Topic: [ANN] ION [ION] | POS 3.0 | Mobile Gaming | Join the ionomy today! - page 362. (Read 473154 times)

Yep, those wallets staking are just stealing coins from the customers that paid for their ION. The people that made it out of thin air are taking advantage of the people that paid good money for their coins. Not quite sure how this is seen as acceptable.

I would also like to know how the team staking those coins is controlling inflation? It seems like stealing more than inflation control. But what do I know...

Thanks rdw, however:

As already mentioned above staking that wallet is just asinine. First of all, such amounts should be offline for safety. Second, they're robbing their own bagholders. Third, it makes the network more centralized and if their node goes down it would probably cause some lengthy block times until diff adjusts. We already had hours-long blocks when they moved 2 million coins. Nice people. Anyway, that's between the "team" and the bagholders so whatever.

But how about the remaining coins still not accounted for:

5 million IONs will be available through the Initial Coin Offering (ICO) in exchange for BTC and a wide selection of other cryptocurrencies.
3.4 million IONs are allocated to ionomy.com and shall be distributed as structured incentives to gamers through the gaming applications designed by ionomy.com.
2.5 million IONs are reserved to pay bounties for coin development. done

And the ICO bitcoins of course - where are those?

As for the XPY burn - they claimed to have collected 10 million XPY but only burned about half of it. AFAIK they haven't even published the addresses of the coins that haven't been burned yet.

Edit: There is nothing new in this info BTW, the dev bounty and the XPY partial burn were known months ago. If you asked recently and got these answers you're just being played. Although there is some weird movement from what was presumably the old dev bounty address but I don't know if that's even worth looking into:

https://chainz.cryptoid.info/ion/address.dws?ih4X5nhzYVi6Nd4tcGX1qvtC47dzdThZV8.htm

The list of Masternodes are maintained by the ION Network and only available thru the ION QT wallets or remote calls to a wallet thru the wallet's API.

Is there a list available for people that don't have a wallet? I'd like to check a few out and see how they function and behave for a few days. Would like to get a better understanding of how the coin works.

yes the information is available in every ION wallet under the Masternodes menu item. Looking at my wallet, I currently see 131 masternodes online...

Thanks for clarifying.

Could you address the coin inflation statement you made above? The team getting those stakes via the bounty addresses isn't addressing inflation. It's just putting those coins in the teams hands instead of the customers. The way I see it that is. There may be something I am missing. But if a coin is minted, that coin was produced.

I appreciate you taking the time to answer.

Is there a list of all Masternode addresses somewhere available?

only one of the wallets gets the block reward and one of the masternodes gets the reward plus transaction fees for that block.

So every staking address get 11.5 IONs every time there is a stake, correct?

I'm still confused how it is controlling coin inflation by the team keeping the coins and not letting the customers who paid for their coins get them. If they are not burning them the coins exist and can be spent.

When a block is rewarded, the staking wallet gets 50% of the reward and the Masternodes gets 50% of the reward plus transaction fees for that block. That's why U are seeing exactly 11.5 IONs when minting of the Bounty wallets occurs.

Those addresses appear to be getting half of the block reward. Masternodes receive half the block reward, no? If hey we're normal staking wallets wouldn't the reward vary and not be exactly half of he block reward?

Is staking the bounty coins to offset inflation in the white paper? And if those coins are not burned, how is it offsetting inflation? Those coins are in existence and can be used, thus the coin was inflated normally. Just those coins are in the hands of the team instead of the community members.

If they are not in MNs why are they getting half the block reward then?

The initial post in this thread states there are 23 ION per block I'm year one and Masternodes get 50% of the block reward which is 11.5 ION. And these addresses are receiving only 11.5 ION transactions, exactly half of the block reward. They may not be called masternodes but they sure are functioning like one. Unless I am missing something and I am willing to listen o an explanation.

@CryptoBuds The Bounty coins are not in MNs and the minting of the coins will not be burned. The initial deposit into the wallet had to be exactly 20K to be a MN.



@Mr.Pelican you are correct in saying the Bounty coins are currently in a staking wallet earning stakes to offset inflation of the coin.

