Historic Cryptogenic Bullion thread - CLOSED

[IMZ]

Formal Apology: it looks like IndiaMikeZulu's long run of commercial development has been ended. I have been without Net at my farmhouse for nearly a month. (In town today -- wow! Real Net is much much more fun the Trickle 'o Net!)

I second BTcat's point. You can tell a lot about a coin by reading, say, one in ten of the pages on its Bitcointalk ANN thread, which I used to do last year when I was IMZ's coin-chooser guy. Some coin-communities are a madhouse, and some are outright hostile to 'outsiders' (Gee!! Community Devlopment Tactic!!)

Go the physical bullion thing!! We are going in Spring, as arranged, to see the guy in Perth. I ask all Australian CGB-ers to express any interest they have in buying physical bullion. The ten-ounce silver bars are a great 'Beginners' Choice.' (I sure am a beginner.) They are about $250 Aus.

Mark Blair, Western Australia
08 9857 1000

[tspacepilot]

CGB Investors

Q. Does the minting function work?

A. Yes it does.   ^{(like a champ!)}

Small problem is unlocking the wallet.  No button.
Easy to fix just use the console command.

Code:

walletpassphrase <passphrase> <timeout>

And since there is almost no one minting you will find a block very fast. Free coins for anyone who bothers.

I really don't understand why people keep their coins on the exchanges. You are giving away your pos blocks, but even worse, you are giving a lot of coins to cryptsy who are minting and dumping.

I had never thought about exchanges that hold pos coins doing the minting.  This is a very intersting point.  In my case, I only have a few cgb and i hold them in my own wallet, so I wasn't falling prey to this, but thanks for bringing it up!

[menno1986]

Hi Elambert, PSD, Nice article in the magazine! I'm wondering whats next regarding CGB marketing and how are the replies doing on your extra dev request?

[BTCat]

Please read. Good payment provider to research for CGB and to get involved:

txtCOINSnow offers a simple way for merchants and nontechnical users to accept, trade and safely buy products and services using crypto-currencies. The system automatically calculates local currencies from the various types of crypto-coins in your account based on current exchange rates and coin values.

http://info.txtcoinsnow.com/

[elambert]

Hi Elambert, PSD, Nice article in the magazine! I'm wondering whats next regarding CGB marketing and how are the replies doing on your extra dev request?

Hello menno!
Glad you liked the article, PSD did a phenomenal job with it and dedicated a lot of time to putting it together. We are all very proud of the outcome! The article is stage one in our new marketing campaign - more to come soon. Regarding dev assistance, we have had some interest and are moving forward. More on this will be revealed as soon as possible. Stay tuned my friend!

[elambert]

Please read. Good payment provider to research for CGB and to get involved:

txtCOINSnow offers a simple way for merchants and nontechnical users to accept, trade and safely buy products and services using crypto-currencies. The system automatically calculates local currencies from the various types of crypto-coins in your account based on current exchange rates and coin values.

http://info.txtcoinsnow.com/

Sounds a lot like MPesa for crypto. There is a BitPesa but that just focuses on Bitcoin. This seems like the same thing targeting the alt coin market. I am all for ease of use and think this will be a critical space in allowing for mass adoption. Good find!

[IMZ]

See IMZ in the cafe. See him having Net:

Gotta back PSD on physically held bullion. GFC junkies are aware of the etf drama, the bullion equivalent of fractional reserve.

Killiz! Wa ha ha -- Crypto Town in the middle of nowhere. Actually sort of ya. We aimed for hybrid adoption but the town chosen is small. We knew what would happpen -- sigh -- but an attempt from a 'standing start' was what we chose.

Who mentioned UK data from coinmap? The cryptomall project checked the australian coinmap data -- Warning will robinson!! Low quality!

The mall is not dead. An associate has taken the wheel.

Mark Australia

[IMZ]

And
the power of patient community?

Guys, IMZ has tried community coin-exchanges with three coin communities. Two failed -- but check out cryptocointalk dokdo. Read the earlier pages. It has progressed to a small but vibrant informal bourse. We could lead the world in this model with just three or four enthusastic coiners.
M

[papersheepdog]

Excellent discussion going on! I have no time to reply. Just wanted to post some cool things I came across recently.

Development Workshop - Point of Sale Methods

DogePoS - Open source Point of Sale suite!!!!! Hoping to be able to test this and modify it to accept other crypto.

http://www.bigbtc.ca/ BIGbtc Bitcoin Integration Group. Provides services related to the business adoption of crypto in Canada!

