[CENT] Pennies launched

[Maverick69]

What is supposed to happen the 8th? Is it related to Cryptsy? Can anyone point me to an official statement?

[Petr1fied]

What is supposed to happen the 8th? Is it related to Cryptsy? Can anyone point me to an official statement?

Stake reduces by a factor of 10,000.

[cryptohunter]

What is supposed to happen the 8th? Is it related to Cryptsy? Can anyone point me to an official statement?

Stake reduces by a factor of 10,000.

How will this be enforced? what if most of the users do not use the latest wallet? is this fix 100% sure to work ?. Also will the latest wallet recoupe all loses people have made by sending too large of a transaction. What happened to the 999 999 999 coins i sent to cryptsy 2 months ago?  They must be on the chain somewhere? or are they destroyed for good now?

[Petr1fied]

How will this be enforced? what if most of the users do not use the latest wallet? is this fix 100% sure to work ?

Since January 1st v0.10.0.0 no longer accepts connections or blocks from older versions and seeing as Cryptsy is using it and they are the only place you can actually deposit coins in order to sell them people have very little choice but to use the new version.

Also will the latest wallet recoupe all loses people have made by sending too large of a transaction.

You don't lose any coins in this eventuality although it may cause wallet errors. Try importing the private key for the address into a brand new wallet as is outlined here

What happened to the 999 999 999 coins i sent to cryptsy 2 months ago?  They must be on the chain somewhere? or are they destroyed for good now?

If it actually made it onto the blockchain, that's probably a question you should be asking cryptsy.

[Mortimer452]

Sorry for the noob question, but I've read through alot of posts and still not exactly sure how this stake thing works.

I have ~10billion CENT on Cryptsy.  How exactly do I "stake" my coins to earn more?  I realize at this point I probably need to wait until after Jan 8.

[Desten]

Mortimer452, "your" staked coins are cryptsy coins. LOL, heh?

[cryptohunter]

How will this be enforced? what if most of the users do not use the latest wallet? is this fix 100% sure to work ?

Since January 1st v0.10.0.0 no longer accepts connections or blocks from older versions and seeing as Cryptsy is using it and they are the only place you can actually deposit coins in order to sell them people have very little choice but to use the new version.

Also will the latest wallet recoupe all loses people have made by sending too large of a transaction.

You don't lose any coins in this eventuality although it may cause wallet errors. Try importing the private key for the address into a brand new wallet as is outlined here

What happened to the 999 999 999 coins i sent to cryptsy 2 months ago?  They must be on the chain somewhere? or are they destroyed for good now?

If it actually made it onto the blockchain, that's probably a question you should be asking cryptsy.

Thanks for this information.
HMmm i will be asking cryptsy about this.

[daemonfox]

Mortimer452, "your" staked coins are cryptsy coins. LOL, heh?

CORRECT! The stake earned on your Cryptsy balance belongs to Vern... too late now.

[Mortimer452]

Mortimer452, "your" staked coins are cryptsy coins. LOL, heh?

CORRECT! The stake earned on your Cryptsy balance belongs to Vern... too late now.

OK, so there's no way to earn stake on these coins now?  Purchased coins cannot be transferred to the wallet on my PC and staked?

[daemonfox]

Mortimer452, "your" staked coins are cryptsy coins. LOL, heh?

CORRECT! The stake earned on your Cryptsy balance belongs to Vern... too late now.

OK, so there's no way to earn stake on these coins now?  Purchased coins cannot be transferred to the wallet on my PC and staked?

You can transfer them to your own wallet now, but you are too late to get any kind of obscene stake... if you did it today then sometime after the 12th you would be eligible for those blocks to stake at the new, reduced rate. Just in case though... you should stick to transferring out blocks of 100 million or less at a time.

[Mortimer452]

Mortimer452, "your" staked coins are cryptsy coins. LOL, heh?

CORRECT! The stake earned on your Cryptsy balance belongs to Vern... too late now.

OK, so there's no way to earn stake on these coins now?  Purchased coins cannot be transferred to the wallet on my PC and staked?

You can transfer them to your own wallet now, but you are too late to get any kind of obscene stake... if you did it today then sometime after the 12th you would be eligible for those blocks to stake at the new, reduced rate. Just in case though... you should stick to transferring out blocks of 100 million or less at a time.

Right, I understand the stake is massively reduced under the new rules.  I just wasn't sure how it worked.

