[GLC] Globalcoin | 4 Year Anniversary 1.5.4! | NO IPO, NO PREMINE | [SCRYPT]

[icodestuff]

It was a joke, a very good joke.  I have never like pos coins. I do not want to leave my wallet open and unprotected for 3% to 6% per annum.  Risk/reward is way out of line, for me.  

Pos may become glc some day.  But the best(most valuable) coins, remain to be pow if I am not mistaken....

Again I'll point out that your wallet is never unprotected with POS. You still have to input your passphrase when sending coins. You have the client running and connected to the network in order to generate new coins, thus making you a node and helping to secure the network; there's only a handful of GLC nodes active presently and this is not good.

Also the most valuable coins are obviously POW as they are the longest running with associated infrastructure costs and actual use cases... but there's POS coins with million dollar market caps too.

I'll reiterate some points from another of my posts on POS as well.

The main issue people have with POS, especially 100% POS, is initial distribution being a key factor into who benefits. Globalcoin wouldn't be plagued by this as it's been distributed quite fairly through POW over the past two years.

POS positives:

1. Helps to secure the network with lots of live nodes, in order to earn new coins through pos users must have their wallets running.
2. Allows people to obtain new coins without the need of expensive mining equipment or the technical knowledge.
3. As users are holding coins in their own wallets (for the sake of generating new coins) this decreases market saturation and dampens dumping fears.
4. Encourages a buyers mindset, the more coins you have the more coins you generate.
5. Reduces electricity usage that is often ridiculed as wastefulness, save the world greenpeace global warming and all that.

[BitcoinNational]

It was a joke, a very good joke.  I have never like pos coins.  I do not want to leave my wallet open and unprotected for 3% to 6% per annum.  Risk/reward is way out of line, for me.  

Pos may become glc some day.  But the best(most valuable) coins, remain to be pow if I am not mistaken....

Agree.  POW has merit in the no need to stake, no need to unlock a wallet on an open machine.  Global is in great position LONG term as in it can offer the comfort of POW without the high inflation for investors.  And for users it is a great brand and fast coin.  Even for day traders price peaks will still be reduced by miners rewards, this means just enough swing to keep short term traders interested in Global.  

Energy consumption point is moot if GLC goes MM.  Then it is just piggy backing on Energy already being burned by LTCnet.

[orco#2]

I like you people

[muddafudda]

It's good to see productive chat.

[icodestuff]

Something needs to be done to secure the network, whether that be POS, AUXPOW or a hybrid system.

GLC has an extremely low network hashrate compared to the scrypt hashing power out there now. The threat of a 51% attack is very real. With daily trading volume often less than 1 BTC and very little buy support on exchanges I would say the only thing protecting GLC is that there's really no point in wasting time and money on such attacks.

If we introduce AUXPOW there's still somewhat of a hurdle and that's getting pools to include GLC. With POS security we'd only have to rely on GLC users having their wallets running to protect the network and with POS interest they have incentive to do so. There's also the hybrid POW+POS option, look at peercoin, diamond etc. In POW+POS case changing to an asic resistant algorithm like groestl may be a good idea?

[BitcoinNational]

@icode

I agree GLC needs to secure the network longterm.  I can live with any of the 3 .. POS, AUXPOW or a hybrid system.

But the assumption is that a solution is already in the works.  And there is no need to worry about current hash power.  GLC has excellent midfield hash scores among the Scrypt POW.  Really are like 300 Scrypts running behind GLC in hash.  When they start being picked off by 51% attacked then the alarm is sounded.

AUXPOW is still my favorite.  It takes GLC to the next level.  Pool adoption is easy  

    

[muddafudda]

I am fairly confident to roll over to a POS coin, AUXPOW I haven't done before but looks not impossible to implement. At the moment the rewards for mining are just enough to keep us a little secure. 1 GHS can change that pretty quick though. As for an algo switch, it is only going to offer the same protection as the current POW unless its something like Scrypt Jane.

[shveicar]

I am fairly confident to roll over to a POS coin, AUXPOW I haven't done before but looks not impossible to implement. At the moment the rewards for mining are just enough to keep us a little secure. 1 GHS can change that pretty quick though. As for an algo switch, it is only going to offer the same protection as the current POW unless its something like Scrypt Jane.

Ok, You can like it or hate POS, but the fact that this mechanism not only brings owner coins extra income, but also protects weak the network from a attack.
Look at the power of the network GLC.



Now she is very vulnerable. The arrival only one of a large miner with Asic miner device  immediately cause the fork.
How are you going to protect your network? each time will be releasing a new wallet?

[muddafudda]

I am fairly confident to roll over to a POS coin, AUXPOW I haven't done before but looks not impossible to implement. At the moment the rewards for mining are just enough to keep us a little secure. 1 GHS can change that pretty quick though. As for an algo switch, it is only going to offer the same protection as the current POW unless its something like Scrypt Jane.

Ok, You can like it or hate POS, but the fact that this mechanism not only brings owner coins extra income, but also protects weak the network from a attack.
Look at the power of the network GLC.



Now she is very vulnerable. The arrival only one of a large miner with Asic miner device  immediately cause the fork.
How are you going to protect your network? each time will be releasing a new wallet?

I have done a bit of work on POS. My suggestion would be POS, over an algo switch.

[muddafudda]

I could roll GLC over to another maintain POS/Scrypt coin, which would be a quick and secure solution. I would love to hear other thoughts and possible reward structure.

