Historic Cryptogenic Bullion thread - CLOSED

[Percy520]

Hi Elambert, I think you have done a great job. Beling able to find a new CGB team in such a short time. Really well done. Hopefully, the new team will push CGB moving forward...

[bahamapascal]

Guys, good News!

We are now on the bitcoin poll for getting added to the new exchange Bittrex.com!
Please had over there and cast your vote: https://bitcointalk.org/index.php?topic=497351.new#new

[cryptonewbie]

Only 1 vote so far...mine.  Lets go everybody.

[Armando]

Interesting coin. When approx it is going to be PoS only by the way?

CGB will remain a PoW/PoS hybrid. The PoW subsidy will halve until the baseline of .01 CGB per block is reached where it will remain. This will keep holders earning interest while at the same time further securing the block chain via PoW mining and PoS stake mining. An attack on a PoW/PoS hybrid would have to consist of not only control of greater than 50% of hashing power (as with most other coins) but also would require ownership of greater than 50% of the staked coins. The PoS addition essentially means that any potential attacker would have to be a majority owner of CGB as well as the majority miner and thereby the attack would predominantly be against themselves.

Boy are you guys getting it wrong or what!!!! Economy is not this coin's forte. This .01 baseline will eliminate all incentive to mine the coin.  Very High Brow and High Roller as we sink further down closer to zero; .01 baseline has to be raised or this coin will disappear, period.

What does it matter?  The PoW network could drop to zero but PoS will keep the blockchain chugging along.

Thanks for clarifications everybody, but I am not sure then, who will mine for reward 0.01 per block? So this will be same as pure PoS in my opinion. So let's rephrase my question - can I see somewhere the timeline? When the reward will be 0.01, 0.1 etc?

[Armando]

Interesting coin. When approx it is going to be PoS only by the way?

CGB will remain a PoW/PoS hybrid. The PoW subsidy will halve until the baseline of .01 CGB per block is reached where it will remain. This will keep holders earning interest while at the same time further securing the block chain via PoW mining and PoS stake mining. An attack on a PoW/PoS hybrid would have to consist of not only control of greater than 50% of hashing power (as with most other coins) but also would require ownership of greater than 50% of the staked coins. The PoS addition essentially means that any potential attacker would have to be a majority owner of CGB as well as the majority miner and thereby the attack would predominantly be against themselves.

I feel that the PoS needs to be higher. The supposed mirroring of monetary inflation is irrelevant at this stage.

10% pa, with 7 days qualification cycle would give sufficient incentive. Any opinions ?

I find 10% PoS reward a little too high; but I agree with you that 1.5% is much too low, given the current high level of risk, to interest large investors.  The good news with CGB that it wouldnt take many interested parties to make the coin move upwards, but if we want the outcome to change something needs to be done.

IMO the best way is to make PoS reward same as NXT has it. Reward is not calculated per anum there, but every transaction's fee is going to the "miner", so there is no inflation, and with growinf of the network, it can be much more then 10% yearly, without negative effects of inflation.

[papersheepdog]

Interesting coin. When approx it is going to be PoS only by the way?

CGB will remain a PoW/PoS hybrid. The PoW subsidy will halve until the baseline of .01 CGB per block is reached where it will remain. This will keep holders earning interest while at the same time further securing the block chain via PoW mining and PoS stake mining. An attack on a PoW/PoS hybrid would have to consist of not only control of greater than 50% of hashing power (as with most other coins) but also would require ownership of greater than 50% of the staked coins. The PoS addition essentially means that any potential attacker would have to be a majority owner of CGB as well as the majority miner and thereby the attack would predominantly be against themselves.

Boy are you guys getting it wrong or what!!!! Economy is not this coin's forte. This .01 baseline will eliminate all incentive to mine the coin.  Very High Brow and High Roller as we sink further down closer to zero; .01 baseline has to be raised or this coin will disappear, period.

What does it matter?  The PoW network could drop to zero but PoS will keep the blockchain chugging along.

