So, after talking about the HyperBank idea earlier, I bought for a friend, 100GBP of Bitcoin, approx 0.5 BTC and picked up around 17.5k of HYP.

EDIT: 15793 HYP with 0.475 BTC (average 3007 SAT each)

I call it a test-run, to see if there's any legs in the idea of paying someone a fixed level of interest (2% every 10 days) whilst at the same time, profiting from the 18% interest rate I'll be making with their money.

I'll keep people up to date on how it goes when the coins begin to stake, and if I make a profit, or loss, from this experiment

So, whilst I’ve been away on holiday for a few days, I’ve been thinking about HyperStake, and how we could build some more services around it.
One which came to mind would be HyperBank.

We all know that HyperStake offers us around 18% interest every 9 days, and looking over the statistics of late, HYP is keeping a pretty reasonably steady price.

What I’m proposing is to open HyperBank, offering owners of BTC the chance to share some of the high interest gains, without any of the risk.
HyperBank would operate a guaranteed return on investment of 2% every 10 days, for BTC deposited in the “bank”. With their investment, the Bank can invest this in HYP, and make a tidy profit from staking.

So, if you were to invest 1BTC in HyperBank today, then in 10 days time, you’d be paid back 1.02 BTC.

I don’t know if any other coins operate anything else like this, or any specific services are out there, so this may be blatantly ripping off other ideas without realising it. However, with the high interest, it certainly offers opportunities which otherwise would not have existed.

It could also open up the “Richlist” hoarders an opportunity to sell to the market, without flooding the market and causing a price crash.

I spoke a little with DavidLatapie earlier today on IRC about it, and he’s with it on principle. But like me, he’s an ideas man, not a technical guru.

So, is there anyone here who can make it happen? I think there’s some great opportunity to be had here, and I’d like to be involved where I can.

Opinions always welcome.

Apologies if my 0.002BTC per day was off - like I say, I've not mined for a few weeks now, and when I quickly looked on Trademybit, the top paying altcoin at that moment was showing 0.00197 - so if that was high, so be-it.... by the sounds of it, it only goes to highlight that the payouts from mining are even less than I estimated.

Like I say, I was just "talking out loud", what was going on in my head - I don't mind being told there's inaccuracies, it was just another way of looking at things from a different perspective.

So I’m just going to talk out loud here, and put forward the following point of view.

Personally, I’ve not had my rigs on for a few weeks now due to the heat, and the fact that it was becoming unprofitable considering the lowering rewards, cost of electricity etc.

And then I found HyperStake.

Whilst I’ve been in HYP since the beginning, what about the people who want to get in now? Why should they bother? What’s in it for them?

Well, the first and most obvious benefit is the interest rate – which, at around 18% PER WEEK is pretty amazing, and that’s without taking into account compound interest. (around 2.05% interest per day)

So, when you think about that, if you had $1,000 and were thinking of getting into crypto, lets compare buying a GPU rig, in comparison to buying $1,000 of HYP.

Looking at NewEgg, there’s the Sapphire R9 280X Tri-X card for $289, so if you were to pick up 3 of these, picked up a decent power supply with the remainder of the $1k, and used an old motherboard, HDD, and RAM – you’ve now got yourself a 3 Rig GPU for mining.
This is where my figures may go a bit wrong (like I say, I’ve not been following mining recently) but from what I can see:

AT BEST:
3 GPU’s will give around 2MH/s Normalised mining power
TradeMyBit offers best rates of just 0.002BTC per MH/s/Day
Today’s price of BTC is roughly $375
That equates to earning $1.50 per day (0.004 BTC), from mining, not taking into account electricity.

So, to summarise:
Option 1 – Build a rig with 3 GPU’s.
Spend $1000 and earn $15 every 10 days from selling your mined BTC.

Option 2 – Buy HYP
Spend $1000 on HYP (@0.000025 / HYP) to buy 105,000 HYP and earn around 23,600 HYP in interest, worth an estimated 0.59BTC, or $220 – per 10 day period!

The other major benefit with HYP is it’s quick staking period, which allows for the potential of compound interest, over a relatively short period of time.
So, if we compare the figures again:

Option 1 – after 30 days = $45 earnings (30 x $1.50 / day)
Option 2 – after 30 days = (105,000 HYP x 2.05% ^ 30) = 88,000 HYP interest = 2.2BTC = $825 earnings

Now, all of the above assumes that prices stay somewhat static, and that your HYP matures soon after the 8.8 days it needs to produce interest payments. Prices in Crypto can move dramatically, there’s no denying that. But certainly from my point of view, it’s clear that investing in HYP is MUCH more profitable than investing in mining.

It’s worth noting that with Option 1 though, you physically still have an asset worth $ xxx.
If HYP went to the floor, you could have considerably less, but that’s a gamble you’re maybe willing to take, looking at the potential upside of HYP.

Do your own research, like I say, I just wanted to offer a view.

So, I've had today my first block, that actually reached the 1k interest limit.... and it's still gaining weight.

I was really quite surprised to see it go past the 1k limit, but it did none the less. I'm surprised because I have 2 wallets, and my other wallet which has blocks with much lower weight have been happily staking, whilst this particular block just keeps hanging on!

