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Let me be clear about POS.
When ziggy coded the coin, he and i both were under the assumption that pos was active.During the 3 phase wallet update i found out from the dev that POS was dormant (sleeping) and would be activated in 6 years after all mining was complete.
Then he found a way to give everybody the POS they had saved up into the past,so we could track who saved what ands still pay everybody....The reason we did not communicate this was becasue the old team was falling apart, and we could not take another reputational hit...So if all goes well, everybody will recieve all the pos they saved up.
If it goes wrong , blame me. dont blame the new guys.What they say is true, they have to start where we left off....they have to fix the issues of the last guy,just like in politics.
SInce they took over many great things have already happened, and its only been one week.I am fully behind my decision to give total control to them.This was the best thing to do for the coin.These are professional buisnessmen and entrepeneurs and they will treat the coin as if it was a real buisness...
Dont blame them for things in the past , and give them a chance and room to operate.Forget the past and focus on the future.
I apologise for things that have happened, although they were not completely my fault.im not going into who did what again since throwing sand in peoples eyes is not my style....
Lets all come together as a community and make this coin a succes.There are a group of people here with the same names,and i am very very proud of them.We have hit the bottom, and you guys never left!
I feel so proud to know a group of people that stuck with this coin , when everything failed.YOU are the guys that deserve to benefit from it....
I truly believe that after all the bad things that happened to this coin , it can now make a fresh start with the new team!
michael
Michael, thank you for clearing the air and setting the record straight. Your apology is accepted and appreciated. This demonstrates the kind of leadership that UTC needs and deserves and I wish you well going forward. As to the other new community members that decided to attack me for my valid questions, I will not respond. |
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What is Proof of Stake?20% interest per year if you:
1. Have UTC in wallet
2. Don't spend it during that year
3. Have wallet online all year
4. Have wallet unlocked for minting, do this like so:
- Open debug window, then console, then type: 'walletpassphrase' yourpassword '999999999' true
In Depth Explanation of POS: https://en.bitcoin.it/wiki/Proof_of_Stake Where does it ever state that the POS was "under construction"? It looks like it's spelled out in black and white right on the first page of this thread. Are you saying that Michael isn't responsible for these changes? Was/is he the original developer of the coin? How do we know that this coin will not be manipulated again in the future? I know these are good intentions, but how did reducing the block reward have a positive effect on the coin? Show me the evidence that it did anything but drive miners away and volume down. Those are 2 of the most important things for a coins success. Knee jerk reactions to the loud voices of a few will not provide a future for this coin going forward. Constantly changing the path of this coin shows a lack of leadership to steady the course and will destroy the confidence of the loyal supporters. Unfortunately, we've already lost a good deal of talent and senior members of the alt coin community. These are the people who have the strongest voices in the chats to whom others look upon for advice, when investing in a coin. I think at least an apology should be made to the community for the mismanagement of the coin and POS from the start. This would a least go a long ways towards a positive path forward. Saying that the POS was "under construction" is dodging the facts and shows a lack of integrity. Let's get the "facts" out on the table and start with a clean slate. |
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 1. POS Update with Window and Mac wallet ~ 5.2% p/year and 0,1% p/week ( http://en.wikipedia.org/wiki/Proof-of-stake ) 2. Android mobile wallet 3. Iphone mobile wallet 4. Increased acceptance of CoinPayments on web shops 5. Update content on website and BitcoinTalk original post Please answer the question regarding POS to date. There are many of us that have been staking coins from the start of this coin and were promised a 20% interest after one year. We stand to lose approximately 10% interest on our stake, if the POS is changed. How is this going to be addressed? |
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have the details of PoS changed with the new wallet? Or is it still hold for 365days to get 20%. I thought I heard it changed, but I havent moved my coins since April and nothing is staking in v1.0.3.
