[ANN] Terracoin (TRC) - Est 2012

[mutum]

5000 a masternode, I disagree with the change.  Once the price doubles you'd have the same cost issue.  At a whim you make it 50% less, to create "democracy".  Why not just peg the masternode to a $XXXX cost instead, if the goal is democratic ownership.  Oh, yeah, that devalues owning masternodes.  Which is what you just did anyway.  Was this voted on in slack?

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[clockuniverse]

Hi
I bought about 6000 terra, will set up masternode later. Who can tell me how to do? I'm good with vps, computer, I just need a basic set up guide... thanks!
It can become something much bigger in the future, then...

We are going to make guides once the testnet starts.  We want them to be accurate.

[clockuniverse]

5000 a masternode, I disagree with the change.  Once the price doubles you'd have the same cost issue.  At a whim you make it 50% less, to create "democracy".  Why not just peg the masternode to a $XXXX cost instead, if the goal is democratic ownership.  Oh, yeah, that devalues owning masternodes.  Which is what you just did anyway.  Was this voted on in slack?

The cost of a masternode can't change all the time otherwise you have to reset it up at every change.  Changing the value to match another currency would cause total chaos and everyone would have to be resetting their masternodes up all the time.

We are thinking about the cost of a masternode long term, not right now.  Right now they are dirt cheap, but when TRC gets to $1 or $5 or $10.  That is what we were thinking about.

This decision was not made on a whim.

[bitty]

Firstly where do I buy trc from? I lost all mine on vircurex.

What is the cost of running a node? Do I need a server? How does it work exactly?

[clockuniverse]

Firstly where do I buy trc from? I lost all mine on vircurex.

What is the cost of running a node? Do I need a server? How does it work exactly?

You may be able to dump the old TRC on Vircurex and maybe get Bitcoin or Litecoin out of Vircurex.

We will have guides available a little while after the testnet is up.

You will be able to run it on just a home computer, but we highly recommend running the masternode on a VPS and you wallet on a different computer.

[hanzac]

Tiny good news, terracoin is on the Alt19+ Index: http://alt19.com
We are among the popular coins.

[johnwhitestar]

It's a great pity that the cost of masternode was reduced so drastically. I have seen no such a deep discussion about it as well.

In the short term it means that everybody who bought 10.000 TRC to run a masternode will face the problem of multiple masternodes and will have to double their monthly costs (as to run 2 masternodes will require to hire 2 VPS instead of one) to have the same monthly income in TRC. So it may basically lead to a negative profits until the price of TRC do not rise again.
The multiple masternodes are considered to be a risk for the net as well.

Another issue:
Will the TRC mn support the IPv6 only? If not we may face hard times sooner or later, as one have to justify every IPv4 address he needs, because they are limited.
 
 

[clockuniverse]

It's a great pity that the cost of masternode was reduced so drastically. I have seen no such a deep discussion about it as well.

In the short term it means that everybody who bought 10.000 TRC to run a masternode will face the problem of multiple masternodes and will have to double their monthly costs (as to run 2 masternodes will require to hire 2 VPS instead of one) to have the same monthly income in TRC. So it may basically lead to a negative profits until the price of TRC do not rise again.
The multiple masternodes are considered to be a risk for the net as well.

Another issue:
Will the TRC mn support the IPv6 only? If not we may face hard times sooner or later, as one have to justify every IPv4 address he needs, because they are limited.
 
 

2 masternodes doesn't require two VPSes but we highly recommend running them that way.  It does double the cost, but we have to look at long term goals.  With masternodes costing 10,000 TRC it just is too expensive with the growth that we see in the future.

After the pump and dump the price of TRC was on a steady rise until this whale showed up and continually slaps the price back down to 3000 sats.

Once the whale is done dumping I see the price growing again, especially since I keep telling people to not put in buy orders above 3000 sats. 

I also have been recommending everyone stack on 1000 sats (on Cryptopia) until we get 15 bitcoins there because that may entice the whale to dump completely.

As for IPv6 and IPv4 they both should work, but we will know 100% once the testnet is up and running.

[JohnBitCo]

I like the fact that you put 2012 in the announcement title. Of course the thing is that that shows people that you haven't been able to take this thing anywhere in that period of time.   

[clockuniverse]

I like the fact that you put 2012 in the announcement title. Of course the thing is that that shows people that you haven't been able to take this thing anywhere in that period of time.   

Sadly it was abandoned then I took it over and it has been making progress ever since.

[RidgyDidge]

I like the fact that you put 2012 in the announcement title. Of course the thing is that that shows people that you haven't been able to take this thing anywhere in that period of time.   

