Topic: HyperStake Development Journal (HDJ) - page 3. (Read 18425 times)

I personally don't find anything wrong with the occasional HYP to the m000n type of joke. It is when the threads are bogged down by these comments that it becomes a problem. In my mind a healthy optimistic sarcastic joke about price can be healthy.

Very insightful remark, aigeezer! I do not know if the algorithm could be tweaked and if would even be desirable. We plan to have OneBigHardFork in some month to implement everything that requires a hardfork at once, to minimize the amount of work for exchange and all. If we integrate such a tweak, that would be at that moment.

Regarding merchant adoption as a solution, this is worth considering. So far, we did not place much emphasis in this, because "experiment" and "merchant adoption" do not mix well; merchant adoption require an amount of "seriousness" that might be more than what we want, but this can change - merchant adoption can be viewed as an experiment too.

On a sidenote: similar to the Godwin point, the moment when a discussion is over because someone mentionned Hitler, I'd like to propose the "Lambo point". When people start to mention Lambos, a currency is threatened, because people live in delusions. Of course, this was a joke from you, but so is it to everyone - but as Goëring (or Himmler) mentionned it, repeat something long enough and it will become reality - read: people will take it seriously. Thus, reaching the Lambo point should make us cautious.

Rationality is overrated among most economists. We're are not creatures of pure logic, which annoys a lot of rationalists who have a hard time understanding why their perfectly valid theories do not work in real life.

On this intersection of finance and psychology, I encourage you to read this very informative essay on neurofinance
Breaking the Cycle of Investment Regret (also available in French). Eye opening.
" Reason: the amygdala, which overrides the neocortex. Solution according to some: meditation (or moral enhancement, if you're a transhumanist).

On a similar note, there is this article brought to my attention by DustOff in the Poloniex Trollbox: "Does 'free will' stem from brain noise?" This article hints that most decisions we make are unconsious and we rationalize them after the actual choice is made, giving us illusion that we took concious decision (which is similar to, albeit different from, cognitive dissonance and confirmation bias, which by the way are rampant in Cryptoland and source of a lot of people bagholding after a dump).

On an unrelated and somewhat amusing note, but still instructive for others: since yesterday, l felt like if I did not stake any block. No small non-round number in my new block, so I assumed nothing staked. I was starting to panick, especially after seeing minting actually occuring in the transaction window. See, my blocks are 4000 3900 3800 3700... down to 2500. (I later realised I did not have any 2600, more on this later) Then I realised one thing: my initial blocks are 4000 and I hit the max reward (1000). When block stakes, it gets splitted in two equal parts, so 4000+1000 (max reward) is 5000 or... two times 2500.
So I did stake but did not notice it!

Below, the green frame denotes the consolidated blocks I created ma,ually and the blue frame denotes the "natural" blocks, where I believe nothing happend whilst it just happened naturally. I'll call this the "block illusion".
So this was an illusion, but a convincing one. It may happen to you too.


forbesmining: I expect volume to come with time. Volume is steadily growing and we are working on some marketing stuff to increase audience (see "HYP for everyone").

"put the $10k in HYP and, if price/demand remains table, sell $6k in stake earnings."

If only one person tried to put $10k (26 BTC) in HYP, the price would go to 10,000+ sat immediately.
I love the idea of HYP, and managed to assemble a six-figure amount just before the current price run-up.
But there is not enough supply for very many investors trying to make several thousand dollars a month in
"income" from something like this. Although I'd love to be wrong about this!

I agree with your observations, so I will come at the issues from a different angle.

In fiat-world, from time to time, and for no obvious reason except in hindsight, "the herd spooks" - everyone rushes to take their money out of banks "before the collapse", thus causing the collapse.
PoS has the potential for similar irrational "bank run" behaviour.

PoS has strong rational support for its structure but often people do not act rationally. Stakers, by definition, do not dump, but stakers are people first and stakers second. Both pumpers and dumpers try to spark irrational trends. Sometimes they succeed.

Do I like PoS-world better than fiat-world? Yes, absolutely. Will it be a smooth rational gentle climb? Probably not. Your hypothetical - "if the majority of stakers does not realise what they lose" will be true from time to time.

Perhaps the algos could be tweaked to make it ever more obvious that hodling is the thing to do whenever a mini-dump is detected. I don't know the extent to which rational interventions can deflect irrational trends. The danger is always in the perception - the perception that the last hodler standing has a huge bag of - nothing useful. This leads me to the conclusion that the optimal perception must be that HYP is always useful to exchange for goods and services. Managing that perception, and therefore its associated reality, is the challenge for all crypto (and indeed for fiat or metals).

tl;dr Can I pay for that Lamborghini with HYP?

Thanks for this very clear explanation! Usually, I don't get the Bollinger, now I do better.

