FlyCoin SnapShot updated to 9-14-2016
Snapshot
https://bitcointalksearch.org/topic/kiklos-premium-blockchain-snapshot-service-1378653
Bootstrap
https://mega.nz/#F!CJRnyDDL!vbYN-3mvj9RBE7Phl27Sjg
Topic: FLY COIN ANN.Swapping to "Las Vegas"coin,+Masternodes,Darksend,Stealth, instantX - page 46. (Read 186171 times)
September 14, 2016, 01:47:22 AM
Kiklo's Premium Blockchain Snapshot Service
FlyCoin SnapShot updated to 9-14-2016
Snapshot
https://bitcointalksearch.org/topic/kiklos-premium-blockchain-snapshot-service-1378653
Bootstrap
https://mega.nz/#F!CJRnyDDL!vbYN-3mvj9RBE7Phl27Sjg
FlyCoin SnapShot updated to 9-14-2016
Snapshot
https://bitcointalksearch.org/topic/kiklos-premium-blockchain-snapshot-service-1378653
Bootstrap
https://mega.nz/#F!CJRnyDDL!vbYN-3mvj9RBE7Phl27Sjg
September 14, 2016, 12:49:19 AM
hmm,
one point of interest, since Fly is a rare coin with numbers below 1 billion.
In a standard masternode system,
those coins being held do not stake, which is no issue for PoW coins,
however for a PoS coin, this would decrease the amount of staking coins and decrease the network difficulty, thereby weakening your PoS Security.
However your FlyNode,
there would be no decrease in network difficulty and in fact since these nodes will be running ~24x7, should cause an increase in your PoS Security.
For a PoS coin Flynode design would be better than the old masternode design, from a security standpoint.
one point of interest, since Fly is a rare coin with numbers below 1 billion.
In a standard masternode system,
those coins being held do not stake, which is no issue for PoW coins,
however for a PoS coin, this would decrease the amount of staking coins and decrease the network difficulty, thereby weakening your PoS Security.
However your FlyNode,
there would be no decrease in network difficulty and in fact since these nodes will be running ~24x7, should cause an increase in your PoS Security.
For a PoS coin Flynode design would be better than the old masternode design, from a security standpoint.
Do you have any math to back up your statement? I don't see that it holds water.
Hmm,
it should be apparent , but since you asked for math ,
here you go.
hashProofOfStake <= [Coin-age] x [Target]
[Coin-age] = [amount of coins] x [days in stake]
September 13, 2016, 10:37:44 PM
hmm,
one point of interest, since Fly is a rare coin with numbers below 1 billion.
In a standard masternode system,
those coins being held do not stake, which is no issue for PoW coins,
however for a PoS coin, this would decrease the amount of staking coins and decrease the network difficulty, thereby weakening your PoS Security.
However your FlyNode,
there would be no decrease in network difficulty and in fact since these nodes will be running ~24x7, should cause an increase in your PoS Security.
For a PoS coin Flynode design would be better than the old masternode design, from a security standpoint.
one point of interest, since Fly is a rare coin with numbers below 1 billion.
In a standard masternode system,
those coins being held do not stake, which is no issue for PoW coins,
however for a PoS coin, this would decrease the amount of staking coins and decrease the network difficulty, thereby weakening your PoS Security.
However your FlyNode,
there would be no decrease in network difficulty and in fact since these nodes will be running ~24x7, should cause an increase in your PoS Security.
For a PoS coin Flynode design would be better than the old masternode design, from a security standpoint.
Do you have any math to back up your statement? I don't see that it holds water.
September 13, 2016, 10:14:40 PM
@vegasguy - anyway you can make sure that the wallet links on the OP have the version number listed? It is confusing without it.
Excellent idea. Ill put the date released also.
Thanks
Vegas
September 13, 2016, 10:11:30 PM
@vegasguy - anyway you can make sure that the wallet links on the OP have the version number listed? It is confusing without it.
September 13, 2016, 10:04:30 PM
Is it possible to realistically solo mine this coin? If so, can you do it through the gui wallet? Or do you need a stand alone miner?
Thanks
Thanks
Im sorry mining is over. We are POS only now. However in a few weeks we will have a multipool that pays out in fly.
Thanks
Vegas
September 13, 2016, 09:43:08 PM
Is it possible to realistically solo mine this coin? If so, can you do it through the gui wallet? Or do you need a stand alone miner?
Thanks
Thanks
September 13, 2016, 08:46:39 PM
Guys I watch the gauges. I always need to know if Im headed in the right direction. There are many signals. It could be user feedback, or activity on the exchange, the activity on the thread and more. It lets me know if I am headed down the right path or not. Well, fly is really starting to pick up steam. That tells me , that they really like the idea, and are getting as much fly as they can , before there is none left. The WORST thing you can do now is send funds to the exchange. If we want the price to go up, then we need to hold. Because now there is a major shortage of fly on Yobit. There is and will be more demand as things move further. Here is universal law. Supply and demand. When the demand far outweighs the supply, prices go very high. Im going to ask everyone to hold and not send to the exchange to make the supply even less, thus raising prices even more. The screen shot below was taken just minutes ago, it tells me everything I needed to know
https://www.yobit.net/en/trade/FLY/BTC
Vegas
https://www.yobit.net/en/trade/FLY/BTC
Vegas
September 13, 2016, 08:35:10 PM
hmm,
one point of interest, since Fly is a rare coin with numbers below 1 billion.
