still looking into the issue even though everyone (on here :d) seems to agree the longest chain is the correct one - i'd still not trade, and be wary. Possible there is some invalid tx in the chain. Needs further investigation. -- also.. people can't sync onto the chain from scratch, so still needs a fix whether it's right or not. AND, it might happen again -- There is an update if anyone is interested in looking: new RPC command, getchains https://github.com/chronokings/huntercoin/pull/19also more debug for reorg https://github.com/chronokings/huntercoin/pull/18i've not uploaded windows version yet.. ---- hopefully this will provide more insight, and allow people to investigate further. If you are a dev and want to support the community, and find and fix the problem sooner there will be a bounty. -- apologise for the late response, have been moving home.. Once you decide on which fork is correct, pick one block after the fork occurred on the chain you want to keep, add that block as a checkpoint, and release a wallet update. |
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This is still a very, very young coin. There is time to make plans and plot a course as individuals and the course of a coin - any coin - is the sum total of the individual decisions of those who hold the coin. In the early days of the oil industry, oil was used to make paraffin wax which was used on all sorts of things: from kitchen to military applications. Paraffin wax replaced waxes from rendered animal fat as it was cheaper to mass produce. To help draw the analogy to cryptocurrency, the coin first needs to be used for basic things for which other coins are already used. There is a faucet which is linked in the OP. Some more exchanges wouldn't be a bad idea, nor would having the coin be added to the list of currencies accepted by CoinPayments.net or even a custom payment gateway service. The burden resided with the oil companies that needed to create a market for their product. In the case of a cryptocurrency, this resides with the miners that hold the greatest stake. Those first miners of a coin have the greatest burden for ensuring the success or failure of any naturally launched, no premine coin where the devs don't meddle with it. This coin is a DAC in the truest sense of the term. I only offer this as food for thought. Do as you please. |
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for those who don't frequent CCtalk, i'll copy this here, just a few thoughts on the evolution and distribution of P$;
I have indeed been treating P$ as I would any other alt coin... (and how oil is distributed.) I've been mining it, selling it and cashing out my returns. mining it some more, selling it, and chasing out it's returns. This is a viable option whilst the block sizes are still large and I can only anticipate that, by the time we get to the first block-cut, i'll become a little more precious about my vault of P$. I see some massive miners on the pools, whom I hope are doing the same, while they can. A block size of this current magnitude, I think that you would be a tad silly to hold everything. For me, It's easy to mine 0.1btc worth of P$ each day, and as is my perpetual whinge - i've got bills to pay. So for this first 6 months, i'm content to mine and pass those reaped gains around to those who wish to buy P$ from me. I think, the more people who get involved, the better as the spread of all mined P$ should, and will be vast.
I think the buzzword here should be 'distribution'
Those who don't have the facility to mine P$ in volume, should be buying it at the early stages, and if miners are not distributing their mined gains, that essential 'distribution' will never occur.
As stated elsewhere, the one thing the model provides is a wealth of historical analogies from which to draw upon for inspiration. How did the oil companies get the world addicted to oil? |
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Developers of the PetroDollar will be featured at the CryptoCurrency Convention, April 9th, 2014 in NYC.
cryptocurrencyconvention.com
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That is correct.
To put it in cryptocurrency terms: 50% of the total coins will be mined within the next six months and at block 43200 the PetroDollar will turn into a version of bitcoin that destroys itself, block rewards halving every five years.
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I have one question that I'm confused about because things weren't fully labeled in the main post: Are the parts I've put in bold below the BLOCK REWARDS? I underlined the block reward for the first 43200 blocks, but do the values in body below it represent the deflationary block rewards? BLOCK REWARDS
43200 blocks (150 days): 50% payout (p$61,037,314) or block reward of 1412.90078704
Year 1-5 (blocks 43201-568800): 3170769.55844155 (30.16333293)
Year 5-10 (blocks 568801-1094400): 1585384.77922077 (15.08166646)
Year 10-15 (blocks 1094401-1620000): 792692.38961038 (7.54083323)
Year 15-20 (blocks 1620001-2145600): 396346.19480510 (3.77041661)
Year 25-30 (blocks 2145601-2671200): 198173.09740250 (1.88520830)
Year 35- (blocks 2671201- ): 99086.54870120 (0.94260415)
There's no such thing as a deflationary block reward. It is impossible to give someone something and deflate the total in circulation. Transaction fees are destructive at rate of ~1.5% per transaction and increase parabolically over 35 years starting at block 43200. Image courtesy of PennyAlts  |
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I'll tone it down a bit. BCT tends to be a troll pen. I'm always happy to have a discussion.