Everyone of us has probably noticed a number of pumps and dumps (point 3 on the illustration) that occurred this week. They wasn't harmful, as they didn't brake the support line (point 1) of the uptrand. Even more, they were useful as they gave us rather massive volume and a top list position. But there is a little catch. If a newbie investor will follow the price movement (in other words, will try himself as a trader) and climb those giant candles, he will end up with a loss and disappointment. Probably it will be his own fault, but.. To avoid it, it is recommended to use Bollinger Bands indicator (blue lines on the picture; the average (point 1) here is a SMA (simple moving average) with a period of 50). It's upper and lower bands (point 2) show price deviation from the mean, or average (point 1). When the price crosses the upper band, it is the sign of a pump and dump. Trade with caution.
I got some medical conditions (a fox bite), so for a few days I will work less and will be unable to stay in the process, but I'll dedicate this time to learning.

Oftentimes, whales are hated because they can kill the market by dumping. This is still true for HyperStake (although it never damaged the market yet), but I believe this is much less of an issue for PoS than PoW.
Reason? With PoW, when you sell your coins, you leave your mining power intact (or maybe even more powerful, since with price drops, competing miners go mining something else, leaving more coins for you).
With PoS this is a completely different thing. When you sell you coins, you also sell your mining power and thus give the others more coins.
For this reason, I believe the fear of dumpers is much less of an issue in PoS. Except if the majority of stakers does not realise what they lose (or most of them are skilful dumpers but I would be very surprised about this one).

Opinion?

tl;dr: HYP/XUSD market is open and we are launching the "stake and cash" campaign
(this article could be updated later - notificeable updates will be announced in future posts)

It would be an understatement to say that HyperStake is successful. Still, only a fraction of Cryptolanders is aware of it, even less of them have some HYP. And more than that, the overwhelming majority of people out of Cryptolands does not even know it exits - bitcoin is just a bunch of scammers, right? So, what can we do?

First, making it simpler. Second, making it more visible. Third, raising confidence.

Simplicity
So far, I see three directions to pursuit:
1) binaries
2) coin control
3) education

Binaries
Binaries is almost done but we still need:

• Linux binaries (we should not expect the Linux folks to be smarter than the other and will compile, not if we want Linux to be popular - and we do want a libre OS for our libre crypto). I agree providing a binary for every meta-distro is difficult (Red Hat, Debian, Arch, Slackware...) so what about a PPA for Ubuntu, which is the most popular distribution among non-techies? Or maybe PPA is already too difficult. If so, then double this with a .deb for installing "à la Windows" (download and double-click).
• A canonical address for the binaries, like hyperstake-windows-latest.zip, hyperstake-raspberry-latest.tgz, hyperstake-osx-latest.pkg...
• Easier integration of themes into the binaries, so that one doesn't have to manually add the themes
• Have HyperBlue a default theme, at least to show off the themable aspect of HyperStake wallet
• Gitian binaries, if this is not much work

Coin control
This is the hard part. There are actually two things to consider: the methodology and the automation. I'm testing some things, presstab others. Still, we need feedback and coders.
Optimisation part
(assuming wallet is opened 24/7)
20 blocks at 4100 HYP
20 blocks at 4000 HYP
20 blocks at 3900 HYP
...
The reason is that if you place all your blocks at 4000 the last one will hit the max reward before minting (I'm the Guinea pig here; I will probably hit the wall in one day or two, because I have too much blocks maturing at the same moment, so the queue line is veeery long for me).

Automation part
It should count how many free HYP you have (per address) and automatically merge or split blocks in the block size mentionned above. The change address shall be the same as the block address (this would avoid the "500 hunded max addresses" annoyance, which itself requires regulard updates). Ideally, you should not even have to know there is a coin control button. Let's take this challenge: if you need to go to coin control, it means we failed in making it simple enough.

Education
Education is about making even better tutorial (there is are lot of room for improvements here). Maybe some video tutorial but let's be careful with this. Still, if someone wants to script it, lets go!

Oh! One more thing: HyperBank is part of the simplicity branch, but I will say more later, under "confidence".

Visibility
First, there is a matter of timing here. Visibility will bring a lot of people and those people must not be stopped because of complexity. They will rarely give a second chance.
Some leads:

• Continuing giveaways on Poloniex, the raindance on ##hyperstake (including waxo's special giveaway for those attentive enough) and the various games on ##hyp-poker, ##hyp-triva, ##hyp-lotto and ##hyp-casino. Waxo, Kushed and others are doing a great work here.
• Having more faucets and add mail notification to them (like dogecoin does)
• Promoting Dexpla's cryptocluz.com and our donations to the Keepod campaign with the Mintcoin Fund.
• Creating an awesome promotionnal video (not a tutorial). Waxo has the right contacts but we need to script the video first! Here too, we need someone, preferably with some background in video marketing.
• Developping Hyperstake.com. At a bare minimum, there should be canonical addresses for the binaries on hyperstake.com (as well as a download counter), but I'm also considering moving the Hyperstake Developement journal there too, as well as more and more tools (like a faucet straight in hyperstake.com, forms for Hyperloans...). Maybe we will have to change the software platform (or even the hardware platform, it will depend how scalable each of them proves to be).

