Topic: ★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS] - page 84. (Read 1009280 times)

Hmm,

After the ULI,
To actually benefit from a price increase the holder has to sell his coins and this costs him future staking ability to earn transaction fees.
Anyone can buy ZEIT and they decide how much or how little profit they make.

I suggest you study BTC inflation model, where a declining inflation rate promotes a increase in price over time.
Then you will understand why the ULI is so important.

But back to your original question , why would someone buy ZEIT after the ULI.
To Wait for and sell when the price increase
or
To use as a way to transfer value from one entity to another
or
To own enough ZEIT to be able to stake and earn transaction fees ,
and live off of selling nothing but their transaction fees.

*** With the Switch to ULI Completes,
ZEIT becomes similar to an ASIC it runs and safeguards the network
and provides a livelihood for its owners.
It has none of the failures of the PoW ASICS,
ZEIT is Energy Efficient and will not require new equipment be purchased and cooling a warehouse to run. Plus it already has 20X BTC current onchain transaction capacity.  

ZEIT is the Game Changer and time will prove it to all,
you can recognize it now and profit later , or ignore it.
Your Choice.  

 

so how does this affect new people who would be getting into zeit after uli takes effect there are so many coins and the majority of the holders will be the beneficiaries of the price increase what is there to  make new people want to get in and raise the price other than buy low sell hi concept which inevitably will lead to a secondary decline "and for every person who gets rich another person is left out to dry" not saying I disagree with the uli however just trying to see how by only doing a lower pos rate with the majority of stake holders currently having had years of stake on their coins how and why should people invest back into it to me I just feel that its not just an inflation problem.... just my thoughts on it is all

Zeitcoin is a proof-of-stake coin, so confirmations are done by open wallets competing for stake.

PoST : Proof of Stake Transactions
30 seconds block target
Interest on Proof of Stake:
Year 1: 25% | Year 2: 20% | Year 3: 15% | Final 5%
4 confirmations per Transaction means fast 2 minute confirmations
50 confirmations per ZEIT blocks

I believe you can go to settings > Change passphrase...

Then enter current passphrase and leave the new passphrase field blank and I believe it will decrypt your wallet file.

How are confirmations made in this currency?

Hello, can anyone tell me how can i remove the passphrase for the wallet?

Thanks

Seems as though they're still ironing out kinks over there. I was able to place trades, but they intermittently took an unreasonably long time(like minutes), though it does seem to be improving. Also I successfully withdrew funds from there without any hassle, so that's good news.

Good stuff guys.

Thanks for your efforts, Ray, Kiklo, & AztekPhoenix. I see the ULI initiative as just what Zeitcoin needs to take the next step.

The Community & Knights have spoken these last few pages.  
Their Support for ULI is strong and unwavering in the face of any obstacle.
Therefore the ULI will be implemented.

Aztek, PM me that the code from Pollforall , should be available for testing in the next few days.

Thanks to Rent_A_Ray helping with the testing and github, we should be able to lay out a time frame for the ULI update in the next 2 or 3 weeks.


 

Who is going to do this? Who opposes ULI?

Maybe we can come to another solution. I mean maybe we could continue to scale down inflation over time. Sort of like how bitcoin halves inflation every so many years, we do the same with zeitcoin. We had the right idea going from 20% to 5%, but we just have to keep going where it goes to 2.5%, then 1.25%, and so forth until we reach that ULI rate. And make it over a period of years so that the decrease is gradual and expected.

I mean where is the proof that this is even being planned as a thing? Are there bitcoin talk threads? Is this based on a conversation on the slack channel?

Here's the thing, bitcoin keeps going up because not only is there an upper limit to where it could go, but bitcoin's INFLATION rate also keeps going down because of "halving". Because miners have huge costs, they have to constantly manipulate bitcoin prices so that they can continue to be profitable and have the same income.

Same thing here, people who own coins will want the price to go up as the inflation rate goes down over time, and it makes people see value in the coin because they know that if they keep holding then it will grow in value over time. So instead of going there all at once, why not ease on into it instead? It's all about the journey, not the destination with these things right?

True!

People have been selling ZEIT
Prices only go down

Ray, never think that what you do and have done for us in unappreciated. We are forever in your debt. 

Of course I'll have a look over the code changes. Pollforall should commit his changes to the official git.
Once if the version has been tested successfully by the Knights, I will add some version related stuff.

Cheers,
Ray

FYI:
https://bitcointalksearch.org/topic/coin-services-fork-of-coin-mac-wallets-win-wallets-and-more-734614

Good choice as far as I can see.

Thanks for the clarification Ray. Confusion seems to be the order of the day and this post definitely goes a ways toward dispelling it.

So it seems, we need to find a dev to complete the work begun by Ray.

I'm in for 5m Zeitcoin or equivalents. More if needed to get this done in a timely fashion.

I don't understand the actual discussion. ULI was voted by most of the active members. We should continue with ULI.
My vote 'against' ULI (and all necessary code changes beside ULI) based on security concerns.
Additionally I had no time for the testing of all possible attack scenarios.
It wasn't a vote against the economic advantage.

This version (2.0.2.0):
https://github.com/zeitcoin/zeitcoin/tree/527aca946344dce14de33f2fc0f127c305f16856
is the latest with most of the ULI features before the rollback to 2.0.1.7
There are some issues - but nothing that can't fixed by someone who knows what to do.

I want to apologise for my absence in the last months and in the coming months, but I have to manage some important things in my real life.

We should hire someone who is able to improve the code changes.
And 'We' means 'The Knights' - not any single person. 

Cheers,
Ray

I think ULI is the right way.
and if its not possible in one Step, lower the Inflation Rate to
I say 1% first and doing the remaining Work later.

I think without a lower rate of inflation, Zeitcoin will not stay at 4 sats, but will continue to decline.

i think the Ultra Low Inflation is really needed otherwise this coin will stay at 4 sat and will never reach 0.01$

June 1 has long come. It is necessary to introduce new technologies into the coin. Only after that will there be active coin growth!
-------------
The Dev Rent_a_Ray is working on an update to Zeitcoin's specs.

Update to a Ultra Low Inflation Coin

1.  Interest rate change to 0.0005% (0.000005) per year.
2.  Minimum Stake Age Changed to 1 Day, (24 Hours)
3.  Blocks only Split , if they stake within 25 hours of being created, all blocks older than 25 hours would not split, just add the additional amount to the block.

* This will end the excess inflation that is keeping our price low, after it is activated,
Prices will stabilize and then begin a gradual but continuous increase in price per coin,*

Supply of new coins , at the old 5% rate was ~1 million per day , after the switch to Ultra Low Inflation less than 181,000 new coins will be created per year.
By moving to a minimum stake age of 24 hours instead of 20 days, we dramatically increase our network security.
By harnessing the law of supply & demand, it will cause the price of existing coins to increase due to the decrease in new coins created.
It also changes us to a PoST coin, as you will be able to earn more zeitcoins from processing Transactions per block than the interest earned.
Due to this ULI update , and the nature of random transactions fees, You have the highest earning potential by leaving your wallet running 24x7 after the new specs are active. In the past some users only synced and supported the network a few hours every month or so, and they can continue doing that if they wish, but it will decrease their earning potential if they don't run daily. So increased incentive for full time nodes and daily staking.  Smiley

Dev is working hard to make these changes happen, and will announce more information ~June 1st as far as the scheduling of the hard fork.