In a standard masternode system,
those coins being held do not stake, which is no issue for PoW coins,
however for a PoS coin, this would decrease the amount of staking coins and decrease the network difficulty, thereby weakening your PoS Security.
However your FlyNode,
there would be no decrease in network difficulty and in fact since these nodes will be running ~24x7, should cause an increase in your PoS Security.
For a PoS coin Flynode design would be better than the old masternode design, from a security standpoint.
one point of interest, since Fly is a rare coin with numbers below 1 billion.
In a standard masternode system,
those coins being held do not stake, which is no issue for PoW coins,
however for a PoS coin, this would decrease the amount of staking coins and decrease the network difficulty, thereby weakening your PoS Security.
However your FlyNode,
there would be no decrease in network difficulty and in fact since these nodes will be running ~24x7, should cause an increase in your PoS Security.
For a PoS coin Flynode design would be better than the old masternode design, from a security standpoint.
Whats your fly address
September 13, 2016, 06:29:57 PM
hmm,
one point of interest, since Fly is a rare coin with numbers below 1 billion.
In a standard masternode system,
those coins being held do not stake, which is no issue for PoW coins,
however for a PoS coin, this would decrease the amount of staking coins and decrease the network difficulty, thereby weakening your PoS Security.
However your FlyNode,
there would be no decrease in network difficulty and in fact since these nodes will be running ~24x7, should cause an increase in your PoS Security.
For a PoS coin Flynode design would be better than the old masternode design, from a security standpoint.
one point of interest, since Fly is a rare coin with numbers below 1 billion.
In a standard masternode system,
those coins being held do not stake, which is no issue for PoW coins,
however for a PoS coin, this would decrease the amount of staking coins and decrease the network difficulty, thereby weakening your PoS Security.
However your FlyNode,
there would be no decrease in network difficulty and in fact since these nodes will be running ~24x7, should cause an increase in your PoS Security.
For a PoS coin Flynode design would be better than the old masternode design, from a security standpoint.
September 13, 2016, 06:07:19 PM
that little block explorer database concept you mentioned is exactly what txleveldb provides metadata for. PoS wouldnt actually be possible without it. the txleveldb already keeps track of the metadata for every transaction in the chain because it is used for metadata about the blocks in the chain. anyone who downloads the chain already has every transaction for every address, they are stored on your computer whenever you sync a block. you just normally dont care about anyone elses transactions except the ones that involve you. so it is fully possible to look up someone elses addresses balance with everything in the wallet as it is, you just need to make the function to do it.
this is clear to me that the local copy of the blockchain know any transaction and so u can find out the balance of each address
but can u imagine how much load it create to calculate a address balance
make a importprivkey and u know it its over 1 min for a single address
in fact its a whole chain rescan
that why i said u need a additional database with better index optimized for searching
maybe only store transactions of registered flynodes
i would listen to limx dev
a normal masternode system flat POS block rewards and split reward between POS minter and masternode
thats a save path to a working system
the other path could create something new but its very uncertain u able u achieve it
to me it looks far more complicated to make that vision of flynode happen then teh antidump features where
and we know all how that experiment endet
Cryptonit, I think comparing the anti-dump system risk, and the flynode risk are two different things. Here is why... the antidump system was a key part of sending and withdrawals, the flynode system is NOT. So when the antidump system failed, it prevented transactions, a MAJOR component. With the flynode, should it by chance not work correctly, fly will still function. People will still be able to move funds around, and its not a "show stopper" like the antidump system. If enough people posted here, that they strongly favor a standard masternode system, then I would strongly consider changing it. Also I would consider who it is thats posting. If its been long time fly loyalists saying they dont want this flynode, and they want a standard masternode system that would cause me to seriously consider a standard masternode. Know this , if we implemented a standard masternode system, then Im not sure it would add any value to fly. I would like to give flynode a shot first, then if for some reason, its not what we expected, then I will implement a standard masternode system.