However... There's something I think you're still missing.
To own ONE SATOSHI of p$ is to participate in the model. It doesn't matter if you hold it, spend it, mine it, or trade it.
Yes, people will probably break and dump in the first six months to a year. Of course they will. That's the market. However... that was also the OIL market, too. That's completely predictable and expected behavior.
There are a lot of functional analogies between cryptocurrency and oil. "Mining", "refining", "moving to market costs", "other producers", "traders", "speculators".
The rest... is just math.
Everything in our modern economy is linked through trading and business. That's how Wall Street mathematical super-geniuses can create software programs that can tell what the price of a bushel of wheat is going to do when China starts buying gold. As the market of the P$/BTC can be extrapolated into a USD/OIL trading pair, the price of P$/BTC must adjust accordingly if all other mathematical parameters are scaled correctly.
That has absolutely nothing to do with who holds for how long and who sells what or who mines how much.
The price of the P$/BTC trading pair relies on everything else in the universe for it's price, not the trading volume. No matter what happens, it shall always seek parity with USD/OIL.
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Actually, you don't understand the coin at all and the value it has to economists. Your entire reply proved it.
If you trade USD/BTC you can make an extrapolation to GOLD/OIL because of USD/GOLD and USD/OIL.
The PetroDollar provides a cryptographic analogy in the P$/BTC trading pair. As the number of BTC is woefully limited even at 1 satoshi it cannot encompass the entire wealth of the oil market accurately. Mathematical extrapolations can then be drawn between the P$/BTC price and BTC/OIL and highlight potential opportunities on the oil and BTC markets.
It's an economists' anti-Wall Street win button.
Watch what happens in six months. One year. Five years when the model becomes fully operational.
Dump all of the coin you hold and watch it get sucked up.... or don't.... and you're still participating in the model within expected parameters.
Isn't that neat?
I feel that you are slightly deluding yourself, inasmuch that because you have based it on Oil, it is relative to oil. It has no relation to oil, except for that which you have placed on it. If a developer designed LEGOCOIN and made every coin based on an individual lego brick, would you be able to mine it and build the lego death star with it? No. It's not based on oil, it's based on the oil market. Whoops. please explain the difference. the price of oil is very relative to the oil market. So you are telling us that petrodollar isn't actually based on oil at all, but based on the wall street houses which trade oil? so why not call it WallStreetOilPriceDollar? or BrentCrudeDollar? I'm sorry, but I think a reality check is in order.  I'm not the one that proposed this scenario. I simply built the model. This is as it was explained by an economist that studied the design, or the best as I can render that explanation. I don't claim to fully understand the implications, myself. However I do know that it is an accurate scale model of the oil market and that is something you have yet to disprove. For instance, block 43200 is the parameter that generates the 1970's "oil crisis" which we now know was a manufactured event by OPEC to purposefully push oil prices ever skyward to the prices we see today. It is also at that point the scaled consumption model kicks in and the second phase begins, ending with the second reward halving in 2019 when the model will reach mathematical parity with the oil market in it's third phase. It doesn't matter what you or I think, really. Math is math. |
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Actually, you don't understand the coin at all and the value it has to economists. Your entire reply proved it.
If you trade USD/BTC you can make an extrapolation to GOLD/OIL because of USD/GOLD and USD/OIL.
The PetroDollar provides a cryptographic analogy in the P$/BTC trading pair. As the number of BTC is woefully limited even at 1 satoshi it cannot encompass the entire wealth of the oil market accurately. Mathematical extrapolations can then be drawn between the P$/BTC price and BTC/OIL and highlight potential opportunities on the oil and BTC markets.
It's an economists' anti-Wall Street win button.
