[SPC][PoF] SaveCoin | Proof of Fund Coin | 64% Interest Annually / 0.137% Daily - page 39.

Suresh Matsui

full member

Activity: 168

Merit: 100

Quote from: Philll90 on April 14, 2014, 05:58:35 PM

Quote from: Suresh Matsui on April 14, 2014, 05:44:52 PM

Quote from: Philll90 on April 14, 2014, 05:41:36 PM

That makes the coin even more worse...

Why didn't you just implement POS besides the POW, so there won't be a premine Huh

POW like in the OP (max 1 million coins)
and POS (5% annualy)

I don't get it.
There is no advantage of your premine...

The advantage is that with POS you need to burn your coins and keep your wallet software open. You don't need to do that with SpeedCoin, you simply deposit or mine SpeedCoin at ANY address, and without even needing to keep your wallet open you gain interest payments. You save electricity and use less computer resources.

Maybe you should have done better research...

There are also POS coins (1st gen POS coins like PPC, COMM, etc.), which work without keeping the wallet open. Not like e.g. NXT where staking is used for transaction fees.

So, why such a huge premine?

Coins like PPC need you to keep your coins untouched for a certain amount of time before minting occurs. SpeedCoin allows you to freely move your coins to any address and you'll gain interest no matter what. The pre-mine is for flexible interest payments that PPC and others do not provide.

Philll90

full member

Activity: 238

Merit: 100

Quote from: Suresh Matsui on April 14, 2014, 05:44:52 PM

Quote from: Philll90 on April 14, 2014, 05:41:36 PM

That makes the coin even more worse...

Why didn't you just implement POS besides the POW, so there won't be a premine Huh

POW like in the OP (max 1 million coins)
and POS (5% annualy)

I don't get it.
There is no advantage of your premine...

The advantage is that with POS you need to burn your coins and keep your wallet software open. You don't need to do that with SpeedCoin, you simply deposit or mine SpeedCoin at ANY address, and without even needing to keep your wallet open you gain interest payments. You save electricity and use less computer resources.

Maybe you should have done better research...

There are also POS coins (1st gen POS coins like PPC, COMM, etc.), which work without keeping the wallet open. Not like e.g. NXT where staking is used for transaction fees.

So, why such a huge premine?

Suresh Matsui

full member

Activity: 168

Merit: 100

Keep in mind that I do value community feedback, so increasing the annual interest rate is not out of the question, if everyone can agree on a good reasonable figure then I can change the interest rate accordingly.

ethought

legendary

Activity: 1316

Merit: 1000

Quote from: Suresh Matsui on April 14, 2014, 05:44:52 PM

Quote from: Philll90 on April 14, 2014, 05:41:36 PM

That makes the coin even more worse...

Why didn't you just implement POS besides the POW, so there won't be a premine Huh

POW like in the OP (max 1 million coins)
and POS (5% annualy)

I don't get it.
There is no advantage of your premine...

The advantage is that with POS you need to burn your coins and keep your wallet software open. You don't need to do that with SpeedCoin, you simply deposit or mine SpeedCoin at ANY address, and without even needing to keep your wallet open you gain interest payments. You save electricity and use less computer resources.

---------------------------

By the way, there is a new feature that is available in SpeedCoin to allow you to check the balance of any address directly from SpeedCoin-QT and SpeedCoind! Grin

Run SpeedCoin with the -addrindex and -reindex parameters. This creates an index of address transactions. It's used for tracking confirmed balances of any wallet address.

Once SpeedCoin wallet software has started with those two parameters, you then gain access to the searchrawtransactions RPC command which lists the balance for any SpeedCoin address. No blockchain explorer needed! This can be entered at the Debug Window or on the SpeedCoin-cli program while running the wallet software!

Enjoy!

Nice features!

I actually think this is quite an interesting coin.

Suresh Matsui

full member

Activity: 168

Merit: 100

Quote from: Philll90 on April 14, 2014, 05:41:36 PM

That makes the coin even more worse...

Why didn't you just implement POS besides the POW, so there won't be a premine Huh

POW like in the OP (max 1 million coins)
and POS (5% annualy)

I don't get it.
There is no advantage of your premine...

The advantage is that with POS you need to burn your coins and keep your wallet software open. You don't need to do that with SpeedCoin, you simply deposit or mine SpeedCoin at ANY address, and without even needing to keep your wallet open you gain interest payments. You save electricity and use less computer resources.

---------------------------

By the way, there is a new feature that is available in SpeedCoin to allow you to check the balance of any address directly from SpeedCoin-QT and SpeedCoind! Grin

Run SpeedCoin with the -addrindex and -reindex parameters. This creates an index of address transactions. It's used for tracking confirmed balances of any wallet address.

Once SpeedCoin wallet software has started with those two parameters, you then gain access to the searchrawtransactions RPC command which lists the balance for any SpeedCoin address. No blockchain explorer needed! This can be entered at the Debug Window or on the SpeedCoin-cli program while running the wallet software!

Enjoy!