Vegas
September 13, 2016, 04:05:10 AM
that little block explorer database concept you mentioned is exactly what txleveldb provides metadata for. PoS wouldnt actually be possible without it. the txleveldb already keeps track of the metadata for every transaction in the chain because it is used for metadata about the blocks in the chain. anyone who downloads the chain already has every transaction for every address, they are stored on your computer whenever you sync a block. you just normally dont care about anyone elses transactions except the ones that involve you. so it is fully possible to look up someone elses addresses balance with everything in the wallet as it is, you just need to make the function to do it.
this is clear to me that the local copy of the blockchain know any transaction and so u can find out the balance of each address
but can u imagine how much load it create to calculate a address balance
make a importprivkey and u know it its over 1 min for a single address
in fact its a whole chain rescan
that why i said u need a additional database with better index optimized for searching
maybe only store transactions of registered flynodes
i would listen to limx dev
a normal masternode system flat POS block rewards and split reward between POS minter and masternode
thats a save path to a working system
the other path could create something new but its very uncertain u able u achieve it
to me it looks far more complicated to make that vision of flynode happen then teh antidump features where
and we know all how that experiment endet
September 13, 2016, 03:09:53 AM
i think thats the tricky part
u dont check balances of other addresses on normal bitcoin based wallets
u check just single tx which are involved in a transaction
so if someone send coin u know if he is the owner of that coins because he was able sign with correct key
and u can check that this tx he use as input is really unspend until yet
but u have no idea whats his wallet balance is
to do this u would have to know all his incoming and outgoing tx
and not just the few that are involved in a transaction
but if u say u have a solution then im looking forward to see it work
the only solution i see would be
1. each node is a little blockexplorer writting a database that constant track balance of each address
2. u try implement some stuff from miniblockchain (i think cryptonite is the only coin using it and its still in beta stage since forever)
they try to keep a balance of each address stored in the blockchain in a way that in theory u never need to sync more than 10000 blocks
and u know the correct balance of each address
both paths seems to be very complicated
but im no coder and have just a small limited knowledge about how blockchains based on bitcoins are working
maybe im total wrong
unfortunately yes, you are totally wrong =p
that little block explorer database concept you mentioned is exactly what txleveldb provides metadata for. PoS wouldnt actually be possible without it. the txleveldb already keeps track of the metadata for every transaction in the chain because it is used for metadata about the blocks in the chain. anyone who downloads the chain already has every transaction for every address, they are stored on your computer whenever you sync a block. you just normally dont care about anyone elses transactions except the ones that involve you. so it is fully possible to look up someone elses addresses balance with everything in the wallet as it is, you just need to make the function to do it.
To help balance things:
- Coins to unlock Flynode should not stake or receive bonus, only Flynode fees.
- public posted address that shows in the Flynode list in the wallet.
- Coins to unlock Flynode should not stake or receive bonus, only Flynode fees.
- public posted address that shows in the Flynode list in the wallet.
why not? they cant give the masternode reward to themselves, so it doesnt matter if they stake otherwise?
not sure what you mean by public posted address, but the masternode list is held by every client already so if u ever want to know who is running a masternode you can just reference that list. just like you can lookup what peers you are connected to. will give you the same info, CMasterNode is an extension of CNode
- Random selection of node is not guaranteed random.
- Use an order of sequence from the list of known nodes, and each wallet will step through the Flynodes that are visible to their wallet.
- Flynode goes down, it loses it's priority and works from the bottom again.
- Reliable Flynodes stay in the cycle and receive consistent rewards.
- Bad actors will receive less rewards.
random selection of node is not guaranteed random? i dont understand what you mean here, it is completely random. uses the built in random functionality so its about as fair as RNG will ever be. if you are concerned that it wont be fair and some people will get more rewards than others, then this is only true in the short term. since its a random number the % should even out to be the same number of rewards to all clients over time as is true with any random algorithm. - Use an order of sequence from the list of known nodes, and each wallet will step through the Flynodes that are visible to their wallet.
- Flynode goes down, it loses it's priority and works from the bottom again.
- Reliable Flynodes stay in the cycle and receive consistent rewards.
- Bad actors will receive less rewards.
all flynodes should be visible to all wallets as long as that flynode is online. you are syncing a list that should always agree with the network. everyone will always have the same flynode list.
if a flynode goes down it is just removed from the list until it comes back online, this is not a statically coded list. it is based on node messaging. so this ties into your next point that yes, reliable fly nodes stay in the cycle because you need to be online to even be considered.
bad actors dont receieve any rewards, if your node has a misbehaving count that is higher than a certain number you arent eligible for selection anyway.
- Flynode should not have an active wallet
- Coins to unlock a Flynode should not need to be in the wallet of the Flynode (you are setting up attack targets).
- Use an Address and secret key combination to unlock the node.
- The rewards are set to the Address that is running in another wallet (secure behind a firewall).
it was never stated that your flynode had to be an active/unlocked wallet. it just has to be on the network (client has to be running, not unlocked). as with any cryptocurrency the security of the wallet is your responsibility. being a flynode should not decrease your wallet security at all from a code standpoint. it is still the responsibility of the person running a wallet to make sure their system and home networks are secure. - Coins to unlock a Flynode should not need to be in the wallet of the Flynode (you are setting up attack targets).
- Use an Address and secret key combination to unlock the node.
- The rewards are set to the Address that is running in another wallet (secure behind a firewall).
if the coins of a flynode arent in the flynode how do you know its a valid flynode? just keep the wallet locked if you are concerned about someone attacking your network.
I recommend a normal masternode system with Tor and 1000 Fly per Node. Then POS and Node 50/50. I think that is work for 1-2 weeks.
