Topic: [ANN] Genstake [GEN] [QT WALLET UPDATE] [STAKE-MINE] [SCRYPT] [FULL POW/POS] - page 23. (Read 37106 times)

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.

Will sell 2,660 coins for 0.20 BTC. Send me a message if want.

We'll have to wait and see. It's still early days for Genstake, tomorrow there will be twice as many coins as today. The only reason to get it on an exchange at this point, imho, would be so that people that just want to be out can get out and people that want in without having to go through the mining part can get in. From a technical perspective, it's not really time critical for it to get on an exchange. The genstake coinbase will grow over the course of years, not days, so it's not as if anyone with patience really missed the boat. With that said, this is crypto. Things happen in days and weeks, not months and years, and a coin without an exchange loses interest quickly.

At this point though the first port of call is a block explorer. I'll double the bounty for one to 200 GEN, and I'll keep increasing that bounty as a proportion of my premine until we get one.

In the meantime, if you like the concept, please tell your friends, give us a shout out on twitter or facebook. Talk about what you like or don't like here, or what types of things you'd like to see in the coin here. We left the future of the coin a blank slate to some degree for a reason. We wanted to see if the interest was there for this concept, and how it pans out in practice. The idea needs to resonate with the community if we're really going to make something of this. Right now we're just trying something a little bit different, seeing if that works, and from there we can see about trying something else that is maybe a little bit different, and seeing if that works. The GEN in Genstake isn't just about generating coins, it's about generating ideas, interest, and value. We think that if the concept does resonate with the altcoin community that it could be a GENesis of a new GENeration of crypto.

At the end of the day though we're trying something different, and I for one really find this concept interesting and intriguing. I think a lot of other people really did too until that nasty fork. I think once we get a blockchain up we can all rest a little easier. The network has been running stable for most of the day now, and I don't see any reason why it should get all out of whack again.

So if you like the concept and think it has potential, let's all try and get more people aware and involved with the coin, and let the crypto scene know that this isn't just another flash in the pan. Looking at the connections on the network, there's a lot of lurkers, so I'm hopeful that many people are as interested in this initial idea and where it could go as I am.

well we lost most of our staked coins now lets see if exchanges will pick this coin up or not

Shame it really did fork.   hopefully everyone is now on the correct one.

Well that was only possible if you made an own fork solo mining it with a huge hashrate but in that case you should always check if you are on the same block as pools. It is pitty but not the first and not the last coin that is forked at start and imo dev did a really fair move by giving up his own fork and resync to the fork that was used by the pools.

It forked some hours ago. Everyone connected to the network now is on the right chain.

For what it's worth I see 23 connections on the network.

thanks,  i was happy last night coz i got more than 3k, now its all gone, GREAT COIN WITH A GREAT DEV n obviously a GREAT SCAM LOL

Is it forked? Probably just a wallet not synced.

There was a nasty fork when everyone's coins started getting so much weight and the staking difficulty was so low that everyone's coins were trying to stake at the same time. It was a mess and the coin forked:\

Save your wallet, and delete everything else in your %appdata%/Genstake folder, and reopen your wallet to resync to the network.

Any coins that staked when you were on the fork will be gone, but the coins that staked will have aged a lot and will have a lot of weight, so they will stake again fairly quickly.

wow i left it yesterday with 1k coin inside, n now its out of sync, anything happen?

News:

Network is seems to be running smoothly. I haven't noticed any issues since the major forking incident.

With that said, blocks are coming in, on average, every 30 seconds. That explains the forking issue - the huge hash and the rapidly increasing staking difficulty made the network go faster than it could possibly handle. The coin has been trying to fit a POW and a POS block into every minute, and when the forking happened, tons of POS blocks were coming all at once as so many people suddenly had a ton of weight.

Anyway, the network is holding up fine at the moment now that the staking weight is stable. There's no reason to expect any more forking issues at this time. I'm going to be releasing updated wallets sometime in the next day that will schedule a fix for the time issue and make blocks come every minute instead of every 30 seconds. There will be a long lead time to avoid any issues, probably a month. So mining and staking will be accelerated 2x for the next month. Hopefully that will add some interest to the coin, as transactions will confirm very quickly during this time and coins will stake and mine twice as fast.

Thank you all for your interest, your patience, and your time.

Offering 100 GEN Bounty for a block explorer.

I mined 30 coins and now have over 800 from staking. PoW is only to get coins to start staking, where the real 'mining' happens. Looks like you didnt read the OP.

I've gotten over 40 PoS blocks myself. Break up your mined coin into multiple inputs and you will get plenty of PoS blocks too. Or keep spreading FUD like a douche.

A block explorer would help us all to understand the blockchain now. Can we expect one soon?

New node up:

node3.genstake.com


Also, the premine has staked a grand total of 12 times. That's 240 coins. There's now well over 10k coins on the network. Given that we're on block 1165 and the premine was 1k, everything over 2164 coins was staked.

So that means that of almost 8k coins that people have been able to stake so far, my 'massive' premine has won me 240 of those coins.

K, just making sure, alot of guys who did early mining then walked away weren't.

I am absolutely sure

Just saying 20 POS reward vs 1 POW reward = Premine advantage.

Not even worth the mining costs unless it hits a 100k valuation or so.  Because I have had over half the network hash for 2 hours now and I only mined 90 coins.  So your POS blocks >>>>>>> any POW costs.