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

[vegasguy]

All links on OP updated to current v2.4

I think my best bet to find a dev that has vast knowledge in masternodes is to pm them. The coins that have fully working masternodes are the devs I seek.
Ive already Pmed Transfer coin a couple of days ago, and he has not responded yet.
Can you guys give me some names of some other coins that have good working masternodes? I wont bother with Dash, because Im quite sure they wont respond.

Vegas
 

https://github.com/Infernoman/Transfercoin

infernoman steve know him he did help europecoin for some project

I sent a PM to infernoman about a week ago, and no response, but at that moment my message was about a multi tier Masternode. So thats probably why he didnt reply. Ive only heard good things about him. Ill have Metamorphin contact him again.

Vegas

[1715433537]

1715433537

[vegasguy]

So even though our buy price is low, what people dont look at is, in the coming weeks we will have masternodes. These masternodes will have the same model as dash where The masternode holders will divide 50% of all POS rewards based on how many masternodes they have. Here is the ironic part. Right now if you wanted to go on yobit and purchase the 500 fly to get the masternode, there are not enough for sale!!!  

So the best thing to do now, is to hold your fly, as there will soon be a large demand, and not near enough to supply, hence MUCH higher prices

Update: Ive just spoken to Griffith , and he is close to finishing a very basic multipool that we will start testing, this multipool will payout in fly. There will also bonuses paid out each week to the address with the largest hash for each algo. It will be a VERY fast and efficient pool.

Vegas

[vegasguy]

So ive been mapping the next step for fly, and I think what you are about to hear will blow your mind!!!!!!!!!!!!!!! Its so unique , I cant tell you how excited I am. The crazy Ideas I come up with.

So Initially I wanted a multi tier masternode. But even though that was very unique, I have something that is so unique, it might actually pave the way masternodes operate.

Ok here goes...

The minimum to get a masternode reward is 500 fly.

Dash picks random masternodes and rewards that masternode 40% of the block.

Our masternode system will also choose a random masternode each time. So each block it will select a random masternode and pay a reward based on your balance.
Our version of the masternode, will NOT require you to collateralize your funds. So, youll still get your POS rewards, and should you be chosen by the masternode system, youll get an addtional reward based on your balance.

The initial 500 fly will reward you 5% of the POS block , if you are chosen.
Each 200 fly that you hold in your wallet will reward you an additional 1% masternode reward.
The max reward is 50% of a block. To get that 50% is 9500 fly.
You can even have your balance in many different addresses in 1 wallet without a penalty. It checks the balance of every address in your wallet and totals them.

So in simplicity, you simply hold a minimum of 500 fly to get additional masternode rewards. No collateral required, nothing needs to be locked. You then add 200 fly to get an addtional 1% over time.

Ive been speaking with Griffith for the last 5 hours and he has confirmed this can and will be done. Possibly 2-3 weeks from now  

I think this system is so unique, there is no question many will adopt it, and it started here!

Vegas

[cryptonit]

So ive been mapping the next step for fly, and I think what you are about to hear will blow your mind!!!!!!!!!!!!!!! Its so unique , I cant tell you how excited I am. The crazy Ideas I come up with.

So Initially I wanted a multi tier masternode. But even though that was very unique, I have something that is so unique, it might actually pave the way masternodes operate.

Ok here goes...

The minimum to get a masternode reward is 500 fly.

Dash picks random masternodes and rewards that masternode 40% of the block.

Our masternode system will also choose a random masternode each time. So each block it will select a random masternode and pay a reward based on your balance.
Our version of the masternode, will NOT require you to collateralize your funds. So, youll still get your POS rewards, and should you be chosen by the masternode system, youll get an addtional reward based on your balance.

The initial 500 fly will reward you 5% of the POS block , if you are chosen.
Each 200 fly that you hold in your wallet will reward you an additional 1% masternode reward.
The max reward is 50% of a block. To get that 50% is 9500 fly.
You can even have your balance in many different addresses in 1 wallet without a penalty. It checks the balance of every address in your wallet and totals them.

So in simplicity, you simply hold a minimum of 500 fly to get additional masternode rewards. No collateral required, nothing needs to be locked. You then add 200 fly to get an addtional 1% over time.

