[ANN] ¤ DMD Diamond 3.0 | Scarce ¤ Valuable ¤ Secure | PoS 3.0 | Masternodes 65% - page 861.

DLow

hero member

Activity: 616

Merit: 500

Quote from: asplinux on April 23, 2014, 06:49:50 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.

Are my numbers wrong? For every 1 coin that is mined .05 is "donated" towards development. So that equals 5%?

cryptonit

legendary

Activity: 3052

Merit: 1053

bit.diamonds | uNiq.diamonds

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 ;-)

asplinux

newbie

Activity: 45

Merit: 0

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.

DLow

hero member

Activity: 616

Merit: 500

Quote from: popshot on April 23, 2014, 06:09:40 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.

asplinux

newbie

Activity: 45

Merit: 0

I think none of them offer such direct contact though, details ahead of time, and a very scarce coin diluted in time to guarantee at the same time a fair distribution among miners and devs/community.

All this means long term vision, DMD is one of the last coins you would choose to prepare a scam, it was always about scarcity and long term, both things not going well with scams and dumps.

I think people are right being wary and cautious, time will tell in the end, but I always felt Diamond Coin was one of the most underrated coins around, now it seems a serious team finally took over to make it the big project it deserves to be

christoff00

newbie

Activity: 3

Merit: 0

DLow, but you'd be working for yourself and the coin. Does that not make any sense? If you truly would want the coin to be a success of course.

I don't know 1st hand but have read that some say the BC pool is one of the most uneconomical pools to mine from, so in essence the miners are taking a loss to support the coin. But only those miners that have a REAL interest in seeing the success of the coin and themselves. Why should multipool miners make potentially huge profits from a coin(supporting the network, yes) but then give nothing back to the long term support of the coin? If a coin is unprofitable they leave, either with a fee or without. This way they leave a little present behind for the long term benefit of the coin and community

I don't currently mine due to electricity costs, It is always a financial loss for me. This new lower power way may work for me, I need to learn more on that front. But It could be a very powerful draw to many in my position.

honghaisea

hero member

Activity: 952

Merit: 502

Diamonds are the most beautiful thing in the world！ I think all the peoples will like it

Gaman

full member

Activity: 284

Merit: 101

It's really hard to trust anybody right now. There are lots of scams left and right.

popshot

hero member

Activity: 774

Merit: 554

CEO Diamond Foundation

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.

christoff00

newbie

Activity: 3

Merit: 0

Hello all, just signed up to air my views.
I feel this is a very ingenious way for the dev to get financial support, which they need and is often lacking in most coins for decent infrastructure. As said before this is nothing like a premine, It is in everybody's interest to see the long term success of Diamond.
The dev only get a small portion of the miners work and personally I feel It's good for all miners to put something back in. Often with multipools etc, a coin effectively gets raped, miners take their profits and dumping the coins.
Hat's off to the dev for finally coming up with a fair way of helping to support the coin. I'm really liking the way things seem to be developing here. And thank you for the transparent nature in which you're proceeding!
I have bought a few the last couple of days and hope to get more.

edit: typo

asplinux

newbie

Activity: 45

Merit: 0

I don't get why no one consider the time factor, there will be 1440 DMD created per day, so 72 per day to coin support.

If you go back and read the announcement, it's all there specifying that there will be a Foundation, dedicated to support devs, community, promotion, without PRE-mine.

Miners can decide to mine this or not, but would be funny if that's the reason if they agree to pay fees of 1% or 2% to pools usually. Look at other coins like BlackCoin, they follow a similar concept (not technically) and they dedicate the fees to the Foundation to support all coin future activities.

Coins without support die because no one works for free forever, coins with premine and IPO are a scam/dump risk (this is not a premine, coins are not 'pre' mined, just mined like all other coins!). DMD learned from the success of BC and adapted it to the new coin specs of very rare PoW + PoS.

That's what I think after being directly and indirectly involved in many projects, probably price will say the rest, and devs here too

@asplinux

DLow

hero member

Activity: 616

Merit: 500

Quote from: TTM on April 23, 2014, 05:25:25 AM

Quote

Once we reach total coins of ~400,000 reward increases to 1.05 DMD per solved block*
* 1 DMD is granted to the miner while 0.05 DMD is contributed to coin support.

So arcording to my calculation, there would be 52381 coins mined by miners but sent to dev ? That is ~ 3.49% of total mined coin at 1,500,000 coins. Is this a tactics of premine ?

