[DVC]DevCoin - Official Thread - Moderated

[Branzig]

I hate to bother everyone, I have a simple question and I am lost. I went and downloaded Devcoin wallet and it stopped downloading at 29669 blocks, I have looked and looked and I am getting more lost, can someone please direct me to a solution, thank you very, very much in advance.

-Branzig

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[Bittzy78]

I was clicking around on some of the other alt-coin threads and had an idea.


What if there was a kind of strategic Devcoin reserve of the top 5 or so alt coins? The reserve could be tapped to stabalize the price of Devcoin when it doesn't seem to be holding its value. If the reserve ended up having a substantial value, it could help stabilize the price of Devcoin on the exchanges just by everyone knowing of its existence, even if it was never used.

One of the admins could be the reserve chairman and in charge of spending the coins but all of the other admins would have a vote  if any of the reserve gets used. The vote could occur once or twice a month (or as needed) with more than 50% of the admins agreeing that it needs to be tapped before any spending happens. It could be mainly funded by donations and all of the coins values updated on a regular basis for everyone to see.

It might provide a way for people to show their support for Devcoin by making small donations or hitting up the various alt-currency faucets from time to time.



I am bored at work and throwing some junk at the wall trying to see what sticks  

[weisoq]

I was clicking around on some of the other alt-coin threads and had an idea.


What if there was a kind of strategic Devcoin reserve of the top 5 or so alt coins? The reserve could be tapped to stabalize the price of Devcoin when it doesn't seem to be holding its value. If the reserve ended up having a substantial value, it could help stabilize the price of Devcoin on the exchanges just by everyone knowing of its existence, even if it was never used.

One of the admins could be the reserve chairman and in charge of spending the coins but all of the other admins would have a vote  if any of the reserve gets used. The vote could occur once or twice a month (or as needed) with more than 50% of the admins agreeing that it needs to be tapped before any spending happens. It could be mainly funded by donations and all of the coins values updated on a regular basis for everyone to see.

It might provide a way for people to show their support for Devcoin by making small donations or hitting up the various alt-currency faucets from time to time.

I am bored at work and throwing some junk at the wall trying to see what sticks  

What you're talking about is jedi mind tricks. The federal reserve or the swiss national bank etc might be able to do that, because they're able to more-or-less promise that if necessary they'll go into the market and buy/sell in unlimited quantities (ignoring whether they 'should'). But devcoin? If you think the price of devcoin < its value then you should buy, and vice versa.

How would the altcoins be acquired? What price is 'stable'? Who gets to decide that? Does stable just mean not falling, or also not rising too much etc? Devcoin isn't exactly a pillar of international trade, so why would anyone trade it if the price was fixed?

I think there's a role for future devcoin project revenue to be used as price support, but it still raises the same issue.

Frankly, if devcoin earners are happy to sell dvc at a price that's lower than you think it's worth - then either your value is too high, or they're being paid too much relative to work.

[Bittzy78]

I was clicking around on some of the other alt-coin threads and had an idea.


What if there was a kind of strategic Devcoin reserve of the top 5 or so alt coins? The reserve could be tapped to stabalize the price of Devcoin when it doesn't seem to be holding its value. If the reserve ended up having a substantial value, it could help stabilize the price of Devcoin on the exchanges just by everyone knowing of its existence, even if it was never used.

One of the admins could be the reserve chairman and in charge of spending the coins but all of the other admins would have a vote  if any of the reserve gets used. The vote could occur once or twice a month (or as needed) with more than 50% of the admins agreeing that it needs to be tapped before any spending happens. It could be mainly funded by donations and all of the coins values updated on a regular basis for everyone to see.

It might provide a way for people to show their support for Devcoin by making small donations or hitting up the various alt-currency faucets from time to time.

I am bored at work and throwing some junk at the wall trying to see what sticks  

What you're talking about is jedi mind tricks. The federal reserve or the swiss national bank etc might be able to do that, because they're able to more-or-less promise that if necessary they'll go into the market and buy/sell in unlimited quantities (ignoring whether they 'should'). But devcoin? If you think the price of devcoin < its value then you should buy, and vice versa.

How would the altcoins be acquired? What price is 'stable'? Who gets to decide that? Does stable just mean not falling, or also not rising too much etc? Devcoin isn't exactly a pillar of international trade, so why would anyone trade it if the price was fixed?

I think there's a role for future devcoin project revenue to be used as price support, but it still raises the same issue.

Frankly, if devcoin earners are happy to sell dvc at a price that's lower than you think it's worth - then either your value is too high, or they're being paid too much relative to work.

Yeah, I think I could see my idea sliding down the wall after I read it a couple of times. I have tons of ideas all of the time, some of them are decent ones but most of them are below average.   

