ThinkingOutLoud (OP)
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June 05, 2015, 12:19:40 AM |
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Nope. Just checked all the pools. None of them are minting the blocks that address is. |
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kampretkabur
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June 05, 2015, 12:21:08 AM |
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ah mental state needs hard fork
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ThinkingOutLoud (OP)
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June 05, 2015, 12:23:33 AM
Last edit: June 05, 2015, 12:34:50 AM by ThinkingOutLoud |
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Found it. It IS a pool. I'm contacting the pool op privately in the hopes that we can find a solution.
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ThinkingOutLoud (OP)
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June 05, 2015, 01:04:06 AM |
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Found it. It IS a pool. I'm contacting the pool op privately in the hopes that we can find a solution.
They're offline for now, but given who the pool op is I'm confident that we will be able to find an amicable solution for everyone. As far as I'm concerned, those coins couldn't be in more trusted hands at the moment. |
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ThinkingOutLoud (OP)
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June 05, 2015, 02:10:25 AM |
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Out of respect I haven't been naming them, but I asked for permission to let everyone here know who holds those coins so that everyone can rest a little easier. It's ocminer  He sent me a message saying "Sure, no problem, you can tell in the thread. The last I want is to hurt the coin in any way, so good luck with the development and all the best" We're going to make sure his stake doesn't hurt the coin, and frankly, ocminer having a significant stake in the coin, in my opinion, is a good thing anyway. So, with that mystery solved and solutions in place, onwards! |
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portice
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June 05, 2015, 03:29:26 AM |
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Out of respect I haven't been naming them, but I asked for permission to let everyone here know who holds those coins so that everyone can rest a little easier. It's ocminer He sent me a message saying "Sure, no problem, you can tell in the thread. The last I want is to hurt the coin in any way, so good luck with the development and all the best" We're going to make sure his stake doesn't hurt the coin, and frankly, ocminer having a significant stake in the coin, in my opinion, is a good thing anyway. So, with that mystery solved and solutions in place, onwards! Are all those staked coins being paid out as bonuses on his pool? That 13k wallet is still slamming the POS blocks. Or is it OC's personal wallet? |
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ThinkingOutLoud (OP)
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June 05, 2015, 03:57:10 AM |
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Out of respect I haven't been naming them, but I asked for permission to let everyone here know who holds those coins so that everyone can rest a little easier. It's ocminer He sent me a message saying "Sure, no problem, you can tell in the thread. The last I want is to hurt the coin in any way, so good luck with the development and all the best" We're going to make sure his stake doesn't hurt the coin, and frankly, ocminer having a significant stake in the coin, in my opinion, is a good thing anyway. So, with that mystery solved and solutions in place, onwards! Are all those staked coins being paid out as bonuses on his pool? That 13k wallet is still slamming the POS blocks. Or is it OC's personal wallet? The pool wallet and the 13k wallet are one in the same. All the mined blocks at that address are blocks being mined by the miners of his pool. |
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portice
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June 05, 2015, 04:02:15 AM |
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Out of respect I haven't been naming them, but I asked for permission to let everyone here know who holds those coins so that everyone can rest a little easier. It's ocminer He sent me a message saying "Sure, no problem, you can tell in the thread. The last I want is to hurt the coin in any way, so good luck with the development and all the best" We're going to make sure his stake doesn't hurt the coin, and frankly, ocminer having a significant stake in the coin, in my opinion, is a good thing anyway. So, with that mystery solved and solutions in place, onwards! Are all those staked coins being paid out as bonuses on his pool? That 13k wallet is still slamming the POS blocks. Or is it OC's personal wallet? The pool wallet and the 13k wallet are one in the same. All the mined blocks at that address are blocks being mined by the miners of his pool. Well either some nice bonuses for the miners there or nice bonuses for OC |
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ThinkingOutLoud (OP)
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June 05, 2015, 04:06:09 AM |
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Out of respect I haven't been naming them, but I asked for permission to let everyone here know who holds those coins so that everyone can rest a little easier. It's ocminer He sent me a message saying "Sure, no problem, you can tell in the thread. The last I want is to hurt the coin in any way, so good luck with the development and all the best" We're going to make sure his stake doesn't hurt the coin, and frankly, ocminer having a significant stake in the coin, in my opinion, is a good thing anyway. So, with that mystery solved and solutions in place, onwards! Are all those staked coins being paid out as bonuses on his pool? That 13k wallet is still slamming the POS blocks. Or is it OC's personal wallet? The pool wallet and the 13k wallet are one in the same. All the mined blocks at that address are blocks being mined by the miners of his pool. Well either some nice bonuses for the miners there or nice bonuses for OC I honestly don't know what he is doing or planning to do with the coins. All I know is that he has them and he's staking them. |
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ipominer
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Mine the hottest new coins at ipoMiner.com
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June 05, 2015, 04:18:01 AM
Last edit: June 05, 2015, 04:32:22 AM by ipominer |
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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.