It's like a constant 5% premine. WTF?

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..?!

TTM

full member

Activity: 140

Merit: 100

Quote from: asplinux on April 23, 2014, 05:35:34 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%.

asplinux

newbie

Activity: 45

Merit: 0

The way I see it, it's not an IPO not a premine, because both mean that devs get money all together and 'before' the others, and they can dump them.

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.

This means no dumping, it's the right way others will follow to sustain development and in a fair way.

TTM

full member

Activity: 140

Merit: 100

Quote

Once we reach total coins of ~400,000 reward increases to 1.05 DMD per solved block*
* 1 DMD is granted to the miner while 0.05 DMD is contributed to coin support.

So arcording to my calculation, there would be 52381 coins mined by miners but sent to dev ? That is ~ 3.49% of total mined coin at 1,500,000 coins. Is this a tactics of premine ?

cryptonit

legendary

Activity: 3052

Merit: 1053

bit.diamonds | uNiq.diamonds

good feedback thx

split algo form other features into 2 releases would be 2x a hardfork

in my opinions is go with all in one big bang release is the way to go

please fellow diamond lovers

we dont talk here about a certain delay in wallet release

we just talk about how we will react when we cant finish groestl implementation in 14 days

where or dev says he expect the chance he can do it in 14 days is 80% yes 20% no

so its high chance we will follow exact release plan from first posting

but our policy of transparence make me discuss this possibilities already with u
noone should be surprised if a delay will be required

asplinux

newbie

Activity: 45

Merit: 0

First of all guys I'm impressed with your work, congrats

My personal suggestion after several coins launches, is to avoid a second fork. To the eyes of the unexperienced users it sounds always like something painful and dangerous, in particular when PoS involved (where are my old coins? will they still be valid? my old/new wallet does not sync/work etc). Usually it's also not really welcome by any exchange (and in this moment you should really work hard to get definitive wallets ready for exchanges before everything else).

So if not in time for first release I'd suggest that a delay is better than two hard forks, otherwise if you can avoid two of them then it's fine to do a first release without Groestl. In that case the negative side will be the PR, because is among the main features (with PoS and new reward) pushed for new DMD, so anyway a delay of few days would be preferable imho.

@asplinux

cryptonit

legendary

Activity: 3052

Merit: 1053

bit.diamonds | uNiq.diamonds

people want good news....

how about this one?
i did run new client without groestl included a few minutes ago on real dmd network
send and recieve payments and so on
everything we did was working smooth

the only reason why we keep wallet not released for now is because
we try to release all the other changes together with groestl algoswitch
to avoid additional hardfork later on

we have now still around 14 days to finish groestl implementation
which is coming from an existing blockchain isnt as easy as start a new groestl blockchain

worst case if we run into unexpected obstakles
it have still no big impact on whole project we
could everyday release without groestl allready

i want to ask u:

how important is for u that groestl is in initial wallet release included?

would a second hardfork a bit later with groestl and additional UI redesign be ok for u too?
would a releasedate with first cointrigger later than totalcoins 400000 be ur wish if required to stay with 1 hardfork for every change?`
would u prefer to have new wallet released asap without waiting for groestl and have 50% pos activated asap too and a gurantee second hardfork required later?

comunity u like to have insight in dev decicions here we go!

i wana avoid the vaporware rumor at all cost when i was in reality just using new wallet to send a real transaction a few minutes ago Cool

your feedback is welcome

coinme.info

sr. member

Activity: 297

Merit: 250

Informative post on Coinsource.com about Diamond today.

Summary...

- after coin number 400,000, the proof of work hashing algorithm will change from scrypt to Grøstl

- new proof of stake system will pay 50% per year interest on coins held in a wallet for more than 30 days.

- total coin supply will stay the same at 4.38 million

- With a new programmer, team support and a patiently waiting core community, DMD seems ripe for a comeback.

Full article at http://www.coinssource.com/diamonds-forever/

popshot

hero member

Activity: 774

Merit: 554

CEO Diamond Foundation

Quote from: Gaman on April 22, 2014, 07:58:40 PM

What happens to the old diamond coins?

From FAQ (second post)

A: we keep blockchain every diamond u own in old wallet will be in ur new wallet

Topic: [ANN] ¤ DMD Diamond 3.0 | Scarce ¤ Valuable ¤ Secure | PoS 3.0 | Masternodes 65% - page 861. (Read 1260706 times)