Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 215. (Read 920203 times)

For the record ... I have been investing/trading in virtually every market, Stock, commodity, Futures, FOREX... for over 20 years. I also own my own software/web development company that specializes in writing algorithms that trade the aforementioned markets. A rookie I am not. This is not about needing emotional support; for me at least, its not about coin price. In fact if you notice in all my references and posts ... I have never mentioned price. 


So please be careful parsing my statements and choosing what to hear. While I hope POT still has a future and a bright future, my concerns are not about price in the least. As a result I still own a chunk (and will continue to hold until it becomes valuable or goes to zero). My points are related to clarity,  communication and adoption. The folks running POT are not very transparent and forth coming with information when questions are asked and are not very responsive to criticism or even suggestion.

So the question is ... how is POT being run?

There are two base models I see that POT (or any project like this) can be run, and successfully run ...

1)  As a business -- all control, PR and effort is dictated by the people in charge of POT.    This can work if the pockets are deep enough to support developing , marketing and PR efforts.  In the end its just software and there are countless examples of how to run a software company.  Think Microsoft.

2)  Partner with the community -- final decisions are made by the controlling interest but are made based on a solid clear communication and feedback from the community of supporters and users.  Think Wordpress, or virtually any strong open source project.


I work under the assumption that POT wants to partner with and build the community.  And I choose to become part of the community dialogue and try to offer criticism as well as solutions.  No one has all the right answers, however, with a strong community, POT stands a much better chance at widespread success. 


If in reality, POT is trying to operate under the "as a business" model ... then I will personally rethink my stance.  But we have been given no indication of how POT is operating. Again ... communication and transparency.

I don't think so. Potcoin looks to be in the lead when it comes to partnering with the legal cannabis trade, that hasn't changed in the last few days. I get tired of seeing posters act like they want developers to act like counselors too and post here every few hours just to re-assure people, it's kinda sad 

Thanks for your drama. You are part of the problem.

The P2Pool network is NOT dead. Last time I checked it was 55MHs. Down of course from it's all time high, but still kicking with all us die hards.

The reason for the 15 minute validation was the network recovering from the attack. It's back to normal now. But once again, thanks for your drama!
 

The unfortunate reality is that we are having this conversation. This conversation should have never had to happen.

The block time is 40 seconds ... who thought that was a good idea -- its one of the shortest out there.
420,000,000 coins ... again .... who thought that was a good idea 00 one of the largest out there.

420,000,000 coins is more than LTC, DRK and VTC    -- all of which I find pretty solid and reputable -- POT is larger than all of them combined !!!!   So lots of bad choices were made at the beginning for sake of novelty and the use of 420 ??  At this point water long under the bridge.  

How does it get back on track ..... and can it get back on track?  There are a finite set of possibilities and options.

IDEAS:

• Increase blocktime to 80 seconds   2x
  Halve the reward  to  210
  Get radical change the reward to 42 instead of 420
  Do some combniation of the above
  

Some of the above will deter the miners a bit. That's OK .... slow things down a bit. In the end .. adoption is EVERYTHING .... miners and trading is not the end game we need to be playing.  But in order to keep playing, and in order to provide time for adoption, the coin has to serve miners too and give hope for it growing into what it hope to be.

NOW-- DEVS need to listen up

You can continue down this path of dictating direction and policy; you can continue to put out ideas that never materialize; you can continue to OWN this coin and try to control its every wish.  Go for it !!!  If you do, I bet my life savings, it will fail and fail quickly.

Crypto lives and breathes based on Communication, Transparency and Community ..... the community can as easily burn it to the ground with words and bad PR as it can take it to the moon with words and great PR.

Yes, exactly. They weren't hard forked because people feared the supply of coins. I'm asking for research on coins which were forked because people feared the supply was the problem, and halving needed to be implemented.


You're still dealing with the supply either way, but you did touch on the bigger issue: adoption. If anyone really wants to see this coin work, leave it alone, ride it out and get adoption and use.

Go research KDC. They had a more active community, merchants which were actually using the coin (you could buy food.. even gold and silver with it). It was working fine. The market value slumped somewhat because it's backed by BTC, which also slumped. This caused panic. People demanded the supply be changed. They did.

They may as well have driven a pool net through the chest of the dev team. It killed the coin, because the market value hadn't changed and people were getting even less for their mining efforts.

