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I see this spawning a whole new line of Proof-of-faucet coins... There are so many possibilities of parameters to play with!
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I've got to hand it to you, this is pretty cute. It's always fun when someone comes up with a new harebrained idea for coin distribution, and this is the most fun of any I've seen in a while. Bravo.
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Mintpal will participate in the snapshot so people who hold Cinni will on Minptal will receive the new Cinni.
The snapshot date will be moved to the the 1st of November.
Holders of Bitshares PTS will receive 10% and holders of Bitshares AGS will receive 10% of the new Cinni on a snapshot date of 1st of November also.
this means you are creating an entirely new coin with different specs, what will be the total of new coins created to give away to bitshares? mintpal paticipated means nothing unless you get all exchanges to accept and be made aware of this. what is this 20% you are giving away? Is it the 20% of current cinni, or is 20% of much larger number of coins. There really is not information or detail to make any of this acceptable. What will be the total amount of Cinni in this new version?  Yeah, this is confusing. First you were going to launch two new coins: Cinni 2.0 and TimeBank, and my understanding was that only TimeBank would snapshot PTS/AGS. Now it sounds like you're giving Cinni 2.0 to PTS/AGS holders as well? This sounds like great news, but you've got to admit it's not quite clear... CinniCoin, can I ask that you take about 30 minutes and write up a nice clear post with the following information, and then put all this information into the OP as well: 1) When is the snapshot? 2) What coin is the snapshot for (e.g., Cinni 2.0 or TimeBank) 3) What are the coin totals for the new coin and snapshot ratios for Cinni 1.0 and PTS/AGS? 4) Which exchanges (if any) will be honoring the snapshot? These three pieces of information, laid out clearly and concisely, here and in the OP, would calm everybody's nerves and help us understand how to invest. Thanks! |
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So what you're trying to say is that you're using DPOS and blockchains to build a decentralized music distribution/crowdfunding service? Sounds like it has a real chance of being the next big crypto killer-app! Bravo!
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5 Minutes after NuBits rel, PPC Crash from 0.038 to 0.030  Why?? Classic buy the rumor sell the news. The fact that the details were kept secret pretty much sends the message (intended or not) that the news may not be live up to the hype. This indeed, turned out to be true. The secrecy was to retain first mover advantage. As was said, read the whitepaper in full and maybe you'll change your mind. Nu is a clever system, but as soon as its details were revealed, it was obvious that it isn't going to have any direct impact on the PPC price. Sure, it will pay dividends in PPC, but that's not a net buying pressure. It could indirectly help PPC price by bringing new people into the ecosystem, etc, but paying dividends in PPC creates selling pressure (people cashing their dividends out) which exactly cancels out the buying pressure that comes from the Nu system acquiring the PPC in the first place. |
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Did anybody else notice that it has pretty strong Ponzi elements? If you invest, the only way you make any money is if a lot of people invest after you. Not super interested in getting involved in that. If the concept interests you, check out BitShares Music: http://peertracks.com/pre-sale.html. Much better, more well-thought out non-Ponzi business model. |
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In the state of bitcoin now and the issues sorrounding it, is it still the best digital currency to date?
I think bitcointalk.org is probably a risky place to ask that question.  Bitcoin and PoW have some very deep problems that aren't just going to go away. For example, millions of dollars worth of BTC are printed up yearly to pay miners to waste electricity. There is a growing community who see PoW as inherently centralizing, which works against Satoshi's original goals of decentralization. For more reference, check out the Nxt, Peercoin, and Bitshares communities. Read this: http://bitshares.org/intro-to-delegated-proof-of-stake/ |
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Giving up private keys for multiple coins to one untrusted source? Just transfer all your funds to a new address before you import your key, and then make sure you never use that private key again. |
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Number 2. It has been confirmed that the NuBits network will have shareholders. Shareholders will be paid only in Peercoin. So Peercoin going back to it's per-announcement levels makes zero sense because as the NuBits network grows and starts paying out more and more dividends, more and more Peercoin will be used to pay the shareholders! In other words, Peercoin is going to be used for something far more than it ever has so far. Also, for those who don't know what NuBits is about: nubits.com is the site and countdown. All the information will be available there on Tuesday. And this article gives a decent overview of the story: http://www.coinssource.com/nubits-revealed-three-days/What kind of a jump in price could we expect PPC to make? Is it too hard to tell? To $5. And everybody knows this. $5 is completely possible, but that's close to 4 times its current value, and that's an unusually high 1-day jump for a mature crypto (show me examples if I'm wrong). Maybe PPC doesn't have the network effect that I think it has, and as such it is more susceptible to flash pumps than I think it is. In any case, I'm increasing my PPC exposure ahead of the launch, but when NuBits goes live I'll have 75% of my PPC holdings in ask orders, mostly below $4. Regardless of how high it jumps immediately following launch, I'd be extremely surprised if PPC demand from NuBits will be enough to sustain PPC above $2 for long. I'll re-evaluate this opinion once I read the whitepaper, but right now I'm expecting we'll hit at least $3 in the coming week and be back below $1.50 two weeks from now. |
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Only Peercoin? I would have expected them to support Primecoin too. A 50 - 50 split like Bitshares did with Protoshares and Angelshares.