Sadly it was abandoned then I took it over and it has been making progress ever since.

clockuniverse has done a great job keeping the old Terracoin gang together, I have been following this thread for a while & even remember the giveaways he was doing.

The proposed upgrade to Masternodes seems fairly decent although I wonder if Staking would perhaps be a better incentive than MN's since then all noobs can then open and start earning.

[clockuniverse]

clockuniverse has done a great job keeping the old Terracoin gang together, I have been following this thread for a while & even remember the giveaways he was doing.

The proposed upgrade to Masternodes seems fairly decent although I wonder if Staking would perhaps be a better incentive than MN's since then all noobs can then open and start earning.

Thanks man!

We do want to spread block rewards out to more people (which PoS would do), but it wouldn't solve the main problem.

The decentralized governance is the most important part of this change.  The donation model of running a coin doesn't work unless you are Bitcoin, or another large coin.

It is all about the ability for masternode owners to put in proposals and everyone to get to vote on budgetary spending.

[Cryptao]

What makes you think that what happened to Chaincoin won't happen to Terracoin. e.g. once it reaches a high enough value, whales will just dump (like with Chaincoin). I do believe in Terracoin, but since there may be many old wallets with a lot of coins this could pose a potential problem, couldn't it? I mean, a whale is already dumping before the masternodes are even implemented. I am just curious as to what your opinion on this matter is though.

[clockuniverse]

What makes you think that what happened to Chaincoin won't happen to Terracoin. e.g. once it reaches a high enough value, whales will just dump (like with Chaincoin). I do believe in Terracoin, but since there may be many old wallets with a lot of coins this could pose a potential problem, couldn't it? I mean, a whale is already dumping before the masternodes are even implemented. I am just curious as to what your opinion on this matter is though.

I am not sure what happened to Chaincoin.  I have heard a lot of different rumors, but none of them had to do with whales.

If the remaining whales are smart they would do a slow sell and we wouldn't hardly even notice it, except the price would grow more slowly.  Which is fine. I am not sure a spike like what happened to Chaincoin is healthy for a coin since it turned into a pump and dump and a lot of people got burnt.

This current whale is basically doing it in the most harmful way (by selling at a 3000 sats and keeping it that way, instead of slow dripping the sale, or dumping completely), and we are still slowly eating him away.  We have already gotten through over 25% of his holdings.

Even bitcoin still has whales floating around out there and I don't think anyone is overly stressed about it.

I also believe that most people are going to convert their TRC into masternodes.  The monthly reward (in BTC) would go down during a whale inspired dump but then most people would just not sell their TRC rewards during that time.

I guess I don't really see it as a problem, sure it would cause hiccups in the growth, but we will be able to continue on.

[mutum]

"This current whale is basically doing it in the most harmful way (by selling at a 3000 sats and keeping it that way, instead of slow dripping the sale, or dumping completely), and we are still slowly eating him away.  We have already gotten through over 25% of his holdings."

Can you show the address the coins are coming from?  Thanks

[clockuniverse]

"This current whale is basically doing it in the most harmful way (by selling at a 3000 sats and keeping it that way, instead of slow dripping the sale, or dumping completely), and we are still slowly eating him away.  We have already gotten through over 25% of his holdings."

Can you show the address the coins are coming from?  Thanks

It is all sitting on Cryptopia.  You can see it under the Depth/Dist chart.

[mutum]

https://www.cryptopia.co.nz/Exchange/?market=TRC_BTC#

I can't post a picture, but I don't even see an order at 0.00003000, or gather where you are getting the 25% gone from since how would you differentiate multiple sellers at that price?  I would think you'd be tracking an address being sold out.   Can you kindly verify for me where you are getting this idea that a singular whale is selling at at 0.00003000, and how you are figuring out 25% has been sold?  Thanks

[jimmybob_007]

Good luck with the masternode release guys. Hopefully be another ChainCoin. I've bought a few but looking to hold long term.

[SixOfFive]

https://www.cryptopia.co.nz/Exchange/?market=TRC_BTC#

I can't post a picture, but I don't even see an order at 0.00003000, or gather where you are getting the 25% gone from since how would you differentiate multiple sellers at that price?  I would think you'd be tracking an address being sold out.   Can you kindly verify for me where you are getting this idea that a singular whale is selling at at 0.00003000, and how you are figuring out 25% has been sold?  Thanks

Like clockuniverse said, you can see the wallets on depth/dist on cryptopia. We saw them put up a large sell wall, so we know how much they originally had, and that they are selling down and what the current value of that wallet is. Do we have an exact address? nope, its on the exchange. But all the proof is there if you have time to stare at the charts.

[Cryptao]

I think that in the long run Terracoin will prosper. A Bittrex listing in the future would help as well I think. Still so many people unaware of this coin and the team behind it.