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

[ThinkingOutLoud]

I also think it's time we start pursuing an exchange so that miners looking to recover costs and people looking to get in without mining can.

https://cryptotrade.exchange/trade/GEN/BTC never updated their wallet, so they are on their own fork. Please don't attempt to trade there, at least until they update. I sent them a message yesterday but they never responded.

[TheGrayMouser]

Did the increase in POW reward to 5 coins increase total coin supply?  Sorry for the Noob question.

[freemind1]

Spanish translation done: https://bitcointalk.org/index.php?topic=1083707.0

[ThinkingOutLoud]

Did the increase in POW reward to 5 coins increase total coin supply?  Sorry for the Noob question.

Not really. It increased the number of coins that will be produced by 1m coins, but the 15m was always a high estimate that respected the possibility of a large percentage of POS blocks over POW blocks. In a 50% POW / 50% POS the actual maximum with 5 coins in POW is 13140000 coins - so there's still a lot of headroom in the case of imbalances.

Why would there be an imbalance? Well it's likely over the years that people with relatively high hash will jump on and off the POW network, and speeding up and slowing down POW Block creation. This fluctuation will be random and the only way I could account for it was to leave maxcoins a relatively large percentage too high. There is a mathematical limit to the number of coins that can possibly be produced, and that number is probably much less than 15 million, but in the unlikely event that it isn't there's a 15m hardcap anyway.

[ThinkingOutLoud]

If you've encrypted your wallet be sure to unlock it for staking each time you open it or it wont work.

[GreenDefender]

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

Dev, any news with this address ?

[ThinkingOutLoud]

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

Dev, any news with this address ?

Added to the bottom of the OP.

[GreenDefender]

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

Dev, any news with this address ?

Added to the bottom of the OP.

send 250 GEN , glad be able to support this coin 

[ThinkingOutLoud]

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

Dev, any news with this address ?

Added to the bottom of the OP.

send 250 GEN , glad be able to support this coin 

Thanks!

[ThinkingOutLoud]

For anyone just joining us,

108,000 coins are going to be released EVERY MONTH through POW. More than enough for people to be competitive in POS. Also, while POS people have to compete with everyone else that has coins, people mining POW only have to compete with each-other. Ultimately the people that hold the top % share in Genstake will be the people that mine and stake continuously. Also, people participating in POS can't move large portions of their coins at all without having their weight on the network drop like a rock - setting them back for hours or even days against the rest of the network.

There's only been 120,000 coins released so far, and because of the original timing issue - we've actually had about 8 days worth of blocks.

There's still lots of coins to be had, and over time the distribution is going to grow very broad, and the top of the rich list is going to shuffle around many times.

[freemind1]

Spanish thread updated guys.

[ThinkingOutLoud]

Also, anyone worried about ocminer's holdings -

Remember that godawful 65%+ he had that only kept rising? Well it's dropped to 33% in THREE DAYS. And it will keep dropping as long as he has mining competition. What about other people with top spots.

Check this address:

http://gen.altexplorers.info:3011/address/GX1ARedqVtBQPm9WxF3ET7Yf9Kc3iNECZu

Anonymous solo miner. As of writing this, in the last 20 blocks this person has hit,  16 were mined and 4 were staked. This is the number 6 holder on the network, and they keep going up.

What about this one?

http://gen.altexplorers.info:3011/address/GgXMxzpG4Bvr8XKuoKhGQsP1ZBWqV3DdFS

Here we have an anonymous pool miner. For them, of the last 20 transactions, 15 were 25+ coins received from mining on the pool and 5 were staked. This person is the #7 biggest holder.


The point is that the people near the top that keep rising on the rich list, who are supposedly getting most of their coins from staking, aren't. They're actually getting most of them from mining. Something to think about.

[portice]

Stop talking about me

[@boutiuqe]

No exchange it means not many people are interested in your coin.
Move on !!

[portice]

There was a time not every coin got insta added and dumped the first day or week, true
story.

[freemind1]

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

[ThinkingOutLoud]

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

Unfortunately they never upgraded their wallet, so they forked off. They wont get the coins you send, and you can't get the coins you buy there, until they update their wallet and resync. I've already messaged them and had no response. They only have 2 connections and their blockheight is a hundred higher than the official one.

Please don't use them until this is corrected. You'll know by looking at their status page:

https://cryptotrade.exchange/status

When they fix it, they will have more than 2 connections and their block count will match the block explorer.

[ThinkingOutLoud]

Anyone having trouble syncing for the first time should use:

connect=node1.genstake.com
connect=node2.genstake.com
connect=node3.genstake.com
connect=node4.genstake.com

in their genstake.conf file.

This will make your wallet sync ONLY with the nodes. Apparently there's still a few people running off the old forks from around block 500. You can remove those lines once you're sync'd up to connect to the broader network.

[TheGrayMouser]

Did the increase in POW reward to 5 coins increase total coin supply?  Sorry for the Noob question.

Not really. It increased the number of coins that will be produced by 1m coins, but the 15m was always a high estimate that respected the possibility of a large percentage of POS blocks over POW blocks. In a 50% POW / 50% POS the actual maximum with 5 coins in POW is 13140000 coins - so there's still a lot of headroom in the case of imbalances.

Why would there be an imbalance? Well it's likely over the years that people with relatively high hash will jump on and off the POW network, and speeding up and slowing down POW Block creation. This fluctuation will be random and the only way I could account for it was to leave maxcoins a relatively large percentage too high. There is a mathematical limit to the number of coins that can possibly be produced, and that number is probably much less than 15 million, but in the unlikely event that it isn't there's a 15m hardcap anyway.

Thx!   

[Framauro]

I'm staking for a while now and want to buy some more, do we have a exchange?