Quite interesting indeed!

What are you looking at for scalability in terms of disk space size? The major problem with Bitcoin is the size of the Blockchain and the time it takes to Sync to the highest Chain. You can have the ability to confirm thousands of tx's but if after 5 years it requires terabytes of space to run a node, that's a big problem.

What kind of reward mechanism do you have? is it a type of Proof of Work or Proof of Stake? What is the incentive to use and hold onto eMunie beyond just the speed of transactions?

Reworking of code takes some time to be done properly, I made a small update to the progress of the PayCon code. https://bitcointalk.org/index.php?topic=912034.msg10235230#msg10235230

Bitcointalk has been down the last couple of days

https://github.com/Crestington/PayCon/commits/master

Last commit was 12 hours ago, previous commit was 1 day ago, and before that was 2 days ago

Things I have been working on

Fixed up all the naming and placeholder text
Add in use of minimal Coinage
New icons, images and splash screen
Fix to the IRC chat
Links to relevant resources in the social tab (Facebook, Twitter, Reddit, Forums)
Change to the reward per year as 100% per year reducing down to 50% per year every 64X increase in difficulty (100%, 75%, 62.5%, 56% etc.)
Added in a maximum cap on the Stake reward of 30 Coins per Block
Change to the minimum POS difficulty
Bumping of the version and rejecting all previous versions before the hardfork
Change to the Split and Combine thresholds
In Statistics, some small capitalizations, and Volume changed to Total Money Supply

Still to do:

New Checkpoints
New Checkpoint Master Key
Final checks regarding difficulty readjustments and rewards

Then we pick a date and notify mining pools and exchanges to upgrade their wallets.


A picture is worth 1000 words so I have 3000 words for you!





Note: do not build from my source until I've finished all my checks and we've discussed all the changes or you may end up on the wrong end of a fork. In particular I want to discuss the change of the maximum Stake reward per Block. A cap on the Stake reward per Block incentivizes having smaller Blocks for Maximum reward which is why there is the change of 30 Coins maximum Stake per Block, this change would mean that maximum yield on Stake is reached when having Blocks of 1000 Coins or less. The change to the Stake thresholds also takes this into account to be more automatic, Stake split and combine thresholds are wallet based so users who compile their own clients can change this themselves. As we progress later on, split and combine thresholds can be added as user settings.

I am nearly finished my changes to the sourcecode and will be going over some testing

The changes would include

Change to the minimum POS Difficulty

Change to the minimum POW Difficulty after the end of POW

Change to the rewards as 100% per year down to 50% depending on difficulty

20 Coin max Stake reward per Block

Fix to the IRC and connection to Poloniex chat

Use of Minimal Coinage option

Links to the forums in the Social section

bump

The recent cheap XPY flooding the market combined and SEC news will drop the market a fair bit IMO. The most likely scenario is that GAW gets investigated and charges laid against them which would halt any development work they intend to do, maybe see hashtalk get shut down. If GAW goes to court then where is the money going to come from to pay for lawyers? Will new XPY be dumped on the market in order to pay for the proceedings?

Looking at the chart over the last week, you can see where the cheap XPY hit the market and it broke all the walls down to 0.005 BTC



Trading is much different than investing though, you only need volatility and the ability to pick good tops and bottoms in order to make money.

Remember that Faucets can be gamed by fake ip's

This was confirmed with FindCoin whereby you can create many Wallet's and IPs in order to drain faucets. How would you keep the faucet fair for everyone? Maybe you should check out how ReddAPI was setup for ReddCoin because as I hear it they supplied Coins for tweets and posts from the faucet. Doing something like pay per advertising through faucets could potentially be even more profitable, maybe you should look into something like that.

I really can't believe that this Coin is like 1 month old.

I read those SEC violations and the amount of evidence is very real, I guess then PayCon is very interesting because it's helping the unveil one of the largest controversies since Mt Gox. How does something get to that level where you have the SEC investigating into clear illegal activity?

Why did PayCoin need to to raise millions of dollars in capital for funding?

Why did PayCoin blatantly rip off logo's and names because it suited them without regard to who owned them?

