Topic: Slimcoin | First Proof of Burn currency | Decentralized Web - page 127. (Read 137076 times)

No, creating a new wallet for every "burning" is not necessary. But if you want to stake coins via PoS, it's better to use a separate wallet for it than the one you "burn" coins via PoB wallet if you have low computing resources.


BitcoinFX's post was (as I interpreted it) about a distant future where you would have to burn coins with a high value to be able to profit from it. For now, we're far from this point. But if Slimcoin is valued 10x higher and you can conserve your "Effective Burnt Coins" from now until then constantly burning more coins then you probably will be still profitable. But there is no guarantee.

I, for example, have about 3000 burnt coins and I got them back approximately in 2-3 months and from then on all was profit. Like gavrilo77 I wasn't minting 24/7, but let's say 50% of the time, so I could have got the investment earlier.


No. As far as I understand the whitepaper, you have the same probability to find PoB blocks if you have three wallets with 3000 + 4000 + 3000 than one with 10000 SLM. Only that you will have to run all three wallets.


That depends on the quantity of coins burnt by all users and on the burn difficulty. Burning could get unprofitable for an individual if this quantity is very high - or if suddenly after his "burn investment" the quantity of burnt coins by all users increases drastically.

If, for example, you burn 100000 coins and all other users also have 100000 "effective" burnt coins, then you have 50% of the "burn power" and will mine about 50% of all PoB blocks. But imagine other user decides some blocks later to burn 200000 coins. He will reduce your "power" instantly to 25%.

So burning is always a investment with some risk. If you follow the "Formatted nEffective Burn Coins" number (type "getburndata" in the debug window console) then you have approximately an idea how "popular" burning is. If burning is popular (higher amount), it's more risky; if it's less popular, it's easier to become profitable. In a mature market an equilibrium is probable, but we still don't know which is the "ideal" number of burnt coins (by all participants)

The example I outlined above (about the 3000 coins burnt that I got back in 2-3 months) was in a moment where the "Formatted nEffective burnt coins" score by all users was about 800.000. Now it's already higher, so you will get back your investment later or will have to burn more coins.

AS i wrote in one of the previous posts

I have burnt ~115000 SLM, up to now i have 12563 Decayed burnt coins. The last 12 hours i have got ~450 SLM. Since i burnt those amount i have returned more than 55 000 SLM. I still have 103 000 SLM as effective burnt. So return will be there. I did not kept all the the time wallet open so many of burnt coins just gone after each block

Ah, you can find similar for almost each coin

Guys I'm really not getting it.
From previous posts it seems like if I try to burn constantly the coins I'm minting with PoB (reinvesting the profits of the previous investments) I have to create a new wallet each time, but it this way I'll do not have any profit of the previously burned coins any more, right?
To avoid the problem I could launch a new SLM client each time, with the newly burned coins on its wallet, but in this way one day my computer resources will be over so I'll need to buy new computers than?
And another question, regarding this statement:
Does it mean that those with a consistent quantity of burned coins will still receive returns? But if I fraction them into different wallets/clients I'll never have a consistent quantity of SLMs in one place, thus never receiving any return, right?

The other thing that I hardly understand, if I had a big quantity of SLM and would decide to burn them all, I'll never get returns, as someone stated previously? So what is the right quantity of coins to burn and why?

That's entirely up to the individual.

Remembering that;

PoB was partly designed to replace the need for constantly upgrading physical mining hardware, as seen with PoW in Bitcoin.

~ Imagine that you have 10 BTC - at the current market value how much would you save (hold) long-term vs how much you might need to spend on goods or services or to perhaps invest into new mining equipment - with a hope to ROI and make profit etc.,

If your looking for ROI over time then PoB is probably the main option.


PoS was primarily designed for security of the blockchain (as seen with Peercoin), although many coins have used it to provide stake Interest or to eliminate the need for PoW entirely. However, due to the low percentage of PoS in Slimcoin, security of the network is its intended function in the main. A few wallets staking a small amount of coins occasionally is a good ideal.


If Slimcoin were ever to see new PoW mining pools again and popularity / usage similar to Bitcoin, then having a large amount of active PoB coins might equate to running a large Bitcoin mining farm, mostly without any overheads. Most future Slimcoin users in this regard would be restricted to doing PoW pooled mining with some PoS interest returns, as doing limited PoB would be unlikely to see any return, unless they were extremely 'lucky' - a bit like solo mining an entire BTC block at today's difficulty with say a single antminer s3.

I understood that he wants to buy SLM at 0.00000222 for 0.1 BTC

That would put Slimcoin's market cap at $75.3 trillion, which is about 10 times higher than even the most optimistic future market cap projections we've seen for Bitcoin. While this figure may sound unreasonable at first glance, a coin with proof of burn would surely be more useful than Bitcoin to the global economy of the future.  Hence, the high anticipated future price on Nova Exchange.  