Thanks for clarifications everybody, but I am not sure then, who will mine for reward 0.01 per block? So this will be same as pure PoS in my opinion. So let's rephrase my question - can I see somewhere the timeline? When the reward will be 0.01, 0.1 etc?

--

IMO the best way is to make PoS reward same as NXT has it. Reward is not calculated per anum there, but every transaction's fee is going to the "miner", so there is no inflation, and with growinf of the network, it can be much more then 10% yearly, without negative effects of inflation.

Hey Armando, thanks for taking the time to post your input. I believe we are at around 950K coins and should be hitting the 1Mil mark and going to 0.1 reward in about 2 months if I recall correctly. I may not be totally accurate on the details and will certainly be compiling more exact data as we go. The reward is a really small factor when you consider its on the tail end.

Regarding NXT reward, it sounds quite different than the arrangement that CGB has and I cant see us even discussing such a drastic change right now. I guess it doesn't hurt to speculate but I would feel that .5% inflation to miners and 1.5% inflation to savers seems like a good balance, not to mention it's modelled after the gold supply. If the reward is too low because the price of the each CGB is low at the moment; this is only temporary. The dual Pow/PoS security really helps in these situations. I appreciate the discussion and hope to keep this involvement up!

[td services]

WTB 10,000 CGB for 5 BTC. Escrow OK or do trade in parts, seller of CGB goes first. Please PM if interested to fill order, in part or full, .5 BTC minimum order.

[Percy520]

WTB 10,000 CGB for 5 BTC. Escrow OK or do trade in parts, seller of CGB goes first. Please PM if interested to fill order, in part or full, .5 BTC minimum order.

If you can get this buy order filled, you are very luck.

[elambert]

Guys, good News!

We are now on the bitcoin poll for getting added to the new exchange Bittrex.com!
Please had over there and cast your vote: https://bitcointalk.org/index.php?topic=497351.new#new

Great find, voted!

[pastet89]

Hi guys,

congrats on the currency, I like it a lot!
However, I have one big problem, after downloading wallet version 1.1.6.5, I am getting:

Code:

WARNING: Checkpoint is too old. Wait for block chain to download or notify developers. 

Isn't this the last version of the wallet?
Also I guess I will not be able to mint any PoS stake this way?

[elambert]

Hi guys,

congrats on the currency, I like it a lot!
However, I have one big problem, after downloading wallet version 1.1.6.5, I am getting:

Code:

WARNING: Checkpoint is too old. Wait for block chain to download or notify developers. 

Isn't this the last version of the wallet?
Also I guess I will not be able to mint any PoS stake this way?

A new version of the client is under construction and will be released shortly.

[cryptonewbie]

An article on the top 100 digital currency by social media presence.  Spoiler...we are 6th

http://crypt.la/2014/03/01/top-100-digital-currencies-by-social-media-presence/

[bahamapascal]

As a reminder, let's not forget to vote

1 vote for each bitcointalk member, one time only : https://bitcointalk.org/index.php?topic=497351.new#new  (20 votes so far)

6 votes per 24 hours: https://www.allcrypt.com/voting.php?  ( 5725 votes so far)

3 votes for non registered users and 6 votes for registered users, each hour: https://www.mintpal.com/voting (921 votes so far)

1 Vote per 24 hours: http://www.ecoinfund.com/vote (156 votes so far )

[artiface]

Hi guys,

congrats on the currency, I like it a lot!
However, I have one big problem, after downloading wallet version 1.1.6.5, I am getting:

Code:

WARNING: Checkpoint is too old. Wait for block chain to download or notify developers. 

Isn't this the last version of the wallet?
Also I guess I will not be able to mint any PoS stake this way?

A new version of the client is under construction and will be released shortly.

Also the checkpoint too old warning should not prevent minting stake or any other function of the client, it just a warning.  We hope to have the new version released very soon. 

[cryptonewbie]

We could start up a CGB donation to get listed on Mintpal.  Non-members can vote 3x an hour, members 6x, and votes can be purchased for 0.00005000 BTC each.

Getting listed on more exchanges would be beneficial imo.

