[ANN] Genstake [GEN] [QT WALLET UPDATE] [STAKE-MINE] [SCRYPT] [FULL POW/POS] - page 22.

ThinkingOutLoud

member

Activity: 98

Merit: 10

Out of respect I haven't been naming them, but I asked for permission to let everyone here know who holds those coins so that everyone can rest a little easier.

It's ocminer

He sent me a message saying "Sure, no problem, you can tell in the thread. The last I want is to hurt the coin in any way, so good luck with the development and all the best"

We're going to make sure his stake doesn't hurt the coin, and frankly, ocminer having a significant stake in the coin, in my opinion, is a good thing anyway. So, with that mystery solved and solutions in place, onwards!

ThinkingOutLoud

member

Activity: 98

Merit: 10

Alright,

They have agreed to move 20k to a private wallet. That means the staking difficulty will fall, and the coin distribution will balance out across everyone in the staking network. They'll still be the #1 holder, but they will ultimately hold much less than 50% of the coin and the distribution through staking will be much more balanced moving forward.

http://gen.altexplorers.info:3011/tx/4350527cc7996a19fc91b1aacd2496a3b81f195740fa6cc1200cbbc18e6a91a2

ThinkingOutLoud

member

Activity: 98

Merit: 10

Quote from: ThinkingOutLoud on June 04, 2015, 07:23:33 PM

Found it. It IS a pool. I'm contacting the pool op privately in the hopes that we can find a solution.

They're offline for now, but given who the pool op is I'm confident that we will be able to find an amicable solution for everyone. As far as I'm concerned, those coins couldn't be in more trusted hands at the moment.

ThinkingOutLoud

member

Activity: 98

Merit: 10

Found it. It IS a pool. I'm contacting the pool op privately in the hopes that we can find a solution.

kampretkabur

hero member

Activity: 742

Merit: 500

ah mental state needs hard fork

ThinkingOutLoud

member

Activity: 98

Merit: 10

Quote from: ThinkingOutLoud on June 04, 2015, 07:09:07 PM

That's interesting. I've been noticing small sends coming off of it. Like this one:

http://gen.altexplorers.info:3011/tx/45e92e504ec76353ee4a8576497d8a08182d2484169a5f584a06e07e4d436e3c

Are one of the pools staking?

Nope. Just checked all the pools. None of them are minting the blocks that address is.

ThinkingOutLoud

member

Activity: 98

Merit: 10

That's interesting. I've been noticing small sends coming off of it. Like this one:

http://gen.altexplorers.info:3011/tx/45e92e504ec76353ee4a8576497d8a08182d2484169a5f584a06e07e4d436e3c

Are one of the pools staking?

ThinkingOutLoud

member

Activity: 98

Merit: 10

Quote from: kevin1234a on June 04, 2015, 06:45:46 PM

did this coin hits any of the exchange yet

A small new one. I don't know how trustworthy it is yet, it's still unproven as far as I'm concerned.

https://cryptotrade.exchange/trade/GEN/BTC

ThinkingOutLoud

member

Activity: 98

Merit: 10

For what it's worth, I believe this is a direct result of the fork issue. For a few hours yesterday when the pools forked away, there were many people, about 10 or so, myself included, that remained connected to the primary nodes and were staking fine. Everyone on that 'staking' fork lost a huge number of coins when I dropped that fork and connected to the fork that the miners were on. It's possible, if not probable, that the only way a staker could have remained connected to that mining fork was if they were also actively mining themselves - and kept all their coins, gaining a significant advantage compared to those that lost their coins, when I connected us to that fork.

It's hard to say since the block explorer we have only shows the last 20 transactions in an address history. But that's what I suspect. Not that it makes much difference now.

kevin1234a

legendary

Activity: 1162

Merit: 1000

Decentralizing Jesus on the Blockchain

did this coin hits any of the exchange yet

kampretkabur

hero member

Activity: 742

Merit: 500

should put some buy orders to be dumped then LOL

ThinkingOutLoud

member

Activity: 98

Merit: 10

I hate to agree, I really do, but unless the top holder comes forward and either dumps or sells off about 70% of their holdings to a dozen or so other people, the future of the coin is grim. There's not much I, or any one else can do to stop it at this point.

