[ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained] - page 308.

mintcointeam

sr. member

Activity: 325

Merit: 250

Quote from: nov on May 15, 2014, 05:43:28 AM

Hi,

If you make mintcoinj library,

I can make Mintcoin lightweight wallet

similar like I did for Dogecoin www.wowdoge.org

or Vertcoin www.vertigowallet.org

or Execoin www.exelite.org.

Let me know if you are interested, please?

MINT: MZaH4MxEj5LrLDMgkw9b5yhg9dJWSfhE2k

Quote from: paspi on May 14, 2014, 07:04:27 PM

Android wallet update 6:

Good news!

The following is the first transaction ever received and forwarded by mintcoinj

http://mint.blockx.info/get/tx/68fec0ad06a76d1d37de929e14b6ad6d17352b715de4f5bcce648333e9bc4a9c

What's included & currently working in mintcoinj:

The first POW+POS java bitcoin library
A TxTracking blockchain & blockstore implementation: a compromise between Full Pruned Block Chain and SPV Block Chain
- Like a Full Pruned Block Chain, it keeps track of ALL unspent transaction outputs since genesis block. Removes unnecessary old data.
- It only verifies scripts of coinstake transactions (1 coinstake per POS block), so CPU-wise it is light-weight like a SPV Block Chain
- Unfortunately, it is not as lightweight as a Simple Payment Verification system, but technically there is no way to make bitcoin-SPV style for a POS coin security-wise.
- Processed data holds around 67 mb on disk (as of block 343262).
Proof of Stake Protocol (PPCoin v0.3) :
- Blockchain calculates stake modifiers correctly
- Blockchain calculates and verifies stake hashes correctly (Modifiers mentioned above are required for verification). This guarantees the core security of a POS coin.
- Block signatures are supported and verified (PPCoin protocol requires each block has to be signed by owner of coinstake to prevent replaying attacks)
Various security aspects handled due to being POS coin:
- Attacks caused by flooding side chains with invalid POS blocks (blocks that have correct header difficulty, but don't match coinstake protocol) are rejected on receipt, so the low block header difficulty won't cause attacks (Normal bitcoinj trusts only header difficulty, as expected for a POW only coin. This is not the case for POW+POS coins)
- Similarly, flooding side chains with unverifiable POS blocks (blocks that have correct header diff, but unable to verify/reject coinstake due to the output being spent&removed on main chain) are prevented due to ignorance of their difficulty. A side chain can overcome the main chain only if its *verifiable* blocks constitute a greater amount of work. Unverifiable blocks count as zero work (Until side chain becomes the main chain, where every block will be verified one by one on reorganization)

Check your PM!

nov

sr. member

Activity: 433

Merit: 251

Independent crypto developer

Hi,

If you make mintcoinj library,

I can make Mintcoin lightweight wallet

similar like I did for Dogecoin www.wowdoge.org

or Vertcoin www.vertigowallet.org

or Execoin www.exelite.org.

Let me know if you are interested, please?

MINT: MZaH4MxEj5LrLDMgkw9b5yhg9dJWSfhE2k

Quote from: paspi on May 14, 2014, 07:04:27 PM

Android wallet update 6:

Good news!

The following is the first transaction ever received and forwarded by mintcoinj

http://mint.blockx.info/get/tx/68fec0ad06a76d1d37de929e14b6ad6d17352b715de4f5bcce648333e9bc4a9c

What's included & currently working in mintcoinj:

The first POW+POS java bitcoin library
A TxTracking blockchain & blockstore implementation: a compromise between Full Pruned Block Chain and SPV Block Chain
- Like a Full Pruned Block Chain, it keeps track of ALL unspent transaction outputs since genesis block. Removes unnecessary old data.
- It only verifies scripts of coinstake transactions (1 coinstake per POS block), so CPU-wise it is light-weight like a SPV Block Chain
- Unfortunately, it is not as lightweight as a Simple Payment Verification system, but technically there is no way to make bitcoin-SPV style for a POS coin security-wise.
- Processed data holds around 67 mb on disk (as of block 343262).
Proof of Stake Protocol (PPCoin v0.3) :
- Blockchain calculates stake modifiers correctly
- Blockchain calculates and verifies stake hashes correctly (Modifiers mentioned above are required for verification). This guarantees the core security of a POS coin.
- Block signatures are supported and verified (PPCoin protocol requires each block has to be signed by owner of coinstake to prevent replaying attacks)
Various security aspects handled due to being POS coin:
- Attacks caused by flooding side chains with invalid POS blocks (blocks that have correct header difficulty, but don't match coinstake protocol) are rejected on receipt, so the low block header difficulty won't cause attacks (Normal bitcoinj trusts only header difficulty, as expected for a POW only coin. This is not the case for POW+POS coins)
- Similarly, flooding side chains with unverifiable POS blocks (blocks that have correct header diff, but unable to verify/reject coinstake due to the output being spent&removed on main chain) are prevented due to ignorance of their difficulty. A side chain can overcome the main chain only if its *verifiable* blocks constitute a greater amount of work. Unverifiable blocks count as zero work (Until side chain becomes the main chain, where every block will be verified one by one on reorganization)

