT, the price will have to rise 20% in first year for holders to break even due to higher coin inflation.

1% per annum coin inflation is a big positive feature of BlackCoin. There is no huge new supply of coins to be dumped. If someone wants the coins, they have to buy them at market rate.

Why would the price have to rise for me to break even? Math is hard, but the way I see it, the price of Mint can go down 20% and since I will have 20% more Mint after a year I will still breakeven after a 20% price drop. Why are you are saying the price needs to rise 20% for me to breakeven?

To keep same coin price a 20% inflationary coin has to rise by 20% otherwise the coin price drops. It is due to new coins being added to the supply. A coin with 1% inflation does not have this problem, only on a very tiny scale. If everyone always holds their coins it makes no difference. If everyone dumps their extra coins the price gets diluted downwards.

brokedummy

legendary

Activity: 980

Merit: 1004

Quote from: colinfx on March 12, 2014, 09:03:00 AM

Quote from: regnevacs on March 12, 2014, 08:44:49 AM

Just got an idea on the POS.. does this mean that i am only earning 1% of my total coins every year?

for example a coins worth 1,000 USD will have an interest of 10 USD per year? and the wallet should be left unlock and let it go POS mining?

if that's the case it's a very low profit on holding the coins for a long period of time.. or maybe my understanding is incorrect.
please enlighten me.

The 1% per year means the coin price only needs to rise 1% per year in order for your investment to not lose value. Compare with MINT, the price will have to rise 20% in first year for holders to break even due to higher coin inflation.

1% per annum coin inflation is a big positive feature of BlackCoin. There is no huge new supply of coins to be dumped. If someone wants the coins, they have to buy them at market rate.

Why would the price have to rise for me to break even? Math is hard, but the way I see it, the price of Mint can go down 20% and since I will have 20% more Mint after a year I will still breakeven after a 20% price drop. Why are you are saying the price needs to rise 20% for me to breakeven?

tacotime

legendary

Activity: 1484

Merit: 1005

Quote from: delion19 on March 12, 2014, 11:27:40 AM

Have you read this post? And have there been any counter measures taken work around the problem?

I don't think there's any easy fix not including PoW, and if you make the chain completely PoS you run into the forking issue (that miners can mine both forks of a chain easily and without consequence, so when forks are started they continue to propagate forever).

You can just turn PoW back on and make the block reward 0 at block 10,000.

StolenCoinSalesman

sr. member

Activity: 385

Merit: 250

Quote from: colinfx on March 12, 2014, 11:34:08 AM

Quote from: Chiggins on March 12, 2014, 11:09:27 AM

Oh wow, that BC Multipool sounds pretty neat, count me in for hopping in to the beta. I wish I had more for donations, but my stack is pretty thin.

You can see the site here: http://bcmultipool.com/

Announcement is later this evening Cheesy

I CANT WAIT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:o

MuffinMaster

sr. member

Activity: 1414

Merit: 265

Pepemo.vip

Quote from: jacek1973 on March 12, 2014, 11:08:05 AM

Concrete 1000, now we go to 1500, proposes to put a wall in 1000 it will deter day traders

Not many coins being sold under 1100, ask is well over that. Mostly quiet for now as people accumulate for the next leg.

colinfx

sr. member

Activity: 364

Merit: 250

Quote from: jacek1973 on March 12, 2014, 11:08:05 AM

Concrete 1000, now we go to 1500, proposes to put a wall in 1000 it will deter day traders

It looks like bots are picking up all orders at 1,000-1,050 - someone is accumulating cheap blackcoin...

Supply will dry up further once http://bcmultipool.com/ starts running, this must be a first for an alt right??

colinfx

sr. member

Activity: 364

Merit: 250

Quote from: Chiggins on March 12, 2014, 11:09:27 AM

Oh wow, that BC Multipool sounds pretty neat, count me in for hopping in to the beta. I wish I had more for donations, but my stack is pretty thin.

You can see the site here: http://bcmultipool.com/

Announcement is later this evening Cheesy

delion19

newbie

Activity: 43

Merit: 0

@rat4, @seopkip

Quote from: tacotime on March 12, 2014, 09:50:38 AM

Quote from: rat4 on March 12, 2014, 02:07:26 AM

ComputeNextStakeModifier uses hashes of 64 blocks (both PoW and PoS) as source of entropy.
Compare 64 blocks to forge StakeModifier with 10 blocks to confirm transaction.

Read this thread more closely: https://bitcointalksearch.org/topic/ppcoin-stake-burn-through-vulnerability-131901

And diff PPCoin 0.2 and 0.3

You'll see why it's a bad idea to turn off PoW

Have you read this post? And have there been any counter measures taken work around the problem?

Chiggins

full member

Activity: 192

Merit: 100

Oh wow, that BC Multipool sounds pretty neat, count me in for hopping in to the beta. I wish I had more for donations, but my stack is pretty thin.

jacek1973

member

Activity: 84

Merit: 10

Concrete 1000, now we go to 1500, proposes to put a wall in 1000 it will deter day traders

MuffinMaster

sr. member

Activity: 1414

Merit: 265

Pepemo.vip

Quote from: ?? on ??

