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TagBot
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June 15, 2016, 09:39:06 AM |
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I left on the stock exchange Cryptsy 3.5 million coins. So I do not care anymore. But pity the coin. Developer retired from business. Here we need a new purse, new team, new algorithm. Simply make a new coin. Alas.
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"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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orco#2
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June 15, 2016, 06:53:58 PM |
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I left on the stock exchange Cryptsy 3.5 million coins. So I do not care anymore. But pity the coin. Developer retired from business. Here we need a new purse, new team, new algorithm. Simply make a new coin. Alas.
probably 600,000 on cryptsy for me. What hurt me the most is that I had to sell my 150 eth to get out of cryptsy and those were worth maybe a couple hundred then now like $3500. What a tragedy. |
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allknowingeye
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June 15, 2016, 07:40:50 PM |
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Any chance of recovering those coins in the legal wrangling that will come out of the collapse of Cryptsy. I didn't lose much myself because I never leave more than what I want to immediately trade on an exchange. I don't trust any of them.
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DigitalHoldings
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June 16, 2016, 09:16:12 AM |
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https://i.imgur.com/iwhqrco.jpgI propose transitioning to Proof of Stake v3 with static block rewards. Rather than patching the current headache of a code base I suggest abandoning the old code, starting from a fresh code base, and manually importing balances into the new client. Of course this means starting over from block 0, so it's a bit more dramatic than just a hardfork, so community consensus is a must. The issues with doing this in the past were the inability to transfer funds from old blockchain to new without the use of a middleman/exchange, people would often miss the transfer window and the possibility of tampering with the coin supply was there too. We can now however alleviate these issues by taking a snapshot of the current blockchain that can be parsed through to come up with a list of all addresses and their balances. A premine of the current coin supply calculated from the snapshot is made for the new client and then a mass sending of funds to the original addresses can be done. The new client will use the exact same key derivation methods, so users just need to move/copy their old wallet.dat file to the new clients directory and they'll have the same amount of coins as they held before. No middleman involved and the process is entirely transparent and verifiable, should someone wish to audit it. To have this done the GLC community would only need to raise 1.5 BTC, shall we discuss further?
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allknowingeye
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June 16, 2016, 02:55:11 PM
Last edit: June 16, 2016, 08:01:32 PM by allknowingeye |
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I don't support any POS insanity. Might as well shut the coin down, it serves no purpose to another completely and totally useless POS Coin.
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orco#2
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June 16, 2016, 06:10:41 PM |
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Count me in Digital. My glc count is rather high. Definitely a top ten holder. I have sent a private message.
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DigitalHoldings
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June 16, 2016, 09:58:15 PM |
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I don't support any POS insanity. Might as well shut the coin down, it serves no purpose to another completely and totally useless POS Coin.
And what purpose does the coin serve now? With POS you improve the efficiency and security of the network by removing the need to rely on POW miners, regardless of the mining algorithm it's now a hugely competitive domain seeing wild swings in hashrate on and off coins for the purpose of profit. With POS the security of the network is provided by those invested in it and the fly by night miners who dump straight away for profit are no longer a worry. Allowing more people to support the coin without specialized mining hardware also gives future-proof immunity to hardware centralization concerns. Once the Globalcoin network is secured and running efficiently with POS we can begin focusing on usage cases and adoption so it actually serves a purpose. |
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CartmanSPC
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Merit: 1000
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June 16, 2016, 10:55:52 PM |
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I think POS is interesting. Something is needed since the hashrate is so low on this coin. I feel I am the only miner at times. I am not familiar with POSv3 specifically but trust DH's judgement. Just realize that the number of wallet clients online (staking) will most likely be very very low.
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allknowingeye
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June 16, 2016, 11:36:30 PM |
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Even more concerning about than the hash rate (I do often mine it myself) is the amount of transactions. Expect the block reward there is virtually none occurring. So how is going to raise what amounts to nearly 10% of this coin's market cap to switch to POS and new wallet?
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orco#2
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June 17, 2016, 10:29:53 PM |
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I think action must be taken and I have full faith in DH to be the new dev to do as he sees fit. He clearly has the chops and the will to get the job done, and that is not something anyone else in the community has. Lets move forward with his initiatives.
The block rewards are too meager to attract mining power at this juncture and I believe proof of stake is a fair construct. I mean, the concept of POS has been trialed for at least 4 years at this point.
The brand has and always will be the strong point of Globalcoin - Lets get behinds Digital Holdings and get this happening.
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allknowingeye
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June 17, 2016, 10:44:07 PM |
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The block rewards are too meager to attract mining power at this juncture
They are a level that you can't earn the electrical back, but why not a relaunch with a new reward structure that makes more sense. |
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Forexer
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June 18, 2016, 07:46:49 AM |
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I support the transition to POS with 1-5% per year.
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orco#2
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June 20, 2016, 01:48:53 PM |
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How long should this be open to discussion? Until the next block halving? Folks should be offerring their opinion, but we have only 4 voices at the moment.
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allknowingeye
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June 23, 2016, 03:42:14 AM |
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It might not matter much, the price is in total freefall. If we do not see some price support real soon, it will all be irrelevant. It's worth less than a quarter what it was worth a few weeks ago. This does not bode well for our favourite coin.
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orco#2
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June 23, 2016, 02:26:29 PM |
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It might not matter much, the price is in total freefall. If we do not see some price support real soon, it will all be irrelevant. It's worth less than a quarter what it was worth a few weeks ago. This does not bode well for our favourite coin.
Lol So thinking on this as a community as it pertains to making the swith the the POS algo, we should weight the stake holders. Miners are the folks keeping the coin alive and there opinion is more valuable than regular folks. Then larger holders and then smaller holders. I feel a move sooner rather than later would be wise. Had anyone else pledged funds to make switch? |
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allknowingeye
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June 23, 2016, 04:13:59 PM |
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Who is this 1.5 BTC being paid too? That represents a major portion of the total value of all Global coins in existence. A return to decent rate of return would a much cheaper fix.
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orco#2
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June 23, 2016, 10:08:21 PM |
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Who is this 1.5 BTC being paid too? That represents a major portion of the total value of all Global coins in existence. A return to decent rate of return would a much cheaper fix.
Yes, would be nice to know this. But GLC subsidy rate is unsustainable really, so it need to be fixed and with current could be a shambles, starting over does seem like a wise step. |
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ave_chaincoin
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June 29, 2016, 09:12:31 PM |
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HAPPY 3 YEAR ANNIVERSARY TO US! 
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BitcoinNational
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Join The Blockchain Revolution In Logistics
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July 02, 2016, 02:26:51 PM |
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HAPPY 3 YEAR ANNIVERSARY TO US! 3 years is like 99 years in crypto. |
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auden
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July 30, 2016, 09:04:13 PM |
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I would NOT support any solution that causes the maximum number of coins to exceed the agreed upon 70 million
When it comes to crypto-currencies, scarcity and the reliability of the protocol is sacrosanct - imagine what would happen if bitcoin group decided "hey lets make it 100 billion coins now" price would nosedive - the fact that only 21 million would exist EVER, is a key pillar supporting its value
70 million was the stated hard maximum - whatever we do, we should KEEP it at that
As a matter of principle, it is preferable to let the coin die (if it is not being used for any real trading for goods/services) than to simply go on an unbounded POS supply increase
POS would only be acceptable if the POS rewards do NOT come from generating any new coins past the 70 million issuance cap (some ideas on where such rewards may come from : transaction fees, demurrage fees, etc.)
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