Topic: [ANN][1000 SYNC] Proof of Stake now run by BLOCKCHAIN DEVELOPMENT COMPANY - page 234. (Read 816010 times)
June 04, 2014, 01:22:47 PM
Dev, kindly add a FAQ regarding Staking in the OP, lot of people like me are still asking about it. All the answers we get, are buried along the pages.
June 04, 2014, 01:21:52 PM
thats funny that im on the "old wallet" I downloaded from the original post like 4 days ago. its been up for a while stating a hard fork.
edit: so there were two updates then? the last wallet download I did a few days ago was called "sync-v2" or something. this one called "syncfinal" I only saw one update needed on the main thread. thats why a few of us got stuck / confused.
edit: so there were two updates then? the last wallet download I did a few days ago was called "sync-v2" or something. this one called "syncfinal" I only saw one update needed on the main thread. thats why a few of us got stuck / confused.
Version 1.0.1 had the fork, so if you are in sync, it should work. But it has a couple of problems: It might stuck on initial block download (if you are on blockchain head, it should work fine). Also, it tries to download blocks from every node, even the old ones.
In version 1.0.2 these are fixed.
I'll keep the version up to date, so you all know if you are having the latest.
cool, thanks. I just saw the hard fork message a while ago and updated the second I saw it, figured I would be good for a while. all is well now!
June 04, 2014, 01:14:41 PM
Thanks. It seems to me that the whole scenario of having a very small number of POW coins which multiply themselves 10x via POS over several years is a GREAT idea. It's a huge incentive to buy the coin as well as to hang on to them and keep your wallet open (contributing to the POS process and stability) for a very long time. I may be missing something, but combining an ultra-low supply with the ability to multiply your holdings by a factor of 10 seems like a big winner to me.
+1
Great idea
Yes, me to. I was against it it the beginning, but then it appeared to be something that had appeal.
But, the dev is against it, so then it will be back to the A-plan, which is few coins and a Premium-VIP-bonus-frequent-flyer-exclusive-walmart-points -club, and that might also have appeal to some... I guess it's an American thing?
Perhaps we could have voucher coupons to cut out from magazines as well? With rebates?
June 04, 2014, 01:03:06 PM
I am trying to understand the staking process (sorry, i'm kinda new to this)
I just added sync coins to my wallet, how long will it take to stake?
Coin Maturity: 50 blocks
Min Coin Age: 6 hours
Coin Age Maturity: 30 days
Will it take 6 hours, 50 blocks or 30 days?
What is the coin age maturity? Is that when the stake get's it's full potential?
Thanks!
I just added sync coins to my wallet, how long will it take to stake?
Coin Maturity: 50 blocks
Min Coin Age: 6 hours
Coin Age Maturity: 30 days
Will it take 6 hours, 50 blocks or 30 days?
What is the coin age maturity? Is that when the stake get's it's full potential?
Thanks!
You need to be holding at least 0.08299429 Sync and they need to be held for a minimum of 6 hours before the staking process begins.
Then the more coins you have the greater the chance is that you will actually mine (mint) some coin, the longer you leave them staking the higher the chance that will be accepted coins (not orphans).
So ideally your wallet should be open all the time, you will receive a stake every day (compound interest), this stake will add to your original coins then the next time you stake you will receive more. If you just open your wallet once every blue moon, then you will receive a lump sum.
This is my understanding of the staking system, please feel to correct me if I am wrong!
June 04, 2014, 12:37:28 PM
Thanks. It seems to me that the whole scenario of having a very small number of POW coins which multiply themselves 10x via POS over several years is a GREAT idea. It's a huge incentive to buy the coin as well as to hang on to them and keep your wallet open (contributing to the POS process and stability) for a very long time. I may be missing something, but combining an ultra-low supply with the ability to multiply your holdings by a factor of 10 seems like a big winner to me.
