What about the name AsiaCoin? Are you going to keep it just because it's fancy or are there now actual plans about Asia and this coin?
We will keep the name as we are not releasing a new coin, but fixing an existing one. But we have a new website, new social media accounts and a new logo. What's Asian about Asia Coin is the culture around it, the website, logo, etc. This coin is not made to promote anything related to Asia or to bring any value to Asia. This is not a so-to-speak *bring freedom and democracy* country coin. |
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So what is to prevent the original developer from selling more coins from the premine as we speak? Are you rolling back the block-chain to some point in the past or what, I don't get it?
The new wallet already voided his coins and there are no exchanges now that accept deposits. If he moves his coins around before we release the wallet, all those transactions will be invalid for the people using the new wallet, including the exchanges. So what is the exact point of time from which transactions on the old block-chain are voided and will not transfer? Only transactions from the wallets of the original developer (which holds the premined coins) are voided in the new wallet. All other transactions will remain valid regardless. However, people must upgrade to the new wallet when we release it to make sure that they are on the right network/blockchain if the original developer decided to mess around. |
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So what is to prevent the original developer from selling more coins from the premine as we speak? Are you rolling back the block-chain to some point in the past or what, I don't get it?
The new wallet already voided his coins and there are no exchanges now that accept deposits. If he moves his coins around before we release the wallet, all those transactions will be invalid for the people using the new wallet, including the exchanges. |
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A few updates everyone, - We are releasing the new wallet to the exchanges, to ensure that they all will upgrade to the new wallet ahead of the public release. This is crucial as the exchange must must be on the new wallet to avoid security issues and also to give them time to properly review the source code.
- We are advising exchanges not to enable deposits and trades for a week. This is to have time for people and the community to upgrade to the new wallet, as well as giving it time for a larger-scale testing and validation
- The PoS stake rate will follow what is explained in this post, with a minor difference, that we will reduce the PoS staking rate to 1% at the forth year.
- The minimum staking age will remain as it was: 2 weeks. This is to ensure that the high staking rate is only available to the people who committ to the project and are happy to keep their coins for long term
Our ETA for public release is still for tonight or early hours of tomorrow morning, as previously mentioned, provided that exchanges confirm to us that they have moved to the new wallet. Please let me know if you have any questions. |
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I ask only that:
Min stake age: 8 hours, no max age  I think one thing that the original developer got right is the min stake age. When PoS is at such a high rate, there should also be a high minimum stage age, so that it would take committment (not day trading) to stake at a high rate. It adds value to keeping AC for long periods. That's something we need. |
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It's a good idea! But it is too elaborate, confusing (to the vast majority of people), and even more complicated to implement for you! I would go for something more simple and effective  As long as people know it's a gradual decrease from 100 to 2 within two years, I think it won't confuse them. Coding it is also simple, no worries. |
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Dear Community (Important):We need to finalize our decision on PoS staking rate of the coin. We put this up for debate many pages ago and a lot of you shared your ideas. I will try to summarize: - The majority of you invested in the coin mainly of its high stake rate in the first year and named it as its main feature: therefore we will honour it.
- However, a lot of you raised concerns about the future and sustainability of the coin with a very high interest rate, which is a valid point. The original developer did not think about the future of the coin, and we don't think his decisions were in the interest of long term survival of the coin
- Sudden change in the staking rate is NOT good for the coin as it creates a sudden change of its most significant specitication.
What I proposed a few pages ago: I personally think a swift change PoS rate from 70-100% to 2-5% is not a good idea, it's a very big change for a coin and its specification. I very much prefer a more slow gradual decrease on shorter intervals (e.g. instead of jumping from 100% in year 1 to 2% in year 2, we can do a slow decrease every 1-2 months until we get to 2% within 2-3 years).
I don't think the original developer thought about the long-term PoS issues of the coin, this is evident from the code he wrote but this is something that we need to decide.
And you guys mostly seemed to agree. Details will be like this: Coins now: 171,000,000 - Year 1, Month 1-2 : 100% - 199,500,000 AC
- Year 1, Month 3-4 : 80% - 226,100,000 AC
- Year 1, Month 5-6 : 60% - 248,710,000 AC
- Year 1, Month 7-8 : 40% - 265,290,666.6 AC
- Year 1, Month 8-10: 30% - 278,555,200 AC
- Year 1, Month 10-12: 20% - 287,840,373.3 AC. This is end of Year 1
- Year 2, Month 1-2 : 15% - 295,036,382 AC
- Year 2, Month 3-4 : 10% - 299,953,655 AC
- Year 2, Month 5-6 : 8% - 303,953,037 AC
- Year 2, Month 7-8 : 6% - 306,992,568 AC
- Year 2, Month 8-10: 4% - 309,039,185 AC
- Year 2, Month 10-12: 3% - 310,584,381 AC. This is the end of Year 2
- Year 3: 2% - 316,796,068
- Year 4: 2%
- ...
