Topic: ★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS] - page 474. (Read 1009280 times)

Thanks TuxNut ... Is there a way to see if any of the coins are ready for this ... and doesn't that make me open for theft when it is unlocked and open for that time?

 That's a good question, but we have always given support to coins we feel are worth the effort, if people still want to mine i am happy to keep the pool open for them, if users drop to zero then sure, as for being viable not a single coin has given a cent towards pool cost's as we have not dumped a single coin on the market, in part due to the value and partly due to giving support to what we believe are long term, like noble, zeit, zed, in fact we have given coins back towards helping these coins develop.

Hey Fuzz

"IF" you encrypted (set a password) on your wallet, then you do indeed need to unlock it for staking to work.
If not, then you just need to open your wallet now and then for a few hours to let any coins that are of sufficient maturity to stake themselves (it takes a few hours for them to realise they have a chance and get chosen to produce the next block).

Hope that made sense.

I think it's too early for the coin to have this hybrid security. There's going to be an insufficient number of wallets staking to keep the chain flowing at a decent speed to ensure that transactions are processed at a reasonable rate, certainly won't be running 30 second blocks on it's own. This leaves us wide open to a POW 51% attack at present as there will be very few securing the POW side of the chain.

The coin's been under attack on the exchanges from someone/thing keep dumping mass quantities of coins, which I can only assume they'd been buying in order to dump (been seeing hundreds of millions dumped @ 2 at a time when the price has risen to 3), so if they're not fussed about spending money to crash the price, chucking a smaller amount @ forking the chain on a regular basis wouldn't be a far fetched concern.

If the above is accurate, then that leaves us with three options (off the top of my head, but I know others will come up with decent ideas as well):

Option 1
Increase the block reward to ~1,000 for mining to get a reasonable hashrate to increase the cost of anyone trying to fork us, until we reach the 99bil target, by which time hopefully they'll be a sufficient number of wallet staking at any given time to keep the chain flowing nicely.

Option 2
Swtich to an X11 algo so we lower the costs for mining so the core members of the community can keep some hash power on the POW and increase the reward to ~100 coins per block.

Option 3
Increase the block time to ~2 minutes, this would give the staking more of a chance to keep the chain flowing smoothly which also giving it a chance to interrupt any POW attack on a fork while still keeping transactions at a reasonable speed and then in a few months bring it back down to a 30 second target when there are more wallets active.

As stated, this is certainly not an exhaustive list and I'm certainly no 'dev' to understand the complexities of my suggestions, I'm simply putting some ideas out there that spring to my humble (yes, I can be humble Lion so shaddup) mind

I should know this but i don't ... do i need to do anything for POS to work? At one point i thought you had to unlock your wallet .. not sure if that is still the case. Someone please set me straight. I found the unlock minting but does that mean my wallet is not secure and encrypted? thanks

Ahh yeah good point, forgot to take into account it was an guesstimate.

IIRC, hashrate is extrapolated from difficulty, not the other way around. So it's a guesstimate, and will might also be reflecting on the PoW + PoS difficulty (since both produce blocks). Sorry for the short post, hope it still makes sense (gotta run!)

Happy Mining Staking!
~ Myagui

And yet, in the last 5 minutes since I posted my above maths, the network hashrate is actually UP to 1gh/s...

WTF?

Was just going to say CoinWarz is still showing it as profitable hence the hashrate...
Thanks, saved me checking

Coinwarz just chainged their block reward display so hashes will probably drop fast now.

Yeah I know, read my post above for some comical miner maths... But is it worth you keeping the pool open? If you're making transaction fee's on hardly any transactions, is it financially viable for you to continue?

Well there is still 820mh/s network hashrate! Hash.so has 78mh/s alone and one person has 20mh/s alone mining a whopping 105 Zeit a day...

A quick calculation on Coinwarz, let's say that 20MH/s comes from Gridseeds overclocked to 400kh/s. Thats 50 Gridseeds using 7w/Gridseed.

So he's running 20mh/s @ 350w @ say $0.21/kwh.

So Dumping @ 2sat he is getting 0.00000210BTC which currently - $0.00095

And at a cost of $1.76 in electricty....

I think someone needs to move their miner...

 and yet the #rate is still 0.84 GH/s  People still like to mine :-)

I was talking to winevirus about that today. We could switch to POS only I just put fully POS so people don't try and mine it and become upset if they don't know there is 1 block reward then i didn't feel it was necessary for them to know

I would like some feedback to the switch to fully pos? any comments?

I wish I had 20 LTC spare to eat those two mini-walls @ Cryptsy. Price would jump back to 133litoshi and it may draw some new investment.

And it would get me 14 million more Zeit...

Uh, it's not 'fully' POS though, it's still hybrid.

I do wonder if the POW should be stopped though, whether by bringing the block reward back up high to still reach the targetted number of coins or just lower the number of coins.
It's just weird having 1 block reward, few will mine and MIGHT leave us open to a POW 51% attack (I remain skeptical about this).

Changed thank you Mr. Miyagi!

Right you are, Mr. Miyagi!

I have been talking to them constantly not at all what is happening they asked us to be their official sponsor being the official sponsor means we are their main coin. It's not to buy our way in its to get us more exposure. That is whats key. The more exposure the bigger the community becomes. The bigger the community becomes the more we can spread the message of ZEIT

You realise the block reward has now dropped to 1/Zeit so mining is now kind of redundant...