I would like to hear you address the rumors about how Cryptsy uses customer funds to play the market while it is profitable. How can you only release 1/2 of a customers funds if you in fact know that person is already who they said they are?
I would love to address it. Simply not true. I will say however I do not think its an industry standard practice of not doing that... As far as half the funds I explained that above twice now its automated its due to small inputs having to be combined into large outputs when the wallet hangs doing this the system cuts it until it sends. Crappy part is you have to resend again the remaining (preferably as a smaller group of withdraws). As far as knowing who that customer is well we only know who verified customers are if your not and your using a TOR node and will not implement 2FA for your own safety its suspect behavior. I would think the majority of customers would appreciate the efforts we put into making sure funds are secure. What do you find is one of the coins where you have the least amount of problems of large and small amounts being withdrawn during times of high volume? |
|
|
|
We just have to wait for the merge mining thing for dogecoin, im sure the price would go up!!!
Maybe, since it's network will be secured  The switch will happen considerably earlier than the next halving, so perhaps we can expect it to happen in two weeks. it's worth mentioning that security has not been something the Doge fan base have been clamoring for.. and in reality is will not make the coin look more attractive to investors.. it still looks as bad as it did before. you need to get new guys into it and that is not going to help. what the merged mining has done is gotten more potential miners getting Doge and these guys are not your dedicated miner supporters they are Dumpers.. so think about it. Since when does adding a lot of dumpers to a coin help the price ? They don't want the coin (merged miners) going back i think this coin was toxic and cancerous to crypto and now we all sit in a position wondering if it can be "fixed" i think the general public decided long ago to just go with a serious coin with lots more features etc. Actually you are correct in this, it's a bandaid patch that will cause even further decline in price for Dogecoin until it eventually hits 0. Dogecoin has 5% of inflation a year forever through POW mining and 95% of miners dump their coins. 5% is enough to drop the price by 20-30% but over a long period once it starts to drop, people begin to panic sell and increases the rate at which value is sucked out of the coin. Both coins are now more profitable to mine and not everyone will agree to it so I wouldn't be surprised if the decision ends up splitting the network. |
|
|
|
Thanks for the guide Crestington. Very helpful.
Still. The long sync is bound to be confusing and frustrating for new users unfamiliar with wallets. The wallet should be seamless after the install. I am comparing the Mint wallet with Ltc and Vert wallets. They sync up quite quickly out-of-the-box.
I updated a dead link to the newest copy I have and will also fix the picture to show contents of the file for reference. The point here isn't about the Blockchain I have because it would take me too long to download all of Mintcoin, however if someone had a full copy of the Mintcoin Blockchain (preferably from a node with no balance) then they could spend some time and upload a secure hosted link with the Blockchain. Zipping the file also compresses the size of the Blockchain so if the Blockchain is about 810 MB, when compressed in a Zip or Rar file it is about 524 MB or a 34% reduction in size. If Mintcoin is 2-3 years old and the Blockchain is 3-4 GB and someone new has to Sync from scratch then it could be 15-20 days in order to just sync your wallet, this is a bit of a quick and dirty method to negate some long-term Bloat issues. |
|
|
|
I like Mintcoin but I downloaded the wallet for windows and it would take almost a day to download for 6 months of a Blockchain. I wouldn't say this issue would have to do with the Blockchain size, more that the GUI needs improvement in how it connects and downloads the chain from other nodes. Something I have found quite useful when wanting to quickly sync a Blockchain is to have someone on the longest chain make a copy and publish it to Megaupload or Dropbox where you can download a 600-700MB Blockchain in about 20 minutes so you end up only needing to finish the last 1-2% of the Blockchain (you would need to test the security of this if you do this but you need to atleast change your RPC username and password). I have also been toying with the idea of how you could use Torrents to download the Blockchain in a spactical manner.
What some coins have also done in the past is swaps to a different Blockchain through an automated process and start from scratch once again. If you took it in terms of swapping for exactly the same thing, it would prune off all the excess Blockchain bloat and you can quickly sync again so then it stands to reason that it could become a piece of the Blockchain and regulate it's size.
