So clearly the wallet is online, and not in cold storage. What if the wallet gets hacked and emptied? It can and does happen daily in crypto. Who is responsible for stolen dmd?
Vegas
Topic: [ANN] ¤ DMD Diamond 3.0 | Scarce ¤ Valuable ¤ Secure | PoS 3.0 | Masternodes 65% - page 606. (Read 1260677 times)
January 28, 2015, 09:34:51 PM
January 28, 2015, 08:51:34 PM
Since POS takes a bit to warm up I believe they are having us submit to the wallet in which they already added foundation funds to. I believe this is for the sole purpose of starting coinage. If I understand correctly my 1500 dmd is going to be swapped with 1500 dmd that is already aging in the wallet essentially giving me and others instant POS rewards. I am not sure I see the problem. Can you explain why you think this is not going to work? It makes total sense to me. What even weirder is that I have never seen you in this forum before. Are you even a Diamond investor?
I have been mining DMD since switch to Grostl algo, even though the amount of DMD I own has no relevance to the issue I mentioned and by bringing that as a roadblock to a valid concern makes little sense. I watch the DMD thread as it is a coin of interest of mine obviously but I guess up until now I haven't had any comments that were not already covered by others. In fact your entire response has nothing to do with my comment so I must ask can you even read english and why did you bother responding??
Thx Ultrajohn and cryptonit for providing useful information on how the special case wallet will be handled with a mandatory update.
January 28, 2015, 08:45:16 PM
will my remaining 2 slots still be open to me when reactor goes online ... I prefer to wait to see how it works out before adding 1000 more ...
January 28, 2015, 08:37:10 PM
If I understood correctly there will be a new MANDATORY wallet release for all on network to handle correctly this "special case" wallet.
didnt find sleep had to announce it on linkedin too
https://www.linkedin.com/pulse/dmd-diamond-reactor-helmut-siedl
yes it requires a mandatory wallet upgrade for everybody
so basical any wallet in network have the code integrated that says
yes this special address can sign POS blocks a 4x normal reward rate and its perfect fine
no weakness no modified wallets which could abuse something
security is one of our main focus topics
thats the reason why we not adopted shitload of the endless existing gimmicks for bitcoin based wallets
simple is beautiful
AND
simple is secure!
January 28, 2015, 08:36:51 PM
In my thinking the net return on 4x reactor is actually only 3x as u would be getting 1x pos if the coins in personal wallet ...
Yes I believe you are correct, but it is four times the standard POS
January 28, 2015, 08:24:34 PM
The only dumb question is the one unasked ... hehehehe
True
January 28, 2015, 08:21:34 PM
The only dumb question is the one unasked ... hehehehe
January 28, 2015, 08:15:30 PM
This looks like an awful idea.
First off, even if starting with legit intentions, it opens an interesting can of worms about trust in a supposed trustless system. How is the 'special' wallet with modified core parameters coexisting on the same network? Shouldn't everything that wallet produces get rejected by the network? I can't just compile my own client with a 10000% POS rate and have it function normally.
Looks like a preamble to get a pump going, trying to get people rushing to buy DMD and buy Mining shares so they can be part of the rich get richer elite by being part of the Reactor club. If you were not trying to intentionally pump the price the proper thing to do would be to release the news once it is actually functional, not 'a few weeks away'.
First off, even if starting with legit intentions, it opens an interesting can of worms about trust in a supposed trustless system. How is the 'special' wallet with modified core parameters coexisting on the same network? Shouldn't everything that wallet produces get rejected by the network? I can't just compile my own client with a 10000% POS rate and have it function normally.
Looks like a preamble to get a pump going, trying to get people rushing to buy DMD and buy Mining shares so they can be part of the rich get richer elite by being part of the Reactor club. If you were not trying to intentionally pump the price the proper thing to do would be to release the news once it is actually functional, not 'a few weeks away'.
Hi Hilux74
My reply is only from a normal community members best understanding and should be taken as such.
