Topic: ★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS] - page 563. (Read 1009334 times)

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.

Sure they can.....after convincing everyone in the community (or rather, the Devs, exchange people, pool operators and merchants and other stake holders, who make all the announcement that all the other sheep coin users/miners follow) that they need to upgrade to the new client that has the protocol changes. This is what's known as a "hard fork".

But, if everyone in the community doesn't upgrade to the new client in a timely manner (or the community splits), you'd end up with two separate but (presumably similar) coins. Those that upgraded cannot send to those who have not upgraded, and those that have not upgraded cannot send to those who have. Miners who don't upgrade will end up mining blocks that will never be recognized on the new network, and vise versa.

In fact, if everyone ran both versions of the client simultaneously, but with the same wallet.dat file, and you received coins to the wallet in both versions from people who used one client or the other, then you will end up seeing two separate balances. Similarly, if you decided to go on vacation and left your mining rig going (possibly in a solo mining situation with several hundred mega hashes), and then 3 days later the community found a huge security risk in the coin wallet that needed to be fixed with hard fork, then for the next 27 days you will end up mining blocks on a network that was been largely abandoned by the rest of the community (resulting, effectively, in a loss since no exchanges or merchants one will accept coins from the old network).

Hence, if you have any coin holdings or you are mining, it behooves you to maintain awareness of any news surrounding the coin that may arise. While extremely rare, and quite drastic, it does occasionally happen and you need to know what to do when the scenario occurs (generally achieved by reading what others are saying and go with the general consensus).

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.

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.

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?

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!

Just some random question.. How can a dev. change a coin while its already out? If dev. can do it cant a hackers also do it? sorry hope you understand my noob question.

You can calculate yourself: Take the sum of coins you have, multiply by 0.0684931 divide by 100. That is the payout for one day. You should multiply by 20 to get to the actual sum you acquire after every 20 days of minting. And by the way, those minted coins are also eligible for minting afterwards.

By the way, I don't think those numbers you read are accurate: If I mine today 2.4 Million ZEIT, then I get a PoS for them per day (actually need to be calculated for every 20 days - but just for the sake) of only 1643 ZEIT.

First time trying a POS coin and I really like the idea. I'm all set up with coins ready to go in my unlocked wallet. Sadly, today isn't the 20th day they've been in, still go a few days before that kicks in.

For mining post drop to 1 coin reward, did I read earlier in the thread it was expected to be 1000 Zeit/day for 1MH/s? And that if you had 10 Million Zeit that would be 6850 Zeit/day which would be equivalent of 6.85MH/s while minting in POS?

Are those numbers accurate or a complete guess on behalf of the poster?

First time trying a POS coin and I really like the idea. I'm all set up with coins ready to go in my unlocked wallet. Sadly, today isn't the 20th day they've been in, still go a few days before that kicks in.

For mining post drop to 1 coin reward, did I read earlier in the thread it was expected to be 1000 Zeit/day for 1MH/s? And that if you had 10 Million Zeit that would be 6850 Zeit/day which would be equivalent of 6.85MH/s while minting in POS?

Are those numbers accurate or a complete guess on behalf of the poster?

From my personal experience, I saw that Mint has slight problems with Minting. The minting process is not as accurate as with ZEIT.

Whereas all of my mintings today with ZEIT were almost exactly after the sums aged for 20 days.

1,3 percent POS every 20 days. This is just superb. It looks like it works better than mintcoin (I mined that before Zeit), but I'm not sure if that is possible (as they probably have the same codebase).
Anyhow seeing the POS coming in is great.

1,3 percent POS every 20 days. This is just superb. It looks like it works better than mintcoin (I mined that before Zeit), but I'm not sure if that is possible (as they probably have the same codebase).
Anyhow seeing the POS coming in is great.