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Another block halving last night (around 9pm GMT). Block reward for POW is now 6.25
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So you are telling me grue , the guy who is a staff and one of the most trusted person in this forum might be wrong so we should trust you? The reason for you to send vouchers to them is to take their word , now without their word I wouldn't trust you at all , now with them I trust there is a real product that you sell but not sure if it worths it or not . Thats a BIG step , from now on you are not a scammer looking guy , just a sleazy salesman thats a huge thing in bitcoin community , you should be proud with that  I for example trust that if I give you money , I know I will get an ebook that will have a decent way to make money , maybe not 3k or 5k but there is definetly something there I know that , this is very important in bitcoin community believe me. He's not a scammer, just a liar. He claims it's not affiliate marketing, which it is. In a series of PMs he and I had, he claimed the method did not require writing articles, which it does (the 30 steps outlined calls for a total of 75 articles to be written). The offer a few posts back to refund coins if it has anything to do with affiliate marketing should also be ignored. When I did receive the book and saw it was article writing, despite promises of the opposite, I was told to try anyway, or to use the bonus method included (which is essentially e-whoring, despite the claims of the OP). So, if anyone wants my copy that I paid for, it's available for download here: https://www.dropbox.com/s/qcavkdofnm738qp/Ebook.rar |
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The effect of 100% POS on the monthly inflation of Hobonickels
One of the reasons I like HBN is the fact that you can mint the coin without using mining rigs. Mining rigs consume a lot of energy, need a lot of attention, need to be bought and usually generate less coins every month where as minting hardly uses any energy and doesn't need much attention. Ok, you also need to invest but your investment generates more coins every month in stead of less.
But what about inflation? Granting 100% yearly interest on POS surely will sent the inflation through the roof, rendering your HBN-stash worthless over time. Or doesn't it?
Being almost a year into the HBN adventure I decided to do some math on the matter. To see what actually happens, what inflation is to be expected and how it's affected by the 100% POS rate.
First, I would like to know what inflation would be if there was no POS at all. Just the regular POW. Since the block chain tries to aim for a 30 second block interval, this isn't too hard to work out. 1 block every 30 seconds equals 2880 blocks a day. Since a POW block contains 5 HBN, the HBN money supply rises every day with 2880 * 5 = 14400 HBN. Let's put this together using excel:
Theoretical growth of supply without POS
block supply infl/mth
24-7-2013 0 0
1-8-2013 22646 113230
1-9-2013 111926 559630 394,2%
1-10-2013 198326 991630 77,2%
1-11-2013 287606 1438030 45,0%
1-12-2013 374006 1870030 30,0%
1-1-2014 463286 2316430 23,9%
1-2-2014 552566 2762830 19,3%
1-3-2014 633206 3166030 14,6%
1-4-2014 722486 3612430 14,1%
1-5-2014 808886 4044430 12,0%
1-6-2014 898166 4490830 11,0%
1-7-2014 984566 4922830 9,6%
So this is what we could expect without POS. 14400 HBN daily added to the supply. As you can see, the monthly inflation is decreasing. It makes sense when you think of it. For example in Oct. 2013 the supply goes in 31 days from 991630 to 1438030. An inflation (= increase of the supply) of 45%. A month later the same daily amount is added but since the supply is bigger than before, it's a smaller percentage. So in time the inflation will automatically decrease. Bear in mind: this is to be expected without POS!
Now it gets interesting. The theory is clear about inflation without POS but HBN has POS. a nice 100% of it. How did the supply evolve in reality? Did POS sent inflation through the roof? Let's see what happened. What's actually in the block chain. Check the above data to see the differences.
Observed growth of supply with POS
block supply infl/mth
24-7-2013 0 0
1-8-2013 24075 120372
1-9-2013 113060 541767 369,6%
1-10-2013 199014 960995 76,0%
1-11-2013 286219 1385908 43,8%
1-12-2013 372264 1849933 30,1%
1-1-2014 461136 2330766 23,9%
1-2-2014 550116 2778403 19,3%
1-3-2014 630790 3206341 14,7%
1-4-2014 719789 3671800 14,1%
1-5-2014 806508 4106540 12,0%
1-6-2014 898413 4629448 11,4%
1-7-2014 988559 5068546 10,0%
Indeed. What differences? In the first year of HBN, the 100% POS rate hasn't hardly changed the monthly inflation of HBN. On the first of July, the non-POS prediction of monthly inflation is 9,6%, the actual inflation with POS is only 0,4pp higher. That's hardly any effect at all! How is that possible?
