There is an ongoing proposal under review right now, which would pretty much eliminate the risk involved with running stake minting. This should also eliminate the trust required for proof-of-stake pools (although the profit motive is kinda small right now). https://bitcointalk.org/index.php?topic=194054.0 |
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What is the reason for not having a cap on the coin supply? What is the advantage that Sunny sees?
Due to the nature of proof-of-stake minting, there cannot be a fixed money supply cap. So then it is useless to have a cap on proof-of-work mining. The good thing about bitcoin's cap is that it's easier for users to understand that they are dealing with scarce digital commodity. But the 4-year halving schedule is artificial, why not 3 years? why not 2 years?. With ppcoin's minting design I look to gold for reference. First gold does not have fixed supply cap. Secondly gold mining's depletion rate is dependent on market participation, that is, the more miners look for gold, it depletes faster. So there I found the answer to ppcoin's proof-of-work minting formula, I think its scarcity property is yet another contribution of ppcoin project to the diversity of cryptocurrency designs. |
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Side question for sunny, what is the reason for the large confirmation times for PPC and will this ever be shortened?
Can't seem to post on ppcointalk.
Acceptable confirmation time for user transactions are determined by market/exchanges. For bitcoin the market considers 6 confirmations to be extremely safe. The 520 confirmations required for spending newly-mint (and stake) coins corresponds to bitcoin's 120 confirmations. The purpose of this restriction is to reduce invalidated user transactions during a network fork/split event. Typically a user transaction can be automatically resent to the network if a block chain reorganization causes it to lose confirmation. However if the transaction is dependent upon newly-mint coins, it could become invalid during a block chain reorganization. In this situation users have to send another transaction in its place. The spending restriction on newly-mint coins is to reduce the occurrence of this scenario. |
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it will go down. it is fighting the inflation. future inflation is guaranteed. future demand is speculative. if you cna find reasons that demand will increase faster than the rate of future inflation then price will go up.
ppcoin currently has the lowest inflation rate (20~30% annual) among all altcoins, only second to bitcoin (~10% annual). |
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Weekly Update #40 - A new exchange 'cryptsy' has started ppcoin support.
- Two tip bots currently support ppcoin, first being cointip which can be used on bitcointalk, the other ALTcointip can be used on reddit.
- A market feature will begin trial on ppcoin.org later this week. The client refresh to bitcoin 0.8 is scheduled afterwards for later in June.
Have fun! |
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It is not yet available with ppcoind as it is a new feature on bitcoind. But depending on your need there is a possible workaround if you know the block that carries the transaction, by using 'getblock' with the transaction detail option. To find out which block contains a specific transaction with ppcoind, this is what I did, by dumping all the blocks in a loop then search for the transaction id: dump-block.sh (change the max block number to whatever is current) #!/bin/bash
for i in {1..49595}
do
ppcoind getblockhash $i |xargs ppcoind getblock
done
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Classification according to SHA256/scrypt is not a good way of classification of cryptocurrency. The major difference is whether it is energy intensive. / SHA256 pure proof-of-work
/ Energy intensive cryptocurrency - Proof-of-work cryptocurrency
\ scrypt pure proof-of-work
/ SHA256 hybrid proof-of-stake
\ Energy efficient cryptocurrency - Proof-of-stake cryptocurrency
\ scrypt hybrid proof-of-stake
BTW ppcoin uses SHA256 proof-of-work. |
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I noticed several new altcoin oriented exchanges do not carry ppcoin. I don't know why but it's important that ppcoin gets carried by more exchanges. send your request for ppcoin support to: cryptsy ( support@cryptsy.com) mcxNow ( mcxnow.exchange@gmail.com) and any other that I have missed. |
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Ok, wait a minute. When PPCoin was first released, I bought a few K coins, and when a month passed, I had generated two PoS blocks with around 900 coins each. I look at a PPCoin blockexplorer, and most PoS blocks are less than 1 PPcoin. Has something changed that I don't know?
The generation (mint) is typically less than 1 coin. 900 coins are your stake amount. |
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It's good that yacoin did not change the 1 week average window of ppcoin's adjustment. So the attack can only change difficulty by ~2.5% for the next block, which may or may not be attacker's block. This is not an exploit specific to the continuous difficulty adjustment of ppcoin. In bitcoin style step adjustment, an attacker can manipulate the timestamp of the last block of an adjustment interval. If attacker manages to mine the last block of an adjustment interval, the entire next interval's difficulty could be lowered. That's why one should stay with a longer adjustment window. Bitcoin has +/- 2 hours maximimum block time offset since ages. I think it does not really matter much if block time is valid or not for as long as miner who added such block to
blockchain stays under 50% of network hashpower. Difficulty calculation takes block times in equation but one or few screwed blocks can't screw the result much. If some miner
would have 50% or more of network hashpower he could ruin difficulty calculation but he could ruin many other things as well, including much more important stuff than difficulty.
