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1  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: [ANN] Crypto Rush - Crypto to Crypto exchange on: April 01, 2014, 09:47:25 AM
Are people able to withdraw any non-affected coins?

I'm trying to withdraw coins from non-depleted wallets but it still says "error: please try again later"

Is this happening to other people as well?
Few days back I withdraw Doge and RDD both was working but now not sure what going in this exchange

It's working again. I was able to withdraw some of my random alts. Wish everyone luck in getting their coins out.

Edit: Only about half of my alts were successfully withdrawn. I tried to do it in smaller chunks which worked for a while, then about halfway through the error came back.
2  Alternate cryptocurrencies / Service Announcements (Altcoins) / Re: [ANN] Crypto Rush - Crypto to Crypto exchange on: April 01, 2014, 09:30:22 AM
Are people able to withdraw any non-affected coins?

I'm trying to withdraw coins from non-depleted wallets but it still says "error: please try again later"

Is this happening to other people as well?
3  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: April 01, 2014, 01:31:39 AM
Can I vote no confidence?

X-11 / POS hybrid was the best option, as the first poll clearly indicated.

The 2nd best option would be:

X-11 w/reduced block rewards - why isn't this one of the choices?  Huh

As for the pure POS, how are we going to get new people excited about NYAN if they cannot mine it??   In order to attract investors we need a community, and to build a community we need a mineable coin.

X-11 w/ reduced block rewards is impossible because it would lead to too low of a network hash rate to protect the coin from 51% attack.

X-11 / POS hybrid with reduced block reward would lead to even lower POW hash rate. Even though it will be protected from attack by the POS portion, it is still not really worth all the effort.

If miners want to join the NYAN community, they can easily mine other coins and buy NYAN. That was what I was doing for quite some time myself, mining NYAN directly isn't the most profitable and I could get more NYAN simply by buying after mining something else like DOGE. Changing to POS from POW does not lead to people not joining the community, they will do so anyways by buying. In fact, if the coin is attractive to investors, we'd actually get more of a community than we have now. I think most of the crypto community nowadays aren't even miners, they are investors. (i.e. blackcoin proved that you can get plenty of interest and a community even after the coin has switched fully to POS from POW).

I have been explaining these points to you over and over again simcom, but you don't seem to answer them at all...
4  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! on: March 31, 2014, 08:36:10 PM
Please make your final votes on the algorithm changes.

The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.

Poll will close in 48 hours and then implementation will begin.


And how are you going to count the votes?

We can for example create a certain number of payment addresses corresponding to the number of voting options.

And after 48 hours, let implementation will begin, the implementation that will get the largest number of coins.

But after 48 hours, all coins should be returned to the address from which they were transferred.

Of others, but I would such a voting system liked )

And such method of voting imho can be used for voting on any question, perhaps this could be one of the a way of using coins for NYAN lovers

(of course, with some automation and limitations, that we can discuss here, if it would be interesting)



Wait what? Just vote from the poll at the top of this thread. What you just described is a ton of work for just a one time use for voting...

Edit: Also, I think one person should count for one vote. Otherwise, it's too skewed in favor of bagholders and will end up with POS for sure. (I am for POS, but I think we should reach that conclusion fairly as a community with equal voices)...your idea benefits me probably more than anyone else here but I still think it's unfair.
5  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 08:35:04 PM
A few things I could like about PoS. The premine wallet/wallets could set up a level of security if always running. It would also generate coins I hope would be used at least 90% for giveaways. I would like legit promises they would be doing so, though.

It would also stop more Nyan from being produced faster than there are buyers. Counter to this, a fiat/Nyan exchange might help PoW accomplish nearly the same goal with a halving before the launch of the exchange. Though that exchange could equally help PoS.

So with PoS, what interest rates are we talking? Over how long? If I remove or add coins from my PoS wallet, will it stop earning coins for a while? I heard some coins require holding wallets. How many coins would it generate versus what is generated curently?

The amount of coin generation and all these things are open questions that should also be discussed as a community. As for the premine coins, I have it from the dev that they no longer hold most of them. A lot were given to Chris and a large amount were given away for promotion and bounties. I don't know how much they still hold exactly but it's definitely less than half of the premine.