So all I need to do is transfer 100mil at a time to my wallet and just let it sit there?  1 CENT per 10,000 in my wallet just magically appears after 9 days?

[Desten]

So all I need to do is transfer 100mil at a time to my wallet and just let it sit there?  1 CENT per 10,000 in my wallet just magically appears after 9 days?

Who knows... i didn' recieved anything (16-20 coins for 11 days for staking at wallets with 1x99.9M, 5x99.9M, 1x99.9M, 1x99.9M, 1x99.9M, 1x99.9M)...

[cryptohunter]

So all I need to do is transfer 100mil at a time to my wallet and just let it sit there?  1 CENT per 10,000 in my wallet just magically appears after 9 days?

Who knows... i didn' recieved anything (16-20 coins for 11 days for staking at wallets with 1x99.9M, 5x99.9M, 1x99.9M, 1x99.9M, 1x99.9M, 1x99.9M)...

yeah made the same mistake, we should have done 30M or less, 99M stakes often don't go through. Never mind we only lost out on billions of cents

then again some wallet have not staked on just 30M, and some seem to have staked whilst they were offline becuase the moment i switch them on the stake starts making coins at once.

It was a buggy as hell coin, although rather fun

[daemonfox]

Mortimer452, "your" staked coins are cryptsy coins. LOL, heh?

CORRECT! The stake earned on your Cryptsy balance belongs to Vern... too late now.

OK, so there's no way to earn stake on these coins now?  Purchased coins cannot be transferred to the wallet on my PC and staked?

You can transfer them to your own wallet now, but you are too late to get any kind of obscene stake... if you did it today then sometime after the 12th you would be eligible for those blocks to stake at the new, reduced rate. Just in case though... you should stick to transferring out blocks of 100 million or less at a time.

Right, I understand the stake is massively reduced under the new rules.  I just wasn't sure how it worked.

So all I need to do is transfer 100mil at a time to my wallet and just let it sit there?  1 CENT per 10,000 in my wallet just magically appears after 9 days?

I really wish more people would take the time to read the PoS whitepaper...

There is no magic... stake is a reward for participating in the network...

The point of stake is for users to hold coins and have the client open a lot more often than a normal PoW coin would. The object is to stave off 51% attackers because so many people have valid nodes working by keeping their wallets online.

To encourage this, PoS will take a block of coins in the wallet that has met a certain time criteria, and will ATTEMPT to use the CPU to MINT a PROOF OF STAKE BLOCK... this is a valid block in the chain... just like a normal PoW block. PoS blocks can contain and confirm transactions just like a normally mined PoW block, and thus must also meet the same criteria as a PoW block, as in it must be accepted by the blockchain and all the other peers... it is possible to have a PoS block orphaned because another block was generated at the same time by another user.

The whole idea was created for PPC so that one day... no hardware would ever need to be used to mine blocks when the final PoW block is minted... a more energy efficient chain can be maintained and transactions verified just by users keeping their wallets alive and PoS blocks minting. That is why there is even a separate difficulty associated with PoS minting compared to PoW minting.

So yes, all you need to do is transfer your coins to your wallet and wait... keep it open or open it back up on day 7-8 and let it stay on line. Later, you will see blocks show up and will credit you stake coins.

[PoolMinor]

I really wish more people would take the time to read the PoS whitepaper...

There is no magic... stake is a reward for participating in the network...

The point of stake is for users to hold coins and have the client open a lot more often than a normal PoW coin would. The object is to stave off 51% attackers because so many people have valid nodes working by keeping their wallets online.

To encourage this, PoS will take a block of coins in the wallet that has met a certain time criteria, and will ATTEMPT to use the CPU to MINT a PROOF OF STAKE BLOCK... this is a valid block in the chain... just like a normal PoW block. PoS blocks can contain and confirm transactions just like a normally mined PoW block, and thus must also meet the same criteria as a PoW block, as in it must be accepted by the blockchain and all the other peers... it is possible to have a PoS block orphaned because another block was generated at the same time by another user.

The whole idea was created for PPC so that one day... no hardware would ever need to be used to mine blocks when the final PoW block is minted... a more energy efficient chain can be maintained and transactions verified just by users keeping their wallets alive and PoS blocks minting. That is why there is even a separate difficulty associated with PoS minting compared to PoW minting.

So yes, all you need to do is transfer your coins to your wallet and wait... keep it open or open it back up on day 7-8 and let it stay on line. Later, you will see blocks show up and will credit you stake coins.

This is far too difficult to understand, can you post info-graphics or pictures to explain the process?

