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

[sangaman]

anyone explain the benefits and detriments to LTC vs PPC over bitocin?

It's all in this thread. The main thing is that PPC doesn't require a lot of hashing power to stay secure while LTC and BTC do. But PPC's particular implementation of POS is not as tested as BTC's and PPC is still using checkpoints to ensure security.

Sunny, I'm wondering when we can expect the checkpoints to stop happening? The vast majority of coins have been around for >30 days.

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[FuzzyBear]

I was interested to see what the hash rate or difficulty would do for both PPC and LTC once the block reward halved... anyone got any data or info for which coin saw a larger increase in hashrate applied to the network?

and I wonder if there will be the same trend when ASIC hit

[Sunny King]

It's all in this thread. The main thing is that PPC doesn't require a lot of hashing power to stay secure while LTC and BTC do. But PPC's particular implementation of POS is not as tested as BTC's and PPC is still using checkpoints to ensure security.

Sunny, I'm wondering when we can expect the checkpoints to stop happening? The vast majority of coins have been around for >30 days.

Current checkpointing policy is expected to stay at least until the first anniversary or $1M market cap.

If no severe vulnerability is found during the period, checkpointing policy will start to be weakened. At some point checkpoint will become optional.

[EskimoBob]

I was interested to see what the hash rate or difficulty would do for both PPC and LTC once the block reward halved... anyone got any data or info for which coin saw a larger increase in hashrate applied to the network?

and I wonder if there will be the same trend when ASIC hit

LTC and PPC both became over 2 times more profitable to mine than BTC. Some hashing power moved surprisingly fast over to LTC and PPC.
LTC probably got the better part of the hashing power, if I recall correctly, while hitting new diff records.
The real shift is coming when the imaginary ASIC's turn in to real and working equipment.  Probably in March 2013 or so.

 

[420]

Thanks guys. When I have time I'll get into all the thread and things about PPC, sounds like some good benefits as I brought up the point of ever increasing fees a possibility with BTC myself on this forum somewhere

[meebs]

I was interested to see what the hash rate or difficulty would do for both PPC and LTC once the block reward halved... anyone got any data or info for which coin saw a larger increase in hashrate applied to the network?

and I wonder if there will be the same trend when ASIC hit

LTC and PPC both became over 2 times more profitable to mine than BTC. Some hashing power moved surprisingly fast over to LTC and PPC.
LTC probably got the better part of the hashing power, if I recall correctly, while hitting new diff records.
The real shift is coming when the imaginary ASIC's turn in to real and working equipment.  Probably in March 2013 or so.

 

How often does PPC difficulty adjust? It seems like LTC keeps shooting up and back down.. while at least PPC has seemed semi stable lately..

[Jutarul]

It's all in this thread. The main thing is that PPC doesn't require a lot of hashing power to stay secure while LTC and BTC do. But PPC's particular implementation of POS is not as tested as BTC's and PPC is still using checkpoints to ensure security.

Sunny, I'm wondering when we can expect the checkpoints to stop happening? The vast majority of coins have been around for >30 days.

Current checkpointing policy is expected to stay at least until the first anniversary or $1M market cap.

If no severe vulnerability is found during the period, checkpointing policy will start to be weakened. At some point checkpoint will become optional.

quoted for posterity

[punin]

How will a hard fork affect wallet balances?

[punin]

www.proofofstake.com seems to have stopped showing difficulty and mint/day.

[Sunny King]

How will a hard fork affect wallet balances?

As long as you upgrade before the deadline (currently scheduled around 4 weeks after release, 8 weeks from now), there would be no effect on balance/stake/newmint. If you happen to miss the upgrade deadline, any transaction transacted after the deadline belongs to the obsolete fork and will be reversed when you upgrade.

[xchrix]

hey i am a little bit confused right now...
let me explain

i hat some coins on my wallet.
now i got an "Immature" transaction with 1501 PPC
but my wallet balance has decreased
when i have a look here i see the transaction: http://www.cryptocoinexplorer.com:2750/address/PVr4kVh7q7P33RQkrQFt5JwZ24BYAApDJa (this is my address)

whats going on? i thought i will GET some coins because of proof of stake and not GIVE some coins over time
or is the calculation wrong?

