The problems are that it was originally coded fairly poorly and no one wants to be the one to foot the bill on getting it fixed because if you can do that then you can just create your own coin and don't need to bother with the hassle. In a way that is exactly what I am doing because if I paid to get Col fixed to be the same as it is now it won't solve problems like float size making it impossible to trade against BTC, Blockchain bloat, all of the coins sitting on the exchanges or funding.

The least intrusive way to fix all of this is by letting everyone make the choice of whether they want to remain on the current coin or swap to the new version off the exchanges. If we wanted to swap directly with the exchanges it would mean we'd need the same size float (or equivalent) and that would leave a gap as to how to secure future funding. If we swap only off the exchanges that means that everyone must have their own wallet, been active during the swap timeframe and allows us to create extra coins on top of the current float. It also means that we would need to fix Colossuscoin to make that possible so if people don't (or don't want to) swap their coins over they will have a better functioning wallet and a severely reduced float due to all the coins being destroyed in the swap.

On the other end of the swap we need to take account of every possibility and since it would only be swapped off the exchange there is the likely event that only 20-30% of the float will swap over. Part of Colossuscoin2.0 will be a revamp to the fees so every fee charged pays out over 10k blocks rather than into the next block which will allow us the option of sending 50% of the float as a TX fee and have it pay out to stakers based on the amount of coins they own.

We are working with the entire float plus 25% more coins on top of it because we need to assume a 100% swap and still have a fair bit left over for future funding.

How will Colossuscoin2.0 be different from Colossuscoin 1.0?

Fees will be charged as a percentage of the transaction rather than a flat rate and pay out over 10k blocks

Part of the fees pay to the Development Fund

Staking times reduced to 7-15 days

Float reduced by a factor of 100

Block time increased to 1 minute to reduce orphan transactions and blockchain bloat

money supply will increase at a fixed rate per year regardless of staking participation so active stakers receive all the coins from people who are not staking.

coin control so people can better manage their coin block sizes

basic multi-signature transactions so we can secure the Development Fund over the Development Team rather than one person holding a large portion of coins.


Upcoming things after taking care of distribution

Android wallet
Smart contracts
Multi-pool
proxy-exchange

merging of Colossuscoin.org and Colossuscointalk.org into one site to increase traffic
addition of cometchat to the forums
addition of multi-authentication to the forums
addition of youtube and video scripting to the forums


I think the best way to handle working with all the coins such as this is through multi-signature addresses so it requires the combined effort of the most trusted members to be used and then we can expand on that into a more refined voting system.

Testing is already under way on Colossuscoin2.0 and past block 2000

The majority rules, I wouldn't worry too much about whether it would fork it or not, you can always go back and fix it if it doesn't work. It's cool to see that everyone wants to see this fixed and are all sensible about it all, no need to start whipping out the pitchforks lol

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.

What we are aiming for and what can be done may be two different things, I am along the lines that anything can be done but the coder I am working with says otherwise. Col2.0 is actively being worked on with the 38 Billion float so testing could start in as little as a couple days or a couple weeks. This doesn't mean that the 38 Billion is the final float, I am in favor of it but what is important is how staking functions.

Please stay tuned for updates

Yes that is correct

I am getting it built myself so I can manage costs without working with other peoples money and so we can focus directly on what the code should be with less regard to staying inline with the original code.

What this means is that everything is on the table to change and some more recent discussion has been whether we would want to have such a high supply of coins. One thing to consider is that we could create it with 1/10, 1/100 or 1/1000 the amount of Col float so that it can immediately trade against BTC at a lower value.

These are the things to discuss and work through before we decide to sell coins and when we do, Col2.0 would have no perceived value other than what some of the initial coins are sold for.

To give you an idea of a 1/10 split here is what Col2.0 would look like

Name: Colossuscoin2.0 [CV2]
Algo: Scrypt
Block time: 1 minute
Block reward: Money supply * 10% divided over 1 year + the average of Nfees collected over 10k blocks
Fee per transaction: 0.2% (0.1% to the Development Fund, 0.1% to staking)
Blocks 1-20090: 100 CV2
Last POW block 14400.  (10 days of mining)
Total POW coins: 1,440,000 coins
Block retarget: every block
POS interest: 10% increase of money supply per year
Coins stake: 7/15 day max weight
Confirmations per transaction 4
Coins mature after 100 blocks
Premine: 38 Billion


The main points I am interested in here is doing away with traditional staking and fees. Staking is serialized to produce a percentage on the coins you own but in doing so, the amount of coins in circulation is dependent on people staking. I would want staking participation to determine who receives rewards per block so a 10% increase in money supply is divided up among those participating in staking so the reward from staking would be a minimum of 10% a year and would include all the coins that other people do not stake. An example here is NXT and Peercoin which have around 55-60% staking participation so if that were the same and someone staked all their coins throughout the year, the float would grow by 10% but the reward including fees collected would be approximately 20%.

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 know it may be a bit late to make changes here and I do not own any ADT so this is merely a suggestion.

Why not just have the float hit certain targets over time rather than a percentage of stake? If you had the float to hit your targets and generated coins distributed through staking, the amount received through staking would be variable depending staking participation.

The way I would do ADT would be between 5-10% increase in money supply over the first year with a gradual reduction down to 1% a year or a fixed amount.

Fees would be set at 0.1-0.2% and pay out over the amount of blocks equal to the minimum staking period.

