Currently mining, how many coins do we need in order to gain interest?
A minimum will be announced at the launch of our interest pools. It will be low, just to ensure what you earn is greater than the send fees.
Is there and ETA on the interest pools? And "it will be low" is not a good answer.
Not to be grumpy but you can wind up in kind of a loop here.
Now that it's on one exchange you can buy more BCI.
Since it's only on 1 exchange it's somewhat cheap as people are dumping since it was no cost to them.
So if I am going to need "X" number to mine in the interest pool I'll grab some now.
If you then come out a say you need 100 fine I'll get that, if you say you need 500 I *might* get that.
If you come out 3 or 4 weeks from now and say you need 100 but since it's on a lot of exchanges and there is volume and the price has gone up 15x I might just say screw it and dump it. Along, with I am sure a lot of other people who are waiting for that same news. Dumping the price of the coin.
I don't want to complain and it's your project but the information of how much and when, is kind of important for how well this project will do later.
At least in my opinion.
Thanks,
Dave
Hello,
We've announced the first round of interest will begin on April 1st. That is the first day you can begin staking your coins and interest pools will begin paying out based on what time period you select. There is no required amount like you are asking for what you need. Whether you stake 100 coins, or 500 coins the process itself is decentralized and won't care.
That was the idea, its a competitive staking platform. The more the stake the higher chance you get more back also the longer you stake the higher the reward. So if you want to stake 1 coin, sure you will get some interest, but it won't be as high as someone say staking 100. I think you are thinking of a more traditional staking system, which we are not. The interest grows independently and can be viewed from within the platform as to maintain transparency.
I hope this answers your questions. Basically they are your coins and we want you do with them as you see fit. At no time are we in control of your coins. You can hold them wherever and if you want to stake 50, and then cash out 100, you have the option to do that at any time. And after cashing out if you want to buy 20 more and stake a total of 70, you have the choice to do that too. And that is all because you keep your coins at all times. The platform will never accept coins, nor ask you to send them anywhere. You simply put coins in your wallet, or wherever else you might like and let us know the address you are storing them in.
The idea of competitive staking is what will help the coins growth and longevity. Lets say staking 100 coins right now gets you 5 extra coins a week, but lets say in 4 months there are a lot more people staking 100 and now you get 2.5 week, so you can up to 200 coins stake and earn 5 coins a week. This is a simple example, but that is the idea. As time progresses we expect people to stake higher and higher amounts. So getting in early of course is best, but again, you have the freedom to do with your coins as you see best for you
IF I had to say a minimum, I imagine we will not allow anything below the current send fees, so thats like .002 BCI I think? So if you wanted a labeled minimum it would be around there.
Thanks,
Aaron
