True that but you are forgetting that PoW coins get their value from amount of money invested in obtaining them from digital
ground. Just like gold or silver in real world, price is bound to the costs of mining the resource. No one in the right mind will
pay 1,000 USD for something that costs 1 USD to be created. ....
That means that once BTC or any other coins are mined completely it will lose all it's value because no new coins can be found. No, just means no new coins are minted. That's one of the major benefits of Bitcoin. It's anti-inflationary. yes I know that. Oh, I see what you meant now. It was just the way you phrased it.  |
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True that but you are forgetting that PoW coins get their value from amount of money invested in obtaining them from digital
ground. Just like gold or silver in real world, price is bound to the costs of mining the resource. No one in the right mind will
pay 1,000 USD for something that costs 1 USD to be created. ....
That means that once BTC or any other coins are mined completely it will lose all it's value because no new coins can be found. No, just means no new coins are minted. That's one of the major benefits of Bitcoin. It's anti-inflationary. |
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I'm not a coder and I have no idea about it but could it be possible to make that fee dynamically adjustable because I guess it's difficult to make everyone installing a new wallet once fees would change?
I was thinking the same - a relative fee..i don't know maybe 1-2% would be fair. yes right. and this fee is automatically deducted from the balance upon sending coins. This would be difficult to say the least. Why is that? Because the tx fee needs to be based on the coin's value, and that's determined by several contributing factors; price, coin movement, difficulty, popularity, etc. Anything that complicated would make the coin less appealing. Keep it simple. Hm, I don't get it. The value of a coin is volatile, so from what I see a fixed fee doesn't make any sense, since it would have to be changed continuously. A 1% fee for example would be always 1% no matter how much the actual value of the coin is. 1% of what, though? How will you get the tx fee to adjust when the coin becomes more/less valuable, with something that doesn't have to be relied on externally? The network has to manage itself, so however you calculate the tx fee, it has to be figured out by the network activity. Also, if you make it variable, you also make it open to manipulation by the network, much in the way difficulty is manipulated now. I agree. One would have to rely on an exchange API to determine "value" binding the coin to the value on one exchange is a bad plan. Let alone the potential for it to be exploited. Exactly. A variable tx fee could only work like difficulty; the amount of tx fees generated per block or per x amount of blocks would determine the tx fee, whether it goes up or down. Like difficulty. However it's a pretty radical idea. |
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Sell at 0.0002 is too much low...
i bought those  500,000 * 0.0002 = 100 BTC = almost 100,000 USD if MtGox price is used. You really think that is not too much for altcoin that started few days ago and actualy is a mere clone of SHA-256 altcoins with the only thing different in the fact there is no mining reward by default? I don't see why should the price be any higher than 0.0002 BTC except because of the speculation which is BTW something one can do so much easier and with more liquidity with dozens of other cryptocoins and other stuff. 100 BTC after few days of life isn't bad but I think that the target could be more. I'm too optimistic maybe but if is fixed the issue about the minimum tx fee and the net have a good hashrate this will be a good coin. The real problem here is that are many, maybe too much, people that are sitted on their coins and don't do anything to assure the best for the future. Look to NXT for a prime example of what you're talking about. You will find that with almost all cryptocoins people who have the most coins are the most lazzy ones. Incompetent people who got in early, got lucky with buying huge pile of coins super cheap and so on. Similarity with the real world, where bankers and others who are considered elite are actualy quite incompetent should come to no surprise here. I have a decent size stake and I am working hard to help develop this coin and promote it. Not everyone with a big stake is a lazy hoarder. This is why coins end up with several devs in some cases. A select few can see that their work will be rewarded. |
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I'm not a coder and I have no idea about it but could it be possible to make that fee dynamically adjustable because I guess it's difficult to make everyone installing a new wallet once fees would change?
I was thinking the same - a relative fee..i don't know maybe 1-2% would be fair. yes right. and this fee is automatically deducted from the balance upon sending coins. This would be difficult to say the least. Why is that? Because the tx fee needs to be based on the coin's value, and that's determined by several contributing factors; price, coin movement, difficulty, popularity, etc. Anything that complicated would make the coin less appealing. Keep it simple. Hm, I don't get it. The value of a coin is volatile, so from what I see a fixed fee doesn't make any sense, since it would have to be changed continuously. A 1% fee for example would be always 1% no matter how much the actual value of the coin is. 1% of what, though? How will you get the tx fee to adjust when the coin becomes more/less valuable, with something that doesn't have to be relied on externally? The network has to manage itself, so however you calculate the tx fee, it has to be figured out by the network activity. Also, if you make it variable, you also make it open to manipulation by the network, much in the way difficulty is manipulated now. |
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I'm not a coder and I have no idea about it but could it be possible to make that fee dynamically adjustable because I guess it's difficult to make everyone installing a new wallet once fees would change?
I was thinking the same - a relative fee..i don't know maybe 1-2% would be fair. yes right. and this fee is automatically deducted from the balance upon sending coins. This would be difficult to say the least. Why is that? Because the tx fee needs to be based on the coin's value, and that's determined by several contributing factors; price, coin movement, difficulty, popularity, etc. Anything that complicated would make the coin less appealing. Keep it simple. |
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Stop giving away, there are too many greedy users here.
