LUXCoin — PHI1612 PoW/PoS Hybrid — new topic in last page

[AltMiner.net]

You can mine without issues at altminer.net - port 6667

[JC1DA]

Can someone please confirm whether this math is right?  New algo looks promising, but trying to work out some of the economics of this to see if its worth the time/hash:

Blocktime looks like it's 2 mins, right?  So 720 blocks a day, with 10 Lux/Block.  This is 7200 LUX/day, or 7200*365 = 2,628,000 LUX/year.

The dev pre-mine is 5% of 60 million blocks, = 3,000,000 pre-mine.  The PoS reward is 50%, with double-rewards for the first 100k blocks.  Let's ignore the double rewards.  So dev will earn 1.5 million Lux in one year.

Let's assume all miners can stake perfectly.  This is far from true, but lets say that every time a block is found by a miner, it begins to stake.  This means that over the course of the year, on average half the mined supply will be staked at 50%, so the staking result is 2,628,000 * 0.25 = 657,000.  The maximum total earned by a perfect mining/staking system is 2,628,000 mining + 657,000 staking = 3,285,000 LUX.

Holdings after year 1: Dev 4,500,000 LUX, miners 3,285,000 LUX.

Should I be worried about dev holding well over 50% of the supply even after one year?  Genuine question, maybe I shouldn't care because new algos are so money they can overcome this.

Should be careful... let's see what devs would say.

[Qbanow]

Hey AltMiner.net, any chance to have a windows miner asap?

[TheKryptonian]

Can someone please confirm whether this math is right?  New algo looks promising, but trying to work out some of the economics of this to see if its worth the time/hash:

Blocktime looks like it's 2 mins, right?  So 720 blocks a day, with 10 Lux/Block.  This is 7200 LUX/day, or 7200*365 = 2,628,000 LUX/year.

The dev pre-mine is 5% of 60 million blocks, = 3,000,000 pre-mine.  The PoS reward is 50%, with double-rewards for the first 100k blocks.  Let's ignore the double rewards.  So dev will earn 1.5 million Lux in one year.

Let's assume all miners can stake perfectly.  This is far from true, but lets say that every time a block is found by a miner, it begins to stake.  This means that over the course of the year, on average half the mined supply will be staked at 50%, so the staking result is 2,628,000 * 0.25 = 657,000.  The maximum total earned by a perfect mining/staking system is 2,628,000 mining + 657,000 staking = 3,285,000 LUX.

Holdings after year 1: Dev 4,500,000 LUX, miners 3,285,000 LUX.

Should I be worried about dev holding well over 50% of the supply even after one year?  Genuine question, maybe I shouldn't care because new algos are so money they can overcome this.

Should be careful... let's see what devs would say.

Yeah I don't wanna jump to conclusions because my math might be wrong.  The thing people don't appreciate though is that a pre-mine is very different in a PoS/MN coin than in a regular mining-only coin.  The max supply is 60 million LUX.  The dev is going to earn 1,500,000 from staking in year one, and 50% of 4.5 million = another 2,250,000 from staking in year two.  Then it earns another 3 million + in year 3.  This is what a 50% growth curve looks like:

Year 0: 3 million
Year 1: 4.5 million
Year 2: 6.75 million
Year 3: 10.125 million

So if we assume the coin has a lifespan of at least 3 years, a 5% start will end up being worth more than 16% of the total 60 million supply by the end of it.  And probably will grow a lot more before total supply becomes 60 million because the coin's life span will be 5-6 years probably.

Now I know dev will sell some of that.  But if he sells enough to affect the math, the coin would die from that kind of dump alone.  So really, the dev needs to hold it, but then as he holds it, it grows to a huge share of the coin.  So I'd like to hear dev's thoughts on that.

[misterwow]

You can mine without issues at altminer.net - port 6667

Thank you. All work. May be you know how decide problem with wallet sync? I use ver. 2.0, conf file use also.

[AlfaSlasheR]

too many math, take easy:

if block time 1 min
6 000 000 blocks - 11 years
so dev with 5% = 6 month mining

[TheKryptonian]

too many math, take easy:

if block time 1 min
6 000 000 blocks - 11 years
so dev with 5% = 6 month mining

Did you read my post?  There's a 50% PoS reward.  So the dev is earning 1.5 million Lux the first year, 2.25 million lux the second year, etc.

Edit: I'm not trying to FUD by the way.  I'm wondering if my math is wrong, or if the dev has a plan to address this issue, that's all.

[AltMiner.net]

Hey AltMiner.net, any chance to have a windows miner asap?