Quote from: colinfx on March 12, 2014, 09:36:53 AM

Quote from: Soepkip on March 12, 2014, 09:28:45 AM

Bounty's set: 69842 BC
Bounty's paid: 46642 BC
Left: 5658 BC

Donations can go here:
BAsdtYwvu3a1ErmY7GxWM5squAJnwBJM1c

DONATE FOR THE MULTIPOOL!

DONATED another 1,001 BC - Keep up the great work!!!

(Everyone follow suit, even an occasional very small donation helps!)

+1

I will switch 7mh once it comes online

tacotime

legendary

Activity: 1484

Merit: 1005

Quote from: rat4 on March 12, 2014, 02:07:26 AM

ComputeNextStakeModifier uses hashes of 64 blocks (both PoW and PoS) as source of entropy.
Compare 64 blocks to forge StakeModifier with 10 blocks to confirm transaction.

Read this thread more closely: https://bitcointalksearch.org/topic/ppcoin-stake-burn-through-vulnerability-131901

And diff PPCoin 0.2 and 0.3

You'll see why it's a bad idea to turn off PoW

Troj

member

Activity: 66

Merit: 10

Soepkip you're doing great! keep it up

colinfx

sr. member

Activity: 364

Merit: 250

Quote from: Soepkip on March 12, 2014, 09:28:45 AM

Bounty's set: 69842 BC
Bounty's paid: 46642 BC
Left: 5658 BC

Donations can go here:
BAsdtYwvu3a1ErmY7GxWM5squAJnwBJM1c

DONATE FOR THE MULTIPOOL!

DONATED another 1,001 BC - Keep up the great work!!!

(Everyone follow suit, even an occasional very small donation helps!)

Soepkip

sr. member

Activity: 476

Merit: 250

Community Bounty Drive UPDATE

Total Donations Now: 76000.

The BC Multi-Pool Idea Fund

An awesome idea was launched and is currently being worked on: Creating a multipool for mining alt-coins and paying the miners out in BC by buying them from the exchanges. To support this project i've created a seperate donation address. I also put 5000 BC from the fund towards it.

BlackCoin Multi-Pool - 5500 BC

DONATE HERE: BMgegm2GwLg8npy8Kz6SNr8sw3YhCDJCLf

Bounty Update:

New website: http://blackcoin.co - Always finetuning!

Games:

First BlackJack site - 10000 BC

Graphics:

Professional grade YouTube video - 2000 BC

All graphics must be based on the logo in the op post.

Merchants:

First Service Merchant - 5000 BC

Other:

Articles about BlackCoin on websites with a minimum of 100 visitors a day - 500 BC (Limit: 8 )
#1 - http://altcoinauthority.com/2014/02/blackcoin-pos-on-steroids/ - 500 BC - SENT
#2 - http://www.cryptoarticles.com/crypto-news/2014/2/26/blackcoin-powpos-hybrid-with-bright-future - 500 BC - SENT
#3 - http://bitbillions.net/2014/03/04/alt-currencies-introducing-black-coin/ - 500 BC SENT

Also gave #3 500BC for give aways

Bounties Claimed:
~~Chinese translation - 400 BC~~ - hdzw
~~Spanish translation - 400 BC~~ - rest0r
~~French translation - 400 BC~~ - Aknoth
~~Dutch translation - 400 BC~~ - Troj
~~Polish translation - 400 BC~~ - skarto
~~Russian translation - 400 BC~~
~~A detailed guide (including screenshots) on how to unlock your wallet and receive PoS. - 500 BC~~ - Bobaf3tt
~~Game (ARCADE) site - 1000 BC~~ - jayguar
~~BlackCoin Accepted Here buttons & Designs for 'Download Client' Buttons - 500 BC~~ - rocketcoins
~~Dedicated BlackCoin Forum - 2000 BC~~ - theneos
~~Finnish Translation - 400 BC~~ - Chofoe
~~Scratch Game - 4000 BC~~ - virtualdn - Also loaded up the card with 500 BC!
~~Reddit Tip Bot - 1500 BC~~ - maarx
~~Filled Faucet - 422 BC~~
First Gambling Site - 7800 BC - b1nary
~~Investment Dice - 1000 BC~~
~~Test purposes - 120 BC~~
First Dice site - 7500 BC - maarx
~~First Goods Merchant - 10000 BC~~
~~Filled Faucet - 1000 BC~~
~~A professional design based on the logo on the current website. - 4000 BC~~ - Soepkip

Bounty's set: 69842 BC
Bounty's paid: 46642 BC
Left: 5658 BC

Donations can go here:
BAsdtYwvu3a1ErmY7GxWM5squAJnwBJM1c

DONATE FOR THE MULTIPOOL!

Topic: [ANN] Blacknet | IBO for BlackCoin | New code | PoS | No ICO - page 1451. (Read 2509928 times)