Topic: [ANN] [SWIFT] BitSwift |https://bitcointalk.org/index.php?topic=922982.msg101316 - page 94. (Read 268399 times)

Thanks jc12345 , yes I read your post back and I understood, I thought I did have to move my coins to get an stake, I thought I had to. Now its clear. thanks again

Technically there is no difference. I have wondered many times why people want to launch a new coin instead of taking over a dead coin and revamping it. That however is a long discussion over a few beers and is probably related to there being an existing coin holding and there is a bigger rush, hype and excitement during a new coin launch. What differentiates one coin from another with similar specs is the dev team and the resources behind it. If you have a trustworthy dev team that is dynamic, sincere, honest and is skilled, a coin has the potential for success. If the coin is adopted by the public and used it will be successful. It seems that the Swift dev team has some of those characteristics in judging their actions so far and is also supported by the 5 star PoD (depending on ow much value you want to place on that process though). A coin can however also be insta-killed by the the dev team eg. if the dev disappeared or dumps and runs, or does something stupid etc. Processes like the PoD is there to give limited assurance that the risk is lower for that to happen. In addition, the plan and roadmap includes certain futures and functionality that are ambitious and scarce so far. Having said that, the proof is in the eating, meaning that the services have to be delivered and adopted to create real value. So far the delivery seems to be on track which supports the current price. If delivery slips or the services not adopted the price will reflect that. The ICO also generated 320 BTC for the dev team that if used wisely can produce features/functionality that is expensive to develop and if they pay a premium, with a faster time to market. Regarding your question on how long it will last? It depends on how long a piece of string is.


Read my post a few posts back for the pros and cons for staking vs leaving on an exchange. In short though, staking (proof of stake) is the process of leaving your coins in a wallet on your device/PC whereby the wallet does the verification/processing work that a typical mining machine does in the case of proof of work. It is a function of the amount of coins in your wallet and how long they have been in your wallet without moving addresses. For this distributed processing work you are rewarded with some dust if you "solve a block". There is a lot of literature on the Internet for a technical explanation of how POS work. Whether you leave your coins in Bittrex or in your wallet is a decision you have to make for yourself based on the factors I mentioned in my earlier post.

Hello Community,

As promised the GoSwift webkit wallet has been released. For this update we have added the official BitSwift cryptoID blockexploer. In addition, the wallet will now allow users to log into irc and chat with the BitSwift Team.



Windows v2.0 webkit update: http://www.mediafire.com/download/y0h4tonqm9c2876/bitswift-qt-1.2.zip

An updated Android mobile wallet will be released in less than 24 hours. The developers are working out a couple of last minute bugs, we want to make sure everything is working properly.

To give you guys a little time to test out the wallet, we will be releasing our swiftLend whitepaper later today.

We hope you guys enjoy the webkit wallet and please stay tuned for releases later today. We also appreciate all of our supporters and want to encourage everyone to send your coins to the wallet for staking.

-BitSwift Team

what is the special about this coin?

This coin is doing really good and I am glad I invested when it was 0,00014.
I just like to ask a few questions please:

What made this coin so different from the rest so far that it only goes up and not down, how long will it last?

I also read some people said to change their coins for a stake? what do they mean and what is that for? can I not leave my coins as they are now in bittrex?

And finally, will you considering joining SuperNET?

Thanks

Swift goes all time high. I sold some at peak and rebuying now again.

Lets do hope so. There is always a chance of making nice profit on a POS coin eg. BC went up to 94k. If a coin has a low money supply even more so.

The only problem with crypto or let me confine it to altcoin, is that most people are in it for short term profit and speculation. No one really cares about features. No that is actually not true. Speculators do care about features as it creates hype that causes the price to increase for profit making. The altcoin population is the same people and becoming less (Russia/China). Crypto is in desperate need to expand the use by normal people outside of miners and speculators. Once that happens real demand will create real value and sustainable price increase. Without real life demand, price will just be speculative and increases artificial. IMO the dev team must have a big drive for real life adoption of its nice features, else price will go up on hype and since most hodlers are speculators at some point they will want to cash out. By that time Swift needs to be adopted and used by the public creating a demand so that there can be a mix between speculators, investors and users. Otherwise since there is no cost for miners to recoup like with POW, there will be no minimum bottom price.

Got 20k bitswift at 20k sats. Now lets swiftly go to 200k sats.

Good Luck All.

Seriously? A year in crypto with only 1 post here? And also you don't know how POS mining works?

You can do one of three things for POS mining:

1. Direct mining. You can mine directly with your wallet which is called staking and which does not pocket you big number of coins like POW but you accumulate dust over time that eventually ads up.