[weisoq]

Yeah, I think I could see my idea sliding down the wall after I read it a couple of times. I have tons of ideas all of the time, some of them are decent ones but most of them are below average.  

Ideas are good, I think through the same sort of things.

Basically, if a Devcoin core project was created and managed to stabilise the price relative to say dollars, that project has just become a bank. That means you have a Devcoin central bank fixing its exchange rate. Whether that's a good idea isn't even the same question as whether it's possible.

Instead of that (and this is one reason Devcoin is interesting) what if the backing is stuff? Open source development, creative commons repositories, people and their time. That creates an equity base and also a more equitable way for anybody to get involved. The reserve you refer to could in effect be the stuff that Devcoin is and will facilitate and fund. If a point can be reached where enough people and organisations rely on dvc to facilitate their work (they genuinely perceive it as earnings), and enough others support that work and progress (they genuinely perceive it as worthwhile and necessary), then you have inbuilt reserves and collateral in the simple mechanics of the currency. Any growth of a devcoin economy, dvc/fiat market, trade, stability will develop with that evolution.

[Bittzy78]

Yeah, I think I could see my idea sliding down the wall after I read it a couple of times. I have tons of ideas all of the time, some of them are decent ones but most of them are below average.  

Ideas are good, I think through the same sort of things.

Basically, if a Devcoin core project was created and managed to stabilise the price relative to say dollars, that project has just become a bank. That means you have a Devcoin central bank fixing its exchange rate. Whether that's a good idea isn't even the same question as whether it's possible.

Instead of that (and this is one reason Devcoin is interesting) what if the backing is stuff? Open source development, creative commons repositories, people and their time. That creates an equity base and also a more equitable way for anybody to get involved. The reserve you refer to could in effect be the stuff that Devcoin is and will facilitate and fund. If a point can be reached where enough people and organisations rely on dvc to facilitate their work (they genuinely perceive it as earnings), and enough others support that work and progress (they genuinely perceive it as worthwhile and necessary), then you have inbuilt reserves and collateral in the simple mechanics of the currency. Any growth of a devcoin economy, dvc/fiat market, trade, stability will develop with that evolution.

That was an interesting and well thought out response.

I happen to think the Devcoin economy will be a whole lot more interesting towards the end of this year compared to what it is now. 

[melodiem]

Yeah, I think I could see my idea sliding down the wall after I read it a couple of times. I have tons of ideas all of the time, some of them are decent ones but most of them are below average.  

Ideas are good, I think through the same sort of things.

Basically, if a Devcoin core project was created and managed to stabilise the price relative to say dollars, that project has just become a bank. That means you have a Devcoin central bank fixing its exchange rate. Whether that's a good idea isn't even the same question as whether it's possible.

Instead of that (and this is one reason Devcoin is interesting) what if the backing is stuff? Open source development, creative commons repositories, people and their time. That creates an equity base and also a more equitable way for anybody to get involved. The reserve you refer to could in effect be the stuff that Devcoin is and will facilitate and fund. If a point can be reached where enough people and organisations rely on dvc to facilitate their work (they genuinely perceive it as earnings), and enough others support that work and progress (they genuinely perceive it as worthwhile and necessary), then you have inbuilt reserves and collateral in the simple mechanics of the currency. Any growth of a devcoin economy, dvc/fiat market, trade, stability will develop with that evolution.

I should be working but I got caught up in a daydream reading your posts, couldn't resist sharing:

Millennia from now, a circuit board salvaged from the dust by a child, carefully cleaned and powered up to reveal a treasury of work gathered through the ages. From technological innovation to social commentary and art, all stored and lovingly built upon like ancient temples carved by hand from bedrock... the name of this treasury? A whispered legend,, Devtome... (Cue dramatic score here)

Although the daydream got a little fuzzy when it veered into electronic data never really being "gone" and rather than powering up an old board the kid would probably just flip a switch and slide to the right frequency...

Still! Thanks for the distraction

[jasinlee]

Unless you are going to spend Years building up those ideas, I would not bother, you will just drive myself yourself crazy. Belive me, I have firsthand experience.

[sidhujag]

some noob just sold 25 mill at market?? hahha sucker.

[Papacrusher]

some noob just sold 25 mill at market?? hahha sucker.

Ouch!

[eeh]

You know, cryptostocks is a good choice instead of just dumping on a low...

[Athanasios Motok]

I was clicking around on some of the other alt-coin threads and had an idea.


What if there was a kind of strategic Devcoin reserve of the top 5 or so alt coins? The reserve could be tapped to stabalize the price of Devcoin when it doesn't seem to be holding its value. If the reserve ended up having a substantial value, it could help stabilize the price of Devcoin on the exchanges just by everyone knowing of its existence, even if it was never used.