Ive been speaking with Griffith for the last 5 hours and he has confirmed this can and will be done. Possibly 2-3 weeks from now  

I think this system is so unique, there is no question many will adopt it, and it started here!

Vegas

this i doubt
its imppossible for a wallet to check balance of another address
only explorer who scan blockchain in a special way are able know the balance of a address that u dont own

so if u take this in account the check how much coins someone have and based on that increase his stakerate can be done just local and not verified by other nodes
which is a pandora box u dont wana open

additional u cant call a bonus stakerate system a masternode system
(masternodes not only generate a extra income it also make ur node offer services to the network in case of dash the support in anonymous transactions)

the way masternodes are working is build around a colateral TX because thats the only way other nodes can verify it
they dont know the balance of a other address but they can check a tx if it still have the coins in it unspend

i would wonder if griffith find other ways to do this

[vegasguy]

I thought about "wallet checking own balance", and Griffith assured me it can be done, by checking the chain. Also Cryptonit, you would be correct, it is not a masternode, as there will be no collateral funds. Because nothing like this has ever been done, I need to come up with a name for it. Or if anyone else might have a name. Griffith will be working on it all week. If there are doubts, then here is the link so, any of you can follow along. Keep in mind that he has only coded a couple of hours and it is not near complete, but he will be working on it throughout the week, so continue to check its progress.

https://github.com/Greg-Griffith/Flycoin/blob/masterNodeDev/src/masternode.cpp#L34

Vegas

[vegasguy]

I just talked to Griffith a minute ago. I asked him again to confirm that a wallet can check its own balance. He confirmed it can, but not in the direct way that you would think. He said he will post here later today and explain how he will make it possible. This will be one of a kind, and unique, and will blow the doors wide open , and bring loads of attention and excitement to fly. Meanwhile those that have kept the faith and held their fly will be glad they did, as there is not enough fly on Yobit to even buy the smallest masternode (Name of new tech to be changed soon). Anyone that still doubts it, I have the top buy order on yobit that will buy 600 coins right this second. Money talks.

Update: Ive thought about this too. Here is proof that it IS possible at least a way that I came up with , and its this:

We would add another button , then when you press that button would take you to another page where YOU would input the address or addresses where your additonal rewards should go. Much like our savings feature where you could send your reward anywhere and to any address.

There. Thats one way.

Vegas

[Griffith]

this i doubt
its imppossible for a wallet to check balance of another address
only explorer who scan blockchain in a special way are able know the balance of a address that u dont own

so if u take this in account the check how much coins someone have and based on that increase his stakerate can be done just local and not verified by other nodes
which is a pandora box u dont wana open

additional u cant call a bonus stakerate system a masternode system
(masternodes not only generate a extra income it also make ur node offer services to the network in case of dash the support in anonymous transactions)

the way masternodes are working is build around a colateral TX because thats the only way other nodes can verify it
they dont know the balance of a other address but they can check a tx if it still have the coins in it unspend

i would wonder if griffith find other ways to do this

using a similar caching system that dash uses for its masternodes to know what nodes are alive and not, the masternodes will be kept track of in a list on each client (the list is cached). the list of masternodes is a list of CMasterNode objects which is an extension of the CNode object holding additional fields for last time that node received a reward (not stored, for user purposes only) and a list of addresses from that wallet to be used in the calculation of how much money is actually in that wallet (default is all)

Cant you put someone elses address from the richlist in the list of your addresses to boost your rewards?
-yes, it would boost the total masternode reward in the block. but that list is also used for payouts in the terms of rewards, so adding someone elses node would be adding them to the payout list and giving them some of the coins you would earn, so overall it doesnt help you at all. it would actually hurt you. 

Does that mean people with more coins will get selected as a masternode for a block more often?
-No. like dash its random selection with some criteria (can be found in the MasterNodeControl class that vegas posted a link to).

How do i customize my masternode configuration?
-There will be a masternode.conf in the same location as your wallet.dat, you can customize your settings there and an RPC command will be available from within the wallet to update your settings so you dont need to restart the wallet upon update. This might also be available from a gui menu later.

