Topic: [ANN] ¤ DMD Diamond 3.0 | Scarce ¤ Valuable ¤ Secure | PoS 3.0 | Masternodes 65% - page 860. (Read 1260636 times)
April 24, 2014, 09:51:25 AM
I see Grøstl pools listed on first page... I can mine Grøstl now?
April 24, 2014, 04:38:30 AM
people ask me what will happen once POS 50% is activated with my old coinage?
so the answer is if u buy at example now 1000 dmd
and you open wallet in 2 month 1 days for minting
this would happen
1000*0.5/12*2=83.3
your 1000 DMD will create at this day enought POS rewards to be 1083.33 at the end of the day
1000 -> 1083.33 in 2 Months
and yes every
coin u buy now (or owning already) gather coinage for later up to a maximum of 60 days
please keep in mind coins only gather coinage that u can use in YOUR wallet
as long as u leave em on exchange all gathered coinage is lost with transfer them to your wallet
the only one who smile if u leave coins long (above 30 days) at exchange is the exchange owner
he sure love the free coins he mint for himself with your diamonds
edit: added this to FAQ
Quote
Once we reach total coins of ~400,000 PoS is initiated and set to 50% per annum with minimum coinage 30 days and
maximum set at 60 days.
maximum set at 60 days.
so the answer is if u buy at example now 1000 dmd
and you open wallet in 2 month 1 days for minting
this would happen
1000*0.5/12*2=83.3
your 1000 DMD will create at this day enought POS rewards to be 1083.33 at the end of the day
1000 -> 1083.33 in 2 Months
and yes every
coin u buy now (or owning already) gather coinage for later up to a maximum of 60 days
please keep in mind coins only gather coinage that u can use in YOUR wallet
as long as u leave em on exchange all gathered coinage is lost with transfer them to your wallet
the only one who smile if u leave coins long (above 30 days) at exchange is the exchange owner
he sure love the free coins he mint for himself with your diamonds
edit: added this to FAQ
April 24, 2014, 03:01:32 AM
since days diamond is under the top 10 coins in the trading volume charts on cryptsy
its a fact that the demand for diamond is there
and even if the known daytrader related ups and downs are visible
each low is higher than the last low was
this chart is better to see coin development:
http://www.cryptocoincharts.info/v2/pair/dmd/btc/cryptsy/1-month
and this one if u think diamonds are at a high value....
http://www.cryptocoincharts.info/v2/pair/dmd/btc/cryptsy/6-months
we far away of our old value
and with improved (Evolution ) coin specs we will go beyond our all time high for sure
its a fact that the demand for diamond is there
and even if the known daytrader related ups and downs are visible
each low is higher than the last low was
this chart is better to see coin development:
http://www.cryptocoincharts.info/v2/pair/dmd/btc/cryptsy/1-month
and this one if u think diamonds are at a high value....
http://www.cryptocoincharts.info/v2/pair/dmd/btc/cryptsy/6-months
we far away of our old value
and with improved (Evolution
) coin specs we will go beyond our all time high for sure April 24, 2014, 12:04:42 AM
Guys, this is great news indeed!!! Keep up the good work and thank you for helping this coin realize its full potential.
We can all debate forever whether this or that change is good, if x% for coin foundation is high or low, and so on. But, the truth is that lots of people have backed this coin and have obviously put long hours of work into further developing it (I followed DMD since its original revival a few months ago and I'm too familiar with its state after the original developer had abandoned it). Some of you might not want to pay these people for bringing value to your holdings - that's ok, just move off to another coin that you consider more fair or having more potential. After all, this is an investment business.
I will continue supporting this great coin and the community behind it - again, thanks guys!
We can all debate forever whether this or that change is good, if x% for coin foundation is high or low, and so on. But, the truth is that lots of people have backed this coin and have obviously put long hours of work into further developing it (I followed DMD since its original revival a few months ago and I'm too familiar with its state after the original developer had abandoned it). Some of you might not want to pay these people for bringing value to your holdings - that's ok, just move off to another coin that you consider more fair or having more potential. After all, this is an investment business.
I will continue supporting this great coin and the community behind it - again, thanks guys!
