Author

Topic: freicoin goin berserk? (Read 1127 times)

donator
Activity: 2772
Merit: 1019
April 18, 2013, 04:18:02 AM
#12
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?
sr. member
Activity: 826
Merit: 250
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April 18, 2013, 03:39:02 AM
#11
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.
sr. member
Activity: 322
Merit: 250
April 18, 2013, 03:30:32 AM
#10
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
sr. member
Activity: 826
Merit: 250
CryptoTalk.Org - Get Paid for every Post!
April 18, 2013, 03:29:57 AM
#9
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.
donator
Activity: 2772
Merit: 1019
April 18, 2013, 03:26:00 AM
#8
all those hard mined coins making there way back to the devs.

no, they are destroyed afaik.
donator
Activity: 2772
Merit: 1019
newbie
Activity: 22
Merit: 0
April 18, 2013, 03:24:23 AM
#6
all those hard mined coins making there way back to the devs.
legendary
Activity: 1176
Merit: 1015
April 18, 2013, 02:46:32 AM
#5
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?
legendary
Activity: 1420
Merit: 1010
April 18, 2013, 01:29:26 AM
#4
yup only way to avoid it is to send me all ur coins!
hero member
Activity: 617
Merit: 531
April 18, 2013, 01:19:22 AM
#3
4.9% of the coins disappear over the year and go into the block reward.
sr. member
Activity: 252
Merit: 250
April 18, 2013, 01:14:59 AM
#2
Demerage?!
member
Activity: 105
Merit: 10
nothing to say except ... .. .
April 18, 2013, 01:12:32 AM
#1
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?
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