How do the other nodes verify the balance of the masternode that was selected?
- It would do it the same way it verifies the balance of any address, the functionality is actually already built into the wallet. it just needs the list of addresses to get a total from. thats why the list is part of the CMasterNode class.

[vegasguy]

I would love you guys to chime in, and ask any questions. This will help others understand what we are doing. As it is still being coded, there is still time to tweak the settings or change things. Now is the time to ask questions, or comment, or give suggesttions. We also need a name. Griffith came up with "Skynode" or I was thinking "flynode".

Vegas

[Woody20285]

FlyNode or FlyNet is better because it keeps
the FlyCoin Brand out front. Of those 2, I prefer
the FlyNet name. Other suggestions?

[Woody20285]

Update to wallet version 2.4
Looking at the block explorer, I noticed we still have a few wallets
on version 2.1 and 2.2. Please check you version and update to 2.4

[vegasguy]

So starting today , we are going to start giving out rewards from the superfly wallet for tweeting about "flynode". Your tweet must have an explanation of what it is, what it does, and the fact that only fly at this time has this special node.

Here is a reminder so far on what has been discussed: (you might even copy and paste this on the twitter page you choose). The twitter page must have a minimum of 200 followers and be crypto related. An additional bonus will be given to you, for a very positive tweet that might read something like this : Guys, fly is looking better than ever. The wallet is flawless, and everything works, and they have big plans like a multipool that pays out in fly and then the new flynode will be awesome!! Check out the details here:

So your welcome to copy the following and edit it to it fits into a tweet, or post it to a crypto-related social media like facebook.

Flynode details:

Its not exactly a masternode as funds do not have to be locked away. Simply hold your balance in your wallet.
Flynode will choose random nodes for each block to reward to (Much the way Dash does)
Your balance will not affect your chances of being chosen or not. Everyone has the same chance.
The minimum to get a node is simply having a balance of 500 fly or more. Its automatic.  You wont need to lock, or collateralize in anyway.
500 fly will pay you 5% of the block reward, should you be chosen for that block.
Each additional 200 fly will reward you 1% more if the flynode chooses you.
The max reward is 50% of the block. To get this much would require you to hold 9500 fly.
Even if you have multiple addresses, our flynode system rewards you based on your entire balance from ALL addresses!!
The superblocks probability has already been raised 4x, and will probably be raised more.
Superblocks will play more of a role now than they ever have. Because for example if someone hits a superblock for say 50x , and it rewards 100 fly, and lets say based on your balance you get 20% of that, youll get 20 fly reward. Ill keep increasing the superblock probability until they become very common, as this will play a major role for much higher rewards.
POS is not much of a factor anymore. Flycoin will be more random.

So, beginning Mondays and ending Sundays at 5pm PST, we will have the social media campaign, and reward you from the superfly wallet. So you can even start today if you want. The most important part is you MUST post the link to your post to twitter,  like before in the fly thread as proof you posted to a social media account.You will also need to go to Presstabs richlist and claim an address. Just 1 address is fine, even if you have multiple. The purpose is : So I know where to send your reward every Tuesday. You must also post to a different social media account each time. Please dont spam the same social media account. That does not get the word out or help anyone. I know that I had posted that I wanted to raise the POS rate of superfly to 200% POS, and some of you were against it. Know this, I know who the top holders are, and they are disqualified from rewards. If I keep rewarding you guys every week, the superfly wallet will drain quickly , and there wont be any rewards. The superfly wallet belongs to YOU!!! I just send the funds. So I hate to override what you guys said, but I have no other choice, as you have given me no other ideas , except charge you guys fees, and we all know how that went. These funds go to YOU guys, NOT to the top holders. I want to structure this where I can pay higher rewards for fly supporters, and you can use this to get rewarded more on masternodes. This will be great for those that cannot afford the 500 fly or more to qualify for flynode rewards.  Everything will be posted, who got what each week. The Superfly wallet address is posted publicly so everyone can question any and all transactions ever made from it. But I always post what each transaction is anyway.


But wait, thats not fair, I cant afford 500 fly!?!?!? Ok.. here is your answer

I will be rewarding 50 -70 fly per week. I will divide that number between the amount of people that participate in the social media campaign. What im saying is, if you are the only one, you will get it all!!

