[ANN][1000 SYNC] Proof of Stake now run by BLOCKCHAIN DEVELOPMENT COMPANY - page 431.

Ziploc

sr. member

Activity: 405

Merit: 250

Quote from: Cohle on May 23, 2014, 08:45:20 PM

Quote from: Ziploc on May 23, 2014, 08:42:41 PM

Quote from: LuckyKey on May 23, 2014, 06:35:35 PM

Everyone with less than 1.0 SYNC will be selling soon if the PoS is only for those with at least 1.0 SYNC. IMHO, I don't get the 1% PoS rate with a 1000 coins? It sounds like the bulk of people either cannot receive any PoS, or will not receive much at all. So, why would 1% be worth it, for anyone but the top handful of owners that accumulate the bulk of these coins? There will be little value to anyone else to hold them? And, in the end, little value for anyone if this coin ends up with a small distribution. Why wouldn't the PoS be set at 100%? What would be wrong with that? At least if you double your coins for holding them, it would be incentive…there's little incentive for the majority of coin owners to keep for PoS? ;-( Sorry, I don't see the value there?

I have less than 1 Sync in my wallet and according to it it is staking right now...

Finally! Some confirmation. Lol.

time to next reward is going down too.....also the blocks are increasing...now at 8185

Cohle

full member

Activity: 196

Merit: 100

Quote from: Ziploc on May 23, 2014, 08:42:41 PM

Quote from: LuckyKey on May 23, 2014, 06:35:35 PM

Everyone with less than 1.0 SYNC will be selling soon if the PoS is only for those with at least 1.0 SYNC. IMHO, I don't get the 1% PoS rate with a 1000 coins? It sounds like the bulk of people either cannot receive any PoS, or will not receive much at all. So, why would 1% be worth it, for anyone but the top handful of owners that accumulate the bulk of these coins? There will be little value to anyone else to hold them? And, in the end, little value for anyone if this coin ends up with a small distribution. Why wouldn't the PoS be set at 100%? What would be wrong with that? At least if you double your coins for holding them, it would be incentive…there's little incentive for the majority of coin owners to keep for PoS? ;-( Sorry, I don't see the value there?

I have less than 1 Sync in my wallet and according to it it is staking right now...

Finally! Some confirmation. Lol.

s0urcec0de

newbie

Activity: 28

Merit: 0

Quote from: Cohle on May 23, 2014, 08:36:06 PM

Looking at the current stats, the multipool's buying power is around 1btc per day. That should increase as the kinks discussed in previous pages are ironed out and more hash is added to the multipool.

Everyone whos in this coin, needs to lend some hash over there regardless of payout, thats not the point. If they believe in this coins long term value, then its in their own interest to keep supporting it. Once the weak hands get flushed and we increase the pool hashrate, then the coin will find a level and pick up from there.

Ziploc

sr. member

Activity: 405

Merit: 250

Quote from: LuckyKey on May 23, 2014, 06:35:35 PM

Everyone with less than 1.0 SYNC will be selling soon if the PoS is only for those with at least 1.0 SYNC. IMHO, I don't get the 1% PoS rate with a 1000 coins? It sounds like the bulk of people either cannot receive any PoS, or will not receive much at all. So, why would 1% be worth it, for anyone but the top handful of owners that accumulate the bulk of these coins? There will be little value to anyone else to hold them? And, in the end, little value for anyone if this coin ends up with a small distribution. Why wouldn't the PoS be set at 100%? What would be wrong with that? At least if you double your coins for holding them, it would be incentive…there's little incentive for the majority of coin owners to keep for PoS? ;-( Sorry, I don't see the value there?

I have less than 1 Sync in my wallet and according to it it is staking right now...

jiwany

member

Activity: 102

Merit: 10

Quote from: Alpharisc on May 23, 2014, 08:25:15 PM

Honestly, I hope it works out, and any of these potential obstacles can be overcome or simply clarified. I'm not trying to lose anyone money, and I held some sync myself.

However, people should know some of the risks involved in this particular instance so they can make more informed choices. Too often these threads are a bunch of people just telling each other how many Ferrari's they are going to own when it all takes off, rather than being more hardheaded about their investments. Either that, or they wilfully ignore and shout down any glaring issues just to pump their assets and leave some other sucker with the bag. Which is scummy behaviour.