Watch what happens in six months. One year. Five years when the model becomes fully operational.
Dump all of the coin you hold and watch it get sucked up.... or don't.... and you're still participating in the model within expected parameters.
Isn't that neat?
I feel that you are slightly deluding yourself, inasmuch that because you have based it on Oil, it is relative to oil. It has no relation to oil, except for that which you have placed on it. If a developer designed LEGOCOIN and made every coin based on an individual lego brick, would you be able to mine it and build the lego death star with it? No. It's not based on oil, it's based on the oil market. Whoops. |
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Actually, you don't understand the coin at all and the value it has to economists. Your entire reply proved it.
If you trade USD/BTC you can make an extrapolation to GOLD/OIL because of USD/GOLD and USD/OIL.
The PetroDollar provides a cryptographic analogy in the P$/BTC trading pair. As the number of BTC is woefully limited even at 1 satoshi it cannot encompass the entire wealth of the oil market accurately. Mathematical extrapolations can then be drawn between the P$/BTC price and BTC/OIL and highlight potential opportunities on the oil and BTC markets.
It's an economists' anti-Wall Street win button.
Watch what happens in six months. One year. Five years when the model becomes fully operational.
Dump all of the coin you hold and watch it get sucked up.... or don't.... and you're still participating in the model within expected parameters.
Isn't that neat?
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If you doubt that someone will invent a "car" for this model, all of the existing infrastructure (including being voted on to an exchange) created since launch on Feb 18th has been created by the community that owns the coin. The developers created none of the additional content, just the coin and the wallets.
Old school style crypto for an old school market.
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That's means that I wll be a multimillionaire because I have 3,000 petrodollar that I paid only around 60$.
just to bring you down with a bump... bear in mind that P$ is not backed, it is simply a comparable cryptocurrency, based on oil prices. I don't doubt that you will make a half decent profit if you hold onto those for long enough, but you are never going to be a multimillionaire with them. You completely misunderstand the coin and how it works. The coin does not need to be backed to reach that value. It only needs to scale against the availability and rarity of crude oil for the next 40 years. Adjusting the coin to do so is no more trivial than adjusting the TX fee for any other coin. As designed it already does just that, however none of us can see the future so there is at least the ability to alter the model to match future events. At this phase of the model it is somewhere in the late 19th or early 20th century and oil is frictionless to move to market, but there is low demand because application is limited (one market so far, no acceptance for commerce yet). Eventually someone will invent a car. |
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The future value of the PetroDollar is designed to scale with the price of oil over the next 40 years. The scale of the model is p$1 = 1,000 barrels of oil. At the time of this post, Brent Crude is 108.80 a barrel. http://www.nasdaq.com/markets/crude-oil-brent.aspxGiven the accuracy of the mathematical model, in six months when the distribution phase of the model is complete p$1 will represent $108,800 worth of crude oil on the open market. Sound implausible? In six months either the price of oil will be proved to be a lie or one PetroDollar will be worth over $100,000USD. |
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In short, the more the holders of PetroDollars behave like OPEC the more the price of the PetroDollar will reflect the price of oil.
This is also one of the first cryptocurrencies to enact a trustless, distributed, real-time, monetary policy set by the very actions of those who hold the coin.
Such behaviors are also consistent within the oil market and will not corrupt the system.
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The PetroDollar is a complex coin. It is a model of the oil market created in cryptocurrency. To make the model accurate, the coin must destroy itself over time in a rate analogous to peak oil predictions. Peak oil projections vai TheOilDrum.com  PetroDollar projections via @PennyAlts and @Bigdaddybtc The coin is not so much a currency but an autonomous, organic, mathematical model of the oil market. Participants (ie: those who hold the coin) are incentivized to behave like oil cartels through the design. The design itself is based on a decade of statistical data and predictions common in the oil marketplace... and known oil market psychological behavior. In the way that miners are compensated with coins for mining, participants are compensated for their participation in the model with a monetized unit which can be traded for bitcoin on various exchanges. |
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pff SHA256 = fail.
Dev obviously owns some asics.
Dev mines with ASICs, GPUs and FPGAs. |
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