I agree.... the so called 'airdrop' of the rest of the coins will not happen right away... and TheMightyX has come up with a tiered system to drop those coins anyway with will make it a longer process... I think Nullu shoud be in charge of the Airdrop..
Phase one is simply the offering of swapping PMC for PMC2 ( or what ever it is named )
This phase should be long enough to get the word out AND we need to destroy any remaining coins NOT swapped in...
( People like public destruction of coins for whatever reason )
Then after some time ( another month perhaps ) we start the second phase... which should/can last for 6 months
Also we should put a bunch into a faucet that can be hit daily etc etc.... that would be up to Nullu...
We could map the number of coins swapped out for PMC2 to an equal number earmarked for giveaway as well.. or not... there are a lot of possibilities...
I'd be happy to keep a proportion of the coins safe until the time comes to distribute them. As long as we have a well thought out plan on how it's all going to happen. What went wrong with the initial distribution was too many coins were given to too few people too quickly. I like the idea of phases, and a well-thought out approach to distribution. |
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I'd be willing to do some work on a new website for PMC2. PM me if interested. I'm the one that built the original website, which can still be seen here: http://pmc.cryptotycoons.com/I also did some digital artwork which was originally going to be used for PMC, but can be used for the launch of the new coin. I'd be happy to give copyright permission for its use in anything related to the new currency. It's rather future-tech looking. I can send renders on request. |
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Just updated my wallet. Haven't had it open for a few months. I wonder what happens when you have 1.5 million EBT, and don't update your wallet for so long.  Nothing will happen, dude. Yes, I began to realise that. So the coin no longer mints? |
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Just updated my wallet. Haven't had it open for a few months. I wonder what happens when you have 1.5 million EBT, and don't update your wallet for so long. |
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I could always put my block rewarder back on. I'm still happy to distribute PMC to reward miners, but if the coin is being abandoned, is there much point?
Not at the moment no, but in the future it might be nice to get the tx fees rolling via your quasi-faucet. I still think it was a pretty clever design  I'm sure we'll find a use for it at some point. From what's been said so far, it sounds like the conversion of PMC is going to be a manual process. I can imagine that being rather tedious if a lot of people have PMC to convert. Thoughts on how PMC-Holders can transfer their PMC to PMC+. Did anyone make a decision about that?
besides the 1:1 exchange I think of a kind of "step-model" for current PMC holders:
exchange 1:1 for PMC amount up to 1000 PMC
exchange 2:1 for PMC amount from 1001 - 5000 PMC
exchange 3:1 for PMC amount from 5001 - xxxx PMC
This way holders of small amounts have 100% coins exchanged to PMC+ while big holders get a little less PMC+. And we have more left to be distributed or for POS rewards.
any ideas/suggestions for this?
It's not a bad idea, but I think those ratios are far too steep, and there needs to be more incremental steps inbetween. Those ratios are so high it's not even worth converting anything over 5000, but I do agree in principle. As has been said, it doesn't stop people from cheating the system, however, so steep ratios like that will only encourage cheating. It makes more sense to have less steep exchange rates, which don't heavily penalise, but the ratio does rise faster as you go further up beyond 5000. |
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I could always put my block rewarder back on. I'm still happy to distribute PMC to reward miners, but if the coin is being abandoned, is there much point?
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My block rewarder is still fully functional. It'll work with any cryptocurrency based on the BitcoinQT.
If there's anything that can be done with that to help with distribution of the new currency, I'd be happy to help. It's essentially a TX Fee injection script, but you can set the parameters to send rewards based on whatever conditions you see fit. It would be a shame not to use it. I've not used it for any other coin than PMC, so it's still fairly unique as scripts go.
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It's not so much the issue of leaving PMC behind I question, but how you value the conversion rate from PMC to PMC+, or whatever it'll be called.
Also the method of giveaway has to be different than it was originally. The original giveaway model was flawed, as many just grabbed and sat on their coins. Anyone still with PMC is clearly someone who is more valuable to the new currency than someone who had no faith in the currency and has none, or sold all of their PMC.
My point is, the distribution method has to be fairer, and the rewards to those who worked hard for PMC and still hold PMC should reflect their contributions. All things being equal, if person A has 500 PMC+ because he converted his PMC, and person B has 500 PMC because he was simply given it, then person A is at a huge disadvantage, so you either give more to person A, or less to person B. Meaning, either the conversion rate is higher, or the giveaway amount of PMC+ is considerably lower per person than in the original giveaway.
I'm also all for a reward-based giveaway system where coins are given to active community members, rather than someone who has no interest in actually investing in the future of the currency whatsoever.
I'm less concerned with shifting to the new currency than I am of the system of exchange and distribution being fair and well thought out.