Shouldn't we know what we are getting into with PoS before we agree?

Must have been too great of bounties then early on, 1.5 million nyan given away within what, a month?  Sad

A lot of coins went to Chris to get the license. I think composed of a greater portion than the bounties that were given away.
6  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 06:41:11 PM
A few things I could like about PoS. The premine wallet/wallets could set up a level of security if always running. It would also generate coins I hope would be used at least 90% for giveaways. I would like legit promises they would be doing so, though.

It would also stop more Nyan from being produced faster than there are buyers. Counter to this, a fiat/Nyan exchange might help PoW accomplish nearly the same goal with a halving before the launch of the exchange. Though that exchange could equally help PoS.

So with PoS, what interest rates are we talking? Over how long? If I remove or add coins from my PoS wallet, will it stop earning coins for a while? I heard some coins require holding wallets. How many coins would it generate versus what is generated curently?

The amount of coin generation and all these things are open questions that should also be discussed as a community. As for the premine coins, I have it from the dev that they no longer hold most of them. A lot were given to Chris and a large amount were given away for promotion and bounties. I don't know how much they still hold exactly but it's definitely less than half of the premine.
7  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 06:11:41 PM
You are talking about mined block maturity time. That's fine, we can change that to 6 hours or whatever. You said confirmation so I thought you meant block generation time. Miscommunication, sorry.

What about my other points about network hash and POW/POS though?

Yes, that is what I meant. It spares insta-dumping. Smiley  6 would probably be best, too, I agree. Too much more might build up Nyncoin in pools too much for safety.

On hashrate. Nyancoin is low now, and some big steps could easily get that hashrate back to at least triple what it is with relative ease.

I do not wish for a halving with X11 instantly, but some time well before block 337k.

On PoW/PoS, I was pretty certain from peercoin having both prevent one from being attacked without the other also being required to be attacked.

One of the things that I have noticed my time with NYAN (which is the entire life of NYAN) is that we relied on the nyancat community to bring a huge boost which never came.

It never came because the nyancat community doesn't know anything about crypto and they don't really care about it much. We kept promoting to them, but they basically didn't come to the coin at all. This is the reason that we lost so much of our value in this time.

The reason why I promote a change in supply and change to POS is because we can shift our attention away from the nyancat followers and try to court crypto investors instead. If we change the specs of the coin to be deflationary by nature and to encourage acquisition by purchase, we increase incentive to buy and speculate in the coin.

I don't think as it currently is, there are many big moves left we can make to increase adoption of the coin. We no longer have the volume for marketplaces to take us as a coin and even though we are high on the votes list, even Cryptsy is ignoring us because of lack of volume. I want to change to POS to encourage buyers, which encourages volume. Only then can we get other places to take up the coin.
8  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 06:04:31 PM

I assumed the 337 to 33.7 reward Wink


Quote from: Atheistftwins
That aside, the reason we can't afford to lower block rewards with X11 is because however much we lower it is however much less miners we will have. Lets say block rewards become 10% of what they are now. Then we will have ~10 Mh/s as our network hashrate. Well guess what? I myself have roughly 9 Mh/s under my control. I would then be able to go in and kill the coin with a 51% whenever I wanted to. Is that a vulnerability you want the coin to have?[/qoute]

That was just a random example I was using to prove a point. We don't have to drop it to that extent. I agree that a merged POW/POS model will defend against the possibility of attack.

My question is: is it worth it? If we drop the supply AND share blocks between the POW and POS systems, then there will only be a few megahashes worth of miners. It's a lot of work to implement such a system and do we really want to spend that much work just so a few miners can still mine?
9  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 05:32:48 PM
What you said is straight up false. DOGE has 4 hour difficulty retarget time. It's block confirmation time is 60 seconds. Difficulty retarget time doesn't do much for us since we have KGW. I don't know what you are talking about, but it certainly is not fact.


Much accusation. You are going off old information, again.

http://blog.dogecoin.com/post/79433719646/mandatory-update-dogecoin-1-6

Blocks retarget actively, at any time. Confirmations are 4 hours.


You are talking about mined block maturity time. That's fine, we can change that to 6 hours or whatever. You said confirmation so I thought you meant block generation time. Miscommunication, sorry.

