Topic: [ ANN ] SAT² - A new dawn - PoS - No Premine - page 53. (Read 133214 times)

Once we lose the miners dumping, we are clear for takeoff.

I'll do all I can to help  Saturncoin-community.I will be keeping track of you.

thanks for updates, im with saturn

Are these confirmed to be using the new wallet? Be sure to include the following addnode - which is specifically monitored by our developers:

Power-up your  saturncoin.conf

Mintpal, Cryptsy, and the pools have all confirmed they have updated to the new wallet.

We're almost at block 79000 now, won't be long until 80000. If you haven't updated yet, make sure to do so immediately.

Just a reminder for what's happening at block 80000: mining reward is getting lowered to 10000 SAT per block and KGW (Kimoto Gravity Well) will kick in to keep the block times more constant.

We have been asked numerous times: "how do I enable staking on my new wallet?". While this has been explained before, I'll just repeat this to clarify: This new wallet does not yet implement PoS, it's merely a preparation for the transition to PoS. The planned course of action is:

Stage 1
New wallet released for current blockchain, which features:
- Total supply cut to 7,777,777,777 coins (the majority of those have already been mined)
- Mining reward to 10,000 coins per block, starting from block 80000, until all coins have been mined
- Kimoto Gravity Well, starting from block 80000

Stage 2
Transition to PoS
- We will launch a new blockchain which features PoS (specifications as described earlier)
- You will be able to trade your existing Saturncoins for coins on the new blockchain

In other words: in the current wallet, you can not enable staking yet, because we have not yet made the switch to the new blockchain.

Right now stage 1 is nearing completion (the block times are not very constant right now, so it is hard to estimate how long this will be exactly, but it'll be about 1 or a few days). Also, please keep in mind that the PoW stage does not end at block 80000. This is simply when the new (lower) mining reward kicks in. Mining will continue until all 7,777,777,777 coins have been mined. This is simply needed as we need to keep the current blockchain moving for the sake of being able to process transactions. However, since the mining reward is significantly lower, we are also expecting less sell pressure.

I want to address another question that has been asked numerous times (mainly in private messages): "Can't you release some more good news to boost the price?". I want to make this very clear: no. The reasons for that are very simple:

- We release news when there actually is news. There are plenty of coins out there which are being manipulated by their developers, by spreading vague rumors and promises that aren't lived up to. Those are shady practices which are absolutely not in the interest of the coin - they're only in the interest of the pockets of those who engage in such manipulation. We have zero intention of manipulating anything. We would much rather see steady long term growth by actually innovating, and working on real world adoption. Again: the PoS transition is only the first step to secure a prosperous future of Saturncoin. We don't consider this transition to be a goal, but rather a starting point.

- The fact that the price isn't sky-high right now, is natural. Whenever the price goes up by only a few Satoshi, we are pretty much at the top of coinwarz (a list of the most profitable coins to mine). When that happens, this means that multipools start mining Saturncoin massively, and they dump their coins immediately thereafter, which pushes the price back down. This is about to change. First the mining reward goes down at block 80000, meaning lower sell pressure. And it also won't be long until all coins are mined - at which point the sell pressure from miners will disappear completely. Now you might ask: "how does this relate to our marketing?". The answer to that question is simple: right now it is perfectly natural for the price to be around 4 satoshi, and all attempts to set a higher bottom will result in miners dumping it back down to the current level. So it makes a lot more sense for us to keep a bit of a low profile with marketing until the sell pressure is lower, at which point our efforts to establish a higher bottom will not result in a higher sell pressure. In the meanwhile, this makes it an ideal opportunity for investors to scoop up some more coins while the price is still low. Get them while you still can; it won't be long until miners will no longer be selling at low prices, and you won't be able to buy coins anymore at the current price level by that time.

So new wallet this week? 

Perfect!!!

Linux x64 Debian/Ubuntu/Mint etc wallet: https://mega.co.nz/#!U8ZziKqC!LQnORFTQgYSQ6LpmmA-2fmkW4xi98d_2uR7QzJUyYEg

We're getting closer to block 80000. Update ASAP.   

IMPORTANT

As announced previously: we are rolling out a new wallet today, everyone should update immediately.

Source: https://github.com/satdev/Saturncoin
Windows: http://saturncoinfoundation.org/downloads/saturncoin-qt.zip


What changes?

• The total coin supply remains unchanged: 7,777,777,777 coins
• The switch to the fixed mining reward of 10,000 coins per block, has been pushed back to block 80000 (was originally planned for block 77777)
• We have added Kimoto Gravity Well (KGW) from block 80000 onwards, to keep the block time more constant

To sum it up: the hard fork has been moved from block 77777 to block 80000. The reason why this was done, is because Dedicatedpool and Suchpool had not yet updated their wallets to the new version, causing they went on a different fork. We have worked extensively with the pools to rectify the situation, and have mutually agreed that pushing the fork to block 80000 is the best course of action.

All pools and exchanges have confirmed they will update in a timely manner (meaning before block 80000). We also urge all wallet holders to update your wallet as soon as possible.

Your new wallet will find other nodes automatically. However, as an additional effort to prevent fork issues, we recommend you to keep the following addnode in your saturncoin.conf:

(this list will be expanded shortly)

Additionally, a few teasers for what's to come on the PoS transition:

• 1st year stake: 10%. 2nd year stake: 5%. 3rd year onward: 2.5%
• Minimum stake age: 10 days. Maximum stake age: 20 days

Better get ready! Block 80000 is approaching fast and we will be commencing the exodus to the new PoS chain soon thereafter. More details will be released shortly!

I have notified BinaryClock, manager of DedicatedPool

Update: BinaryClock noted that the new wallet doesn't work so their sticking with the old wallet until block 80,000

Oh Good Lord...Now we can all jump into Saturn from its D ring. Ohh!! It is so cold in here. Ready your chutes people!!  

I want to remind once again.

We are aware of this and have been working on this for the past hours. Our apologies for the lack of earlier update.

The main issue is that several of the pools had not updated to the new wallet version, and therefore continued mining on the old one. This caused that they continued hashing on the incorrect fork. Under normal circumstances this would not be a problem, however as it turns out, the hashrate on this incorrect fork (which uses the old wallet) is higher than on the correct fork. This causes that the new wallets produce this error.

We are working with the pools and exchanges to resolve this situation immediately, to make sure that everyone is on the same fork. Rest assured that this is being treated as a top priority.

Please note that all plans are still on track as announced - the transition to PoS remains unaffected.

We will post a full update on the block 77777 issue momentarily.

So the Wallet is stuck at 77777..Must expect some news soon...

I have the same warning message
Please fix it

Do not expect any of these guys ...

Some big dumps are coming, please dev it's time to announce good things (it's been 10 days since the last annoucement), without that investors are loosing faith and new people will not buy the coin.

I know you are working hard but at least post your progress.

thanks.


2014-05-10 16:34:33   SELL   0.00000003   50000000.00000000   1.49999999
2014-05-10 16:25:29   SELL   0.00000003   53662963.00000000   1.60988889

I am sure everything will be ok : ) Get ready for Saturn : ))

This is what I get;