Topic: ★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS] - page 110. (Read 1009280 times)

Yes we sure are and ZEIT getting into the top 100 crypto coins would be a great achievement for the coin. Once this is achieved the next step would be to make it into the top 50, this will take time but I believe ZEIT has the potential to achieve this in the future. ZEIT is up 17% in the last 24 hours however all that was traded in Doge once again, we need to start seeing more ZEIT traded in BTC and hopefully that will start to happen soon.

ZEIT getting closer and closer to top 100 market cap!

Bitcoin ETF getting turned down the way it was, seems like it helped reaffirm what cryptocoins are

I agree with what you are saying to give the ultra low inflation a chance for now. I just hope you are right and that some time in the future we start to see ZEIT rise in price again. I noticed that in the last 24 hours the price has risen but it was all traded in Doge. We need to see more trading volume in BTC I think. In the meantime I will continue to hold my ZEIT and wait for the day the price starts to rise back up to where it deserves to be.

Regarding low inflation, I agree it is a 'must action' for ZEIT. No doubt about it. But my point is, it shouldn't be the only action taken, to make this coin really work. ZEIT needs more to be done in terms of development (and adoption subsequently), and slowly it is becoming critical, if we don't want to stay a small closed group, as we were in the last 18 months or so.

Now regarding coinage. Is there really a need for such a massive number of coins? Just asking it out loud, because volume seems to show something different. Zillions coinage is a relict from the times where any single combination of altcoin parameters was released as a brand-new altcoin idea. These ZEIT's are long gone, why do we need to stick to the idea that has been proven wrong?

im pretty sure the high float ensures the security of the chain. it also attracts more people who enjoy accumulating for a lower cost, increasing the amount of nodes. as it stands zeit fills a very important niche in the crypto space: a POS coin with high float & no premine. I think that 37B is a much more human friendly number than 37M. The most popular world currency (USD) has trillions in existence.

I understand your concerns but I think we should give the ultra-low % inflation its fair chance. If you follow altcoins some of the most successful were ones that started out with high inflation then switched to ultralow. only they did it for 3 weeks and then switched. now imagine a coin that had 3 years to mature before beginning its price ascent. its like awakening the sleeping dragon.

Not everyone, I didn't.
I believe we already agreed in this thread that a so called 'market cap', a product of current price and total number of coins, has very little if nothing to do with how good or bad a coin does. For all these who think otherwise I have  the following deal: I can sell 100M ZEIT (to make you Knight) for 10 sat a piece, if you really feel that selling at some minor exchange 50 ZEIT at 10 sat makes ZEIT's market cap 10 sat * 35 billion.
Just to put your money where your mouth is.

There is nothing bad in having market cap (as defined above) of $200, if that is really where realistically ZEIT is at the moment. Did ZEIT die because of that? No. It is just one of the zillion forgotten altcoins that has relatively little to offer. Correct me, if I am wrong, but what would you tell a new investor, a Knight wannabe, to convince him/her to choose ZEIT. How this coin differs from the competition?
The best evidence that the things are not going in the right direction is the number of Knights so far. Having 14 people around for the three years of coin history is not the best result if you ask me, and the price is a consequence of that. Not the other way around.

To me having a moving average of the volume in all exchanges a coin is traded over, say, last seven days is a much better proxy for a market cap, if it is to bear any meaning. And, if we look at the current ZEIT volumes, we hardly ever exceeded 1BTC of daily volume in the last, how many days? 6 months? 1 year?
Or to put it the other way, how many days in the last year we had a combined daily volume to exceed 1 BTC?

Tweaking only PoS won't fix that, you may keep that sentence for the record. What we need is an organic development to increase the adoption rate. And possibly a more human-friendly number of coins.

Hi Alice Wonder,

Thanks for stopping by, any questions post anytime.

Fastest Way to Sync is https://bitcointalksearch.org/topic/m.14024462 .

PosWallet.com has a ZEIT Web Wallet, so it could be used as a Mobile Wallet, and they may be releasing an android interface in the next month.  


Here is the Exchange List.

Exchange	Status
alcurex	Online
CoinExchange	Online
Cryptopia	Online
NovaExchange	Online
SouthXchange	Online
Yobit	Do not use Yobit

I do not own any zeit or even know where to get any (though I saw links on the home page) but I am contemplating running it to give it a try.

Only other altcoins I tried were Quark and Namecoin.

I am a little frustrated with bitcoin, namely the direction it is going appears to be a direction I do not want it to go. The biggest advantage to me honestly for bitcoin was its utility in micropayments (by micropayments I mean value < $10 USD) but it appears that is no longer of much concern to them even though it was micropayments from satoshidice that largely paid miners and helped test the network in its early days.

I don't like off-chain solutions such as what Core is proposing, to me an alt-coin is better than off chain transaction. When I saw that Zeit has standard tx fee and processes transactions in order received, well, both of those are characteristics I like. Only thing I think would be nice that I didn't see is ability to spend from Android.

Sometime in the next few days I'll be attempting to build the client (x86_64 CentOS 7) and see how it goes.

This thread is a long one, I can't promise I'll read it all, but I'll look for the good parts.

Anyway just thought I'd introduce myself. Saw a bitcoiner laughing at the trade volume Zeit does and that shocked me, because Bitcoin started the same way with everyone (including me) laughing at its prospects.