I think that in this manner we don't go far away
There is a faucet now. I would also rather create bounties now with the rest of the PMC I want to give away. The miners need some love, now. This is my current task. 0.25 PMC per empty mined block awarded. Maybe even prizes for certain blocks. As I said earlier I like that you coding this script and am willing to donate to for this project. I think the 0.25 PMC per Block is too much. I try to explain why I think this way: Take Bitcoin as an example. The reward was 50 BTC per Block. That’s are 7200 BTC per day and 2,628,000 BTC per year. That’s approximately 1/8 or 12,5% or the total supply per year. If you transfer this to PMC that’s 62571 PMC p.a. and 171 PMC per day. If we assume one Block per minute (what is the average of the last 5000 blocks) that’s 171PMC/1440=0,12 PMC per Block. You could easily do this same with Quark (someone compared PMC with Quark in this thread) Can you provide any statistics how many blocks are without fees and how much are with and how much fee is paid through transactions per day? This would be very interesting. Drop me a PM linking to this post so I can look at it later when I get home. Yes, perhaps you're right. I can provide stats sure. I'll get the script to generate some in the next output. |
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100 PMC BountyWe need to market PMC to the same people who are lapping up all these NXT clones and getting empty promises. PMC is here now and being distributed. The bounty will be awarded to someone who posts in most of the NXT clone threads (there are at least 5 if not more). - Post must contain a link to this thread - Post must contain a well written paragraph about why people should hold some PMC - Post must be made in at least 5 NXT copycoin threads. However there are more. - Do not post if someone has already posted about PMC recently in that thread When you are done, PM with the links to where you have posted in each thread, and the person who does it best gets 100 PMC. Obviously don't all go spamming threads, if you see someone has already posted about PMC in one thread, either find another or wait until the thread has moved a couple of pages. Go go go. https://bitcointalk.org/index.php?topic=422052.0https://bitcointalk.org/index.php?topic=429009.0https://bitcointalk.org/index.php?topic=429478.0https://bitcointalk.org/index.php?topic=424202.0https://bitcointalk.org/index.php?topic=424202.0Here are just a small handful. NO SPAMMING. Spamming will result in immediate disqualification. We just want to spread the word a little.
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1 PMC each to whomever uses my referral link to visit MCXNOW. https://mcxnow.com/?r=6stringsPost your address after you click the link. Mention that you clicked in your post. If the clicks don't match the number of posts I will pick recipients at random. No cheating Nice to see some fresh ideas for distributing PMC. |
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wow, that's some fine cheap premine  Good. Let the hoarders dump them cheap. If nobody else buys them I will. |
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Is it possible to make all the wallets mine to sustain the network?
That's not something you should force on people. and CPU mining is not efficient! No, it isn't, and it also badly impacts on CGminer if you're scrypt mining, so this would actually force a lot of people not to mine Premine at all. Maybe it could be made optional but on by default. So if someone has a good reason not to mine he can disable it but If someone doesn't really care he keeps it on. It's not efficient but if there are a lot of running wallets... Again, I really don't think it's a good idea. Some people aren't tech savvy, so we don't want to enforce anything on anyone. Mining has to be voluntary to work. The next wallet update will fix the TX fee issues so miners get better rewards. |
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Is it possible to make all the wallets mine to sustain the network?
That's not something you should force on people. and CPU mining is not efficient! No, it isn't, and it also badly impacts on CGminer if you're scrypt mining, so this would actually force a lot of people not to mine Premine at all. |
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Did you enter your username and passworld correctly? yea username.workername |
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Is it possible to make all the wallets mine to sustain the network?
That's not something you should force on people. |
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Anyone know what my problem is? I've got BFGminer running in our office, and it's set up just like I have at home, but it's not detecting any new blocks on the network. It's connected, and it shows the eruptors are hashing, but I should be getting the "new block detected on network" messages, but I haven't had one yet.
Any ideas?
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Does sending any money between your own addresses with 0.25 PMC fee a good way to reward the miners? At this stage we need to support the miners or this coin will never take off, imho.
Sounds good, I will do that. Yes. If anyone would like to reward miners who are mining 0 reward blocks, send me a PM. I will run my script later and PM with a list of debug commands you can paste into your debug window in your wallet to send 5 transactions at a time. It will be much faster. Edit: Correction; 1.4 g/hash added to the network. Once I get another cooling fan I can up it to 1.7 g/hash. |
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with 1.25 BTC you could cleanup all sell orders up to 0.002 BTC ....
I'm half tempted to snap some of it up myself. I've now added 1 g/hash to the network. Showing support for this extremely promising coin. |
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Does the POS work for this coin?
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COL looks strong and healthy guys, and this is just the beginning !!! 50 latoshi tonight! I think! That would be great. But that's nothing yet, think a few months ahead, 500 Latoshi wouldn't surprise me this year. I think great things are coming up for this coin. Yes. There are currently some fairly big walls up to 40 latoshi, but if those get knocked out, this coin can really begin to grow! What the hell is a Latoshi? You mean the smallest divisible unit of LTC? |
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Is it possible to make a transaction fee of 5,for example, sending 0.1 coin ? It could be a good reward for a miner
It would be too much. To make it worthwhile you need every block to have at least some coins in it, and at 5, you'd quickly run out of funds. I will be sending out payments to miners of 0.25 PMC this evening for every block they have mined with 0 coins in them. From this morning onwards. Then will keep doing so until the new wallet is released which should fix the issue. |
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