September 12, 2016, 08:04:32 PM
i think thats the tricky part
u dont check balances of other addresses on normal bitcoin based wallets
u check just single tx which are involved in a transaction
so if someone send coin u know if he is the owner of that coins because he was able sign with correct key
and u can check that this tx he use as input is really unspend until yet
but u have no idea whats his wallet balance is
to do this u would have to know all his incoming and outgoing tx
and not just the few that are involved in a transaction
but if u say u have a solution then im looking forward to see it work
the only solution i see would be
1. each node is a little blockexplorer writting a database that constant track balance of each address
2. u try implement some stuff from miniblockchain (i think cryptonite is the only coin using it and its still in beta stage since forever)
they try to keep a balance of each address stored in the blockchain in a way that in theory u never need to sync more than 10000 blocks
and u know the correct balance of each address
both paths seems to be very complicated
but im no coder and have just a small limited knowledge about how blockchains based on bitcoins are working
maybe im total wrong
unfortunately yes, you are totally wrong =p
that little block explorer database concept you mentioned is exactly what txleveldb provides metadata for. PoS wouldnt actually be possible without it. the txleveldb already keeps track of the metadata for every transaction in the chain because it is used for metadata about the blocks in the chain. anyone who downloads the chain already has every transaction for every address, they are stored on your computer whenever you sync a block. you just normally dont care about anyone elses transactions except the ones that involve you. so it is fully possible to look up someone elses addresses balance with everything in the wallet as it is, you just need to make the function to do it.
To help balance things:
- Coins to unlock Flynode should not stake or receive bonus, only Flynode fees.
- public posted address that shows in the Flynode list in the wallet.
- Coins to unlock Flynode should not stake or receive bonus, only Flynode fees.
- public posted address that shows in the Flynode list in the wallet.
why not? they cant give the masternode reward to themselves, so it doesnt matter if they stake otherwise?
not sure what you mean by public posted address, but the masternode list is held by every client already so if u ever want to know who is running a masternode you can just reference that list. just like you can lookup what peers you are connected to. will give you the same info, CMasterNode is an extension of CNode
- Random selection of node is not guaranteed random.
- Use an order of sequence from the list of known nodes, and each wallet will step through the Flynodes that are visible to their wallet.
- Flynode goes down, it loses it's priority and works from the bottom again.
- Reliable Flynodes stay in the cycle and receive consistent rewards.
- Bad actors will receive less rewards.
random selection of node is not guaranteed random? i dont understand what you mean here, it is completely random. uses the built in random functionality so its about as fair as RNG will ever be. if you are concerned that it wont be fair and some people will get more rewards than others, then this is only true in the short term. since its a random number the % should even out to be the same number of rewards to all clients over time as is true with any random algorithm. - Use an order of sequence from the list of known nodes, and each wallet will step through the Flynodes that are visible to their wallet.
- Flynode goes down, it loses it's priority and works from the bottom again.
- Reliable Flynodes stay in the cycle and receive consistent rewards.
- Bad actors will receive less rewards.
all flynodes should be visible to all wallets as long as that flynode is online. you are syncing a list that should always agree with the network. everyone will always have the same flynode list.
if a flynode goes down it is just removed from the list until it comes back online, this is not a statically coded list. it is based on node messaging. so this ties into your next point that yes, reliable fly nodes stay in the cycle because you need to be online to even be considered.
bad actors dont receieve any rewards, if your node has a misbehaving count that is higher than a certain number you arent eligible for selection anyway.
- Flynode should not have an active wallet
- Coins to unlock a Flynode should not need to be in the wallet of the Flynode (you are setting up attack targets).
- Use an Address and secret key combination to unlock the node.
- The rewards are set to the Address that is running in another wallet (secure behind a firewall).
it was never stated that your flynode had to be an active/unlocked wallet. it just has to be on the network (client has to be running, not unlocked). as with any cryptocurrency the security of the wallet is your responsibility. being a flynode should not decrease your wallet security at all from a code standpoint. it is still the responsibility of the person running a wallet to make sure their system and home networks are secure. - Coins to unlock a Flynode should not need to be in the wallet of the Flynode (you are setting up attack targets).
- Use an Address and secret key combination to unlock the node.
- The rewards are set to the Address that is running in another wallet (secure behind a firewall).
if the coins of a flynode arent in the flynode how do you know its a valid flynode? just keep the wallet locked if you are concerned about someone attacking your network.
September 12, 2016, 06:50:04 PM
To help balance things:
- Coins to unlock Flynode should not stake or receive bonus, only Flynode fees.
- public posted address that shows in the Flynode list in the wallet.
- Random selection of node is not guaranteed random.
- Use an order of sequence from the list of known nodes, and each wallet will step through the Flynodes that are visible to their wallet.
- Flynode goes down, it loses it's priority and works from the bottom again.
- Reliable Flynodes stay in the cycle and receive consistent rewards.
- Bad actors will receive less rewards.