But I'm an unusual fellow, I don't like there to be a "dominant" player - I think that's bad for the market (e.g. Google and their extensive user tracking), so I don't mind if an alt coin I pick isn't ever as big as bitcoin. I'm just very frustrated at what bitcoin is becoming and while it can be fixed, I'm not sure it will be fixed.

One last thing - Alice Wonder is a pseudonym. I'm a dude. I just like Alice in Wonderland, and so many cryptography tutorials involve Alice and Bob, and Bob - well, no offense to any Roberts here, but I like Alice better. And my online heart throb uses the pseudonym Cooper so tothether we are Alice Cooper

That's me. I'll see if I can get the client running in a day or three, and thank you to Kiklo - I knew I needed to look for an altcoin but I dreaded having to weed through the many available, but I think I found one to try.

Alice Wonder

FYI:
Cryptopia Update takes effect on 3-10-2017 .



 

Agreed , Their ZEIT Faucet is now Open.  

While I would never recommend someone store all of their ZEIT with a 3rd Party.
PoSWallet does Offer an Awesome Potential to act as a Mobile Wallet for ZEIT USERS (that allows Staking).
Also for Users that don't have enough to Stake, it holds Potential for them.
So storing enough ZEIT there so you would be able to spend at a coffee shop, holds potential.
You could reload it like a gift card and then spend it in your Favorite Coffee Shops or Restaurants , using your Mobile Device.


 

FYI:
Here is an article on them.
http://bitcoindood.com/bitcoin-blog/tag/poswallet/

FYI2: Be aware their is a few hours delay before deposits can be withdrawn.

Everyone has all ready agreed to Option 2,  which is lowering the inflation rate
Just waiting on the real world to release enough of Rent_a_Ray's time so he can make the changes.

Cutting the zeros as you say would make no difference except crashing our marketcap from
~$200,000  , take away 3 zeros , to ~$200 ,
If we did that we might as well just shoot ZEIT in the head , because either of those would kill it.  
Which is why we are not doing that.

 

how about option number 3: cutting three zeros and lowering the inflation?
that would definitely boost the price per coin.

shout outs to the guys at www.poswallet.com pretty cool site i just discovered today. ZEIT has 230 nodes that is most impressive!

You missing the point , there are ~36 Billion coins.
We don't need more coins , we need the price to increase per coin, that can only happen by controlling inflation.

People will Buy ZEIT for the exact same reason that they buy Bitcoin, because it's price keeps increasing due to inflation control.
Advantage we have is that the people that own coins can stake, and when they stake earn the transaction fees, in BTC only the PoW miners earn those fees.
So we have a direct incentive for people to run full nodes, BTC does not.
Knights will have a strong incentive to stake and earn additional transaction fees.
They can sell all of their transaction fees to the market and never touch their principle amount if they don't choose too.
By making a living off of processing transaction fees, we don't crash the price by endless out of control inflation.

Look at your # of coins you have in your wallet
1. Do you want more coins even if the coins are worth only 1 litoshi. (Out of Control Inflation decreases price per coin)
Or
2. Would you rather have your current # of coins worth $1 each? (Controlled Inflation and our Price will rise.)

Everyone I have spoken with prefers option 2.

 

Yobit investigated for fraud:

https://cointelegraph.com/news/cryptocurrency-exchange-yobit-investigated-in-russia-on-fraud-claims

Looks like I'll never get my stranded Zeitcoins.   

A few days late but here goes:

Even so, even a Zeit Knight would only ever get 50k coins per year right? How well does this test outside our community? Would this change alone convince more people to buy and adopt Zeitcoin?

Dash has less than 8 million coins, with a larger portion of them tied up in MasterNodes.
Masternodes do not receive interest,
In return for being a masternode, one masternode is selected by the network to receive a part of the PoW reward of each mined block.

Dash's PoW reward is only 3.6 dash per block at a blockspeed of 2½ minutes.
Dash makes 576 blocks per day , Meaning their Total inflation is only 2073.6 coins per day.

ZEIT PoST has 5X the transaction carrying capacity of Dash, by moving to ultra low inflation of .0005% ,
our new Total Daily inflation will be less than 500 new coins per day.

We are moving to such a low interest rate, because to be frank , there is absolutely no way ZEIT can grow or even sustain a decent market price if our inflation causes millions of new coins to be generated on a daily basis, which is what is currently happening.

What the ultra low rate does is Cap our inflation , to a reasonable number , that allows the coin's price to stabilize and grow.
As far as incentive, Our incentive changes from creating excess inflation out of thin air that crushes the marketcap, to one of where when you stake a block your client includes the transactions and as such you will receive the transaction fees , which will become a higher payout than the ultra low rate per block as our volume increase in time.
It changes our dynamic , to earn more of the transaction fees , you have to stake more blocks, however the more ZEIT coins stored per block the better your chance to stake and earn the transaction fees. There is an increased incentive to keep the wallet Online & Staking to stake as many blocks as possible , so you earn more of the transaction fees that did not exist with the old way (where people just leave the systems offline and only stake every few months).


 

I get the part that we're a full node already. What I don't get is why we don't have increased rewards for having, say 100m zeitcoin in the wallet while running a full node.

DASH, for example, requires 1000 units to earn what amounts to something like 11-18% interest, and that seems to be working out really well. And the purpose of having this node is to act as an annonymizer and process stuff. Now we don't have to anonymize anything, but having 100m coins per node securing the network all the time is better than 3m coins. So if we gave a 1% annualized interest rate for having 100m coins, then you'd have a buyer's incentive, and an incentive to save. 

Or am I missing something here?