"What is staking?" Im scared lemme dump my coins...
SHIBE is not your average scrypt altcoin it is a POW/POS Hybrid. This has been scaring alot of users so I figured I would explain How to sake SHIBEcoin.
What is this PoS thing you are talking about?
Proof of Stake, for more information read the Wikipedia Article or the Bitcoin Wiki article on it.
How does PoS work?
PoS can only be done by an unlocked wallet. In the client it is called ‘Staked Mining’. As soon as you unlock your wallet (there is a difference between encrypted & locked) the stake miner will start. You will start to see coins being moved from your balance to your ‘Stake’ balance. Coins will not be lost. After a while you will start receiving transactions with your earned interest.
I have a line called Stake in my wallet?
Stake in a PoS coin is the same as Immature for a PoW coin. Everytime a PoS block is generated some of your coins + the earned interest is move to your Stake balance. It will take 520 confirmations to confirm, after which the Stake amount + interest will be moved back to your balance.
I have a line ‘Staking suspended due to locked wallet’ in my wallet?
You are not PoS mining due to your wallet being locked. To unlock it simply go Settings -> Unlock wallet. Type your passphrase to unlock your wallet!
How to lock my wallet?
Go to your Debug Window and then open the Console. Type in:
Now your wallet is locked and you’ll stop PoS mining.
Do I have to let my wallet open for PoS to generate?
No, you won’t have to keep it open all the time. PoS will be generated after holding your coins for at least 8 hours in the wallet and your coin-days will not be lost during the wallet being locked. As soon as you unlock your wallet the miner will start and if your coins meet certain requirements you will be getting PoS blocks based on your coin-days generated.
Note: that you will not generate stake if your wallet is locked, but it will resume once unlocked. Also keeping the wallet open and generating stake secures the network as it will replace PoW mining and is much more energy efficient.Do i have to wait 1 year for the 1% compound interest to arrive?
No. You will be eligible for PoS every eight hours, and in total you will receive a % of interest on a yearly basis. If you move your coins however it’ll take another 8 hours to make them generate PoS blocks again.
I’ve kept my wallet open for days and still no stake.
This could happen, PoS kinda works like a lottery and not everyone will receive their interest every 8 hours. You WILL receive your % on a yearly basis, it just may take a little while.