I'm sorry I didn't reply to this. I fully agree with you. The "everyone gets X amount of coins" is a flawed model, for many reasons. Primarily it sets a max cap on how many people can participate. I've come up with a better solution that I've shared with KBroadfoot but I'd like to go over with you as well. Maybe we could have a group chat on IRC or something. It's not something we want to be telling the public about until it is hammered out. I will say that I think it will not only award an appreciated amount of PMC2 to PMC1 holders/supporters but it will also increase demand and growth in the future. KBroadfoot is available in the evenings EST time I believe. I'm free whenever. I'm GMT timezone here. I can pop on later this evening or any late evening this week. |
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How are things with fckbankscoin? It's been a while since I checked in.
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When this first started Nullu even said, whoever has the highest hash is going to get all the tx fees. I don't remember ever saying any such thing. In fact I have been, and was, strongly of the mind that the beauty of PMC was that throwing more hashpower at PMC didn't necessarily equate to more PMC, due to the nature of tx fee generation and the creation of empty blocks on the blockchain. That's why I mentioned if Nullu can do it then that solves everything. If not you are posing a hypothetical "ideal" solution to our issue. No, I'm not able to do this. However, my inability to do something does not negate or devalue my opinions. That's the nature of a forum. I get the feeling that you somehow feel I am attacking the idea of the changeover. That is not the case. I'm simply mindful that whatever the plan going forward is, we end up with either one or two strong currencies, and not two weak ones. |
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When this first started Nullu even said, whoever has the highest hash is going to get all the tx fees. I don't remember ever saying any such thing. In fact I have been, and was, strongly of the mind that the beauty of PMC was that throwing more hashpower at PMC didn't necessarily equate to more PMC, due to the nature of tx fee generation and the creation of empty blocks on the blockchain. |
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I have no issue with a fork, where you could use your PMC wallet and move over to the new fork, so you both have PMC and the new currency, but any sort of 1 for 1 conversion is just going to lead to a poor conversion rate, and I think it would be detrimental to both coins.
Reward PMC holders and give them a 2 week window to buy PMC for the new coin. Announce which block the fork will occur (two weeks roughly from announcement). Any coins prior to the fork can be copied over to the new coin wallet. Now anyone who owned PMC before the new coin has both currencies. Not only does this lead to an increase in PMC buying, but it's also considerably fairer on those who still strongly believe in PMC.
You could double the amount available for the new coin, so that means 50% of the coin is minable, and the other 50% (or in this case, probably a lot less) will be from PMC conversion.
PMC is a great concept, and it shouldn't be killed off. Rather used a platform, than treated as a carcase that needs to be picked of its remains.
TheMightyX, Nullu is a LONG TIME supporter, who wants to keep PMC intact... so we need to discuss this side of things a little more... He thinks, perhaps, your PMC held should translate into the new coin... that would require some sort of 'magical' blockchain and address recreation in the new coin... Otherwise I can't see how to do it... if we don't destroy the PMC for the swap, you can't gaurentee double dipping... However, this is something that can be set aside while the new coin is created and started up.... after we have the premined addresses up and running on the new coin, we can try and figure out how to map PMC to PMC+.. I do want a window for this, though.... 6 months... 1 year... i don't care... but the coins need to separate at some point in the future.... I agree that it would be much simpler if people could just use their wallet files with the new blockchain. It would make the transition much simpler. But this would require converting PMC1 to PoS which is much more complex than just starting a new PoS blockchain. We would also have to modify the block reward structure to pay out another large premine which would need to be mined by a manager before the coin is released. is Nullu willing to do this for us? I'm all for keeping the PMC1 blockchain intact if we can modify it to be competitive and give us the tools we need to advance. but if Nullu is not willing or unable to do that... we need to do whats best for the community, not whats best for anyones ego or pride. That was not an attack on Nullu, I'm just saying we should not shy away from doing what we need to do because we don't want to hurt someones feelings. Again, I am all for converting PMC1 if possible. It has nothing to do with feelings, and almost entirely to do with fairness. If PMC has to be re-designed to survive, then I fully embrace that. My point is that those who invested their time and efforts into PMC shouldn't be an afterthought. PMC has built up a strong member community, and I think it would be an insult to them to consider them as an afterthought. Nobody could really argue that a long-time PMC supporter has more contributive value than someone who joins at the start of the new currency. I'm simply stating the obvious. |
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I have no issue with a fork, where you could use your PMC wallet and move over to the new fork, so you both have PMC and the new currency, but any sort of 1 for 1 conversion is just going to lead to a poor conversion rate, and I think it would be detrimental to both coins.
Reward PMC holders and give them a 2 week window to buy PMC for the new coin. Announce which block the fork will occur (two weeks roughly from announcement). Any coins prior to the fork can be copied over to the new coin wallet. Now anyone who owned PMC before the new coin has both currencies. Not only does this lead to an increase in PMC buying, but it's also considerably fairer on those who still strongly believe in PMC.
You could double the amount available for the new coin, so that means 50% of the coin is minable, and the other 50% (or in this case, probably a lot less) will be from PMC conversion.
PMC is a great concept, and it shouldn't be killed off. Rather used a platform, than treated as a carcase that needs to be picked of its remains.
