Topic: [ANN] FlutterCoin FLT Proof Of Transaction Cash Back for Sending & Recieving - page 133. (Read 368085 times)

the demoscene crew?  if so, WIN   

or do you mean the Fairlight CMI?   still, WIN

failed attempts to drop the coin price with all that dumps , a new hands in the scene for new price , good times ahead

Is this still going to happen?

for the "older" ones of us:
Legends Never Die!  FLT aka the good old fairlight

Not possible check the thread, or article linked in OP

I think I am starting to arrive at a simple and logical way to explain what PoT is to people who are only loosely familiar with mining (which is most bitcoiners and many alt people as well). 

Proof of Transaction serves the same beneficial function that mining does: it secures the blockchain by confirming transactions. Except instead of rewarding an energy-wasting and rapidly centralizing arms race between miners solving useless busywork calculations, it rewards the actual end users of the coin for doing a useful service that they naturally would do anyway, which is spending it.   Mining serves well its purpose to bootstrap the coin but like training wheels on a bicycle, once the coin matures and gets used heavily, mining starts to cause more problems than it solves as seen by the enormous cost of running the Bitcoin network as well as its tendency for mining to become centralized over time. All workarounds, such as ASIC resistance, which still preserve the role of mining as the only securing proof system, only serve to delay the problem. They do not attempt to fundamentally solve it in the way that a PoT/PoS coin maturity life cycle (such as the one Flutter has created) does. 

A bit wordy still, but it makes more sense to me as someone trying to explain why PoT is worth a look, than just telling people it gives you 'cash rewards' - while this is technically true it draws comparisons to cash-back rewards cards - and then people get disappointed when they discover that not every transaction generates a PoT reward.  PoT is really a form of mining that gives control back to end users and to predictable economic incentives.  Just like in 'real' money systems, with PoT - the more the users spend, the healthier the economy gets as it increases the velocity of money which thus transmits pricing signals more efficiently, etc.  It's like caffeine for money.

Of course its difficult.  If it were easy, it would be exploitable.  PoT blocks are hit all the time.  PoT IS the possibility of rewarding those spending - its not meant as a guaranteed cash-back system or a revenue stream like PoS.  Definitely not meant to reward whales or investors - meant to reward the common user (whales and large investors are rewarded via PoS & the markets already).

PoW will never end - and if it did for whatever reason PoT rewards would be modded to run on PoS - Its a very very easy thing to do.

PoT has a lot of innovation, and adds a lot of security to the blockchain.  PoT is always evolving as well and is not a finalized protocol, it will only improve.

Correct, and if POW ever goes (not likely), PoT will be modded to run on PoS blocks as well.  PoT will need to change, evolve... Even the 500 FLT minimum will need to go.  Its really irrelevant now (the 500 minimum) as flooding transactions/outputs is futile.  

Key is really to stay ahead of the curve.  Already testing PoT with PoS blocks as well.

nice i love this site! really the best.

are there any calculations as to how many transactions you would need to make to have a really good chance of landing a PoT block? pt 2 says that 100 transaction would give a 'slim' chance. At 500FLT per transaction, that's alot of coin you'd have to be transferring...

I don't know if it was ever claimed that PoT would give you more coins by using them than you would get from PoS for saving them, and I don't see why it would matter if you are more likely to get more coins by PoS than through PoT. Either way, PoT still offers some incentive to use the coin as opposed to a pure PoS system which does not provide any such incentive. I view them as opposing forces, although the incentive from PoT may not be strong enough to overcome the inventive provided by PoS it still shifts the equilibrium in favor of spending.

Nice,maybe flt=5000sat in a weeks.

Someone already noticed that we are on Bitcoinwisdom (best charting site around):

https://bitcoinwisdom.com/markets/mintpal/fltbtc

> Isn't this coin expected to be 100% PoS at some point, so point 4 would render PoT useless?

No, I thought this was the case also but the PoW phase never ends, it just halves all the way down to 20 block static rewards eventually.  I believe the PoT rewards are the same as any block reward for PoW; that is, you get whatever the PoW mining reward is at that time if you get lucky enough to PoT "mine" a block on your transaction.   I expect thekidcoin will continue to fine tune this reward system as it gets used in real life - it's hard to forecast well in advance how these use cases will play out so the parameters of the rewards may well change over time to close any gameable loopholes that may get discovered. 

thanks for the info, so based on the above, in all likelihood, you're more likely to get more coin via PoS than PoT? I thought PoT was the big innovation here, but it sounds like it will be very difficult to achieve the bonus. Sounds like PoT may be getting over hyped then? Isn't this coin expected to be 100% PoS at some point, so point 4 would render PoT useless?

Just trying to get some more solid answers before investing further into FLT. Thanks!

This is what was posted earlier in the thread:


What is to stop several of us getting together to send coins back and forth, trying to get a PoB?

First, going forward it is refereed to as POT (proof-of-transaction)

2nd, its not that easy to achieve a match - if you send 100 transactions your odds are slim.

3rd Only the first match counts

4th it will not be active for POS or adjacent POS blocks (which will make it rarer)

5th its only active on blocks with a small number of TX's

6th in the next release, that will be fine-tuned even further to look within each TX

I am positive people have been trying this already as well...

I am also thinking of changing the reward structure as years go by etc



If anything has changed Kidcoin can elaborate further. I think it should be posted on the first page b/c this question comes up all the time.

what about flt mutipool???

With POT, what stops someone from having two wallets and setting up a bot to constantly transfer 500FLT back and forth 24/7 between the two wallets and thereby greatly increase the chances of landing the POT bonus?

ALL may have an updated mac binary today, I have it working on 10.8.5 finally, but need to try it on 10.8.5 and 10.9.2 vanilla (meaning no software) to be sure it actually working.