[Mortimer452]

I really wish more people would take the time to read the PoS whitepaper...

There is no magic... stake is a reward for participating in the network...

The point of stake is for users to hold coins and have the client open a lot more often than a normal PoW coin would. The object is to stave off 51% attackers because so many people have valid nodes working by keeping their wallets online.

To encourage this, PoS will take a block of coins in the wallet that has met a certain time criteria, and will ATTEMPT to use the CPU to MINT a PROOF OF STAKE BLOCK... this is a valid block in the chain... just like a normal PoW block. PoS blocks can contain and confirm transactions just like a normally mined PoW block, and thus must also meet the same criteria as a PoW block, as in it must be accepted by the blockchain and all the other peers... it is possible to have a PoS block orphaned because another block was generated at the same time by another user.

The whole idea was created for PPC so that one day... no hardware would ever need to be used to mine blocks when the final PoW block is minted... a more energy efficient chain can be maintained and transactions verified just by users keeping their wallets alive and PoS blocks minting. That is why there is even a separate difficulty associated with PoS minting compared to PoW minting.

So yes, all you need to do is transfer your coins to your wallet and wait... keep it open or open it back up on day 7-8 and let it stay on line. Later, you will see blocks show up and will credit you stake coins.

Thanks for the explanation.  I (mostly) understand the concept of PoS just wasn't completely understanding the criteria to obtain a PoS reward.

[daemonfox]

I really wish more people would take the time to read the PoS whitepaper...

There is no magic... stake is a reward for participating in the network...

The point of stake is for users to hold coins and have the client open a lot more often than a normal PoW coin would. The object is to stave off 51% attackers because so many people have valid nodes working by keeping their wallets online.

To encourage this, PoS will take a block of coins in the wallet that has met a certain time criteria, and will ATTEMPT to use the CPU to MINT a PROOF OF STAKE BLOCK... this is a valid block in the chain... just like a normal PoW block. PoS blocks can contain and confirm transactions just like a normally mined PoW block, and thus must also meet the same criteria as a PoW block, as in it must be accepted by the blockchain and all the other peers... it is possible to have a PoS block orphaned because another block was generated at the same time by another user.

The whole idea was created for PPC so that one day... no hardware would ever need to be used to mine blocks when the final PoW block is minted... a more energy efficient chain can be maintained and transactions verified just by users keeping their wallets alive and PoS blocks minting. That is why there is even a separate difficulty associated with PoS minting compared to PoW minting.

So yes, all you need to do is transfer your coins to your wallet and wait... keep it open or open it back up on day 7-8 and let it stay on line. Later, you will see blocks show up and will credit you stake coins.

This is far too difficult to understand, can you post info-graphics or pictures to explain the process?

No. Read it from the source... go google Proof of Stake whitepaper. If you cannot digest it in words why do I need to go out of my way to make you a picture book?

[PoolMinor]

No. Read it from the source... go google Proof of Stake whitepaper. If you cannot digest it in words why do I need to go out of my way to make you a picture book?

Well this was a great ride people. Should I keep staking my 3 trillion CENT or should I sell it off and allow the person(s) that are buying it up at a great pace to control 51% of the coins as well as the network hash rate?

[VERUMinNUMERIS]

No. Read it from the source... go google Proof of Stake whitepaper. If you cannot digest it in words why do I need to go out of my way to make you a picture book?

Well this was a great ride people. Should I keep staking my 3 trillion CENT or should I sell it off and allow the person(s) that are buying it up at a great pace to control 51% of the coins as well as the network hash rate?

So what would happen if a group of people gained 51% of the CENTS out there?  Cause it's very odd someone is still buying up trillions as fast as they're being sold at .00000001 XPM even with XPM being double the price now.

I think something big is cooking.

[PoolMinor]

No. Read it from the source... go google Proof of Stake whitepaper. If you cannot digest it in words why do I need to go out of my way to make you a picture book?

Well this was a great ride people. Should I keep staking my 3 trillion CENT or should I sell it off and allow the person(s) that are buying it up at a great pace to control 51% of the coins as well as the network hash rate?

So what would happen if a group of people gained 51% of the CENTS out there?  Cause it's very odd someone is still buying up trillions as fast as they're being sold at .00000001 XPM even with XPM being double the price now.

I think something big is cooking.

For your information about POS and POW and how they relate to another coin that uses POS for security.

http://peercoin.net/bin/peercoin-paper.pdf