Topic: [ANN][GoldReserve][XGR]X11 Unique Stabilizer Fund, BACKED BY GOLD NOW! - page 32. (Read 164108 times)

Let me begin by saying I like the XGR concept. I never mined the coin but I have added a decent sum of BTC to the XGR market cap. Please understand I am trying to be constructive.

I believe the multi-pool concept is a zero sum game. The price of XGR will only increase if there is direct investment in the coin. If the miners in the multi-pool do not wish to hold XGR and sell on the exchange then the purchases by the multi-pool are negated. Thus the price/market cap simply does not increase.

Now, imho, if you would like the value of XGR to increase then two things must occur.
1. An exchange for fiat currencies --> XGR directly.
2. Merchant acceptance of XGR for payment of goods and services.

I believe you do wish to create a long lasting store of value in this coin. So the question is why is BTC successful? Again, imho, it is because BTC can be used to purchase real goods and services. In essence, BTC is also a fiat currency because it is only backed by trust; trust that there will be value in the future.

This is where XGR is unique and is not tied solely to trust, but a commodity. This is where I see value.   

I'd be interested how many people really use alt payouts @coinking.io. This could give an idea how many people would mine there for XGR.

The point is that BTC profitability is lowering each week. Imo the majority of people who mine on multipools mine for BTC and not altcoins for BTC for another altcoin. We didn't have high hash rates during XGR PoW, why should there be much more hashrate on a multipool for XGR?

A multipool will ask for BTC or XGR to set this up but to get real buy support with several BTC per day (this could really drive the XGR price up!) we would need maybe 100 GHash (X11) mining altcoins for BTC traded to XGR then. That's my point, I doubt that we will gather all that hashrate to really affect the price of XGR. With other algos (scrypt, sha256, scrypt-n) the profitability isn't any better than X11.

The solution is as simple as that who wants to "mine" XGR: mine on the most profitable multipool for BTC and put that BTC directly into buy orders on our main exchange allcoin.com.

Hi! Thats sounds a wonderful idea! As I see the market and the new coins, there is a rennaisance of ASIC and Scrypt ASIC miners, devs who started a SHA-256 or a plain Scrypt coins have huge hashrates!
I do not want to take away the possibility  of mining with GPUs but to get a buying pressure we may have an agressive plan here.

7 grams and counting

how much total gold does this coin own

We could possibly set up and run a multipool for XGR. Depends how much interest/demand there is for it.

Building a multipool finely and managing it is hard work.I tried once and I lost my money.

I think to start a new multipool is too difficult of a task since it will require a full time pool operator to manage the pool. Look at the XC multipool, it's barely alive for X11 and CLOAK discontinued their multipool. My suggestion would be to contact coinking.io multipool and find out how we can get XGR as an option for payout.

https://bitcointalksearch.org/topic/how-to-build-your-own-multipool-the-open-source-way-701200

Open Source Multipool

Also with scrypt, scrypt-n and x11/x13 algo multipool would attract more miners, thus more hashpower. Constant buy pressure guaranteed. Pool operator would have to buy XGR with BTC on exchanges to pay miners. Price of XGR would rise.

Multipools can be created with different algorithms, so maybe if a multipool start a SHA-256 pool for XGR then people can direct their ASIC miners there to collect some GOLD!

Next batch of FIAT arrived to the Gold Account, now we have 7 gramms of gold and 30 EUR. (because of the higher transaction fees I misscalculated the amount I should send...)

I like the concept of mining real gold from a computer. Quite bizarre actually. I wonder how much gold will actually make it to the reserve?

Speaking of which, isn't gold meant to be added weekly?

I don't really understand how a multipool could help XGR. Yes, I know what a multipool is doing and that it could create buy support for XGR, but to have real buy support that needs big amounts of BTC and altcoin profitabilty is falling and falling. That means less BTC / MHash day. Just look at multipool stats (e.g. poolpicker.eu ) who do altcoin mining and pay out in BTC then calculate how much hashrate is needed to create real buy walls for XGR.

During PoW phase XGR never had really high hashrates (I'd guess, the average hashrate for XGR was 1-2 GHash during PoW phase), why should now 10, 20 30 GHash be pointed to a multipool to get payouts in XGR? For anyone who thinks logically and economically it's cheaper to buy XGR than to try to mine it via multipool.

Just my thoughts about this multipool topic.