Barrie VIP Merchants Bitcoin Meetup another interesting find. There were only a few views it looks like, and it was posted May 13 (2 months ago). I guess date is still TBD, assuming this is still in the works.

Have sent a note to BIGbtc, I think there is a lot of room for collaboration.

[elambert]

FYI - Comkort's wallet issue has been resolved and CGB trading has now resumed.

[BTCat]

FYI - Comkort's wallet issue has been resolved and CGB trading has now resumed.

Good job, thanks.
Buying a few CGB each day from 150 ghs btc mining profit 

[shtako]

I got a suggestion for a promotion. POS minting should get more attention. Most importantly pos minting improves the network security, secondly it removes coins from the exchanges which both reduce the sell pressure and stops cryptsy (and others) to mint and sell the POS blocks.

A promotion concerning POS would help educate CGB holders and bring more attention to why we should mint and how to mint. If CGB one day reach its full potential and goals, a single CGB would definitely be worth minting for.

I don't know how it should be done. But maybe something as simple as a competition where people post screens shots where they have solved a POS block, and a random winner is picked for a prize?

[WillShill4BTC]

The wallet seems to use 3% of my cpu (a Haswell). Not minting, 7/8 connections.
Is it supposed to? Or a feature to be ironed out?

[BTCat]

The wallet seems to use 3% of my cpu (a Haswell). Not minting, 7/8 connections.
Is it supposed to? Or a feature to be ironed out?

It's in the OP:
"To qualify for interest an investor must keep their funds unspent in their wallets for a minimum of 30 days (for 1.2% interest), and up to a maximum of 90 days (1.5% interest)."
You don't need to have the wallet open all period, just keep your coins in.

But maybe something as simple as a competition where people post screens shots where they have solved a POS block, and a random winner is picked for a prize?

I like this idea of promoting minting from POS. The more coins in personal wallets the better. Banks provide some interest on savings but now crypto's can perfectly do this too, people should be more aware of this so they can store more of their 'money' in other ways. Not put all in one basket they say and a bank is just one basket.

I thought another payment provider for crypto's, but it does something else, seems to work with Coinpayments: http://www.picca.co.uk/
Btw has updated design and all, looking good: https://www.coinpayments.net

[WillShill4BTC]

That part I get. So it's no 'help to the network' to have it on all day? And why so resource hungry?

[shtako]

That part I get. So it's no 'help to the network' to have it on all day? And why so resource hungry?

My CPU use is 0% after it is done syncing.

[papersheepdog]

The wallet seems to use 3% of my cpu (a Haswell). Not minting, 7/8 connections.
Is it supposed to? Or a feature to be ironed out?

It's in the OP:
"To qualify for interest an investor must keep their funds unspent in their wallets for a minimum of 30 days (for 1.2% interest), and up to a maximum of 90 days (1.5% interest)."
You don't need to have the wallet open all period, just keep your coins in.

But maybe something as simple as a competition where people post screens shots where they have solved a POS block, and a random winner is picked for a prize?

I like this idea of promoting minting from POS. The more coins in personal wallets the better. Banks provide some interest on savings but now crypto's can perfectly do this too, people should be more aware of this so they can store more of their 'money' in other ways. Not put all in one basket they say and a bank is just one basket.

I thought another payment provider for crypto's, but it does something else, seems to work with Coinpayments: http://www.picca.co.uk/
Btw has updated design and all, looking good: https://www.coinpayments.net

Development Workshop - CGB PoW/PoS Hybrid Security Model - Protocol Improvements

Please also see the Reddit post for further discussion.

PoS security participation is a very important consideration. The next client rebalances the minimum times to 1 week (1.2%) and 30 days (1.5%), but of course discussion is ongoing. The intent of this is to bring in more PoS blocks. This, combined with merged mining on the PoW side (hybrid) should provide for a more robust security stance.

I had another idea that we could have the protocol reward all unclaimed interest at each block to the winner of the minting process. So they would receive the standard 1.2 or 1.5%, plus the interest accumulation for that block (or tick), of all wallets who are sitting yet again unclaimed while already at max return. Some fundamentals: Currently CGB rewards 1.5% every 90 days, or quarterly. If we wait for a year to mint, we will only receive one quarter's interest, even though we saved it for a year.

