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Topic: [ANNOUNCE] RuCoin - Russian alternate cryptocurrency - exchange is up already! - page 10. (Read 34417 times)

legendary
Activity: 3108
Merit: 1359
Quote
select sum(user_reward - user_payed_reward) from user_rewards;

sum
69024.6167961611
Also, I have a plan to reduce the unpaid work sum to 63-64k RUC today.

// EDIT: It's done. Now we have 63661.2068941353 RUC of unpaid work sum.
legendary
Activity: 3108
Merit: 1359
Clipse

I've placed my own 2000 RUC's into buffer, and this sum was divided between users... For illustration of my intentions. You can see result on "Your rewards" page.


Im sure you are honest, its just even with honest setup the current payout method is just not working out. Sure the early badluck is likely the cause but at this rate using SMPPS is causing alot of headache for people atleast wanting payouts within 24hrs after earning it.

Even your 2000RUC buffer only added another 5RUC from my pending 120RUC in the last 24hrs ? This is quite sick :/
System works as designed, just
Quote
select sum(user_reward - user_payed_reward) from user_rewards;

sum
71825.420015135
1 record

Query time: 3.173 ms
we have 71825.420015135 RUC of delayed rewards.  This is the result of a low difficulty at the beginning.

Quote from: Balthazar
At the moment, each new block proportionally divides between users, which have unpaid rewards.

I don't know what else do I need to say. Users asks this questions every day, about 10-15 times. And every question is identical to previous.
What shall I do, cancel the rewards of old users, or what? And what I'll tell them after that? Try to think about this situation before asking obvious questions.

The payment algorithm in simple notation:

Quote
if current_rewards_sum_for_all_users - paid_sum_for_all_users > sum_in_the_payment_buffer
   k = sum_in_the_payment_buffer / (current_rewards_sum_for_all_users - paid_sum_for_all_users )
else
   k = 1
end if

If k > 0.001, then
Loop until there is the users with delayed payments, and we have money in the payment buffer:
payment_volume = (user_current_rewards - user_payed) * k
user_balance = user_balance + payment_volume
sum_in_the_payment_buffer = sum_in_the_payment_buffer - payment_volume
End loop
End if
Are there any questions? Roll Eyes
hero member
Activity: 607
Merit: 500
is there a site or something we can see total hash power and difficulty?
hero member
Activity: 504
Merit: 502
Clipse

I've placed my own 2000 RUC's into buffer, and this sum was divided between users... For illustration of my intentions. You can see result on "Your rewards" page.


Im sure you are honest, its just even with honest setup the current payout method is just not working out. Sure the early badluck is likely the cause but at this rate using SMPPS is causing alot of headache for people atleast wanting payouts within 24hrs after earning it.

Even your 2000RUC buffer only added another 5RUC from my pending 120RUC in the last 24hrs ? This is quite sick :/
legendary
Activity: 3108
Merit: 1359
Clipse

I've placed my own 2000 RUC's into buffer, and this sum was divided between users... For illustration of my intentions. You can see result on "Your rewards" page.
legendary
Activity: 3108
Merit: 1359
It's not broken, current situation is just a result of extreme unluck on startup. At the moment, each new block proportionally divides between users, which have unpaid rewards. Rewards calculated by using this formula:

Reward = 50 * Shares / Difficulty;

I agree that it can be annoying, but we are honest. Roll Eyes If you in doubt, you can view this Excel table, file created at morning (GMT+4, 10:00 AM):

http://zalil.ru/31909799

Or examine our statistics and buffer history pages.
hero member
Activity: 504
Merit: 502
rucoin.itzod.ru SMPPS must be broken or something isnt right.

Its been 48hrs now and countless blocks since I last mined there and yet still only 16RUC out of my 120RUC have cleared from the buffer.