Hopefully the holder does do something though, because unless they significantly reduce or redistribute their holdings to other people, then their coins wont be worth anything. I'm sorry to say, Genstake just can't survive with any single person holding over 50% of the coinbase.

ktfutura

full member

Activity: 133

Merit: 100

Quote from: ?? on ??

Quote from: ThinkingOutLoud on June 04, 2015, 01:18:22 PM

Mining difficulty has dropped to 1.6, and there's approximately 165mhash on the network. All the pools in the OP are active, but with no miners.

This is a good thing if you're looking for an opportunity to get in. 1440 coins are getting released each day through traditional mining. That doesn't sound like a lot, but it doesn't take a lot to get in on the staking system and get the ball rolling with bigger payouts. This is still early days. This isn't your average POW/POS coin. The people with lots of coins right now had to fight against 200+ difficulty. Now, here today, just as many coins are getting out into the system through POW and POS, but now the difficulty to get in through POW is low. Low enough for average Joe to get a chance to eventually get enough coins to compete on the POS network.

And that's the beauty of the system. It's never too late to get in. And the people that are already in had to work significantly harder to get in. But the door is, and always will be open for more.

The reward might be 20x more, but today the difficulty to get in is over 100x less.

Edit: Oh, and there's 32 connections to the network.

dev, is this your first coin? it is really shit.

early miners are staking all the coins. no one has a chance. dead coin.

Yes, top address is mining and also staking.

http://gen.altexplorers.info:3011/address/GPCveRN2FRWCf7eG7osZFVS57RvYbNn3Dt

65.88% of coins.

Very centralized and dead.

kampretkabur

hero member

Activity: 742

Merit: 500

Quote from: UllrSkis on June 04, 2015, 05:39:10 PM

Newbie to POS coins, do I have to do anything other than deposit it in my running QT wallet and let it sit to stake?

just wait for the coin to mature n find a block

UllrSkis

newbie

Activity: 18

Merit: 0

Newbie to POS coins, do I have to do anything other than deposit it in my running QT wallet and let it sit to stake?

kubuminer

sr. member

Activity: 532

Merit: 250

@BinPool - wallet update to version - v1.0.1.0

Hoganye

hero member

Activity: 625

Merit: 501

Quote from: ?? on ??

dev, is this your first coin? it is really shit.

early miners are staking all the coins. no one has a chance. dead coin.

is this your first fud? it is really shit.

i'm not an early miner and i am staking just fine.

edit: 600 left to sell now send me message.

ThinkingOutLoud

member

Activity: 98

Merit: 10

Quote from: zsnorbi on June 04, 2015, 02:20:23 PM

Any news about a block explorer?

I just got a message from someone that's putting one up. Will post asap when I hear back that it's live.

kampretkabur

hero member

Activity: 742

Merit: 500

Quote from: ?? on ??

Quote from: ThinkingOutLoud on June 04, 2015, 01:18:22 PM

Mining difficulty has dropped to 1.6, and there's approximately 165mhash on the network. All the pools in the OP are active, but with no miners.

This is a good thing if you're looking for an opportunity to get in. 1440 coins are getting released each day through traditional mining. That doesn't sound like a lot, but it doesn't take a lot to get in on the staking system and get the ball rolling with bigger payouts. This is still early days. This isn't your average POW/POS coin. The people with lots of coins right now had to fight against 200+ difficulty. Now, here today, just as many coins are getting out into the system through POW and POS, but now the difficulty to get in through POW is low. Low enough for average Joe to get a chance to eventually get enough coins to compete on the POS network.

And that's the beauty of the system. It's never too late to get in. And the people that are already in had to work significantly harder to get in. But the door is, and always will be open for more.

The reward might be 20x more, but today the difficulty to get in is over 100x less.

Edit: Oh, and there's 32 connections to the network.

dev, is this your first coin? it is really shit.

early miners are staking all the coins. no one has a chance. dead coin.

maybe early holders

zsnorbi

hero member

Activity: 686

Merit: 500

Any news about a block explorer?

Topic: [ANN] Genstake [GEN] [QT WALLET UPDATE] [STAKE-MINE] [SCRYPT] [FULL POW/POS] - page 22. (Read 37147 times)