How did you determine these are in MNs? I believe 20k is correct per node and you have to have 20k in one transaction. Having 100k in a wallet says it's not a MN but just a standard staking wallet correct?

$700 to code a mobile wallet? Doesn't seem like much at all...I see what you are saying.

What metrics were used to determine the bounty amounts? Is it common place for a dev to work on a mobile wallet for only $700? Would it only take 5-7 hours to code the entire wallet? I'm my a coder so I don't know how long it takes. Maybe it only takes a few hours to whip up. But if that was the case the team would have done it themselves.

I'm really curious as to how he determined the bounty values.

And I believe it only takes 20,000 ION to make a MN, not 40,000.

I agree they are for dev bounties not for masternodes to generate interest. 2.5 million in masternodes at 40k a masternode is 62 masternodes in total...

I think you should look at their rewards too.. they are asking bigger things of bounties and offering 5000 ion for them. Its pretty small pathetic rewards considering the premine amount. They've premined a huge dev fund but not actually had a plan for what they want them for. If you multiply the current price by the offering for some of the bounties its a pretty pathetic pay rate for a programmer.

Honestly there is better coins out there for devs to use with faster confirm times etc that don't aim to take funds from you as a dev. Digibyte is doing gaming stuff with digibyte gaming, game credits is as well... bit crystals and that spells of genesis.. ions behind the ball and not competitive.

These being in MNs is basically stealing, no? They are taking stake rewards away from the smaller folks who are staking coins they paid for. I worried about this as well. The coins these MNs stake should go to the people. By have all the MNs online it makes it tougher for the regular people to earn stakes. It raises the difficulty in staking a block.

I'm happy they are posting addresses as well, but not happy with the way they are used. Even if they burn the stakes they are still keeping he smaller guys from earning more stakes.

WildShark or rdwilde, what is the purpose of all these bounty coins being in MNs? Those coins were meant for bounties, not for MNs to create more coins for the team.

I agree on it being good its posted however i do disagree its good they are in masternodes. The dev balance is a premine of sort so it puts the masternodes amount in favor of the dev since the coins are made out of thin air. For the community contributing this gives the devs and coin creators an unfair biased advantaged in masternode stakes. If you look at thier page for bounties you will find that for big tasks of web wallets etc they award 5000 ion. This is very small for the ask in the grand scheme of their masternode reward generation.

I predicted they would put their dev funds into masternodes in my previous post and i think its a bad practice. They are taking free funds and putting their community at a disadvantage.

I'd like to see a similar list for the distributed ico to demonstrate that those actual funds were paid to generate the coins.

Its a good start so i'll give them kudos for it but in my opinion there is still nothing to show for the gathered funds.

You have BCT, slack, iontalk. There's also a blog, wiki and faq, but not sure if it is up to date. Also there's support.

Team decided to make status reports after things are done. They did announce Gravity is in testing atm.

What specific information are you looking for?

Is there a blog or site or something that discusses the progress of the game development? Now that wallet addresses are becoming available (I hope they all become public) the next point of progress is the game development. Where could an investor go to see the progress or hear status reports? So they can better gauge if they think it's a worth while investment or not.

I'm genuinely interested in game development and would like to see more information about it. I asked for this several months back, but let's forget about that and start over.

Thank you for your response. It is nice to see some addresses and be able to see what they are being used for. T appears right now they are stored in MN's, which is great, helps the network. Kinda curious as to what happens with the minted coins but I do think I remember Huey saying they were gonna be burned.

This is a good start. Another thing I'd look for is the ICO funds address to ensure the BTC is being used properly. And would settle the he said she said of the ICO amount. (I admit, my number was more than likely wrong. But we should never trust random internet people. We've sure learned our lessons now haven't we?).

And quite frankly, a central forum where all of this stuff could be saved would do the project wonders. I saw on slack yesterday where someone was telling people to delete their uploads and what no so here was space to upload the addresses. That right there makes the project look a little amateurish.

I said I'd start to back off once some things were presented. I will hold hat true. There is still more I'd want to see if I were to become an investor. But I'm glad to actually see some transparency come to life.