To your first point, I don't know anything about wallet mechanics, but I understand the Reactor wallet is built by the coin developer. Whether it is not possible as you suggest I am not sure, but I am positive this announcement wouldn't have been made if thorough testing wasn't already complete.
To the second point, the wallet needs to be filled and deposits need to gather coin age so that once it runs live POS rewards are functional. Part of the result will be that many coins are pulled off the markets and are unable to be dumped, like a term deposit. The diamond foundation will have substantial coins in here, they will not be dumping.
Whether this has a 'pump' effect on DMD market prices and whether private investors dump their own coins cannot be controlled by the community or the diamond foundation.
Kind Regards
chilo
January 28, 2015, 08:10:45 PM
If I understood correctly there will be a new MANDATORY wallet release for all on network to handle correctly this "special case" wallet.
January 28, 2015, 08:02:05 PM
This looks like an awful idea.
First off, even if starting with legit intentions, it opens an interesting can of worms about trust in a supposed trustless system. How is the 'special' wallet with modified core parameters coexisting on the same network? Shouldn't everything that wallet produces get rejected by the network? I can't just compile my own client with a 10000% POS rate and have it function normally.
Looks like a preamble to get a pump going, trying to get people rushing to buy DMD and buy Mining shares so they can be part of the rich get richer elite by being part of the Reactor club. If you were not trying to intentionally pump the price the proper thing to do would be to release the news once it is actually functional, not 'a few weeks away'.
First off, even if starting with legit intentions, it opens an interesting can of worms about trust in a supposed trustless system. How is the 'special' wallet with modified core parameters coexisting on the same network? Shouldn't everything that wallet produces get rejected by the network? I can't just compile my own client with a 10000% POS rate and have it function normally.
Looks like a preamble to get a pump going, trying to get people rushing to buy DMD and buy Mining shares so they can be part of the rich get richer elite by being part of the Reactor club. If you were not trying to intentionally pump the price the proper thing to do would be to release the news once it is actually functional, not 'a few weeks away'.
Since POS takes a bit to warm up I believe they are having us submit to the wallet in which they already added foundation funds to. I believe this is for the sole purpose of starting coinage. If I understand correctly my 1500 dmd is going to be swapped with 1500 dmd that is already aging in the wallet essentially giving me and others instant POS rewards. I am not sure I see the problem. Can you explain why you think this is not going to work? It makes total sense to me. What even weirder is that I have never seen you in this forum before. Are you even a Diamond investor?
January 28, 2015, 07:57:26 PM
This looks like an awful idea.
First off, even if starting with legit intentions, it opens an interesting can of worms about trust in a supposed trustless system. How is the 'special' wallet with modified core parameters coexisting on the same network? Shouldn't everything that wallet produces get rejected by the network? I can't just compile my own client with a 10000% POS rate and have it function normally.
Looks like a preamble to get a pump going, trying to get people rushing to buy DMD and buy Mining shares so they can be part of the rich get richer elite by being part of the Reactor club. If you were not trying to intentionally pump the price the proper thing to do would be to release the news once it is actually functional, not 'a few weeks away'.
First off, even if starting with legit intentions, it opens an interesting can of worms about trust in a supposed trustless system. How is the 'special' wallet with modified core parameters coexisting on the same network? Shouldn't everything that wallet produces get rejected by the network? I can't just compile my own client with a 10000% POS rate and have it function normally.
Looks like a preamble to get a pump going, trying to get people rushing to buy DMD and buy Mining shares so they can be part of the rich get richer elite by being part of the Reactor club. If you were not trying to intentionally pump the price the proper thing to do would be to release the news once it is actually functional, not 'a few weeks away'.
January 28, 2015, 07:49:22 PM
bed time in austria close to 02:00 in morning
thx reactor u stole my night
emails will be answered tomorrow
thx reactor u stole my night
emails will be answered tomorrow
Gnite Crypto - sleep tight...
