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

[ThinkingOutLoud]

I have to agree that I think it's unethical to stake someone else's coins. But on a technical level, there's nothing I can do to stop it, not with this coin, or any other coin. As far as the network is concerned, all wallets are created equal, and if people don't like what he's doing they don't have to mine from his pool.

With that said, his pool isn't even listed as an official pool anymore, by his own request. I highly encourage people to mine at the other fantastic pools I have listed in the OP. They are all confirmed up to date and also very reputable, well regarded pools. Heck, Suchpool had a pool up for us almost immediately after launch, and there was no announcement or warning.

https://www.suchpool.pw/gen/
https://www.ipominer.com/
http://gen.binpool.com

As for suprnova, Genstake is not listed on the main site, not listed in the op, and he tweeted about it once, at launch, and that's it. And yet there's 25 pool workers there. People have chosen to use that pool, and that's fine. It's a free world. One thing I can say is that he's only got a quarter of the hash on the network at his pool, so other people are mining elsewhere. Maybe they're solo mining. Maybe there's even be a private pool going. I don't know.

One thing I can tell you is that competition is going to beef up a bit after block 10000 when the POW block rewards increase 5x. I'm interested to see how things go after that.

[BillyBones]

So from block 10 000 there will be POW reward per block 5?
Sounds better than 1 coin per block.

[ThinkingOutLoud]

So from block 10 000 there will be POW reward per block 5?
Sounds better than 1 coin per block.

Yeah. Should start 5 coins per block in about 2 1/2 hours from now.

Speaking of, everyone, if you haven't already, make sure you are running the new 1.0.2 wallet. I still see some stragglers on the network that haven't updated. If you're running anything but 1.0.2 then after block 10000 the 1.0.2 network will disconnect you.

[ThinkingOutLoud]

Follow us now on twitter!

https://twitter.com/Genstake

[ThinkingOutLoud]

Anyone looking for a point to jump in, block 10,000 is coming in about 20 minutes!

So what will happen after block 10,000?

POW block rewards will increase 5x.
Stakers will lose 3 hours of age AND their weight will drop 100x.

That means until the staking difficulty drops to match everyone's stake weight, miners will be getting a vast majority of the blocks.

[ThinkingOutLoud]

Anyone looking for a point to jump in, block 10,000 is coming in about 20 minutes!

So what will happen after block 10,000?

POW block rewards will increase 5x.
Stakers will lose 3 hours of age AND their weight will drop 100x.

That means until the staking difficulty drops to match everyone's stake weight, miners will be getting a vast majority of the blocks.

Smooth transition everyone. It's a miner's game for the moment. Mine away!

[ThinkingOutLoud]

I suppose it's worth pointing out that the staking difficulty will not drop until someone hits it. And since I took 3 hours of age away from everyone's current coins and dropped the weight 100x... well... it could be a couple weeks before someone gets lucky and hits that stake block to bring the difficulty down.

And by then? Well, in two weeks 50k coins are going to be mined. So get mining. It's anyone's coin again.

[GreenDefender]

what means ''Reduce stake combiner to 100 coins'' ?

[ThinkingOutLoud]

what means ''Reduce stake combiner to 100 coins'' ?

The coins in your wallet don't sit in a solid block. As you use your coins, the coins in your wallet break down over time, in the form of change. Each time you stake, your coins are split in half, and each 'chunk' of your coins has the opportunity to stake on the network. Over time though the chunks get so small that they have trouble getting enough weight to stake at all on the network, so the wallet combines them with other old coins to get them staking again.

So when coins get so old that the wallet decides they can't stake anymore, it will combine them with other coins, up to the amount that the 'stake combiner' is set to. Originally it was set to 1000, but I reduced it to 100 so that coins would still remain reasonably broken up and you wouldn't lose so much weight when you did stake.

The other effect is that the wallet will stop splitting your coins in half when you stake once they get below 100 coins if they are 'old'.  The design helps create a happy medium in your wallet where the coins are staking regularly.

[GreenDefender]

what means ''Reduce stake combiner to 100 coins'' ?

The coins in your wallet don't sit in a solid block. As you use your coins, the coins in your wallet break down over time, in the form of change. Each time you stake, your coins are split in half, and each 'chunk' of your coins has the opportunity to stake on the network. Over time though the chunks get so small that they have trouble getting enough weight to stake at all on the network, so the wallet combines them with other old coins to get them staking again.

So when coins get so old that the wallet decides they can't stake anymore, it will combine them with other coins, up to the amount that the 'stake combiner' is set to. Originally it was set to 1000, but I reduced it to 100 so that coins would still remain reasonably broken up and you wouldn't lose so much weight when you did stake.