mintcointeam

sr. member

Activity: 325

Merit: 250

Quote from: paspi on May 14, 2014, 07:04:27 PM

Android wallet update 6:

Good news!

The following is the first transaction ever received and forwarded by mintcoinj

http://mint.blockx.info/get/tx/68fec0ad06a76d1d37de929e14b6ad6d17352b715de4f5bcce648333e9bc4a9c

What's included & currently working in mintcoinj:

The first POW+POS java bitcoin library
A TxTracking blockchain & blockstore implementation: a compromise between Full Pruned Block Chain and SPV Block Chain
- Like a Full Pruned Block Chain, it keeps track of ALL unspent transaction outputs since genesis block. Removes unnecessary old data.
- It only verifies scripts of coinstake transactions (1 coinstake per POS block), so CPU-wise it is light-weight like a SPV Block Chain
- Unfortunately, it is not as lightweight as a Simple Payment Verification system, but technically there is no way to make bitcoin-SPV style for a POS coin security-wise.
- Processed data holds around 67 mb on disk (as of block 343262).
Proof of Stake Protocol (PPCoin v0.3) :
- Blockchain calculates stake modifiers correctly
- Blockchain calculates and verifies stake hashes correctly (Modifiers mentioned above are required for verification). This guarantees the core security of a POS coin.
- Block signatures are supported and verified (PPCoin protocol requires each block has to be signed by owner of coinstake to prevent replaying attacks)
Various security aspects handled due to being POS coin:
- Attacks caused by flooding side chains with invalid POS blocks (blocks that have correct header difficulty, but don't match coinstake protocol) are rejected on receipt, so the low block header difficulty won't cause attacks (Normal bitcoinj trusts only header difficulty, as expected for a POW only coin. This is not the case for POW+POS coins)
- Similarly, flooding side chains with unverifiable POS blocks (blocks that have correct header diff, but unable to verify/reject coinstake due to the output being spent&removed on main chain) are prevented due to ignorance of their difficulty. A side chain can overcome the main chain only if its *verifiable* blocks constitute a greater amount of work. Unverifiable blocks count as zero work (Until side chain becomes the main chain, where every block will be verified one by one on reorganization)

Excellent news!

jakema

newbie

Activity: 51

Merit: 0

Quote from: paspi on May 14, 2014, 07:04:27 PM

Android wallet update 6:

Good news!

The following is the first transaction ever received and forwarded by mintcoinj

http://mint.blockx.info/get/tx/68fec0ad06a76d1d37de929e14b6ad6d17352b715de4f5bcce648333e9bc4a9c

https://i.imgur.com/NxLHY3K.png

What's included & currently working in mintcoinj:

The first POW+POS java bitcoin library
A TxTracking blockchain & blockstore implementation: a compromise between Full Pruned Block Chain and SPV Block Chain
Like a Full Pruned Block Chain, it keeps track of ALL unspent transaction outputs since genesis block. Removes unnecessary old data.
It only verifies scripts of coinstake transactions (1 coinstake per POS block), so CPU-wise it is light-weight like a SPV Block Chain
Unfortunately, it is not as lightweight as a Simple Payment Verification system, but technically there is no way to make bitcoin-SPV style for a POS coin security-wise.
Processed data holds around 67 mb on disk (as of block 343262).