But make no mistake, some miner or few of them are playing with YAC block times on purpose. By putting block time in the future, he wants to affect difficulty calculation in such
a way that resulting difficulty is lower than it should be. Difficulty will "think" it took much longer than 60 seconds to find that specific block so it will adjust result downward, a bit.
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Difficulty adjustment is limited at 141% per round but each round is also 4x as short (504 blocks). So the max difficulty change rate is the same as litecoin except adjusting more responsively, thus more adaptive to fast hashrate change environment.
Although ppcoin's continuous adjustment would suit better in my opinion. But this is what bushstar wanted to achieve based on better community understanding and support as ppcoin's adjustment algorithm is still only understood by very few.
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Currently the website consists of just a home page (a bunch of links with some icons) plus a faucet app (a market app is coming). The apps do not need to be migrated for the switch. So really no need to fork from the official site. To demonstrate alternative homepage style I would recommend using a heroku free account for testing (so no extra hosting cost). ppcoin.org currently uses django with heroku. If the new candidate style is also presented in django then it should be simple for me to integrate, but if not I could still switch dns to the new style page. If there is really deep need for webdev I can cut PSD and integrate it with current website. All I need is green light from SK, some PSD and copy of current website with database (of course without any sensitive data) so I could run it in localhost. Or I can just take PSD and integrate it with raw CodeIgniter installation (if not counting http://www.ppcoin.org/bitaddress URL, rest of them points to external sites so there is really not a lot of work here if we're talking just about GFX) Let me know. |
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Home page forum link now points to ppcointalk.org
I will still post here most of the time but I will also visit ppcointalk.
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Weekly Update #39 - A new exchange 'Coin Market' is in the works that supports PPC.
- Another ppc fork called 'bitgem' launched this week.
- I will introduce a trading section on ppcoin.org to help seed the market in using ppcoin as currency. The scope of the work is limited but it will have some advanced features. It's important work for the longer term in my opinion and it is currently taking higher priority than the next client release.
Have fun! |
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Home page forum link will be updated to point to ppcointalk.org soon.
Due to the flood of new altcoins directing new ppcoin user to this forum is confusing to say the least.
However I will continue to put my 80% forum time here because this is an important forum to communicate ppcoin's message and innovations, to a broader audience with interests in cryptocurrency in general.
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On may 10th, all of my bitcoins were transfered out of my wallet in this transaction
761ca847529a3087c5d71b24bd93ab242d2a7b64dd96522204cc10d233aeb0fa
Look in your bitcoin debug.log, search for this transaction id. If the transaction was sent from your mac, the log should contain some message about creating the transaction, before receiving the block that contains the transaction. If this is the case, it confirms that your mac was compromised. If the transaction was sent from other nodes, then your log would show reception of the transaction from network, followed by reception of the block and then process the transaction, no transaction creation before receiving the block. Although in this case it doesn't exclude the possibility that your wallet.dat was first copied from your mac and then the transaction was sent from other nodes. |
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Well Mark, I think you are unreasonably harsh. The same thing you said can be said to devcoin as well. I don't see too much difference here.
The guy said he had cancer, if that's true I think it's obvious where his motivation comes from for picking up folding. As to centralized minting, we already have devcoin/freicoin being reasonably successful at it, why not another one. Let the market decide the trustworthiness of the central authorities.
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Weekly Update #38 - A new exchange 'Crypto Street' is in the works and is planning to support ppcoin. Crypto Street will support 5 national currencies at its release. Counting RUR from btc-e and CNY from bter, there would be 7 currencies convertible with PPC on exchanges.
- dreamwatcher (Robert) contributed seednodes and dns for our seednode infrastructure.
- Another PPC fork called Yacoin (YAC) has launched this week. PPC now has 3 forks NVC, BTB and YAC.
- Bitcoin has introduced a default minimum output value, although it does not enforce it in protocol. This action confirms our opinion that block chain is not suitable for micropayments (ppcoin output value must meet 0.01PPC minimum).
- The graphics team continues to put out great designs! I noticed that Arstechnica even included Mjbmonetarymetals's earlier designs for a redub of Wired UK article on altcoins.
- TheSeven did great work for PPC pools, but his own pool is underutilized right now. It has great features with support of 5 different types of payout systems. I hope more of our miners give his pool some help to get it into reasonable hash rate (http://theseven.bounceme.net/~theseven/pool/).
Have fun! |
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