+1
Great idea
June 04, 2014, 12:29:23 PM
Thanks. It seems to me that the whole scenario of having a very small number of POW coins which multiply themselves 10x via POS over several years is a GREAT idea. It's a huge incentive to buy the coin as well as to hang on to them and keep your wallet open (contributing to the POS process and stability) for a very long time. I may be missing something, but combining an ultra-low supply with the ability to multiply your holdings by a factor of 10 seems like a big winner to me.
June 04, 2014, 12:25:00 PM
I ran some more figures on interest rates, half life, etc. For starters, these calculations are more accurate than my previous ones since the formulas used are compounding interest continually instead of monthly like my previous ones. Note that these calculations are based on the assumption that all coin holders will have their wallets open 100% of the time and not sitting on exchanges, etc.
It seems to me that it would be better to use the total # of coins in existence as a half-life trigger instead of using months, years, etc. That way, the final number of coins in existence could at least be set in stone. The first thing to determine is how soon the 10,000 final count should be hit, then the math can go from there.
I also believe very strongly that the next interest-rate policy change for this coin should be the last one. Changing the rules on-the-fly is obviously not generally a good idea, even if it means more earnings.
I have uploaded the spreadsheet I used to figure this stuff out at https://app.box.com/s/2w238twcd57falpq7ij3 - feel free to download & play with it.
- If the interest rate starts out at 100% annually (where it is) and halves on a monthly basis, the final coin count of 1,181.36 would be hit in 16 months - far less than the 10000 hard limit.
- Using a starting interest rate of 100% anually and halving only once a year, the final coin count would be 7,389, arriving in the year 2032. 90% of all coins would be generated by mid 2018.
- The closest half-life period that wouldn't exceed 10,000 coins is 1.15 years, reaching a maximum of 9,974 coins.
It seems to me that it would be better to use the total # of coins in existence as a half-life trigger instead of using months, years, etc. That way, the final number of coins in existence could at least be set in stone. The first thing to determine is how soon the 10,000 final count should be hit, then the math can go from there.
I also believe very strongly that the next interest-rate policy change for this coin should be the last one. Changing the rules on-the-fly is obviously not generally a good idea, even if it means more earnings.
I have uploaded the spreadsheet I used to figure this stuff out at https://app.box.com/s/2w238twcd57falpq7ij3 - feel free to download & play with it.
here here great job there. All good points and agree 100 percent.
June 04, 2014, 11:56:19 AM
I ran some more figures on interest rates, half life, etc. For starters, these calculations are more accurate than my previous ones since the formulas used are compounding interest continually instead of monthly like my previous ones. Note that these calculations are based on the assumption that all coin holders will have their wallets open 100% of the time and not sitting on exchanges, etc.
It seems to me that it would be better to use the total # of coins in existence as a half-life trigger instead of using months, years, etc. That way, the final number of coins in existence could at least be set in stone. The first thing to determine is how soon the 10,000 final count should be hit, then the math can go from there.
I also believe very strongly that the next interest-rate policy change for this coin should be the last one. Changing the rules on-the-fly is obviously not generally a good idea, even if it means more earnings.
I have uploaded the spreadsheet I used to figure this stuff out at https://app.box.com/s/2w238twcd57falpq7ij3 - feel free to download & play with it.
- If the interest rate starts out at 100% annually (where it is) and halves on a monthly basis, the final coin count of 1,181.36 would be hit in 16 months - far less than the 10000 hard limit.
- Using a starting interest rate of 100% anually and halving only once a year, the final coin count would be 7,389, arriving in the year 2032. 90% of all coins would be generated by mid 2018.
- The closest half-life period that wouldn't exceed 10,000 coins is 1.15 years, reaching a maximum of 9,974 coins.
It seems to me that it would be better to use the total # of coins in existence as a half-life trigger instead of using months, years, etc. That way, the final number of coins in existence could at least be set in stone. The first thing to determine is how soon the 10,000 final count should be hit, then the math can go from there.