Hmm we really need a multipool, That'll surely make things interesting.

First, I am a backer of XGR all the way. In the top 20, I've mined it, I've bought it, and I've put my faith behind it.  This is not FUD, it is just my own confusion, which admittedly happens quite often.

Up until now, I've never really closely examined the numbers, and now that I have, I could use a little clarification from someone that knows what they're talking about.  Perhaps what I need is a class on how the blockchain works.  I am unfamiliar with how coins get minted after the POW phase(if they do at all), I am still very new to crypto, and I am not an accountant or finance major so if it could be explained in as simple of terms as possible, that would be great.

according to block reward structure from op...

up to block 100 = 10,000 coins (100 blocks x 100 coins/block)
up to block 500 = 120,000 coins(400 blocks x 300 coins/block)
up to block 10,000 = 5,700,000 coins(9,500 blocks x 600 coins/block)
up to block 50,000 = 12,000,000 coins(40,000 blocks x 300 coins/block)
up to block 100,000 = 5,000,000 coins(50,000 blocks x 100 coins/block)

I'm not against the premine and understand its importance to XGR, and I know this isn't that important, but correct me if I'm wrong, due to the premine and according to the block explorer,  the first couple lines should be changed as follows...

up to block 1 = 1 coin (1 block x 1 coin/block)
up to block 2 = 4,000,000 coins (1 block x 4,000,000 coins/block)
up to block 100 = 9,800 coins (98 blocks x 100 coins/block)
up to block 500 = 120,000 coins(400 blocks x 300 coins/block)
up to block 10,000 = 5,700,000 coins(9,500 blocks x 600 coins/block)
up to block 50,000 = 12,000,000 coins(40,000 blocks x 300 coins/block)
up to block 100,000 = 5,000,000 coins(50,000 blocks x 100 coins/block)

According to these numbers, a total of 26,829.801 coins should have been mined through the end of POW.

Now, this is where my blockchain confusion/ignorance kicks in, so bear with me.  According to the block explorer, the total coins minted is approx. 16,754,250.  I noticed this number fluctuates.  Is this due to trading and/or movement between wallets, or something else?

Why is there a discrepancy of 10,075,551 coins between total POW coins(26,829,801) and total coins minted(16,754,250) according to block explorer?  Where are these extra coins?  Does this have to do with how the coins are stored, traded, staked?  I am clueless here.

The block explorer also has a pie chart on the stats page which shows the stats of total coins mined 16,754,250 and the total of unmined coins 11,245,750, which adds up to 28,000,000 coins.  These numbers move, but will always add up to 28,000,000.  How do the unmined coins become mined coins and vice versa?  Also, where does the total of 28,000,000 coins come from?

This may be a more related to how the POS/blockchain works, but still, I am curious.  There have been almost 9000 blocks added to the explorer since block 100,000 was mined, are these from transactions/trades? How does a new block get created, and how does this tie into the total amount of coins?  

Now, lets look at an older block, a random block, for example, block 1977.  Value out=9185.33474637, transactions=19.  How does the value out get to be 9185.xxx?  

I guess, to sum it up, if my other questions don't make sense, or can't be answered individually, what I would like to know is how does it work?  Can someone show me how all these numbers(POW, POS, premine, interest, stake, or whatever bit I'm missing) add up to 40,000,000 total coins?

I'd be willing to bet that a good explanation would be beneficial to a lot of people here. As simple as possible, nothing too in depth.

I apologize for all the potentially stupid questions.  Please let me know if I said or asked something that is confusing, or doesn't make sense at all.

Thanks.

Keep tweeting!

Great news , guys make some tweeting to bittrex

Oh, one more thing, I do not know what happened at Allcoin.com, but at C-cex price is around 300 sat.
I checked the order history at Allcoin.com and it seems that someone systematically sold his coins at the Bid price, so price went down in every transaction.

The good news is, at last, I contacted by a Hungarian developer and he is keen on helping me improve my coin. If the negotiations goes well, I will start to implement new features to this coin. I will create a list of new implementations I have in mind, and we can discuss that in here or on IRC channel.

I also read at Bitcoinbuzz that nowadays US has around 5% worth of gold backing up the USD dollar! I think soon we can reach that number easily!

Anybody who want to see XGR on Bittrex, please tweet something nice to them, something like, OH, I love Bittrex and Rami and Richie, please guys add XGR to your exchange!!