I agree, this is a large issue. Took me 3 work days 8-5 to finish it last week. I agree. Syncing the wallet is painful. Something needs to be done to speed up the process. Yes I made a guide a little while ago on what to do to quickly sync a Blockchain and might be worth looking into a bit further because it would cut that 3 day Sync time down to about 1 hour. I would like to state that I have had no problems with it but it doesn't mean that there may not be. It is a good idea to only receive files from people you trust and store your keys securely.Here is the guide I had made for it a couple months ago. How to quickly sync your wallet with a QT client Step 1Download the most up to date Client, and latest copy of the Blockchain and Colossuscoin.conf file Windows Client 1.5.2ColossuscoinBlockchainApr17.rarColossuscoin.confColossuscoinJuly27th.rar (Including Conf file)Step 2Go to your Download folder in your computer, right click on Col 1.5.2.rar and extract the files to a folder in which you can find.  Step 3Open your ColossusCoin-qt.exe file for the first time, wait until it opens and then close the client, this will automatically create your roaming files for you. (Ignore this step if you already have had a client but wish to update or sync quicker).  Step 4Go to your Colossuscoin folder which is found in User/Appdata/Roaming/Colossuscoin and delete everything in the folder except your wallet.dat Your wallet.dat contains your private keys, if you delete that you will permanently lose your coins so please make a backup of it before deleting anything. Step 5Go back to the folder in where you downloaded the files in Step 1, right click on the Blockchain file and extract the files to your Appdata/Roaming/Colossuscoin folder. Right click on Colossuscoin.conf file, copy it and paste it into the Appdata/Roaming/Colossuscoin folder as well. Your Colossuscoin Folder should now contain all the files you need.   Step 6Open your ColossusCoin-qt.exe client and let your client fully sync. If you have coins available to Stake, they will Stake once your client is fully Synced and you can leave it open until they are fully confirmed (which is 70 confirmations on the network) Step 7 *optional* If you would like to check your wallet for coins that may not be showing up in your wallet, click on "Help", "Debug Window" and click on the Console tab. Type Checkwallet to check for any coins that may be missing and should say "wallet check passed" : true If it returns "Mismatched Coins" Type Repairwallet and it will fix your balance. Edit: Updated |
|
|
|
All we need is a reliable dev, with time, to implement the features we already discussed and finalized. This isn't brain surgery...
It's more than just what % of stake people get per year, it's also about block formulation, how staking periods pay out rewards and how each block is found. Personally I think having POW at all is a security risk https://bitcointalk.org/index.php?topic=551861.0 and would be better to use Proof of Stake only rather than a hybrid with low Proof of Work reward. Also, E.exchanger delivered to me what I had asked for and I am running a fully self contained POS only network with an average Blocktime of 1 minute. It wasn't exactly what I had wanted as it is based on Communitycoin which is a simpler design but I had also asked him to do it in the way that he can do, opposed to trying to step too far out of the comfort zone and make mistakes. Here is a picture of the network I am working with It is 38 Billion Float at 10% the first year 1 Minute Block time 7/15 day max weight This is about 4-5% of the float and becomes a snapshot of how an entire POS only network would stake.  One of the issues may simply be that ADTv2 was swapped with the exchanges and so few people withdrew and the stake period is so far out that the exchanges are holding a lot of big blocks but when people are withdrawing from the exchange it is breaking up the blocks and making it so they can't stake and support the transactions. Most of the exchanges also turn off their staking which would allow to stake at maximum weight if they turn it on so it represents a large security risk in that on one hand you have a low POW reward and on the other hand you have a low amount of accumulated coinage outside the exchanges. I would suggest also looking at how blocks are picked for transactions and are broken up during the staking process because most people that also have a POS wallet may not realize they may be disrupting their oldest blocks any time they are making a transaction. If you would like, I can also show you guys the effects of 90% of the coins of the float staking at maximum weight and it's effects on the network in terms of difficulty, orphans and lag. Disclaimer: I hold no position in ADTv2, these are merely suggestions since Zack has helped me quite a bit |
|
|
|
Yep, What we should do?
Posted from Bitcointa.lk - #ugx1dJg9KYIWyXhz
Create a test coin to try out different parameters and strategies? I found it taught me a lot about more of the subtleties of POS. |
|
|
|
|
I like Mintcoin but I downloaded the wallet for windows and it would take almost a day to download for 6 months of a Blockchain. I wouldn't say this issue would have to do with the Blockchain size, more that the GUI needs improvement in how it connects and downloads the chain from other nodes. Something I have found quite useful when wanting to quickly sync a Blockchain is to have someone on the longest chain make a copy and publish it to Megaupload or Dropbox where you can download a 600-700MB Blockchain in about 20 minutes so you end up only needing to finish the last 1-2% of the Blockchain (you would need to test the security of this if you do this but you need to atleast change your RPC username and password). I have also been toying with the idea of how you could use Torrents to download the Blockchain in a spactical manner.