A realistic conversation should be possible.

Sorry to see you steped out temporarily Grin

You can always jump back on, just don't miss the boat.

Even if theoretically, the dev is a scammer. I don't think he can really skip out on us with much profit at this point. LOL.

Yes realistic conversations are good. Realisticly, we can all pull together and create a positive community. We can't write off the coin this easily. People were selling 10000 DRK for 0.25 BTC before. That was REAL.

The dev does need to address the main concerns in a more professional manner. Let's give him some time to come up with a honest explanation. It must not be easy to be you right now, but we can pull through this

Perhaps we need a bigger team and to be active on IRC. Who is on there?

Cohle

full member

Activity: 196

Merit: 100

Looking at the current stats, the multipool's buying power is around 1btc per day. That should increase as the kinks discussed in previous pages are ironed out and more hash is added to the multipool.

If you have hash, point it here - http://sync.multipoolmining.com

AlexformPr

member

Activity: 91

Merit: 10

True its not about the stake its about the Cowwwww! Wink

So "Don't Hate Donate" SZwxwVkUhBUgAfUQBdKiRxBLxhRqaVkmiS

fUQBdK

Alpharisc

newbie

Activity: 47

Merit: 0

Honestly, I hope it works out, and any of these potential obstacles can be overcome or simply clarified. I'm not trying to lose anyone money, and I held some sync myself.

However, people should know some of the risks involved in this particular instance so they can make more informed choices. Too often these threads are a bunch of people just telling each other how many Ferrari's they are going to own when it all takes off, rather than being more hardheaded about their investments. Either that, or they wilfully ignore and shout down any glaring issues just to pump their assets and leave some other sucker with the bag. Which is scummy behaviour.

A realistic conversation should be possible.

jiwany

member

Activity: 102

Merit: 10

block 8150. not long to go.

s0urcec0de

newbie

Activity: 28

Merit: 0

Quote from: jiwany on May 23, 2014, 08:08:40 PM

maybe it is possible that this dev isn't a coding genius. Maybe he needs some help. I still believe in the specs of the coin, and all the positive ways that this coin came to be where it is at with a lot of people joining into the community. If dead coins can be revived by the community, then we as a community can get this coin to where we want it to be. And I have a feeling the devs will want to be part of that community. So let's sit tight and stay positive and work towards bettering this coin and community.

Finally some sense amongst all the fud, no doubt from people that either missed it, havent got enough or are jealous. Every single coin can be made into whatever we want it to be by us, the community surrounding it. Its not up to a dev to make us all millions, he's sewn the seed and its up to us to help. Bitcoin took 4 years to reach a nice value. This coin is just over a week old. Issues can be ironed out and a community can built up surrounding it.

Negative people bring nothing to the table, and they seem to be in every thread talking like the age they are. How about suggestions and mature discussions about what we can do to move this coin forward. If you dont believe in this coin then kindly leave the thread and let us that do, have a discussion on how we can progress.

jiwany

member

Activity: 102

Merit: 10

Quote from: Cohle on May 23, 2014, 08:15:27 PM

Quote from: jiwany on May 23, 2014, 07:58:23 PM

When I came into this coin. I knew it was only 1%. That is not the reason I came in.

Those thinking about selling, are you seriously saying you came into this coin because of the 1% staking? LOL

I will be holding and waiting for the panic buys later to capitalize. Just keep mining at the multipool, give the devs some time it's in their interest to get everything running smoothly. Reporting and asking reasonable questions is fine, but let's just all be patient adults. Remember, WE have a big say in what the coin becomes.

I am sure it's anyone in the IT inducstry knows, you cannot predict everything that will happen. The dev can't sit here and answer every question repeatedly. I am going ot wait for block 8200, I will wait for the flavoured wallet which josh already told us he is working on. He is having well deserved sleep/rest now.