April 23, 2014, 11:59:34 PM
buy and mine what can u now cause the train is coming don't miss out
April 23, 2014, 05:23:39 PM
Still looking undervalued when compared to the amount of coins available to the markets.
what people have to keep in mind is that even if we will see a few dumps where
speculants try to cash out
everytime this happens lot diamonds will land in hand of people with "holder" mindset
and "holder" dont sell and dont play games on exchange
"holder" calculated the ROI with estimated value increase and coin increase by POS
diamonds in hand of "holders" will be not traded again for a long time
so the amount of diamonds for speculants will be lower and lower each dump cycle
the value of coin will increase each cycle
BUT
diamond main purpose is to be a storage of wealth
all our coin spec decisions where made to strenght this
this is the key to success and not the speculants
who try to ride on the wave that our near wallet release brought
April 23, 2014, 04:33:44 PM
Still looking undervalued when compared to the amount of coins available to the markets.
April 23, 2014, 04:07:59 PM
DMD is looking good in todays Coinmarketcap rankings.
I'm expecting to see this rise a few more places over the coming weeks.
I'm expecting to see this rise a few more places over the coming weeks.
April 23, 2014, 11:06:58 AM
Long live DMD! 
April 23, 2014, 10:33:07 AM
@danbi
we will evaluate the possibility of go live with our wallet we have now and release a groestl mining wallet later which only pools and people who wana solo mine have as a required update
we could have this as option if dev can disabke solo pow mine ability in our wallet
but most likely we will be able releaseall together in time anyway
update:
the all in big bang release is still the target we aiming for
the only parts we leave for later are non hardfork creating like UI overhaul
im bored of all this clone wallets but i can wait the extra month or two it taked for our innovative and uniqe UI
focus now is on other parts
we will evaluate the possibility of go live with our wallet we have now and release a groestl mining wallet later which only pools and people who wana solo mine have as a required update
we could have this as option if dev can disabke solo pow mine ability in our wallet
but most likely we will be able releaseall together in time anyway
update:
the all in big bang release is still the target we aiming for
the only parts we leave for later are non hardfork creating like UI overhaul
im bored of all this clone wallets but i can wait the extra month or two it taked for our innovative and uniqe UI
focus now is on other parts
April 23, 2014, 09:44:06 AM
sure keeping some for themselves is fine but some could fund projects etc.
good to see diamond making a comeback... people don't realise that they pay 3.5% out but get 500% + returns
come on be sensible guys look at the big picture.no we keep not a single dmd for ourself
projectmembers have only access to foundation dmd via work on tasks
same as bounties that we will hand out towards non projectmembers
dmd is nowhere about hype prise and sell foundation dmd
foundation dmd generate so slow it cant be abused in such a way
we will make foundatioh wallet transparent every outgoing transaction will have a transaction message about the reason
April 23, 2014, 09:24:45 AM
Quote from: DLow
I'm not saying dev will dump, but I'm surely not setting my rigs up to "donate" my efforts / electricity / money / work to someone else..?!
Of course you won't, because everything in life comes for free right? Servicing nodes, paying development costs off all sorts, marketing that goes beyond bitcointalk hype. Not every person with right skills is so altruistic as you are and unfortunately they do require incentive to spend their time, skills and effort to create something meaningful.
What sort of "effort" on your part are you talking about? Every miner would be getting full amount (so you are not donating anything by reducing your income) but small contribution on top for ongoing support and development of the coin will be sent to a newly formed Foundation. Foundation which in transparent way will show what the coins are spent on with the clear progress bar. If you think this is not value added to the coin please wake up.
If the people marketing this coin believe in its success and the traction it'll gain why don't they set up a community pool with a 5% donation? So whoever supports the coin can mine there, those who don't can mine on one of the 0-2% pools.
The .05 / block is much better than giving them 1% off the get go. This way they are paid for their efforts over time like in the real world. They have incentive to stay and help the coin progress. This also gives incentive to new developers coming on board and old ones going away. There will always be a steady income for them. I think its a great idea and way better than the devs having 20K coins from the start and giving them away to pools and exchanges as bribes. Then they all dump and we have seen what that does to coins.
April 23, 2014, 09:13:15 AM
Here is what I think of the coming changes:
I run the dmdpool.digsys.bg pool. That pool is running proportional payments without pool fees. It has originally had payments fees identical with the DMD network fees, but since MPOS has different fees for auto and manual payments it has higher fee for the manual payments (in order to encourage people to set up auto payments and not keep their coins with the pool). Of course, anyone can donate. But very few ever do (surprise??). For the several months in operation, the pool has mined approx 9850 DMD, received approx 12 DMD as donation and 8 DMD in fees. Which makes more, or less 0.2% effective "pool fee".
Now, with the new change, DMD effectively has global 5% mining fee, that goes towards coin development. Look at it as "federal tax" -- the different pools might actually impose additional taxes.