This is quote absurd, at this rate I estimate it would take me a month to have access to my mined coins? How is this at all feasable?
hero member
Activity: 686
Merit: 500
Wat
If you wanted to launder lots of drug money you might create your own cryptocurrency since its just a front and you dont care how much cash you wash through.
legendary
Activity: 3108
Merit: 1359
could they throw me some ?
And for me too. Cheesy I'm really WANT this money. Money... Money-money-money. * Starting meditation on the USD symbol. Grin Grin Grin *
member
Activity: 112
Merit: 11
Hillariously voracious
did someone seriously invest more than half a million USD in it ?
Well there are many kinds of "crazy" people. Some of them have a lot of money. Grin We'll see what will happen in next months.  Roll Eyes

Hey, if they have a few spare dimes left after investing thousands Roll Eyes and millions Roll Eyes of dollars Roll Eyes into Rucoin Centrobank, could they throw me some ? I'll figure out a way to make up for that lol Wink
full member
Activity: 158
Merit: 100

I do realize how that works.

However, I am curious as to how the "buying" part of intervention will work.... did someone seriously invest more than half a million USD in it ?

I see two variants:
 1. One is going to get profits out of manipulating the exchange rate. It means out of participants of exchange.
 2. One does not care about the USD amounts he is willing to throw out. Maybe because he is the FED and prints USD.

Neither makes any trust for me.
legendary
Activity: 3108
Merit: 1359
did someone seriously invest more than half a million USD in it ?
Well there are many kinds of "crazy" people. Some of them have a lot of money. Grin We'll see what will happen in next months.  Roll Eyes
member
Activity: 112
Merit: 11
Hillariously voracious

I do realize how that works.

However, I am curious as to how the "buying" part of intervention will work.... did someone seriously invest more than half a million USD in it ?
member
Activity: 112
Merit: 11
Hillariously voracious
Well, having an "authority" with lots of coins is quite plausible, so quenching bubbles isn't an issue.

Having an "authority" with enough money to quench a modest panicsell seems implausible unless someone is throwing huge wads of raw cash at the project.

I am profoundly fascinated and intrigued
hero member
Activity: 686
Merit: 500
Wat


This is the Australian version. We call it RooCoin

It comes with a "pouch.dat"
full member
Activity: 158
Merit: 100
I wonder how the "course stabilization" would be implemented. You'd need to put in a lot of them "paper money" into the "RUCoin monetary authority" for it to be able to do proper monetary interventions and quench panicsells.
That's what I am talking about.
member
Activity: 112
Merit: 11
Hillariously voracious
I wonder how the "course stabilization" would be implemented. You'd need to put in a lot of them "paper money" into the "RUCoin monetary authority" for it to be able to do proper monetary interventions and quench panicsells.
legendary
Activity: 3108
Merit: 1359
In other words, project of RuCoin infrastructure is the combination of "new" and "classic" economic principles. I do not know what will happen with it in future, but the ideas of the project are reasonable.

Translation is good enough, but I need to do some comments.

Quote
It is not a Russian Bitcoin (it would be senseless), it is just another Bitcoin fork perverted for yet unknown private goals of it's creators.
In fact, this is an attempt to start all again, not allowing possession of extreme large sums of those by the persons, who will use them to bring down the market.

P.S. There is a project "encoin", pursuing similar targets.

https://bitcointalksearch.org/topic/announce-the-proposal-for-encoin-46237
full member
Activity: 158
Merit: 100
First of all, here is human translation from http://rucoin.org/ root page.

I will only translate the most important, you to make your own conclusions.
  • Quote
    И в чём жe cпeцификa Rucoin ?
    Ecли кopoткo - бoлee cтaбильный кypc.
    translates to:
    Quote
    What is the specifics of the Rucoin?
    In short - more stable course
    I mean it, rucoin is officially positioned as a currency with a stable exchange rate. Read further to know HOW.
  • Quote
    Tpyднo гoвopить o cтaбильнocти, кoгдa cиcтeмa нaxoдитcя нa ocтpиe бopьбы интepecoв, кoгдa ecть нeмaлo жeлaющиx этy cиcтeмy yничтoжить, нo ecть нeмaлo и тex, ктo жeлaют этy cиcтeмy paзвивaть и yкpeплять. Пocтoяннaя oжecтoчeннaя бopьбa интepecoв вызывaeт нecтaбильнocть кypca, чтo coздaёт pяд нeyдoбcтв для пpaктичecкoгo пpимeнeния тaкoй вaлюты.
    Дpyгoe дeлo - Rucoin.
    Этoт пpoeкт poдилcя нe нa пoляx cpaжeний. B ocнoвe Rucoin - гoтoвыe, пpoвepeнныe peшeния и нaкoплeнный oпыт. Bcё тo лyчшee, чтo былo paзpaбoтaнo для Bitcoin, лeгкo мoжнo пpимeнить и для Rucoin.
    is in short (text is comparing Rucoin to Bitcoin):
    Quote
    It is difficult to talk about stability when the system is at the forefront of the struggle of interests.
    Constant fierce struggle of interests causes course instability, which creates a number of disadvantages for practical use of such currency.
    Another thing - Rucoin.
    This project was not born on the battlefields. At the heart of Rucoin - ready, proven solutions and lessons learned.
    Please, pay your attention to the wording "ready, proven solutions and lessons learned". Nothing I can add to this. Nothing.
  • And the most important (i think):
    Quote
    Кoнцeптyaльнo, Rucoin - этo тaкoй cлoй cтaбильнocти и гapaнтий, кoгдa вмecтo cлeпыx нaдeжд нa "Heвидимyю pyкy pынкa", иcпoльзyютcя пpинципы cтpoгoгo вaлютнoгo peгyлиpoвaния. Bмecтo тoгo, чтoбы oтдaть кypc вaлюты нa игpы биpжeвым cпeкyлянтaм, кoтopыe paди cвoeгo зapaбoткa бyдyт eгo бoлтaть мaкcимaльнo нeпpeдcкaзyeмo, в cиcтeмe Rucoin пpeдycмoтpeны нeкoтopыe инcтpyмeнты, фyнкциoнaльнo пoдoбныe цeнтpoбaнкy и cтaбилизaциoннoмy фoндy, зaдaчa кoтopыx - cдeлaть кypc кpиптo-вaлюты мaкcимaльнo cтaбильным, пpeдcкaзyeмым и гapaнтиpoвaнным.

    Rucoin, в oтличиe oт Bitcoin, coвepшeннo нe гoдитcя для вaлютныx cпeкyлянтoв, нo зaтo oчeнь пoдxoдит для coxpaнeния cбepeжeний и для oбecпeчeния cтaбильнoй и нaдeжнoй инфpacтpyктypы плaтёжныx cиcтeм нoвoгo пoкoлeния.

    Кpoмe тoгo, Rucoin пo oтнoшeнию к Bitcoin впoлнe мoжeт выcтyпaть кaк peзepвнaя кpиптo-вaлютa, в кoтopyю мoжнo пepeвecти чacть cpeдcтв для cтpaxoвки oт вcякoгo poдa нeoжидaннocтeй.
    is translated as (roughly)
    Quote
    Conceptually, Rucoin - this is a layer of stability and security, when, instead of blind hope for "the invisible hand of market" principles are used strict currency regulations. Instead, to give the exchange rate at the games speculators, who for the sake of their earnings will generate most unpredictable chatter in the system, Rucoin provides some tools functionally similar to central bank and the stabilization fund, whose main task - to make the course of crypto-currency stable, predictable and guaranteed .

    Rucoin, unlike Bitcoin, totally unsuitable for currency speculators, but it is very suitable for the conservation and savings to ensure a stable and reliable infrastructure of payment systems new generation.

    In addition, Rucoin towards Bitcoin may well serve as a reserve currency, into which can be converted part of the funds for the insurance of all kinds of surprises.
    I swear, that  "the invisible hand of market principles", "currency regulations", "central bank" and "stabilization fund" is not a translation error or misinterpretation of russian text, though russian is not my native language, you should read that words exactly, Rucoin proponents are going to implement strict currency regulations, stabilization fund, central bank. I mean it, YES, they did officially tell so to the public!

    And please, don't miss this explicitly expressed idea: Rucoin towards Bitcoin may well serve as a reserve currency, into which can be converted part of the funds for the insurance of all kinds of surprises.
Please, get me right, don't get me wrong. I have a lot of russian friends, most of them don't know the word 'scam' at all, I'm the most educated at that topic amongst them I'm afraid.

Still, you to make conclusions. But please, do not relate Rucoin to Russia, that is completely wrong and unfair to Russia.

It is not a Russian Bitcoin (it would be senseless), it is just another Bitcoin fork perverted for yet unknown private goals of it's creators.
Explicitely stated goals include voluntary currency price regulation by the means of central bank using some funds.
You to conclude the rest about the funds, since nothing is stated about them oficially.
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