Philll90

full member

Activity: 238

Merit: 100

Quote from: Suresh Matsui on April 14, 2014, 05:32:42 PM

Quote from: Philll90 on April 14, 2014, 05:14:03 PM

Just a simple calculation:

Block time ~ 30s
= ~ 120 blocks/hour = ~ 3000 blocks/day = ~ 1 000 000 blocks/year = 1 000 000 coins/year will be mined with a block reward of 1 coin/block

5% interest/year = 1 000 000 mined coins * 5% = 50 000 coins interest after 1 year.

So the dev will own this coin forever, because after 1 year he will still have 19 950 000 coins...LOL

Sorry but this coin is a big shit! Shocked

Your math is off. Block time is 35 seconds and you didn't factor in the block halving every 500,000 blocks. (Which is approx every 202 days). This means you didn't read the OP correctly and thus you are looking at this coin as a pump and dump.

Here, let me fix that math for you.

500,000 coins (202 days)
+
250,000 coins (404 days)
+
125,000 coins (606 days)
+
75,000 coins (808 days)
+
37,500 coins (1,010 days)
+
12,500 coins (1,172 days)

That is 3.21 years in order to mine all available coins, after all coins are mined then transaction fees will be mined only.

As far as the interest payments go, the goal is to keep interest payments going on as long as possible to make sure the coin is still relevant. This is why 50,000 coins a year from the 19 million available will take a long time to deplete. (380 years to be exact!). As I said, SpeedCoin is made in mind for long term prospects.

However, if you don't like the idea of being paid interest on your earnings, then you are more than welcome to try elsewhere.

That makes the coin even more worse...

Why didn't you just implement POS besides the POW, so there won't be a premine Huh

POW like in the OP (max 1 million coins)
and POS (5% annualy)

I don't get it.
There is no advantage of your premine...
Simply a get rich scheme by dumping your coins.

marsandotherplanets

newbie

Activity: 27

Merit: 0

Quote from: Philll90 on April 14, 2014, 05:14:03 PM

Just a simple calculation:

Block time ~ 30s
= ~ 120 blocks/hour = ~ 3000 blocks/day = ~ 1 000 000 blocks/year = 1 000 000 coins/year will be mined with a block reward of 1 coin/block

5% interest/year = 1 000 000 mined coins * 5% = 50 000 coins interest after 1 year.

So the dev will own this coin forever, because after ONE year he will STILL have 19 950 000 coins...LOL. And the miners ONLY 1 050 000

Sorry but this coin is a big shit! Shocked

This coin is going nowhere.

Second year will yield 78750 in interest, a whole 50%+ more than 1st year.
Using logs we can determine that if we start with 1 million on year 1 with 5% to be paid every year
then 20 million will be paid out in close to 61 -62 years.

Suresh Matsui

full member

Activity: 168

Merit: 100

Quote from: Philll90 on April 14, 2014, 05:14:03 PM

Just a simple calculation:

Block time ~ 30s
= ~ 120 blocks/hour = ~ 3000 blocks/day = ~ 1 000 000 blocks/year = 1 000 000 coins/year will be mined with a block reward of 1 coin/block

5% interest/year = 1 000 000 mined coins * 5% = 50 000 coins interest after 1 year.

So the dev will own this coin forever, because after 1 year he will still have 19 950 000 coins...LOL

Sorry but this coin is a big shit! Shocked

Your math is off. Block time is 35 seconds and you didn't factor in the block halving every 500,000 blocks. (Which is approx every 202 days). This means you didn't read the OP correctly and thus you are looking at this coin as a pump and dump.

Here, let me fix that math for you.

500,000 coins (202 days)
+
250,000 coins (404 days)
+
125,000 coins (606 days)
+
75,000 coins (808 days)
+
37,500 coins (1,010 days)
+
12,500 coins (1,172 days)

That is 3.21 years in order to mine all available coins, after all coins are mined then transaction fees will be mined only.

As far as the interest payments go, the goal is to keep interest payments going on as long as possible to make sure the coin is still relevant. This is why 50,000 coins a year from the 19 million available will take a long time to deplete. (380 years to be exact!). As I said, SpeedCoin is made in mind for long term prospects.

However, if you don't like the idea of being paid interest on your earnings, then you are more than welcome to try elsewhere.

Philll90

full member

Activity: 238

Merit: 100

Just a simple calculation:

Block time ~ 30s
= ~ 120 blocks/hour = ~ 3000 blocks/day = ~ 1 000 000 blocks/year = 1 000 000 coins/year will be mined with a block reward of 1 coin/block

5% interest/year = 1 000 000 mined coins * 5% = 50 000 coins interest after 1 year.

So the dev will own this coin forever, because after ONE year he will STILL have 19 950 000 coins...LOL. And the miners ONLY 1 050 000

Sorry but this coin is a big shit! Shocked

This coin is going nowhere.

ethought

legendary

Activity: 1316

Merit: 1000

Quote from: marsandotherplanets on April 14, 2014, 04:29:14 PM

Quote from: ethought on April 14, 2014, 03:51:22 PM

Speedcoin has now been added to MiningPool.co

https://www.miningpool.co

Vardiff Stratum
1% Fee
Amazon EC2 Stratum Server
5 Minute Payouts

For those of you who already use the pool enable Speedcoin via your settings page.