What some coins have also done in the past is swaps to a different Blockchain through an automated process and start from scratch once again. If you took it in terms of swapping for exactly the same thing, it would prune off all the excess Blockchain bloat and you can quickly sync again so then it stands to reason that it could become a piece of the Blockchain and regulate it's size.
|
|
|
|
@adam3us i think that happens non stop 24/7 i don't trust any of these guys what so ever ! why in gods name would any of you out there trust these guys ? notice how they proclaim XYZ coin to be the greatest thing ever then eventually get quiet and wander off ? (pushing a new coin) so why bother ? and why bother believing their bullshit ? you can buy URO coin but what are the idiot bag holders going to do when some guy makes a better (who gives a fuck what it's name is) coin with anon features soon ? one big game to get your bitcoin to cash out to fiat so they can buy a lambo.. that is all 99% of this crap is about. and the suckers they fool into getting on board are partly naive and partly playing stupid.. lying to themselves (money does that) what kind of moron does not notice 1,000 coins come out and keeps thinking each new one is "the one" ? i feel sorry for big bag holders lol things are only going to get worse.. WAY worse ! we have seen nothing yet.. the altcoins prices crashing is going to pick up more and more momentum and that is gonna cause more dumping and it will snow ball the worse it gets ..the worse its gonna get more and more.. panic frenzy to the door.. coming soon LOL it's already started.. there is only a small amount of people left hanging around. i've waited for this time too.. Back in January when i said something about Doge and the scene in general and how i predicted exactly how it is now my comment would be gone in a second.. buried by delusional idiots and brats.. many of which sold their gpu's and ran for it long ago ! and all those mouthy pricks got it coming if they didn't cash out and leave already and i juuuuuust can't wait too see them get whats coming to them. i took so much bloody abuse only to have the scene all over mimic me now a days copying what i have said word for word all over.. but where were these guys before ? Supporting shit / scam / clone / coins / ipo's etc that's where ! I wanna see all these fuckers drown in their greedy stupidity ! I will be nourished from their tears  I waited a long time for all this and i will get popcorn and kick back and laugh   Ethereum reminds me of the Facebook IPO where it was ridiculously overpriced, Morgan Stanley had their algorithmic trading bots stabilizing price until they dumped all their pre-bought shares. People were screaming about how overvalued it was but still people bought at twice the price they could have gotten shares for if they had waited 6 months. I wouldn't call Ethereum a scam but it is very overvalued so it would be wise not to invest in the IPO, especially since it hasn't even been released. It should be more important that it starts with little value and gains over time than a large amount of value, crashes and price and burns a lot of people. |
|
|
|
|
If you want to guard against exchanges selling the POS interest then why not make the maximum block size 100,000 coins and any transaction above that will use the oldest transaction according to coinage? anything lower than the 100,000 limit could also be the opposite where it will use the newest transaction or combine two sets of blocks to make the transaction?
Then anytime people are moving mid size blocks out of mintpal etc, it will disrupt staking and shrink their largest/oldest transaction blocks.
Just saying because there would be no way to simply tell people that they should withdraw their coins from the exchanges so it would be better to make it where the exchanges can only ever stake a very small amount.
|
|
|
|
|
Just a quick little survey,
How long does the average Mintcoiner keep their coins in their wallet for before spending anything?
|
|
|
|
My COL are held in my wallet. Would this mean I'd need them to be on an active exchange?
No, it would mean if you have them in the exchange you would need to be able to withdraw to your wallet. |
|
|
|
Will also need to go through some difficulty readjustments. A friend was online and I asked him to open his staking wallet since he had yet to open his wallet and would stake a very large amount of coins at full coinweight. If you would akin it to mining, it would be the same as a mining pool with a lot of hashrate suddenly mining a coin at low difficulty and as expected, he generated 155 blocks to my 2 blocks even though I have larger blocks. If it were to be that similar to mining then him closing his wallet directly after the large difficulty increase should cause a lag in difficulty and so block time was an average of 1 minute while staking and once closed his wallet, the next block was generated 53 minutes later. At the same time I had a couple orphan blocks directly after as difficulty readjusted and leveled out.  In a large distribution you wouldn't even notice the odd orphan here or there but when you get into supermajorities it changes the difficulty very quickly and so will be looking into adapting kimoto gravity well to Proof of Stake coinage over the network for retargeting of the difficulty. |
|
|
|
|
I'll try to answer you all at once, I appreciate the questions.