Confidence
Finally, there is the matter of confidence. This is the one I am the most exited about right now and I'll soon tell you why.

Confidence is partly derived from simplicity (see above). So, if we make HyperStake simple, we automatically score some points in confidence. But there is more than this.

First, people are more confident if they can try out for free. The HyperLoan experiment consists in loaning HYP to people with negative interest. We loan some HYP, we don't ask much in return (essentially we ask them to promote HYP) then once their HYP staked, they give the principal sum back (we can even do it for them, if we dump the privkey or even keep the HYP in a dedicated wallet, but both of these late options mean more work for us) and they KEEP the interest. Think of it as bigger giveway, but for some work.
Free HYP level 1: faucet and ##hyperstake rain
Free HYP level 2: giveaways on Poloniex and playing on ##hyp-trivia
Free HYP level 3: Hyperloan
Each level requires more commitment and gives more reward


Second, if the confidence is established, they can consider depositing their HYP at the HyperBank. They have nothing to do, they will just receive some of the stake regularly. Not all the stake: one part is used for the HyperBank. Yes, this means that by outsourcing the management of their money, they will earn less - but it also means they don't have to care about anything. Here, "confidence" leads to "simplicity".

And the highlight of this post...

HYP/XUSD
Third, in these times of uncertainty, a quick win is particularly appreciated. That is why I am very excited to announce that some hours ago, Poloniex agreed to open a HYP/XUSD market! It has two uses:

• first, to show anyone the "real" (read: fiat, here dollars) price of HyperStake. We tend to forget it, but as cryptocurrencies widen their audiences, less and less people (percentage-wise) are enclined to think exclusively in terms of Bitcoins.
• second and most importantly: in a market both bearish and increasing, a no-nonsense "good old dollars" every ten days will appeal to an ever-larger segment of the population. Cashing out. As CrazyLoaf and MobyDick said independantly: "Stake and Cash". No-nonsense, raw dollars. With a XUSD market, you can do just this. You don't even need to register your ID at Poloniex or something. Straight to your credit card. How fun is that!

Even this is just the beginning. Little by little, a big picture is getting drawn.

As you can see, I keep asking for more people, because this is really it. HyperStake will succeed if we have enough manpower for it. Come join in, you are working at securing your investement, remember that!

I´m working this coin. Do it stake with one number of coin enough small (404 hyp), of moment. I wait with the time... continue all so. What is best to have one block with 1000-4000 byt or two block with 500-2000?. Thanks for all your information. Sorry if you not understand, my english is bad.I am eskorbuto in the IRC.

I fully support HYP.

Nostalgia is correct! Boy that seems like a year ago (and probably is about 1 year in crypto-time).


 

Good post as always David! This journal has turned out great.

OK, time for a new one

Records
On October 12th, we broke three records:

• Volume ranking in Poloniex: #3. It definitely attracts curiosity, especially when a coin manages this without a ridiculous pump like +170%.
• Daily volume exceeding 15 BTC. If you are familiar with high-PoS, you know this is veeeeeery far from what any high-PoS could ever get (most high-PoS would be happy to have 1 BTC of daily volume - this is due to the very characteristics of high-PoS, which encourages hoarding much more than selling).
• At the time of writing, the difficulty is 1.3, probably the most secure high-PoS network ever.
  
• ATH price of 5056 satoshi. Yes, we did it, even if it was for a brief moment: we broke the 5K barrier.

The last record, arguably sexy, should not be the matter of much focus. As I detailled on the "Rich man's problem", section "HYP to the moon considered harmful", a high price may pose problems for new entrants. This, plus raising too fast means dumping later, which shakes confidence, something we don't want.
On the plus side, if we sustain this 5k price, sluppy confirmed that he will honour his promise to donate 1 BTC to the dev. Well done, sluppy!

The day after, October 13th, we broke two records again:

• Volume ranking in Poloniex: #2. So I am the only one in the weurld to be core team member in the two highest volumes coins in Poloniex :p
• Daily volume exceeding 18.757 BTC. Yeah, me too I could not believe it.

Qt5
The wallet is moving to Qt5. Qt5 opens up opportunities such as much easier to create Android Wallet.

Nostalgia
While looking for the 1BTC pledge, I found these two old posts , that became history


Hyperstake.com
The site had been completely revamped, thanks to squiggie. Any input and participation welcome! Eventually, the HDJ might move to hyperstake.com.

