freicoin goin berserk? | Bitcointalksearch.org

molecular

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Quote from: nethead on April 18, 2013, 03:30:32 AM

Quote from: molecular on April 18, 2013, 03:26:00 AM

Quote from: BaronMcG on April 18, 2013, 03:24:23 AM

all those hard mined coins making there way back to the devs.

no, they are destroyed afaik.

lol
at first you said that they go to some hard-coded dev addresses
then you say that they return to the miners
and now you say that they are getting destroyed

NICE

where did I say the first 2 things?

Impaler

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To clarify, for the first 3 years the mining process creates new money, most of the new money goes to hard coded addresses that are owned by a non-profit foundation and the remainder to the miner.

At all times demurrage coins are destroyed, but an equal number are added to the miners portion of every block reward, this grows as money supply grows and by the end of the 3 year issuance period the miners reward is entirely from this recycled demurrage and the foundation stops receiving coins.

So while the literal coin 'shavings' that occur from demurrage are destroyed the creation of new coins for miners is equivalent to transferring it to them, so people frequently simplify by saying the miners get every ones demurrage.

nethead

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Quote from: molecular on April 18, 2013, 03:26:00 AM

Quote from: BaronMcG on April 18, 2013, 03:24:23 AM

all those hard mined coins making there way back to the devs.

no, they are destroyed afaik.

lol
at first you said that they go to some hard-coded dev addresses
then you say that they return to the miners
and now you say that they are getting destroyed

NICE

Impaler

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Activity: 826

Merit: 250

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Quote from: FuzzyBear on April 18, 2013, 01:29:26 AM

yup only way to avoid it is to send me all ur coins!

While you probably meant that in jest, it actually IS how you avoid Demurrage, loan your coins to someone else at 0%, the borrower pays the demurrage then returns your coins 1 for 1. You've just successfully avoided paying demurrage. Now of course the borrowed coins in the borrowers hand are undergoing demurrage too so they need to come up with more coins then they initially borrowed (just like any loan), maybe they invest, maybe they sell their TV, you the lender don't really care so long as you get your coins back. This is what we want to see happen.

molecular

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Quote from: BaronMcG on April 18, 2013, 03:24:23 AM

all those hard mined coins making there way back to the devs.

no, they are destroyed afaik.

molecular

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Merit: 1019

Quote from: MrWizard on April 18, 2013, 01:14:59 AM

Demerage?!

demurrage

BaronMcG

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all those hard mined coins making there way back to the devs.

drawingthesun

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Quote from: prime14k on April 18, 2013, 01:12:32 AM

I opened up my freicoin wallet to check if I received ten from a give away. It was updating so I left it alone for a bit and noticed that my balance was decreasing slowly as it was updating.
Has anyone ever seen this before or know what to do about it?

Because your coins disappear at a rate of just under 5% a year, when you update the client when its been off for a while it looks like several days worth of coin demerage happens at once.

You do realise your Freicoins will all one day go away?

FuzzyBear

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yup only way to avoid it is to send me all ur coins!

bushstar

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4.9% of the coins disappear over the year and go into the block reward.

MrWizard

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Demerage?!

prime14k

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nothing to say except ... .. .

I opened up my freicoin wallet to check if I received ten from a give away. It was updating so I left it alone for a bit and noticed that my balance was decreasing slowly as it was updating.
Has anyone ever seen this before or know what to do about it?

Topic: freicoin goin berserk? (Read 1132 times)