Proof of Stake Protocol (PPCoin v0.3) :
Blockchain calculates stake modifiers correctly
Blockchain calculates and verifies stake hashes correctly (Modifiers mentioned above are required for verification). This guarantees the core security of a POS coin.
Block signatures are supported and verified (PPCoin protocol requires each block has to be signed by owner of coinstake to prevent replaying attacks)
Various security aspects handled due to being POS coin:
Attacks caused by flooding side chains with invalid POS blocks (blocks that have correct header difficulty, but don't match coinstake protocol) are rejected on receipt, so the low block header difficulty won't cause attacks (Normal bitcoinj trusts only header difficulty, as expected for a POW only coin. This is not the case for POW+POS coins)
Similarly, flooding side chains with unverifiable POS blocks (blocks that have correct header diff, but unable to verify/reject coinstake due to the output being spent&removed on main chain) are prevented due to ignorance of their difficulty. A side chain can overcome the main chain only if its *verifiable* blocks constitute a greater amount of work. Unverifiable blocks count as zero work (Until side chain becomes the main chain, where every block will be verified one by one on reorganization)

http://img3.wikia.nocookie.net/__cb20120929164856/victorious/images/6/6e/Funny-gif-happy-clapping-computer.gif
http://static4.wikia.nocookie.net/__cb20131201013522/the-house-of-anubis/images/0/00/Youre_awesome_gif.gif

teamlottowin

full member

Activity: 224

Merit: 100

Aid Campaign For Soma Mining Disaster Victims

Help Families Of Those Who Lost Their Lives In SOMA Mining Accident
Turkey coal mine explosion: Death toll hits 274, making Soma disaster the worst of its kind in country's history.

http://somaminingaccident.blogspot.com/2014/05/help-families-of-those-who-lost-their.html …

dragonseer

hero member

Activity: 611

Merit: 500

Anglo Saxon Crypto Enthusiast

Quote from: paspi on May 14, 2014, 07:04:27 PM

Android wallet update 6:

Good news!

The following is the first transaction ever received and forwarded by mintcoinj

http://mint.blockx.info/get/tx/68fec0ad06a76d1d37de929e14b6ad6d17352b715de4f5bcce648333e9bc4a9c

What's included & currently working in mintcoinj:

The first POW+POS java bitcoin library
A TxTracking blockchain & blockstore implementation: a compromise between Full Pruned Block Chain and SPV Block Chain
- Like a Full Pruned Block Chain, it keeps track of ALL unspent transaction outputs since genesis block. Removes unnecessary old data.
- It only verifies scripts of coinstake transactions (1 coinstake per POS block), so CPU-wise it is light-weight like a SPV Block Chain
- Unfortunately, it is not as lightweight as a Simple Payment Verification system, but technically there is no way to make bitcoin-SPV style for a POS coin security-wise.
- Processed data holds around 67 mb on disk (as of block 343262).
Proof of Stake Protocol (PPCoin v0.3) :
- Blockchain calculates stake modifiers correctly
- Blockchain calculates and verifies stake hashes correctly (Modifiers mentioned above are required for verification). This guarantees the core security of a POS coin.
- Block signatures are supported and verified (PPCoin protocol requires each block has to be signed by owner of coinstake to prevent replaying attacks)
Various security aspects handled due to being POS coin:
- Attacks caused by flooding side chains with invalid POS blocks (blocks that have correct header difficulty, but don't match coinstake protocol) are rejected on receipt, so the low block header difficulty won't cause attacks (Normal bitcoinj trusts only header difficulty, as expected for a POW only coin. This is not the case for POW+POS coins)
- Similarly, flooding side chains with unverifiable POS blocks (blocks that have correct header diff, but unable to verify/reject coinstake due to the output being spent&removed on main chain) are prevented due to ignorance of their difficulty. A side chain can overcome the main chain only if its *verifiable* blocks constitute a greater amount of work. Unverifiable blocks count as zero work (Until side chain becomes the main chain, where every block will be verified one by one on reorganization)

YES!

KSGuy

sr. member

Activity: 429

Merit: 250

Quote from: paspi on May 14, 2014, 07:04:27 PM

Android wallet update 6:

Good news!

