Topic: [ANN] ION [ION] | POS 3.0 | Mobile Gaming | Join the ionomy today! - page 438. (Read 473126 times)

The fact that 2,600,000 bounty coins will be put in Masternodes is quite worrying. They will have control of the majority of the network and as o0o0 pointed out will reduce the rewards of other Masternodes and they are playing with customer funds, not their own.

I also agree wth Mr Coins. Masternodes should only be made for the amount of stakers they have to cover as well as any investor that purchases enough to run one. And I will not put garza, scam (unless proven so) or XPY (unless direct correlation) in with my questioning. There will be no excuse for the team to ignore the questions then.

Without some more clear, conscise answers there looks to be bad potential for misuse.

Being called deluded is at least at the light end of the scale!

I have no figure on the number of master nodes that will be run. But it *should* be only the required amount to provide the promised stake returns in addition to those ICO buyers who bought enough for their own nodes.

Once the block chain is up and the wallet is released we'll be able to see exactly how many master nodes there are. There should only be enough as is required to provide stake return - if there are MORE than this, then i'll want to know why.

130 is the theoretical maximum using ICO coins. In reality, i'd expect between 50 and 75 but lower would be nice.

The number of nodes will rise after 13 weeks when the first batch of stakers unlock, the Bits conversion/bonus stakers.

2,600,000 ion from ICO means 130 masternodes off the bat. This means a large percentage so masternode purchasers can expect on startup a minimal return.

I don't believe they will run a transparent system that checks and reduces masternodes etc.

Its a silly system. Honestly users should withdraw all their ion group and make their own masternodes. Then the ionomy team makes no money off them as being as honest as they are they'd reduce to 0 masternodes right?

Honestly its not going to work this project. The team has no risk and all potential is risked on their community constantly pumping money in. Money in has to exceed sales and people by nature want profits as we all want to grow. It hasn't worked the last 4 years in altcoins so it won't work now.

I just wish these guys/gals would see it. There are stable gaming cryptos in existence that a community of all of them could promote.. they are proven and can grow as they've hit their low bottom out stabilised points.

They'll learn in 12 months tops.

As much as i think mr coins is deluded at least he's saying listen to both sides and challenging the ion folk. I still think he doesn't have his eyes open though. Madness is mr coins 12 months ago in my opinion just starting the xpy investment.

O wells.

Probably the latter and probably nowhere

Are you guys even arguing over anything or just addressing various hypotheticals in what seems like an endless pit of pointless semantic nit-picking?  Where is this conversation even going, LOL

I'd like to correct you on a couple of points...

1) I didn't hear them the first time around in order to ignore them - I simply wasn't listening at all (my bad).
2) I am listening now, but I am being selective.

All of what you have said, I hear. As soon as I see the word garza/scam I kinda switch off.

Did you notice how some can get their point/questions across without using these stop words? THESE are those worth listening to, their questions, their points. Some of them are very good and have caused me to research those areas myself.

Im assuming thats a no as you said there is no POS coin with offline staking. The first bounty post launch may have something to do with that? To insure that the coins are secure. I agree a large amount of coins like that should be absolutly secure.

From the whitepaper:Bounty example #1: Time delayed transactions with safe address*

The problem: Cold wallets — storage addresses with completely privately generated keys holding coins that are never online — provide the best known security in cryptocurrency. Users can print a private key on paper wallet that can be stored in a safe location. The optimal network, however, depends upon widespread participation by users holding ION in online wallets. Consider this scenario: If user Jane had a connected wallet (or masternode) at work and she leaves it running at night, then Dick, an employee in the IT department, could hack into her computer and send all her coins to his own address. Jane would have no remedy.

The bounty: Create a safe address system with delayed transactions to protect the ION owner even if the private key security is compromised. The developer will create an on-chain parameter that sets a variable delay in any send action for a given address, and points the wallet contents to a designated failover address if triggered. Now if Jane sets the time delay parameter to 10,000 blocks, then when Dick hacks her wallet, Jane still has a week to trigger the failsafe. If she does not trigger the failsafe, Dick gets her coins. But if she catches the attack in time, she can simply send a signal which diverts the coins to her cold wallet address. From there she can delete the compromised keys, and start fresh with new security measures, access her safe wallet and start staking again. The developer who wins the bounty will provide ION users with a whole new level of security: a "warm" wallet which strikes a balance between the safety of a cold wallet and the utility of a hot wallet. The “stake safe” system will optimize speed and security for the network and reward opportunities for the individual.

*This bounty example is a simplification for illustrative purposes. Actual bounties, posted on github, will fully detail specific requirements and parameters.

So that's a "no" to cold storage? Unless they invented offline staking.

No problem my friend, Any relevant info that I can get, Ill be sure to share. The way I understand, the bounty coins will all be in one staker staking at the base rate. Im assuming the coins it stakes will continue to build the bounty fund up?

For the sake of the coin and investors I would hope that a game is launched with the coin. After all, that's what this coin is about.

Thanks for the reply and the answer. Good to see they will post all the Masternode addresses as well as the bounty wallet. I do hope they keep the bounty coins in cold storage to minimize the risk of a hack.

Not sure about some of the questions but I believe I found the answer too the one on slack. Quote from HUEY: "yeah you will be able to see bounty addys and others on the explorer, all masternodes that are live are easy to see in wallet as well."

And you will ignore them all again, and miss the fact that you are investing in a coin lead by a guy who "innocently" robbed by garza, yet still managed to work with the guy who "ran" the data center that didn't have miners or pay the electric bill, and then be shocked when we have the same result.

Thanks for the welcome! - had to take a little break, had a marathon to run

Those questions - Unfortunately, I don't know the answer to them all either.

Slack is far from ideal. Only 254 members out of 1,500 (?) investors. So most investors know nothing more than what is on the Ionomy website or here. It's seems a lot of questions will not be answered until they become apparent after launch.

It's not just in my head. Mind you, isn't everything in our heads?

Some people are able to say (seemingly) "negative" things which are actually useful to know, constructive.

Some people have nothing to say except "scam", "garza" or "xpy".

There's different value in those statements and some have no value at all.

There's still 42 hours till end of ICO...
TOTAL SOLD 2,678,681 / 5,000,000 IONs

And most of these 200 "investors" are probably paycoin bagholders who just swapped their worthless XPY into ION.

You drawing those imaginary lines in your head is why you (apparently) lost so much with mr ganza and will lose so much in the future.

There still has been no explanation as to why people stupid enough to get robbed by garza should be trusted to be competent enough to do something this complicated.

So are the stakers not real things?

So team ionomy will have masternodes that produce buttloads of coins, and distribute them to people that "have" stakers, when stakers are just lines in ionomy's database? I can't see how this goes wrong.

Premine Allocations: https://github.com/ionomy/ion/wiki/ION-Technical-Whitepaper#initial-coin-supply

I talked with Adam. They are only mining Block one. The rest of the 1999 blocks will not be mined. They will use the pos from the premine to push the rest of the blocks threw. The reason for the 2000 blocks is to make sure the swtich between the pow/pos hybrid phase to the pure pos phase is smooth. But then again till a blockexplorer is showing whats going on what can we do?