FLY COIN ANN.Swapping to "Las Vegas"coin,+Masternodes,Darksend,Stealth, instantX

[winmon]

Masternodes sounds like a good idea, and at 500 fly, it isn't beyond the reach of anyone wishing to set it up fairly economically; I say we give it a try. 

[HiggsBosunBlues]

I dont mind the idea of masternodes, I do think that the 500 requirement is a little low though.
For masternodes, Id like to see them qualify at around 1% of the supply. They shouldn't be too easy to get your hands on, make them rare.
If the entire supply is filled with everyone running masternodes, it kind of defeats the purpose.

[Woody20285]

I know the ball is already rolling, but it is too bad that the poll had the option of voting for the feature we want through multi-selection or by a weighted order (ie. the more important features get more counts).
Or it may be a better option to start a new thread dedicated to discussing the possibilities of new features.
We are currently in a mess of possible features, and this is not the only forum I am reading or the only coin I am following, so I am forgetting where things are without going back and rereading 3 pages of posts.
Too bad this project does not have a website at your disposal to list out the options and more details to the specifics of the choices...   (sarcasm... I think...)
There could be pretty graphs based on models and actual math to show the pro and cons of each choice and their effects on the growth in coin and value.

As Mattais noted, he has been asked to create a website. We all can agree, he does quality work!

[Woody20285]

Concerning the options: More discussion is needed.
I like the idea of masternodes to secure the network.

Hope to be here more frequently. Still recovering from
the flu which had unexpected complications.

[vegasguy]

I dont mind the idea of masternodes, I do think that the 500 requirement is a little low though.
For masternodes, Id like to see them qualify at around 1% of the supply. They shouldn't be too easy to get your hands on, make them rare.
If the entire supply is filled with everyone running masternodes, it kind of defeats the purpose.

I actually like the idea of masternodes being a higher priced. 1000FLY?? 2000FLY?? A higher requirement would cause more buy pressure.

Vegas

[midnight_miner]

I know the ball is already rolling, but it is too bad that the poll had the option of voting for the feature we want through multi-selection or by a weighted order (ie. the more important features get more counts).
Or it may be a better option to start a new thread dedicated to discussing the possibilities of new features.
We are currently in a mess of possible features, and this is not the only forum I am reading or the only coin I am following, so I am forgetting where things are without going back and rereading 3 pages of posts.
Too bad this project does not have a website at your disposal to list out the options and more details to the specifics of the choices...   (sarcasm... I think...)
There could be pretty graphs based on models and actual math to show the pro and cons of each choice and their effects on the growth in coin and value.

As Mattais noted, he has been asked to create a website. We all can agree, he does quality work!

I r looking fwd to this! 

It would be a positive thing to have more positive and objective technical dialogue and input into the road map to plan(t) the next 12 months.

[midnight_miner]

I dont mind the idea of masternodes, I do think that the 500 requirement is a little low though.
For masternodes, Id like to see them qualify at around 1% of the supply. They shouldn't be too easy to get your hands on, make them rare.
If the entire supply is filled with everyone running masternodes, it kind of defeats the purpose.

I actually like the idea of masternodes being a higher priced. 1000FLY?? 2000FLY?? A higher requirement would cause more buy pressure.

Vegas

The compensation will need to be proportional. 

A successful network of Masternodes requirements should prefer servers in datacentres with dedicated IP addresses, not home/business single-ended internet connections.

If your masternodes are popping off and on the network and changing addresses, this will cause more instability than without masternodes.

The bar (on requirements) should be set high enough to attract quality applications for masternodes.  In return, masternodes should attain equal or better returns than a regular PoS/PoSP node.  The masternodes shall (if the code is written correctly), maintain fair and even distribution of the staking payouts, and blockchain health.

[winmon]

Thanks midnight for the good info.

I hope we don't get too "pricy" with the nodes.....  1000 max imho.