Now, is this too much? I would not say so, mostly because you could lose a lot more in poorly performing coin network and software.
About the best approach to the hard fork. I too, will advise against two hard forks in short sucession. This will only create problems, especially considering our coin team's love for secrecy
It is best however to make PoS operational as soon as possible. This has the "bad" side effect of increasing DMD price and we will mine less with the same resources, but then we should compensate that with the high PoS.
If the PoS algorithm is independent of the PoW algorithm, then there should be no problem to release an PoS-enabled wallet -- the key is how to handle the PoS conflict with current wallets. When PoS is enabled, current wallet would PoS with 1% and the new with 50%? This could create a mess.
I have another idea: we declare the hard fork at block 400,000. Now, an wallet is released, with scrypt PoW only, programmed to disable PoW after block 400,000. Those who update to this new wallet (let's call it v2.0.0), will still be able to PoS after that block. When the hard fork happen, those sers could update the wallet if they need PoW, or not. That is, they might never be interested in minning.
There are generally three types of wallets, that we need to care for:
1. Store/trade wallet. This one never mines, not even solo. It is used to store/transfer/mint coins. For this wallet, PoS functioning is enough, it won't care about PoW algorithm switch. This one can be released now, I believe.
2. Experimentator wallet. The typical personal wallet, for those who like to thinker. Thy will store/transfer/mint coins there and they will solo mine from time to time. PoS must function, and PoW should function, but is not critical. This one too, can be released now. If someone's (solo) PoW stops suddenly, they will notice and update.
3. Pool wallets. These generally do not PoS, but PoW all the time. They could use an updated wallet if it will PoW fine. They will update when algorithm switch happens.
Which brings me to my other issue: we pool operators do need as early as possible access to an functioning PoW-wise wallet. We do support the network in a major way, not only because we generate PoW blocks, but because we also run permanent nodes that support the network.
I run the dmdpool.digsys.bg pool. That pool is running proportional payments without pool fees. It has originally had payments fees identical with the DMD network fees, but since MPOS has different fees for auto and manual payments it has higher fee for the manual payments (in order to encourage people to set up auto payments and not keep their coins with the pool). Of course, anyone can donate. But very few ever do (surprise??
). For the several months in operation, the pool has mined approx 9850 DMD, received approx 12 DMD as donation and 8 DMD in fees. Which makes more, or less 0.2% effective "pool fee".Now, with the new change, DMD effectively has global 5% mining fee, that goes towards coin development. Look at it as "federal tax" -- the different pools might actually impose additional taxes.
Now, is this too much? I would not say so, mostly because you could lose a lot more in poorly performing coin network and software.
About the best approach to the hard fork. I too, will advise against two hard forks in short sucession. This will only create problems, especially considering our coin team's love for secrecy
It is best however to make PoS operational as soon as possible. This has the "bad" side effect of increasing DMD price and we will mine less with the same resources, but then we should compensate that with the high PoS.
If the PoS algorithm is independent of the PoW algorithm, then there should be no problem to release an PoS-enabled wallet -- the key is how to handle the PoS conflict with current wallets. When PoS is enabled, current wallet would PoS with 1% and the new with 50%? This could create a mess.
I have another idea: we declare the hard fork at block 400,000. Now, an wallet is released, with scrypt PoW only, programmed to disable PoW after block 400,000. Those who update to this new wallet (let's call it v2.0.0), will still be able to PoS after that block. When the hard fork happen, those sers could update the wallet if they need PoW, or not. That is, they might never be interested in minning.
There are generally three types of wallets, that we need to care for:
1. Store/trade wallet. This one never mines, not even solo. It is used to store/transfer/mint coins. For this wallet, PoS functioning is enough, it won't care about PoW algorithm switch. This one can be released now, I believe.
2. Experimentator wallet. The typical personal wallet, for those who like to thinker. Thy will store/transfer/mint coins there and they will solo mine from time to time. PoS must function, and PoW should function, but is not critical. This one too, can be released now. If someone's (solo) PoW stops suddenly, they will notice and update.
3. Pool wallets. These generally do not PoS, but PoW all the time. They could use an updated wallet if it will PoW fine. They will update when algorithm switch happens.
Which brings me to my other issue: we pool operators do need as early as possible access to an functioning PoW-wise wallet. We do support the network in a major way, not only because we generate PoW blocks, but because we also run permanent nodes that support the network.
April 23, 2014, 08:45:55 AM
Contact me if you need a wallet built for OSX.