I also believe very strongly that the next interest-rate policy change for this coin should be the last one. Changing the rules on-the-fly is obviously not generally a good idea, even if it means more earnings.
I have uploaded the spreadsheet I used to figure this stuff out at https://app.box.com/s/2w238twcd57falpq7ij3 - feel free to download & play with it.
I got the impression from MsCollec that 10k coins was the max and that wasn't going to change. Nice job with the numbers. Can we get some feedback from the MsCollec and dev team? It would be good to at least lay out the plan, even if it's not implemented right away.
June 04, 2014, 11:21:49 AM
I am trying to understand the staking process (sorry, i'm kinda new to this)
I just added sync coins to my wallet, how long will it take to stake?
Coin Maturity: 50 blocks
Min Coin Age: 6 hours
Coin Age Maturity: 30 days
Will it take 6 hours, 50 blocks or 30 days?
What is the coin age maturity? Is that when the stake get's it's full potential?
Thanks!
I just added sync coins to my wallet, how long will it take to stake?
Coin Maturity: 50 blocks
Min Coin Age: 6 hours
Coin Age Maturity: 30 days
Will it take 6 hours, 50 blocks or 30 days?
What is the coin age maturity? Is that when the stake get's it's full potential?
Thanks!
It can happen anytime between 6 Hours and 30 days. Sometimes more often with less amount, sometimes less often with higher amount.
June 04, 2014, 11:19:54 AM
Seems to be working great for everyone else. Make sure you have the latest wallet and open and close it a few times when its syncing if it gets stuck.
I am on the latest wallet, and deleted the cache files.
It works fine few days ago, but stuck from yesterday.
Even though reopen can fix that, I think it still suck..
I never face that in btc or other coins's wallet.
but will reopen and see will it fix.
doesnt work great for me. I also did the same shit.
stuck on block 9314. see debug log below. I have also restarted the wallet and pc several times, starting to get annoying.
youre not on the latest wallet i think it has to be a versionnumber 1.0.2
June 04, 2014, 11:18:56 AM
I am trying to understand the staking process (sorry, i'm kinda new to this)
I just added sync coins to my wallet, how long will it take to stake?
Coin Maturity: 50 blocks
Min Coin Age: 6 hours
Coin Age Maturity: 30 days
Will it take 6 hours, 50 blocks or 30 days?
What is the coin age maturity? Is that when the stake get's it's full potential?
Thanks!
I just added sync coins to my wallet, how long will it take to stake?
Coin Maturity: 50 blocks
Min Coin Age: 6 hours
Coin Age Maturity: 30 days
Will it take 6 hours, 50 blocks or 30 days?
What is the coin age maturity? Is that when the stake get's it's full potential?
Thanks!
June 04, 2014, 10:41:17 AM
What the fuck with this coin?
Not sync?
Sync sink?
Why my block stuck at yesterday, not syncing. Damn
Not sync?
Sync sink?
Why my block stuck at yesterday, not syncing. Damn
I'm sorry to hear about your experience,
You can change the project.
Good luck!
Really , if you can't give the man a real answer or help him , please don't post using Google translate.
Why? He can get answers on first page.
ttyler333 is a respected community member, you are not.
Now, go back to your caves!
Troll!
If this is the community that backs the coin , and this is the way your treat people , then good luck...you're gong to need it.
Have you seen most of the BTC community. They have plenty of people that will answer you harshly and they are doing just fine. Every group will have people rough around the edges. Especially when people ask same thing over and over and it would be solved just by reading a little bit.
June 04, 2014, 10:39:55 AM
I ran some more figures on interest rates, half life, etc. For starters, these calculations are more accurate than my previous ones since the formulas used are compounding interest continually instead of monthly like my previous ones. Note that these calculations are based on the assumption that all coin holders will have their wallets open 100% of the time and not sitting on exchanges, etc.
It seems to me that it would be better to use the total # of coins in existence as a half-life trigger instead of using months, years, etc. That way, the final number of coins in existence could at least be set in stone. The first thing to determine is how soon the 10,000 final count should be hit, then the math can go from there.
