[ANN][XRY] Royalties | Cryptonote | Upto 15% Interest on Deposits

[gold969]

 
 I turned off the mining and closed the wallet, when I turned it on again there were no coins and became another purse address.
Sorry english is not my native language, and when writing was inadequate

[samsmith16]

 I turned off the mining and closed the wallet, when I turned it on again there were no coins and became another purse address.
Sorry english is not my native language, and when writing was inadequate

by default the wallet is designed to open whatever .wallet file was last opened in that wallet when you closed it.. what I would suggest is doing a search of your computer for "*.wallet" files and see how many you have if you have more then 1 and you know this was only used for Royalties.. then you may have opned the wrong .wallet file.. so try opening the other 1 or ones..

[samsmith16]

Just an update on the Weekly update video.. it will be up and live soon.. I have decided to make it the best quality I could and rendering is taking a little longer then I would have thought..

[KGBx]

Right now it's only solo minable with cpu, right? Tbh I like cryptonight platform much more than bitcoin codebase.

Well it started CPU solo.. then once we added pool mining it was CPU pool minable for a few days.. then the GPU's came in.. so right now you r best bet is GPU pool mining..

It's still possible to mine with CPU. Very good CPU has similar speed to good GPU. GPU rigs usually have multiple GPU though and have a number advantage...

[samsmith16]

The Weekly Update Video Week 1





I'm trying to keep these under 10mins.. and in this I explain Deposits 2.0 more then I will be in other videos.. in future videos I will focus more on the topics that need updating for the week..

[samsmith16]

Thanks for all the positive feedback on the video so far..

[samsmith16]

New Pool
www.xrypool.com

You can keep track the pools on the Block Explorer

http://xryexplorer.info/#pools

[BrickShares]

Reserve German translation dev
thank you

[civilufo]

Well, I can see great future of royalties coin. I will change my mining rig to swap from bytecoin to this and to mine some and keep for staking.

[x23a1s]

Hey miners worldwide !

-------------------------INFO----------------------------

We want to announce our NEW POOL !


xry.kiramine.com is online and ready to mine


with only 1 % fee and RBPPS.

our pools are hosted on high end servers in germany !


so fire up your miners !

our other pool for now:


chrc.kiramine.com


check it out too!


more pools are coming step-by-step


we are always reachable via email "support@kiramine.com" and a few hours a day via chat, integrated in our pool sites.


we wish happy mining!


Greetz


Alex from kiramine team

[kuduirt]

skkkam coin
dev idoits
i hate u
soon i explain u why

[danycoman]

Hello everybody!


Today we are also listing XRY pool.

http://pool1.mine-pool.ro/  XRY  0.5% fee

http://pool2.mine-pool.ro/  BCN  0.5% fee

http://pool3.mine-pool.ro/  LTSX  0.5% fee

http://chrc.mine-pool.ro/   CHRC  0.5% fee




Daniel .C

SUPPORT DV 12/24
www.mine-pool.ro

[samsmith16]

We want to announce our NEW POOL !


xry.kiramine.com is online and ready to mine


with only 1 % fee and RBPPS.

our pools are hosted on high end servers in germany !


Alex from kiramine team

Today we are also listing XRY pool.

http://pool1.mine-pool.ro/  XRY  0.5% fee

Daniel .C

SUPPORT DV 12/24
www.mine-pool.ro

Great thank you both.. I will test them both for payouts and then list them in the ANN..
I have listed them both on the block explorer.. please let me know if your API port is different then 8117



Update
I'm are very busy on deposits 2.0.. and there hasn't been a lot of questions in here since last weeks video.. so until we get a consistent influx of questions in here.. I would think that code updates and thread recaps can be done every other week.. with that said I will be carrying over this weeks video to next week.. then starting next week we will have them every other week..

[danycoman]

samsmith16 ,


 is send you message ,please help me.

[TheCrimsonFucker]

The name of this project is quite attractive and suggestive! But what justifies this amount of money? How will it have any value? It's no use having a nice name and an inflationary coin.

[TheKryptonian]

Some candid feedback, if you're open to it (or feel free to think I'm stupid and ignore it, what do I know anyways):

I think the idea of "locking" long-term deposits is a good one in principle.  The problem with coins that aren't called BTC is that adoption as fiat is impossible unless there is confidence that others will not dump.  If a user sees everyone else's coins are locked, that user doesn't have to fear a dump.

That being said, I think your team got too cute in its execution.  Take just a minute to think - really think - about how many times you've have to explain the deal with your "units".  When you type out 5 paragraphs explaining units to users who are already on a crypto-currency board, do you think to yourself: "wow all of these people are having a really hard time grasping such a simple concept, they must be really stupid" or do you realize that maybe, just maybe, in trying to solve the decimal-place problem you actually made it confusing beyond belief to the average user?  I'm not questioning whether it's a good solution in theory, I'm questioning the utility and mass appeal of a numbering system that needs to be explained to someone five times.  Maybe the dev team should consider whether a system that is less "intuitive" to them might nevertheless make more sense for adoption on this board.

The other issue is that you've set the interest rates way too high.  It does nothing but cause inflation.  Here is a simple example: imagine you have 1 XRY, and the value of your project is $100 (i.e. $100/XRY).  You lock your XRY for a year.  One year later, you have 1.15 XRY.  But what makes your project now worth $115?  You may argue that there will be other activities generating value to move the project above $100, but unless the XRY lock generating the extra .15 XRY is the source of that $15 value, it is inflationary.  If other activities are increasing your project's value to $115, then the value of the base investment (the 1 XRY) will naturally increase to $115/XRY - there is no need to issue someone an extra 0.15 XRY to reward that investment.  But by letting your currency supply artificially grow at the same time, you're just deflating the value of your currency back down, which means no one has any incentive to actually buy your currency to use on a daily basis, because all it will do is lose value unless locked.  