Look at StarCoin, the infamous zombie of all coins. Its corpse continues to roll down the highway somehow. Major changes were for checkpoint and wallet bug fixes. It continues to go because the community keeps it going.


Just beating a dead horse here. I'm sure PotCoin understands this. Where's the wallet which was supposed to be released recently (yesterday?) Where's his addressing of these factual issues? Like others point out, he's beating a drum about hopes and faith but he isn't delivering. I didn't kill this coin, you didn't kill this coin--he did.



Edit: Also, you CAN prove it scientifically and mathematically. How do you think I, and others, evaluate when it's good and when it's bad to be in on a coin? I stopped mining prior to the original attacks. Why? Because I saw them coming, and because I knew the coin had plateau'd. The proof is readily available. If you can't see it, you're not looking.

You can't prove it scientifically or mathematically with reference to other coins because it's apples and oranges.   Almost every coin including bitcoin and litecoin have halving schedules that were coded in from the genesis block.    Potcoin's block reward schedule was flawed at its creation.  Show me a coin that is all mined out that isn't proof of stake.   Halving the coin is about giving us more time for adoption so there are uses for the coin by the time its all mined out.  The only other alternative I can think of is to increase the total coin supply and implement proof of stake so people holding up until now can retain their positions.  Either way, the mining phase must be extended or it's toast.

Yes there have been communication and transparency issues from the beginning. Remember the fork early on where no one knew it was coming and a bunch of pools lost much of the day's worth of work because they didn't know the coin had been forked by a mandatory update?

The claims of "we have private investors" have never been proven as far as I know, which also has caused a bit of controversy.

Devs, don't get me wrong I support this coin. I was an early adopter who mined when you first started and have been holding coins for a long time. I didn't even sell any when the price spiked.

But, there have been a lot of scams and broken promises in the crypto world so trust is not that easily earned or kept. It might be time to share a bit more detail with the community.

Excellent input, and the bold text is critical to any cryptocurrency movement.

Points appreciated and noted ...

However, I think there is good reason to freak out a bit.  

If you go back quite a few pages VLAD was very critical of the POT team. Many people, including myself, stood behind and supported the POT dev team and the merits of this coin. And I still believe there will be a Cannabis targeted coin that gains widespread adoption. Without adoption it is dead anyway.

Right now this coin is on the edge and needs some honest transparent conversation and feedback to and from the POT team on the exact status and at least a roadmap of where things are going. Honest, concise and complete.  We dont need to hear, "we hope", or "we believe". We need to hear, this is exactly what has happened, "XYZPDQ and here is whats next".  As an example -- the entire Denver trip.  It was hyped huge. We have heard bits an pieces.  

The outcome is less important than is the honest and clear communication and transparency of the outcome. There is a general sense that there is more (or less) to the story about Denver.  We are big boys and girll tell us straight. Quit blowing smoke up my ass, and let the chips fall as they may.  But stop teasing big things and then forget you ever said anything of the sort.

Finally - Many people (including myself) have also tried to make suggestions and offers to help with this coin ... this is not a halving problem or technical problem. (Technical issues are easy to solve and far easier to fix than people problems.)

This is a problem with communication, transparency and community building

Inconclusive responses or getting the brush off does not serve this purpose well. This coin needs champions, this coin needs an effort in community building across here at BTCTalk and Reddit as well as a website than layes out the vision, and how its hoped to be achieved along with who is doing the work (EMC2 for example lists who is on the board with pictures and bios -- if POT is being run like a business, then it needs to act like it)

Many of us are trying our best to support and champion this coin.  Unfortunately it feels like we are swimming a bit upstream.

So, yes, there is reason to freak out a bit.

+1 and amen.

Everyone else...

Let the dev team handle the attacks.  Try to keep calm.  This community really needs to get it together.  A constant here has been that every time the coin isn't trading at all time highs everyone starts acting like a bunch of little bitches.   It really doesn't inspire confidence to new comers and makes us look like a bunch of clowns.  

To all those who say the community doesn't support halving the coin.  That's just not true.   Halving 4 times a year may be too much and we should discuss that but the coin needs to be halved or it will be almost mined out by this time next year.     Don't worry about hash power.  Hashrate is about to go parabolic with all the ASICs coming online by the end of summer.  On the reddit I proposed a tiered reduction in the block reward by the week a few months ago.   For some reason it didn't gain any traction but I thought it would be a brilliant way to halve the coin without the shock and mining exodus that occurs by doing it abruptly.   Tell me why its a bad idea.  
http://www.reddit.com/r/potcoin/comments/218k4d/the_ultimate_potcoin_halving_solution/


    

Bingo, and without differentiation or widespread acceptance/on the ground use, it's dead. People were relying on the hyped 4/20 launch for acceptance.