Hyp-casino
We are continuing to extend the IRC games. We already have rain on ##hyperstake, ##hyp-lotto (you must tip the bot before playing), ##hyp-trivia (quizzes) and ##hyp-poker (##hyp-games is deprecated). Today, we are proud to release ##hyp-casino, with four games in the same channel.

Looking for new exchanges
In the following days, we will try to be on Bittrex and BTC38.

Paying your debts with HyperStake
Today is the first time I am aware of that someone paid a debt in USD with HYP (even better, it was on the loaner's request).

Update: countmycrypto.com
I knew I forgot something. countmycrypto.com is a site I discovered in March (then forgot). It is much nicer to use than coinreporting or coinfinance. Plus, you can add your address for constant update (won't work if you spread the same coin on several addresses, though). No account, no server, everything is saved in your browser (LocalStorage, a HTML5 feature). It is a plus for privacy, but without an export format, it is a pain if you have several computers, reinstall... The Chrome extension plus syncing your Chrome browser is a beginning of solution.


This is all for now. I might update this digest, so stay tuned! If you have any news to announce for the next digest, just contact me (HyperDigests are of irregular frequency).

The basic (raw) idea is in this. We create a new paradigm of social protection. We redistribute money from rich to more sensitive social stratas. A customer (currency user: gambler, gamer etc.) pays for his wishes directly to an investor. It's like an alternative pension insurance.

Looks like risk/reward to me but maybe a increasing reward (with inflation control) would make for a lesser advantage for early adopters. The risk is HYP getting out of control and I have no desire to change this, too risky and too unclear. So, mainly an academic consideration.
One more thing to add: most early bitcoin holders (2009-2011) sold most of their Bitcoin. If at a certain moment, HYP could generate enough revenues for making a (small) living, whales would start to sell, thus permitting redistribution. Ditto with merchant adoption, but the good thing is that these two options are compatible (the second one requires more work, of course).
What an experiment! HYP is getting more interesting by the day, from an experimentation point of view.

Or even just by starting on another port, with -port=XXXXX (not sure about this one)). Thus, it cannot work (IP or MAC cannot either, IP-spoofing and MAC-spoofing are easy and in China you can even buy network cards with hardware identical MAC - even Hardware ID can be faked because, ultimately, they are under the control of the end user).
An IT security saying goes that "any client-side security only affects the honest user" (see also evil bit). Keeping this saying in mind is a great way to save hours or day (or dollars) in good-looking-but-fundamentally-broken solutions (not a criticism, just a productivity hint).

Interesting. Now that you are saying it, it is quite true. I have some opinion, but could you try to summarize this ideology?

Cor2 has mentioned a saving account concept. If the profitability of HyperStake is proved over time, investors will enter gradually, buying some small amounts of HYP until it starts to stake. Possible dumps can also be an entry point. If the price is too high (e.g. $200), the PoS algo can be slightly changed with coindays modification that will give some additional weight to very small blocks thus increasing chances to stake.


Cryptocurenncy is just an ordinary fiat currency (it will become it when it will be governmentally and economically adopted), but with a revolutionary way of emission and transaction mechanics. And its redistribution principle (through exchanges) is quietly the same (except of purchasing power parity, which crypto doesn’t have yet), independently from a proof algorithm. It means that both fiat and cryptocurrency exchange rate can be manipulated by some persons or institutions. In our case, whales, or market makers, play a role of stabilizers (passively) when they don’t sell. If someone decide to dump, the market will bend and then recover (and dumped coins will probably be redistributed among lots of holders), if only he won’t decide to dump continuously. But this type of behavior isn’t in whales interests (and too costly for attackers ATM). Especially taking into account that there is some ideology in HyperStake movement, that starts to emerge.

"several borrowers" - sounds like there are plans of having more than just one hyperborrower, neat

"learning by doing" - it appears the borrower is free to split the blocks to optimise it and learn from it, ok point taken, i thought borrower wouldnt be allowed to split the 10000 so there wont be confusion with different staking times

all right, just getting a better picture of the HyperLoan experiment, thank you

come to think about it I did spoof the mac address back in college to get around the download cap... so you are probably right.

MAC can be easely changed. The most unic thing is compilaton of hardware Id's.

MAC address!  Those are always unique to the machine.

only way i can think of stopping someone from owning multiple addresses is of the wallet was able to recognize the IP address (local machines IP) and combines the income that way.  Local machine IP address?

I'm just thinking out loud really lol.

But HYP is one of the coins everybody I work with is most excited about and for good reason.  The dev team has a track record that can be verified (and I have done my research) which is why I'm as confident as I can be that a large part of my holdings are in HYP.  Updates are consistent be it software, projects nearly every day I see ideas being tossed around.  This kind of flexibility to me is what is most exciting about this coin.  

We don't know where it will be a year or two from now but everything I have seen so far paints a very bright future for it.