Topic: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! Now Listed on Cryptsy! ★★★ - page 13. (Read 80920 times)
March 31, 2014, 10:25:08 AM
+1 POS
March 31, 2014, 10:19:19 AM
I agree with Atheist. If we were to cut it at block 133700 and make it pure POS after that. We could start a few pools which would mine other profitable coins and sell those coins for nyan.
March 31, 2014, 10:16:19 AM
Please make your final votes on the algorithm changes.
The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
Can we go from POW to POS?The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
Yeah, it would require a hard fork and significant changes to the coin's code, but it is possible.
I think we should discuss that as a community if that's what is voted in the end. I think that's what the dev is planning as well. I personally think we should cut it off at block 133700 or something and just make it POS 2% yearly inflation after that.
March 31, 2014, 08:50:18 AM
Please make your final votes on the algorithm changes.
The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
Can we go from POW to POS?The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
Yeah, it would require a hard fork and significant changes to the coin's code, but it is possible.
March 31, 2014, 08:10:32 AM
Please make your final votes on the algorithm changes.
The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
Can we go from POW to POS?The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
Yeah, it would require a hard fork and significant changes to the coin's code, but it is possible.
March 31, 2014, 08:01:44 AM
Please make your final votes on the algorithm changes.
The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
Can we go from POW to POS? The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
March 31, 2014, 07:51:08 AM
We need to change the algo to POS. That way the network will give rewards to those that prove stake instead of prove work. There is no traditional mining in pure POS, but can think of anyone with a wallet as a "miner" with a hash rate equal to the number of coins they have.
time to buy in cheap 
March 31, 2014, 07:44:16 AM
We need to change the algo to POS. That way the network will give rewards to those that prove stake instead of prove work. There is no traditional mining in pure POS, but can think of anyone with a wallet as a "miner" with a hash rate equal to the number of coins they have.
March 31, 2014, 06:55:38 AM
Please make your final votes on the algorithm changes.
The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
If POS wins out, then there is ~41 million total, so i do not see any issue with doing this. What kind of a return on POS for staking, and stake time were you looking at. Also, was there a total number if coins you were looking at getting from staking in the end. Might be to early for these questions, just alot to ponder!
In the event that we implement POS with a reduced supply constraint, we will discuss carefully with the community the actual parameters before full implementation. The whole process is planned to be as transparent and community involved as possible.
March 31, 2014, 06:38:13 AM
Please make your final votes on the algorithm changes.
The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
If POS wins out, then there is ~41 million total, so i do not see any issue with doing this. What kind of a return on POS for staking, and stake time were you looking at. Also, was there a total number if coins you were looking at getting from staking in the end. Might be to early for these questions, just alot to ponder!
March 31, 2014, 06:19:56 AM
Please make your final votes on the algorithm changes.
The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.
Poll will close in 48 hours and then implementation will begin.
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March 30, 2014, 10:36:14 PM
It is that reason why I tought we could change to hefty
it has an internal voting system for the amount of coins as a block reward.
say you want less coin... vote low... you want more? vote high...
heavyoin has the option to vote between a 1 and 1024 coin reward.
At the moment the reward is voted to 550.
that is approx 50% of what miners can get...
it is a democratic battle between miners who want 1 coin and miners who want full reward...
it was just a tought, but it looks like I'm the only one who shares this vision
ofcourse I will follow community's choice
it has an internal voting system for the amount of coins as a block reward.
say you want less coin... vote low... you want more? vote high...
heavyoin has the option to vote between a 1 and 1024 coin reward.
At the moment the reward is voted to 550.
that is approx 50% of what miners can get...
it is a democratic battle between miners who want 1 coin and miners who want full reward...
it was just a tought, but it looks like I'm the only one who shares this vision
ofcourse I will follow community's choice
You're voting for the hefty algo here, separate from the other features of heftycoin. I agree though, the hefty voting is a pretty neat feature.
March 30, 2014, 03:41:31 PM
The reason I'm saying pure POS, is because we need to change the distribution of the coin and the max supply.
But POS doesn't change inflation of the coin or the max supply...
These are separate issues.
I know, and agree that in a normal situation we would be able to adjust supply without relying on POS. However, given the current price of the coin, if we attempted to shrink supply of the coin without POS, the network hash would be unreasonably low. Anybody who felt like it could come by and kill the coin with a 51% if that happened.
My argument is just that, we need to start attracting real crypto investors. Continuing to hope that nyancat followers will actually buy the coin in its current state seems to be a bad decision. We also definitely need an algo change to keep up with the times. The only one that makes sense for me is POS and then we dramatically shrink supply.
If we could, I agree we should shrink supply and do X-11 instead. However, that's just impossible given the hash rates that would result in. I want the coin to succeed but honestly we need a real game changing move, not just a superficial facelift, to stand a chance.
March 30, 2014, 03:13:41 PM
March 30, 2014, 02:52:05 PM
We don't have to worry about a 51% attack no matter what our marketcap is (as opposed to auroracoin which just died because of one)
Um, Auroracoin didn't die. The dev supposedly claims that there wasn't a 51% attack, either. I didn't verify that part, but I did verify that it's trading like normal, so it's obviously not dead. (I don't know why someone would want to hold that coin, but that's another matter.)I'm just going by the btctalk thread:
https://bitcointalksearch.org/topic/delete-546338
The exchanges aren't worried and the coin is trading like normal after a brief scare. (The long-term trend is still down.)
https://www.cryptsy.com/markets/view/160
https://www.mintpal.com/market/AUR/BTC
This (in the thread that you referenced) reveals what happened:
I have fixed my block crawler and it is syncing to the correct chain. My wallets are kept neutral from the exchange wallets on purpose and I failed to update in time. I am currently out of town and failed to update before I left. It should be fully synced in a few minutes
Cryptsy was updated in time. There is nothing to worry about
Sorry about that....
