Hey guys. I mined several blocks already but as far as I understood reading the OP, I might get the reward on random in anything between 3 months to more than 2 years !!! Is that really the case? I am having a hard time understanding the logic behind this especially from a PC end-user perspective which this coin seems to be betting on the most being a CPU minable coin. Can someone share more info on that? And also I already see some people trading this coin. How can anyone have Verus coins so early?
From the OP:
"1 week smooth linear ramp from 0 to 384, then halving every month (43,200 blks) for the following 5 months and every 2 years thereafter.
All rewards over 192 Verus are time locked to mature at a random block between 129,600 and 1,181,520"
The pre-announce of 15 minutes was to enable a truly fair start where honest miners could get started as early as they saw the announcement, and also ensure that we didn't give hackers enough time to change the code and hit an unestablished chain that hadn't gotten its POS security in place yet with a hash attack. Once POS was established on the chain, it became much harder for a standard hash attack to disrupt the chain's operation than it would be otherwise, not impossible, but much harder.
The ramp from 0 to 384 ensured a fair start where people got days of increasing rewards of unlocked coins that could be used to establish POS security on the chain along with POW, while everyone got a chance to mine the coins equally that would be necessary to secure the chain.
The very large coinbase rewards for both miners and stakers right now and for the next 5 months are to reward early participants and supporters and encourage a larger percentage of stakeholders to be part of the worldwide Verus community.
In order to prevent any chance of pump and dump by anyone and remove that as a concern for all, while still enabling all bootstrapping participants and community members to benefit from that early participation with outsized rewards, we added a mechanism to time lock the largest of the rewards for a period of time over which they would uniformly release. This ensures that they enter the supply with even less impact than the first unlocked mining period to the available supply and encourages all community members who can mine meaningful amounts during this period, many who have larger stakes than we do, to make this project their own to improve as well. We are actually all community members and all get the same time locked coins, as there is zero pre-mine.
We have the same possible rewards and motivations as other community members, though we, the core developers, are working towards our vision for how this evolves that we will share with everyone as soon as we have the paper ready. We are mining and staking coins now, as anyone can, to use to realize that vision and some for our own personal futures. The price isn't that high yet, IMO (I see people trading between each other for about $3, and I've bought as many as I could for about that price personally), but I am obviously biased and not the right person to say how much they are worth in an open market. We are giving random bounties on the Discord for people helping, which are really donations from us as community members, who are also devs and co-miners/stakers, and though we have no obligation, as we mined/staked our coins with our money fairly, we intend to donate most of our shared mining and staking rewards to the Verus project when we can get all details for doing that in place.
Given all that, we had no problem with earning our coins as time locked, and we thought it would prevent P&D from anyone who might happen to get in early and mine/stake quite a lot. We also decided that if anyone didn't want these largest, time-locked coinbases, they could always wait until the rewards were down to 96 and not time locked at all.
That is all good and dandy, but 2 years is way too much. I would understand a couple of months, so people can really get interested in the coin. But possibly 2 years and on random? The random part is what mostly bothers me. Also, it is not a good investment to invest into mining something now and get it in 2 years when who knows where the devs or the community will be. And hell no 3USD for this coin at this point is little. It is actually waaaay overpriced at 3USD. In 4 days with 1 of my PCs I mined 2 big blocks, so by your logic I would have made if I had the coins now about 2100USD. And that is low in your opinion when with full blown 1080ti rig you cant get even 10% of that in any coin?
That is just silly. And how would anyone stake right now if they didn't mine in the first week of releasing the coin? How many people besides the devs and their friends got into this on the very first day? Some, but I bet not much. That's not a fair start at all. So while real miners have their coins locked, all the devs are happily making more verus from POW. That is just bad.
And to your other point to wait until the block reward drops to 96. Are you suggesting for miners to wait 2 years before mining this coin
You guys had some good ideas, but this "RANDOM" time lock currency is just made for the devs to make money until the real miners wait for some random day in the next 2 years when they might possibly receive some reward if the coin still exists
A lot of people seem quite interested in mining time locked coins, as our hash rate seems to indicate. We certainly find it worth it and are also "real" miners.
I bought staking coins, as anyone can, as we plan to donate most of our team mining/staking earnings that we paid to mine out of our own funds, to support the Verus project. Fair means everyone got a chance to start at the same time, which they did. We got an immediately much larger hashrate than any of us expected, and we didn't get the majority of even the early coins, so hard to see how it wasn't fair to pre-announce with available miners for all platforms and then start mining with the same software.
Halving is every month right now, so non-timelocked 96 rewards are about 1-1/2 months away.
), easier control of mining through the mining button, and fixes issues related to setting staking with a thread count of 0 after resetting staking that was initially on when the wallet was loaded.