January 28, 2015, 07:43:50 PM
bed time in austria close to 02:00 in morning
thx reactor u stole my night
emails will be answered tomorrow
thx reactor u stole my night
emails will be answered tomorrow
January 28, 2015, 07:42:36 PM
any other future plans for this coin besides "store of value"...how does it rank up to UNO?
we full of plans
reactor isnt the end
but some stuff need time and some stuff seems to arrive never
we still waiting for that 3rd party service that is full utilizing DMD since early december.....
who know if it ever will arrive....
we working on a few great ideas and we are in talk with lot people in the business
alex is doing a great job in networking and connecting us with people in cryptobusiness
its just a matter of time i hope until his work will be rewarded with a investor and some cooperation on big scale projects
regarding UNO im not up to date they are not in my research focus
i guess alex said something about them to fish in same lake and try to be a storage coin
but in fact that lake is really big we can share 4 billion people for DMD and 4 billion for UNO
January 28, 2015, 07:33:23 PM
Well, Pokeytex, let's hope it is a good gamble, I just got in 1 slot ...
Nice work utahjohn, I too am up for a gamble and I only bet when I can't lose. I think this is a winner, as much as all DMD investments!
chilo
fact is its crypto business
like everywhere here u should consider ur investment lost the moment u send it
thats the only way u can take part in crypto investments and dont have sleepless nights
and this mindset also protect u to NOT risc money that u cant afford to lose
what i can guarantee u all is the same we did always guarantee since we take over DMD and thats since december 2013
that we dont leave that we dont stop to work for the coin and its success
we wouldnt have created reactor if we didnt belive that it is a major step forward for the coin stability mechanism of DMD
there where other options how we could have react to the gap in coin rollout
we could have readjust the POW rate after 1000000
we could have increased the POS for everyone a bit
we could have accept that our 4.3 million coins need more than 30 years to be generated
none of the above would have any real positive effect for DMD longterm
SO we choose to go a path that is unique and in the way we do it never done before
and its a path that support coin stability by secure the network with a big 24/7 staking wallet
and the price by give dmd cloudmining investors a incentive and additional rewards
January 28, 2015, 07:28:27 PM
i put in 1500dmd into the reactor... that was all my dmd... i have alot of faith and trust in the dev team to me its not a risk.. if this can increase the value of dmd, or just give me more dmd im happy... i dont 'day trade' im in for the long hall... and in 40weeks time i should have 3000dmd... and one more good thing is that i no longer need my wallet open cos theres no dmd in it anymore lol
any other future plans for this coin besides "store of value"...how does it rank up to UNO?
January 28, 2015, 07:24:00 PM
i put in 1500dmd into the reactor... that was all my dmd... i have alot of faith and trust in the dev team to me its not a risk.. if this can increase the value of dmd, or just give me more dmd im happy... i dont 'day trade' im in for the long hall... and in 40weeks time i should have 3000dmd... and one more good thing is that i no longer need my wallet open cos theres no dmd in it anymore lol
January 28, 2015, 07:22:15 PM
Hi cryptonit
Just a quick question/s to clarify some details.
As I understand it, there is 200% POS reward for the duration in the reactor, so put in 1500 DMD receive ~3000 DMD by the end of the reactor period (40 weeks). Of that expected return, half(~1500 DMD) is paid to your Cloudmining DMD address. The other half is converted to BTC and reinvested as Cloudmining shares. Is that more or less correct?
Are these staking rewards paid monthly, weekly or otherwise?
And last question, when DMD price increases will BTC conversions occur at current market rates at time of earning staking rewards?
chilo
Just a quick question/s to clarify some details.
As I understand it, there is 200% POS reward for the duration in the reactor, so put in 1500 DMD receive ~3000 DMD by the end of the reactor period (40 weeks). Of that expected return, half(~1500 DMD) is paid to your Cloudmining DMD address. The other half is converted to BTC and reinvested as Cloudmining shares. Is that more or less correct?
