[ANN] [PPC] PPCoin Released! - First Long-Term Energy-Efficient Crypto-Currency

[TheSeven]

You should run ppcoind all the time, but shouldn't move around any funds if you want to mine proof of stake.

I'll assume that your balance consists of ~50 mined blocks with ~400 ppcoins each, and that you have mined them at a mostly constant rate.
This means that you mine about ~0.7 blocks per day, so ~29 of your blocks are older than 30 days. The younger ones are not eligible for proof of stake generation yet.

The proof of stake difficulty drops linear with the number of coin days destroyed in the "invested" funds, but it ignores the first 30 days.

does this mean if I reboot the computer for service and have been offline for 1 hour that the first 30 days are beginning new?
TIA

No, it counts the time since the funds were last moved, that has nothing to do with being connected to the network.

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[gabbynot]

Anyone know how many PPC were mined the first day/week?

I'm curious as to how this compares to the plethora of scamcoins currently available.

[TheSeven]

Anyone know how many PPC were mined the first day/week?

I'm curious as to how this compares to the plethora of scamcoins currently available.

My back-of-the-napkin calculations say about 5-10% of the currently existing coins during the first week.
However it should be noted that this will shrink even further as more coins are being generated, and that PPCoin - in contrast to bitcoin and most other altcoins - is based on a slightly inflationary economic model.

[ThemCoins]

Anyone know how many PPC were mined the first day/week?

I'm curious as to how this compares to the plethora of scamcoins currently available.

2,033,557 or 9,403%  first day
3,887,831 or 20,331% first week
8,566,729 or 44,799% first month

19,122,497 total number of coins at the time of calculation.

[gabbynot]

Anyone know how many PPC were mined the first day/week?

I'm curious as to how this compares to the plethora of scamcoins currently available.

2,033,557 or 9,403%  first day
3,887,831 or 20,331% first week
8,566,729 or 44,799% first month

19,122,497 total numbers of coins at the time of calculation.

Ouch...I was hoping it wasn't such a lopsided amount.

Thanks for the info.

[mhps]

I don't think it will take all that much resource to run a PoS pool server because there doesn't seem to be all that much computation (transaction) going on. I imaging a laptop with a reliable network connection would be good enough for a thousand users  because the users don't want to disturb their coins often after all.  At any moment there are maybe 10 users moving fund and checking balance. Talking about energy efficiency.

Right, that's a non-issue. The real issue is about trust/stealing funds. And why do things in an insecure way if you can do it securely (with cold-locked transactions)?

Security concerns are always there no matter if one of the technical issues is solved or not. It's a matter of mitigating the risks so that the users feel secure enough and the pool operator's liability is limited and stay interested/profit-making.  There are many ways to assure the user e.g. good ol' keep-showing-up-in-bitcointalk-and-staying-responsive, publish identity and a pledge, get a reputable third party to vouch for the pool, some sort of insurance... of course the finacial crisis has shown that none of the above is 100% secure. But that is life.

[Sunny King]

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

[mhps]

Actually I would argue that the demurrage code implemented in Freicoin now provides the technical solution to this problem, the increase in monetary base from PoS minting can be balanced by an equal amount of demurrage.  Everyone would still engage in PoS mining to keep their current balance as to not mine would be to forfeit ones PoS minting while still paying demurrage.

Interesting idea.

[markm]

Novacoin is similar to PPcoin in using stake, isn't it? I expect it is also similar in being lopsided, vast numbers of coins coming out in first few minutes, hours, days etc.

A big difference now exists though apparently, since the big stakeholders of Novacoin have apparently decided that 1% per year is not enough loot, they are increasing the interest rate. The rich weren't getting richer fast enough I guess.

I kind of hope we won't see PPCoin go the same route...

-MarkM-

[mhps]

A big difference now exists though apparently, since the big stakeholders of Novacoin have apparently decided that 1% per year is not enough loot, they are increasing the interest rate. The rich weren't getting richer fast enough I guess.

I kind of hope we won't see PPCoin go the same route...

I wondered what mechanism could be there to prevent/discourage this in https://bitcointalk.org/index.php?topic=101820.msg2274721#msg2274721

[Stark-Fujikawa]

A user in the Dutch subforum asked me to translate Sunny King's original PPCoin whitepaper into Dutch. This work has been completed and while there may not be many Dutch users eyeing this topic I figured sharing it here can't hurt.

I've uploaded the pdf file on Scribd and Dropbox for your convenience.

http://www.scribd.com/doc/145481801/Bitcoin-A-Peer-to-Peer-Electronic-Cash-System-Dutch-translation
https://www.dropbox.com/s/k6vaybej4zl4mid/PPCoin-nl.pdf

Hope this leads to more people understanding and adopting PPCoin in the long run.

[Yurizhai]

A user in the Dutch subforum asked me to translate Sunny King's original PPCoin whitepaper into Dutch. This work has been completed and while there may not be many Dutch users eyeing this topic I figured sharing it here can't hurt.

I've uploaded the pdf file on Scribd and Dropbox for your convenience.

http://www.scribd.com/doc/145481801/Bitcoin-A-Peer-to-Peer-Electronic-Cash-System-Dutch-translation
https://www.dropbox.com/s/k6vaybej4zl4mid/PPCoin-nl.pdf

Hope this leads to more people understanding and adopting PPCoin in the long run.