[metamorphin]

Masternodes in Fly

I love the idea for a masternodecoin. I am sure, this will push Flycoin to a high quality coin. The art is, to manage the masternodeserver and we have to change the core.

But if Flycoin-Team will decide to create masternodes, I am fully in!

Greetz
Steve

[winmon]

Have I been living in the dark ages or what?

I never knew of the existence of a faucet for FLY coin, but there is one, part of bleutrade.

For those who are looking for faucets:    http://fly.bleufaucet.com/

[vegasguy]

I dont mind the idea of masternodes, I do think that the 500 requirement is a little low though.
For masternodes, Id like to see them qualify at around 1% of the supply. They shouldn't be too easy to get your hands on, make them rare.
If the entire supply is filled with everyone running masternodes, it kind of defeats the purpose.

I actually like the idea of masternodes being a higher priced. 1000FLY?? 2000FLY?? A higher requirement would cause more buy pressure.

Vegas

The compensation will need to be proportional.  

A successful network of Masternodes requirements should prefer servers in datacentres with dedicated IP addresses, not home/business single-ended internet connections.

If your masternodes are popping off and on the network and changing addresses, this will cause more instability than without masternodes.

The bar (on requirements) should be set high enough to attract quality applications for masternodes.  In return, masternodes should attain equal or better returns than a regular PoS/PoSP node.  The masternodes shall (if the code is written correctly), maintain fair and even distribution of the staking payouts, and blockchain health.

Funny you should mention a data center would be best, as I own one , filled with the latest servers, and a private dedicated fiber optic network that can reach speeds past 1Gps upload and download, so that wont be a problem at all. Its looking more and more like this is the way to go. I think 1000 fly is the sweet spot for cost per masternode, unless you guys think it should be higher. Making the cost higher would bring more buy pressure, and make it more exclusive.

Vegas

[metamorphin]

I dont mind the idea of masternodes, I do think that the 500 requirement is a little low though.
For masternodes, Id like to see them qualify at around 1% of the supply. They shouldn't be too easy to get your hands on, make them rare.
If the entire supply is filled with everyone running masternodes, it kind of defeats the purpose.

I actually like the idea of masternodes being a higher priced. 1000FLY?? 2000FLY?? A higher requirement would cause more buy pressure.

Vegas

The compensation will need to be proportional.  

A successful network of Masternodes requirements should prefer servers in datacentres with dedicated IP addresses, not home/business single-ended internet connections.

If your masternodes are popping off and on the network and changing addresses, this will cause more instability than without masternodes.

The bar (on requirements) should be set high enough to attract quality applications for masternodes.  In return, masternodes should attain equal or better returns than a regular PoS/PoSP node.  The masternodes shall (if the code is written correctly), maintain fair and even distribution of the staking payouts, and blockchain health.

Funny you should mention a data center would be best, as I own one , filled with the latest servers, and a private dedicated fiber optic network that can reach speeds past 1Gps upload and download, so that wont be a problem at all. Its looking more and more like this is the way to go. I think 1000 fly is the sweet spot for cost per masternode, unless you guys think it should be higher. Making the cost higher would bring more buy pressure, and make it more exclusive.

Vegas

Ok....the datacenter question is cleared now!  

Vegas, you have prepared everything it seems. So, COMMUNITY

let vegas changing the core and switching to a masternode...the biggest advantage, the coin itself will be more safe against 51% attacks and so on, because newer core!!!

Steve

[vegasguy]

Griffith is looking over our code to see if a swap is required for Masternodes. If a swap is not required, then I wont do it. I know users hate swaps, so I avoid them at all costs. But, I really think we need to do what it takes to get masternodes added, as it will cause heavy buy pressure. The next question becomes how much for each masternode? I do agree , that they should be rare, and people should stretch to acquire them. If the price per masternode is too low, then everyone has them, and there is no value. If its too high, people might not bother. Im considering 2000 fly per masternode. This should be a stretch, so people start buying. Im considering the reward structure similar to Dash, but this is not set in stone. Im open to suggestions.