Thanks MystPhysX! Surely we will
April 23, 2014, 07:46:15 AM
Contact me if you need a wallet built for OSX.
April 23, 2014, 07:27:33 AM
Here it's a quite innovative and fair way to support the dev and community, without this coin will die. There's only 0.05 DMD for this for each block, so it's a VERY limited supply, like the coin itself is rare and very diluted over very long term.
There would be total 1,100,000 coins to be mined on stage between 400,000 and 1,500,000 coins. 0.05 DMD for each 1.05 DMD mined in this stage will be sent to devs. So our devs will have 1,100,000/1.05*0.05=52,381 DMD while the total supply of that time will be 1,500,000. It's equivalent to ~3.5%.that's fine its gradual and we need a ledger to see what they are doing with it, sure keeping some for themselves is fine but some could fund projects etc.
good to see diamond making a comeback... people don't realise that they pay 3.5% out but get 500% + returns
come on be sensible guys look at the big picture. April 23, 2014, 06:57:50 AM
DLow, you will either mine this coin or not. You only will if you can make a profit, I'm sure
Usually, you may choose to mine this coin for profit, when you decide you're no longer making a profit you leave. In truth, your contribution to the coin has been zilch. You've taken from the dev/communities hard work, while the going was good and given nothing but a short term boost to the hashrate. Dumping your coins and causing instability to both the network and the market cap.
This way, the devs and community ensure you're leaving something for the future. Fairest way I've seen yet.
April 23, 2014, 06:55:29 AM
Quote from: DLow
I'm not saying dev will dump, but I'm surely not setting my rigs up to "donate" my efforts / electricity / money / work to someone else..?!
Of course you won't, because everything in life comes for free right? Servicing nodes, paying development costs off all sorts, marketing that goes beyond bitcointalk hype. Not every person with right skills is so altruistic as you are and unfortunately they do require incentive to spend their time, skills and effort to create something meaningful.
What sort of "effort" on your part are you talking about? Every miner would be getting full amount (so you are not donating anything by reducing your income) but small contribution on top for ongoing support and development of the coin will be sent to a newly formed Foundation. Foundation which in transparent way will show what the coins are spent on with the clear progress bar. If you think this is not value added to the coin please wake up.
If the people marketing this coin believe in its success and the traction it'll gain why don't they set up a community pool with a 5% donation? So whoever supports the coin can mine there, those who don't can mine on one of the 0-2% pools.
why all should profit snd only a few really support!
people who buy support bx create buy demand
people eho mine support with foundation share
everyone helping to archive our common goal
success for diamond
April 23, 2014, 06:54:03 AM
i guess u forget any pos reward will create no foundation share at all
if u dont like to mine with this coin setup
buy coins and mint to avoid support coin development and marketing
none forced to mine people complain diff to high anyway ;-)
if u dont like to mine with this coin setup
buy coins and mint to avoid support coin development and marketing
none forced to mine people complain diff to high anyway ;-)
makes sense.
April 23, 2014, 06:53:31 AM
In my opinion (I'm not the dev), fair distribution and fair contribution means that everyone that is involved must devolve a small part to the coin itself, instead of leaving it with much higher percentage to smaller number of people on volunteer base, we already saw with other coins that does not work.
This is the only 100% guarantee of support for the coin people are investing/profiting in, any other way leaves space to scammers, whales, dumpers and greedy miners.
As I said as well on Twitter, I think this is a fair model distributing equally profits and expenses and guaranteeing long time support (devs/team will be always interested in keeping it up), that's where most coins fail. Also the scarcity and low reward guarantee an equilibrium between miners and traders, avoiding huge dumping from miners and guaranteeing a more stable price in the long run.
Whoever is in, must be for profits and for sharing a 0.05% back to the community. Other coins will follow this simple and fair model I think.
This is the only 100% guarantee of support for the coin people are investing/profiting in, any other way leaves space to scammers, whales, dumpers and greedy miners.
As I said as well on Twitter, I think this is a fair model distributing equally profits and expenses and guaranteeing long time support (devs/team will be always interested in keeping it up), that's where most coins fail. Also the scarcity and low reward guarantee an equilibrium between miners and traders, avoiding huge dumping from miners and guaranteeing a more stable price in the long run.
Whoever is in, must be for profits and for sharing a 0.05% back to the community. Other coins will follow this simple and fair model I think.
Are my numbers wrong? For every 1 coin that is mined .05 is "donated" towards development. So that equals 5%?
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