Topic: [ANN][FIRE] FireCoin- 97K Fire - POS - Developer leaving - page 14. (Read 78322 times)

I like it too. Enough that people should want to stake. But not too much that we have inflation issues.

This option sounds best so far.

Thanks for the input. Could we get more input everyone.

I think that interest rate need to be set at 5-7% annually.
First year 7%, second 6%, and third and other 5%.

Thanks

Windows qt for those having trouble with Mega.  http://www.mediafire.com/download/2sg42j3x42y59x6/release_Final_(2).rar

Well it kind of is broke in terms of length of block times. There are times when the chain slows to a crawl. It depends on who has wallet open and also when people move coins.

In my case, paranoia I don't have an issue with the time frame, just that I don't like to see things "fixed" that work well. Firecoind and Firecoin-qt both stake regularly even on small amounts as it stands. Just my opinion, don't fix what ain't broke.

Can I ask you guys why you like the longer coin maturity? I have KTK and it is a 3 hour min coin maturity and it has a nice and fast block chain. Do you guys know of some kind of reason for that short of maturity?

I think your interest goals are probably too modest, and I think the coin age should be no less than 6 hours, with 12 being better.

Rather than drop a one liner on ya, let me explain my reasoning a bit.

The coin is pure POS and now the profit share has removed nearly half of the coins in existence from circulation. Even allowing for profit sharing, this will make the coin so freakin' rare that retail adoption is not even a possibility. As an investment vehicle, that might be a good long term strategy, but I would suggest starting your interest rate at 50 percent, and drop one percent every thirty days until you're down to 10 percent, then follow the strategy you had above. As you know, I'm not a programmer, so I'm not sure how feasible that is, but from a publicity dynamic, it seems pretty good to me.

That's the interest, using the term loosely. In reality POS is a different form of mining rather than true interest, so perhaps one should look at it that way rather than as gaining interest. While the effect is similar the mechanisms are not. True interest is gained from people buying the money on time, rather than holding it. Proof of Stake is a way of parking the money and using it to mine via staking.

First things last, my reasoning on the time frame is that you shouldn't tinker too much with that which works well. Firecoin stakes like a witch at the vatican.

I think the interest rate for POS need to be set at 15%, with an annual decrease of 5%, and with fixation at the level of 5% in 2 years.

The min coin age needed to set at 8 - 12 hours, maximum - 15 days. Will be enough to stabilize our network.

Ok everyone. There are 2 major changes that need to be talked about with this coin. 1) Should we increase the interest rate for POS? Right now I think 1% is making it so people do not care to open their wallet. Which slows down the network. 2) Min coin age, Should we reduce it? Right now it is at 24 hours. Reducing it will also help the network but will increase compounded interest. All of this should increase our network stability but it will increase inflation. I think we need to do both. I am split on interest on how we should handle it. I think going to 10% and then every year dropping 1% until we reach 5% would be good. And I think 3 hours is a good time for coin maturity.

Enrollment closed for profit share. For those who did not make it still gather coins because I will open it up again at some point.

Just over 8 hours until the first enrollment closes.

I will end the sign up tonight 11:59PM CDT. So you have 11 hours to get your coins and sign up.

Next Profit share payout is 9/9

Yes I was just doing some math for people at the current rate. Prices have gone up a bit since then.

It is somewhat random. It usually updates at least twice a day from what I have seen. Just send me an email about how many coins are added and I normally can track it down. You also have a few days until Next Payment.

tom14cat14 - how often is the block explorer updated? I have more coins in my wallet than what shows on http://blockexperts.com/fire after about 12 hours of waiting for an update.

Ah, seems price has gone up and you can't get 750 coins for that much anymore at Ask price.  Will need about $55 now on Bittrex.