The following is the first transaction ever received and forwarded by mintcoinj

http://mint.blockx.info/get/tx/68fec0ad06a76d1d37de929e14b6ad6d17352b715de4f5bcce648333e9bc4a9c

What's included & currently working in mintcoinj:

The first POW+POS java bitcoin library
A TxTracking blockchain & blockstore implementation: a compromise between Full Pruned Block Chain and SPV Block Chain
- Like a Full Pruned Block Chain, it keeps track of ALL unspent transaction outputs since genesis block. Removes unnecessary old data.
- It only verifies scripts of coinstake transactions (1 coinstake per POS block), so CPU-wise it is light-weight like a SPV Block Chain
- Unfortunately, it is not as lightweight as a Simple Payment Verification system, but technically there is no way to make bitcoin-SPV style for a POS coin security-wise.
- Processed data holds around 67 mb on disk (as of block 343262).
Proof of Stake Protocol (PPCoin v0.3) :
- Blockchain calculates stake modifiers correctly
- Blockchain calculates and verifies stake hashes correctly (Modifiers mentioned above are required for verification). This guarantees the core security of a POS coin.
- Block signatures are supported and verified (PPCoin protocol requires each block has to be signed by owner of coinstake to prevent replaying attacks)
Various security aspects handled due to being POS coin:
- Attacks caused by flooding side chains with invalid POS blocks (blocks that have correct header difficulty, but don't match coinstake protocol) are rejected on receipt, so the low block header difficulty won't cause attacks (Normal bitcoinj trusts only header difficulty, as expected for a POW only coin. This is not the case for POW+POS coins)
- Similarly, flooding side chains with unverifiable POS blocks (blocks that have correct header diff, but unable to verify/reject coinstake due to the output being spent&removed on main chain) are prevented due to ignorance of their difficulty. A side chain can overcome the main chain only if its *verifiable* blocks constitute a greater amount of work. Unverifiable blocks count as zero work (Until side chain becomes the main chain, where every block will be verified one by one on reorganization)

Love it!

stormia

hero member

Activity: 868

Merit: 1000

When the android wallet is officially released we really need to push the news into the crypto community! First PoS functional wallet will be a big deal! I think it might be a good idea to make a lot of noise and inform all other PoS coins of it when it is complete. Once it is released, other coins are going to re-purpose the wallet right away no matter what, but if people make enough noise everybody will have to give paspi the credit he deserves for developing it and mintcoin the credit it deserves for being the first coin to accomplish such a goal.

w4rr3n

newbie

Activity: 14

Merit: 0

Hi guys I have added mintcoin on the voting list of a new exchange https://www.icurrex.com/vote
(not sure if i can paste direct link, here's a referral code of mine for signups

http://www.icurrex.com/referral/4367)

mrqu1cky

newbie

Activity: 14

Merit: 0

Quote from: paspi on May 14, 2014, 07:04:27 PM

Android wallet update 6:

Good news!

The following is the first transaction ever received and forwarded by mintcoinj

http://mint.blockx.info/get/tx/68fec0ad06a76d1d37de929e14b6ad6d17352b715de4f5bcce648333e9bc4a9c

https://i.imgur.com/NxLHY3K.png

What's included & currently working in mintcoinj:

The first POW+POS java bitcoin library
A TxTracking blockchain & blockstore implementation: a compromise between Full Pruned Block Chain and SPV Block Chain
- Like a Full Pruned Block Chain, it keeps track of ALL unspent transaction outputs since genesis block. Removes unnecessary old data.
- It only verifies scripts of coinstake transactions (1 coinstake per POS block), so CPU-wise it is light-weight like a SPV Block Chain
- Unfortunately, it is not as lightweight as a Simple Payment Verification system, but technically there is no way to make bitcoin-SPV style for a POS coin security-wise.
- Processed data holds around 67 mb on disk (as of block 343262).
Proof of Stake Protocol (PPCoin v0.3) :
- Blockchain calculates stake modifiers correctly
- Blockchain calculates and verifies stake hashes correctly (Modifiers mentioned above are required for verification). This guarantees the core security of a POS coin.
- Block signatures are supported and verified (PPCoin protocol requires each block has to be signed by owner of coinstake to prevent replaying attacks)
Various security aspects handled due to being POS coin:
- Attacks caused by flooding side chains with invalid POS blocks (blocks that have correct header difficulty, but don't match coinstake protocol) are rejected on receipt, so the low block header difficulty won't cause attacks (Normal bitcoinj trusts only header difficulty, as expected for a POW only coin. This is not the case for POW+POS coins)
- Similarly, flooding side chains with unverifiable POS blocks (blocks that have correct header diff, but unable to verify/reject coinstake due to the output being spent&removed on main chain) are prevented due to ignorance of their difficulty. A side chain can overcome the main chain only if its *verifiable* blocks constitute a greater amount of work. Unverifiable blocks count as zero work (Until side chain becomes the main chain, where every block will be verified one by one on reorganization)

