Topic: [ANN][VRM] Verium PoWT | CPU mining | scrypt² | Scaling | New Roadmap Released - page 116. (Read 250025 times)

Hey guys we are putting the finishing touches on Verium, it's running great in testing.  Here is the block reward scheme which is dependent on the blocktime.  It is approximately a reward halving per minute decrease in the target blocktime, via this equation:

Reward = 0.375*exp(0.0116*BlockTime)

This way as the security and performance of the blockchain increases, so too does the cost of creation; but only if the computational power increases, not on a fixed schedule.  Thereby securing the value enhancing properties of a scarce commodity that is imbuing value on the ecosystem, while keeping mining relatively profitable in bear markets, or higher mining cost phases.  The minimum blocktime for Verium will be 5 seconds and the maximum will be about 5.5 minutes.



Next I will post the formula for quantifying blocktime.

Few people seem to care about the coin now and days as well as you look at the volume.  You can have the best coin in the world but if people don't know or don't care it don't matter.  What vericoin/verium is doing is setting up a copy cat w/ marketing skills a budget and more of a commitment.  Even with all the Vericoin their collecting from the ICO they have no clue how to promote the coin moving forward and voting on every aspect is just going to mess things up even more.  

Development is GREAT but you need more, you need marketers and people that are committed the developers  have lives and are busy this is a hobby which is cool but not for an investment.

Also changing the rules to make it better for the people won't tarnish NOTHING.  Rules in life change all the time.  You can take a positive a 4 hours sell out and double down by offering more positive news. 

Why would the devs change the price ratio when the rules have been set? The devs have the reputation for being honest and keeping their word, why would they tarnish that when a few people demand they change the rules?

Price is irrelevant to me as the price has never been accurate to the value of what Vericoin has and what Verium will bring. People have little patience in Crypto land and can't see the bigger picture. People want to see a quick pump so they can get out and move on to the next flavour of the month.

Vericoin and Verium are here to change the world not make you a quick buck, I'm here to get RICH!

Well after the first phase sold out so quickly, I suggested starting the second phase at 6 to 1 ratio instead of 10-1 if the market demanded it then the ratio would of gone up.  But they didn't want to change the rules even if it would of benefited the coin. 

Unless the ICO organisers planned for the VRC price drop, the phase 2 price was designed to be a lot more expensive. I'd say the VRC price drop is because some long term supporters missed the phase 1 4 hour window and decided to move on, and I don't think that was planned. I agree, this ico has been managed poorly, and the market price of VRC supports that conclusion.

Its only almost the same if you buy at the current VRC prices and convert to VRM right away.  Also if you expect the price to go up you want to send as little

In phase 1 if I bought 6000 VRM I needed 36,000 VRC
In phase 2 if I bought 6000 VRM I needed 60,000 VRC

To same its the same price is a little misleading where talking in this example 24,000 VRC.  Its like trying to put lipstick on a pig the price drop be happy    Is it to expensive time will tell the games were clearly stated before the launch so Im not arguing if its much or not... Im just saying that analogy of saying its at a great price cause the coin dumped in half is a shitty one.

Math is obviously not your strong suit, Phase 2 is the same ratio with the price adjustment with the drop in price since phase 1. A majority of people who hold VRC don't hold them on exchanges causing the price to be highly manipulated. There is 1.5-2 million Vericoin on exchanges unlike most coins having 80-90% of their holdings on exchanges.

I don't see 250-300 BTC worth of Vericoin invested so far a botched ICO. Most ICO's are run to drive a pump and dump the Vericoin/Verium community did not want this, they wanted to fund the current and future development of Vericoin and Verium. Again the developers did not want to run ICO it was voted on by the community.

Phase 2 is almost the same price as Phase 1.

VRC at 15000-18000 sat x 6 (phase 1)
VRC at 8500-10000 sat x 10 (phase 2)

Almost the same?

