Topic: ★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS] - page 566. (Read 1009280 times)

Thx, again for a nice answer. Im gonna tip you some for sure, when I get my zeit. Atm, im just floating the fluttercoin boat. In a hope to sell out at top and then Invest in Zeit before the 2....2...2..2.2.2 satoshi train goes..

Now if the Devs want to make the coin more "spend friendly", then they need to make the Proof-of-stake accounting more FiLo (First In, Last Out) oriented instead. But this would be complicated, require a hard fork, and requires community consensus. 

I'm not really sure as I have no direct knowledge, but I think I could make a logical assessment based on the knowledge I have. Bottom line up front: My logic would suggest that the coins would operate on a First-in First-out (FIFO) basis, much like in bitcoin.

My basis for this assessment: if you have 1 bitcoin, but then you receive 2 bitcoin today, but then the same day you send out 1 bitcoin, you aren't charged a fee. But if you send out an additional 1 bitcoin, then you are charged a network fee equivalent to around 6 cents at today's exchange rates. This implies a first-in, first-out system of accounting (similar to a bird feeder dispensary where you put the feed in at the top and it comes out in a trickle at the bottom as the birds eat it, which means that the seeds at the bottom are less "fresh" than those on top).

Using this knowledge, if you were to trade zeit actively and put coins in and out of an exchange constantly, it would seem then that you will not really benefit from the proof of stake. Zeit appears to be something of a buy-and-hold-for-20-days coin, as opposed to black coin where you only have to hold for 8 hours before you see gains. Thus you have to balance the short term gains with the long term gains.

The best way to treat this coin, then, if you were ever able to spend it like bitcoin, would be to keep a long term "savings wallet" and a short term "spending/trading wallet", and only "withdraw" after 20 days, or put deposits of equal amounts into the wallet every single day (for 20 days) and withdraw up to the same amount per day so as to ensure a constant stream of income instead of a constant block of minting every 20 days.

If you decide to constantly trade this coin, you will simply not benefit from the PoS benefit while it is trapped in the exchange (unless the exchange allows it, of course, which Mintpal does not).

Like many others I have been scammed by cryptorush.in and lost a considerable balance of Zeit coin. I am tiered of all these bitcoin / altcoin scams and I will not let this one go. I do not care about the flaw in the wallet, in my opinion the only responsible is cryptorush. I sent my bitcoins to them and they should be responsible for this.

Despite their public statement and their terms and conditions on their website they are still running an online business and there are laws and regulations that protect users and consumers against abuse and fraud.

We have made a preliminary due diligence and found the following:

1. The owner of the website is believed to be Patrick Austin, residing in Sloe Lane, Crundale, Kent, Great Britain. This could be a registrar name - but a legal action would easily disclose the real name
2. At least one of the employees, called Robert Keith Christopher Jr is residing in Lake City, Florida, USA
3. The fraud involves at least 2 billion Zeit coins which at current market rate means 60 BTC or almost USD 40,000

I Invite all users who suffered damage from cryptorush to:

1. send an e-mail to: [email protected] with your contact details, proof of damage ( print screen, transaction history, etc ).

2. File an official complaint for fraud to:
- FBI Internet Crime Complaint Center: http://www.ic3.gov/default.aspx
- UK Police Internet Crime Unit: http://www.actionfraud.police.uk/report_fraud 

What actions we are willing to take:

1. File an official complaint signed by all users who suffered damage from cryptorush to FBI, UK Police ( internet crime units ) and tax authorities in both countries ( IRS and HMRC )for fraud and running a business without any registration or license
2. File an official complaint to the hosting provider
3. Take legal actions against Patrick Austin and Robert Keith Christopher Jr both in UK and US. If none of them is the real owner of cryptorush they will be forced to reveal his identity
4. After correctly identifying the owners of the website, sue them and ask for compensation against suffered loss at the maximum price Zeit coin had since the incidend which was 0.00000005 BTC, but could be more in next days

Anyone who want to support this action and make a stand in stopping cryptocurrency related frauds can make a donation at the following addresses:

You're welcome. Anything to add value to this thread for new folks.

Feel free to tip a few hundred zeit to show your appreciation. It's not even a penny so it's not like I actually GAIN anything, but it's the thought that counts!

hey, another noobish question.
Lets say I have 5 mill Zeit in my wallet and they have just been in my wallet for 20 days. Then I buy 5 more mill and put them in my wallet. Then price rises and I want to sell 5 mill of my now 10 mill coins. How can I make my wallet not take from my minting coins?

Yes, it would be very irresponsible for the "recognized Devs" to jump out with a new wallet update without warning and then people are downloading the client and possibly mining blocks or sending transactions that just aren't correct. Even a decentralized community has a core of "tribal elders" or an established "Illuminati" to guide it. In this respect, the Developers are the cryptocoin-community equivalent of a federal reserve, while pool operators (and their "paid workers") are the favored power brokers that receive the money first (such as Goldman "ball" Sachs, Citigroup, Government, etc), while the crypto-exchanges (and everyone who trades on them) are the digital equivalent of Wall Street.

It's ironic, but the crypto community is starting to behave very much like an unregulated, libertarian version of our established financial institutions. Only problem is, even the "elders" (such as the hated Mt. Gox CEO) are still newbs compared to the established fiat financial institutions of today, not dissimilar to what we saw in banking over 100 years ago actually. It's actually quite scary that history appears to be rhyming (as Mark Twain would put it)!!!  

Very nice guys, thx for the awesome answers

I think the closest example of this sort of thing happening in real life is if the national government were to re-denominate the currency by slicing 2-5 zeros off of every currency note after the currency gets too inflated (like, for example, Zimbabwe or Weimar Germany when inflation rose to absurd levels).  

The only difference is, the community can give the "official Devs", pool operators, exchange operators and other "influential people"  the middle finger and keep using the old client. It's mandatory but not really "mandatory" if you know what I mean (if you like having an outdated version of a coin all to yourself that is, along with the other true die hard fans of the "old money").

On the other hand, if a government decides to futz around with their money, there isn't much most folks can do but protest or go with the flow and adapt as best as possible since taxes must be paid in that currency.  

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).

Dont worry its quite simple.
The software package of the wallet will be changed by the development team and officially distributed (on the main website etc.) to all (most) of the people participating in that coin. That is how it "changes". The minority that didnt do the update will most likely have a wallet that does not sync correctly anymore and so they will have to update as well at some point.

To make sure its not a chaos of different wallets during that change, a fixed block number is being announced as well that is know by the wallet software so that every installation switched from old to new behaviour at the same time synchronously. I think BTC and many of the altcoins have done that several times now. Works quite nicely.

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.

Confirmed that PoS is working:

Stake: for example 38139 (this is the sum of your eligible sum of stake plus the interest for the stake)

And the interest the you earned as stake shows up as Mined in your wallet. It showed up exactly 40 minutes after your first payment was eligible for stake.

Nope, CR is the only one I KNOW of that has that feature (it's an awesome little feature).

I did tweet @ them about bringing it in though.

On a completely different note, had another idea for a project again, but I'm knackered and will have to write up 2moro, just putting this to remind myself.
Venus Project proof of farming concept in Africa with Solar and 0% loans.

Is there any way to see where my buy order is in the queue on mintpal?  So i can see how much more until my orders get hit.

http://www.youtube.com/watch?v=DB55mbwAmDE

http://zeitcoin-explorer.info:2750/

OP's not been updated yet.

Is there a new one? the one on the OP is outdated.

pump zeit tonight

You should be able to check on the explorer, look at the transactions and see what inputs were received first and then look and what inputs were used when sending. AFAIK, that's the only way to know at present.