This happened largely due to the forks. I know at least 5 people that lost >1k coins due to the fork, which they had staked. That address was probably the sole one gaining coins from stake on the forked blockchain, compared to the other blockchain having many more disparate individuals' stakes. Over time, that initial boost is magnified obviously as they continue to gain more and more via stake. As with any coin though, big holders have two options and they'll eventually do one or the other: 1) inject capital into raising the price of the coin on exchanges; 2) sell off their coins slowly over time to others. I wouldn't consider it to be extremely concerning either way, except that with a POS coin you can gain control of the blockchain if you own enough of it. In this case, if it's the main pool that's mining it, they already essentially have control anyway with >50% of hashrate... One possible solution in this case might be to raise the minimum stake age, so the existing large holders don't gain so many coins exponentially every ~hour. Alternatively, increase the block reward on POW blocks -- a 1:20 ratio is probably excessive. |
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ThinkingOutLoud (OP)
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June 05, 2015, 04:35:21 AM |
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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.
This happened largely due to the forks. I know at least 5 people that lost >1k coins due to the fork, which they had staked. That address was probably the sole one gaining coins from stake on the forked blockchain, compared to the other blockchain having many more disparate individuals' stakes. Over time, that initial boost is magnified obviously as they continue to gain more and more via stake. As with any coin though, big holders have two options and they'll eventually do one or the other: 1) inject capital into raising the price of the coin on exchanges; 2) sell off their coins slowly over time to others. I wouldn't consider it to be extremely concerning either way, except that with a POS coin you can gain control of the blockchain if you own enough of it. One possible solution in this case might be to raise the minimum stake age, so the existing large holders don't gain so many coins exponentially every ~hour. Alternatively, increase the block reward on POW blocks -- a 1:20 ratio is probably excessive. Both options would require a hard fork. I'd prefer to avoid that without a reasonably long lead time, which would defeat the point. You're exactly right about why he has so many coins. When the coin forked everyone connected to him to sync. His pool became the most trusted node, and all his staked coins were accepted while so many others lost theirs, myself included. Nothing can be done about that now. I just know that I feel better knowing who has the coins and that they're willing to work with me to keep them from hurting the network. Oc's been around for a long time. I trust him not to intentionally harm the coin. |
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ktfutura
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June 05, 2015, 04:50:55 AM |
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Out of respect I haven't been naming them, but I asked for permission to let everyone here know who holds those coins so that everyone can rest a little easier. It's ocminer He sent me a message saying "Sure, no problem, you can tell in the thread. The last I want is to hurt the coin in any way, so good luck with the development and all the best" We're going to make sure his stake doesn't hurt the coin, and frankly, ocminer having a significant stake in the coin, in my opinion, is a good thing anyway. So, with that mystery solved and solutions in place, onwards! Are all those staked coins being paid out as bonuses on his pool? That 13k wallet is still slamming the POS blocks. Or is it OC's personal wallet? The pool wallet and the 13k wallet are one in the same. All the mined blocks at that address are blocks being mined by the miners of his pool. Well either some nice bonuses for the miners there or nice bonuses for OC The miners can't get the coins because I mined on his fucking pool and he's not meant to stake the coins and use the stake weight of EVERYONE'S COINS. He already gets paid his % and he got caught out. Now this coin is ruined. Only fair thing is he BURNS every one of his staked coins. |
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ThinkingOutLoud (OP)
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June 05, 2015, 05:15:24 AM |