Phase 2 is proportional, most people will get in on the latest day/hour.

phase 2 is too expensive ... the good deal happened in phase 1, that's why it sold out in 4hrs. There'll likely be a VRM dump when the phase 1 whales accept the reality that phase 2 isn't bringing in enough funds to see VRM moon anytime soon. This ICO was botched

http://www.vericoin.info/ico.html

7 days left.

https://chainz.cryptoid.info/vrc/address.dws?433550.htm

1,064,765.81504161 VRC

https://chainz.cryptoid.info/vrc/address.dws?423762.htm

1,051,472.28651086 VRC

1,064,765.81504161 VRC + 1,051,472.28651086 VRC + 1,074,378.22557512 (from phase 2 so far) = About 3,190,616.32712759 VRC collected so far.

1. Why is this getting such little attention, compared to other similar swaps?

I would not know.

2. That's basically what this is, right?

Yes.

3. I can't imagine why people would continue to use Vericoin, considering the benefits that come with using VRM as opposed to VRC.

The 2 are working together. Vericoin as currency, Verium as the reserve commodity. They need eachother. Vericoin isn't going away, Verium is only making Vericoin stronger.


You say: 'proportional' ICO distributions have never worked out in the past What about Lisk, Digix, Augur etc? Please do some research and come back.

Why is this getting such little attention, compared to other similar swaps?  That's basically what this is, right?  I can't imagine why people would continue to use Vericoin, considering the benefits that come with using VRM as opposed to VRC.

Either way, I'm sad that I can't participate now that phase 1 has ended - 'proportional' ICO distributions have never worked out in the past

https://steemit.com/crypto/@effectstocause/the-crypto-gold-standard-a-currency-and-a-reserve-vericoin-and-verium

Verium: PoW as Commodity not a Currency

Value is proportional to cost

Proof of Stake coins have nearly no cost of creation, making them an effectively free, consensus driven monetary system. This is the primary strength of PoS, but in the context of market dynamics, it also can be a weakness. Obviously maximizing efficiency of a functioning system is optimal, Proof of Stake-Time does this in the most decentralized way, we believe, however value is also proportional to cost. Outside of speculation and deep market penetration dependence, the costs of an ecosystem are a significant factor in forming and stabilizing a required value. Miners in PoW are strongly disincentivized for selling below their costs, which drives both a rise in mining efficiency, as well as forcing value increases on the market to support the mining ecosystem. Having an interdependent, tradable, supply ratio pegged commodity, enables cost driven value of the network despite loss of other value enhancing factors in weak or strong markets. Some costly work can enable inherent value growth of the financial ecosystem, however the costs need not hamper VeriCoin’s costless and trustless system and drive it into centralization like is typically the case with PoW currencies.


A currency and a reserve commodity

Inherent in a mined resource is an ecosystem that is built around mining or acquiring a scarce resource. These miners and companies that enable them, have investments in the ecosystem and the commodity. They aim to invest time, money and resources into work that results in a profitable sale of the commodity. This is exactly how bitcoin functions as a commodity. However, classically in markets the currency and the commodity are not one in the same. They are tied to one another in supply ratios or value. In cryptocurrency we can lock protocol rules to optimize these cost/value relationships and ensure they persist. In particular, if the supply ratio between the two is constant and the consensus is shared, this can be a well leveraged and flexible decentralized ecosystem. Costs can be minimal for money transmission yet required for resource procurement, enabling a market-based organic value cycle as the costly work of reserve procurement also enhances the performance, scalability and security of the currency via auxiliary mining.

Verium will be a reserve commodity enforced by the protocol and VeriCoin would continue to be the currency. This would treat PoW differently in that it would be exclusively a tradable scarce resource. The currency-reserve roles are incentivized via higher minimum send fees of Verium and slower blocktimes, which enables stable, secure mining and dis-incentivizes trading. Transaction speed, VeriBit, merchant acceptance, access, usability, costlessness of VeriCoin are all maintained. This way there are value added costs that are required to enhance the entire system, yet not necessary for a seamless, near costless, fully decentralized currency.

https://www.vericoinforums.com/threads/verium-pow-as-commodity-not-a-currency.1289/

Total VRC raised in phase 2 so far, which results in a 10 VRC/VRM price currently: 929964.87268530 VRC

Ok. Thank You.

They will get mined.

Thank you. But still my question is not answered in this post.

What happens with the remaining VRM?

Not sure if they are going to release a press release, but it will be announced on all social media and forums.