[elambert]

We could start up a CGB donation to get listed on Mintpal.  Non-members can vote 3x an hour, members 6x, and votes can be purchased for 0.00005000 BTC each.

Getting listed on more exchanges would be beneficial imo.

More exchanges is certainly a priority. I would recommend that the community continue voting. We are climbing the poll ranks quickly and will have a new team announced and a new client in place very soon so we can continue on the growth path that PSD has so tirelessly outlined.

[Trevor]

Since I seem to have started this questioning of elamberts commitment and image I guess I should respond, firstly to thank him for his response. It wasn't quite the statement of pure dedication that I would have loved, but it would have been silly and unfair of me to realistically expect that, and the dude replied at a time when he could have simply said, sod this, I'm at a wedding, I'll deal with this crap when I get back (which is what a lot of people would have done).

I can kind of see where the issue with the 'professional image' comes from, but why the hell should we expect elambert to become some faceless entity with no life for the sake of anything, let alone something that is peer-to-peer. For me, peer-to-peer is a big part of why I got into cryptocurrency. It represents people providing a service in a better way than that service would otherwise be provided by a faceless entity that is blind to everything but profit. The people behind CGB are what makes it. Development team and community. I prefer it that I know some stuff about elambert, much better than being told some anonymous dudes trying to get me to invest, but hey, he's not willing to reveal anything at all (like it is with a lot of altcoins). That is majorly dodgy to me.

Anyway, from what I've read so far it seems like this new structure is good. Things seem to have been given a bit of a kick with recent events and I now have more confidence in the coin than I did. Hopefully it will continue, and keep the info coming guys. I'm sure there are some new ideas in the works, keep the community up to date and involved and if there's anything we can do, say so. Keep up the good work. Thanks.

[papersheepdog]

Since I seem to have started this questioning of elamberts commitment and image I guess I should respond, firstly to thank him for his response. It wasn't quite the statement of pure dedication that I would have loved, but it would have been silly and unfair of me to realistically expect that, and the dude replied at a time when he could have simply said, sod this, I'm at a wedding, I'll deal with this crap when I get back (which is what a lot of people would have done).

I can kind of see where the issue with the 'professional image' comes from, but why the hell should we expect elambert to become some faceless entity with no life for the sake of anything, let alone something that is peer-to-peer. For me, peer-to-peer is a big part of why I got into cryptocurrency. It represents people providing a service in a better way than that service would otherwise be provided by a faceless entity that is blind to everything but profit. The people behind CGB are what makes it. Development team and community. I prefer it that I know some stuff about elambert, much better than being told some anonymous dudes trying to get me to invest, but hey, he's not willing to reveal anything at all (like it is with a lot of altcoins). That is majorly dodgy to me.

Anyway, from what I've read so far it seems like this new structure is good. Things seem to have been given a bit of a kick with recent events and I now have more confidence in the coin than I did. Hopefully it will continue, and keep the info coming guys. I'm sure there are some new ideas in the works, keep the community up to date and involved and if there's anything we can do, say so. Keep up the good work. Thanks.

That's really nice of you to say Trevor, and well put. I think we need to strike a balance and you bring up such a great point about knowing more about people in leadership roles especially in these markets. We are settling in and just concluded our first meeting but this weekend we needed to be able to step back and question everything to make sure that we are not blinded by routine or bias in anything. The community response was so helpful in this we really appreciate all of you.

I am putting together an update which will cover our meeting and help convey our focus so that anyone can participate with questions and suggestions. I believe we will be meeting every week and posting an update. This should be a very healthy change and help to open the doors to public participation.

Likely the meeting update will be posted tomorrow morning so stay tuned!

[forzendiablo]

i also doubt elambert good deeds after he stole reddit from guy who had it for 1,5 year.

[papersheepdog]

i also doubt elambert good deeds after he stole reddit from guy who had it for 1,5 year.

Feb 13, 2014 - CryptogenicBullion subReddit - Moderator update - igl00FTW dispute
Igl00FTW=forzendiablo

For all comments below this one, there is a sign posted here that advises "Don't feed the trolls."