When the superfly wallet raises its rate higher, Ill be able to give out much more. if I see a lot of participation, Ill ask the top holders to stake to superfly. I can already tell you they will

If you wish to take part in the social media campaign then start by claiming an address here: http://www.presstab.pw/phpexplorer/FLY/richlist.php

If you dont know how, or cant remember, just ask. We will repost instructions.

Update: I just came up with this idea, but I dont know if its possible. Even though the flynode will choose completely fair and even for everyone, I had this idea to help try to keep it more balanced.

I dont know if Griffith can do this or not.... Example.. lets say your luck is terrible.. and Flynode does not reward you for 2 weeks, is it possible to get a higher reward because you have not received a reward from fly node in so long? Kind of like staking where you get coin weight, and the longer you dont get a reward the more you get. This is simply an idea, and has not been confirmed by Griffith. But, IF its possible, I will have him implement it.

Vegas
 

[xProphet]

I will post my opinion about FlyNodes. I really like the idea and sure it will make FLY price grow.
Buuut I still remember Vegasguy's saying "Help the little guy", it was in the old thread. To be honest, I don't know if such a rule is still in force, but in my opinion, FlyNodes WILL NOT help the little guy. "Little guys" won't receive anything while those who had a lot of coins before implementing this amazing feature will get even more. I will try to do some math.

One FlyNode costs 500 coins. Right now (12.09.16 23:10 UTC) on Yobit, 500 FLY at the sell side are worth about 0.34391704 BTC, I will round it to 0.34 BTC.
Now, I open random FlyCoin address from Block Explorer's richlist. I don't know who owns it. If we look on transactions associated with this address, we can see that this wallet does POS Mining. I didn't calculate a lot, but the average reward is 0.6~0.9 FLY, I will round it up to 1 FLY.
Masternode reward is 5% of the POS reward (I hope I understood it right, otherwise my math is wrong and not worth of further reading). 5% of 1 FLY is 0.05 FLY.
Now lets imagine that market is stable and the buy price is at least 55k sats.The minimum (without additional 200 FLYs) reward is going to be 2750 sats.
I opened the source code of GitHub to check out the maximum block time, it is 10 minutes.
So the minumum is (60 / 10) * 24 = 144 blocks per day. Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes. Chance of me getting the reward is 1/50 (2%). Lets assume that the guy who owns that POS wallet sets up (6794 (wallet's current balance) \ 500) = 13 nodes + some chenage for an ice cream Let these 13 masternodes be a part of the total masternodes of the network, so the chance to get a reward is 13/50 (26%). With this probability, I imply that I'll receive 26% of the daily rewards (144 (min blocks/day) * 0.0000275 (price of the one reward) * 0.26 (chance)) = 0.0010296 BTC/day min. So, such amount of masternodes will be profitable after (0.34 * 13 (masternode price * masternode count) / 0.0010296 (BTC per day return)) about 330 days.

330 days even for the rich guy like whom wallet I used for doing math.
A poor, *cough* I mean "not so rich", guy like me who can't afford even 1 masternode at the current price will rely on POS rewards (for me, an estimated reward time is 450 days lol), but anyway the richier holders will receive a share of them.

I am *sure* that there IS a mistake in my math, so I'd be glad if someone corrects me.
Here is how I proved that the "lower class" will receive nothing but the rich people will benefit just more and more, however such process will be slow anyway.

[cryptonit]

How do the other nodes verify the balance of the masternode that was selected?
- It would do it the same way it verifies the balance of any address, the functionality is actually already built into the wallet. it just needs the list of addresses to get a total from. thats why the list is part of the CMasterNode class.

i think thats the tricky part

u dont check balances of other addresses on normal bitcoin based wallets
u check just single tx which are involved in a transaction

so if someone send coin u know if he is the owner of that coins because he was able sign with correct key
and u can check that this tx he use as input is really unspend until yet

but u have no idea whats his wallet balance is

to do this u would have to know all his incoming and outgoing tx

and not just the few that are involved in a transaction

but if u say u have a solution then im looking forward to see it work

the only solution i see would be
1. each node is a little blockexplorer writting a database that constant track balance of each address
2. u try implement some stuff from miniblockchain (i think cryptonite is the only coin using it and its still in beta stage since forever)
they try to keep a balance of each address stored in the blockchain in a way that in theory u never need to sync more than 10000 blocks
and u know the correct balance of each address

both paths seems to be very complicated

but im no coder and have just a small limited knowledge about how blockchains based on bitcoins are working

maybe im total wrong  

[cryptonit]