The reason banks and governments offer more interest on long term deposits is that the deposit itself inherently generates value (by being lent out as capital to borrowers).  Here, your locked 1 XRY is doing no work, providing no one any benefit, but being rewarded with .15 XRY for doing squat.  This is different from Proof of Stake because there, the stake is securing the network.  You could argue that your system is proof of stake, but the reason I'd disagree is that staking a coin for 24 hours at a time, 365 days in a row provides the same level of "stake" as staking a coin for 365 days at once.  So any bonus interest you provide to the long term lock isn't rewarding the stake - it's still just rewarding the money sitting there untouchable for a longer period of time.

You may argue that the locking of the investment is an inherent source of value because it drives adoption (by discouraging dumping).  But that's illusory because the second my currency unlocks, I can still dump it.  Long-term interest is a bootstrap to adoption, but by making it inflationary you are increasing the odds that it will be dumped later

I don't know the right solution to this problem, but I suspect it's setting the interest rate on your currency to the same as long-term global inflation or long-term government bonds (something closer to 3%, not 15%).  That way, people are assured that locking their currency isn't harming their investment, but at the same time you aren't rewarding their money for sitting in one place doing nothing.


EDIT: I just had another thought on how to illustrate this problem: you have set the interest rate as 15%.  Why not just set it as 150%?   Then, surely, no one will want to sell it, and the price will go up.  15% is just as arbitrary as 150% or 1500% as long as the number is divorced from the actual value being created by the lock.

[intervest]

New Pool from Germany

Hi guys,

we're a group of german IT Professionals and wanted to support your upoming currency with another pool.

Please feel free to test https://xry.walhalla.io/  also as pool in your network. Api requests under https://api-xry.walhalla.io/ (no Standard Port)
Pool is hosted on high quality servers in germany.

Best regards,

[danycoman]

Hello everyone ,
I apologize for the error bug  api of my pool.



http://pool1.mine-pool.ro/  is work ok now! 0.5% fee.



Daniel


SUPPORT DV
www.mine-pool.ro

[samsmith16]

Some candid feedback, if you're open to it (or feel free to think I'm stupid and ignore it, what do I know anyways):

I think the idea of "locking" long-term deposits is a good one in principle.  The problem with coins that aren't called BTC is that adoption as fiat is impossible unless there is confidence that others will not dump.  If a user sees everyone else's coins are locked, that user doesn't have to fear a dump.

That being said, I think your team got too cute in its execution.  Take just a minute to think - really think - about how many times you've have to explain the deal with your "units".  When you type out 5 paragraphs explaining units to users who are already on a crypto-currency board, do you think to yourself: "wow all of these people are having a really hard time grasping such a simple concept, they must be really stupid" or do you realize that maybe, just maybe, in trying to solve the decimal-place problem you actually made it confusing beyond belief to the average user?  I'm not questioning whether it's a good solution in theory, I'm questioning the utility and mass appeal of a numbering system that needs to be explained to someone five times.  Maybe the dev team should consider whether a system that is less "intuitive" to them might nevertheless make more sense for adoption on this board.

The other issue is that you've set the interest rates way too high.  It does nothing but cause inflation.  Here is a simple example: imagine you have 1 XRY, and the value of your project is $100 (i.e. $100/XRY).  You lock your XRY for a year.  One year later, you have 1.15 XRY.  But what makes your project now worth $115?  You may argue that there will be other activities generating value to move the project above $100, but unless the XRY lock generating the extra .15 XRY is the source of that $15 value, it is inflationary.  If other activities are increasing your project's value to $115, then the value of the base investment (the 1 XRY) will naturally increase to $115/XRY - there is no need to issue someone an extra 0.15 XRY to reward that investment.  But by letting your currency supply artificially grow at the same time, you're just deflating the value of your currency back down, which means no one has any incentive to actually buy your currency to use on a daily basis, because all it will do is lose value unless locked.  

The reason banks and governments offer more interest on long term deposits is that the deposit itself inherently generates value (by being lent out as capital to borrowers).  Here, your locked 1 XRY is doing no work, providing no one any benefit, but being rewarded with .15 XRY for doing squat.  This is different from Proof of Stake because there, the stake is securing the network.  You could argue that your system is proof of stake, but the reason I'd disagree is that staking a coin for 24 hours at a time, 365 days in a row provides the same level of "stake" as staking a coin for 365 days at once.  So any bonus interest you provide to the long term lock isn't rewarding the stake - it's still just rewarding the money sitting there untouchable for a longer period of time.

You may argue that the locking of the investment is an inherent source of value because it drives adoption (by discouraging dumping).  But that's illusory because the second my currency unlocks, I can still dump it.  Long-term interest is a bootstrap to adoption, but by making it inflationary you are increasing the odds that it will be dumped later

I don't know the right solution to this problem, but I suspect it's setting the interest rate on your currency to the same as long-term global inflation or long-term government bonds (something closer to 3%, not 15%).  That way, people are assured that locking their currency isn't harming their investment, but at the same time you aren't rewarding their money for sitting in one place doing nothing.


EDIT: I just had another thought on how to illustrate this problem: you have set the interest rate as 15%.  Why not just set it as 150%?   Then, surely, no one will want to sell it, and the price will go up.  15% is just as arbitrary as 150% or 1500% as long as the number is divorced from the actual value being created by the lock.

cool something to touch on in the next video.. a few questions about this conservation you had with out me.. have you seen the first video and is this deposits right now or deposits 2.0 your talking about? only reason I ask is bc I would rather focus on deposits 2.0 as it solves most the problems with deposits and is soon to be launched..

[luksbit]

This krypton "project" is similar to ETC ie through the XDN fork created if this coin?