What are other's experiences of this? The block itself isn't too large, around 3200 HYP, and I've had larger blocks stake well within the 1k limit.
Nor is the difficulty as high as it's been recently - when I last looked it was 0.85....

I'm interested to know what others opinions are.

Cheers

Cy

Definitely..... there's a battle on to build up your stake!
A while back I ran a quick analysis to see how much % of HYP is held in the top 100 wallets - I wonder what the figure is now

Personally, I find the easiest way is to go to the Help / Debug / Console section of the wallet, and type " moneysupply " - it shows you "supply change" there - so for example, the last:
supply change(last 960 blocks)" : 317269.94208800, (that's 1 day)
"supply change(last 6,720 blocks)" : 1998888.41925900, (last 7 days)
"supply change(last 28,800 blocks)" : 6077268.07868000, (last 30 days)

Then, from that you can figure how many coins are generated, per block..... 317269 / 960 Blocks = 330 HYP per block generated.

Don't count on it giving you a stake after just 9 days.... my smallest block is 1479 HYP - it's been staking for 12 days, and has a weight of just 4263.....
To compare that, I've got blocks which have a weight as high as 13827, and they have still yet to stake - so - you can see, it's going to take time for your 1250 to stake for you.
But it will definitely stake a LOT faster than before!

You want to take ALL those blocks, and merge them into 1 block of around 1250 HYP.

If you leave it as it is, it will take FOREVER to stake - we're talking weeks...... if ever (for the small blocks).

Great plan! For the time being I'm still building my stash, but will be doing that soon I'm sure :-)

Welcome back. I always enjoyed reading your inputs on here, before I started to become more vocal myself

I had close to 60k, but I decided after reading / watching everything that I'd change my FAIR into BTC for the time being, but keep an eye on here to re-buy at a later point.
2014-09-20 07:49:16   SELL   0.00001200   33144.90976703   0.39773891
2014-09-20 07:49:15   SELL   0.00001225   25963.09023297   0.31804785
These were my sells, and looking at the buy orders now, I made a reasonable judgement call.

I must admit though, it's great to see what's being worked on here, and I was sorely tempted to keep them - it's just with the price going up so rapidly of late, I've learned to err on the side of caution.

I'll look back in here regularly, and thanks for everyone's help in highlighting the vision behind Faircoin. With the team you have, it's sure to go far.

That was the first thing I noticed also, especially as I'd just had my spelling of lose jested at!
I deleted my comment pointing it out though, I felt a bit childish in a way!

On another note, another block of mine that was in the 4000 range matured recently, and was happily inside the 1000 limit.
I'm going to structure as many blocks as i can to this size where possible.

Cheers for all the helpful links / advice guys - I'll think about my next move in the morning... one thing - the 6% interest - as my wallet's been closed (I've updated to 1.2 now), should I expect to gain interest backdated to when it was last opened, or will it be just what it mints whilst the wallet is actually open?

Oh, and is there a richlist anywhere? It would be good to see how my stash compares to others out there :-)

I apologise from now, but I just remembered I still held some Faircoin from way back when it was launched - and promptly forgot about it until I opened up an old rig today.

If someone can sum up for me a good reason to keep hold of what I have, that would be great.
I had planned on simply selling it, but given a strong reason to keep it, then I'd be happy to reconsider.

Thanks in advance

No, it doesn't change, BUT the block that you're hoping to stake is essentially trapped until it actually stakes - I mean, you don't want to loose 3-400 HYP just to make it into a larger block.
Really, anyone who's selling on exchanges should only really be selling the blocks which have freshly minted, otherwise, personally, I find the loss of interest after 24 hours or so too much to loose!

I've just had a look at the rewards over the last few days, and was surprised on the average stake reward figures:

last 24 hours - 266 HYP per block
last 7 days - 225 HYP per block
last 30 days - 183 HYP per block

From that, I would assume that people have started to increase their average block sizes, OR they're not opening their wallets as often as me (keeping your wallet open helps to increase network security).

My average reward is around 500-600 HYP per block, and as mentioned above, even with a 4.8k block I still didn't hit the 1k ceiling....

As only 960 stakes can be rewarded each day, realistically, is it better that people's blocks stay at a lower amount (so less HYP are introduced into the network, therefore less dilution), or do people believe the more HYP which are rewarded each day means more HYP can be sold, and therefore spread the adoption of HYP among the alt-community?

Ignore me if I'm just babbling... it's still early here!

Gamble - definitely.
I wanted to push the limits though to see where I could get to and still be within the 1k limit.
It can be a little frustrating constantly looking to see if your coins have staked, so by trying larger blocks, they more or less stake when I'd expect them to

On another note, I was surprised to not see the price hit after the theft yesterday - I had images of the market being pushed down to around 700 SAT if all 350K were dumped out for BTC - but it didn't happen.

I just wanted to let people know how my experiment with block sizes is going:

I set up my largest block at 4842 HYP.
It matured after just 9.877 days, giving me interest of 958 HYP.

So basically, after just 1 day over the 8.8 days maturity needed, my block had staked.

I was sailing close to the wind on this one, and keep in mind I have my wallet open 24/7, so there was much more chance of staking before hitting the 1k barrier.

Just thought I'd chip in and say I downloaded the Android wallet also, and had the same server unsuccessful Application Error message.
For reference: HTC Sensation XE, Android 4.0.3.

Regards

Cy