I will post my opinion about FlyNodes. I really like the idea and sure it will make FLY price grow.
Buuut I still remember Vegasguy's saying "Help the little guy", it was in the old thread. To be honest, I don't know if such a rule is still in force, but in my opinion, FlyNodes WILL NOT help the little guy. "Little guys" won't receive anything while those who had a lot of coins before implementing this amazing feature will get even more. I will try to do some math.

One FlyNode costs 500 coins. Right now (12.09.16 23:10 UTC) on Yobit, 500 FLY at the sell side are worth about 0.34391704 BTC, I will round it to 0.34 BTC.
Now, I open random FlyCoin address from Block Explorer's richlist. I don't know who owns it. If we look on transactions associated with this address, we can see that this wallet does POS Mining. I didn't calculate a lot, but the average reward is 0.6~0.9 FLY, I will round it up to 1 FLY.
Masternode reward is 5% of the POS reward (I hope I understood it right, otherwise my math is wrong and not worth of further reading). 5% of 1 FLY is 0.05 FLY.
Now lets imagine that market is stable and the buy price is at least 55k sats.The minimum (without additional 200 FLYs) reward is going to be 2750 sats.
I opened the source code of GitHub to check out the maximum block time, it is 10 minutes.
So the minumum is (60 / 10) * 24 = 144 blocks per day. Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes. Chance of me getting the reward is 1/50 (2%). Lets assume that the guy who owns that POS wallet sets up (6794 (wallet's current balance) \ 500) = 13 nodes + some chenage for an ice cream Let these 13 masternodes be a part of the total masternodes of the network, so the chance to get a reward is 13/50 (26%). With this probability, I imply that I'll receive 26% of the daily rewards (144 (min blocks/day) * 0.0000275 (price of the one reward) * 0.26 (chance)) = 0.0010296 BTC/day min. So, such amount of masternodes will be profitable after (0.34 * 13 (masternode price * masternode count) / 0.0010296 (BTC per day return)) about 330 days.

330 days even for the rich guy like whom wallet I used for doing math.
A poor, *cough* I mean "not so rich", guy like me who can't afford even 1 masternode at the current price will rely on POS rewards (for me, an estimated reward time is 450 days lol), but anyway the richier holders will receive a share of them.

I am *sure* that there IS a mistake in my math, so I'd be glad if someone corrects me.
Here is how I proved that the "lower class" will receive nothing but the rich people will benefit just more and more, however such process will be slow anyway.

not less is more
more is more

this new system would create one source of demand
and that is greed

can work

if that fit to the former message of the coin  "Help the little guy" is a different story......

[metamorphin]

Ladies and Gentlemen,

like always, I am totally fascinated again, how a coin can change its behaviour.

"FlyNet" or "FlyNode" is exactly the thing we needed.

Hope the devs wanna enjoy this huge task. But I am sure, they can solve all hurdles.

Greetz
Steve

[vegasguy]

I will post my opinion about FlyNodes. I really like the idea and sure it will make FLY price grow.
Buuut I still remember Vegasguy's saying "Help the little guy", it was in the old thread. To be honest, I don't know if such a rule is still in force, but in my opinion, FlyNodes WILL NOT help the little guy. "Little guys" won't receive anything while those who had a lot of coins before implementing this amazing feature will get even more. I will try to do some math.

