LionOfNarnia, the relationship of miners to to coin value is actually inverse of what you think. Miners switch to what they think is most profitable, value drops, they hop off, value goes up they hop on.
But i dont doubt we will reach DOGE value levels, considering we have a smaller supply and slower reward rate.
Topic: ★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS] - page 562. (Read 1009334 times)
March 21, 2014, 03:11:15 PM
March 21, 2014, 03:10:40 PM
hmm
if i recall Cryptsy had some coins deposit screen ready for quite a long time before it actually hit the exchange?
i cant remember what coin it was thou :/
I check the upcoming's daily, it's been clear until the last hour. if i recall Cryptsy had some coins deposit screen ready for quite a long time before it actually hit the exchange?
i cant remember what coin it was thou :/
March 21, 2014, 03:09:54 PM
gr8 im going to miss out on the fun with cryptsy thanks to coinex having my 18 million
March 21, 2014, 03:09:18 PM
hmm
if i recall Cryptsy had some coins deposit screen ready for quite a long time before it actually hit the exchange?
i cant remember what coin it was thou :/
if i recall Cryptsy had some coins deposit screen ready for quite a long time before it actually hit the exchange?
i cant remember what coin it was thou :/
March 21, 2014, 03:08:51 PM
I'm not sure how I feel about the cryptsy thing either. I just read a good sized thread in the alt section about how much trouble people have been having with Doge on cryptsy. With the cryptorush incident still fresh in our minds, do we really want to push the possibility of having another exchange without the best track record handling our coins? I mean, if cryptsy starts having issues with Zeit then it could possibly chase away investors. Just a thought anyway.
March 21, 2014, 03:08:14 PM
uhh...click the link 
What he said (which is often the case).
March 21, 2014, 03:07:21 PM
Quote
Where are you guys seeing this? Im on cryptsy's twitter and its no where on it.
Quote
uhh...click the link
March 21, 2014, 03:05:42 PM
So if I understand this POS correctly, and by looking at the block explorer, I see that the oldest deposit into my wallet was on 3/2 at 12:16. So does that mean that I should see some minting going on around that same time tomorrow? Hopefully someone in the know will answer my question this time. 
Yes, that is exactly what happened with all my Stakes today.
Btw., just look into your wallet under transactions and scroll down - maybe easier than block explorer.
Thanks. Yes, I see the transactions in my wallet too. I was just more curious about the block explorer since I've never used one before.
March 21, 2014, 03:05:20 PM
ZEIT'S going to be listed on Cryptsy tonight!
This is WAY too soon, bad bad move IMO by whoever orchestrated it!
Page ready for the switch to be thrown
Additional.
LYC (which I've been waiting to arrive there) has been top of the list all week in the votes, Zeit's been really low, Zeit's being listed, LYC is now.
Cryptsy's just really unnerved me with this,.
How the hell did that happen?? Not good, far too soon!
[Edit] - I guess that explains why the network hashrate just doubled then.... 3.13GH/s and about to be difficulty 21...
Where are you guys seeing this? Im on cryptsy's twitter and its no where on it.
March 21, 2014, 03:03:41 PM
Great ! I get POS on my wallet. It's working, but I don't understand how it work? all I know 25% compound interest after 20 days holding zeitcoin. Any clock countdown for zeitcoin of POW finish anyone? 
March 21, 2014, 03:03:15 PM
Well the bulk of my coins are staying where they are, I'm not wrecking my 20 days again from greed, I've learned from that mistake.
March 21, 2014, 03:00:13 PM
i hope cryptsy is not too much too soon. 
March 21, 2014, 02:56:45 PM
How the hell did that happen?? Not good, far too soon!
Because they want a piece of the pie apparently.
That's fair enough I GUESS (though they should get permission from the dev, I don't know if that's happened), but why are LYC and KDC being ignored? They've got the votes, many paid for but they ignore it.
What's the damn pointing of a voting system if you ignore the damn votes (LYC should have been on last week as well).
March 21, 2014, 02:54:02 PM
ZEIT'S going to be listed on Cryptsy tonight!
This is WAY too soon, bad bad move IMO by whoever orchestrated it!
Page ready for the switch to be thrown
Additional.
LYC (which I've been waiting to arrive there) has been top of the list all week in the votes, Zeit's been really low, Zeit's being listed, LYC is now.
Cryptsy's just really unnerved me with this,.
How the hell did that happen?? Not good, far too soon!
