Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained] - page 186. (Read 1369788 times)

thanks for the insight coolbeans, not many coins have 20 days to wait before minting with a max stake age. AC has 14 days to wait but there is no max stake age... I'm just sync'n my ac wallet after 189 days so it should be interesting to see if I get any back to back even tho I don't hold more than 5k of them.

I don't quite get how getting pos blocks back to back could bring a coin down or is something else involved?

FLT has an interesting incentive along the POS staking, a daily drip of coins for keeping the wallet open.

Yes. This is where the protection and the security of the coin comes from. A higher participation rate the better. I have been tracking the participation rate since March 2014, and the percentage of total coins in existence that are staking is pretty high... about 50-70%. So theoretically, an attacker would need to obtain at least 26%-36% of the entire Mintcoin money supply in order to attack it. That is quite a large investment in the coin. If the participation rate was only like 10%, then an attacker would only need just over 5% to attack on the coin. So the security comes from everyone getting on and minting. And so that would require an attacker to hold a higher % of coins in order to attack it. More likely than not, if someone actually were able to obtain like 25-35% of the total coin supply, they would probably rather choose to pump it up and make a profit on the coin, rather than attack it, destroy/dump it and make it all worthless. So it is more secure if it requires more coins to attack it, and this comes from the participation rate of all coin holders. Even if you are not successfully making a minting every-day keeping your wallet online for minting, helps secure the network. It's coins that do not have a higher PoS participation rate that are easy to pick off and attack.

That doesn't make sense to me. How does a higher interest rate (higher reward for staking) mean he would need less coins? What affects the security of POS is not the interest rate of the reward, but the % of the coins held for minting and staking vs the rest of the network. So, if he was like the only person staking and nobody on the network was trying to stake. Mintcoin has a maximum coin weight buildup of 40 days to help prevent against this. This is why PoS coins that do not have a limit on coin age/weight are not secure, because an attacker can just wait until enough time has passed for their coins to overpower the entire network completely, basically indefinitely. This cannot happen with Mintcoin because of the 40 day limit. Because Mintcoin has a higher interest rate, means it is actually probably MORE SECURE because it motivates more people to hold their coins in their wallet for staking, thus increasing the staking participation rate. Security all has to do with the number of people on the network with their wallets online and attempting to stake. This is why Mintcoin has chosen a higher interest rate in these early years, as it is an additional boost to motivation to help keep more people minting and active on the network; and this increases the security of the coin. So I would argue that a higher block reward rate actually can help to increase security. For example: take Blackcoin for example...it already has 0 reward...so there is absolutely no motivation for you to try to stake your coins on that network, except to help secure the network. Mintcoin gives you a 15% annual reward right now to help secure its network. So I bet Mintcoin actually has a better staking participation rate than Blackcoin (thus Mintcoin more secure than Blackcoin, even though Blackcoin has lower interest rate). Since the 15% rate is equal for everyone, any increase in coin accumulation due to that, is equal for everyone on a % basis so that arguement is really all awash anyway..

So, all minters, run wallets 24/7

The interest rate does affect security in the type of attack that guy used against apexcoin, a lower rate would mean he would need more of your coins to make the attempt. Also as your coin price drops , it would be easier for him to get the number of coins needed for the attempt.
I gave my best guess for a quick fix , but your programmer may have a solution the community is more likely to agree too.
Or you can just ignore it, if you are 100% sure mint is bulletproof.


 

Interest rate has nothing to do with its security. Mintcoin is more secure than most pos coins in that it takes 20 days to mint and 50 confirmations for minted blocks. We could increase the confirmations if needed. I'm not worried. As long as people keep their wallets online it improves the network and security. I keep my wallet online at all times because I want to help the network. 20 days is a good amount of time considering mintcoins block speed. It means its even better than peercoin in a relativistic stand point. That's why I think if people just understood pos better they would be buying mintcoin rather than all these other shitcoins. People think of MINT like its just some arbitrary random shitcoin when its not. It actually has innovative properties.

Your Programmer may see some other options that the community is more agreeable too.
But my best guess would be dropping to your final 5% rate 2 years early.
Your 20 days min POS is stronger than apexcoin 24hr min POS, but your interest rate is 15% which is higher than apex's 10% .


 

What would prevent such an attack?

Their is a group of individuals forming that plan to intentionally attack POS coins.
https://bitcointalksearch.org/topic/cleanup-ill-attack-some-coins-i-owned-apexcoin-for-90-blocks-897493

And it looks like they have been successful in attacking Apexcoin with an attack.
https://chainz.cryptoid.info/apex/

Mintcoin community may want to start preparing a defense to such 51% attacks , in case that groups targets mint in the future.


 

that comkort doesn't look too bad  and yes much less for sale on polo but cryptsy still has almost 14 btc for sale at 2 sats   thats a pretty big hurdle (i guess that depends on who's looking at it 14 might be huge to me but small to another) 

wallet is working great and mints like it should... dang you'd get some nice chunks of mint from pos with even 1 btc worth in a wallet

well, all those sell walls that were at mintpal are now long gone

Now that those have switched hands things can go up again.

Glad I didn't have any coins there.

"Mintpal" coins were dumped.

Is MINT under 1 sat?

such a shame, I remember investing heavily in MINT at the start. I had high hopes that it would take off, it's a shame it hasn't.

https://comkort.com/trade/btc_usd

Comkort seems to be a fairly decently designed exchange. There's not much volume but the trades that I was able to execute worked flawlessly.

NEED MORE VOLUME! YOU CAN TRADE IN FIAT THERE

i registered successfully as well, just sent some mint to trade and it confirmed very quickly. will report later

Registered successfully today.

For anyone impatient or just having difficulties syncing

The blockchain as of today: https://mega.co.nz/#!8QJyEBoT!vmqb-jMvWvmv5ZpXv6TjKPQbTyv6o1tZeL15i7NgVX0