we are now finalising an update that will change the POS to weekly instead of yearly, 0.1% per week So what happens for those of us who have been staking coins for the last 6 months? That would equate to approximately a 10% loss of interest that was promised when the coin was started. First you reduce block rewards from miners, who were the original supporters of the coin to appease the whiners. Now you want to take away 10% of my stake interest. Haha 1. The coin doesen't even excist for 6 months 2. It was known the pos was "under construction" and did dent work yet 3. The "old team" did dent make finall pos discisions and did dent realise it 4. No bank wil give you ever 5.2 interrest 5. A higher pos will be not in the final interrest of the lifetime cycle of the coin and thus for you and me 6. Reducing block rewards was needed and in the interrest of the coin and thus for everybody My advice bro: dont look in the past....look at tommorow I should have been more specific as to whom my question was directed. It was directed to the leadership team and not some Johnny come lately. The POS was not under construction from the beginning and has always been promised as long as the wallet was unlocked. No one said anything about a bank, those were promises made by Michael at the introduction of this coin and throughout the life of this coin. The last time I checked, he is/was the coin leader. Please explain and show me the charts to prove that reducing block reward made this coin better. A very short spike up and a fast downtrend as miners and volume went away. Also, I said approximately 10%. Look up the word approximate and stop attacking people. My advice bro: don't answer valid questions that you're not qualified to answer. |
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have the details of PoS changed with the new wallet? Or is it still hold for 365days to get 20%. I thought I heard it changed, but I havent moved my coins since April and nothing is staking in v1.0.3.
we are now finalising an update that will change the POS to weekly instead of yearly, 0.1% per week So what happens for those of us who have been staking coins for the last 6 months? That would equate to approximately a 10% loss of interest that was promised when the coin was started. First you reduce block rewards from miners, who were the original supporters of the coin to appease the whiners. Now you want to take away 10% of my stake interest. |
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Good luck to everyone!  |
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My personal statement regarding Dcgirls departure:
I am deeply hurt by some of her words and i wil explain what happened behind the scenes, because i will not be made the bad guy in this situation.
the words "I just don't see the same level of dedication and commitment from our founder" are the most hurtfull thing of all and i will tell you why.
In the beginning of this coin i was supposed to be 50/50 with ziggy and we all know what happened,he left and i had to do everything,that became a bit overwhelming at the time.But then some fantastic people came to my aid, Xwebnetwork,Dcgirl and jakoblight.I was super gratefull for that and they helped me in many many ways.
Over time dcgirl made alot of suggestions regarding the organisational structure,and i allowed all of it, that meant that i no longer made al the decisions on my own but everything was now a team desicion.
I willingly gave up my authority because thats what was wanted by the team.however this lead to alot of frustrations because people can not agree all the time on everything.
This lead to alot of fights and dcgirl was not very reasonable,because you can not suggest to take all authority away from the founder and then complain there is no dedication,after i was turned into a mascotte
but im not here to burn her,just to express my side of the story.
Dcgirls work was fantastic,but behind the scenes many things were wrong.
I also would like to say that she did not even tell me personally she left, i had to read it on this forum and i think thats rude and unprofessional.She often spoke about being professional to the community but i was not given the same courtesy on multiple occaisions.
So again, her work was of outstanding quality,but the rest of it was not very desirable.
If you think the coin is now dead, think again.
I have said this over and over, when we have a budget, everything will be fine. Originally the ipo btc was to have a budget so the coin could grow.But i severly overpaid some people for their services,and others left.
I did what i said i would do and i re invested in asics, which will be shipping in july.At that time i will simply hire a team of devs to make my minecraft plugin,as well as other things.
so let dc girls statement be proven false right here "I just don't see the same level of dedication and commitment from our founder"
Ziggy left UTC,the consultant who was paid 5 btc + 100k utc left UTC, the marketing guy left UTC after being paid 15 btc,now dcgirl is leaving UTC.
who is still here?
me.
so let the world see how dedicated and commited i am.