One FlyNode costs 500 coins. Right now (12.09.16 23:10 UTC) on Yobit, 500 FLY at the sell side are worth about 0.34391704 BTC, I will round it to 0.34 BTC.
Now, I open random FlyCoin address from Block Explorer's richlist. I don't know who owns it. If we look on transactions associated with this address, we can see that this wallet does POS Mining. I didn't calculate a lot, but the average reward is 0.6~0.9 FLY, I will round it up to 1 FLY.
Masternode reward is 5% of the POS reward (I hope I understood it right, otherwise my math is wrong and not worth of further reading). 5% of 1 FLY is 0.05 FLY.
Now lets imagine that market is stable and the buy price is at least 55k sats.The minimum (without additional 200 FLYs) reward is going to be 2750 sats.
I opened the source code of GitHub to check out the maximum block time, it is 10 minutes.
So the minumum is (60 / 10) * 24 = 144 blocks per day. Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes. Chance of me getting the reward is 1/50 (2%). Lets assume that the guy who owns that POS wallet sets up (6794 (wallet's current balance) \ 500) = 13 nodes + some chenage for an ice cream Let these 13 masternodes be a part of the total masternodes of the network, so the chance to get a reward is 13/50 (26%). With this probability, I imply that I'll receive 26% of the daily rewards (144 (min blocks/day) * 0.0000275 (price of the one reward) * 0.26 (chance)) = 0.0010296 BTC/day min. So, such amount of masternodes will be profitable after (0.34 * 13 (masternode price * masternode count) / 0.0010296 (BTC per day return)) about 330 days.

330 days even for the rich guy like whom wallet I used for doing math.
A poor, *cough* I mean "not so rich", guy like me who can't afford even 1 masternode at the current price will rely on POS rewards (for me, an estimated reward time is 450 days lol), but anyway the richier holders will receive a share of them.

I am *sure* that there IS a mistake in my math, so I'd be glad if someone corrects me.
Here is how I proved that the "lower class" will receive nothing but the rich people will benefit just more and more, however such process will be slow anyway.

not less is more
more is more

this new system would create one source of demand
and that is greed

can work

if that fit to the former message of the coin  "Help the little guy" is a different story......

I do my best to balance the coin. The system itself will pay more to those that have risked the most. It also pays more to someone that has 3000 fly , than someone who has 700 fly. So I dont see that as an unfair system. I have strongly focused on helping the little guy, and that element will still be true. We once had a balance of 5500 fly in the superfly wallet. Its down to 2,000 fly. NONE of the top 5 received any of that. Therefore I have given away 3500 fly. That is when it was .80 usd and sometimes 1 dollar a coin. People have done many different things to get these rewards. So, this will still be true. I AM concerned that 500 fly might be too much, but when I really look at it , its only .34 btc. If even that seems out of reach , there are PLENTY of ways to get superfly rewards. So the core mission of fly has not changed. Anyone with no money at all CAN attain 500 fly in many ways. Use your imagination. Support fly, and I will help you.

Vegas

[metamorphin]

I do my best to balance the coin. The system itself will pay more to those that have risked the most. It also pays more to someone that has 3000 fly , than someone who has 700 fly. So I dont see that as an unfair system. I have strongly focused on helping the little guy, and that element will still be true. We once had a balance of 5500 fly in the superfly wallet. Its down to 2,000 fly. NONE of the top 5 received any of that. Therefore I have given away 3500 fly. That is when it was .80 usd and sometimes 1 dollar a coin. People have done many different things to get these rewards. So, this will still be true. I AM concerned that 500 fly might be too much, but when I really look at it , its only .34 btc. If even that seems out of reach , there are PLENTY of ways to get superfly rewards. So the core mission of fly has not changed. Anyone with no money at all CAN attain 500 fly in many ways. Use your imagination. Support fly, and I will help you.

Vegas

And Vegas, you are not alone. I can confirm his mission and also stand by like I always did.

Greetz
Steve

[vegasguy]

I will post my opinion about FlyNodes. I really like the idea and sure it will make FLY price grow.
Buuut I still remember Vegasguy's saying "Help the little guy", it was in the old thread. To be honest, I don't know if such a rule is still in force, but in my opinion, FlyNodes WILL NOT help the little guy. "Little guys" won't receive anything while those who had a lot of coins before implementing this amazing feature will get even more. I will try to do some math.

