Just one question: How is this coin going to support annual inflation of 20%?
That's the APR on staked coins, not the inflation. The inflation is much lower.
Please teach me what you mean. The staking is 20% on 20M coins that 4M a year or 250K a month.
So what do you mean?
EDIT: Oh you mean because not all coins are staked that the inflation is lower?
Exactly. Only something like 20-25% are staked of any coin. So the true inflation is about 4-5%. I read about this on another coin (SSD), but it comes from Hondo. He thinks about stuff like this.
https://bitcointalksearch.org/topic/m.8343688
I am going to disagree with Hondo. Big time. But not only the "stat" is a complete fallacy (contrary to his opinion, the overwhelming majority of established coins do stake 50-80% or more of their float) the MOST important factor is that a coin that only stakes 20-25% is EXTREMELY vulnerable to a successful -and fatal, for it means the end of the coin- "double spending" attack. Better known as a "51% attack". For instance: If only 2 million Stealthcoin stake, anyone with much less than 2 million coins can carry out a successful attack. Even Owning "only" 1.6 million. Anything above that increases the speed of the success in the attack and, obviously, 2 million and one coin guarantees the success of the attack on first try. That means the immediate end of the coin. That's why it is so important that the staking is as high as possible, at least above the 50% threshold.
But, according to Hondo's fallacy, then Stealthcoin doesn't provide 20% interest (or POS benefit) but much less in fact since the figure of 20% is reached under the false pretenses and calculations exposed above, the real figure -the one written in the code- is much lower, at -I imagine- 5%. Still quite crazy and impossible to sustain with time. Obviously Stealthcoin has not been designed with any idea of future, beyond the P&D phase.
To illustrate the situation I will offer the example of a similar coin -in figures-, Vericoin. It has just under 27 million coins. When 8 million of those were stolen from Mintpal a few weeks back, the devs were forced to fork the blockchain to the time previous to the theft, thus invalidating it. Otherwise, the coin was destroyed since 8 million coins were close to 100% of all the coins staking, therefore the attack would be almost immediately successful, if not at the first try. Vericoin, atm has a steady rate of staking -at much lower levels than 5% interest, less than half that in fact- of 15-20 million of it's total of 26.7 million coins.
It's seem you already know the answer to your question and what you want to write about. The 50-80% stake of their float, then the 8 million coins is close to 100% of the 27 millions of Vericoin float. 8 million coins float is not 100% of 80% of 27 million coins. I see you chose the number 50%-80% but not say 35%-60%, it's seem you trying to convince people to believe this is very bad as you also mentioned about P&D. Have you ever though of Vericion stake stat could be wrong, it is just a dummy number? The reason I see the Vericoin difficulty is so low, say it's only 0.09 or 0.1? Either way one of them must be wrong. I believed in this as Vericion have many flaws in coding. Now Vericoin is putting all the trust of coding in this one well known scam artist, it's just unbelievable.
I do see some coins have up to 100% first year and 50% second year ect., it's the survive of the coin in the start and this could easily be change. 20% is not the end of the coin as you suggested and this could easily change. I see many coins almost get destroy for not having many people to stake, I have seen this happen to XC and also Stealthcoin itself, this is why we have The Great Stake Challenge. This 20% could easily change in coding by the way. I still believed of this 20% only 4%-5% would happen. I don't think this 51% attack even posible in POS coins. If 51% attack is possible then pow/pos is not possible, all coins would have about 0%-5% stake when it's first switch, you get my point.
Actually what it seems, quite clearly, is that you are -very clumsily, by the way- trying to deliberately mud the waters pretending you don't understand (or "...actually don't think...") how a 51% -or double spending- attack works.
Lets first clear the waters so you cannot keep on pretending: The theft of 8 million Vericoin made the inevitable attack sure-fire successful because
AT THE TIME of the theft, no more than 8 million coins were actually staking with the bulk of them -including the 8 million stolen- being deposited in the different exchanges. This is clear without possibility of manipulation now? OK. SUBSEQUENTLY, the community moved on to support the pleas of the developers and massively moved their coins out of the exchanges and put them to stake, resulting in up to 80% (and higher) staking. I hope I will not have to straighten out again your deliberate "misunderstanding".
Now, for the added element, can you back your accusation of "Jl777" as being this "well known scam artist"? Or, like the clumsy attempt at "misunderstanding" just straightened out, it is just another instance of your libelous and baseless FUD? The guy has quite a profile in crypto, indeed, but search as I have done, I haven't found a single instance of "scamming" anyone and, on the other hand, many instances of huge, sustained and continuous success with different projects, most of them still in early stages and already wildly successful. So, please, put up or stfu.
As for what's in the code of Stealthcoin, I am not going to believe you, of course. What is it? 20% or 5%. Just fucking look it up, ok? It is a FALLACY, a deliberate lie "explained" by Hondo with a load of bull crap designed to convince those who want to be convinced by anything. The code does not lie. It's either or, no "ifs" no "buts".
Anyway, the case is clearly made and it's up to everyone to make their own decisions.
More than enough said already.
