[ANN] Genstake [GEN] [QT WALLET UPDATE] [STAKE-MINE] [SCRYPT] [FULL POW/POS]

[badam]

wow i left it yesterday with 1k coin inside, n now its out of sync, anything happen?

There was a nasty fork when everyone's coins started getting so much weight and the staking difficulty was so low that everyone's coins were trying to stake at the same time. It was a mess and the coin forked:\

Save your wallet, and delete everything else in your %appdata%/Genstake folder, and reopen your wallet to resync to the network.

Any coins that staked when you were on the fork will be gone, but the coins that staked will have aged a lot and will have a lot of weight, so they will stake again fairly quickly.

thanks,  i was happy last night coz i got more than 3k, now its all gone, GREAT COIN WITH A GREAT DEV n obviously a GREAT SCAM LOL

Well that was only possible if you made an own fork solo mining it with a huge hashrate but in that case you should always check if you are on the same block as pools. It is pitty but not the first and not the last coin that is forked at start and imo dev did a really fair move by giving up his own fork and resync to the fork that was used by the pools.

[Adderral]

Shame it really did fork.   hopefully everyone is now on the correct one.

[kevin1234a]

well we lost most of our staked coins now lets see if exchanges will pick this coin up or not

[ThinkingOutLoud]

We'll have to wait and see. It's still early days for Genstake, tomorrow there will be twice as many coins as today. The only reason to get it on an exchange at this point, imho, would be so that people that just want to be out can get out and people that want in without having to go through the mining part can get in. From a technical perspective, it's not really time critical for it to get on an exchange. The genstake coinbase will grow over the course of years, not days, so it's not as if anyone with patience really missed the boat. With that said, this is crypto. Things happen in days and weeks, not months and years, and a coin without an exchange loses interest quickly.

At this point though the first port of call is a block explorer. I'll double the bounty for one to 200 GEN, and I'll keep increasing that bounty as a proportion of my premine until we get one.

In the meantime, if you like the concept, please tell your friends, give us a shout out on twitter or facebook. Talk about what you like or don't like here, or what types of things you'd like to see in the coin here. We left the future of the coin a blank slate to some degree for a reason. We wanted to see if the interest was there for this concept, and how it pans out in practice. The idea needs to resonate with the community if we're really going to make something of this. Right now we're just trying something a little bit different, seeing if that works, and from there we can see about trying something else that is maybe a little bit different, and seeing if that works. The GEN in Genstake isn't just about generating coins, it's about generating ideas, interest, and value. We think that if the concept does resonate with the altcoin community that it could be a GENesis of a new GENeration of crypto.

At the end of the day though we're trying something different, and I for one really find this concept interesting and intriguing. I think a lot of other people really did too until that nasty fork. I think once we get a blockchain up we can all rest a little easier. The network has been running stable for most of the day now, and I don't see any reason why it should get all out of whack again.

So if you like the concept and think it has potential, let's all try and get more people aware and involved with the coin, and let the crypto scene know that this isn't just another flash in the pan. Looking at the connections on the network, there's a lot of lurkers, so I'm hopeful that many people are as interested in this initial idea and where it could go as I am.

[Hoganye]

Will sell 2,660 coins for 0.20 BTC. Send me a message if want.

[ThinkingOutLoud]

Mining difficulty has dropped to 1.6, and there's approximately 165mhash on the network. All the pools in the OP are active, but with no miners.

This is a good thing if you're looking for an opportunity to get in. 1440 coins are getting released each day through traditional mining. That doesn't sound like a lot, but it doesn't take a lot to get in on the staking system and get the ball rolling with bigger payouts. This is still early days. This isn't your average POW/POS coin. The people with lots of coins right now had to fight against 200+ difficulty. Now, here today, just as many coins are getting out into the system through POW and POS, but now the difficulty to get in through POW is low. Low enough for average Joe to get a chance to eventually get enough coins to compete on the POS network.

And that's the beauty of the system. It's never too late to get in. And the people that are already in had to work significantly harder to get in. But the door is, and always will be open for more.

The reward might be 20x more, but today the difficulty to get in is over 100x less.

Edit: Oh, and there's 32 connections to the network.

[zsnorbi]

Any news about a block explorer?

[kampretkabur]

Mining difficulty has dropped to 1.6, and there's approximately 165mhash on the network. All the pools in the OP are active, but with no miners.