Congratulations, this is awesome news! I look forward to reviewing the code on github. If you need help with configuration of the android wallet source, send me a pm. This is a good day for all POS coins.

coolbeans94

hero member

Activity: 613

Merit: 500

Mintcoin: Get some

Quote from: stormia on May 14, 2014, 07:18:44 PM

Quote from: paspi on May 14, 2014, 07:04:27 PM

Android wallet update 6:

Good news!

The following is the first transaction ever received and forwarded by mintcoinj

http://mint.blockx.info/get/tx/68fec0ad06a76d1d37de929e14b6ad6d17352b715de4f5bcce648333e9bc4a9c

What's included & currently working in mintcoinj:

The first POW+POS java bitcoin library
A TxTracking blockchain & blockstore implementation: a compromise between Full Pruned Block Chain and SPV Block Chain
- Like a Full Pruned Block Chain, it keeps track of ALL unspent transaction outputs since genesis block. Removes unnecessary old data.
- It only verifies scripts of coinstake transactions (1 coinstake per POS block), so CPU-wise it is light-weight like a SPV Block Chain
- Unfortunately, it is not as lightweight as a Simple Payment Verification system, but technically there is no way to make bitcoin-SPV style for a POS coin security-wise.
- Processed data holds around 67 mb on disk (as of block 343262).
Proof of Stake Protocol (PPCoin v0.3) :
- Blockchain calculates stake modifiers correctly
- Blockchain calculates and verifies stake hashes correctly (Modifiers mentioned above are required for verification). This guarantees the core security of a POS coin.
- Block signatures are supported and verified (PPCoin protocol requires each block has to be signed by owner of coinstake to prevent replaying attacks)
Various security aspects handled due to being POS coin:
- Attacks caused by flooding side chains with invalid POS blocks (blocks that have correct header difficulty, but don't match coinstake protocol) are rejected on receipt, so the low block header difficulty won't cause attacks (Normal bitcoinj trusts only header difficulty, as expected for a POW only coin. This is not the case for POW+POS coins)
- Similarly, flooding side chains with unverifiable POS blocks (blocks that have correct header diff, but unable to verify/reject coinstake due to the output being spent&removed on main chain) are prevented due to ignorance of their difficulty. A side chain can overcome the main chain only if its *verifiable* blocks constitute a greater amount of work. Unverifiable blocks count as zero work (Until side chain becomes the main chain, where every block will be verified one by one on reorganization)

Yess!! This is amazing news!!!

+1 Awesome!

stormia

hero member

Activity: 868

Merit: 1000

Quote from: paspi on May 14, 2014, 07:04:27 PM

Android wallet update 6:

Good news!

The following is the first transaction ever received and forwarded by mintcoinj

http://mint.blockx.info/get/tx/68fec0ad06a76d1d37de929e14b6ad6d17352b715de4f5bcce648333e9bc4a9c

What's included & currently working in mintcoinj:

The first POW+POS java bitcoin library
A TxTracking blockchain & blockstore implementation: a compromise between Full Pruned Block Chain and SPV Block Chain
- Like a Full Pruned Block Chain, it keeps track of ALL unspent transaction outputs since genesis block. Removes unnecessary old data.
- It only verifies scripts of coinstake transactions (1 coinstake per POS block), so CPU-wise it is light-weight like a SPV Block Chain
- Unfortunately, it is not as lightweight as a Simple Payment Verification system, but technically there is no way to make bitcoin-SPV style for a POS coin security-wise.
- Processed data holds around 67 mb on disk (as of block 343262).
Proof of Stake Protocol (PPCoin v0.3) :
- Blockchain calculates stake modifiers correctly
- Blockchain calculates and verifies stake hashes correctly (Modifiers mentioned above are required for verification). This guarantees the core security of a POS coin.
- Block signatures are supported and verified (PPCoin protocol requires each block has to be signed by owner of coinstake to prevent replaying attacks)
Various security aspects handled due to being POS coin:
- Attacks caused by flooding side chains with invalid POS blocks (blocks that have correct header difficulty, but don't match coinstake protocol) are rejected on receipt, so the low block header difficulty won't cause attacks (Normal bitcoinj trusts only header difficulty, as expected for a POW only coin. This is not the case for POW+POS coins)
- Similarly, flooding side chains with unverifiable POS blocks (blocks that have correct header diff, but unable to verify/reject coinstake due to the output being spent&removed on main chain) are prevented due to ignorance of their difficulty. A side chain can overcome the main chain only if its *verifiable* blocks constitute a greater amount of work. Unverifiable blocks count as zero work (Until side chain becomes the main chain, where every block will be verified one by one on reorganization)