I think the 30 second block time is key in understanding this. Whatever block is generated, the block chain will try to keep the block time at 30 sec, and thereby the amount of POS and POW blocks together as close as possible to 2880 a day.
So the possible difference in monthly inflation comes down to the difference in yield of POW and POS blocks. POW is fixed at 5 HBN. POS is not, so a high yield POS block (>5) raises inflation a bit but, and this is important, a low yield POS block (<5) lowers inflation as compared to POW only supply growth.
So if the mean POS yield is close to the fixed POW yield, POS adds no extra inflation. And this is the case with Hobonickels when considering the last year: 100% POS adds hardly any extra inflation. Funny isn't it? And the proposed max POS yield of 500 will drive it even further back.
Just let me know if you agree with my line of reasoning.
I generally agree with your reasoning, but just wanted to add another layer to your numbers. If we look at the actual supply as of 1 July, we can see that a large part of the additional inflation is actually due to almost 4,000 extra blocks being generated compared to the theoretical growth. Average block value as of 1 July is 5.127 HBN, which equates to 2.5% additional inflation, over pure POW. If we correct the numbers for 1 July, so that the number of blocks generated are in line with expectations, the money supply would only have grown by 9.1%, and thus be below the theoretical target. (We can also see that the average block size of blocks from 1 June to 1 July is only 4.871 HBN, and POS is actually lowering inflation) All in all I think we can conclude that for HBN POS does not appear to have a significant impact on supply, while still handsomely rewarding users who hold on to their coins. I believe that we can call this a win-win Disclaimer: I have used PressF1's numbers as-is, so any errors in his numbers will have carried over. |
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you guys are right,
I'm going to ask Presstab to build the Qt client for windows. I'm on a Mac and can't do it since my virtualbox is not configured properly yet.
sorry about that
No worries. I still got 10 hours till my next block stakes (: |
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Strange things happening.... I'm on the right blockchain, i used the getblockhash command. Thanks Unick! Current shows: getblockhash 592973 - 0000000cd886aa4eb844f5354e21cdc3a2e9af26cea2f18c7db09e904ca31aa8 Using the betaclient from here: https://www.dropbox.com/s/5xkk8npt6enabuk/GrowthCoin-Qt.zip"version" : "v1.3.0.0-beta", "protocolversion" : 60007, "walletversion" : 60000, But I'm only getting orphans when staking. Some go up to 10 confirmations and then get rejected. this is the wrong version you should have protocol 70001 please download the pre-release version (1.3.1.0) from this link https://github.com/iamunick/growthcoin/releasesthe version you should read in your client is 1.3.0.1 I just grabbed the Qt from the github link, and I get "version" : "v1.3.0.0-beta",
"protocolversion" : 60007,
"walletversion" : 60001, |
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I still like this coin... even though it's never staked. My info says: Stake Weight....... 14474 Network Weight.... 69070 You have a 50% chance of producing a stake next 47 minutes. Now this has been an hour or less at least 18-24 hours... So if each hour is a 50/50 coin flip... I have just flipped 24 heads in a row to not stake. Based on the coin info my chances of NOT STAKING would be about 1 in 16,000,000... So these numbers are off by SEVERAL ORDERS OF MAGNITUDE. But I still like this coin  If my understanding is correct, coins received prior to July 4th, still needs 30 days before they stake. Only new transactions after the July 4th cutoff, will be eligible for staking after just 15 days |
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What determines when an amount stakes once it gets older than 43200 confirms?