[Edit] - I guess that explains why the network hashrate just doubled then.... 3.13GH/s and about to be difficulty 21...
March 21, 2014, 02:51:49 PM
Quote
Additional -
After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880
Thus your reward will be 2,880 / network hashrate * your hashrate per day.
The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day
Compare that with what you get from minting!
After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880
Thus your reward will be 2,880 / network hashrate * your hashrate per day.
The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day
Compare that with what you get from minting!
That's the bit I was trying to work out, how much you'd get from mining rather than minting. Thanks for the maths!
So If I left 1MH/s mining Zeit with the current 1.16GH/s network hashrate I'd be 2,880/1,160,000,000*1,000,000 = 2.5 Zeit/day?
But I'm going to guess the network hashrate will drop to something much smaller than 1.16GH/s won't it?
Yes, but even if you are the only one mining ZEIT, then you only get 2,880 ZEIT per day. I think you would be better off mining something else then and buying into ZEIT.
No doubt it would be better to mine something else, but do you not need some network has power? I know I'd lose out mining Zeit, but if you need some net hashpower then some people need to aim a miner at it just to keep it going.
I think by people leaving their wallets open for minting, that's what keeps the network going.
Ahh right, I thought it had to have some network hashrate. Well that solves the question of whether or not to leave 1MH/s on it. Cheers everyone, much appreciated.
Now, I need to go buy some more Zeit...
what to sell...
Yeah, that's one of the key questions - what will the net hash be after week 6.
Here's an optimistic way of looking at it. Actually I still find the numbers pretty bloody scary & wonder if I'm missing something major by thinking that a lot of people are total ignorant morons thinking that planning on selling at 6, 12, 18 satoshi ... is a good idea.
IF the coin is to become an 'accepted' mainstream crypto, then it HAS TO BE around the same daily profitability as say litecoin, dogecoin etc to maintain a healthy hashrate.
That's currently between 3 - 5 GBP/day/1.5Mh/s for any of the 'top thirty' on CoinWarz.
Rounding up the numbers A LOT, that means the price of a single Zeit needs to be around ONE GBP
That's .0027 BTC each.
If you're not shitting yourself at this point, go back and read it again.
Think that's over-optimistic do you?
Lets take a look at how the cryptos that have low rewards/block are doing right now, shall we?
NAME REWARD PRICE
MinCoin 2 .0004
AnonCoin 5 .00235
RonPaulCoin 1 .00091
Diamond 1 .00019
I honestly believe that these are the kind of levels we should by flying at in a month or two.
If I'm out by a factor of 100, that is still .00002 or, 2,000 satoshi each.
Still wanna sell when it hits 6?
Not me, baby!
March 21, 2014, 02:49:14 PM
So if I understand this POS correctly, and by looking at the block explorer, I see that the oldest deposit into my wallet was on 3/2 at 12:16. So does that mean that I should see some minting going on around that same time tomorrow? Hopefully someone in the know will answer my question this time.
Yes, that is exactly what happened with all my Stakes today.
Btw., just look into your wallet under transactions and scroll down - maybe easier than block explorer.
i just upped my wallet to 1.0.1.0
is it a problem ? i can see 0 at Stake. i am mining from t0, sitting on 60MZeit
March 21, 2014, 02:46:30 PM
ZEIT'S going to be listed on Cryptsy tonight!
This is WAY too soon, bad bad move IMO by whoever orchestrated it!
Page ready for the switch to be thrown
Additional.
LYC (which I've been waiting to arrive there) has been top of the list all week in the votes, Zeit's been really low, Zeit's being listed, LYC is now.
Cryptsy's just really unnerved me with this,.
March 21, 2014, 02:41:27 PM
So if I understand this POS correctly, and by looking at the block explorer, I see that the oldest deposit into my wallet was on 3/2 at 12:16. So does that mean that I should see some minting going on around that same time tomorrow? Hopefully someone in the know will answer my question this time.
Yes, that is exactly what happened with all my Stakes today.
Btw., just look into your wallet under transactions and scroll down - maybe easier than block explorer.
March 21, 2014, 02:08:16 PM
So if I understand this POS correctly, and by looking at the block explorer, I see that the oldest deposit into my wallet was on 3/2 at 12:16. So does that mean that I should see some minting going on around that same time tomorrow? Hopefully someone in the know will answer my question this time.
March 21, 2014, 01:40:52 PM
Pos proof of stake, someone would have to own 51% of the total coins. Then he/she could make a 51% attack. But why would he/she do that wile owning 51% of the coins
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