Yess!! This is amazing news!!!

okaynow

hero member

Activity: 546

Merit: 500

PGP 9CB0902E

Quote from: tongai on May 14, 2014, 11:08:20 AM

Manually open the wallet is unlocked every day, or completely cancel the password?

Unlock Wallet

On password window, bottom left, check box that says "for minting only"

paspi

full member

Activity: 185

Merit: 100

Android wallet update 6:

Good news!

The following is the first transaction ever received and forwarded by mintcoinj

http://mint.blockx.info/get/tx/68fec0ad06a76d1d37de929e14b6ad6d17352b715de4f5bcce648333e9bc4a9c

What's included & currently working in mintcoinj:

The first POW+POS java bitcoin library
A TxTracking blockchain & blockstore implementation: a compromise between Full Pruned Block Chain and SPV Block Chain
- Like a Full Pruned Block Chain, it keeps track of ALL unspent transaction outputs since genesis block. Removes unnecessary old data.
- It only verifies scripts of coinstake transactions (1 coinstake per POS block), so CPU-wise it is light-weight like a SPV Block Chain
- Unfortunately, it is not as lightweight as a Simple Payment Verification system, but technically there is no way to make bitcoin-SPV style for a POS coin security-wise.
- Processed data holds around 67 mb on disk (as of block 343262).
Proof of Stake Protocol (PPCoin v0.3) :
- Blockchain calculates stake modifiers correctly
- Blockchain calculates and verifies stake hashes correctly (Modifiers mentioned above are required for verification). This guarantees the core security of a POS coin.
- Block signatures are supported and verified (PPCoin protocol requires each block has to be signed by owner of coinstake to prevent replaying attacks)
Various security aspects handled due to being POS coin:
- Attacks caused by flooding side chains with invalid POS blocks (blocks that have correct header difficulty, but don't match coinstake protocol) are rejected on receipt, so the low block header difficulty won't cause attacks (Normal bitcoinj trusts only header difficulty, as expected for a POW only coin. This is not the case for POW+POS coins)
- Similarly, flooding side chains with unverifiable POS blocks (blocks that have correct header diff, but unable to verify/reject coinstake due to the output being spent&removed on main chain) are prevented due to ignorance of their difficulty. A side chain can overcome the main chain only if its *verifiable* blocks constitute a greater amount of work. Unverifiable blocks count as zero work (Until side chain becomes the main chain, where every block will be verified one by one on reorganization)

coolbeans94

hero member

Activity: 613

Merit: 500

Mintcoin: Get some

Quote from: stan26 on May 14, 2014, 10:07:58 AM

How about reducing the coin total to 50 billion instead of 70 billion. Then a new minting period could be outlined with an initial minting period of 80% in ONE month, then 40% for the next 2 months, 20% for the next 4 months, 10% for the next 8 months, 5% for the next 16 months, then it would be 2.5% minting every year from then on.

I know this would require a lot of changes and it might not be possible but in my opinion it would generate a lot of new interest.

Imagine the hype and buying that would be generated from an 80% minting period of one month. with 80% minting if you had 600000 MINT you could increase it to a million. In my opinion there is not a lot of incentive for Mintcoin because the Proof of Stake rewards are low. If you did this people would probably change their minds and rush to buy MINT. Because then minting will look like a great alternative to mining. And people will have a reason to consider buying MINT before the minting "halves" and the big minting rewards decrease.

Just an idea I had...

Actually, Having 70 billion coins someday is a good thing. It is better as it allows for greater upward scalability, and liquidity. The coin cap likely won't be reached for over 30 years, so you don't have to worry about inflation in the future.