One FlyNode costs 500 coins. Right now (12.09.16 23:10 UTC) on Yobit, 500 FLY at the sell side are worth about 0.34391704 BTC, I will round it to 0.34 BTC.
Now, I open random FlyCoin address from Block Explorer's richlist. I don't know who owns it. If we look on transactions associated with this address, we can see that this wallet does POS Mining. I didn't calculate a lot, but the average reward is 0.6~0.9 FLY, I will round it up to 1 FLY.
Masternode reward is 5% of the POS reward (I hope I understood it right, otherwise my math is wrong and not worth of further reading). 5% of 1 FLY is 0.05 FLY.
Now lets imagine that market is stable and the buy price is at least 55k sats.The minimum (without additional 200 FLYs) reward is going to be 2750 sats.
I opened the source code of GitHub to check out the maximum block time, it is 10 minutes.
So the minumum is (60 / 10) * 24 = 144 blocks per day. Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes. Chance of me getting the reward is 1/50 (2%). Lets assume that the guy who owns that POS wallet sets up (6794 (wallet's current balance) \ 500) = 13 nodes + some chenage for an ice cream Let these 13 masternodes be a part of the total masternodes of the network, so the chance to get a reward is 13/50 (26%). With this probability, I imply that I'll receive 26% of the daily rewards (144 (min blocks/day) * 0.0000275 (price of the one reward) * 0.26 (chance)) = 0.0010296 BTC/day min. So, such amount of masternodes will be profitable after (0.34 * 13 (masternode price * masternode count) / 0.0010296 (BTC per day return)) about 330 days.

330 days even for the rich guy like whom wallet I used for doing math.
A poor, *cough* I mean "not so rich", guy like me who can't afford even 1 masternode at the current price will rely on POS rewards (for me, an estimated reward time is 450 days lol), but anyway the richier holders will receive a share of them.

I am *sure* that there IS a mistake in my math, so I'd be glad if someone corrects me.
Here is how I proved that the "lower class" will receive nothing but the rich people will benefit just more and more, however such process will be slow anyway.

Lets assume that "when choosing the recepient of the masternode reward" everyone is equal, a guy with the bigger wallet won't have more chances. So, for example, there are 50 masternodes.

Your wallet is your masternode. With flynode, there is nothing to create, or setup, or collateralize. 1 node for each person max, with no other option. That makes the fairness perfectly equal. Everyone has the same chance of being rewarded regardless of balance.

for example, there are 50 masternodes.

There wont be 50 Flynodes. I constantly check the number of connections, and its usually around 18-20. That makes your chances of being chosen for the node reward much higher.

Chance of me getting the reward is 1/50 (2%).

Your chances of being chosen is the exact same as mine, which I believe will be about 1 in 20. Everyone has same chance of being chosen.

So, ive given many suggestions on how to easily get to 500 fly.  The social media campaign is one. The other will be the upcoming multipool that will payout in fly. I will be giving bonuses each week to the highest hashers of each algo. Another way to really earn fly.

Additionally to make it even more fair, Im going to try to implement a system were if you have not received a flynode reward , then your wallet will begin to gain weight, much like staking. If you have not staked in 20 days, you have a much higher chance of staking. This makes it even more fair. I dont know yet if this can be implemented or not. But if it can, you can be sure I will.

The bottom line is this. Flycoin is actually more fair than any other coin out there. Here is why. 99% of coins operate the same way. The guys with the higher balance will always get larger rewards. Thats how Crypto is. But to try to bring things more into balance, I have created LOADS of ways to gain fly without any cost at all. So if anything, we are more fair. Ill also add that in the past year when we are trying to implement the anti-dump system, a few of you lost coins. Sometimes, it was no fault of my own , and users didnt update and forked and lost coins. Here is a fact:

Not one coin has been lost under my watch, because I have reimbursed the users every single time. Im trying to think if there is a dev out there that has even reimbursed a user for a lost coin , even once. I have, my fault or not, every single time.

Thats the real reason you should be with fly, because:

I am committed to making Fly the best and most trusted coin out there, and fly will be, because I wont stop until that happens.

Vegas

[midnight_miner]

To help balance things:

 - Coins to unlock Flynode should not stake or receive bonus, only Flynode fees.
    - public posted address that shows in the Flynode list in the wallet.

 - Random selection of node is not guaranteed random.
    - Use an order of sequence from the list of known nodes, and each wallet will step through the Flynodes that are visible to their wallet.
    - Flynode goes down, it loses it's priority and works from the bottom again. 
    - Reliable Flynodes stay in the cycle and receive consistent rewards.
    - Bad actors will receive less rewards.

