Topic: FLY COIN ANN.Swapping to "Las Vegas"coin,+Masternodes,Darksend,Stealth, instantX - page 52. (Read 186171 times)

I just wanted to post some thoughts. First, Im excited to continue adding features that bring value to fly.

Everyone asks "what is the purpose of fly?". I think they are hinting that some sort of new technology should be added, or things should be able to be purchased with fly. When I had been in crypto for about 1.5 years, I had the same experience that many of you had. The scam coins, the lies, the empty promises, the bagholding, the stolen coins. The reason I created fly is a safehaven where people could store their funds and generate a handsome interest rate and feel safe with their investment. That is the true purpose of fly. The day it launched I swore to uphold the integrity of fly. I have gone to enormous lengths to ensure not one person has ever lost even 1 fly coin. I have paid out to users over and over and over again, should they have lost coins of any amount large or small. I can easily fill this page with names and situations where I have stood up and made so many wrongs right, when I had nothing to gain, and everything to lose. I have poured enormous amounts of my money and ONLY my money into the development of fly. No one else paid the developers but me over the past 12 months. I did an amazing job at keeping inflation in check. We added only 50,000 coins in 12 months at 50% pos.  But, I look over the past few days and there is no vol on Yobit. NOT 1 COIN traded!! I thought for sure when I went to extreme lengths to prove the integrity of fly that we would have a big and active community, and this is not the case. So, Ive done the right thing over and over and over again, and 1 year later, there is no movement on the exchange. So, Ill be honest, I dont know why. Perhaps someone would be kind enough to explain why. In my mind, there is no safer place to put your money.

Vegas

Pokey I trust you 100%. So, I might need to hire him , if thats the route we go. I also highly trust Groggin. Anyone else like Vcash? 

Please give details on why Vcash is so great? Would it go well with a rebrand to Vegas coin?

Vegas

Hrmmm - I think your read is way off on John Connor - he is a genius when it comes to coding and is passionate about Vcash.  I think the information you found is based on btc talk forum - he despises BTC talk so my guess is you won't find much useful information on him here.  He primarly uses IRC, and the Vcash forums for communication.  Just to give you a heads up.  I have been with him for about three years now and he is consistent and always does what he says he will do.  You should give Vcash another look.  Keep in mind it is very technical so my guess is you would need some serious dev understanding to incorporate what he is doing.  I am not technical with programming so I can't talk to the point too much.  I just know what John Connor makes - works!  Hands down - no issues at all.

Im strongly looking over Vcash. I want to fully understand it. I think anon send/receive is so "80's". However encrypted messaging and a chat system built into the wallet, seems like a great idea to tighten the community. The additional idea I had, and this is a "pre-alpha" idea in my head, is to change the POS rewards based on the market. So if its dumping , the POS rewards are much lower, but if prices are going up , then the POS rewards go up (with a cap of say 20-25% course). If this can be done, then I already know there will be those trying to fool the system, so it will have to be constantly tweaked. Again, its simply an idea.

Vegas


Update: I just looked over Vcash, and its very messy and confusing. The dev hardly posts. He has a horrible trust rating. This is an idea, and simply an idea, rebrand to "Vegas coin". I would promote to the gambling sites that I do not own or control to adopt the coin. I simply update the coin and promote it, but would not ever have a gambling site that I own. If you guys like this idea, then I would begin talks again with the original starter of Vegas coin. What do you guys think?

Vegas

MidnightMiner - Thanks for the work on the masternodes computations!

Well whats Ironic is we have the talent to do anything with Fly. My plan was to take the best ideas over time and add them to fly. So community is very important. Let me know what you would like to see that will make fly more valuable.

Vegas

 
some random thoughts

while we're configuring our 'master plan', why not some discussion about other features that might be explored, like anon send/receive,  encrypted messaging, perhaps some kind of 'accounting' tab in the wallet where you might record what went where and why ...

 otoh, sometimes it's just cool to be cool and see where the waves will take you, but i think as a community we really need to determine what the ultimate fly money supply will ever be, otherwise it is impossible to generate meaningful numbers for PoS, paid nodes, etc

 the vcash system constantly probes the nodes for ping times, uptime and other params, only the best have a chance for a prize, makes for a very slick network

Thank you MM, very helpful information. Im sure its possible to make the masternodes worth their value by raising the rewards. I welcome suggestions.

Vegas

I didn't create a full worksheet like the DASH Masternode ROI calculation but here is a quick model for FLY:

From the Top 100 List I took the balances above 1000 FLY.

• Potentially 179 Masternodes could be afforded
• I am assuming a 50% adoption rate at start = 88 Masternodes

Total Coin Supply:    217759.5572
Minus Masternodes:   88000.0000
--------------------------------------
Avail. Staking Coins:129759.5572

If Staking perfectly at 35%,
total staking coin (not compounded):        45415.8500 FLY per annum
If 40% distributed among Masternodes:        206.4357 FLY per annum

Staking the 1000 FLY (not compounded):       350.0000 FLY  per annum

There are two important multipliers not included:

1) Wallet Staking Success: My guess about 75%
So real return for average wallet is 35% * 0.75 = 26.25%
That will trikle down to the Masternodes and reduce their payouts as well.

2) Number of Staking Wallets (at any given time): Probably 80-90% but never 100%

Conclusion:
Everyone and their dog who can afford a Masternode will try to run one in the beginning, but over the course of a couple months the number will be around 20 Masternodes.  At that small number the Masternode owners will make slightly better than staking, but hardly enough to cover the extra cost and time of running one.  The two factors that help make FLY what it is today, is what hinders it in expanding into the more fluid market.  FLY is a long term holding coin with a low coin supply.  Masternodes operate better in a larger coin supply with coins moving to market, be it trade purchases or exchange markets.