What about my other points about network hash and POW/POS though?
10  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 05:04:02 PM

The whole idea of a coin is as a currency...did you forget? Changing block confirmations to 6-12 hours makes it impossible to use NYAN to buy anything...What if you wanted to buy a coffee but it took 6 hours just to confirm your credit card? That long of a block time defeats the whole point of crypto.

That aside, the reason we can't afford to lower block rewards with X11 is because however much we lower it is however much less miners we will have. Lets say block rewards become 10% of what they are now. Then we will have ~10 Mh/s as our network hashrate. Well guess what? I myself have roughly 9 Mh/s under my control. I would then be able to go in and kill the coin with a 51% whenever I wanted to. Is that a vulnerability you want the coin to have?

POS will not suffer this problem since anybody can just open up their wallet and leave it open. Therefore, many more people will be able to hold NYAN and protect the network. It also costs very little from an electricity point of view to do so. Miners have obligations to meet, they won't stick around in our network providing hashes to protect us just for fun.

Even with the 120 minute confirms, my nyancoin are sent from wallet to wallet and usable within 3-10 minutes. New block confirmation time does not have a significant effect on the usability of the coins. This is a long held misconception. Doge is at 4 hours right now.

How does lowering reward magically lower hashrate? What lowers hashrate is less miners.

So I need to open my wallet and leave it running to collect coins with PoS? Talk about ass pain favoring bagholders, with possibly corruption by said people when most dont want to leave a wallet with a few thousnd nyan open on a pc 24/7 only to make nearly jack shit returns.

What you said is straight up false. DOGE has 4 hour difficulty retarget time. Its block confirmation time is 60 seconds. Difficulty retarget time doesn't do much for us since we have KGW. I don't know what you are talking about, but it certainly is not fact.

Miners leave when the profit is less. There's nothing magical about it. Give less rewards and that many less miners will stick around. If we drop supply by half, then to keep the same number of miners, the price will have to double. The real question you should ask is, what will magically cause the price to double?

As for obtaining NYAN, that's why we were suggesting a pool which buys NYAN with whatever coins are mined. In fact, you don't need a special pool for this...if you want NYAN, you can mine anything and then convert it to NYAN on the market whenever you like.
11  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 04:42:55 PM
I don't want another Blackcoin clone...jesus, can't we be original?

"If only we market like doge," "if only we PoS/multipool for nyan," "maybe we should have an alt to nyan exchange."

That said. x11 is best. With no mining comes no interest, especially if I have to hold huge amounts for long periods in an untouchable wallet (like some PoS) to make any more nyan.

Also, why x11 and even distribution? Can't we get a block halving much sooner? Say block 133700?



We don't have the hash to sustain block halving. If we decrease supply with POW, anybody who feels like it can come by and do a 51% attack on us at the current market cap.

If we were a bigger coin, sure I'd agree that we can change the supply and use X11. However, we don't have that luxury. If you want to change supply, we use POS. If not, then X11 is fine. Though, if we don't change supply, I see nothing that will really turn the current trend around...

Edit: Also, I'm all for original ideas. Do you have any?


Also also, make block confirmation take 6-12 hours!


Wait what? Care to elaborate on how this helps the coin?


Why can we not reduce block rewards with X11? Seriously? I don't get it in the slightest why we don't have "the luxury" to do so. What does hashrate even have to do with the reward? Nothing I'm pretty certain.

The only reason our hashrate sucks is because there is nothing to spend nyan on and the certain future, no promotional campaign, little dev activity, and no public knowledge the nyancat dev actually cares for the coin and wants it to succeed. It seemed like heels were being dragged until just now.

PoS suffers from timestamp exploits more-so than PoW as well. It would not be hard too corrupt.

Increasing block maturity to such levels effectively eliminates "profitability miners" from the picture. No miner who cares about nyan needs his coins sooner.

The whole idea of a coin is as a currency...did you forget? Changing block confirmations to 6-12 hours makes it impossible to use NYAN to buy anything...What if you wanted to buy a coffee but it took 6 hours just to confirm your credit card? That long of a block time defeats the whole point of crypto.