Col2.0 will be a new blockchain with everything from float, fees and staking changes and a portion of the float will be made available for sale to pay for changes and the swapover for Col1.0.
The swapover would be off the exchange because it strengthens the network to have a large amount of wallets staking and a security risk for one exchange to hold 30-40% of the coins. Old coins that are swapped over for new ones would be destroyed as to not negatively affect those that do not swap over. If we were to swap directly with the exchanges we would need to have the same size of float which would leave long term funding gaps.
As for Col1.0 we want to see a full swapover off the exchange so in order for that to be successful, a patch for normal operation that would be provided that does not benefit any one person or group in general and the incentive to swap must be high enough that everyone will want to be a part of it without causing negative effects to those who don't swap over.
I appreciate all ideas and input into how to do this in a safe manner, I am helping with a little bit of the financing of Col2.0 and core changes because it means we can offer a finely tuned and tested product for investment.
|
|
|
|
We are 12 days into testing of the first build, testing has been going very well and now into staking. Here is a snapshot of the first build Splash screen Inside the wallet Staking and mining of transactions The Blockchain has also demonstrated a good robustness to the some 30,000 transactions I have sent and sitting at a 20mb Blockchain for 10k Blocks for an estimated size of 800MB-1GB of disk space per year for a full node. Under 2GB per year would be acceptable for bloat and with some advanced pruning techniques it can be reduced further. Here is a snapshot of the size of the Blockchain and Wallet in terms of storage Initial testing is nearing completion and I am aiming for a final build to be ready in 1-2 weeks with the addition of Coin Control, multiple wallet access, refined pruning of spent and orphan transactions, percentage fees smoothed over time, automatic funding of the Development Fund, Proof of Stake Velocity, Seed nodes, DNS seeders, Wallets for Windows, Mac and Linux and a few cosmetic improvements to the look of the Wallet. Edit: Currently we are in testing among the Development Team and the Source Code will also be available for the final release. |
|
|
|
|
I found the Cryptonote technology quite interesting with their ring signatures but it still quite young technology. I had the option of working with Cryptonote but I decided against it because of the bloat issues mentioned and now reiterated by BCX. Their Blockchain would be worth looking into if it provided automatic pruning of spent addresses and could work as Proof of Stake only. Anonymity is good but you tend to get that anyways through cross-chain transactions but if the blockchain is growing at a large rate, it becomes a race against time in order to effectively reduce that size.
|
|
|
|
Yeah I have been out of the US for the past few months and busy as hell. I've had a few people PM about looking at another shitcoin called Monero so I did. It took me me less than two hours to find a really big hole. When are devs going to learn that rapid retarget is an open invitation to an exploit? I'm going to drop a herd or two it till I figure what I am going to do.
It all really depends on what Cryptsy does with it.
~BCX~
Hey BCX. I'm one of the Monero core team members, so I wanted to respond to this, because I find you to be a reasonable guy. First things first: Monero isn't forked from Bitcoin, so (thankfully) there's nothing in the way of gimmicky junk to try differentiate us from every-other-scammy-clone. Monero *is* forked from the CryptoNote reference code, which means that there is stuff that we've inherited. The difficulty retarget is interesting, as it's something defined in the CryptoNote whitepaper: CryptoNote contains a targeting algorithm which changes the difficulty of every block. This decreases the system’s reaction time when the network hashrate is intensely growing or shrinking, preserving a constant block rate. The original Bitcoin method calculates the relation of actual and target time-span between the last 2016 blocks and uses it as the multiplier for the current difficulty. Obviously this is unsuitable for rapid recalculations (because of large inertia) and results in oscillations.
The general idea behind our algorithm is to sum all the work completed by the nodes and divide it by the time they have spent. The measure of work is the corresponding difficulty values in each block. But due to inaccurate and untrusted timestamps we cannot determine the exact time interval between blocks. A user can shift his timestamp into the future and the next time intervals might be improbably small or even negative. Presumably there will be few incidents of this kind, so we can just sort the timestamps and cut-off the outliers (i.e. 20%). The range of the rest values is the time which was spent for 80% of the corresponding blocks.
