Topic: ★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS] - page 701. (Read 1009280 times)

My CPU is excited about this! I have been running that sucker hard and it needs a break!

I will make a bet right now with anyone on here. Assuming something catastrophic doesn't happen ill wager 10k Zeit that this coin reaches at least 10 satoshi 1 time before week 6. Any takers?

It means you leave your wallet open and unlocked and it creates free coins based on the amount of coins you have. The more coins you have , the more Stake you receive.

This coin will hit 400 billion market cap 

Be aware of marked manipulators.
They work like this: https://www.dropbox.com/s/juo3aeskh6sflhc/god.pdf

Yes POS helps is a better method for securing the netwok because it is more resistant to 51% attack. In a POW minting , if one node has 51% or more of the network's hashing power, it can possibily perform a 51% attack.
But to perform a 51% attack in POS system you'll need to have 51% of the total coins in circulation, which is highly impossible. In this case one needs to have more than 50billion coins to do a 51% atttack.

Actually its both.
actually POS is also a way of minting. but it doesn't take any of the cpu or other hardware's power.
POS is a method of mining blocks called stake-blocks. In this case after 20 days a transaction is recieved, that transaction becomes eligible for POS minting. So instead of using the hashing power of your hardwares the POS minting uses the no.of coins and coin-age of that transaction to mint the Stake Block. The reward also depends upon the no.of coins and coin age, meaning  when a transaction mints a Stake block it calulates the stake percentage for the transaction for the un-rewarded coin-age. In this case you'll recieve an average of 25% p.a during the first year

yep pretty much thats why its good to hold and wait and not dump!

When you say "proof-of-stake, minting, coins are generated without mining based on the amount that you have in your wallet" you mean that i will have some extra coins added into my wallet without doing nothing at all, just for keeping the coins for at least 20 days?

In wiki i read "Proof-of-stake is a method of securing a cryptocurrency network through requesting users to show ownership of a certain amount of currency."

Sorry for my stupid questions but i cannot find someone to explain this to me.

Regards

use PM or DM and contact the OP

1 week... still waiting to receive promised bonuses for following twitter before the start and a translation...

PoW: proof-of-work, mining, will stop after 6 weeks
PoS: proof-of-stake, minting, coins are generated without mining based on the amount that you have in your wallet (for at least 20 days in this case)

Piece of sh*t always pops in my head when i see that lol... anyway it stands for Proof-Of-Stake (from a google search )

noob question:

What does PoS mean? 

thanks

Found it. Wasn't mentioned in the post here

Zeitcoin (ZEIT)

Zeitcoin is an innovative, secure and energy efficient PoW/PoS coin. It uses a faster PoW distribution mechanism to distribute the initial coins, then after 6 weeks the coin is basically transferred to a pure PoS coin, where the generation of the coin is mainly through the PoS interests.

Zeitcoin also adopt a variable PoS rate, which gives the highest payout at 25% the first year, then decrease 5% per year until the 4th year it reaches annual interest rate of 5%, then it will remain at this rate.

Because after 6 weeks it is basically a pure PoS coin, it does not need to be intensively mined, as the PoW payout will remain the minimum. Most coins will be generated through PoS, thus it is a coin that will save a lot of energy compared to other coins.

Zeitcoin will have a total of 99 billion coins. Initially each block will deliver 250000 to 1000000 coins randomly. The PoW payout will be halved each week (7 days). After 6 weeks, the PoW payout will be fixed at 1 coin per block.

PoS will start after at least 20 days of holding of the coins in the wallet. With PoS, the coin is more resilient to 51% attack.

Other Specifications: - 30 seconds block target - 250000 to 1000000 coins per block initially - PoW payout will be halved every week for the first 6 weeks - After 6 weeks, the PoW payout will be fixed at 1 coin per block - Difficulty retargets every block - PoS variable interests: - 1st year: 25% - 2nd year: 20% - 3rd year: 15% - 4th and subsequent years: 5% - Total coins will be 99 billions - 4 confirmations for transaction, thus fast 2 mins confirmation for transdactions - 50 confirmations for blocks - 1% premine for bounties, giveaways, development, support and maintenance, new feature developments etc.

When your coins have been in the wallet for 20 days or more... I believe.

Do we know when PoS will start?

So i decided to check the block finder option at my pool
It shows that i've found 3 blocks and generated 2.3mil coins. but my total share at the pool fom day1 is only 800k 

I believe zeith has more potential than the 2satoshi value. now its beeing dumped by the daily profit miners.
I'll wait till all the coins are mined and see how the price reacts then

This is basically a POS coin. so the longer you hold the more you'll get

same here