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

[freemind1]

@Badam thank you very much for your suggestions, it works!. @ThinkingOutLoud now have 16 active connections  

[1714468118]

1714468118

[ThinkingOutLoud]

@Badam thank you very much for your suggestions, it works!. @ThinkingOutLoud now have 16 active connections  

Perfect, so glad we got that sorted. Onwards and upwards!

[freemind1]

Thanks guys. Now lets see how many can stake 50 Gen 

[badam]

Glad it worked 
I am having 37 connections lol more and more people are staking

[ThinkingOutLoud]

Glad it worked 
I am having 37 connections lol more and more people are staking

Haha, awesome. Looking at the nodes I'm seeing 54 connections overall. Keeps going up!

[ThinkingOutLoud]

GUARANTEED STAKE EVENT

Duration: For coins purchased from June 11, 2015 @ 04:00:00 AM UTC to June 18, 2015 @ 04:00:00 AM UTC

Details:

Buy at least 200 GEN from Bittrex or Yobit and immediately withdraw your coins to a new address in your personal wallet. Stake your coins for 48 hours. If, after 48 hours your coins have not staked at least 20 coins, pm me or post your staking address along with a screenshot showing your GEN purchase history at Bittrex or Yobit. We will send you 20 coins, and an additional 20 coins every 24 hours thereafter, until you successfully achieve your first stake or until 3000 GEN has been claimed through this event.

Requirements to claim:

1. Screenshot must include the time of purchase.
2. One claim per person/account maximum.
3. Coins must have been bought through Bittrex or Yobit anytime between June 11, 2015 @ 04:00:00 AM UTC and June 18, 2015 @ 04:00:00 AM UTC.
4. Coins must have been withdrawn to your personal wallet address at least 48 hours before claiming.
5. Coins may not be sent, split, transferred, or manipulated in any way after they arrive in your wallet.
6. You must leave your wallet open and 'unlocked for staking' while attempting to stake.
7. Limit 100 coins may be claimed by any one person.

Successful claims need not be resubmitted after each additional 24 hours as we will be monitoring these addresses closely for success. After 72 hours we will troubleshoot any possible issues that might be preventing you from staking beyond pure bad luck. Obviously a little luck is involved in staking, so it is possible that some people will be able to take advantage of this program, but 200 coins should not take more than a few days to stake right now under any circumstances.

[freemind1]

Very good initiative to promote the coin and the stake Dev, i hope to buy some coins today to put in stake. I am looking all the day to Bittrex

[zsnorbi]

It is really nice to see that price is constantly rising and there are only a few coins for sale on exchanges. As i predicted people will decide to hold and stake the coins it is rare to see that the price of a new coin after launch on exchanges is rising steadily without crash. Still a lot to rise to reach a correct marketcap

[hoolinnne]

Hey dev! I just bought 100 coins and transfered them into my wallet. How does the staking work? I'm really new to this and don't know basically anything. I read the messages in this forum and already got some idea of it but how does it really work? Do i just keep my coins in my wallet and it will stake itself? Does the wallet need to be open all the time?

Thanks.

[freemind1]

Hi zsnorbi, you are right. It seems that the currency is on the right track for further growth. I just bought 200 coins to put in stake.

[freemind1]

@hoolinnne encrypt your wallet with a good password, then decrypt it and see that this marked the box "to stake only".

[badam]

Hey dev! I just bought 100 coins and transfered them into my wallet. How does the staking work? I'm really new to this and don't know basically anything. I read the messages in this forum and already got some idea of it but how does it really work? Do i just keep my coins in my wallet and it will stake itself? Does the wallet need to be open all the time?

Thanks.

Yes you need to keep the wallet open and make sure it is not encrypted. After 4 hours of the incoming transaction your coins will start to stake. You will be able to see it by watching the upwards faced arrow in the right bottom of the wallet. When your coins are staking the arrow is turned green and when you reach enough weight on the network your wallet will mine a stake block

[hoolinnne]

Thanks guys! all up and running.

[Dexter12]

Just discovered this Coin, looks interesting, but its really hard to get some Coins. Tho i was able to pick some up ~360. What blocksize do you recommend? Should i keep them in one block or split them?

[zsnorbi]

Just discovered this Coin, looks interesting, but its really hard to get some Coins. Tho i was able to pick some up ~360. What blocksize do you recommend? Should i keep them in one block or split them?

Ideal stack size is 100 coins thats what the wallet itself is targeting so if you have less then 100 you should keep em together if you have more than 200 you may split them in two or more to have 100 coins per stack

[Dexter12]

Just discovered this Coin, looks interesting, but its really hard to get some Coins. Tho i was able to pick some up ~360. What blocksize do you recommend? Should i keep them in one block or split them?

Ideal stack size is 100 coins thats what the wallet itself is targeting so if you have less then 100 you should keep em together if you have more than 200 you may split them in two or more to have 100 coins per stack

Thank you for your quick response. So i am good to go with my 3 120 blocks. I really like to pick up some more.

[crackfoo]

Heya

Just FYI that we're mining GEN on our multipool: www.xpool.ca and miners have the option to keep their GEN just by entering their GEN address in their user settings.

Cheers!

[badam]

Pretty surprising that a multipool picked up GEN but hey is just another good news

[Dexter12]

Such WOW, GEN is Sold out at Yobit and almost at Bittrex.. Really hard to get Coins, if you cant mine them.Good Job.

[ThinkingOutLoud]

Thanks everyone for helping people new to the coin:)

Part of the reason for the selling out was how low the price was compared to the size of the coinbase. Even at 10k Satoshi's we were sitting at a $4,700 market cap. Now, there is 18,000 coins being created every day, BUT 80% of those are staked - meaning that people holding them can't sell them without staking less AND that coins bought on the market and withdrawn for staking also get a piece of that 14400 coin pie. So only about 20%, or 3600, of the coins are distributed to people that may not necessarily be staking - though a lot of miners are.

Holders know that any coins that they sell on the market can ultimately be used to stake against them. Conversely, if they never sell coins then they'll never see a profit.  So the question is, where's the breaking point for people?

I cautiously predict a slow rise of support while buyers slowly try to lure holders into selling. Buyers then become holders themselves, and the cycle repeats.  Dumps over time will be rare, but when there are, a whole lot more people end up with coins, network weight plummets giving people that hold strong a lot of coins, and then it slowly begins to rise again with a lot more people involved with a greater stake in the coin.

And that's just a natural element of the coin outside the work I'm doing on the coin itself right now. It's a bit of a hydra - cut off one head and two more grow back. I can't see it being killed. It can only grow and grow, but that's just my perspective.