Quote
ANSWER there are some miss understandings or lets say bad explained by us
we now fill the reactor no one did go through a competition for slots so noone have guranteed 40 weeks time in reactor
in fact we start with 100000 dmd in reactor but already after 1 weeks 5 slots will be replaced
that first we slots with duration below 100 weeks we fill with foundation DMD so noone is frustrated his time in reactor was so short....
the other slots are filled by round robin
we now fill the reactor no one did go through a competition for slots so noone have guranteed 40 weeks time in reactor
in fact we start with 100000 dmd in reactor but already after 1 weeks 5 slots will be replaced
that first we slots with duration below 100 weeks we fill with foundation DMD so noone is frustrated his time in reactor was so short....
the other slots are filled by round robin
Are these staking rewards paid monthly, weekly or otherwise?
Quote
ANSWER following happens at end of each week
all coins above 100000 will be send from reactor to cloudmining server
there they will be split 50/50 between cloudmining support and slot owner payout and send towards the people
so basical als cloudmining shareholder and reactor slotowner u earn in both ways........
also at end of week from the visible highscore list of cloudmining share investors last 7 days (new shares not existing shares...)
the top 5 will be invited to send 500 dmd and claim a slot
when the dmd arrive the oldest reactor slot owner get this 500 dmd send to him and lost his slot
so at end of time u get ur dmd back they not converted into cloudmining shares
all coins above 100000 will be send from reactor to cloudmining server
there they will be split 50/50 between cloudmining support and slot owner payout and send towards the people
so basical als cloudmining shareholder and reactor slotowner u earn in both ways........
also at end of week from the visible highscore list of cloudmining share investors last 7 days (new shares not existing shares...)
the top 5 will be invited to send 500 dmd and claim a slot
when the dmd arrive the oldest reactor slot owner get this 500 dmd send to him and lost his slot
so at end of time u get ur dmd back they not converted into cloudmining shares
And last question, when DMD price increases will BTC conversions occur at current market rates at time of earning staking rewards?
Quote
POS rewards are not related to BTC price or DMD value.....
Regardschilo
January 28, 2015, 07:21:42 PM
How the are these coins to be generated if they are not participating in blockchain and not competing for POS
Something reeks here, just have not identified it yet LOL.
Utah - I am not sure I understand fully but I trust in Popshot and Cryptonit to do the right thing. I believe what I understand is that the POS model is moving slower than originally planned so in order to get it up to where it is supposed to be there is going to be a new type of stake to help the POS along? I am not sure I have it all but what the hell - I am a gambling man. Cryptonit I sent my 1500 DMD to you. Thank you kindly.
utah u confuse me
how u come to this strange conclusion it doesnt compete for POS?
its a normal wallet and it POS like a normal wallet
the difference is its POS rewards are multiplied with 4
i said the coins that are in reactor and POS there are not in a private wallet and POS there
so the reactor itself dont create more competition for POS blocks
if if bob and alice and reactor have a wallet and compete for pos each one with 3 pile of diamonds
then 9 pile of diamonds compete in the network for pos blocks
if now bob and alice decide to give one pile each to the reactor then bob have 2 alice have 2 and reactor have 5
and in total still 9 piles of diamonds compete for pos blocks
@poketex very kind from u but if u wana send me DMD u have to use another address
in fact i dont even have access to the wallet only 2 people have
the wallet dev and the cloudmining dev
we take security serious we know once DMD are 10$ each there is a lot value in reactor and we already prepare the security now fitting to this
i can gurantee it wont run on a webserver or somehow external reachable server
its only connection to the world is the single port of DMD network its possible we run it through a IP masking solution too so no one ever will find the reactor wallet
Hehe ok Cryptonit - I understand I didn't send you the 1500 DMD I sent it to the reactor wallet. I got your subtlety! :-P
January 28, 2015, 07:16:07 PM
Well, Pokeytex, let's hope it is a good gamble, I just got in 1 slot ...
Nice work utahjohn, I too am up for a gamble and I only bet when I can't lose. I think this is a winner, as much as all DMD investments!
chilo
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