In this scenario, that interest that could have been claimed for the other 3/4 of the year will have gone to active participants as a greater reward, without diminishing the *intended* inflationary profile of CGB. In the current environment, we know that all coins are not being used for minting. This affects the 1.5% (out of 2% total) of our target inflation. I am sure the exact data can be pulled from the blockchain (and would encourage anyone capable to give it a try). So we can say for sure that this measure would increase inflation, from whatever its at (likely below 1.2% I would guess), to the intended range of between 1.2 and 1.5% depending on which timeline is more popular.

This is a small detail but CGB was mined into existence, with a flow still being produced via PoW security. We now take this existing CGB and create new CGB in the form of interest. The parallel with gold and silver coin production here is why I prefer to use the term "minting," but staking is OK too. An interesting thing to note about PoS minting is that the interest provided is what they call a zero sum game. This means that for a real increase in the value of your holdings, someone else had to not mint their coins, thus giving you relatively more. In other words, if everyone got 1.5% interest, the relative value of all holdings would remain unchanged.

If a system like this were to be implemented, we could see a real boost in payoffs for winning a PoS block. It may even spur competition to spread the most coin age across available blocks to try and win more blocks, and not just focus on your plain interest. I think we could see bigger wallets broken down to competitive sizes. Hmm... Had not yet thought this part through too much yet. Suggestions welcome.

Pros and cons of adjusting the reward itself have been discussed here.

papersheepdog, Canada

[BTCat]

"I had another idea that we could have the protocol reward all unclaimed interest at each block to the winner of the minting process."
Sorry but I am very much against this. If someone is not minting, it's their choice but it doesn't mean someone else should get it. These coins should never be created.
It puts the person not minting at disadvantage. It doesn't feel right imo.

edit: just read the discussion:
"PoS reward is a zero sum game. If everyone is generating stake, their slice of the pie remains unchanged. Only if you fail to mint are you punished and wealth is transferred towards those who do. Therefore it almost isn’t even a reward unless others fail to do it."

This is a very bad idea. You want to force people to mint while they don't want to. It's a way to demotivate people to spend their coins.
Also you have to concidder the CGB price, someone else can sell his extra coins and put pressure downwards while when they are not created price can grow. If the price grows then those who do not get the extra reward will see a higher price and be just as happy. Dillution of stake is very bad.
This idea only makes the rich and dedicated CGB'ers richer while punishing the ones that prefer to spend or hold their coins elsewhere.

[Majormax]

"I had another idea that we could have the protocol reward all unclaimed interest at each block to the winner of the minting process."
Sorry but I am very much against this. If someone is not minting, it's their choice but it doesn't mean someone else should get it. These coins should never be created.
It puts the person not minting at disadvantage. It doesn't feel right imo.

edit: just read the discussion:
"PoS reward is a zero sum game. If everyone is generating stake, their slice of the pie remains unchanged. Only if you fail to mint are you punished and wealth is transferred towards those who do. Therefore it almost isn’t even a reward unless others fail to do it."

This is a very bad idea. You want to force people to mint while they don't want to. It's a way to demotivate people to spend their coins.

At 1.5%, it doesn't motivate me to mint. I open coin wallets with larger stakes (50% +) on a daily basis, but don't do that with lower staking coins.

There is so much competition in the Cryptocurrencies now that I think low % coins must be losing out. The more high staking currencies there are, the lower the hash rates of low stake coins will go.

[patmast3r]

"I had another idea that we could have the protocol reward all unclaimed interest at each block to the winner of the minting process."
Sorry but I am very much against this. If someone is not minting, it's their choice but it doesn't mean someone else should get it. These coins should never be created.
It puts the person not minting at disadvantage. It doesn't feel right imo.

edit: just read the discussion:
"PoS reward is a zero sum game. If everyone is generating stake, their slice of the pie remains unchanged. Only if you fail to mint are you punished and wealth is transferred towards those who do. Therefore it almost isn’t even a reward unless others fail to do it."

This is a very bad idea. You want to force people to mint while they don't want to. It's a way to demotivate people to spend their coins.

At 1.5%, it doesn't motivate me to mint. I open coin wallets with larger stakes (50% +) on a daily basis, but don't do that with lower staking coins.

There is so much competition in the Cryptocurrencies now that I think low % coins must be losing out. The more high staking currencies there are, the lower the hash rates of low stake coins will go.

Maybe i undertstood somethin wrong but if the stakes are higher that means that more coins are coming into existance which in return devaluates the coins i.e. makes the coins worth less which means it's about the same as having a low % stake.