The other effect is that the wallet will stop splitting your coins in half when you stake once they get below 100 coins if they are 'old'.  The design helps create a happy medium in your wallet where the coins are staking regularly.

thanks a lot for your explanation

[ThinkingOutLoud]

Someone did manage to stake after a few hours. Difficulty is still crazy high, but it should slowly start coming down now.

[qinyasu]

  8)gen = 根

[ThinkingOutLoud]

I think it's interesting that there's so many connections, and so much hash and nobody is talking about Genstake....

And none of the hash is at the official pools either...


Hmm... ... Is everyone trying to keep a secret?

[ocminer]

There is no mistake from OC
I rather mine at minerpool, suchpool and kinda slow now from ispace.
But OC )
What kind of pool that promoted a coin ?

Im dont see anything wrong if a pool operator gives an opinion that he likes a coin. Pool operators also have the right to mine coins if they like. I DO feel its very unethical if a pool operator uses unclaimed coins to stake as THAT is a MAJOR advantage as that pool operators wallet will get near all POS blocks. Not saying OC did anything, because I dont know. just adding my 2 cents.

Vegas

Let me make it clear :

1% of pool fee is not enough ?
He use it to stake the coin is not right.
Ex : if all miner mining coin at his pool he will get 1% of total coin + the stacking at begin, that is huge amount of coins , not just couple coins.
As far now i see he only promote or tweet about couple coins , that he maybe or i may guess created a coin to pump.
Look back couple coin he added and tweet about exchange.
Pool operator should or will not do something like that.

That is my feeling, so take it easy , no harm to him but I am just saying what I am really seeing now.

I see that too, and I was not intentionally staking the wallet, there were so many forks at at launch that I reinstalled the daemon quite a few times and redownloaded the blockchain to get it sync again. I then posted a message on the pool that the coin forks a lot and posted here that I'll close the pool and asked to be removed from the OP which was done by ThinkingOutLoud in a couple of minutes. I wanted to stop stratum as soon as the nicehash orders were timed out (my were running too) but simply forget about it and a day later or so I saw the dilemma, I must have forgot to setup a reserve balance at some point after the reinstalls. However I had a conversation with a few folks and they were quite delighted that the coins were in the pool wallet and not somewhere else as they were trusting me not to dump.
 
Just think about it: If everyone would have simply withdrawn their coins right after they've mined them, I would not have any coins to stake, right ?  

TBH there would not have been a big difference if I have simply moved my own mined coins into a separate wallet from the pool right after mining  and staked them there, still not one of the staked coins has been moved or sold in any place and by the way moneysupply has almost doubled by now and quite a few coins were lost in the fork(s) too.

I knew someday someone will come and say "You should not tweet about adding a coin to an exchange.. You've probably created the coin yourself and that is why you promote them.." As said before, I'm mining myself a lot and if a coin is not on a (good) exchange after a (long) POW phase why not sending out a tweet about adding it if the coin has future ? As you've already seen I'm not twittering about a lot of coins so I don't think its a big problem but I will think about twittering twice the next time

[ThinkingOutLoud]

Thanks for clearing that up oc. I appreciate it.

Is there any chance you could please have the coins your mining and keeping for yourself withdrawn to a personal wallet and turn off staking on the pool again? I know you had it off yesterday but I think the setting got reset when I had everyone update. It will help as there's a stigma growing that you might have an unfair advantage staking directly from the pool itself.

Thanks.

Also, everyone, don't forget to follow us on twitter now:

https://twitter.com/Genstake

[ocminer]

Thanks for clearing that up oc. I appreciate it.

Is there any chance you could please have the coins your mining and keeping for yourself withdrawn to a personal wallet and turn off staking on the pool again? I know you had it off yesterday but I think the setting got reset when I had everyone update. It will help as there's a stigma growing that you might have an unfair advantage staking directly from the pool itself.

Thanks.

Also, everyone, don't forget to follow us on twitter now:

https://twitter.com/Genstake

Sure, it's turned off all the time already and i've setup autopayments to my personal wallet too:

 "stake" : 0.00000000,

{
    "reserve" : true,
    "amount" : 999999.00000000
}

[ThinkingOutLoud]

Sweet, thanks oc! You rock.

[GreenDefender]

TOL please install a open donation address @ OP for development etc.

[mmm01]

active dev a+ in my book

[ThinkingOutLoud]

Thanks guys;)

Alright, I really think it's time we got some marketing going and got ourselves out there a little more. I'm offering 20 GEN per account (100 follower minimum) for the first 50 to tweet a shoutout about us. Please have @Genstake $GEN in the tweet so I can see it and follow @Genstake so I can follow back and DM you a thanks and get your Genstake address.

Again, this is per account (tweeting more is greatly appreciated!) and for the first 50 only. Let's see if we can get some people in the twitter-verse talking.

I'm also offering 50 GEN for OP translations. PM me first please to avoid duplication and further instructions.