Topic: FLY COIN ANN.Swapping to "Las Vegas"coin,+Masternodes,Darksend,Stealth, instantX - page 53. (Read 186194 times)

Correct! 100% - I thought 500 fly was reasonable but don't even really know for sure if that is the right number.

I think you'll find that even 1000 fly is too high....  the only masternodes will be created by people that already have 1000 fly, or very close to it... I don't think a lot of fly will be purchased for the purpose of operating a masternode; I think that's pretty much what you were saying, Pokey....

But I am far from experienced in masternodes!

Keep in mind there is not a lot of Fly on the free market.  There has to be a reason for people to want to buy Fly to create a masternode.  If you make it 2000 fly then what is the reason someone is going to invest (2) BTC or $1150 USD at todays rate to run (1) masternode.  Calculated at 100,000 satoshis.  I don't think you should set a masternode at 2000 fly.  We will bury ourselves in the corner where no one else can play.  If we had new tech that we created then I can see offering a MN for 2000 fly but Fly is not a high/new tech coin, it is a clone.  What is the difference between Transfercoin and Flycoin that would make me want to spend that much more?  Just posing a question - not beating up on Fly! 

Thats what we need to discuss is the price of a masternode. 1000 Fly would allow more people to get in and would add buy pressure. 2000 could cause more people to buy that amount to get masternodes and cause heavy buy pressure, some may not even try to reach that far. So heres were I need some feedback. What should the price of a masternode of fly cost?

Vegas

Nice. I'm looking forward to running a Master Node. I was one of the three that voted for Master Nodes. 1000 FLY is fine with me. 2000 FLY is also OK but that does make is harder to get into a FLY Master Node.
Keep up the good work!

After Griffith looked over everything, he tells me that a core update AND adding masternodes will NOT require a coin swap. So Im going to ask him to move forward. Looks like masternodes will be at the cost of 1000 fly (Unless you guys want to go higher). I would like to see them cost 2000 fly to keep them rare. Its still early, so let me know.

Vegas

The more one sees, the more complicated bitcoin becomes, lol

soooo  technical...... good thing there are folks around who understand all this stuff....... 

 
  vcash has peers and superpeers. superpeers are more connectable; they've opened a port. the network they support exists in RAM on the host machines (vcash now/soon supports instant off blackchain txes, with 'zerotime' and 'zeroledger')
  the internal voting system favors peers with faster response times and longer up times
  i recently had to upgrade from hdd to sdd storage for my O.S. drive, as with the hard drive my computer was getting fewer and fewer rewards
not sure what effect i.s.p. speed has on the whole picture, i have a fiber-optic connection, but not the fastest plan
a key feature of the vcash network is its use of udp connectivity

Great suggestion Groggin. I looked into Vcash, and more specifically the reward page. Its not very detailed. Here is what I found.

Node Incentives
The node incentives system donates a portion of the miners coinbase reward to peers that are helping to maintain the network infrastructure. The system is constantly probing for good publicly addressable peers. These peers are voted on using a deterministic scoring system that is secured by the blockchain. Additionally there is a collateral mechanism that (if enabled) can prohibit votes from peers that do not have at least N amount of coins (in a single deposit) in their default wallet address. The only requirements for participating in the incentive system are a possible collateral deposit and a publically addressable peer.

Questions and Answers
How do I know if my client is a candidate for incentive rewards?

Use the getincentiveinfo command in the GUI console. If you see "votecandidate, true" you are eligible to be a candidate.
Will collateral be required?

A collateral deposit of at least 10000 into the default wallet address will be required to be a vote candiate starting at block 220000.
How do I deposit collateral?

You send 10000 coins to your default wallet address found in getincentiveinfo as a single transaction. Within some time it should reflect in getincentiveinfo if the deposit is equal or greater than 10000.
What is the incentive percentage?

Schedule: https://gist.github.com/john-connor/967ba7f7e9dd0ec1f7a9


My question is: Your said .

So, when you say speed, is it speed of the computer hosting the wallet? Speed of internet connection?

Also you mention connect-ability as a factor. Can you be more detailed?

If anyone else knows , please chime in.

Vegas

Thanks mate appreciate it

A Poll is being conducted (top of thread) to get views from community...You may want to take a look at vote your opinion.

Hey hey everyone I've been gone for a long time on holidays but I'm back now.  Just wondering what's new and in store for FLYcoin Cheers

I will certainly look into both, and then when I understand them, I will explain them in detail , what they are about.

Vegas

Same here - @Vegasguy - you may want to look into the Vcash code or minimally the Transfercoin code - both run sweet MN functions.

 the collateral amount secures the network also; an attacker might want to run many nodes, so this number is critical in more than one way.


i am running an incentivized node for vcash.  the focus is on speed and connectability, but dynamic ip addresses don't affect the vcash (multi-tier) network in a negative way, but you do need a very fast machine if you expect to compete with the 'elite'

The way I look at it, this is a low transaction coin (at the moment).  If the value in the coin is Hodling    long term, and the coin is moving to PoSP, then the more staking nodes, the lower the staking rewards.  So for a Masternode to be feasible (cost of running/maintaining a Masternode), you are looking at a 100:1 ratio between the number of Masternodes to staking wallets.  At the moment that would not attract or suppport too many Masternodes.  In the beginning of the Masternode roll out, I foresee 10 - 25 Masternodes being set up to compete for the split on the rewards of possible 200 staking wallets.  In about a month or 2, half of the masternodes will realize they would make more just staking in a regular wallet, and the number of Masternodes will drop to about 5-10 in about the 3rd month.

As the coin becomes more transaction based (assuming, that this will eventually happen), then we will see less of the total coin staking and the rise in the PoSP and then the network could support a 20:1 (-ish) ratio of masternodes to staking wallets.

I would recommend keeping the Masternode activation high enough (1-2K FLY) to ensure a solid commitment to maintaining a reliable
network of Masternodes, and enough wallets that will continue to grow the total coin base to help support a more transaction based network.  The coin will maintain or increase its value if people can use the coin to trade it for something of value, otherwise, unless it is backed by FIAT or other assets, the value of this coin will dissipate with time and people will lose interest.

My opinion... for what it is worth...

Well, we still are promoting our services and have already completed our first android job. I think it would add even more value to fly to add masternodes.

Vegas

masternode with 1000 FLY required sounds good

just it is another methamorphosis with a total radical change....

leave it as it is now is maybe good too and focus on services and apps

The limitation is explained by the total amount itself.

200k fly has place for 100 masternodes by 2k per masternode...

I would like it a mn with 500 fly...so we could create 400 mn! but believe me...400 mn would not be the end...because, the total amount will increase with more staking and masternodes!!!!!!


Steve

But will also limit the number of MN's since there is only 200k FLY available - and not even all of that on the market!