If reward were dependent on staking participation, anyone not staking would be giving up their reward to those that are staking along with further reward from fee sharing.

Just a couple things to consider, I hope it may help in some way

Hi Zack, just popping in to say hello to you all

Wishing you guys the best and I hope you can get it all sorted out.

Crest

I love this thread, so much entertainment

Hi, I am working on solving the problem through creation of a custom made Proof of Stake coin to replace Col1.0

Through creation I can better learn what is needed to be changed in Col1.0 to allow for normal withdrawal operation and so can more confidently release a working patch.

Creation of Col2.0 is part of a process to actively pull all coins off the exchanges and into active wallets over a set period. This would be achieved providing a coin swap over a given period off the exchanges. The ADT swap although convenient, neglects the problem of a large majority of coins being left on the exchanges which interrupts the staking and security process.

I am getting Col2.0 built along with the help of all holders, past and present and anyone that wants to be a part of it. There will be approximately 25% more coins created through this process, These coins will be used in part for the costs of the change and future projects.

You can immediately see a good majority of what we are working on with it on the Col2.0 Masterthread http://colossuscointalk.org/index.php?topic=545.15 and all input into the discussion is appreciated.

Quark is POW only and miners sell for profit. Many other POW only coins get created and so the rate of investment becomes lower than the selling pressure and the price goes down.

The OP was watching TV and saw the article and rushed out and put 20k into Quark, held it until it his investment dropped down to 1/20th of the price, sold it and blames the developer.

I heard about Quark being heavily mined even before the Bill Still news article so a little trading experience and a healthy dose of research should have sent up a bunch of red flags, not to mention that there were likely quite a few opportunities to sell at a profit.

The 20k is gone due to lack of trading experience, over-leveraging risk in one place, lack of research and not knowing when to cut losses.


Why is everyone suddenly hating on NXT?

I should also mention that anyone who helps out will get free coins.

Hello all Bitcointalkers,

I am seeking response from all holders of Colossuscoin for a number of large changes currently happening in the community.

I am working along side members of the community in building the coin that will replace Colossuscoin through a coin-swap off the exchanges.

Here is some of the preliminary changes which are subject to change


Static pieces are the 380 Billion premine and 0.1% transaction fee and approximately 10% inflation to start

Pieces under debate are

Minimum fee, staking weights, fee allocation, algorithms and funding input.

Additional pieces to be added in before launch will be an additional 0.1% fee which will feed into a central fund managed by the Development Team.


There is no cost in order to be involved and once I have gone through all input and objections it will be built and will go into testing. I am aiming for one week for the finalization so please speak up and have your say.


How this will affect Colossuscoin Holders

We are creating a more centrally run foundation and providing a patch and the option for all holder to swap over for a limited time through sale of the final product.

It will be everyone's choice whether they decide to swap their coin over. The swap will happen off-exchange and coins swapped over will be destroyed.

Those that do not swap over will be left with a reduced total float and a better operating coin. Those that do swap over will receive a large portion of the remaining coins at the end of the swapover through their coins relative to the total float.


This is an extension of the IPO thread I had posted a couple months with a large amount of changes in order to handle funding in a safer way.

https://bitcointalk.org/index.php?topic=540149.0


A fair bit of the in depth discussion and changes was recently moved from the Development Team section into more public areas. The IPO thread up for debate is viewable by anyone

http://colossuscointalk.org/index.php?topic=545.0

Discussion of Funding ( http://colossuscointalk.org/index.php?topic=635.0 ) and recent progress on Building ( http://colossuscointalk.org/index.php?topic=635.0 ) is viewable by registered members.


Hopefully there isn't too much trolling on such an endeavor and I will do my best to answer any and all questions people may have.


Crestington

I thought I had posted something???

Don't worry, it will be all good.

Journey to the center of the earth!

I do think you underestimate the amount of work involved in building a coin, one specific thing may seem great theoretically but when it comes to implementation there are many other things to change as well. If you would like, I can take you through a good majority of what you would need and can even put you in touch with some freelancer devs. I wouldn't even charge you but I am interested in your mining and multi-pool experience so maybe we could work something out.

Yes, the way I am approaching it solves a number of safety and financial concerns. I will be getting into testing shortly and then will update the 2.0 thread and further refine the changes.

I am still working on it heavily behind the scenes. It seems to mainly be me taking charge of code changes, my coding skills are limited but what I want to do with the coin is very specific. I have been doing more discussion within the colossuscointalk forums lately as well as with some more experienced coders on a modified version of the Colossuscoin2.0 IPO thread https://bitcointalk.org/index.php?topic=540149.0

We ended up halting the funding for it before it began because Sudo informed me of the faults we are currently seeing and the coders suddenly didn't want to work with us. For me I would rather just code the new coin with help from other people in the foundation and pay for help if I get stuck so I can provide a working and tested model without the need to raise IPO funds. This is more preferable for me because I don't have to deal with coding teams, meetings, IPO funds and escrow and can get right into the coding of the Blockchain.

If you would like some more information or would like to follow along, I am looking for more people who want to be a part of the Development Team....

Aww, they care about you, isn't that sweet? Look at how they even used the most offensive they could and capitalized it like they broke a couple keys. Also he should have left the I in is uncapitalized because it looks more like HippieTechsalsaCUNT, eww.

Hippie Tech scammed Barack Obama out of 17 Trillion and now the US can't buy Christmas presents.

You should check it out, click on his trust rating and reference if you don't believe me.