Vegas

[pokeytex]

I dont mind the idea of masternodes, I do think that the 500 requirement is a little low though.
For masternodes, Id like to see them qualify at around 1% of the supply. They shouldn't be too easy to get your hands on, make them rare.
If the entire supply is filled with everyone running masternodes, it kind of defeats the purpose.

I actually like the idea of masternodes being a higher priced. 1000FLY?? 2000FLY?? A higher requirement would cause more buy pressure.

Vegas

The compensation will need to be proportional.  

A successful network of Masternodes requirements should prefer servers in datacentres with dedicated IP addresses, not home/business single-ended internet connections.

If your masternodes are popping off and on the network and changing addresses, this will cause more instability than without masternodes.

The bar (on requirements) should be set high enough to attract quality applications for masternodes.  In return, masternodes should attain equal or better returns than a regular PoS/PoSP node.  The masternodes shall (if the code is written correctly), maintain fair and even distribution of the staking payouts, and blockchain health.

Funny you should mention a data center would be best, as I own one , filled with the latest servers, and a private dedicated fiber optic network that can reach speeds past 1Gps upload and download, so that wont be a problem at all. Its looking more and more like this is the way to go. I think 1000 fly is the sweet spot for cost per masternode, unless you guys think it should be higher. Making the cost higher would bring more buy pressure, and make it more exclusive.

Vegas

But will also limit the number of MN's since there is only 200k FLY available - and not even all of that on the market!

[metamorphin]

I dont mind the idea of masternodes, I do think that the 500 requirement is a little low though.
For masternodes, Id like to see them qualify at around 1% of the supply. They shouldn't be too easy to get your hands on, make them rare.
If the entire supply is filled with everyone running masternodes, it kind of defeats the purpose.

I actually like the idea of masternodes being a higher priced. 1000FLY?? 2000FLY?? A higher requirement would cause more buy pressure.

Vegas

The compensation will need to be proportional.  

A successful network of Masternodes requirements should prefer servers in datacentres with dedicated IP addresses, not home/business single-ended internet connections.

If your masternodes are popping off and on the network and changing addresses, this will cause more instability than without masternodes.

The bar (on requirements) should be set high enough to attract quality applications for masternodes.  In return, masternodes should attain equal or better returns than a regular PoS/PoSP node.  The masternodes shall (if the code is written correctly), maintain fair and even distribution of the staking payouts, and blockchain health.

Funny you should mention a data center would be best, as I own one , filled with the latest servers, and a private dedicated fiber optic network that can reach speeds past 1Gps upload and download, so that wont be a problem at all. Its looking more and more like this is the way to go. I think 1000 fly is the sweet spot for cost per masternode, unless you guys think it should be higher. Making the cost higher would bring more buy pressure, and make it more exclusive.

Vegas

But will also limit the number of MN's since there is only 200k FLY available - and not even all of that on the market!

The limitation is explained by the total amount itself.

200k fly has place for 100 masternodes by 2k per masternode...

I would like it a mn with 500 fly...so we could create 400 mn! but believe me...400 mn would not be the end...because, the total amount will increase with more staking and masternodes!!!!!!


Steve

[cryptonit]

masternode with 1000 FLY required sounds good

just it is another methamorphosis with a total radical change....

leave it as it is now is maybe good too and focus on services and apps

[vegasguy]

masternode with 1000 FLY required sounds good

just it is another methamorphosis with a total radical change....

leave it as it is now is maybe good too and focus on services and apps

Well, we still are promoting our services and have already completed our first android job. I think it would add even more value to fly to add masternodes.

Vegas

[midnight_miner]

I dont mind the idea of masternodes, I do think that the 500 requirement is a little low though.
For masternodes, Id like to see them qualify at around 1% of the supply. They shouldn't be too easy to get your hands on, make them rare.
If the entire supply is filled with everyone running masternodes, it kind of defeats the purpose.