2. Indirect mining. This means that the dev creates a vehicle in some form that does something that generates money that is then used to buy coins on the market which is then paid out to you. Examples of unsuccessful attempts by other coins were multipools. There are however derivatives that can be considered - actually anything that generates money that is used to buy up a certain coin that is then paid out to you falls in this category.

3. Switching the method. The dev implements a period of POW mining again whereby more coins can be mined with miners in larger quantities than POS wallet mining. There are different ways to implement this including alternating methods between POS and POW and permanent switching of method to POW.

Trying to break the record for most sockpuppets in one thread? As a moderator I would delete the thread cause of spam.

Anyway, seems you don't find enough fools to dump your nice coin on. What a pity, that China blocked BCT.

I have been around Crypto for about 1 year now, you see alot of coins come and go most of them are pritty easy to tell if they will be successfull or not.
 
I have some invested in Dogecoin and was looking for another potential Crypto to invest btc in, and then suddenly BitSwift appear.. is has great features planned, and its success will for sure be determined if the mainstream user find it easy and usefull for everyday use, and that the devs keep delivering the good stuff.

Bought my share at 1320 and going to start staking right now!.

BitSwift you spoke about a mining option, what does that consist of?, what algo, and what poppulation are you targeting?. ex. GPU, ASICS, new algo?.
One would hope it would be for the "people" then go the GPU route


  

4 hours left . we trust dev. gogogo
if delay  , i believe dev tell us about why before that happening.

You are 100% on the money if the devs can get the coin futures implemented and adopted by the public for real life use. Lets hope they get it right.

You dont have to trust me... Just look at whats coming for this coin.. Plus I love that the devs are working on easy to use blockchain additions.
Ease of use, great devs and a great community will take this coin to the moon.

Yes on the network security but there is a bit more to the argument on the getting free coins part. Here is a summary imo of the pros and cons to provide better context to the novices. Feel free to add if I missed something.

Staking creates very little coins, 0.001-3 coins a shot depending on the number of coins you have, the number of coins others are staking and the time your coins were in your wallet. The more coins people stake the less your weight becomes and the less coins you will get. Staking or not staking is most of the time immaterial regarding the free coins you generate. Both have advantages and disadvantages:

Keeping on the exchange
Keeping your coins on the exchange means that you can quickly cash in on profit if the opportunity arise because sometimes sending coins from your wallet to the exchange takes too long due to the number of confirmations. If you do day trading for short term profit staking is not for you. Keeping coins on the exchange though you are relying on the exchange's security to keep the coins safe whereas if you are tight on your own PC security it might be safer in the wallet. More volatility and volume is created if coins are on the exchange creating more opportunity for profit. Therefore, keep it on the exchange if you have a short term profit view.

Staking:
Staking is mostly if you have a long term view. It is only financially feasible if you have a long term view that the eg. 0.1 coins you got for a stake will be valued maybe at $1 in the future. If the price of the coin remains under$1-$10 it is probably not feasible. Keeping the coins off the exchange has a positive impact on coin value because people cannot sell their coins if it is not on the exchange. Pump groups love this as they will probably keep their coins on the exchange while trying to get other users to put their coins in their wallets for staking before they strike with a dump and it will take to long for the normal users to get their coins from their wallet to the exchange to protect themselves or for stop losses. There is a bigger chance of missing a profit opportunity if your coins are not on the exchange. Also, sincere coin holders that care about a coin will prefer if holders stake because it increases the security of the network. Stake therefore if you want a bit more safety on your coins, if you think that large pump groups are not in the coin, if you have a long term view that the coin will have a high value in the future or if doing your part in maintaining the security of the coin is important to you.

This leads into a bigger argument about POW vs POS which I will not go into now.

"In Bob we Trust" 

Bob, how moon it's gonna go? 100k? 500k?

Thanks have done, says STAKED 0.00 SWIFT  - but spendable has an amount. Just want to make sure there isn't anything else that needs to be done.

I am glad to see Swift maintaining the current price and I hope it goes up more. This is really exceptional because most of the time there is nothing for a POS coin to have value apart from demand from real use. Most POS coins' price is purely speculative in nature and price increases are artificial. The cost of a POS coin is the price on the exchange and then if it goes up 10% then those that are in trading has a big incentive for selling. On the other hand, POW coins cost something to mine them eg. BTC, LTC, DRK, BTCD et. and the chance of those coin trading at least at the cost of mining is good. If you add to this real demand through public use it is a very good recipe for success. In the case of Swift there is no POW so there is no "cost floor" for the coin and therefore the price should remain at these levels or go higher if the speculators maintain interest or artificially "pump" it or hodl in the hope for future sales profits. I hope that real life public use and adoption can be created before the speculators' interest fades. This is the challenge the devs are facing. So far so good though as Swift is still in the honeymoon phase.

This coin is bad ass!

As soon as my wallet is synced, I'm sending my coins for staking!