So who was working on the following and who is going to be going forward? ultra-arb premium our own multipool in game minecraft economy mobile wallets I don't think putting dcgirl down bought you any favors in this community. Most of us are all to aware of who was doing the actual legwork for UTC. Do we actually need to list and compare accomplishments? A very smart man once said:  |
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I have to agree with musicmaker. As I recall there was a plan to drop nfactor back to n11 - this was still a good era for all the miners. I have a feeling that (almost) all non-Chinese people are a bit scared of Chacha with nfactors switching. So, drop nfactor, keep it for a long time, invite miners  Not true fredeq! The constant manipulation will continue to take this coin lower and lower. What miners do you want to invite? How will that actually cause the price to rise? Because the price was higher when it was at NFactor 11? I think most people here hate miners somehow which is why they dropped the block reward in the first place. I warned against it. Of course, I was ignored and shouted down because it was 'negative'. I'm making more UTC/day now, with less hardware, at N-factor 13 than I was at N-factor 11. Difficulty drops at each N-factor due to the decrease in hashrate which makes it very difficult to gauge the long-term trend in difficulty over several N-factor changes. But as I said, I'm making more coin with less hardware than two months ago. The only way this is possible is if less hardware is on the network (fewer miners/fewer dedicated rigs). Since I generate more coins, I can sell them cheaper and net the same profit as two months ago. It's supply/demand economics in it's most basic form. Price wasn't higher two months ago because N-factor was lower (although that made it easier to config hardware, which is another, yet related issue). Price was higher two months ago because there were more miners dividing up the same coin supply (actually more since reward was still 50 UTC/block). Less coin per miner meant they sold at higher prices. Profitability is still a great marketing point for this coin. And there are several areas where we can position ourselves to win over new miners: *Continue providing better tools for configuring mining hardware such as the configgen page. *Continue to investigate changing N-factor scheme to make mining consistent and user-friendly *Develop tools and market to Nvidia miners. I'm mining on 750ti's and they are loads easier to configure than my AMD cards are WAY more efficient. Look for a big market of miners to arise when new Maxwell GPUs are released later this year/early 2015. *Shorten POS - obvious *Continue to position ourselves as the GPU mining alternative when scrypt ASICs push LTC/DOGE difficulty to the stratosphere (probably in 2014) *Other thoughts? How about posting expected hash rates (range) that a given GPU can expect to get. Should be posted on the announcement page. I doubt that many non-utc miners know what hash rate to enter in the block for Whattomine.com for Chacha (Nf13). |
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Lol I haven't spent much time in this thread for well over a month now... I'm remembering why. It's turned into a bad daytime talk show of the likes of Jerry Springer. I'm just waiting for someone to drop the "YOU DON'T KNOW ME!" line.
In regards to the falling price, I have been observing some very interesting things lately. I'll take this moment to share while we wait for them to reveal if Bumface is really the father...
One of the economic principles that bitcoin is based on concerns the relationship between coin price, mining difficulty and cost to mine. The idea was that price of bitcoin would reflect the cost of mining that bitcoin (how much hashrate/hardware and power it would take to mine a BTC) which is derived from the difficulty. In theory, as the cost to mine increases, the price would increase-- leading to more mining > increased difficulty > higher cost to mine > increase in price and so on. This pattern is well established throughout BTC's history as well as other cryptos like LTC: Increases in price correlate very well with increases in difficulty, especially in the early days of a coin. There's a bit of "chicken-egg" argument here, but I believe the reality is a positive feedback loop where ^ price drives ^ difficulty which drives ^ price.
Now consider Ultracoin. Because UTC has very little utility (liquidity) outside of arbitration (which negates itself as bought UTC is immediately sold), UTC's price is almost entirely influenced by the pattern outlined above. Only in UTC's case, the positive feedback loop is causing price to fall along with difficulty. Price dropped after launch (amplified by a severe crypto bear market) which caused miners to go elsewhere. As miners left, difficulty fell lower and lower. Miners who stayed with UTC generated UTC at a quicker rate-- the cost to mine went down. If you'll remember, even while UTC was dropping it was almost always one of the most profitable coins to mine. In fact, at current prices, UTC is STILL very profitable compared to many other alts (depending on your power cost, hardware, etc).
To sum up:
*UTC price is almost entirely influenced by cost to mine at this point, as there is little else to affect the UTC market, much like the early days of BTC.
*Cost to mine is decreasing due to miners leaving > decreasing difficulty > more coins for miners who stay > miners can sell at lower prices
If all this holds true, then the best short term boost for UTC would come from increasing the cost to mine. But it has to be done naturally, not by cutting block rewards or increasing block times. The only solution for this would be bringing in new miners to boost difficulty. Features such as shorter POS, more consistent N-factors, and better resources for miners (configgen, how-tos, etc) will go a long way towards helping this issue. This community should continue to focus on these items.