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He just moved the majority of his coins to another address, killing their weight (notice the 20k hasn't staked at all since it moved.). Unfortunately the pool address still holds 28% of the coin base, and because those coins have not moved and are made up of tiny 1 coin chunks (each stake only moves one chunk), each time he stakes he hardly loses any weight at all, so he just keeps staking away. This is true of everyone of course, but because his pool had the majority of the hashrate for so long, and because miners left their coins on his pool instead of withdrawing them to their own wallets immediately, he's got a lot of 1 coin chunks laying around to burn up before he loses his weight on the network:\ I honestly hadn't accounted for pools staking themselves. Even if they did, I didn't figure people would leave their coins on the pools long enough to stake - given the nature of the coin, having your coins anywhere but in your own wallet is utter lunacy. |
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ktfutura
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June 05, 2015, 05:25:52 AM |
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He just moved the majority of his coins to another address, killing their weight (notice the 20k hasn't staked at all since it moved.). Unfortunately the pool address still holds 28% of the coin base, and because those coins have not moved and are made up of tiny 1 coin chunks (each stake only moves one chunk), each time he stakes he hardly loses any weight at all, so he just keeps staking away. This is true of everyone of course, but because his pool had the majority of the hashrate for so long, and because miners left their coins on his pool instead of withdrawing them to their own wallets immediately, he's got a lot of 1 coin chunks laying around to burn up before he loses his weight on the network:\ I honestly hadn't accounted for pools staking themselves. Even if they did, I didn't figure people would leave their coins on the pools long enough to stake - given the nature of the coin, having your coins anywhere but in your own wallet is utter lunacy. tell him to fucking stop staking and to burn his stakes. those coins were mined and paid for buy miners. he already gets a % from mined coins. what if an exchange mined with deposited coins? bull shit. |
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portice
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June 05, 2015, 05:42:34 AM |
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13k turned into 15K + pretty quick  |
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ThinkingOutLoud (OP)
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June 05, 2015, 06:05:02 AM |
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Well, the solution, as usual, is to spread the hash around. After a day any coins that don't stake get clumped together in 1k chunks anyway, which will kill his weight and allow everyone else to stake. So the fewer blocks that get mined at his pool, the fewer coins that get fed into the machine, the less weight he has, the more everyone else catches up.
Hmm. You know what would really help this network? A p2p pool. That way mined coins would go directly into your wallet instead of sitting in a pool, and it would break up the blocks into pieces, which would allow miners to increase their weight over time.
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zakorus
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June 05, 2015, 06:06:46 AM |
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Well, the solution, as usual, is to spread the hash around. After a day any coins that don't stake get clumped together in 1k chunks anyway, which will kill his weight and allow everyone else to stake. So the fewer blocks that get mined at his pool, the fewer coins that get fed into the machine, the less weight he has, the more everyone else catches up.
Hmm. You know what would really help this network? A p2p pool. That way mined coins would go directly into your wallet instead of sitting in a pool, and it would break up the blocks into pieces, which would allow miners to increase their weight over time.
yes we need a p2pool asap. |
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clipman77
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June 05, 2015, 06:22:10 AM |
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Well, the solution, as usual, is to spread the hash around. After a day any coins that don't stake get clumped together in 1k chunks anyway, which will kill his weight and allow everyone else to stake. So the fewer blocks that get mined at his pool, the fewer coins that get fed into the machine, the less weight he has, the more everyone else catches up.
Hmm. You know what would really help this network? A p2p pool. That way mined coins would go directly into your wallet instead of sitting in a pool, and it would break up the blocks into pieces, which would allow miners to increase their weight over time.
yes we need a p2pool asap. If in the near future it will not appear, the coin will slowly die. |
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