- Flynode should not have an active wallet
- Coins to unlock a Flynode should not need to be in the wallet of the Flynode (you are setting up attack targets).
- Use an Address and secret key combination to unlock the node.
- The rewards are set to the Address that is running in another wallet (secure behind a firewall).
- Coins to unlock Flynode should not stake or receive bonus, only Flynode fees.
- public posted address that shows in the Flynode list in the wallet.
- Random selection of node is not guaranteed random.
- Use an order of sequence from the list of known nodes, and each wallet will step through the Flynodes that are visible to their wallet.
- Flynode goes down, it loses it's priority and works from the bottom again.
- Reliable Flynodes stay in the cycle and receive consistent rewards.
- Bad actors will receive less rewards.
- Flynode should not have an active wallet
- Coins to unlock a Flynode should not need to be in the wallet of the Flynode (you are setting up attack targets).
- Use an Address and secret key combination to unlock the node.
- The rewards are set to the Address that is running in another wallet (secure behind a firewall).
September 12, 2016, 06:25:09 PM
I will post my opinion about FlyNodes. I really like the idea and sure it will make FLY price grow.
Buuut I still remember Vegasguy's saying "Help the little guy", it was in the old thread. To be honest, I don't know if such a rule is still in force, but in my opinion, FlyNodes WILL NOT help the little guy. "Little guys" won't receive anything while those who had a lot of coins before implementing this amazing feature will get even more. I will try to do some math.
One FlyNode costs 500 coins. Right now (12.09.16 23:10 UTC) on Yobit, 500 FLY at the sell side are worth about 0.34391704 BTC, I will round it to 0.34 BTC.
Now, I open random FlyCoin address from Block Explorer's richlist. I don't know who owns it. If we look on transactions associated with this address, we can see that this wallet does POS Mining. I didn't calculate a lot, but the average reward is 0.6~0.9 FLY, I will round it up to 1 FLY.
Masternode reward is 5% of the POS reward (I hope I understood it right, otherwise my math is wrong and not worth of further reading). 5% of 1 FLY is 0.05 FLY.
Now lets imagine that market is stable and the buy price is at least 55k sats.The minimum (without additional 200 FLYs) reward is going to be 2750 sats.
I opened the source code of GitHub to check out the maximum block time, it is 10 minutes.
So the minumum is (60 / 10) * 24 = 144 blocks per day. Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes. Chance of me getting the reward is 1/50 (2%). Lets assume that the guy who owns that POS wallet sets up (6794 (wallet's current balance) \ 500) = 13 nodes + some chenage for an ice cream Let these 13 masternodes be a part of the total masternodes of the network, so the chance to get a reward is 13/50 (26%). With this probability, I imply that I'll receive 26% of the daily rewards (144 (min blocks/day) * 0.0000275 (price of the one reward) * 0.26 (chance)) = 0.0010296 BTC/day min. So, such amount of masternodes will be profitable after (0.34 * 13 (masternode price * masternode count) / 0.0010296 (BTC per day return)) about 330 days.
330 days even for the rich guy like whom wallet I used for doing math.
A poor, *cough* I mean "not so rich", guy like me who can't afford even 1 masternode at the current price will rely on POS rewards (for me, an estimated reward time is 450 days lol), but anyway the richier holders will receive a share of them.
I am *sure* that there IS a mistake in my math, so I'd be glad if someone corrects me.
Here is how I proved that the "lower class" will receive nothing but the rich people will benefit just more and more, however such process will be slow anyway.
Buuut I still remember Vegasguy's saying "Help the little guy", it was in the old thread. To be honest, I don't know if such a rule is still in force, but in my opinion, FlyNodes WILL NOT help the little guy. "Little guys" won't receive anything while those who had a lot of coins before implementing this amazing feature will get even more. I will try to do some math.
One FlyNode costs 500 coins. Right now (12.09.16 23:10 UTC) on Yobit, 500 FLY at the sell side are worth about 0.34391704 BTC, I will round it to 0.34 BTC.
Now, I open random FlyCoin address from Block Explorer's richlist. I don't know who owns it. If we look on transactions associated with this address, we can see that this wallet does POS Mining. I didn't calculate a lot, but the average reward is 0.6~0.9 FLY, I will round it up to 1 FLY.
Masternode reward is 5% of the POS reward (I hope I understood it right, otherwise my math is wrong and not worth of further reading). 5% of 1 FLY is 0.05 FLY.
Now lets imagine that market is stable and the buy price is at least 55k sats.The minimum (without additional 200 FLYs) reward is going to be 2750 sats.
I opened the source code of GitHub to check out the maximum block time, it is 10 minutes.
So the minumum is (60 / 10) * 24 = 144 blocks per day. Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes. Chance of me getting the reward is 1/50 (2%). Lets assume that the guy who owns that POS wallet sets up (6794 (wallet's current balance) \ 500) = 13 nodes + some chenage for an ice cream
Let these 13 masternodes be a part of the total masternodes of the network, so the chance to get a reward is 13/50 (26%). With this probability, I imply that I'll receive 26% of the daily rewards (144 (min blocks/day) * 0.0000275 (price of the one reward) * 0.26 (chance)) = 0.0010296 BTC/day min. So, such amount of masternodes will be profitable after (0.34 * 13 (masternode price * masternode count) / 0.0010296 (BTC per day return)) about 330 days. 330 days even for the rich guy like whom wallet I used for doing math.