But this just means that the Masternodes you create today will operate in a smaller market, and it will take time for FLY to monetize itself on the markets to its true value.  The value of FLY will be based on its strength as a long term coin, and to be successful long term, you need a solid network of wallets, and Masternodes help solidify the network.  So Masternodes are not a bad move at this point, they will add value to the future of FLY.
 

First let me say, I am no expert on masternodes. But it sounds like there are a lot of factors to consider. The problem with a 1000 fly being the cost of a masternode is theoretically this would allow for 200 masternodes. I wonder if it is possible to have different levels of masternodes, with different rewards? Anyone heard of this? I need to speak with Griffith and see if this is possible.

@Midnightminer. You seem to be very adept at understanding masternodes. Ill be honest, I have hardly done much with them. I would like your advice on numbers. If anyone else is very knowledgeable about masternodes, then please post ideas.

Vegas

I see Masternodes as a good thing - securing the network.
However, the pricing has me torn in 2 directions. I guess it
comes from  my being a Libra and seeing both side of issues.

Higher fees and there is not enough FLY on Yobit for people
to buy to set up Masternodes - only enough for 2+ Masternodes
under .0012 sat. But as CrazyIvan points out - too many nodes is  
not a good thing either.

I originally thought that 500 FLY was a good price, but I have
come around to agree with the 1,000 price. The question becomes
the rewards for staking vs. the reward for running a Masternode
and tying up tying up 1,000 FLY to run one.

I have run Masterodes on a few coins and, always went back to staking
which, in my case, I found more profitable. Usually, there were too
many Masternodes and not enough transactions. IMO, if the bigger holders
set up several Masternodes (which I would expect) - then, the smaller
holders will not be competing for stakes against those coins which
are tied up in Masternodes.

If you go to Block Pioneers Block Explorer
http://chain.blockpioneers.info/fly/network.php

Click on Network, you will find a very long list of
nodes to put in a config file. Do not use the top
2 that are on version 2.1 and 2.1.

Also, sometimes wallets crash due to your memory getting low.
If you use windows press Control-Alt-Delete & start Task Manager to see
your physical memory usage. Between my wallets, using Chrome a lot and leaving
my computer on all the time. I was seeing frequent crashes.

I now use Mozilla which does not leak memory like Chrome, and added some
memory. When I get over 50+ % of physical memory usage, I re-start my
computer and it drops down to the 20% range for a few weeks.

i notice i have 3 nodes now

my fly wallet crash time to time i think  it 3rd time 3.2.0 crash

Yes, that is the current version of the wallet, and it's been very stable, so don't know why it's giving you problems;  might try emptying your APPDATA folder (except wallet.dat, of course) and re-syncing from scratch... it doesn't take too long.

I don't even use a config file (thus, no nodes programmed in), and I have 9 connections at this moment.

what s the current last wallet version ?
my wallet crash and i get no node now  i mon 2.3.0

I agree. We have to balance out on coin supply/rewards on masternode/number of coins required for the masternode. It doesn't mean more coins required for the masternode will drive up the demand. For the masternode to work need a lot of people need to stake their coins. If all the big holders converted their coins into MNS (that means taking more coins from staking) will decrease the rewards for all masternodes as well.

As stated in https://bitcointalksearch.org/topic/m.15763854

The cost of a Masternode and the compensation for running a Masternode is require some modeling and forcasting to be planned properly.

Waiting for some more information on the plan and for some numbers to be laid out, to see if this will scale proportionally (Masternodes vs. regular wallets).

With Masternodes Fly has the potential to become a decentralized PoSP based on the number of staking nodes compared to the amount of money supply held in staking wallets to control the staking returns.

The Masternodes could modulate the returns to promote better returns on a more active coin rather than a coin with a money supply held in ~100 staking wallets.

I d go with at least 1k Fly per masternode. Look at Dash, only holders with a lot of Dash can run those and there are not many of them compared to the number of Dash users. If we let masternode limit to be too low, everybody ll run them and create excess fly in the market resulting in dumping and price decrease.

As in everything else, you ve gotta SPEND money in order to MAKE money. So, if u want to run masternode, buy some Fly. That s the whole point. Not to crease charity system for people who d like to make some quick money and run to some other coin as soon as there s some kind of opportunity.

Guys , just a quick note. Don Freddy who was one of the original users of fly lost 340 fly when the whole fiasco with the long addresses on the exchange happened. He has been compensated in full.

Vegas

First , thank you for your guys feedback. It truly matters what your opinion is. The way I see fly in the future is a wallet of many things. Options galore. I think Masternodes is a great idea, and we can start implementing it next week. For those of you that dont know, the reason you would invest more into a masternode is because you would actually get more rewards from the entire POS system. If you look at Dash for example their masternode system takes 40% of the POS and then divides that among the masternode holders depending on how many masternodes each person owns. 500 fly for a masternode could be too easy to obtain. I want people to stretch and buy fly for higher rewards. I would appreciate others to chime in and give their opinion on what they think a masternode should cost. Keep in mind, if we set it at 1000 fly for a masternode, and there are those that want them bad enough, they will pay higher prices to get that masternode. So the fact there is not enough to go around is a good thing. Supply and demand. Thats why my gut says, set it high (at 1000 fly) , so there is always buy pressure. Sellers that got in early will make nice profits as people will be placing buy orders to get their masternodes, or go to the buy side (thus raising prices)

Vegas