Also, if you change the reward rate, it makes no difference in value, as you cannot create value from nothing, and a huge interest rate, just pumps the money supply up faster, and deflates the value of all existing coins. For example, all else equal, if you start with 1-billion coins and a month later there is 1.8 billion coins in the money supply, then the value for each individual coin would have dropped by 70%. The only thing that matters is supply and demand. Mintcoin already has a limited supply, and next year, the supply gets even tighter...there is nothing wrong with Mintcoin's design and doesn't need changing. In 3 years, when the annual payout rate drops to 5%, the money supply will be increasing only at approximately 3% per year, because not everyone chooses to mint their coins. If you choose to save your coins and Mint, then you will be getting ahead by the difference of 2% each year.

Kergekoin

hero member

Activity: 546

Merit: 500

I would be interested to read mintcointeam statement regarding this. Just to settle it down already.

Theres plenty of wallets open regularly. Not a problem for security.
Forget the coin cap. Its just a number which is not going to be hit any time soon. Its more than 10 years away.

----

Still waiting for anyone to fix the unlocking bug.

dogechode

full member

Activity: 182

Merit: 100

For the 11 billionth time, we need people to leave the wallet open 24x7x365 or as much as possible. Encouraging people to just open it when they expect a stake to happen and then close as soon as it stakes is bad for the network, bad for security, and reduces in receiving less overall stake over the course of the year. JUST LEAVE IT OPEN!

I would be 1000% in favor of reducing the overall coin cap if that is possible. 70 billion is just way too much. Other coins that have changed their cap have seen a value increase.

qwizzie

legendary

Activity: 2548

Merit: 1245

Quote from: tongai on May 14, 2014, 11:08:20 AM

Quote from: skeem on May 14, 2014, 08:56:29 AM

Quote from: tongai on May 14, 2014, 08:23:52 AM

I have a doubt in my purse MINT is now locked up, so I can get the interest POS it? Someone said to me there is no need to lock off the wallet can take POS interest, I really do not know how to do it. Please help me! Huh

Keep unlocked and opening

Manually open the wallet is unlocked every day, or completely cancel the password?

version 1.9.1 :

no need to cancel password

1 : unlock wallet
2 : check if coins are mature enough (hover with your mousepointer over symbol left to your connection bar in your wallet)
3 : if coins mature --> keep wallet unlocked for 12-24 hours
4 : look at your transactions for incoming mint transactions
5 : when minted successfully, lock wallet .. wait 20 days and then back to step 1

tongai

newbie

Activity: 2

Merit: 0

Quote from: skeem on May 14, 2014, 08:56:29 AM

Quote from: tongai on May 14, 2014, 08:23:52 AM

I have a doubt in my purse MINT is now locked up, so I can get the interest POS it? Someone said to me there is no need to lock off the wallet can take POS interest, I really do not know how to do it. Please help me! Huh

Keep unlocked and opening

Manually open the wallet is unlocked every day, or completely cancel the password?

Kergekoin

hero member

Activity: 546

Merit: 500

Quote from: stan26 on May 14, 2014, 10:07:58 AM

How about reducing the coin total to 50 billion instead of 70 billion. Then a new minting period could be outlined with an initial minting period of 80% in ONE month, then 40% for the next 2 months, 20% for the next 4 months, 10% for the next 8 months, 5% for the next 16 months, then it would be 2.5% minting every year from then on.

I know this would require a lot of changes and it might not be possible but in my opinion it would generate a lot of new interest.

Imagine the hype and buying that would be generated from an 80% minting period of one month. with 80% minting if you had 600000 MINT you could increase it to a million. In my opinion there is not a lot of incentive for Mintcoin because the Proof of Stake rewards are low. If you did this people would probably change their minds and rush to buy MINT. Because then minting will look like a great alternative to mining. And people will have a reason to consider buying MINT before the minting "halves" and the big minting rewards decrease.

Just an idea I had...

Changing the ground rules in the middle of the game is pretty much never a good idea.
Especially if the change is as radical as this.
Not going to happen.
Personally i would ditch my stake of Mintcoin immediately, if developer would announce a hard fork which completely changes how coin was initially designed. Mintcoin and its developer would lose all credibility because you would never know what comes next...

Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained] - page 308. (Read 1369806 times)