What did they work on? The 1 potcoin dev angered someone among the scrypt-hash gods, and they decided to basically pick up the small infant coin and play with it like a ragdoll. The devs did nothing to stop the attack, nor could they, and for all you know it's still going on and you guys are on the wrong chain.

Again, devs have done nothing. Talking about changing the source code isn't fixing the attack, it's trying to run away from the attack and use a different defense mechanism. In the end, if you have a scrypthash god with more than your network hash, you're just an ant beneath a very large finger.

Been lurking this thread since it was a few pages long and I'd like to keep encouraging the positive vibes here,

sirsmokesalot and Chronikka- these SENSIBLE posts are what the PotCoin community NEEDS!

As far as the attack goes, I actually commend the devs for working on it so fast. They've been traveling and working their asses off. To the few that are jumping ship because of it, please leave quietly. My god, you'd think the devs were diffusing a bomb or something, hell, you're like the people that freak out in front of the guy who's JOB it is to do that- it's not helping!

Anyways, yeah, implementing DigiShield is the way to go! look at all the other coins that did it. PotCoin is going to be just fine. This coin represents more than a quick buck...the legalization movement is gaining traction every day and, with it, this coin has accomplished a lot more than most at it's age. And as far as actual services and products I just want to remind people of this page: http://highonpotcoin.info/potcoin-directory/  

Net hashrate is collapsing further.
http://www.coinwarz.com/network-hashrate-charts/potcoin-network-hashrate-chart

P2Pool for the coin is dead already. Zero.
Congrats for fucking it all up. What a bunch of clueless stoners.

When I dumped my holdings yesterday it also showed again how useless the coin is for real world transactions.
Confirmations took almost 15 minutes. Could you imagine a customer hanging around 15 minutes at an ATM or a point of sales counter?
Its just one more shitty clone, and a poor one.

I think i'm joining your decision bye bye potcoin.

Anyone want to buy 4k POT?

Strong insert.

I've decided to stop mining this coin. After reading all the drama and lack of response from the devs. I'm losing faith in the people in charge. 

The difference between this thread and what I see in say, a Bitcoin thread, is a question of the attitude of users. Bitcoin users are relentless evangelists and they try to get merchants to use it as much as possible. It seems like Potcoin supporters are kind of standing around waiting for the coin's developers to make something happen for them. I haven't seen much from users about mobilizing to promote it with their dispensaries or what have you. If Bitcoin supporters waited on the Bitcoin devs to secure adoption for them...they'd never see adoption anywhere.

I think if there's a weakness it's that there's a big question about "Why Potcoin and not Bitcoin/Litecoin/whatever." It isn't that differentiated from everything else, functionally...it's basically marketing. "Because POT" is not a good answer to this question.

You seriously have not a clue about cryptocurrencies and what makes them valuable and worthwhile do you? You barely seem to understand what makes them function. You're going to look into solutions to protect against hashrate? Really? Tell me more about this attack of 'hashrate'. Are you going to use 'the force' to tell luke-hashwalker to ignore the darkhash?

You know the people who are attacking the coin? That's what you're claiming, by saying you know their resource capability. Either that, or you're lying and speculating and hoping that they don't have the resources. Either way -- this paints you in a really bad way doesn't it? Refusing to discuss investors, failure of a 4/20 launch, and now claiming to understand the attacker's resources.

I stand amazed. After this morning, I wasn't capable of believing you could put your foot any deeper into your throat, but you're up to the knee. You've almost singlehandedly ensured potcoin will fail, and within a matter of hours.


With respect, can you scientifically and mathematically prove 'why it needs to be done'. Use references from the past 2 year's worth of currency data, and especially cross-reference coins which have changed rewards, including the ones which survived and the ones which didn't, and show correlation as to their end result.

Because it doesn't "need" to be done. Whether you're at maturity now, next week, or 5 years from now, there's one constant: no use for the coin. I could send a few million potcoin to a paper wallet and use it for toilet paper.

It will, quite literally, get more use than anywhere else right now. And this is the failure of PotCoin.