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

[maxcarjuzaa]

Double spending is indeed a weakness in the design and that's one of the reasons why checkpoint is needed. I think we have been clear about that in our paper. We will look for other reasonable solutions within our power although that should not be construed as some sort of guarantee.

Wait.  That is the whole purpose of the "proof".  It is to prevent a double spend.  It would be like saying this vault is a great design except for people being able to steal money trivially is one of the weaknesses.

If you need to rely on centralized checkpointing then there is no point to mining.  You could just make a centralized server and issue coins, handle redemptions, and validate tx by destroying old coins and issuing new ones as part of every tx at a tiny fraction of the cost of mining.

Decentralized transaction processing is very expensive (the entire daily tx volume of Bitcoin could be handled by a single low end VPS) but it is the cost of decentralization.   Having that cost combined with reliance on a central authority to protect the value of coins is the worst of both worlds.

None of this should be considered an attack on proof of stake, the problem is PPCoin isn't proof of stake.  It is centralized auditing with pretend mining thrown on top to make it look decentralized.

+1

[NothinG]

Added List of blocks found @ my pool.

http://46.166.138.142/dev.php

This will be moved around...just waiting for the blocks to become "Mature".


[Edit]-

To clarify how I'm going to distribute shares: I will take the block-found date, and compare it to the date the shares where received and distribute based on that.
I will not take out a "pool fee" whilst I'm developing the pool (currently) as that doesn't seem fair to ANYONE whilst this pool has been a major learning experience.
After the pool is stable, I may add a small fee (possibly 0.1%).

[doublec]

So, how many confirmations does it take for it to "mature"?
...
I still show a 0 balance. Are the "newmint" coins movable? (I don't think I've even tested that yet...)

520 to mature IIRC. I think 'newmint' can be ignored. It only tells you how many coins are immature.

[NothinG]

So, how many confirmations does it take for it to "mature"?
...
I still show a 0 balance. Are the "newmint" coins movable? (I don't think I've even tested that yet...)

520 to mature IIRC. I think 'newmint' can be ignored. It only tells you how many coins are immature.

That makes me feel bad for everyone spending ALL THIS TIME mining and I can't even fully test the pool out.

[SysRun]

What does the PP stand for now? Is this coin "#1"?

[NothinG]

What does the PP stand for now? Is this coin "#1"?

Maybe it stands for PayPal Coin?
Payper Coin?
Pay Per Coin?
Pay Pirate Coin? //It's the Ponzi Coins O.O


I don't hate the coin...obviously for how much time I've spent working on a pool for it.

[dust]

I'm interested to find out more about this coin. Looking at the code, it seems like Sunny has indeed been working on this since November of last year. So it's unfortunate that he decided to do kind of a rush launch of the coin. The information about how a coin works should really be announced and analyzed by the community before the blockchain is started. Now miners have to decide whether they want to jump in without knowing what they are really supporting or wait until more information is released. Couple this with the fact that the block generation starts at 9999 and decreases as difficulty increases, this coin might turn out to have a larger effective premine than SolidCoin.

+1

Your intent is valid, but the block reward actually started at 2500.

[NothinG]

I'm kind of scared/nervous/happy...
I found 1450.56 PPC in my Balance, but there is no transaction to back it up.

How can I figure out where it came from? ( http://46.166.138.142/dev2.php < Raw list of all my transactions ).

[mtbitcoin]

I'm kind of scared/nervous/happy...
I found 1450.56 PPC in my Balance, but there is no transaction to back it up.

How can I figure out where it came from? ( http://46.166.138.142/dev2.php < Raw list of all my transactions ).

If you are using 'listtransactions' they appear to get moved off as soon as they mature into a balance.

[NothinG]

I'm kind of scared/nervous/happy...
I found 1450.56 PPC in my Balance, but there is no transaction to back it up.

How can I figure out where it came from? ( http://46.166.138.142/dev2.php < Raw list of all my transactions ).

If you are using 'listtransactions' they appear to get moved off as soon as they mature into a balance.

Do you know where they get listed into?
I have no idea why I can't figure this out.

[coblee]

I'm kind of scared/nervous/happy...
I found 1450.56 PPC in my Balance, but there is no transaction to back it up.

How can I figure out where it came from? ( http://46.166.138.142/dev2.php < Raw list of all my transactions ).

If you are using 'listtransactions' they appear to get moved off as soon as they mature into a balance.

Do you know where they get listed into?
I have no idea why I can't figure this out.

listtransactions only returns the last 10 by default.
Try:

listtransactions '' 100

[caston]

Is there an exchange yet?