A poor, *cough* I mean "not so rich", guy like me who can't afford even 1 masternode at the current price will rely on POS rewards (for me, an estimated reward time is 450 days lol), but anyway the richier holders will receive a share of them.
I am *sure* that there IS a mistake in my math, so I'd be glad if someone corrects me.
Here is how I proved that the "lower class" will receive nothing but the rich people will benefit just more and more, however such process will be slow anyway.
Quote
Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes.
Your wallet is your masternode. With flynode, there is nothing to create, or setup, or collateralize. 1 node for each person max, with no other option. That makes the fairness perfectly equal. Everyone has the same chance of being rewarded regardless of balance.
Quote
for example, there are 50 masternodes.
There wont be 50 Flynodes. I constantly check the number of connections, and its usually around 18-20. That makes your chances of being chosen for the node reward much higher.
Quote
Chance of me getting the reward is 1/50 (2%).
Your chances of being chosen is the exact same as mine, which I believe will be about 1 in 20. Everyone has same chance of being chosen.
So, ive given many suggestions on how to easily get to 500 fly. The social media campaign is one. The other will be the upcoming multipool that will payout in fly. I will be giving bonuses each week to the highest hashers of each algo. Another way to really earn fly.
Additionally to make it even more fair, Im going to try to implement a system were if you have not received a flynode reward , then your wallet will begin to gain weight, much like staking. If you have not staked in 20 days, you have a much higher chance of staking. This makes it even more fair. I dont know yet if this can be implemented or not. But if it can, you can be sure I will.
The bottom line is this. Flycoin is actually more fair than any other coin out there. Here is why. 99% of coins operate the same way. The guys with the higher balance will always get larger rewards. Thats how Crypto is. But to try to bring things more into balance, I have created LOADS of ways to gain fly without any cost at all. So if anything, we are more fair. Ill also add that in the past year when we are trying to implement the anti-dump system, a few of you lost coins. Sometimes, it was no fault of my own , and users didnt update and forked and lost coins. Here is a fact:
Not one coin has been lost under my watch, because I have reimbursed the users every single time. Im trying to think if there is a dev out there that has even reimbursed a user for a lost coin , even once. I have, my fault or not, every single time.
Thats the real reason you should be with fly, because:
Quote
I am committed to making Fly the best and most trusted coin out there, and fly will be, because I wont stop until that happens.
Vegas
September 12, 2016, 06:24:05 PM
I do my best to balance the coin. The system itself will pay more to those that have risked the most. It also pays more to someone that has 3000 fly , than someone who has 700 fly. So I dont see that as an unfair system. I have strongly focused on helping the little guy, and that element will still be true. We once had a balance of 5500 fly in the superfly wallet. Its down to 2,000 fly. NONE of the top 5 received any of that. Therefore I have given away 3500 fly. That is when it was .80 usd and sometimes 1 dollar a coin. People have done many different things to get these rewards. So, this will still be true. I AM concerned that 500 fly might be too much, but when I really look at it , its only .34 btc. If even that seems out of reach , there are PLENTY of ways to get superfly rewards. So the core mission of fly has not changed. Anyone with no money at all CAN attain 500 fly in many ways. Use your imagination. Support fly, and I will help you.
Vegas
And Vegas, you are not alone. I can confirm his mission and also stand by like I always did.
Greetz
Steve
September 12, 2016, 06:11:28 PM
I will post my opinion about FlyNodes. I really like the idea and sure it will make FLY price grow.
Buuut I still remember Vegasguy's saying "Help the little guy", it was in the old thread. To be honest, I don't know if such a rule is still in force, but in my opinion, FlyNodes WILL NOT help the little guy. "Little guys" won't receive anything while those who had a lot of coins before implementing this amazing feature will get even more. I will try to do some math.
One FlyNode costs 500 coins. Right now (12.09.16 23:10 UTC) on Yobit, 500 FLY at the sell side are worth about 0.34391704 BTC, I will round it to 0.34 BTC.
Now, I open random FlyCoin address from Block Explorer's richlist. I don't know who owns it. If we look on transactions associated with this address, we can see that this wallet does POS Mining. I didn't calculate a lot, but the average reward is 0.6~0.9 FLY, I will round it up to 1 FLY.
Masternode reward is 5% of the POS reward (I hope I understood it right, otherwise my math is wrong and not worth of further reading). 5% of 1 FLY is 0.05 FLY.
Now lets imagine that market is stable and the buy price is at least 55k sats.The minimum (without additional 200 FLYs) reward is going to be 2750 sats.
I opened the source code of GitHub to check out the maximum block time, it is 10 minutes.