Thanks, Jason
Posted from Bitcointa.lk - #kYgHKMjT66LJUs73
As Biomech told you yesterday, it's time, not confirmations that determine which blocks are eligible for staking. Once you reach 30 days, it's all dependent on luck which block stakes (just like when you are POW mining). The bigger and older the block (more weight), the more likely a block is to stake |
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Minor bug that you could perhaps work into 1.5? Time stamp in transaction list and in coin control do not match (coin control is 1 hour behind) |
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Unick have you ever gotten a block in less than 9 days? I think this might have the same bug in the code that HyperStake has where it doesn't matter what the min age is, it will take 9 days min.
I had 2 pos blocks at 8 days 22 hours today/last night, but generally ~9 days do seem to be the norm |
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It is not a surprise that people don't know about this forum  Is there a way that Cryptostocks sends a group e-mail to all stock-owners, that disclosed their addresses? During the period where CryptoStocks didn't process deposits and withdrawals, CoinReturn sent out an email to everyone who had their email address disclosed on CS. (Un)fortunately they put every mail address in cc: rather than bcc:. I still have the email, with the then 134 shareholders who had disclosed their email. |
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[...]
Communications: please note that we will suspend the weekly progress update as soon as the shipping for X-1 and X-3 Batch1 and Batch2 will be completed. All queries should be addressed to the Customer Service Team.
[...] So, no more information to anyone from BA ever again. I have a 2 week old ticket for support on my X1 that has yet to be answered... Maybe next week.. |
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words
It's cryptsy, they seem to fumble awkwardly with coin updates. Check out the PHS thread ( https://bitcointalk.org/index.php?topic=292720.1300). There's a possibility that lost coins will remain in limbo too :/ As of 6/20 can I withdraw my CAP from cryptsy? I've got some there but it seems like "withdrawing" is riskier than keeping it in my account. I withdrew some CAP from Cryptsy earlier today, showed up in my wallet within 5 minutes |
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Looks like a scam to me.
Do they have any PR on this forum?
They ran the bitvestor.info forum initially, which was closed down recently due to lack of activity. |
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I have had my X1 for almost a week now, and yet to earn my first bitcent from mining. Usually it craps out within 1-2 hours after boot, but I have had one good run of ~36 hours without the unit freezing up.
When it hashes, it performs as expected (100GH/s @ 1000MHz clock), I have unfortunately not been able to measure power draw, so I cannot comment on efficiency.
While I have had help from a number of people, I did raise a ticket with BA directly, and got a response back almost immediately that my request had been escalated, since then I have heard nothing from BA, so it would appear that customer care is not a priority neither before nor after delivery of the product.
Edit
Wanted to add, while my unit is the final version, but a running off a RPi, this unit is in no way a "plug-n-play" box. The web interface is pretty much useless. I had to update network settings, and pool management I handle exclusively through the cgminer.conf file.
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I thought BA was already shipping out X-1s? 2.We have started manufacturing the X1 with our control boards. The ones they have shipped is with a interim solution using Raspberry Pi's |
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I believe my wallet is dying due to dust...I try to click on anything - "send/settings/transactions" with it and it always goes to "not responding".
Is there anything I can do?
Start the wallet with "-reservebalance 999999" which stops it from staking. Combine your (smaller) blocks via coin control, and then from console do "reservebalance 0" |
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Short update:
X1 arrived earlier today, broken cable included, but luckily I had a spare.
A wire inside the case blocked the fan from spinning.
Have yet to get the unit hashing, but after lots of trial and error, I am at least able to login to the web front-end.
Thanks to david and zurg, I now have a working miner! Will do some testing/benchmarking and report back |
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Short update:
X1 arrived earlier today, broken cable included, but luckily I had a spare.
A wire inside the case blocked the fan from spinning.
Have yet to get the unit hashing, but after lots of trial and error, I am at least able to login to the web front-end.
Does it have a pi or a custom controller in it? Pi bobsag3: Just shot you an email. |
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lucky you, looks like they are doing one a day this may take years to finish.
I feel very lucky having a non-working miner. If it turns out it is in fact borked, I am sure I will have a replacement in a matter of days.. |
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Short update:
X1 arrived earlier today, broken cable included, but luckily I had a spare.
A wire inside the case blocked the fan from spinning.
Have yet to get the unit hashing, but after lots of trial and error, I am at least able to login to the web front-end.
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