[dreamwatcher]

hey i am a little bit confused right now...
let me explain

i hat some coins on my wallet.
now i got an "Immature" transaction with 1501 PPC
but my wallet balance has decreased
when i have a look here i see the transaction: http://www.cryptocoinexplorer.com:2750/address/PVr4kVh7q7P33RQkrQFt5JwZ24BYAApDJa (this is my address)

whats going on? i thought i will GET some coins because of proof of stake and not GIVE some coins over time
or is the calculation wrong?

 http://www.cryptocoinexplorer.com:2750/tx/01a739fb0275aa159f85264719b15b054b272ec12226475cf938e7e7de7cec94#o1

Inputs
Index   Previous output   Amount   From address   ScriptSig
0    fcdfd96b7f...:1    1500    PVr4kVh7q7P33RQkrQFt5JwZ24BYAApDJa    72:3045...e001 33:03f4...b7ca


Outputs
Index   Redeemed at input   Amount   To address   ScriptPubKey
0    Not yet redeemed    0    Generation Block    
1    Not yet redeemed    750.65    PVr4kVh7q7P33RQkrQFt5JwZ24BYAApDJa    33:03f4...b7ca CHECKSIG
2    Not yet redeemed    750.65    PVr4kVh7q7P33RQkrQFt5JwZ24BYAApDJa    33:03f4...b7ca CHECKSIG



The POS block generation placed 1500 coins in "stake" addressed back to your account in the total of (750.65 x 2) =  1501.3 giving you a POS block reward of 1.3 PPC after the POS block matures (520 confirms)

[crazyearner]

with the new upgrades etc how do you upgrade to not be effected ?

[FuzzyBear]

with the new upgrades etc how do you upgrade to not be effected ?

usually you just need to update your wallet client with the latest one within the time frame Sunny king will specify and you will not notice any difference

Though ALWAYS REMEMBER TO BACKUP your wallet.dat file

and I usually test on a separate computer but that just me being extra cautious

I think if you do not update within the timeframe then you will not receive any POS from that point as the nodes you connect to will not recognise u as running a valid latest version... or you will have difficulty downloading the latest blocks in the blockchain.

This is my understanding so if anyone wants to clarify or correct me then please do... knowledge is power..... but i'd rather have higher hashrate!!

[crazy_rabbit]

www.proofofstake.com seems to have stopped showing difficulty and mint/day.

Still shows nothing for me.

[FuzzyBear]

www.proofofstake.com seems to have stopped showing difficulty and mint/day.

Still shows nothing for me.

It loads eventually for me.. just takes a little time... but the PPC to BTC and PPC : BTC exchange rate graphs are the only ones that are running up to date.... Market Cap, Difficulty and Minted daily all seem to stop at about the 3rd -7th December

[Sunny King]

Market is in some sort of 'crash' mode for the day, bitparking has volume over 1.5m as of now, meaning more than 10% of the total ppcoin changed hands today.

On one hand it shows healthy depth of the market, but this drop does feel somewhat abnormal. I will be monitoring the network closely in the next few days.

If you notice any abnormal events on the network please let me know.

[punin]

Market is in some sort of 'crash' mode for the day, bitparking has volume over 1.5m as of now, meaning more than 10% of the total ppcoin changed hands today.

On one hand it shows healthy depth of the market, but this drop does feel somewhat abnormal. I will be monitoring the network closely in the next few days.

If you notice any abnormal events on the network please let me know.

I'm not at all surprised by the crash given your weekly update #20. Weekly updates #13 and #14 also warned of high volatility, and resulted in dumping and nearly 20% drop in PPC/BTC exchange rate. BTC/USD rally probably fueled it quite a bit also.

[punin]

Yay! Thanks for fixing proofofstake.com! Don't have my PPC with me (I'm traveling) but will send some when I get back home!

[Sunny King]

I'm not at all surprised by the crash given your weekly update #20. Weekly updates #13 and #14 also warned of high volatility, and resulted in dumping and nearly 20% drop in PPC/BTC exchange rate. BTC/USD rally probably fueled it quite a bit also.

I doubt that me uttering the word 'volatility' would spook the market so much. Anyhow I think it's prudent to periodically warn investors of the risks.

It's probably some early investors lose interest or feel uncertain about the 0.3 protocol upgrade. I'd say that the work is making good progress and will be released soon. But meanwhile the new algorithm is a bit involved and it's better to get it thoroughly tested rather than rushing it and cause problems on the production block chain.