Only Peercoin thus far. I haven't seen Jordan show much interest in Primecoin. Peercoin is far more developed at this point. NuBits is a Peershares implementation; part of the original story of Peershares is that any Peershares chain would pay dividends in PPC; no mention was made of Primecoin. |
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I'd like to start a discussion regarding the NuBits Launch in a day and a half. For those unaware, NuBits is a project (headed by Jordan Lee, I believe) from the Peercoin community that purportedly will cure the volatility of cryptocurrencies and create a price-stable altcoin. The devs have disavowed any similarity to the BitUSD project from BitSharesX. At this point, nothing is known about NuBits except that it has some high-quality people on the project. The BitShares community apparently believes that NuBits is all about creating trading bots that will stabilize prices; I suspect it's something considerably more than that and will likely be one of the hot cryptos of the 2nd half of 2014.
The question is: how can I make money off it? The NuBits announcement last week was responsible for the surge in PPC price recently; fortunately, I heard about the announcement just hours after it came out and had the good luck to buy a few PPC ahead of the pump. NuBits has done no public fundraising, there was no ICO/IPO, and nobody knows how it will work except that somehow it will pay dividends in PPC. Dividends to whom? Nobody knows.
So I want the community's opinion on this. I see several possibilities:
1. NuBits will be price-stable, so buying NuBits on launch will have essentially zero upside. If this is the case, don't bother buying NuBits.
2. NuBits will somehow cause a further increase in the PPC price. Maybe it's something like BitSharesX, where the creation of NuBits entails putting PPC in collateral; in that case, to profit on NuBits, buy loads of PPC.
3. PPC will only be peripherally connected to NuBits, and after launch and the release of the whitepaper, PPC prices will crash back to their pre-announcement levels and anybody following strategy (2) will be holding the bag.
4. NuBits themselves will not be price-stable, but will enable some kind of ecosystem in which price-stable assets exist (think BitSharesX). If this is the case, buy NuBits on launch!
The problem is that (2) and (3) are mutually exclusive, and (1) and (4) are mutually exclusive. What do people think will actually happen?
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If I may interject my opinion on this Timeshare project.
As I understand it, Cinni holders will get a 10:1 ratio for the snap shot.
Now that is all fine and dandy. But wouldn't be a wise decision and get new faces into the project by also allowing PTS/AGS holders to get a cut, that is part of the Bitshare consensus?
By doing so your giving this project a HUGE amount of potential backing by introducing that eco system into the mix.
A good ratio IMO would be 80/20.
80% to Cinni wallet holders (8:1)
10% to PTS holders and 10% to AGS holders
Of course you're not OBLIGATED to include PTS/AGS holders.
But, on the other hand, I think you'd be shooting this project in the foot by not including them. Just forking Bitshares wouldn't be a wise move. There's no incentive.
Outside of Timeshares, have you thought about doing a bitCINNI asset. That would be another way to get things going!
again, just opinion.
If someone gets a gift of shares - it only lower the potential value of the shares. In addition, those who receive the gift of shares, they may want to sell quickly and cause a core dump. You'll always have dumps!! No matter what crypto it is. Obviously with the ratio's I've stated earlier (80/20) current Cinni holders would get the largest cut. PTS/AGS holders will get enough to get them interested. If not, then when/if they dump it won't be catastrophic to the value. Hi Cinni community! I'm a long-time member of the Bitshares community, and I just wanted to say thanks for the PTS/AGS drop! I'm sure you won't regret it. If you're worried about dumping, you might consider the possibility of a phased introduction of the PTS/AGS coins. Technically, I don't know how hard this would be to introduce into the Bitshares code, but when FreeTrade launched Lottoshares a few months ago he made it so that PTS/AGS holders wouldn't get access to their coins until some random time after coin's launch. You could do the same thing, and you'd still be following the Bitshares social consensus but you wouldn't have to worry about a bunch of community newcomers dumping before TimeBank has proved its worth. Anyway, excited to see how this turns out! I'm certainly looking forward to being part of the first Bitshares fork. |
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Yep, makes sense. Someone bought up several thousand LTS almost exactly at block 10,500. Seems to be working at least so far...
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While 0% dice game is cool, the genius of the lottery ticket is that since each ticket played is burned, people have a strong incentive to burn their shares which gives the more risk-averse of us a nice steady dividend due to the reducing share supply. I'm not aware of any other coin that's so aggressively deflationary.
So I'd support adding any game that has a net share burn. So Roulette would be a fun option. I'm actively thinking about methods of incentivizing coin-burning... I find it a very intriguing idea.
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Why does it take longer for the Protoshares to mature?
He did this to prevent a massive dump on launch. |
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Excited for the price movement on this one as we get closer to the snapshot...
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I'm curious why you would choose to airdrop only to BTC rather than to a more interesting basket of currencies with a more interesting user base. For example, you'll attract a very intelligent, long-term-thinking community by airdropping to PTS holders.
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Is there anything special here?
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