cryptowho (OP)
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April 15, 2014, 11:17:12 PM |
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I guess i want to know how the stake works on POS coins. When you send POS coins over and let them sit there, does the exchange collects the "staked" coin?
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KingSchultz
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April 15, 2014, 11:23:48 PM |
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As far as I know, some exchanges stake the coins and some don't. There's no technical reason why they can't stake the coins they hold, although it may be more secure not to so they can use cold wallets.
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cryptowho (OP)
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April 15, 2014, 11:26:44 PM |
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hmm. Would be nice to know. Could exchanges stake and dump those coins along? If they hold one billion POS coins , one stake would be a nice slice no?
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tk808
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April 15, 2014, 11:57:26 PM |
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The exchange typically holds onto the stake, some exchanges release them to the users.
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KingSchultz
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April 16, 2014, 12:08:06 AM |
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hmm. Would be nice to know. Could exchanges stake and dump those coins along? If they hold one billion POS coins , one stake would be a nice slice no?
I think it's an interesting angle. Especially for some of the coins we've seen with ridiculously high stakes like 20-50%. |
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cryptowho (OP)
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April 16, 2014, 12:20:31 AM |
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yes. i am really interested how in the exchange influences.
What options can one have? Maybe if people cared about their coin future they should withdraw and re-deposit every day. take the loss in fee but save the exchanges from reaping all the stake?
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Crestington
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April 16, 2014, 12:40:06 AM |
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Exchanges have wallet servers in which all coins are pooled into one wallet and their accounting software takes care of who owns what but it would be more trouble than it's worth trying to pinpoint exactly who's coins staked and designing the software for it. Typically larger exchanges such as Cryptsy turn off staking because minting on that many transactions uses a massive amount of memory and have been known to crash wallet servers but smaller exchanges would probably Stake in which case they would keep the POS returns.
In short, if you keep your POS coins on exchanges you don't get any staking returns.
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cryptowho (OP)
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April 16, 2014, 12:43:48 AM |
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thanks for the reply ^ how would cryptsy prevent staking?
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unibean
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April 16, 2014, 01:16:27 AM |
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Exchanges have wallet servers in which all coins are pooled into one wallet and their accounting software takes care of who owns what but it would be more trouble than it's worth trying to pinpoint exactly who's coins staked and designing the software for it. Typically larger exchanges such as Cryptsy turn off staking because minting on that many transactions uses a massive amount of memory and have been known to crash wallet servers but smaller exchanges would probably Stake in which case they would keep the POS returns.
In short, if you keep your POS coins on exchanges you don't get any staking returns.
then what about a PoS coin that you bought on an exchange! i think that you will have to transfer it to your personal wallet for minting? |
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Crestington
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April 16, 2014, 02:38:49 AM |
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Exchanges have wallet servers in which all coins are pooled into one wallet and their accounting software takes care of who owns what but it would be more trouble than it's worth trying to pinpoint exactly who's coins staked and designing the software for it. Typically larger exchanges such as Cryptsy turn off staking because minting on that many transactions uses a massive amount of memory and have been known to crash wallet servers but smaller exchanges would probably Stake in which case they would keep the POS returns.
In short, if you keep your POS coins on exchanges you don't get any staking returns.
then what about a PoS coin that you bought on an exchange! i think that you will have to transfer it to your personal wallet for minting? Yes, you would have to transfer it to your personal wallet to Stake (or Mint, same thing). |
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cryptowho (OP)
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April 16, 2014, 07:13:31 AM |
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Help me understand.
So a big exchange has POS coins on a cold storage ? what are people trading on
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HarryPotterCoin
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April 22, 2014, 06:13:03 AM |
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Help me understand.
So a big exchange has POS coins on a cold storage ? what are people trading on
I heard that POS could cause problems to pool as well to exchange. |
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almightyruler
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April 22, 2014, 10:25:40 AM |
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Typically larger exchanges such as Cryptsy turn off staking because minting on that many transactions uses a massive amount of memory and have been known to crash wallet servers [...] This. You see it at a smaller level when solo mining and your client stops responding to requests from the miner ("Pool 0 not providing work fast enough") because it's so busy trying to mint a Proof of Stake block. |
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