See you guys on the other side of 5BTC Cool

The amount staked is beside the point. There are people here, like raskul (who I've quoted), attempting to provide a concise explanation on what is happening. Meanwhile the dev is stating:

Quote from: MsCollec on May 23, 2014, 06:19:32 PM

Quote from: Polly Stripe on May 23, 2014, 06:14:29 PM

Quote from: youngwebs on May 23, 2014, 06:09:46 PM

Quote from: Brewins on May 23, 2014, 06:08:13 PM

Anyone know why it says

"Not staking because you dont have mature coins"

When i have mature coins with over 750 confirms?

anything special i need to do for staking?

please read previous page, this question is answerred many times!
bottomline, you need a reasonable amount of sync and 1000 confirmations

1083 confirmations/0.52 SYNC/"Not staking because you dont have mature coins"/wallet updated/wallet is unlocked about 6-7 hours - what am I doing wrong? Wink

I think you need 1 sync + for staking

- and advising people to buy more SYNC:

Quote from: MsCollec on May 23, 2014, 02:53:39 PM

ANN

If you are not generating coins is because of low balance, buy more at the exchange and all the nodes are on the new version

Now, raskul's speculation (lack of transaction fees giving greater minting priority larger balances) makes sense. Just need the dev to confirm if this is the case and if considerations are being made to address them.

Again, it's not about the amount staked. It's about clarity and confidence.

ok let's wait for their reply. These are the discussions we need to be having rather than filling up page after page of POS questions. But the good sign is it seems Sync attracted a lot of attention even from the altcoin noobs. A lot of people jumped on. I hope not many people will jump off prematurely before knowing 100% that this coin was designed to fail, and is unfixable.

Cohle

full member

Activity: 196

Merit: 100

Quote from: jiwany on May 23, 2014, 07:58:23 PM

When I came into this coin. I knew it was only 1%. That is not the reason I came in.

Those thinking about selling, are you seriously saying you came into this coin because of the 1% staking? LOL

I will be holding and waiting for the panic buys later to capitalize. Just keep mining at the multipool, give the devs some time it's in their interest to get everything running smoothly. Reporting and asking reasonable questions is fine, but let's just all be patient adults. Remember, WE have a big say in what the coin becomes.

I am sure it's anyone in the IT inducstry knows, you cannot predict everything that will happen. The dev can't sit here and answer every question repeatedly. I am going ot wait for block 8200, I will wait for the flavoured wallet which josh already told us he is working on. He is having well deserved sleep/rest now.

See you guys on the other side of 5BTC Cool

The amount staked is beside the point. There are people here, like raskul (who I've quoted), attempting to provide a concise explanation on what is happening. Meanwhile the dev is stating:

Quote from: MsCollec on May 23, 2014, 06:19:32 PM

Quote from: Polly Stripe on May 23, 2014, 06:14:29 PM

Quote from: youngwebs on May 23, 2014, 06:09:46 PM

Quote from: Brewins on May 23, 2014, 06:08:13 PM

Anyone know why it says

"Not staking because you dont have mature coins"

When i have mature coins with over 750 confirms?

anything special i need to do for staking?

please read previous page, this question is answerred many times!
bottomline, you need a reasonable amount of sync and 1000 confirmations

1083 confirmations/0.52 SYNC/"Not staking because you dont have mature coins"/wallet updated/wallet is unlocked about 6-7 hours - what am I doing wrong? Wink

I think you need 1 sync + for staking

- and advising people to buy more SYNC:

Quote from: MsCollec on May 23, 2014, 02:53:39 PM

ANN

If you are not generating coins is because of low balance, buy more at the exchange and all the nodes are on the new version

Now, raskul's speculation (lack of transaction fees giving greater minting priority to larger balances) makes sense. Just need the dev to confirm if this is the case and if considerations are being made to address them.

Again, it's not about the amount staked. It's about clarity, confidence AND the security of the network post PoW as explained by Alpharisc.

bitcoinvideos

sr. member

Activity: 251

Merit: 250

Quote from: Alpharisc on May 23, 2014, 08:07:59 PM

Quote from: jiwany on May 23, 2014, 07:58:23 PM

When I came into this coin. I knew it was only 1%. That is not the reason I came in.

Those thinking about selling, are you seriously saying you came into this coin because of the 1% staking? LOL

I will be holding and waiting for the panic buys later to capitalize. Just keep mining at the multipool, give the devs some time it's in their interest to get everything running smoothly. Reporting and asking reasonable questions is fine, but let's just all be patient adults. Remember, WE have a big say in what the coin becomes.