So the minumum is (60 / 10) * 24 = 144 blocks per day. Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes. Chance of me getting the reward is 1/50 (2%). Lets assume that the guy who owns that POS wallet sets up (6794 (wallet's current balance) \ 500) = 13 nodes + some chenage for an ice cream Let these 13 masternodes be a part of the total masternodes of the network, so the chance to get a reward is 13/50 (26%). With this probability, I imply that I'll receive 26% of the daily rewards (144 (min blocks/day) * 0.0000275 (price of the one reward) * 0.26 (chance)) = 0.0010296 BTC/day min. So, such amount of masternodes will be profitable after (0.34 * 13 (masternode price * masternode count) / 0.0010296 (BTC per day return)) about 330 days.
330 days even for the rich guy like whom wallet I used for doing math.
A poor, *cough* I mean "not so rich", guy like me who can't afford even 1 masternode at the current price will rely on POS rewards (for me, an estimated reward time is 450 days lol), but anyway the richier holders will receive a share of them.
I am *sure* that there IS a mistake in my math, so I'd be glad if someone corrects me.
Here is how I proved that the "lower class" will receive nothing but the rich people will benefit just more and more, however such process will be slow anyway.
Buuut I still remember Vegasguy's saying "Help the little guy", it was in the old thread. To be honest, I don't know if such a rule is still in force, but in my opinion, FlyNodes WILL NOT help the little guy. "Little guys" won't receive anything while those who had a lot of coins before implementing this amazing feature will get even more. I will try to do some math.
One FlyNode costs 500 coins. Right now (12.09.16 23:10 UTC) on Yobit, 500 FLY at the sell side are worth about 0.34391704 BTC, I will round it to 0.34 BTC.
Now, I open random FlyCoin address from Block Explorer's richlist. I don't know who owns it. If we look on transactions associated with this address, we can see that this wallet does POS Mining. I didn't calculate a lot, but the average reward is 0.6~0.9 FLY, I will round it up to 1 FLY.
Masternode reward is 5% of the POS reward (I hope I understood it right, otherwise my math is wrong and not worth of further reading). 5% of 1 FLY is 0.05 FLY.
Now lets imagine that market is stable and the buy price is at least 55k sats.The minimum (without additional 200 FLYs) reward is going to be 2750 sats.
I opened the source code of GitHub to check out the maximum block time, it is 10 minutes.
So the minumum is (60 / 10) * 24 = 144 blocks per day. Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes. Chance of me getting the reward is 1/50 (2%). Lets assume that the guy who owns that POS wallet sets up (6794 (wallet's current balance) \ 500) = 13 nodes + some chenage for an ice cream
Let these 13 masternodes be a part of the total masternodes of the network, so the chance to get a reward is 13/50 (26%). With this probability, I imply that I'll receive 26% of the daily rewards (144 (min blocks/day) * 0.0000275 (price of the one reward) * 0.26 (chance)) = 0.0010296 BTC/day min. So, such amount of masternodes will be profitable after (0.34 * 13 (masternode price * masternode count) / 0.0010296 (BTC per day return)) about 330 days. 330 days even for the rich guy like whom wallet I used for doing math.
A poor, *cough* I mean "not so rich", guy like me who can't afford even 1 masternode at the current price will rely on POS rewards (for me, an estimated reward time is 450 days lol), but anyway the richier holders will receive a share of them.
I am *sure* that there IS a mistake in my math, so I'd be glad if someone corrects me.
Here is how I proved that the "lower class" will receive nothing but the rich people will benefit just more and more, however such process will be slow anyway.
not less is more
more is more
this new system would create one source of demand
and that is greed
can work
if that fit to the former message of the coin "Help the little guy" is a different story......
I do my best to balance the coin. The system itself will pay more to those that have risked the most. It also pays more to someone that has 3000 fly , than someone who has 700 fly. So I dont see that as an unfair system. I have strongly focused on helping the little guy, and that element will still be true. We once had a balance of 5500 fly in the superfly wallet. Its down to 2,000 fly. NONE of the top 5 received any of that. Therefore I have given away 3500 fly. That is when it was .80 usd and sometimes 1 dollar a coin. People have done many different things to get these rewards. So, this will still be true. I AM concerned that 500 fly might be too much, but when I really look at it , its only .34 btc. If even that seems out of reach , there are PLENTY of ways to get superfly rewards. So the core mission of fly has not changed. Anyone with no money at all CAN attain 500 fly in many ways. Use your imagination. Support fly, and I will help you.
Vegas
September 12, 2016, 05:52:37 PM
Ladies and Gentlemen,
like always, I am totally fascinated again, how a coin can change its behaviour.
"FlyNet" or "FlyNode" is exactly the thing we needed.
Hope the devs wanna enjoy this huge task. But I am sure, they can solve all hurdles.
Greetz
Steve
like always, I am totally fascinated again, how a coin can change its behaviour.
"FlyNet" or "FlyNode" is exactly the thing we needed.
Hope the devs wanna enjoy this huge task. But I am sure, they can solve all hurdles.