I also believe very strongly that the next interest-rate policy change for this coin should be the last one. Changing the rules on-the-fly is obviously not generally a good idea, even if it means more earnings.
I have uploaded the spreadsheet I used to figure this stuff out at https://app.box.com/s/2w238twcd57falpq7ij3 - feel free to download & play with it.
- If the interest rate starts out at 100% annually (where it is) and halves on a monthly basis, the final coin count of 1,181.36 would be hit in 16 months - far less than the 10000 hard limit.
- Using a starting interest rate of 100% anually and halving only once a year, the final coin count would be 7,389, arriving in the year 2032. 90% of all coins would be generated by mid 2018.
- The closest half-life period that wouldn't exceed 10,000 coins is 1.15 years, reaching a maximum of 9,974 coins.
It seems to me that it would be better to use the total # of coins in existence as a half-life trigger instead of using months, years, etc. That way, the final number of coins in existence could at least be set in stone. The first thing to determine is how soon the 10,000 final count should be hit, then the math can go from there.
I also believe very strongly that the next interest-rate policy change for this coin should be the last one. Changing the rules on-the-fly is obviously not generally a good idea, even if it means more earnings.
I have uploaded the spreadsheet I used to figure this stuff out at https://app.box.com/s/2w238twcd57falpq7ij3 - feel free to download & play with it.
June 04, 2014, 10:25:59 AM
Yes my wallet is staking all day, in little bits.
I got my first orphan today tho
I got my first orphan today tho
I wish you good luck with it you will get a bright future
Come on great miners
June 04, 2014, 10:16:34 AM
the trolls are out in force today folks, they are everywhere they have grown in number because they is dumb and lost all the oppertunities going three in the last 2 days alone lol!
June 04, 2014, 09:41:43 AM
What the fuck with this coin?
Not sync?
Sync sink?
Why my block stuck at yesterday, not syncing. Damn
Not sync?
Sync sink?
Why my block stuck at yesterday, not syncing. Damn
I'm sorry to hear about your experience,
You can change the project.
Good luck!
Really , if you can't give the man a real answer or help him , please don't post using Google translate.
Why? He can get answers on first page.
ttyler333 is a respected community member, you are not.
Now, go back to your caves!
Troll!
If this is the community that backs the coin , and this is the way your treat people , then good luck...you're gong to need it.
June 04, 2014, 09:37:27 AM
Can some explain how Orphans happen while staking? I seem to have got half of my stakes as orphans.
Any way to reduce this? I understand you will never get the orphans credited in the future?
Any way to reduce this? I understand you will never get the orphans credited in the future?
staking is mining - and while mining can an orphan block happen - so it can by staking OR would you know what an orphan block is ?
June 04, 2014, 09:36:23 AM
Can some explain how Orphans happen while staking? I seem to have got half of my stakes as orphans.
Any way to reduce this? I understand you will never get the orphans credited in the future?
Any way to reduce this? I understand you will never get the orphans credited in the future?
I believe that the longer you are staking and the more coins you have will increase your chances of minting new coins. + you are right in your assumption that you will never get the orphans credited!
June 04, 2014, 09:30:28 AM
Does the stake time reset every time you generate new coins? I was staking like a boss and then go the first payment and my stake is now at o 
Will it start staking as soon as the generated coins reach maturity?
Will it start staking as soon as the generated coins reach maturity?
That is correct, they will still stake by luck, but the likeliness increases over time until the chances are 100% after 30 days.
but the stake at the wallet is NOT the stake its the amount that stakes - it goes to 0 after confirmation - then you have earned it
That's right.
June 04, 2014, 09:28:13 AM
Can some explain how Orphans happen while staking? I seem to have got half of my stakes as orphans.
Any way to reduce this? I understand you will never get the orphans credited in the future?
Any way to reduce this? I understand you will never get the orphans credited in the future?
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