Disregarding the first couple of lines of negativity and sarcasm, Musicmaker is absolutely correct. UTC has been at the top of the charts for awhile now in regards to profitability. This is what should be shouted out in the chats and promoted. This would have and still can attract new miners to the coin. As I'm sure most miners will agree, we hold some and we sell some. I would hazard a guess that a lot of the old miners of UTC that are still mining have a bag full of UTC that they are satisfied with for now. Since UTC is one of the most or not the most profitable coin, they continue to mine, but dump all of their recently mined coins to invest in BTC, LTC, BC, DRK, and a few other P & D coins. By attracting new miners, you should see them bag some coin and dump some coin. This will reduce the dumping and take away from those who dump all of their coins. The number of coins generated daily does not change with more miners. The difficulty will rise and the coin will be harder to get and hoard, causing demand to rise. In the long run there still needs to be development for the actual uses of the coin, which dcgirl has been so graciously devoting her time. Unfortunately there are too many here that want immediate results and returns. Focus on expanding the community first. Be nice to new members. Help them with their configurations regardless of how many times it has been posted in the past. Isolationism will not work here and is not what we want. There are a lot of miners, who would love to use their gpu's to mine a profitable coin. Let's help them. |
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+1
The whining and disrespectful nature of some of the posts in the last couple of days is abhorrent. (Some of you need to go look that up)
I'm not calling anyone out, but there needs to be some apologies made, troll or not.
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Please read the rules on voting at Coin Payments. You cannot offer money for votes and you cannot vote more than once.  |
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.........
The development team is a group of swindlers
Has been the development team in the dumping of coin
Oh look a Troll, welcome to my ignore list KC +1 agree with KC |
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Almost 48,000 UTC dumped on Mintpal, since the last BUY. Who had the weak hands??  |
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All,
Time for action!! The CoinPayments vote to accept a new coin is now open. Getting on Coinpayment would be a huge boost for Ultracoin and accelerate it into a premier class of alt-coin. Coinpayment allows merchants to accept crypto-currencies for purchases and is well recognised.
The voting is strict and we need everyone to participate, you can only vote once so we need everyone to participate, this can't fall to a few dedicated individuals!
Last month the winning coin achieved just over 100 votes so come on Ultracoin believers go to Coinpayment and vote, you will need to transfer 0.001 BTC which goes to The Water Project
https://www.coinpayments.net/vote
KC Voted!!!  Just waiting for it to confirm. Edit: Confirmed We need the community to assist with this vote. This is a key step for a payment processor for UTC. https://www.coinpayments.net/vote-thanks |
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Just dumped 10k out of panic.
Well, your 10,000 utc dump just showed back up on the Cryptsy buy order list. It's up to everyone whether they let them have them back cheap. Pure manipulation by someone trying to increase their stash, knowing that the price will go up in the long run. Can't say as I blame them. It'll get rid of some weak hands. An investment is not something that is measured in seconds, minutes, hours, days, or weeks. It is measured in months and years, hence the POS after 1 year. If you're looking for a get rich quick coin, there are plenty out there. But remember, they're also a get poor quick coin. Think of ultracoin as a long term investment. Put them in your wallet and come back in a year and be pleasantly surprised!!! |
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Ultra-Arb Update
My plan today was to release the new Coin360 feature for Ultra-Arb. I ended up having to remove Poloniex (hacked) from Ultra-Arb instead, and then re-work things so if an entire exchange goes down in the future, no work will need to be done. (I do have a backup and can restore it quickly when it comes back)
So I'm hoping to release Coin360, possibly tomorrow and will provide an update as soon as it is ready for testing.DCgirl, Thanks for the hard work!! And thanks Ivanlabrie, for warning this thread about that exchange! I never traded on it - and especially after you posted your thoughts on it I realized it was too good to be true. Sorry that it ruined your Friday DCgirl!! +1 Dcgirl you're doing great work. Your work ethic and determination are enviable. Thank you!!! |
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It looks like Nitro 1 is closing. All of the miners will there will probably head to Nitro 2 creating one large pool again.  Ultra.leetpools.com has upgraded and the orphan problem is no greater than and may even be better than any other site. I encourage all of the miners to review and try to spread the hash rate out again. |
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Someone is submitting a ton of rejects at ultra.leetpools.com. It's not affecting orphan rate, but it sure is hurting the miner.  |
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