That aside, the reason we can't afford to lower block rewards with X11 is because however much we lower it is however much less miners we will have. Lets say block rewards become 10% of what they are now. Then we will have ~10 Mh/s as our network hashrate. Well guess what? I myself have roughly 9 Mh/s under my control. I would then be able to go in and kill the coin with a 51% whenever I wanted to. Is that a vulnerability you want the coin to have?

POS will not suffer this problem since anybody can just open up their wallet and leave it open. Therefore, many more people will be able to hold NYAN and protect the network. It also costs very little from an electricity point of view to do so. Miners have obligations to meet, they won't stick around in our network providing hashes to protect us just for fun.
12  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 04:18:43 PM
I don't want another Blackcoin clone...jesus, can't we be original?

"If only we market like doge," "if only we PoS/multipool for nyan," "maybe we should have an alt to nyan exchange."

That said. x11 is best. With no mining comes no interest, especially if I have to hold huge amounts for long periods in an untouchable wallet (like some PoS) to make any more nyan.

Also, why x11 and even distribution? Can't we get a block halving much sooner? Say block 133700?



We don't have the hash to sustain block halving. If we decrease supply with POW, anybody who feels like it can come by and do a 51% attack on us at the current market cap.

If we were a bigger coin, sure I'd agree that we can change the supply and use X11. However, we don't have that luxury. If you want to change supply, we use POS. If not, then X11 is fine. Though, if we don't change supply, I see nothing that will really turn the current trend around...

Edit: Also, I'm all for original ideas. Do you have any?


Also also, make block confirmation take 6-12 hours!


Wait what? Care to elaborate on how this helps the coin?
13  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 02:46:30 PM
I agree with Atheist.  If we were to cut it at block 133700 and make it pure POS after that.   We could start a few pools which would mine other profitable coins and sell those coins for nyan.


That's a great idea, this way miners can still mine to get NYAN and at the same time, it would increase the value of the coin.
14  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 02:16:19 PM
Please make your final votes on the algorithm changes.

The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.

Poll will close in 48 hours and then implementation will begin.

Can we go from POW to POS?

Yeah, it would require a hard fork and significant changes to the coin's code, but it is possible.
Сan I hear your concept implementation of POS? Because NXT is 100% premine coin.

I think we should discuss that as a community if that's what is voted in the end. I think that's what the dev is planning as well. I personally think we should cut it off at block 133700 or something and just make it POS 2% yearly inflation after that.
15  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 31, 2014, 12:10:32 PM
Please make your final votes on the algorithm changes.

The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.

Poll will close in 48 hours and then implementation will begin.

Can we go from POW to POS?

Yeah, it would require a hard fork and significant changes to the coin's code, but it is possible.
16  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 30, 2014, 07:41:31 PM
The reason I'm saying pure POS, is because we need to change the distribution of the coin and the max supply.

But POS doesn't change inflation of the coin or the max supply...

These are separate issues.

I know, and agree that in a normal situation we would be able to adjust supply without relying on POS. However, given the current price of the coin, if we attempted to shrink supply of the coin without POS, the network hash would be unreasonably low. Anybody who felt like it could come by and kill the coin with a 51% if that happened.

My argument is just that, we need to start attracting real crypto investors. Continuing to hope that nyancat followers will actually buy the coin in its current state seems to be a bad decision. We also definitely need an algo change to keep up with the times. The only one that makes sense for me is POS and then we dramatically shrink supply.

If we could, I agree we should shrink supply and do X-11 instead. However, that's just impossible given the hash rates that would result in. I want the coin to succeed but honestly we need a real game changing move, not just a superficial facelift, to stand a chance.
17  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 30, 2014, 05:41:22 PM
Our problem has to do with the low volume fundamentally. The low volume happened because our market cap is so ridiculously low. Because of our low volume we can't get anybody to take the coin whether it is marketplaces or Cryptsy.

Our problem is not low volume, it is low price.  The price is very low and continues to fall, the low price results in very few miners, very few investors, very little interest in the coin.

Second, our community will grow as long as there are people who hold the coin. Our current status is not encouraging community since we have so few miners (due to low network hash) and any miners who are not already long term holders are basically dumping the coin as soon as they mine it.