Greetz
Steve
September 12, 2016, 05:50:42 PM
I will post my opinion about FlyNodes. I really like the idea and sure it will make FLY price grow.
Buuut I still remember Vegasguy's saying "Help the little guy", it was in the old thread. To be honest, I don't know if such a rule is still in force, but in my opinion, FlyNodes WILL NOT help the little guy. "Little guys" won't receive anything while those who had a lot of coins before implementing this amazing feature will get even more. I will try to do some math.
One FlyNode costs 500 coins. Right now (12.09.16 23:10 UTC) on Yobit, 500 FLY at the sell side are worth about 0.34391704 BTC, I will round it to 0.34 BTC.
Now, I open random FlyCoin address from Block Explorer's richlist. I don't know who owns it. If we look on transactions associated with this address, we can see that this wallet does POS Mining. I didn't calculate a lot, but the average reward is 0.6~0.9 FLY, I will round it up to 1 FLY.
Masternode reward is 5% of the POS reward (I hope I understood it right, otherwise my math is wrong and not worth of further reading). 5% of 1 FLY is 0.05 FLY.
Now lets imagine that market is stable and the buy price is at least 55k sats.The minimum (without additional 200 FLYs) reward is going to be 2750 sats.
I opened the source code of GitHub to check out the maximum block time, it is 10 minutes.
So the minumum is (60 / 10) * 24 = 144 blocks per day. Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes. Chance of me getting the reward is 1/50 (2%). Lets assume that the guy who owns that POS wallet sets up (6794 (wallet's current balance) \ 500) = 13 nodes + some chenage for an ice cream Let these 13 masternodes be a part of the total masternodes of the network, so the chance to get a reward is 13/50 (26%). With this probability, I imply that I'll receive 26% of the daily rewards (144 (min blocks/day) * 0.0000275 (price of the one reward) * 0.26 (chance)) = 0.0010296 BTC/day min. So, such amount of masternodes will be profitable after (0.34 * 13 (masternode price * masternode count) / 0.0010296 (BTC per day return)) about 330 days.
330 days even for the rich guy like whom wallet I used for doing math.
A poor, *cough* I mean "not so rich", guy like me who can't afford even 1 masternode at the current price will rely on POS rewards (for me, an estimated reward time is 450 days lol), but anyway the richier holders will receive a share of them.
I am *sure* that there IS a mistake in my math, so I'd be glad if someone corrects me.
Here is how I proved that the "lower class" will receive nothing but the rich people will benefit just more and more, however such process will be slow anyway.
Buuut I still remember Vegasguy's saying "Help the little guy", it was in the old thread. To be honest, I don't know if such a rule is still in force, but in my opinion, FlyNodes WILL NOT help the little guy. "Little guys" won't receive anything while those who had a lot of coins before implementing this amazing feature will get even more. I will try to do some math.
One FlyNode costs 500 coins. Right now (12.09.16 23:10 UTC) on Yobit, 500 FLY at the sell side are worth about 0.34391704 BTC, I will round it to 0.34 BTC.
Now, I open random FlyCoin address from Block Explorer's richlist. I don't know who owns it. If we look on transactions associated with this address, we can see that this wallet does POS Mining. I didn't calculate a lot, but the average reward is 0.6~0.9 FLY, I will round it up to 1 FLY.
Masternode reward is 5% of the POS reward (I hope I understood it right, otherwise my math is wrong and not worth of further reading). 5% of 1 FLY is 0.05 FLY.
Now lets imagine that market is stable and the buy price is at least 55k sats.The minimum (without additional 200 FLYs) reward is going to be 2750 sats.
I opened the source code of GitHub to check out the maximum block time, it is 10 minutes.
So the minumum is (60 / 10) * 24 = 144 blocks per day. Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes. Chance of me getting the reward is 1/50 (2%). Lets assume that the guy who owns that POS wallet sets up (6794 (wallet's current balance) \ 500) = 13 nodes + some chenage for an ice cream
Let these 13 masternodes be a part of the total masternodes of the network, so the chance to get a reward is 13/50 (26%). With this probability, I imply that I'll receive 26% of the daily rewards (144 (min blocks/day) * 0.0000275 (price of the one reward) * 0.26 (chance)) = 0.0010296 BTC/day min. So, such amount of masternodes will be profitable after (0.34 * 13 (masternode price * masternode count) / 0.0010296 (BTC per day return)) about 330 days. 330 days even for the rich guy like whom wallet I used for doing math.
A poor, *cough* I mean "not so rich", guy like me who can't afford even 1 masternode at the current price will rely on POS rewards (for me, an estimated reward time is 450 days lol), but anyway the richier holders will receive a share of them.
I am *sure* that there IS a mistake in my math, so I'd be glad if someone corrects me.
Here is how I proved that the "lower class" will receive nothing but the rich people will benefit just more and more, however such process will be slow anyway.
not less is more
more is more
this new system would create one source of demand
and that is greed
can work
if that fit to the former message of the coin "Help the little guy" is a different story......
Jump to: