Topic: [ANN][VRC] VeriCoin Proof of Stake-Time Currency | New Roadmap Released - page 407. (Read 1356147 times)

I'm sure there is a better solution than that. It would be nice if the incentives outweighed the transaction fees in the long term, such that there is a real incentive for people to use the coin. The potential for exploitation could be alleviated by adding some restrictions on when coin would have a chance at earning new coin, ie mature coins only, only to registered merchants, only once transaction per day per coin etc. Enough restrictions like this would make it not worth it for people looking to exploit the system, but would still encourage regular users to choose Vericoin for the hope of earning a reward.

Imagine a world where VeriCoin is a big as Bitcoin currently is. A rollback in such a world would directly affect tens of thousands of people (if not more). Hundreds of stores/online shops/travel agencies/etc would suddenly lose the currency that they received for merchandise delivered/services rendered. It'd be a disaster.

Loooooool!! At the song currently playing =P

How do I chat on the radio channel?

Well, I guess there's no place for a "registered" account in a pure P2P environment. I could easily set up a registered account and receive coins in this account and then transfer them to another one and back to the registered one. There's no escape from this when the cost is lower than the incentive. So, the key is to statistically ensure that the combined cost for forging transactions is smaller than the possible incentive. This would work just fine.

I've also discussed this issue of "anonymity" which some in the crypto world seem to hold so dear. I do believe that this is precisely what is holding the crypto world back! Why not take it in the other direction, and have VERIFIED wallets, in the same way that you would have to verify your identity with Paypal, Pokerstars, or pretty much any other institution which involves the deposition and withdrawal of money.

Now this would not need to be mandatory, but optional for those that want to conduct business transactions with Vericoin and would like to know that the person they are dealing with has verified their identity in some way.

This really is the only way forward I believe.

Sure lets keep the transactions anonymous for personal and 'other' activities, but for professional business transactions do you really want to be sending money to a completely anonymous entity, or even receiving money from a completely anonymous entity for that matter?

Keep the idea coming =)

Also, just as an aside, I transferred some Vericoin from Mintpal the other day, man was it fast! Once I figured out that I needed to click the link in the withdrawal confirmation email that is =P

Check out VRCRadio.com, I've taken over and I am taking questions!!

Yes this issue had occurred to me also. I guess the incentive would have to be limited in some way to control for this possible exploit. Perhaps some way of analysing the transfers to determine if they are genuine or not? Ie, not to the same address and back again in similar amounts. Or as part of the merchant reward program, merchants might have to become "registered" and then only when coins are sent to registered merchants can coins be earned? Or perhaps in a similar way that staking only works with mature coins, that only mature coins can earn a chance at generating new coins?

I'm sure that someone with much greater technical knowledge than myself could devise a remards system which is fairly resistant to exploitation.

To be a merchant partner perhaps we would need some sort of verification / legal framework to set up. This is a thing most cryptos would cringe upon. But, in the world of business, its something that is required for them. So what do we do if we want to go mainstream? We have to cater to business and the framework that surrounds them. If a business needs x amount of security, we need to have it. If a business needs incentives to get them to use it, we need to figure out a way to give them the incentives they require.

I like where this convo is headed. Debate and constructive criticism is very welcome.

OK, so the argument against forking the blockchain in the future because of theft are from a technical perspective ?

Despite the fact that I also like the idea, we have to take into account that paying with VRC is the same as transferring from an address to another address. This means that I could set 2 wallets and spend the day transferring coins from one to the other.

It can't be compared to paypal or CC because those paying methods charge a higher fee per transaction.

But the concept of creating an incentive is valid. It's just a matter of finding the right way to accomplish it.

When I get home from work I will try it and see if there is a difference I was thinking since they all had different difficulties 1 may affect the other

It's a big block of text, so I won't quote it, but please don't recommend to the developers that they implement Proof of Transaction from Fluttercoin.

Yes! I love the idea of having at attempt at generating coins every time you pay with a Vericoin! Of course the more you pay the more attempts you get at generating and being rewarded with coin. This would help to overcome the problem of "hoarding" which is inherent in Bitcoin, and could become with Vericoin too due to it's staking incentives. If people were rewarded with a higher likelihood of generating coin every time they use it that would be a great solution!

What about a referral program of sorts? Encourage users to tell their friends to adopt Vericoin and be rewarded? It could be somehow tied in with the payment rewards system, where the referrer would earn a small percentage of any coins that their referees earn from payments? This would help to eliminate fraudulent wallets and referrals that can occur when people try to exploit referral programs.

I like where this is heading. Could we get some thoughts from the developers?

I would use the same address. There's no benefit to using multiple addresses.

I have a question regarding the mining. Is it better to point all the miners to 1 address including cpu's, gpu's, asics having different difficulties or should I use and different VRC address for each which is what I am doing now ?

I do (somewhat hesitantly) believe that the recent rollback was the right thing to do, but only because the coin is still very immature. I doubt very much that I'd support a rollback in the future, however.

I think the majority of the people are willing to accept that, during its infancy (prior to being widely distributed and used) a coin may encounter a crisis situation that requires drastic measures to resolve; measures that would never even be considered once the coin is more mature. From what I have seen, it's mostly the extreme crypto die-hards (along with a few mindless lemmings) that aren't willing to accept this; unfortunately, these people also happen to be the most vocal.

This MintPal hack/theft has happened just two short months after VeriCoin was created. The coin is not yet widely distributed and there are only a small handful of vendors that accept it directly (non of which had any transactions between the time of the theft and the time of the rollback). The blockchain shows that there were minimal transactions between the time of the theft and the time of the rollback. The rollback simply did not impact many people beyond the annoyance of having to install a new wallet.

Once VeriCoin is more mature, more widely distributed, and directly accepted by numerous vendors, the daily volume will be much higher. Under these conditions, such a rollback would have extremely negative ramifications; it'd be a very bad idea, IMO.

On the other hand, with the wider distribution, it's pretty unlikely that we'd see an accumulation of 8 million coins in a single wallet...

the biggest pull for vericoin i think is Veribit.. make that so easy to use, and people will start adopting vericoin, thats why I'm holding on to it..but for now, can only use so much because of the 1 btc cap and low vericoin price..

I like where you are at giving further incentive to use the network. I was one of the first 1 million paypal accounts created. So I started using paypal from the very start.

What they did was give 1.5% cashback to use the card. What this did was make you pull out your paypal card over your visa, debit, ect. What that did was get attention from every clerk I came up to. Some of the first ones actually had to double check to make sure it was a real card. But you know what? I kept using it everyday, for everything. In my time using the card I know impressions where made and people remembered Paypal.


We need to figure out a way to get VeriCoin as a preferred payment method for merchants. Using technology others are scared to use in our wallets, and creating brand awareness are 2 of the keys to our success.

Make a "POM" code to add in or something "Proof of Merchant" Perhaps small incentives could be given from the network to support this, and that could help with mainstream adoption. As this would give a true incentive to have VeriCoin over X-shitcoin  Maybe we could hash into the algo, a % of coins go directly to the merchant pool accepting VeriCoin. Then use this pool in somehow to promote vericoin.


Or perhaps, every time you make a purchase with vericoin you "hash" a attempt at free vericoin from the network? Ideas from more technically capable people?

You sound like a VeriLeader:
https://bitcointalksearch.org/topic/m.7988162

I've been toying with an idea to help get Vericoin, or any crypto, adopted by the masses or at very least the majority of the wider crypto community. How about some form of incentive for people to actually USE Vericoin?

I'm talking some form of remuneration to retailers to accept vericoin, and possibly even some for buyers too. Also, how about some sort of referral program?

I'm sure these are not original ideas, but I've not seen them implemented in any crypto in a viable way.

If we could incentivize the use and spreading of the vericoin community then we could reall achieve what this coin is designed to do!

How about we brainstorm some ideas for how to make this work? Feel free to criticize too, but constructively would be appreciated.

How about, higher staking interest for retailers that accept vericoin?

How about, higher staking interest and / or one time rewards for getting a new retailer to accept Vericoin?

How about a referral program for getting new users to adopt (and buy) Vericoin and to stake their coins? With accumulative my higher interest for people who refer more users?

Just brainstorming with these ideas, I realize that referrals and the likes can be easily exploited if not implemented carefully, but still something needs to be done to encourage people to adopt Vericoin, move away from other cryptos and start the push to the mainstream.

Thoughts?