I don't think people holding the coin will cause the community to grow.  If anything lots of tipping on reddit, moving the coin around will allow the coin to grow.  A sudden spike in the price would also help (by driving miners to the coin, boosting it's position on coinmarketcap.com etc.)

I realize now we have a fundamental problem (had I realized this problem months ago I would have sold all my NYAN then, but since I didn't, here I am trying to work around it). That problem is, sure we have 7 million people following nyancat but 99.999999% don't know anything about crypto nor could they care less.

I agree with this.  Sure there are lots of people on the Nyancat facebook page but they have not been given a reason to care about nyancoin.  Some ideas that would change this:

1) Nyancoin incorporation into an ALREADY popular Nyan game.  Let people buy in-game items with 1-2 Nyan, let them earn nyan with a browser miner. 
2) Nyancoin incorporation into the Nyancat store
3) Special items in the Nyancat store that can only be purchased with Nyancoin
4) Special items in an already popular Nyancat game that can be purchased only with Nyancoin


On the other hand, the people that actually build a coin, the crypto community, leave as soon as they see that the coin is not a good investment. The current version of the coin is not a good investment because:
We are under 20% of the way to the max coin count.
Our distribution is slow so our network hash is destined to be small.
Inflation and low volume make the coin unattractive to be accepted in any market.
We are attempting to cater to a community that frankly has proven they do not know or care about crypto.

The root of our problems is low demand for the coin, and thus low price. A lot of these issues wouldn't really be problems if we just had some more demand for the coin.

X-11 changes nothing fundamentally about the coin, it just makes the GPUs cooler. This won't make a flood of people suddenly care about the coin.

Changing to X11 was not meant to be a game changer, brining in lots of new people - we just need to move away from scrypt because if we don't in one months time the Asics will start raping us - they will find every single block and immediately dump the coin, amplifying our current problem of low demand/low price.

Changing to POS is a different story, if we did that, then inflation would not be a problem. The coin would be rarer which would make people want to buy it more. We could start to build the volume we need for marketplaces. Once marketplaces take us, then we can make advertisements to the nyancat community and they will start to care since they can then buy things with the coin.

Changing to POS alone would not affect inflation.  Only a change in reward schedule would affect inflation.  (ie 337 coins every 1 minute would still continue to be true with POS). As far as building volume, that will ONLY come with more demand/ higher prices.


What is the best case scenario for X-11? We get a small boost of attention, maybe a few hardcore miners will stick around, but the price of the coin will not change since we would be helping the miners, not the investors. POS would be encouraging investors to buy the coin, which is what we need to save it.

Your main point is that POS will make the coin more rare which will increase investor demand, but this isn't true, 337 coins will continue to be produced every minute - just via POS not via mining.  We can of course change this to something lower, which might help the price problem that we have by reducing supply.  Maybe 33.7 coins every minute would be a good solution.  X11 is not being proposed to boost investor interest, it is being proposed to make mining viable once ASICs hit the market. I think you want the algo change to fix the fundamental problem that the coin has: no demand. I don't see POS or X11 increasing demand very much. But at least switching away from scrypt will allow the coin to still be mined by a normal GPU, keeping it accessible to everyday users.

The reason I'm saying pure POS, is because we need to change the distribution of the coin and the max supply. Our current model is just going to make things worse as we keep going. However, if we decrease the supply of the coin moving forward, then the hash rate will get so low that it will be ridiculous, thus POS instead of POW is the only way we can do that.

The thing is, we need some sort of game changer. Just making small adjustments will not save this coin. POS is a game changer that will be a gamble yes, but in a bear market for all cypto right now (last checked even bitcoin is only 450 right now), we need to gamble now or never.
18  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 30, 2014, 05:09:59 PM
We don't have to worry about a 51% attack no matter what our marketcap is (as opposed to auroracoin which just died because of one)
Um, Auroracoin didn't die. The dev supposedly claims that there wasn't a 51% attack, either. I didn't verify that part, but I did verify that it's trading like normal, so it's obviously not dead. (I don't know why someone would want to hold that coin, but that's another matter.)