One of the admins could be the reserve chairman and in charge of spending the coins but all of the other admins would have a vote  if any of the reserve gets used. The vote could occur once or twice a month (or as needed) with more than 50% of the admins agreeing that it needs to be tapped before any spending happens. It could be mainly funded by donations and all of the coins values updated on a regular basis for everyone to see.

It might provide a way for people to show their support for Devcoin by making small donations or hitting up the various alt-currency faucets from time to time.



I am bored at work and throwing some junk at the wall trying to see what sticks  

Yeah I think this idea is really good.

[sidhujag]

Unless you are going to spend Years building up those ideas, I would not bother, you will just drive myself yourself crazy. Belive me, I have firsthand experience.

Yea there was that shaggy guy here that openly blurted out his ideas and never ever took action.. when your always high you cant get from the thought state to action lol

Anyways he had ideas of bitcoin towns and mostly marijuana stuff.. wonder where he ended up. Atleast hes not cluttering up the thread but hes manic sort of marketing style lured a few ppl in i bet.

[Wekkel]

You know, cryptostocks is a good choice instead of just dumping on a low...

The problem with Cryptostocks.com is that you have to trust the company you invest in. With $100 worth of Cryptostocks, thats a fair bet. However, a $10,000+ investment is different. Furthermore, the current DVC projects at Cryptostocks do not represent a fair chance of share price increasing. Its more like bonds yielding 3-5% annually.

I would rather like to fund mobile apps with Devcoin with a possible return on the app store income. But that is done in $$$.

[eeh]

True. But that 305% annual refund is better than the panic dump I was referring to.

The price will return. Just hold your shiny DVC for a later date. Take Weisoq's (I think) and place your sells at increments. The key is patience.

[Branzig]

Noob here... please help... 

I hate to bother everyone, I have a simple question and I am lost. I went and downloaded Devcoin wallet and it stopped downloading at 29669 blocks, I have looked and looked and I am getting more lost, can someone please direct me to a solution, thank you very, very much in advance.

-Branzig

[markm]

Noob here... please help...  

I hate to bother everyone, I have a simple question and I am lost. I went and downloaded Devcoin wallet and it stopped downloading at 29669 blocks, I have looked and looked and I am getting more lost, can someone please direct me to a solution, thank you very, very much in advance.

-Branzig

Does it always stop at the same block each time you start it?

Or does each restart get you a little farther?

Also, you didn't indicate what wallet you downloaded, from where, for what operating-system and hardware...

-MarkM-

[jasinlee]

Well I dont mind helping people out if they need assistance with fleshing out an idea. I wont help you do the idea, but I will spitball it for you. I should start a thread for that.

[smeagol]

Noob here... please help...  

I hate to bother everyone, I have a simple question and I am lost. I went and downloaded Devcoin wallet and it stopped downloading at 29669 blocks, I have looked and looked and I am getting more lost, can someone please direct me to a solution, thank you very, very much in advance.

-Branzig

Which client did you download? (Mac, win, Linux, bsd)  I can provide you with a copy of the blockchain if you want.

By the way, nice avatar

[sidhujag]

So the android wallet seems to work with the new qt client/daemon. I send/recv coins back and forth.

I changed the default CENT in the android wallet to the value of 5*COIN which matched the desktop client. Remember wherever we used CENT we use MinRelayFee.

So not sure how the wallet will handle the fee stuff with CENT changed and the min default fee set to 5*COIN... but I had to do it because if we set the fee too low then the reference clients may not accept the transactions if the fee doesnt match its minimum.

THe android client has no notion of free transactions because it doesn't know if it falls within the 27k free area of each block, so it assigns a minimum of 5 COINS for transactiosn regardless of size, and then 5 COINS for each 1kb of transaction size.

The dust fee is cool you can see it in action if you try to send coins and try to send less than 54600 satoshi's the box will highlight red to show its invalid. This is to avoid accepting transactions under ~55k satoshi's as they are considered dust, this matches the desktop client spec.

I updated to 1.0.11 to fix the crash when getdata was being called from the android wallet, so please upgrade to new client.

Right now if none of the dns servers updated to the new version of devcoin client then the android wallet will have no nodes to connect to, but you can load it up and see how it looks for sanity testing. (or connect to yourself locally using your local qt as the trusted node in the android wallet settings)

devcoin 1.0.11 here: https://sourceforge.net/projects/devcoin/files/Devcoin-1.0.11.jar/download

android wallet 1.0.0 here: https://sourceforge.net/projects/devcoin/files/devcoinj/Devcoinj-1.0.0.zip/download

Thanks,
Jag