This is implemented in the code over a window of 720 blocks (12 hours), but it's a little more complex than a straight up retarget as one would get in a Bitcoin clone (as you can ascertain from the quote above). Now, I'll be honest with you, the difficulty retarget is not something we've analysed in massive amounts of detail. If you have found an implementation problem or a problem in the theory, then I encourage you to please bring it to us so we can fix it sooner rather than later. It's tough for us to individually or as a core team and group of contributors grok the codebase and figure out every possible attack, both nuanced and apparent, so any input would be greatly appreciated:) Thank you very much! And that's about exactly how I would see Monero, I'm quite a fan of the Cryptonote technology and although the inflation model may not be perfect, it does add a good deal to new technology that ends up benefiting everyone. BCX pointing out security flaws is good for the overall ecosystem and I too would prefer to see BCX help out Monero a bit with some advice rather than creating a little FUD with a flex of the muscle. |
|
|
|
|
E.exchangers is also helping me on my project as well, so far so good. Maybe you should setup some DNS seeders so that it has a better time formulating the blockchain consensus?
I think the issues seen mainly stemmed from coins staking without the wallet being synced but it can also be a combination of different parameters. If you set up some seed nodes I think it should help with the network, also what about making the maximum staking age unlimited, shortening the staking minimum and getting rid of POW altogether? There are a lot of options now for types of security like multi-algorithm or merge mining but generally I think pure POS with some nice modifications is the way to go. Whatever you go for inflation model is probably less important than bloat and block formation.
Zack has helped me out a fair bit and so these are just a few suggestions
|
|
|
|
Is it bad that i instantly recognized your sock puppet?
I seem to recall that you snuck a couple premines into coins you coded for people. I just can't seem to find Gascoin traded anywhere and that's strange, like the original coder is so untrustworthy that it killed the coin before it even started... I seem to recall that you tried to force a premine into coins you coded for people. What is the difference between you two? I have yet to create a coin but I am working on a coin which will start as fully POS, maybe you are referring to that? I am still working with all the same people on the same project but just had to change things around and do it differently because the developers I was working with threatened to sue me because I posted I was working with them. In the Gascoin story, he took extra premine without asking and the guy getting the coin made posted a big thread about it and killed the project. All I will say about this is at least some of us still have integrity When working on any project there is the potential of unknown variables so as much as I wanted to get things fixed up then and there, I ended up halting the entire thing. Mudda had helped fix some of the errors without asking for payment but there were and still are alot of bugs in the code he wrote. I had a couple other developers as well I was working with locally but one group was trustworthy but wanted 6k just for fixes and learning how to code a wallet and a more skilled group who ended sending me threats because I had posted I was working with them so then the only option is to pause everything and find another way. Working on a real project can yield far more than making a hundred copy coins but is also far more work. A Cryptocoin is a fun and challenging project but better be able to manage costs and hold your own or you'll get eaten alive. We'll see how the project works out in time, I am into the testing of it now but I'm not going to release something unless it's perfect, this thread is homage to why it should be. |
|
|
|
Cloud servers staking shitcoins.. The COL bank o Cryptsy .. Fractional Reserve Edition  Crypto currencies were suppose to free us from 3rd party involvement and control... I'm not sure exactly what you are getting at but it is a problem to have one exchange dictate price and stake everyone's coins. You can never get away from some sort of centralization so then it comes down to how to minimize the amount of trust and put measures in place where it first takes away the option of leaving your coins on the exchange and then creating all the pieces and services so no one should need to keep their coins on an exchange. |
|
|
|
How do we swa[ to the v2 coin if we have colossus coins on an exchange? Does the exchange take care of it for us?
No, a patch for normal operation of withdrawls from the exchanges will be made available and you would have to swap your coins off the exchanges. If swapping directly with the exchanges it leaves the problem of the exchanges holding a large portion of the coins and receiving all the stake interest that should be going to the holders. It is a bad idea to hold all of your coins on an exchange because one hacker can steal 30% of the coins as in vericoins case or can simply halt all withdrawls and hold everyones coins. A better option will be use of Virtual Private Servers to host wallets and so for $5 a month a person can set up their own wallet in the cloud with the same security as an exchange (most cloud servers make use of multi-authentication) and will always have your wallet stake and available anywhere. |
|
|
|
|
Show Posts