This is a good thing if you're looking for an opportunity to get in. 1440 coins are getting released each day through traditional mining. That doesn't sound like a lot, but it doesn't take a lot to get in on the staking system and get the ball rolling with bigger payouts. This is still early days. This isn't your average POW/POS coin. The people with lots of coins right now had to fight against 200+ difficulty. Now, here today, just as many coins are getting out into the system through POW and POS, but now the difficulty to get in through POW is low. Low enough for average Joe to get a chance to eventually get enough coins to compete on the POS network.

And that's the beauty of the system. It's never too late to get in. And the people that are already in had to work significantly harder to get in. But the door is, and always will be open for more.

The reward might be 20x more, but today the difficulty to get in is over 100x less.

Edit: Oh, and there's 32 connections to the network.

dev, is this your first coin? it is really shit.

early miners are staking all the coins. no one has a chance. dead coin.

maybe early holders

[ThinkingOutLoud]

Any news about a block explorer?

I just got a message from someone that's putting one up. Will post asap when I hear back that it's live.

[Hoganye]

dev, is this your first coin? it is really shit.

early miners are staking all the coins. no one has a chance. dead coin.

is this your first fud? it is really shit.

i'm not an early miner and i am staking just fine.


edit: 600 left to sell now send me message.

[kubuminer]

@BinPool - wallet update to version - v1.0.1.0

[UllrSkis]

Newbie to POS coins, do I have to do anything other than deposit it in my running QT wallet and let it sit to stake?

[kampretkabur]

Newbie to POS coins, do I have to do anything other than deposit it in my running QT wallet and let it sit to stake?

just wait for the coin to mature n find a block

[ktfutura]

Mining difficulty has dropped to 1.6, and there's approximately 165mhash on the network. All the pools in the OP are active, but with no miners.

This is a good thing if you're looking for an opportunity to get in. 1440 coins are getting released each day through traditional mining. That doesn't sound like a lot, but it doesn't take a lot to get in on the staking system and get the ball rolling with bigger payouts. This is still early days. This isn't your average POW/POS coin. The people with lots of coins right now had to fight against 200+ difficulty. Now, here today, just as many coins are getting out into the system through POW and POS, but now the difficulty to get in through POW is low. Low enough for average Joe to get a chance to eventually get enough coins to compete on the POS network.

And that's the beauty of the system. It's never too late to get in. And the people that are already in had to work significantly harder to get in. But the door is, and always will be open for more.

The reward might be 20x more, but today the difficulty to get in is over 100x less.

Edit: Oh, and there's 32 connections to the network.

dev, is this your first coin? it is really shit.

early miners are staking all the coins. no one has a chance. dead coin.

Yes, top address is mining and also staking.

http://gen.altexplorers.info:3011/address/GPCveRN2FRWCf7eG7osZFVS57RvYbNn3Dt

65.88% of coins.

Very centralized and dead.

[ThinkingOutLoud]

I hate to agree, I really do, but unless the top holder comes forward and either dumps or sells off about 70% of their holdings to a dozen or so other people, the future of the coin is grim. There's not much I, or any one else can do to stop it at this point.

Hopefully the holder does do something though, because unless they significantly reduce or redistribute their holdings to other people, then their coins wont be worth anything. I'm sorry to say, Genstake just can't survive with any single person holding over 50% of the coinbase.

[kampretkabur]

should put some buy orders to be dumped then LOL

[kevin1234a]

did this coin hits any of the exchange yet

[ThinkingOutLoud]

For what it's worth, I believe this is a direct result of the fork issue. For a few hours yesterday when the pools forked away, there were many people, about 10 or so, myself included, that remained connected to the primary nodes and were staking fine. Everyone on that 'staking' fork lost a huge number of coins when I dropped that fork and connected to the fork that the miners were on. It's possible, if not probable, that the only way a staker could have remained connected to that mining fork was if they were also actively mining themselves - and kept all their coins, gaining a significant advantage compared to those that lost their coins, when I connected us to that fork.

It's hard to say since the block explorer we have only shows the last 20 transactions in an address history. But that's what I suspect. Not that it makes much difference now.

[ThinkingOutLoud]

did this coin hits any of the exchange yet

A small new one. I don't know how trustworthy it is yet, it's still unproven as far as I'm concerned.

https://cryptotrade.exchange/trade/GEN/BTC

[ThinkingOutLoud]

That's interesting. I've been noticing small sends coming off of it. Like this one:

http://gen.altexplorers.info:3011/tx/45e92e504ec76353ee4a8576497d8a08182d2484169a5f584a06e07e4d436e3c

Are one of the pools staking?