Noted, thanks for the hard work.

[cabin]

Novacoin is similar to PPcoin in using stake, isn't it? I expect it is also similar in being lopsided, vast numbers of coins coming out in first few minutes, hours, days etc.

A big difference now exists though apparently, since the big stakeholders of Novacoin have apparently decided that 1% per year is not enough loot, they are increasing the interest rate. The rich weren't getting richer fast enough I guess.

I kind of hope we won't see PPCoin go the same route...

-MarkM-

Regarding this at the thread here: https://bitcointalk.org/index.php?topic=143221.500 ... am I reading that right and that the 'interest rate' will jump to over 50% as of June 20 for NVC?

[vindimy]

Hey all!

Reddit's ALTcointip bot is having an alt-coin giveaway to raise alt-coin awareness among newcomers (PPCoin included). Come register and you'll get some coins to tip others and/or withdraw!

Alt-coin Giveaway [by ALTcointip bot] <-- HERE

Thanks

[Sunny King]

I do understand that inflation model is sacrosanct to a cryptocurrency. So no that would not happen. Instead I have this proposal (https://bitcointalk.org/index.php?topic=194054.0) for improving proof-of-stake participation.

NVC is a fork of ppcoin where Balthazar is doing experimental things pretty freely.

Novacoin is similar to PPcoin in using stake, isn't it? I expect it is also similar in being lopsided, vast numbers of coins coming out in first few minutes, hours, days etc.

A big difference now exists though apparently, since the big stakeholders of Novacoin have apparently decided that 1% per year is not enough loot, they are increasing the interest rate. The rich weren't getting richer fast enough I guess.

I kind of hope we won't see PPCoin go the same route...

-MarkM-

[xchrix]

does somebody know what happened on btc-e with PPC the last hours? there was really huge volume!! over 400 BTC were traded in PPC but unfortunately the price didnt rise 

[TheSeven]

does somebody know what happened on btc-e with PPC the last hours? there was really huge volume!! over 400 BTC were traded in PPC but unfortunately the price didnt rise 

A couple of big walls clashed into each other, and the resulting chaos caused >50% swings.
If you had the right orders set up, you could have made large amounts of money from that.
Now everything is mostly back to normal, walls have been reinstated.

[Balthazar]

A big difference now exists though apparently, since the big stakeholders of Novacoin have apparently decided that 1% per year is not enough loot, they are increasing the interest rate. The rich weren't getting richer fast enough I guess.

I kind of hope we won't see PPCoin go the same route...

-MarkM-

In fact, it's much simplier. The actual reasons are

1) attempt to make total stakes weight as high as possible;
2) attempt to protect network from accidental stake weight destruction.

The dynamic diff-based ROI is the only way to energy efficient cryptocurrency without centralized checkpointing. That's why ROI will be calculated as a function of PoS difficulty.

It's required because attacker needs only ~20-30% of total stakes weight (only weight, not a coins) to perform successful double-spend. Using current PoS approach, of course.

[Sentinelrv]

Guys, I'm not sure how many of you have been following the logo design thread over at ppcointalk.org...

http://www.ppcointalk.org/index.php?topic=92.0

...but for those who haven't, we've been talking about using 99designs to finish off the ppcoin logo in the form of a logo design contest. For those who don't know about 99designs, you basically offer a cash reward and a whole bunch of designers will make you what you want. We're going to be shooting for the gold package, which will give us the maximum amount of submissions from the best designers. We can then utilize their poll feature to judge which design is the most popular.

Once this logo is out of the way, we can overhaul the website and finally market peercoin. In order to do this though, we'll need to raise $800, which is the cost of the gold package. I spent all last night researching this. I searched around for a donation site and GoFundMe.com was my favorite, so I created an account and setup a donation page. Please don't share it yet...

http://www.gofundme.com/ppcoinlogodesignfund

Before we advertise this around, you guys need to tell me if you think anything needs to be changed or added, the text description, the title, the money goal. Should I explain what ppcoin is or is it a given? I set the goal for $800, which is what the gold package will cost, but we could set it a little higher if we wanted to. There are ways of promoting your contest which cost extra money, for example $99 extra and they'll send a tweet out about your contest to their 74,000 followers. Here are all the promotion extras...

http://99designs.com/help/how-can-i-get-more-attention-for-my-contest

Let me know if you need to know how much each one costs. They don't give you pricing on this stuff until you're about to checkout.

So basically I need to know if this page is good or if something needs to be changed or added or whether we should increase the goal to add in some of the listed promotion tools. Once the page is finalized, we can then spread it around on forums, Reddit, the BTC-E chat box, etc... until it's filled. Then we can start the design contest. For more information, read the last couple pages of our discussion about it on the logo design thread at ppcointalk.org.

[Transisto]

Good work, I will support any initiative that remove the "PP" from the pronounceable form "PPCOIN"

Nobody say BTCoin, So why the F*** are we still carrying that while 99% of people disagree/hate with that pronunciation.
I also don't see how it's technically correct in any ways.

If it's PEER TO PEER COIN (PPC), Why is PPcoin still in the client name ?