Where was the $20 wall?

Why did PayCoin explicitly use company logo's in order to promote their project without their consent?

Why was there so much market manipulation in the PayCoin market and who profited?

Why did PayCoin use credit card transactions and limit transaction in order to conceal it from the credit card company?

Why does Hashtalk delete all negative posts and ShadowBan people? This is whereby you can post and other people can't see your posts

PayBase introduced amazon gift cards for sale yesterday and there was a bug that dropped the price to $0.01 per XPY and tens of thousands of XPY was introduced into the market and they hard forked the Coin and reversed a bunch of transactions. Posts were being deleted and many suspicious posting from accounts praising their leader.

They also own 95% of the Coins and get 350% a year in special addresses where everyone else gets 5%

How about the millions in owed capital to failed mining operations in GAW?



Honestly, I figured it might end up being ok for PayCoin but it makes me wonder if maybe Josh is the fall guy? Should all of that not be common sense?

I think the SEC investigation is real, I only list a couple things in this thread which were quite illegal but that isn't even counting the credit card fraud against their TOS and multiple accounts of severe market manipulation. I stopped by Hashtalk yesterday and was watching all the posts going up and even that looked very suspicious because everyone was applauding Josh and saying good things but in the 10 minutes or so I was watching the topic I noticed a number of threads being deleted as well. The post was about their Amazon gift cards that were up for sale but there was some kind of bug and cheap XPY flooded and collapsed the market so they reversed all the transactions. A bunch of people still got XPY in the time it collapsed for as little as $0.01 and there was 10,000+ of cheap XPY released into the markets.

Everyone on hashtalk was saying "great job boss" and "our leader does it again" as if people don't realize that those thousands of Coins for 1/10th the price are going to be sold right away and collapse the market.

To me the majority of posts on hashtalk look like sockpuppet accounts and every single thing PayCoin has done has set off red flags. The amount of illegal things they have done are so numerous that there is no doubt in my mind that the SEC allegations are real.

If you have PayCoin, you should sell now while you can. Even in the slight chance that the SEC allegations are not real, the amount of negative publicity is going to drive down the price regardless and will be atleast a couple weeks of sell pressure and WILL break 0.01 BTC per XPY. Look at the chart for yourself, the 0.01 BTC barrier has already been decisively broken in the last 24 hours.

Hey that's some pretty good stuff, maybe I need to revise my analysis.

That kinda blows, I was looking forward to doing some work on this with you. I don't think you should sell your account because I would like to see you around from time to time but it is your account and if you are in need of funds then that is your personal choice.

I'll take you guys back to the very first post I ever wrote on Colossuscointalk (before I joined Bitcointalk) and although the ideas of yesterday change as time progresses, I still stand by the heart of the message.


My priorities still lie squarely with ColossusCoin as a more serious project than PayCon. For me PayCon has been a bit of extra fun where I can post whatever just pops in my head and to be able to contribute to the Coding as my own skills progress.

This isn't to say that I won't take over part of the project but that my time is more devoted to ColossusCoin as my main project. I have been managing the forums there alongside Sudo23, Heat007, Fire Rabbit, Th82, Lovecol, Mouseman and other diehard Crypto enthusiasts, I've never met them in person and know very little about their personal life but they have become friends as we progressed over the year.

If I were to take over the entire PayCon project the amount of work for me would be managing the Forums, the ANN, the Github, Twitter, Facebook, Reddit. On top of that I would also have all the coding for ColossusCoin, plus managing the Forums, ANN thread, Facebook, Twitter, Reddit, Youtube as well.

Considering I have on average of 4-5 hours a day to work anything and the majority of my time I spend trying to help people with their problems, to take on the PayCon project in it's entirety and trying to manage everything would split my available time so much that I wouldn't be doing anyone any favors.

Also, please note that December of 2013 (approximately 13 months ago), I had no knowledge of how Blockchains work and 0 coding experience.

Although I frequently point out that I am not an experienced coder, when it comes to working on the Blockchain protocol I often find I am already more skilled than nearly everyone I come across. I think there are few people that can say that they have their own Proof of Stake only network running, and provided updates to hardfork a change in the rewards along with updates that fixes bugs and brings usability enhancements, all without breaking the code.

