I apologize if I have a negative effect on price, this is not my intent. There is just not enough give and take for me to be invested (plus I am going to Vegas in a couple weeks and need the extra cash)

Thank you for your time and I wish you the best on your project.

Been part of this for a few weeks and all efforts to help are met with sniding remarks from multiple Devs. 500k coins are available for sale at 300 on Bittrex, you are welcome to buy them.

Blackcoin, HoboNickels, HyperStake, Litecoin to name just a few.

No need to get defensive, it's been some time without any kind of real update though. I am an investor so I have a stake in what happens here too so yes I do get to have a say.

You want to keep some parts closed source and I understand that but not all of it has to be closed source (which limits people from providing updates on small things that can be improved).

If you want to be taken seriously around here you need to be active on the forums for some time. My question to you is, how do you expect to turn this Crypto into a Billion dollar enterprise if you don't understand how Proof of Stake works yourself?

A twitter competition would be better if it was alongside an update to the wallet....

I'm going to start pushing updates to the wallet soon since it's taking you guys forever. Let's do it like this, you show us a preview of where you are at so I can push open source changes that aren't going to conflict.

Can we get back on track of building SpoetnikCoin?

Quark was known to be instamined for the first few Blocks (as you mentioned) but I don't see how this is relevant since it was mined by a lot of people, it just means that the first number of Blocks had a bit of an advantage. Quark is still around and has it's own set of forums so yeah it was probably a bit shady but then I did hear all the promoting of Quark with Bill Still and everything yet my rationale was that Quark was one of a bunch of new Coins but you have a lot of new coins being created so unless everyone unanimously adopted a currency named Quark, you always need people buying it.

Investment 101 is that you do not want to be buying on the peak of a pump, some people lost and some people won. If you think there was a lot of wrongdoing, you could start a thread in the scam accusation section with all relevant proof but I think it's too long ago for you to ever get the evidence you are looking for.

@Spoetnik

In terms of adoption I don't see how it could fail, what are you thinking in terms of algo's, rewards, etc.

Here's a little logo pic as well

But then someone else can too with more mining power.

So you are saying that Spoetnik is this Owsley guy that he is claiming is you? and yes you do need screenshots.

Blocktimes and the protocol are number one, if for example SpoetnikCoin had 30 Second Blocktimes, now that may seem fast but it's effect is it can cause more orphan blocks and more data added to the Blockchain than it needs because Spoetnikcoin would not be something you would buy cups of coffee with (more of an asset), so you would not have transactions in every Block. This creates a lot of empty Blocks so the Blockchain grows at a much faster pace than it needs to. A large amount of Blocks will make your wallet take a very long time to Sync to the highest Block.

IMO 1-3 minutes is good, 2 minutes is about the time I think is most optimal

Also, if I remember right there were Coins that hardforked for faster Blocktimes.

That is not what the Blocktime is set at that causes that but the starting difficulty. With a low starting difficulty and a longer retarget time you get what is called instamining where the first blocks are mined at a much faster rate until the hashrate evens out.

FlashCoin actually had 10 second Blocktimes but anything under 30 seconds (as you mentioned with Quark) causes a lot of Orphan Blocks because of the latency between miners.

May I suggest something to help with your policing?

What about getting a little automated program to help with screen shots? There are many available around the web for free and may be a bit more useful for evidence where you can capture instances in Polo or Cryptsy chat and have more solid evidence.

Once the Trading pair comes out, can we take a serious look at the stake thresholds and making them adaptable?

I changed my Stake threshold in my own wallet to a much higher threshold to give me far less blocks to Stake. I have about 7-9 Blocks that Stake and combine so it makes my wallet much more efficient than if I always need to combine all the inputs which would saves a lot of extra data on the Blockchain.

I don't think you have any knowledge of coins or you would know that 10 second Blocktimes (based on Quark no less) is a recipe doomed to fail.

How about just outright SCAMS like CannabisCoin, they don't mention that the first block has 21.8 MILLION Coins and every other Block has 420 Coins. How much effort would YOU put into a website if you had a good idea it could net you more than 1000 BTC if you just pump up all the low volume and then dump like no tomorrow. Cannabiscoin is going nowhere, has anyone even taken a look at the code?

CanabisCoin is all smoke and mirrors, it is a pure POW clone made with 42 second Block Spacing and 420 Coin payout and with 285,000 Blocks it has a total float of 119 Million Coins that were mined normally and 21 Million that came out of the first Block. Also, you don't know how much of that 119 Million coins were mined by the Dev's but it looks to me like someone cashed out bigtime.



It is a POW only Coin that is unsustainable with multiple errors in the code and documenting from which coins it is from. That 21 million in the first block is very close to the total amount sold after the big pump on Oct. 20 and 21st for about 1480 BTC but my guess is that it could be quite a bit more if they mined quite a bit in the first couple months as well.

I agree with your points fully but new coins will never stop so why not make a coin and how can it be made to be profitable? Why even trade against BTC anyways?

The way Crypto is valued is a joke, if you have 25% of a Coin and you sell it all you will drop the value to 0, cause other people to sell which brings down the entire price of the asset and causes what is referred to as bagholding where you hold your coins for an indefinite period of time hoping for the price to rise so they can break even.

What if the entire float could be backed against something tangible so that it's value is based on the actual amount invested into it rather than purely on speculation? and I mean something beyond a nubits pairing, something to be walled off from the entire market so it's value is equal only to the amount that was actually invested into it?


Cryptocurrencies to me are more like Stocks in companies so if you were to treat it like a company then how can that company be profitable over the long-term and provide income for it's development?

Why do coins insist on the use of donations in order to support it's development? donations DO NOT WORK and will never work because this is about money and if you own coins, you want to sell it for profit. If you rely on donations alone there is this massive inbalance in which whales own a large amount and contribute nothing but smaller holders contribute a much higher amount. Also, if the price drops by 50% good luck gathering donations for funding of hosting, nodes, websites, development and marketing. If all funding is based only in the Cryptocurrency and there is problems with the code, it renders all use of funds frozen so even if you wanted to pay someone to fix it, you can't even use the Cryptocurrency.

next month will be a year that I have been in this place, I've seen more than 1000 coins rise and fall and have been reading and reasearching as much as I can. I'm up to the point now where I can make a coin in it's entirety including wallets and nodes etc. but I have never released a coin because I don't feel good about watching people lose money by my hand.

I disagree with it being POW mineable because it causes big losses for investors so the best option is POS only. POS is a whole different beast when compared to POW because you are trying to balance the whole ecosystem based on the potential Stake of all blocks.

One thing that EVERYONE overlooks is potential bloat, and so they say "oh my coin is so fast at 30 confirmation time" except that if the coin is POW/POS you have multipools mining for a low reward and splitting up that block into 1000 units, plus Staked blocks splitting in all other blocks and the fact that most blocks don't even have real transactions in them, then when people want to send transactions, all these inputs will need to be combined into each transaction, this adds a significant amount of data to the Blockchain and if combined with a GUI with little optimization, in a year or so it may take a week or more in order to sync a fresh wallet.

Questions to consider when making a coin:

What will be the size of the Blockchain be in 1-2 years and how long will it take for new users to sync their wallets?

What is the incentive to support the network and how can it always reward long-term holders even if everyone else is selling at a loss?

How will it be secure and decentralized?

What features will it have in order to improve anonymity and encourage merchant adoption?



All jokes aside, what do you want for the specs of SpoetnikCoin and why?

Fantastic, when is the estimated time and what can I do to help speed up the progress?