[shveicar]

I could roll GLC over to another maintain POS/Scrypt coin, which would be a quick and secure solution. I would love to hear other thoughts and possible reward structure.

I think that the basic regulations may be the:

1. The number of coins should remain unchanged (Total Coins: 70,000,000 ).
2. The best solution is to move to a different algorithm (possibly groestl or X11)
3. POS system should be 50% of the network capacity POW (This is a proven solution and it works best for the stability of networks)
4. Transaction speed can be divided into two parts between the POW and POS

As regards remuneration POS in the time, it can diminish proportionally POW award. or even gradually shift towards the POS

P.s But it is equally important to form a common team among the largest owners of GLC and people with skills of programming and web development

[muddafudda]

I have moved 10Mhs from Mintsy to http://scrypt.ispace.co.uk/coindetails/?coin=glc. Should show up soon.

[muddafudda]

Does anyone know who owns globalcoin.info?

[orco#2]

Is me, I can cede control.  You guys are better at this stuff than me.  I also have facebook.com/globalcoin - twitter.com/globalcoin and reddit.com/u/MrGlobalcoin

There is also reddit.com/r/globalcoin which I do not control and is private.  Not a huge deal.

[CartmanSPC]

AUXPOW is still my favorite.  It takes GLC to the next level.  Pool adoption is easy  

Second

I have also moved 7+Mh/s to GLC.

[muddafudda]

AUXPOW is still my favorite.  It takes GLC to the next level.  Pool adoption is easy  

Second

I have also moved 7+Mh/s to GLC.

Yes getting a few orphans though still getting some payouts.

[orco#2]

you guys want some glc, I will send some for supporting

[muddafudda]

Is me, I can cede control.  You guys are better at this stuff than me.  I also have facebook.com/globalcoin - twitter.com/globalcoin and reddit.com/u/MrGlobalcoin

There is also reddit.com/r/globalcoin which I do not control and is private.  Not a huge deal.

Cool I think basic are needed before we go changing the client. If we dont have a basic solid base to grow from there is no point going further.

First the site, I can bang one up and a forum. I also own globalco.in.

So if I set up hosting for globalcoin.info can you change the DNS to the nameservers and ill put up a site and forum, do you want to handle the site and forum or do you want to just redirect globalcoin.info to globalco.in ? Either way  lets set up home properly first.

 

[orco#2]

It does not matter, i will do whatever you want really

[muddafudda]

Gloablcoin has survived as a method of funds transfer where 25 banks have failed with over 5 billion in assets.


         Bank   City   State   Date   Acquired by    Assets($m)

1   First Community Bank of South Florida Fort Myers   Florida   August 2, 2013   C1 Bank   265.7
2   Bank of Wausau   Wausau Wisconsin   August 9, 2013   Nicolet National Bank   43.6
3   Community South Bank   Parsons Tennessee   August 23, 2013   CB&S Bank, Inc.   386.9
4   Sunrise Bank of Arizona Phoenix Arizona   August 23, 2013   First Fidelity Bank, National Association   202.2
5   The Community's Bank   Bridgeport     Connecticut   September 13, 2013   None (insured depositors paid directly)   26.3
6   First National Bank, also operating as The National Bank of El Paso   Edinburg   Texas   September 13, 2013   PlainsCapital Bank   3,100
7   Bank of Jackson County   Graceville   Florida   October 30, 2013   First Federal Bank of Florida   25.5
8   Texas Community Bank, National Association   The Woodlands   Texas   December 13, 2013   Spirit of Texas Bank, SSB   180.1
9   Dupage National Bank   West Chicago   Illinois   January 17, 2014   Republic Bank of Chicago   61.7
10   The Bank of Union   El Reno   Oklahoma   January 24, 2014   BancFirst   331.40
11   Syringa Bank   Boise   Idaho   January 31, 2014   Sunwest Bank   153.40
12   Vantage Point Bank   Horsham   Pennsylvania   February 28, 2014   First Choice Bank   63.5
13   Millennium Bank, National Association   Sterling   Virginia   February 28, 2014   WashingtonFirst Bank   130.3
14   Allendale County Bank   Fairfax   South Carolina   April 25, 2014   Palmetto State Bank   54.5
15   AztecAmerica Bank En Español   Berwyn   Illinois   May 16, 2014   Republic Bank of Chicago   66.3
16   Columbia Savings Bank   Cincinnati   Ohio   May 23, 2014   United Fidelity Bank, fsb   36.5
17   Slavie Federal Savings Bank   Bel Air   Maryland   May 30, 2014   Bay Bank, FSB   140.1
18   Valley Bank   Moline   Illinois   June 20, 2014   Great Southern Bank   456.4
19   Valley Bank   Fort Lauderdale   Florida   June 20, 2014   Landmark Bank, National Association   81.8
20   The Freedom State Bank   Freedom   Oklahoma   June 27, 2014   Alva State Bank & Trust Company   22.8
21   Eastside Commercial Bank   Conyers   Georgia   July 18, 2014   Community & Southern Bank   169.0
22   GreenChoice Bank, fsb   Chicago   Illinois   July 25, 2014   Providence Bank, LLC   72.9
23   NBRS Financial   Rising Sun   Maryland   October 17, 2014   Howard Bank   188.2
24   The National Republic Bank of Chicago   Chicago   Illinois   October 24, 2014   State Bank of Texas   954.4
25   Frontier Bank, FSB D/B/A El Paseo Bank   Palm Desert   California   November 7, 2014   Bank of Southern California, N.A.   86.4