Topic: [ANN] Blacknet | IBO for BlackCoin | New code | PoS | No ICO - page 1577. (Read 2510314 times)

Thank you for your response...the comments
 " The period they will actually stake is random, but irrelevant because the reward uses coin age.  But the incentive to keep your wallet open and generating POS (and therefore securing the network and moving transactions) is that the more frequent they stake, though you get a smaller reward in each interval, the interest will be compounded more often. "

makes things a whole lot clearer. Basically coins become eligible for stake. By random they will actually stake. (However the age of ALL coins are always kept on record.) They go into stake section. The stake amount then is eligible for interest at 1% pa. After maturing they are removed from stake section and placed back in your balance. You continue to collect interest on those coins[and any others now over 8hrs old at 1%pa. Eventually all of your eligible balance will stake so that you can started to be PAID OUT interest on them. IMPORTANT: Even if they dont stake quickly a record of coin age is kept so that the correct interest can be paid out at stake time. Of course the effect becomes compounded over time especially if you 1) Keep your wallet open 2) Stake often[somewhat due to luck] i.e if you stake often then more interest is paid on interest[compounded effect]

Again, It is important to note that interest is calculated based on the age of your coins so even if you only stake once a year then you would only truly receive 1% pa. Interest only starts to be actually paid out when you stake, though you will be paid out on said interest for every coin held over 8hrs . However if you stake 1/wk the compounding effect could be significant.

I think I finally get it. Like I said the compounding is the easy part but the procedures involved in POS interest payments are overly complicated for a newbie. Even some Wall Street derivatives have easier payment mechanisms  


p.s

I am expecting A steep price rise ala AURcoin as soon as we hit block 9500






quote author=artiface link=topic=469640.msg5433540#msg5433540 date=1393619862]

From the source:

int64 nSubsidy = nCoinAge * COIN_YEAR_REWARD * 33 / (365 * 33 + 8 );

nCoinAge is days.  For the age of your coin you get 1% * coinage / days in a year.



So to put in numbers.  

You have 100,000 coins that are all 8 hours old and generate a stake.  You get 100000 * .01 * .33 / 365 =  0.904109.  
You now have 100000.904109

Next time you wait 5 days before you generate a stake.

100000.904109 * .01 * 5 / 365 = 13.69875
Now you have  100014.602859

Next time you wait 90 days
100014.602859 * .01 * 90 / 365  = 246 .611348
Now you have 100261.214207

Next time you wait the rest of the year
100261.214207 * 0.01 * 269.66 /365 = 740.724356
Now you have 101001.938563

Or just a bit over 1% annually.

This will always come out to a bit over 1% annually because the coin age continues to grow until the coins stake.  The period they will actually stake is random, but irrelevant because the reward uses coin age.  But the incentive to keep your wallet open and generating POS (and therefore securing the network and moving transactions) is that the more frequent they stake, though you get a smaller reward in each interval, the interest will be compounded more often.  


[/quote]

I'm just sure all those mainstreet folks that missed the one week premine will just be begging to buy your blackcoins next week. Keep hodling!

Correct.  However, the coins in an unopened wallet do continue to accrue coin age.  Theoretically, you should earn the same interest whether you leave the wallet open for a year or leave it closed for a year and then open it, but with compound interest it is in your best interest to leave the wallet open as much as possible so your interest can also gain interest.

initial distribution by short-term PoW miners. Same thing happened with Mintcoin. First week it sat low at 4-8 satoshis then exploded to 50 satoshis. No worries the PoW mining period for BC will end soon.

Yes, it actually is mining PoS blocks and only can when open and unlocked.

No demand for coin - who is going to buy it? It will make sense tommorow morning @ 500 sato.. if we are lucky

can someone simply explain this dump rate? just why so low?

Not really sure, no.  Hence "I believe"  

I had not checked the block explorer and did not realize that the PoS blocks were added to the block height, but it makes sense.  I would assume (but I don't know) that there will still be a total of 10,000 PoW blocks at 10,000 BC each, but I am basing that assumption on the coin specifications stating that there will be 10,000 blocks of 10,000 BC.  If PoS blocks are being added to the block height, it stands to reason that PoW will not stop at a block height of 10,000 but will end at a block height of 10,000 plus however many PoS blocks are generated between block height 5000 (when PoS kicked in) and the 10,000th PoW block.  If they are being generated at roughly equal rates, then yes, PoW should end around block 15000.

Note though that these are my assumptions only, based solely upon what I've observed and deduced, and may or may not be correct.  It just seems like the most logical explanation to me.

I was just playing in the mintpal exchange getting another 30k black.... there was a lot of numbers bouncing around without much support at any level, it was confusing and reeked of manipulation

Where can i see the top 100?

Because there is not enough BID's on all exchanges? You cannot sell 100,000 BC now for any price - there is simply no demand.
We are all fucked with this coin for a long time, until it gets spread around.

Exactly. Just ask yourself why the Top 100 is getting richer and richer but dont sell their coins...

Addition to Bounties:

I'm paying 500 BC for good articles about BlackCoin. Limit: 8.
The first one gets 1000.
- Post your link here in the topic.


I'm paying 25 BC to EVERY PERSON that adds a link to either the website or this bitcointalk thread in their signature. Limit: 50
- Leave your address in my inbox.

one important question: with PoS, the wallet must be open to have interests?

I think this coin will still hit the 5000 Satoshi after all coins are mined

Yes, i think you are 100% right, too bad for all the guys who sold them Blacks for nearly nothing 

The market being totally manipulated right now by someone who has a HUGE amount of BC. They have the market cornered and are buying up every last piece of BC they can get. This coin could be worth nothing tomorrow, but this mass buying spree is happening for a reason. If you have coins, HOLD THEM! If your looking to buy more, then you would be wise to do it sooner rather than later.

Yeah! So wait, that means at block 5000 we kind off went through a decrease in mining? Since many of the blocks are generated by pos and it's still 1 minute block time.

Edit: mind blown, nobody noticed it, but I think block reward almost halved at block 5000, since half of blocks are generated by pos.

Edit 2: looking at block explorer I see that blocks are generated twice as fast after block 5000, since pos and pow have different difficulties and each one have 60 second block time. But does that mean pow will alone generate 10000 blocks or will it stop when both reaches 10000 blocks altogether? If pow will generate 10000 blocks alone, then we'll be at block 15000 or so before pow stops.

The 10,000 BC that staked gets moved to the Stake balance in your wallet and becomes unavailable until it rematures in 8 hours.  The interest appears in your transaction history as a mined transaction that also has to mature, just as if you'd mined it solo mining.  Once the interest matures, the stake amount and the interest are both added back to your balance and are available to restake or spend as you please.