What I can offer

I will offer to manage the Github, Coding and Moderation of the PayCon forums and can offer advice to help with structure and layout of the forums for improvements.

Coding and moderation of the forums (conflict resolution) are the two most important parts to a strong community.

That would leave management of the ANN thread, admin of the forums, website and all social media to someone else. The role would be fairly easy to do and could be managed by someone less affluent with coding but with strong interpersonal skills.

To that end regarding the BTC mentioned, that can go to whoever decides to fill that role and a very small portion (up to 1 BTC) may be needed for a couple near-term services.

I wish you the best in whatever personal issues you need to take care of and appreciate that you have taken the time to stop by to explain the situation and pass on the torch. I hope to see you again one of these days, maybe PayCon will be this flourishing community when you stop on by.

Crestington

I've been trying to catch up on some further work, I will go through CON starting tomorrow and see what improvements I can make. Where is Mudda after 10 days?

Actually I have seen DMD around and have poked through their Github a few times over the last few months. I noticed that they have been doing work on their code quite regularly and I think I remember seeing them doing a couple promotional things earlier on as well, some celebration of Block halving and some statistics. I don't think I've seen anything negative about DMD and they've been around for like 8-9 months, mostly low-key stuff. Looks like interest is starting to pick up around DMD, maybe it's a "Diamond in The Rough"?

Too much splitting of Coins causes a very large amount of Bloat, this restricts the lower end of blocks being split so your reward is always more than the cost to combine.

Coins shouldn't be destroyed in transactions because that restricts the amount of active Coins in circulation

Well, this is really not good for XPY holders in general if a bunch of people got Coins for that price because all those Coins are going to be sold immediately for a 600% profit.

I see a lot more mature discussion around here than a year ago. If you discount all the address spam then the actual amount of threads with real substance to them is around 3-4 times more than it was a year ago. The amount of real developers in the space has improved as well and the general knowledge of people on the forums into how Blockchains actually work has also improved.

Even some of the scam threads I highlighted, more of that is attention seeking and you can see some very good discussion on economics, particularly in the NXT, Nubits and Bitshares scam threads where the developers and community members discuss the criticism's openly.

I think it helps to give an idea of where the CryptoCurrency space is heading and general sentiment. One thing is for sure though, people love scam threads.

We can do exchanges later on, the protocol is the most important part to work on in order to make sure the security is there. I want to work a bit more on use of multiple loadable wallets, Stake for Charity, advanced node messaging, quick sync functions, and protocol functions helping retargeting of difficulty and security. Exchanges are less of a priority right now, better to see work being done on improving how it works first, at the very least it would not be hard to just create a link to an exchange it's listed on.


I sent you a link for testing


The Kraken was a joke meaning to release an all out marketing campaign

The Kraken is a giant sea monster that destroyed sailing ships http://en.wikipedia.org/wiki/Kraken and was made popular by Kraken Rum's "Release the Kraken!" marketing campaign http://www.krakenrum.com/ and inspired a large trend of meme's

Ok, I'll look into it more tomorrow and see what else I can find.

I'm not a developer though, I've just been around for a while so would need help from people in order to sort this out. I can do some stuff but still limited in what I can do and time to do it (since this is all in spare time).

Oh wow, I guess I either didn't see this post at the time or didn't really care.

IMO Proof of Work can never keep up with the drop in demand over a long period because it works against the system, possibly the critical flaw in Proof of Work overlooked by Satoshi.

The OP posted on August 22nd and everything he has said has been spot on so far, could have even made a small amount selling just after the time he posted the thread. Also looking at the orderbooks, there is a lot of bot activity setting up buy and sell walls.



And then the long term chart until today.




Possibly, that BTC you bought for $270 is now worth $210 but with XMR also losing around 10-15% of value that means total loss of about 33%

I took the liberty of pulling up AsicCoin of what it could possibly look like long term and circled on the chart in relation to where I think you bought.



This will be interesting to see how things come along in a few months or so, should see some popcorn posts yet.