Happy mining!

Oh cool this is great thanks, i already used mininpool.co before.

BTW, my hashrate is only 85mh/s on the site but on cgminer its 1.5 - 1/6 Gh/s (the normal for my miner)
Is this normal? or am i definitely receiving a lot less than i should?

It takes a little while for the system to see enough shares over time to calculate your correct mining speed.

I see now your miner is reporting at just under 1.4 GH/s.

You get credited for your full speed as soon as you start mining, it just takes a little while for the stats to catch up.

marsandotherplanets

newbie

Activity: 27

Merit: 0

Quote from: ethought on April 14, 2014, 03:51:22 PM

Speedcoin has now been added to MiningPool.co

https://www.miningpool.co

Vardiff Stratum
1% Fee
Amazon EC2 Stratum Server
5 Minute Payouts

For those of you who already use the pool enable Speedcoin via your settings page.

Happy mining!

Oh cool this is great thanks, i already used mininpool.co before.

BTW, my hashrate is only 85mh/s on the site but on cgminer its 1.5 - 1/6 Gh/s (the normal for my miner)
Is this normal? or am i definitely receiving a lot less than i should?

Suresh Matsui

full member

Activity: 168

Merit: 100

Quote from: ethought on April 14, 2014, 03:51:22 PM

Speedcoin has now been added to MiningPool.co

https://www.miningpool.co

Vardiff Stratum
1% Fee
Amazon EC2 Stratum Server
5 Minute Payouts

For those of you who already use the pool enable Speedcoin via your settings page.

Happy mining!

Cool!

By the way, official logo resources can be downloaded from here: http://speedcoin.net/SpeedCoin_Logo_Source.zip

Enjoy!

ethought

legendary

Activity: 1316

Merit: 1000

Speedcoin has now been added to MiningPool.co

https://www.miningpool.co

Vardiff Stratum
1% Fee
Amazon EC2 Stratum Server
5 Minute Payouts

For those of you who already use the pool enable Speedcoin via your settings page.

Happy mining!

Suresh Matsui

full member

Activity: 168

Merit: 100

Quote from: bgmc on April 14, 2014, 03:41:13 PM

I like the idea of fast block times, I wish more coins would do that.

Good to hear! I hope you try out SpeedCoin, if you leave your SpeedCoin address I can send you some to try out! Hope you like it

Quote from: corvox on April 14, 2014, 02:46:13 PM

Maybe it's just me, but I see crypto more like stock/bonds it's not really a coin just yet, yest bitcoin is used, and that has made it. But for alt coins, I do not see no development of payment gate ways or anything in the ways of making it a coin.

right now it's all about the exchanges, and the volume of coins moved into other coins, this could be a good place for investors, but with people who insta mine these coins, they only see paying for the power consumption used, instead of insta mining these premined coins, wouldnt it be better to start backing coins and getting behind them.

Start your own Investment firm that specializes in altcoins maybe? sell the coins you have to investors and make sure you offer prime coins and help them grow.

The goal of this project is to pay out interest to miners of SpeedCoin and to those who buy and hold a balance in Speedcoin. This a new thing in the crypto-currency world, therefore on Thursday the first interest payments will be paid and SpeedCoin users will see the value of this crypto-currency.

This is a long term project which will last over 15 years, the interest paid out will cover payments for over a decade.

This is not a simple pump and dump or scamcoin, this is a whole new idea.

bgmc

full member

Activity: 145

Merit: 100

I like the idea of fast block times, I wish more coins would do that.

Suresh Matsui

full member

Activity: 168

Merit: 100

Quote from: leduc on April 14, 2014, 02:23:55 PM

can you give an exact relaunch hour please ?

Relaunch is effective immediately, please delete previous wallet and blockchain. Download latest version from http://speedcoin.net website and resync.

Thank you

marsandotherplanets

newbie

Activity: 27

Merit: 0

Quote from: napoleon2121 on April 14, 2014, 03:23:31 PM

Github source is ok?

Let us know when pool is ready, will we need to restart cg miner with a new port?

sammy007

legendary

Activity: 1904

Merit: 1003

Quote from: Suresh Matsui on April 14, 2014, 03:29:11 PM

And to those who assume this is a scamcoin, I will not stop you from thinking so, however there is no reason for this to be a scam as reasons have been stated in the original post and on the http://www.speedcoin.net website

You are going to dump 50% premine and even won't hide that. SCAMCOIN.

Suresh Matsui

full member

Activity: 168

Merit: 100

Quote from: napoleon2121 on April 14, 2014, 03:23:31 PM

Github source is ok?

Yes, please update, thank you

And to those who assume this is a scamcoin, I will not stop you from thinking so, however there is no reason for this to be a scam as reasons have been stated in the original post and on the http://www.speedcoin.net website

Once again, sorry for the inconvenience, however all issues are ironed out and interest payments will begin paying out soon.

napoleon2121

sr. member

Activity: 266

Merit: 250

Github source is ok?

Topic: [SPC][PoF] SaveCoin | Proof of Fund Coin | 64% Interest Annually / 0.137% Daily - page 39. (Read 64624 times)