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Post by Admin on Jun 5, 2014 15:57:03 GMT
So as most of you probably know  will soon be moving to the POS model. I would just like you all to know that work has commenced and we are progressing well. There is no solid date set for release yet but there will be an ANN thread in due time. Now to go to a full POS model would mean closing down the mining side of . There are various ways we could do that. We could stop it at a particular block and that is that. Or we were thinking we could fast track all of the coins that were due to come out. So currently there are roughly 270 million coins on the market, with roughly 320 million total, so 50 million or so coins left to be mined. We could release these coins at a vastly increased rate, perhaps over a 2-3 week period. I propose it as a farewell to Mining , a last harrah if you will. And also as a promotional tool for us to use. If we are to go ahead with this we would be making the announcement the same time and announcing the POS start date. Please have your say about it.  |
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Post by Netcoins on Jun 5, 2014 19:12:29 GMT
sounds like a good start for POS admin keep up the good work.
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Post by kelsey on Jun 7, 2014 10:14:30 GMT
50 million coins over 2-3 weeks? I know I've expressed concerns about going POS, which I'll agree on if everyone else wishes to go that way (and shut my mouth once its done) though I think (well know) its a very bad idea.
However mining 50 mil in 2-3 weeks is almost a suicidal idea? Like another phase of instamining? 50 mil easy gotten to be dumped and flood the market?
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Post by yogibaer on Jun 8, 2014 20:05:56 GMT
can't the 50 Mill. coins be used for staking or being mined regularly while older coins stake in the wallets? I think HBN is being mined while it also stakes. BUt maybe this is even more difficult to be implemented into the NET source. mhmmmmmm
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Post by Who on Jun 9, 2014 17:52:58 GMT
Hey! Exciting times ahead. It's hard to predict what is the right thing to do, but I'd say the first concern should be security. By that I mean guarding against block chain forks and transaction reversals. Next would be fairness.
Pos seems to be inevitable, but there are some useful variations possible with not much effort. Pos is based on sacrificing coin age to sign transactions and mint some new coins for yourself in return. The classic idea of coin age is number of coins x number of days since they were received. A problem with this is the coins I've received will age whether I'm online or not. There is no incentive for me to keep my wallet running over not keeping it running so that I can sign blocks and let transactions take place. If most people just shut down their wallets and wait for coin age to build up, who is signing the transactions?
An alternative is to not allow coin age to build up constantly at the same rate each day. But make it harder to build up coin age the longer you hold out.. It will be like pumping up a flat bike tyre. Easy at first but then the more you pump, the harder it gets to get more air in. Switching to a fresh tyre ( or refreshing my coins by signing some transactions in a pos block where I send some coins to myself) is then a welcome relief. Now it's worth keeping my wallet online more than not, because coin age builds up faster if I refresh my coins regularly and help secure the network by participating in signing.
What do you think?
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Post by Admin on Jun 10, 2014 1:31:32 GMT
50 million coins over 2-3 weeks? I know I've expressed concerns about going POS, which I'll agree on if everyone else wishes to go that way (and shut my mouth once its done) though I think (well know) its a very bad idea. However mining 50 mil in 2-3 weeks is almost a suicidal idea? Like another phase of instamining? 50 mil easy gotten to be dumped and flood the market? Sorry I have been a bit busy to get back to you guys. Well, I see it as a way for people to get hold of the coins easily for the proof of stake. It will be a nice POS, sure they can sell it, then that is good, others get to buy it cheap. It does hinge on people liking the POS and the other things we'll have do have on offer. I also see it as a promotion, if you vastly increase the block reward you vastly increase it's profitability and your hashrate rises, meaning more mine it. Meaning more interest in it etc. I mean this isn't a one facet situation. Look at it this way, so we do the mineout (which btw many coins have done), we'll end up with 320 million coins... Not even 1 billion... Yet there are coins like doge in the multi billions that are not far away from us pricewise.. So you see, a large cap is not a problem if you have the demand! So that is another facet to this. You seem to think POS = bad large cap = bad... But that just isn't true... PPC, DOGE says so. |
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Post by Admin on Jun 10, 2014 1:35:29 GMT