- Year 10: 2% - 363,899,103 AC
- Year 100: 2% - 2,162,700,201 AC
Note: These numbers are the maximum, if 100% of the coins stake all the time. This will not be the case obviously. So the actual total coin numbers will be significantly less but there is no way to know as we don't know what percentage will stake. This new staking system will be unique to our coin too, adding innovation to our investments! I ask to postpone other discussions now to when we agreed to PoS staking rate, as this is what we need to decide on urgently. We can't do a poll as the thread is not self-moderated. That was essential for building trust. Please let us know if you agree with this, and of course (even more importantly), if you disagree.
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I may be wrong, but I think if we do not ban the transactions between the old and the new wallets, this will not work well!
Because the scammer still will be able move freely their AC between the old wallets!  He won't be able to after the fork. The adresss holding his coins will be banned from transactions and staking. He will be able to move his coin between old wallets but when we move to the new wallet, we will have a different network. |
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Very good work!
But attention:
The key to success of this mission is that all the old wallets are replaced by new!
They should not coexist both at the same time!
For this reason I think the priority now is that the patch is released as soon as possible!
That all exchanges are updated to block his path to that thief!
And I think you should take a few days time for that everyone can to replace their old wallet by new ! Before resuming operations in the exchanges!
And to force the update, you can prohibit transactions between the new and the old client?
That's absolutely right, and that's currently the plan. We will release the new wallet to exchanges but will advise them not to activate deposits and trades for some time (maybe a week) until people have updated to the new wallet. I know that is less than ideal but it's essential that people realize that there is a hard fork and coins sent using old wallets will not get to the destinations who use the new wallet. |
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Dear community, If you are a miner, I strongly recommend sending your hashrate to the Asia Coin Pool.mn multipool at http://ac2.pool.mnIt is already mining but it is not exchanging them to AC, that will happen after the exchanges relist us. Well I'm there but it's kind of a crappy site. No estimated earnings, no shares, not even how long until the round ends. Not even a difficulty meter. But if it supports the Asiacoin community I guess it doesn't hurt to put my crapp 250 Kh/s up there for a night or so. I'll see in the morning because of right now all I know is I'm "contributing" as shown on the dashboard but no real stats. Used xhash before, way better. I am aware of that. That's why we are trying to find a volunteer pool manager/operator at this stage to start our very own multipool. But in the meantime, it's good to support the only multipool that we have. |
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Dear Community
We need more volunteers for our marketing team. Please send me a PM if you are interested. We also need people who can speak other languages, so if you can, please state that as well.
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Please forgive my ignorance, but where is the lock/unlock icon? I don't see it in the screenshot (maybe one isn't necessary or you're still working on it?).
Appreciate the time you're putting into this. Thanks.
It's only because he has not encrypted the wallet. If you encrypt it, the lock/unlock icon will appear. I just tried it on the new version and wallet encryption works fine. |
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Dear community, If you are a miner, I strongly recommend sending your hashrate to the Asia Coin Pool.mn multipool at http://ac2.pool.mnIt is already mining but it is not exchanging them to AC, that will happen after the exchanges relist us. |
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But what if the old dev sends all his coin to a new address running on the old network right before the client update. Will he be able to update the new address (client ) to the new client that you are making? and use the premined coins?
Basically the moment we build the new wallets from source code (hard fork), they will be on their own network. We make sure that whatever address at that moment held his coins will be banned. It doesn't matter if he moves them later on (even if it's before the moment we release the wallet), the new wallets won't recognize them after the hard fork. |
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Some have the old wallet? i got a prob i lost it, but still have my .dat so i wanted to recovery it. tks
You're fine. You only need the wallet.dat file. |
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ANDJ45yKGbk68mXfB81Ax1s5Vo9FN3y9G7
Sent 1 AC.
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Anyway, just my opinion - I think we should get the patched wallets out ASAP and get trading going again. A multipool to stabilize price is also a necessity. The longer we wait, the thicker the FUD and bullshit from the trolls gets and it just makes things worse than they already are.
I would prefer for the exchanges/others to throughly vet the patch to ensure that it's 100% stable, and that it solves the issue, and it's secure. The worst thing that can happen is for the patch to be released prematurely or not properly vetted and something goes wrong. By the way, we already have a multipool arranged and it's mining already (25 MH/s hashrate now). I suggest everyone to send their hashrate there to collect as many coins as possible, which will be used to stablize price once the trades resume: http://ac2.pool.mn/ |
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I would sell my 100.000 AC but, how?
I don't believe in this coin anymore.
Please head over to our new thread, read the first post and the website, and the rest of the posts. Maybe it can help you believe in it again. https://bitcointalk.org/index.php?topic=595999.0 |
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Guys, this thread is not self-moderated. Please be respectful. Thanks  |
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Guys can someone reach out to coin swap and ask them to shut down until patch. Not safe to trade until patch is released!
I'm talking to them right now. |
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