Cryptsy was updated in time. There is nothing to worry about
Sorry about that....Note that mullick@cryptsy was talking about the block crawler that Cryptsy links to. It has this at the bottom:
Quote
Modified by Mullick for use by Alt Explorer - Trade Key: 94c590632c1f8113a3455b5008cba56d432d2b90
~BCX~ saw the problem and tried to stir up trouble just for LOLs or because he hates Auroracoin or whatever reason....
(*) But I really do have a great coin. You should invest! Don't worry, the premine is for, um, promotional expenses. Yes, that's the ticket! Really!
March 30, 2014, 01:46:54 PM
The reason I'm saying pure POS, is because we need to change the distribution of the coin and the max supply.
But POS doesn't change inflation of the coin or the max supply...
These are separate issues.
March 30, 2014, 01:41:22 PM
March 30, 2014, 01:37:57 PM
Our problem has to do with the low volume fundamentally. The low volume happened because our market cap is so ridiculously low. Because of our low volume we can't get anybody to take the coin whether it is marketplaces or Cryptsy.
Our problem is not low volume, it is low price. The price is very low and continues to fall, the low price results in very few miners, very few investors, very little interest in the coin.
Second, our community will grow as long as there are people who hold the coin. Our current status is not encouraging community since we have so few miners (due to low network hash) and any miners who are not already long term holders are basically dumping the coin as soon as they mine it.
I don't think people holding the coin will cause the community to grow. If anything lots of tipping on reddit, moving the coin around will allow the coin to grow. A sudden spike in the price would also help (by driving miners to the coin, boosting it's position on coinmarketcap.com etc.)
I realize now we have a fundamental problem (had I realized this problem months ago I would have sold all my NYAN then, but since I didn't, here I am trying to work around it). That problem is, sure we have 7 million people following nyancat but 99.999999% don't know anything about crypto nor could they care less.
I agree with this. Sure there are lots of people on the Nyancat facebook page but they have not been given a reason to care about nyancoin. Some ideas that would change this:
1) Nyancoin incorporation into an ALREADY popular Nyan game. Let people buy in-game items with 1-2 Nyan, let them earn nyan with a browser miner.
2) Nyancoin incorporation into the Nyancat store
3) Special items in the Nyancat store that can only be purchased with Nyancoin
4) Special items in an already popular Nyancat game that can be purchased only with Nyancoin
On the other hand, the people that actually build a coin, the crypto community, leave as soon as they see that the coin is not a good investment. The current version of the coin is not a good investment because:
We are under 20% of the way to the max coin count.
Our distribution is slow so our network hash is destined to be small.
Inflation and low volume make the coin unattractive to be accepted in any market.
We are attempting to cater to a community that frankly has proven they do not know or care about crypto.
We are under 20% of the way to the max coin count.
Our distribution is slow so our network hash is destined to be small.
Inflation and low volume make the coin unattractive to be accepted in any market.
We are attempting to cater to a community that frankly has proven they do not know or care about crypto.
The root of our problems is low demand for the coin, and thus low price. A lot of these issues wouldn't really be problems if we just had some more demand for the coin.
X-11 changes nothing fundamentally about the coin, it just makes the GPUs cooler. This won't make a flood of people suddenly care about the coin.
Changing to X11 was not meant to be a game changer, brining in lots of new people - we just need to move away from scrypt because if we don't in one months time the Asics will start raping us - they will find every single block and immediately dump the coin, amplifying our current problem of low demand/low price.
Changing to POS is a different story, if we did that, then inflation would not be a problem. The coin would be rarer which would make people want to buy it more. We could start to build the volume we need for marketplaces. Once marketplaces take us, then we can make advertisements to the nyancat community and they will start to care since they can then buy things with the coin.
Changing to POS alone would not affect inflation. Only a change in reward schedule would affect inflation. (ie 337 coins every 1 minute would still continue to be true with POS). As far as building volume, that will ONLY come with more demand/ higher prices.
What is the best case scenario for X-11? We get a small boost of attention, maybe a few hardcore miners will stick around, but the price of the coin will not change since we would be helping the miners, not the investors. POS would be encouraging investors to buy the coin, which is what we need to save it.
Your main point is that POS will make the coin more rare which will increase investor demand, but this isn't true, 337 coins will continue to be produced every minute - just via POS not via mining. We can of course change this to something lower, which might help the price problem that we have by reducing supply. Maybe 33.7 coins every minute would be a good solution. X11 is not being proposed to boost investor interest, it is being proposed to make mining viable once ASICs hit the market. I think you want the algo change to fix the fundamental problem that the coin has: no demand. I don't see POS or X11 increasing demand very much. But at least switching away from scrypt will allow the coin to still be mined by a normal GPU, keeping it accessible to everyday users.
March 30, 2014, 01:09:59 PM
We don't have to worry about a 51% attack no matter what our marketcap is (as opposed to auroracoin which just died because of one)
Um, Auroracoin didn't die. The dev supposedly claims that there wasn't a 51% attack, either. I didn't verify that part, but I did verify that it's trading like normal, so it's obviously not dead. (I don't know why someone would want to hold that coin, but that's another matter.)I'm just going by the btctalk thread:
https://bitcointalksearch.org/topic/delete-546338
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