I am sure it's anyone in the IT inducstry knows, you cannot predict everything that will happen. The dev can't sit here and answer every question repeatedly. I am going ot wait for block 8200, I will wait for the flavoured wallet which josh already told us he is working on. He is having well deserved sleep/rest now.

See you guys on the other side of 5BTC Cool

If people don't stake, blocks don't get processed, and transactions cannot take place. Staking replaces the role filled by miners in a Proof of Work coin.

So it's not about the one percent return, it's about the fact that if people cannot stake, THE COIN DOESNT WORK.

Good luck on hitting 5btc with a coin where you cant send or receive transactions.

This is WhiteCoin all over again.

Enough with the FUD because we don't know for SURE that you need 1 SYNC to stake. So hold on before we start tanking this coin on rumor.

jiwany

member

Activity: 102

Merit: 10

The only thing I am concernd about is whether the dev is a scammer or not. So far all signs are that he is not, and that he will do what it takes to smooth out issues as they arise.

Did we see any hidden premine? Did someone with dev experience go through all the code thoroughly? I believe so right?

jiwany

member

Activity: 102

Merit: 10

Quote from: Alpharisc on May 23, 2014, 08:03:00 PM

Quote from: carlo63 on May 23, 2014, 07:13:34 PM

Quote from: Alpharisc on May 23, 2014, 07:07:10 PM

Because staking is the only thing securing your network, and processing blocks and therefore transactions???

Do you even understand how the fuck PoS works?! Jesus Christ.

Are you trying to tell me that all other altcoins without PoS are insecure?

Those use POW or proof of work, Like bitcoin. POS coins like this one rely on staking instead, so its *very fucking important* that it works. Seriously, can't believe this needs to be explained.

If you can only stake with a minimum of 1 Sync... My God. Good luck processing blocks when only the top 100 richlist can stake. Oh and, yes, the security is basically nonexistent, because your coin is now in the exclusive hands of those lucky enough now and in the future to have 1Sync.

If your distribution goes according to any rational market mechanism, there are going to be less of those people every day. What a clusterfuck.

Luckily, I don't actually think you need 1 Sync to stake, and it should work on any amount. However, the dev seems ignorant of how his own system actually works. Which implies to me that he never wrote the thing at all and just lifted it from somewhere else.

maybe it is possible that this dev isn't a coding genius. Maybe he needs some help. I still believe in the specs of the coin, and all the positive ways that this coin came to be where it is at with a lot of people joining into the community. If dead coins can be revived by the community, then we as a community can get this coin to where we want it to be. And I have a feeling the devs will want to be part of that community. So let's sit tight and stay positive and work towards bettering this coin and community.

Alpharisc

newbie

Activity: 47

Merit: 0

Quote from: jiwany on May 23, 2014, 07:58:23 PM

When I came into this coin. I knew it was only 1%. That is not the reason I came in.

Those thinking about selling, are you seriously saying you came into this coin because of the 1% staking? LOL

I will be holding and waiting for the panic buys later to capitalize. Just keep mining at the multipool, give the devs some time it's in their interest to get everything running smoothly. Reporting and asking reasonable questions is fine, but let's just all be patient adults. Remember, WE have a big say in what the coin becomes.

I am sure it's anyone in the IT inducstry knows, you cannot predict everything that will happen. The dev can't sit here and answer every question repeatedly. I am going ot wait for block 8200, I will wait for the flavoured wallet which josh already told us he is working on. He is having well deserved sleep/rest now.

See you guys on the other side of 5BTC Cool

If people don't stake, blocks don't get processed, and transactions cannot take place. Staking replaces the role filled by miners in a Proof of Work coin.

So it's not about the one percent return, it's about the fact that if people cannot stake, THE COIN DOESNT WORK.

Good luck on hitting 5btc with a coin where you cant send or receive transactions.

This is WhiteCoin all over again.

Alpharisc

newbie

Activity: 47

Merit: 0

Quote from: carlo63 on May 23, 2014, 07:13:34 PM

Quote from: Alpharisc on May 23, 2014, 07:07:10 PM

Because staking is the only thing securing your network, and processing blocks and therefore transactions???

Do you even understand how the fuck PoS works?! Jesus Christ.