There are windows miners in the first post. Otherwise join discord and look at the #ressourced channel.

Code:

-a phi -o stratum+tcp://eu1.altminer.net:6667 -u WALLET -p c=LUX 

[Ayers]

any nodes wallet can not sync for me, the initial post should be uploaded with more info about nodes and other useful stuff like pool list

[misterwow]

from me now work ver 2.0 , and now 420 block,  nodes

server=1
listen=1
daemon=1
rpcuser=philux
rpcpassword=xxxxx
rpcport=6667

addnode = 109.72.52.94: 28666
addnode = 114.162.212.69: 28666
addnode = 178.75.12.107: 28666
addnode = 186.221.92.138: 28666
addnode = 188.242.167.97: 28666
addnode = 196.210.2.196: 28666
addnode = 197.245.93.202: 28666
addnode = 217.76.187.239: 28666
addnode = 37.57.149.231: 28666
addnode = 45.32.245.45: 28666
addnode = 49.149.79.191: 28666
addnode = 5.157.115.132: 28666
addnode = 72.89.43.245: 28666
addnode = 81.88.217.73: 28666
addnode = 82.229.222.84: 28666

[Perryl]

any nodes wallet can not sync for me, the initial post should be uploaded with more info about nodes and other useful stuff

I'm using these nodes

addnode=109.72.52.94:28666
addnode=114.162.212.69:28666
addnode=166.62.157.98:28666
addnode=178.75.12.107:28666
addnode=188.242.167.97:28666
addnode=217.76.187.239:28666
addnode=37.112.13.249:28666
addnode=45.32.245.45:28666
addnode=45.63.25.110:28666
addnode=46.28.98.8:28666
addnode=49.149.79.191:28666
addnode=5.189.85.95:28666
addnode=72.89.43.245:28666
addnode=83.249.26.170:28666
addnode=87.225.108.117:28666
addnode=88.119.28.126:28666
addnode=95.174.205.229:28666

[AlfaSlasheR]

Did you read my post?  There's a 50% PoS reward.  So the dev is earning 1.5 million Lux the first year, 2.25 million lux the second year, etc.

Edit: I'm not trying to FUD by the way.  I'm wondering if my math is wrong, or if the dev has a plan to address this issue, that's all.

what years? will sell everything in the first week of exchange.

[Warsaar]

too many math, take easy:

if block time 1 min
6 000 000 blocks - 11 years
so dev with 5% = 6 month mining

Did you read my post?  There's a 50% PoS reward.  So the dev is earning 1.5 million Lux the first year, 2.25 million lux the second year, etc.

Edit: I'm not trying to FUD by the way.  I'm wondering if my math is wrong, or if the dev has a plan to address this issue, that's all.

also devs have the only masternode.

think how much time needed to make just one another masternode

this is shitcoin obviously but all you need is good exit

[anorganix]

- snip -

also devs have the only masternode.

think how much time needed to make just one another masternode

this is shitcoin obviously but all you need is good exit

If you take a few seconds of your time to read the specs you will see that MN reward isn't active yet and the chain is currently under instamine protection.
Block rewards will increase significantly, this is just planned slow-start to allow everyone to get ready.

- snip -

what years? will sell everything in the first week of exchange.

I won't even bother responding to this kind of FUD.
Do you have any arguments for your statement?




On another note, first post was updated with new wallets.
This version speeds up the initial sync speed and uses more seednodes for better connection.  It is not mandatory to upgrade if previous version is working for you.

[debrus]

The developer of the coin is a thief, people got the first blocks, and he zeroed them

[cryptodunno]

good point about pre-mine and staking, and i have serious doubts that devs will come back with a reply.
All the most people see is NEW ALGO HEADER and trying to jump on the train without digging the details.
Fair launch with a premine which looks like destroyed new algo.

[gerask0]

can any one help me to sync my wallet. ver 1 works good without any nodes, but ver 2 cant sync with network, i try to add nodes from this topic, exclude lux qt from firewall, but it still have 0 connections. i use apple router, maybe needs to open some port?
and one else, can i rewrite wallet.dat from ver1 to ver2?
thanks in advance

[JC1DA]

I'll mine some btw, but won't put all my rig into this one.
Too many coins for devs in the first year is not a good sign.

[gusknure]

how to synchronize wallet ?
version 2.0 no luck
I used nodes from previous post, no luck

[Z1pp4]

Dev, can you explain the situation with early POS advantage on you side? Please give us your thoughts or in other case this coin might be condemned to be forgotten as there are so many things that needs to be cleared.