I'm just going by the btctalk thread:

https://bitcointalk.org/index.php?topic=546338.0
19  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 30, 2014, 04:50:36 PM
I disagree with a pure POS model. Sure, Pure POS would be great for people like me that have boatloads of coins, but it's bad if we want to grow the community.  Mining is the engine that drives community growth. New miners discover the coin, mine some, and support the coin now that they have acquired a stake in it's success. Without mining the coin would just be in a perpetual state of stagnation whereby only current coin holders gain interest and everyone else is shut out. It would be the worst possible scenario for a "fun, newbie friendly" coin like Nyan.  For this reason I prefer the hybrid x-11/POS option.

I'm going to ignore Tyson187 since he is not making any real suggestions and just insulting people, but to answer your concern, this is why I think our problems can't be solved by just X-11 change:

Our problem has to do with the low volume fundamentally. The low volume happened because our market cap is so ridiculously low. Because of our low volume we can't get anybody to take the coin whether it is marketplaces or Cryptsy.

Second, our community will grow as long as there are people who hold the coin. Our current status is not encouraging community since we have so few miners (due to low network hash) and any miners who are not already long term holders are basically dumping the coin as soon as they mine it. I realize now we have a fundamental problem (had I realized this problem months ago I would have sold all my NYAN then, but since I didn't, here I am trying to work around it). That problem is, sure we have 7 million people following nyancat but 99.999999% don't know anything about crypto nor could they care less.

On the other hand, the people that actually build a coin, the crypto community, leave as soon as they see that the coin is not a good investment. The current version of the coin is not a good investment because:

We are under 20% of the way to the max coin count.
Our distribution is slow so our network hash is destined to be small.
Inflation and low volume make the coin unattractive to be accepted in any market.
We are attempting to cater to a community that frankly has proven they do not know or care about crypto.

X-11 changes nothing fundamentally about the coin, it just makes the GPUs cooler. This won't make a flood of people suddenly care about the coin.

Changing to POS is a different story, if we did that, then inflation would not be a problem. The coin would be rarer which would make people want to buy it more. We could start to build the volume we need for marketplaces. Once marketplaces take us, then we can make advertisements to the nyancat community and they will start to care since they can then buy things with the coin.

What is the best case scenario for X-11? We get a small boost of attention, maybe a few hardcore miners will stick around, but the price of the coin will not change since we would be helping the miners, not the investors. POS would be encouraging investors to buy the coin, which is what we need to save it.
20  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][NYAN] NyanCoin - ★★★V1.2 Released! KGW Implemented! MANDATORY UPDATE ★★★ on: March 30, 2014, 01:11:42 PM
Here is my argument for going to full POS:

No more worries about pools dumping.

We can control the inflation and cap the max number of coins to a more sustainable number. (Look at BlackCoin, their only selling point was that they had POS and low inflation and their current market cap is over 2 million).

We don't have to worry about a 51% attack no matter what our marketcap is (as opposed to auroracoin which just died because of one)

Without being diluted by constant high inflation, we can focus on the fundamentals of the coin: which is that we have a great IP and branding that would allow us to compete well with established coins. Right now, the fact remains that we are not even 20% through the total number of planned coins, which is severely deflating current values. Allowing investors to not have to worry about so many more coins being produced and instead showcasing our strengths, would encourage invesment.

More incentive to buy the coin: Only way to get more coin is to buy it or hold existing coin.

where comes the mining part in this?
is it still needed for the chain to work?
if there is no more reward for mining then it is not needed to change algo right?

We need to change the algo to POS. That way the network will give rewards to those that prove stake instead of prove work. There is no traditional mining in pure POS, but can think of anyone with a wallet as a "miner" with a hash rate equal to the number of coins they have.
yeah sorry... I meant that it would be useless to change to x11 cause it would not be necessary (or is that what the dev means with a hybrid model)

A hybrid model is also possible, with some of the blocks being mined and some of the blocks being generated by POS. That is the version that has the most votes right now in the poll.

My argument is that we don't need a hybrid model, it's going to take work which will take time to implement both, and time is something we don't want to waste. A hybrid model doesn't benefit us any more than pure POS since we have a low network hash, and if we take away blocks to go to POS, then our hash will get even lower to the point that it is negligible. Might as well just implement pure POS.
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