Indeed.

Coin control for PoB! Slimcoin truly is a mine field!   

It's without any marketing. The project is defending itself, and when I will have more free time I want to contribute to it really, to make it great.
Proof of burn can be used in a Economics Universities to study, about economy of cryptocurrencies and their usability, and because it's the first use I will try to show it to some of my professors at my University.

Somebody has 0.1 slimcoin for sale at 222 bitcoin

If somebody wants that fraction of a slimcoin without having to buy all the cheap ones, message me

Nice move in diff and Nova

Wallet 1 - For (solo) mining PoW blocks. This wallet should be kept encrypted and mostly locked.

Wallet 2 - For PoB minting only. Transfer your coins to 'burn' here. Avoid making numerous transactions. Avoid re-burning multiple sets of coins (especially overtime) and instead start a new fresh PoB only wallet, where possible. This wallet should be kept encrypted and unlocked for PoB minting only.

Wallet 3 - For PoS minting mostly. This wallet should be kept encrypted and unlocked for mainly PoS minting. Add reservebalance=0 to your slimcoin.conf

Wallet 4 - For your transactions and payments etc., This wallet should be kept encrypted and mostly locked (offline).



BitcoinFX,

That's really good to know.  

Suppose you had 55K slims. Let's say you put 5K in wallet 4. To get decent returns, I'm curious how to best allocate the remaining 50K to maximize earnings. How much of the remaining 50K would you put in wallet 1, 2, and 3?  

If you had significantly more or less than 55K slims, would the respective allocations (in terms of percentage) need to change much?  For example, if one owned around 10K or more than 100K.

Thanks for your help with this, Graham.  Unfortunately, I can't get anything to download from that link.  

Good news is that I'm already at 56% -- so more than halfway!  

So, solution might be to make Coin control option as well

or

it is possible to run several SLM clients on the same machine.
- Make where you want the new folder named Slimcoin (or how you wish)
- Copy inside Slimcoin folder slimcoin-qt.exe
- Inside Slimcoin folder make the new folder named Data which will contain full blockchain. In slimcoin.conf rpcport has to be changed (for example 41685 or 41686, ....)
- Start client with the .bat (edit bat file: slimcoin-qt.exe -datadir=data). bat file has to be in the Slimcoin folder

Thank you very much for your answer. I was thinking some bigger quantity, because this kind of quantities are available on Novaexchange, for instance.
By other hand you'd probably will not make much even if I'd offer you the latest market price. If we consider 270 Sat 2500x270Sat is only 0,00675 which is kind of 16$, right? While me was looking for a better price than that, of course ;-)
 

To PoW mine Slimcoin in the wallet just go to console and type;

setgenerate true

- to mine with all CPU cores or;

setgenerate true n

- where n is the number of system CPU cores that you want to mine with i.e. 1,2,3,4 ...

...

Failing that I have a PoW wallet that I mined around 2,500 SLM to if the offer is a good one.  

- money is only money when its moving

Its probably important to note that Slimcoin remains a very experimental crypto-currency.

The tri-block generation system uses: PoW, PoS and PoB and is rather 'messy'. Overtime, the users wallet can become somewhat unresponsive, particularly if the wallet has a fairly large number of transactions and/or active PoB coins.

TBH it might be advisable for Slimcoin users to try and adhere to the following rules;

1 - Avoid staking coins (PoS) or setting active PoB with a wallet (address) that you solo mine (PoW) blocks with or transact with.

2 - Avoid burning coins (PoB) with a wallet (address) that will be used for making / receiving numerous transactions.

 
It is probably a good idea to use 3 or 4 separate wallet.dat files (making backups ofc);

 
Wallet 1 - For (solo) mining PoW blocks. This wallet should be kept encrypted and mostly locked.

Wallet 2 - For PoB minting only. Transfer your coins to 'burn' here. Avoid making numerous transactions. Avoid re-burning multiple sets of coins (especially overtime) and instead start a new fresh PoB only wallet, where possible. This wallet should be kept encrypted and unlocked for PoB minting only.

Wallet 3 - For PoS minting mostly. This wallet should be kept encrypted and unlocked for mainly PoS minting. Add reservebalance=0 to your slimcoin.conf

Wallet 4 - For your transactions and payments etc., This wallet should be kept encrypted and mostly locked (offline).


The above will help your wallet from becoming unusable overtime.

I'm considering to buy a quantity of SLMs, but it's impossible to do so using the exchange.
Is there anybody willing to sell for an interesting price some consistent quantity of SLMs, or maybe someone has a better idea for me what to do to enter?