[markm]

Is there an exchange yet?

Depends... do you have an Open Transactions client installed and working yet?

-MarkM-

[caston]

Is there an exchange yet?

Depends... do you have an Open Transactions client installed and working yet?

-MarkM-

not currently but it sounds like something I should do soon

[markm]

Is there an exchange yet?

Depends... do you have an Open Transactions client installed and working yet?

-MarkM-

not currently but it sounds like something I should do soon

Well then in that case, "not currently but its trivial to do simply by creating an asset contract for PPCoins".

-MarkM-

[crazy_rabbit]

I'm interested to find out more about this coin. Looking at the code, it seems like Sunny has indeed been working on this since November of last year. So it's unfortunate that he decided to do kind of a rush launch of the coin. The information about how a coin works should really be announced and analyzed by the community before the blockchain is started. Now miners have to decide whether they want to jump in without knowing what they are really supporting or wait until more information is released. Couple this with the fact that the block generation starts at 9999 and decreases as difficulty increases, this coin might turn out to have a larger effective premine than SolidCoin.

+1

Your intent is valid, but the block reward actually started at 2500.

Coblee has a point. The block reward decreasing so fast would anyone who jumps on to mine now the effective premine before others get interested. Already there is talk of an exchange, but the positive and interesting aspects of PPC coin aside, it does feel pump-and-dumpy.

Why not have the block reward decrease at a slower rate? The fast rate of decay feel like an accelerated and artificial creation of scarcity. Bitcoin gets the block having this december after 4 years, but PPC coin will do the same in a vastly shorter amount of time.

[cunicula]

Coblee has a point. The block reward decreasing so fast would anyone who jumps on to mine now the effective premine before others get interested. Already there is talk of an exchange, but the positive and interesting aspects of PPC coin aside, it does feel pump-and-dumpy.

Why not have the block reward decrease at a slower rate? The fast rate of decay feel like an accelerated and artificial creation of scarcity. Bitcoin gets the block having this december after 4 years, but PPC coin will do the same in a vastly shorter amount of time.

The focus should be development of a reliable and secure exchange of value that relies on minimal electricity input. Concerns over the fairness of initial distribution are a silly distraction. I feel the rate of decay in initial distribution is too slow by two or more orders of magnitude. The currency will likely disappear before it ever demonstrates anything resembling energy-efficiency.

[crazy_rabbit]

Coblee has a point. The block reward decreasing so fast would anyone who jumps on to mine now the effective premine before others get interested. Already there is talk of an exchange, but the positive and interesting aspects of PPC coin aside, it does feel pump-and-dumpy.

Why not have the block reward decrease at a slower rate? The fast rate of decay feel like an accelerated and artificial creation of scarcity. Bitcoin gets the block having this december after 4 years, but PPC coin will do the same in a vastly shorter amount of time.

The focus should be development of a reliable and secure exchange of value that relies on minimal electricity input. Concerns over the fairness of initial distribution are a silly distraction. I feel the rate of decay in initial distribution is too slow by two or more orders of magnitude. The currency will likely disappear before it ever demonstrates anything resembling energy-efficiency.

On the contrary: perhaps you are right from the technical perspective, but I think a lot of people would agree that LTC is still around because it felt fair and felt fair for a long time (and still feels fair).

SolidCoin (and some others) despite putting up a hell of a fight, are more or less no longer.

If in 4 weeks the block reward is 2 coins, miners will already be long gone and coin dead. Sure you're counting on it being around just a short time, but it could be so short that nothing practical comes of it.

[nave]

If in 4 weeks the block reward is 2 coins, miners will already be long gone and coin dead. Sure you're counting on it being around just a short time, but it could be so short that nothing practical comes of it.

If the miners start disappearing, wouldn't the difficulty drop and the mint rate raise again? I've read the PPcoin paper and couldn't find a specific answer to this.

We modified the proof-of-work mint rate to be not determined by block height (time) but
instead determined by difficulty. When mining difficulty goes up, proof-of-work mint
rate is lowered. A relatively smooth curve is chosen  as opposed to Bitcoin’s step
functions, to avoid artificially shocking the market. More specifically, a continuous curve
is chosen such that each 16x raise of mining difficulty halves the block mint amount.

This seems to imply that the mint rate would go up with lowered difficulty, but it doesn't say so directly. I'm just curious how exactly this coin functions.

[TheSeven]

Kinda funny how some people keep complaining that the block reward drops too fast, other complain that it drops too slow.
Seriously, what it the problem with it dropping? It will be almost constant once hashrate stabilizes. I don't think it will go far below 1000 anytime soon.