Ahh he lives! Not to be rude but PMC is dead. We should not be trying to resuscitate a dead cow here. We need to take what we have learned from PMC and carry it forward. Trying to "keep PMC1 alive" is ultimately pointless if you are not going to be around to continue to develop it and foster its growth. I mean no offense to you Nullu. Here are my thoughts: Keeping PMC1 alive is pointless because there is very little incentive to secure the network, a 51% would costs literally a few dollars on leaserigs. It's also pointless because there is no innovation to drive the market and encourage growth. You mention this will lead to an increase in PMC buying and that is true, but after this window closes, then what is the point of holding that PMC? You are creating this artificial market demand that will die the instant that window is closed. Is that really helpful to the currency at all? no, it will do nothing but allow a select few to cash out and the rest to become bagholders of a doomed currency. As well you mention we could open up mining on the new coin. This would go against what PMC stands for. Why call it premine when its only part premined? I think you may be opposed to the idea of moving to PMC+ because you see it as destroying what you have created. I would like to say that PMC+ should not be a destruction, but an evolution. We are taking the key ideal of PMC and moving it forward. This is something that is impossible with the current structure of PMC. We are simply moving the core principles of PMC from one vehicle to another.By doing so we can ensure that there is room for growth and the support needed to expand. It's not so much the issue of leaving PMC behind I question, but how you value the conversion rate from PMC to PMC+, or whatever it'll be called. Also the method of giveaway has to be different than it was originally. The original giveaway model was flawed, as many just grabbed and sat on their coins. Anyone still with PMC is clearly someone who is more valuable to the new currency than someone who had no faith in the currency and has none, or sold all of their PMC. My point is, the distribution method has to be fairer, and the rewards to those who worked hard for PMC and still hold PMC should reflect their contributions. All things being equal, if person A has 500 PMC+ because he converted his PMC, and person B has 500 PMC because he was simply given it, then person A is at a huge disadvantage, so you either give more to person A, or less to person B. Meaning, either the conversion rate is higher, or the giveaway amount of PMC+ is considerably lower per person than in the original giveaway. I'm also all for a reward-based giveaway system where coins are given to active community members, rather than someone who has no interest in actually investing in the future of the currency whatsoever. I'm less concerned with shifting to the new currency than I am of the system of exchange and distribution being fair and well thought out. |
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I have no issue with a fork, where you could use your PMC wallet and move over to the new fork, so you both have PMC and the new currency, but any sort of 1 for 1 conversion is just going to lead to a poor conversion rate, and I think it would be detrimental to both coins.
Reward PMC holders and give them a 2 week window to buy PMC for the new coin. Announce which block the fork will occur (two weeks roughly from announcement). Any coins prior to the fork can be copied over to the new coin wallet. Now anyone who owned PMC before the new coin has both currencies. Not only does this lead to an increase in PMC buying, but it's also considerably fairer on those who still strongly believe in PMC.
You could double the amount available for the new coin, so that means 50% of the coin is minable, and the other 50% (or in this case, probably a lot less) will be from PMC conversion.
PMC is a great concept, and it shouldn't be killed off. Rather used a platform, than treated as a carcase that needs to be picked of its remains.
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Been a while since I was here. Glad to see Trollcoin still ticking over. I've actually forgotten how many millions of these I even have, but I'll continue to sit upon them.
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I still adamantly believe PMC has a very strong future, and provided it sticks around long enough while all the fads and gimmicks rise and fall, it will.
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I still have my grain coins. I'll hold on to them for the long term.
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I'm still around, just so you don't think I've disappeared or dumped my PMC.
My motherboard died on me.
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It's interesting looking at the historical trading data on Poloniex. The price drop coincided with the drop with Bitcoin. It's going to be interesting when Bitcoin has a resurgence.
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Hi guys, I'm wondering how a 100% premined coin works? Could someone please explain it to me in steps, as I'm fairly new to "alternate cryptocurrencies". I might even give you a tip in BTC.  Cheers. All coins are created in the first block. Miners are awarded just the tx fees. It probably isn't profitable to mine but bagholders mine it to give thier stake more value. But how much miners (power) would such a coin need to handle transactions? Could I keep up the network by myself? Also, could you please explain how a tx works? I'm not even sure, If I exactly know what tx fees are. Yes, you could keep the network running just by yourself. You have a block target time, and a mining difficulty. As the hashrate/mining increases, the difficulty goes up to keep the block time the same. This is why difficulty levels re-adjust. With a single block difficulty re-target, you would just have to wait until the next block and then the difficulty would drop/increase to the amount of mining hashpower on the network, so roughly each new block is generated based on the block time. However, if the difficulty level didn't retarget for 1000 blocks, and you suddenly lost a lot of hashpower on the network, it would take a few miners a very long time to mine enough blocks until the next difficulty retarget takes effect, and the coin essentially becomes stuck, and can even die without being "hard forked". This is exactly what happened to Catcoin during the early days. |
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