can't the 50 Mill. coins be used for staking or being mined regularly while older coins stake in the wallets? I think HBN is being mined while it also stakes. BUt maybe this is even more difficult to be implemented into the NET source. mhmmmmmm Yes it can, you could keep the mining as is and have the pos we want no bother... But I think it would be a missed opportunity and I don't think it is good to have the mining when multipools are disrupting the normal core miners. That isn't fair. Mining out would be for promotion, and you know people love that kinda thing. It will give us a huge popularity boost I think and get people talking about NET again. It turns out there are like 39 mill coins left, it todays market? With todays demand? Sure it would crash the price... I am saying though that if we do it right, as we plan to, then we can get much more demand/volume. We just have to make the stake enticing enough. And we think we can do that. |
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Post by Admin on Jun 10, 2014 1:39:50 GMT
Hey! Exciting times ahead. It's hard to predict what is the right thing to do, but I'd say the first concern should be security. By that I mean guarding against block chain forks and transaction reversals. Next would be fairness. Pos seems to be inevitable, but there are some useful variations possible with not much effort. Pos is based on sacrificing coin age to sign transactions and mint some new coins for yourself in return. The classic idea of coin age is number of coins x number of days since they were received. A problem with this is the coins I've received will age whether I'm online or not. There is no incentive for me to keep my wallet running over not keeping it running so that I can sign blocks and let transactions take place. If most people just shut down their wallets and wait for coin age to build up, who is signing the transactions? An alternative is to not allow coin age to build up constantly at the same rate each day. But make it harder to build up coin age the longer you hold out.. It will be like pumping up a flat bike tyre. Easy at first but then the more you pump, the harder it gets to get more air in. Switching to a fresh tyre ( or refreshing my coins by signing some transactions in a pos block where I send some coins to myself) is then a welcome relief. Now it's worth keeping my wallet online more than not, because coin age builds up faster if I refresh my coins regularly and help secure the network by participating in signing. What do you think? I'm not sure on the technical details of how the confirmation process works with POS... I know that your wallet performs something, and that collectively there is something going on... I have had the same thought as you. But maybe when you turn your wallet on, you do a bunch of calcs anyway, they are just kinda saved for you. I'm not too sure like I say. Also you need to have it open to actually find a stake no? If you have faster stakes then you would be missing out if you kept it closed. |
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Post by kelsey on Jun 10, 2014 15:42:31 GMT
Damn I don't mean to attack you on every area but god I am starting to wonder wants in ur head, 50 mil mine out will dump to nothing. also post in loljosh thread is certain way to lower netcoins status  |
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Post by Admin on Jun 11, 2014 9:03:27 GMT
Damn I don't mean to attack you on every area but god I am starting to wonder wants in ur head, 50 mil mine out will dump to nothing. also post in loljosh thread is certain way to lower netcoins status Well I am used to being attacked XD. But really I see no weight to your "attacks", no bite with the bark. XD You hate josh, I get that, seems like he has done some good work and there are some happy customers. Not quite sure what you have against him. You say his coding sucks but making a new coin requires no coding, just changing of params. I see nothing wrong with getting some work done lol. And as it turns out we did it ourselves anyway and guess what? Even converting a coin takes no coding XD You say POS coins are dying, some of the top coins such as PPC are at the top. You make out 50 million coins is a lot when there are coins with much much larger coin caps out there that do very well. You also said once that being on too many exchanges and getting spread too thin is not good, well we're about to solve that problem... It isn't even 50 mill, it's more like 39 mill. But it is besides the point. There are coins with billions! XRP 100 billion that btw were 100% premined, seems like it is doing just fine. But you want to make out 50 mill will burn everything to the ground XD Oh Kelsey... I mean at the end of the day, IF the price drops, so what? Means we can buy more cheap and get to staking em. So... I fail to see the huge problem in that is in your head. Come on, please counter the points... Oh and on 1 more note, I have been helping other coins, with some projects. Guess that is really bad for them huh... Give us a break... |
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Great to hear. 