 - Flynode should not have an active wallet
    - Coins to unlock a Flynode should not need to be in the wallet of the Flynode (you are setting up attack targets).
    - Use an Address and secret key combination to unlock the node. 
    - The rewards are set to the Address that is running in another wallet (secure behind a firewall).

[Griffith]

i think thats the tricky part

u dont check balances of other addresses on normal bitcoin based wallets
u check just single tx which are involved in a transaction

so if someone send coin u know if he is the owner of that coins because he was able sign with correct key
and u can check that this tx he use as input is really unspend until yet

but u have no idea whats his wallet balance is

to do this u would have to know all his incoming and outgoing tx

and not just the few that are involved in a transaction

but if u say u have a solution then im looking forward to see it work

the only solution i see would be
1. each node is a little blockexplorer writting a database that constant track balance of each address
2. u try implement some stuff from miniblockchain (i think cryptonite is the only coin using it and its still in beta stage since forever)
they try to keep a balance of each address stored in the blockchain in a way that in theory u never need to sync more than 10000 blocks
and u know the correct balance of each address

both paths seems to be very complicated

but im no coder and have just a small limited knowledge about how blockchains based on bitcoins are working

maybe im total wrong  

unfortunately yes, you are totally wrong =p

that little block explorer database concept you mentioned is exactly what txleveldb provides metadata for. PoS wouldnt actually be possible without it. the txleveldb already keeps track of the metadata for every transaction in the chain because it is used for metadata about the blocks in the chain. anyone who downloads the chain already has every transaction for every address, they are stored on your computer whenever you sync a block. you just normally dont care about anyone elses transactions except the ones that involve you. so it is fully possible to look up someone elses addresses balance with everything in the wallet as it is, you just need to make the function to do it.

To help balance things:

 - Coins to unlock Flynode should not stake or receive bonus, only Flynode fees.
    - public posted address that shows in the Flynode list in the wallet.

why not? they cant give the masternode reward to themselves, so it doesnt matter if they stake otherwise?
not sure what you mean by public posted address, but the masternode list is held by every client already so if u ever want to know who is running a masternode you can just reference that list. just like you can lookup what peers you are connected to. will give you the same info, CMasterNode is an extension of CNode

- Random selection of node is not guaranteed random.
    - Use an order of sequence from the list of known nodes, and each wallet will step through the Flynodes that are visible to their wallet.
    - Flynode goes down, it loses it's priority and works from the bottom again.  
    - Reliable Flynodes stay in the cycle and receive consistent rewards.
    - Bad actors will receive less rewards.

random selection of node is not guaranteed random? i dont understand what you mean here, it is completely random. uses the built in random functionality so its about as fair as RNG will ever be. if you are concerned that it wont be fair and some people will get more rewards than others, then this is only true in the short term. since its a random number the % should even out to be the same number of rewards to all clients over time as is true with any random algorithm.

all flynodes should be visible to all wallets as long as that flynode is online. you are syncing a list that should always agree with the network. everyone will always have the same flynode list.

if a flynode goes down it is just removed from the list until it comes back online, this is not a statically coded list. it is based on node messaging. so this ties into your next point that yes, reliable fly nodes stay in the cycle because you need to be online to even be considered.

bad actors dont receieve any rewards, if your node has a misbehaving count that is higher than a certain number you arent eligible for selection anyway.

- Flynode should not have an active wallet
    - Coins to unlock a Flynode should not need to be in the wallet of the Flynode (you are setting up attack targets).
    - Use an Address and secret key combination to unlock the node.  
    - The rewards are set to the Address that is running in another wallet (secure behind a firewall).

it was never stated that your flynode had to be an active/unlocked wallet. it just has to be on the network (client has to be running, not unlocked). as with any cryptocurrency the security of the wallet is your responsibility. being a flynode should not decrease your wallet security at all from a code standpoint. it is still the responsibility of the person running a wallet to make sure their system and home networks are secure.

if the coins of a flynode arent in the flynode how do you know its a valid flynode? just keep the wallet locked if you are concerned about someone attacking your network.