Are you trying to tell me that all other altcoins without PoS are insecure?

Those use POW or proof of work, Like bitcoin. POS coins like this one rely on staking instead, so its *very fucking important* that it works. Seriously, can't believe this needs to be explained.

If you can only stake with a minimum of 1 Sync... My God. Good luck processing blocks when only the top 100 richlist can stake. Oh and, yes, the security is basically nonexistent, because your coin is now in the exclusive hands of those lucky enough now and in the future to have 1Sync.

If your distribution goes according to any rational market mechanism, there are going to be less of those people every day. What a clusterfuck.

Luckily, I don't actually think you need 1 Sync to stake, and it should work on any amount. However, the dev seems ignorant of how his own system actually works. Which implies to me that he never wrote the thing at all and just lifted it from somewhere else.

jiwany

member

Activity: 102

Merit: 10

When I came into this coin. I knew it was only 1%. That is not the reason I came in.

Those thinking about selling, are you seriously saying you came into this coin because of the 1% staking? LOL

I will be holding and waiting for the panic buys later to capitalize. Just keep mining at the multipool, give the devs some time it's in their interest to get everything running smoothly. Reporting and asking reasonable questions is fine, but let's just all be patient adults. Remember, WE have a big say in what the coin becomes.

I am sure it's anyone in the IT inducstry knows, you cannot predict everything that will happen. The dev can't sit here and answer every question repeatedly. I am going ot wait for block 8200, I will wait for the flavoured wallet which josh already told us he is working on. He is having well deserved sleep/rest now.

See you guys on the other side of 5BTC Cool

cjp007

full member

Activity: 224

Merit: 100

Quote from: Cohle on May 23, 2014, 07:45:00 PM

Quote from: raskul on May 23, 2014, 05:23:02 PM

Quote from: Kenta on May 23, 2014, 05:18:32 PM

Quote from: raskul on May 23, 2014, 05:13:11 PM

ps. dev team... you NEED to build in a compulsory tx fee into the code.
I've been mixing my coins for free and it's not good for the network.
You need to have some sort of minimum tx fee to propagate PoS fairly, evenly and properly otherwise we will see the majority of early stake going to the bigger bag-holders (which is what we are seeing).

ADD: even make it 0.00000001SYNC it'll suffice.

Explain please?

I have received coins from different exchanges and pools to different wallet addresses, still within the same qt. Will this reduce my chances to get pos early?

no, it won't reduce your chances, as explained previously, everyone will get 1% per annum.
how tx ID works with PoS; the network recognises every wallet and transaction of equal value, if every transaction has the same fee paid back to the network. Without any TX fee, then the network sees bigger wallets as more important.

So....
when the network sees a tx from a wallet with 13SYNC to a wallet with 0.004 sync (without a tx fee) it regards the larger wallet as more important, and put it higher in the 'minting queue'

but...
when the network sees a tx from a wallet with 0.004 sync to a wallet with 13SYNC (with a tx fee) it regards the wallet which has paid the tx fee as more important, bumping it up the 'minting queue'

thus...
an equal tx fee on all transactions equates all wallets equal in the network.

makes sense?

Could the dev please clarify if there is a minimum balance required in order to stake? Telling people to go buy more SYNC in order to stake could rub some the wrong way. Perhaps the dev needed to be more concise in explaining that larger balances currently take priority in the "minting queue" (if what I have quoted is correct), and that ALL balances will eventually generate a stake in time?

I'll wait for the Dev to confirm, but I am pretty sure that all coins stake no matter how much is being held (the more you have the better chance you have at any given time of staking, but again all coins should stake).

s0urcec0de

newbie

Activity: 28

Merit: 0

I've read this thread from the beginning and I really like this coins name and features. Having a smaller amount of coins available makes sense as they're divisable by 100 million bits. I've mined and invested some and I believe it was one of the smoothest launches I've taken part in.

I've moved a miner to the X11 multipool to support the coin, even though its not earning as much as the scrypt pool. I can live with that as its not really the point. I would encourage anyone with a vested interest in this coin to point one card/rig to the pool to support the community.

Topic: [ANN][1000 SYNC] Proof of Stake now run by BLOCKCHAIN DEVELOPMENT COMPANY - page 431. (Read 816010 times)