Topic: [ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield - page 238. (Read 901871 times)

PPC is actually a pretty good coin.  So I think mimicking them is a great idea.

FYI: Peercoin was one of the first and their site explains it pretty well. Here is a bit about minting and coin age:

http://www.peercoin.net/minting

thanks for info i'm not that tech savvy and i relay on info guys like you provide , whatever it is i agree with knowledgeable ones

Ultimately that's not a good option either. Take into consideration that the coins may have been deposited across several days into a single wallet. Even potentially within numerous different hours within a day (often the case for miners), this means it's more worthwhile for the staking if the person just leaves it unlocked, however it reduces the security.

A side note: This honestly would be my case as I mined early on and had numerous different payouts throughout my mining across days, hours, and weeks. I have not sold a single NAUT since I started accumulating.

or maybe an auto unlock daily for stake, i don't know how it works but from what i understand people unlock it in console for a limited amount of time to stake, is there a minimum time that needs to be unlocked to collect stake?

The wallets do allow locking (encryption).

Most PoS wallets need to be unlocked to stake. The reason is that the wallet is creating a block, so it has to be signed. In order to be signed, the software needs access to the private key. The wallet has no access to the private key while it is locked.

Remember, with PoS wallets (nodes) are creating all the blocks.

I think Qora recently added this feature, but I'm not sure how it works. I can only think somehow the wallet has to have the PK stored somewhere. I guess it can be done using the build in OS encryption.... but it does seem to lower security a bit.

Why wouldn't a coin allow a locked wallet?

totally agree.

I think a 24-48 hour minimum coin age would be appropriate.

For max coin age, I would say somewhere around 7-10 days. Although, maybe that is a bit too long. We want people to keep there nodes running.

I think one thing that would help is allowing a locked wallet to stake. Not all coins allow this, and keeping an unlocked wallet running on your PC is quite risky even with a good strong PC password and ensuring you are locking your PC whenever you walk away from it, even at home.

If it's too long people might not bother, too short and no incentive to keep coins off exchange. 7-10 days seems reasonable to me.

I've been wondering the same thing, but  if the goal here is to make it applicable similar to an investment which will pay out a solid enough return on the investment, it should operate somewhat like a bank savings account (they don't wait days/weeks/months for your money to be in there to start trying to earn interest on it, they start right away). But we'll see.

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Will there be a minimum stake age?

Yes, Max coin days. I don't see a need for "extra" incentives. Although, I guess they can't hurt.

Are you referring to max coin days or the discussion earlier about extra incentives?

The coin population will grow by 2% no matter how many wallets it is in. So, there will be no spike in coins.

Also, I suggested some ideas and they weren't really heeded.

POW, POS < Exchanges, everything is a risk in crypto it could crash anytime, me talking a walk is a risk of getting hit by a car yet i keep doing it , let's do this POS and improve on it as technology improves.

PS: looks like Fitch wasn't the dumper LOL

Could an alert system could work? A spike in coins created would imply one of the exchanges is staking coins for example. Running algos on multiple exchanges might spread things out too and some might appreciate the volume.

Because exchanges that trade in normal stock also have a potential for far more money, thus making them invest more. Also, there is a higher standard defined by law before you can open an exchange that deals with money and stocks, which there is not in the world of crypto.
And there is also the risk of not even getting any 'customers' after spending tens of thousands in security because crypto people follow the big mass like sheep and only go to the 'popular' exchanges. This is partly due to the number of sketchy small exchange and partly due to the fact this crypto world works based on mini-hypes.


On topic: what term are you thinking about going PoS? Will there be a lengthy development process to iron out some flaws in the PoS system and make the transition smooth, or will it be a quick copy&paste from other PoS coins to create a quick mini-hype (and pump)?

It seems my 30% and 1.6M get used alot in this thread. I want to point out that I am nowhere near an expert on that topic and those 30% could be way off. It was the amount the attacker on C2 had.

Regarding the risk of a 51% attack. I would say that anybody with alot of money and who doesnt really care about it, could destroy most of the coins that currently exist. Obviously the lower the market cap, the higher the risk, but we just have to live with it.

Also, if you manage to buy like 30% of a POW coin, you could kill this coin, too. Not by attacking the Network, but with that amount of coins you could for example permanently dump the coin to close-zero values untill everyone loses interest. Like in the POS scenario the attacker would destroy his investment.

I think there is no way to stop somebody with tons of money who doesnt care about how much it costs him, regardless if it is POS or POW, higher marketcap helps.

One of the weakest links are the exchanges. When C2 was attacked mintpals securiy system triggered after 30% of the total supply was dumped in a short time span, which means they pretty much have none.  Poloniex BTC theft in march. Now the VRC theft. Bittrex was pretty quick to stop trading when NAV was attacked, no idea if they were just lucky or they actually know what they are doing.

This is definitely worth keeping an eye at as far as PoS security goes: http://www.dailyblackcoin.com/blackcoins-proof-stake-2-0/ And here is their whitepaper linked in the article: http://www.blackcoin.co/blackcoin-pos-protocol-v2-whitepaper.pdf
The Blackcoin developer rat4 understands PoS better than almost anyone in crypto, sowhatever he's working on is interesting. Now, everything might not fit Nautiluscoin, but there's bound to be a few things in their next update that is worth adding in the future.