I actually like the idea of masternodes being a higher priced. 1000FLY?? 2000FLY?? A higher requirement would cause more buy pressure.

Vegas

The compensation will need to be proportional.  

A successful network of Masternodes requirements should prefer servers in datacentres with dedicated IP addresses, not home/business single-ended internet connections.

If your masternodes are popping off and on the network and changing addresses, this will cause more instability than without masternodes.

The bar (on requirements) should be set high enough to attract quality applications for masternodes.  In return, masternodes should attain equal or better returns than a regular PoS/PoSP node.  The masternodes shall (if the code is written correctly), maintain fair and even distribution of the staking payouts, and blockchain health.

Funny you should mention a data center would be best, as I own one , filled with the latest servers, and a private dedicated fiber optic network that can reach speeds past 1Gps upload and download, so that wont be a problem at all. Its looking more and more like this is the way to go. I think 1000 fly is the sweet spot for cost per masternode, unless you guys think it should be higher. Making the cost higher would bring more buy pressure, and make it more exclusive.

Vegas

But will also limit the number of MN's since there is only 200k FLY available - and not even all of that on the market!

The limitation is explained by the total amount itself.

200k fly has place for 100 masternodes by 2k per masternode...

I would like it a mn with 500 fly...so we could create 400 mn! but believe me...400 mn would not be the end...because, the total amount will increase with more staking and masternodes!!!!!!


Steve

The way I look at it, this is a low transaction coin (at the moment).  If the value in the coin is Hodling    long term, and the coin is moving to PoSP, then the more staking nodes, the lower the staking rewards.  So for a Masternode to be feasible (cost of running/maintaining a Masternode), you are looking at a 100:1 ratio between the number of Masternodes to staking wallets.  At the moment that would not attract or suppport too many Masternodes.  In the beginning of the Masternode roll out, I foresee 10 - 25 Masternodes being set up to compete for the split on the rewards of possible 200 staking wallets.  In about a month or 2, half of the masternodes will realize they would make more just staking in a regular wallet, and the number of Masternodes will drop to about 5-10 in about the 3rd month.

As the coin becomes more transaction based (assuming, that this will eventually happen), then we will see less of the total coin staking and the rise in the PoSP and then the network could support a 20:1 (-ish) ratio of masternodes to staking wallets.

I would recommend keeping the Masternode activation high enough (1-2K FLY) to ensure a solid commitment to maintaining a reliable
network of Masternodes, and enough wallets that will continue to grow the total coin base to help support a more transaction based network.  The coin will maintain or increase its value if people can use the coin to trade it for something of value, otherwise, unless it is backed by FIAT or other assets, the value of this coin will dissipate with time and people will lose interest.

My opinion... for what it is worth...

[groggin]

 the collateral amount secures the network also; an attacker might want to run many nodes, so this number is critical in more than one way.

A successful network of Masternodes requirements should prefer servers in datacentres with dedicated IP addresses, not home/business single-ended internet connections.

If your masternodes are popping off and on the network and changing addresses, this will cause more instability than without masternodes.

i am running an incentivized node for vcash.  the focus is on speed and connectability, but dynamic ip addresses don't affect the vcash (multi-tier) network in a negative way, but you do need a very fast machine if you expect to compete with the 'elite'

[pokeytex]

 the collateral amount secures the network also; an attacker might want to run many nodes, so this number is critical in more than one way.

A successful network of Masternodes requirements should prefer servers in datacentres with dedicated IP addresses, not home/business single-ended internet connections.

If your masternodes are popping off and on the network and changing addresses, this will cause more instability than without masternodes.

i am running an incentivized node for vcash.  the focus is on speed and connectability, but dynamic ip addresses don't affect the vcash (multi-tier) network in a negative way, but you do need a very fast machine if you expect to compete with the 'elite'

Same here - @Vegasguy - you may want to look into the Vcash code or minimally the Transfercoin code - both run sweet MN functions.