[ANN][PHS][50% PoS] PhilosopherStone | NoPremine |10 month Dist | 1.6.4.1

[Palmdetroit]

awesome. any plan on an iphone client? (would minting even work on that?)

Hi,

Me and Molitor discussed this a few months ago, there was 2 problems:

1) The client uses a good deal of bandwidth and storage, To get around this you could use a central site which could provide your wallet balances, etc.
2) Having users directly access their personal wallet on their home computer from the app.

With 1 the problem then becomes counter party risk with the 3rd party.
and 2 it opens a door to have users wallet compromised.

We came to the conclusion the best way to handle it for now would be using web based pages or API like stonestats for general information.

So this can be done, but is it a good idea? I wouldn't be against someone developing this but I think its risky for end users.

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[jiangkand1]

That was really quick! Impressed  Smiley

I'm only running OSX and Linux but installed the beta wallet in a Win 7 Parallels VM on OSX.
Wallet still busy synching with network but looking good so far…

[Palmdetroit]

Nice one Dkdance, mine just staked too in less than 2 weeks so i'm really hapy with it ^^ (how do i know if it's an orphan block? how can i avoid producing them?)

to deuce95: actually i understand your confusion as i go trough it myself, pos is a really complicated process and being in for a few days does'nt allow you to get evry piece of the mechanism at first glance.
Since palmdetroit seems to be actively seeking better ways to improve the wallet and those "minting information" (don't know how to call it); i guess all you have to do is sit on your stones and wait for them to mint whatever the numbers say....

From what i got in all the pos coins forums, the stake adjusts themselves accordingly to the time youkeep your coins/stones so it doesn't matter if it stakes in 10-20-30 days because you will be rewarded accordingly.

like pow there is a "random" factor that comes play with the equations (but honestly we wouldn't be in alt-coins if a little uncertainty were to kill our hopes all around )

Just sit on the coins and wait, in some times from now a new wallet with better interface will pop up and we'll all be smarter about this :p

good saturday all

Thanks, this is true, as time goes on I will try to make this much more user friendly and easier to understand.  There actually isn't any magic involved once you see how it functions. The basic idea is you have blocks trying to time block spacing and if there is more stakes trying to be generated then it will take you longer to generate a stake. IE 5 days or 10 days, sort of like waiting in line, the longer you wait the better your chances. Then when difficulty adjusts lower it becomes easier and takes less time.  You are correct, if it takes 10 days for a stake you will receive x2 as much as if it took only 5 days, and actually you have less dust over time the longer it takes.

Hope this helps, I do have someone writing out the process in easy to digest terms and will be posting this soon!

[mighty jol]

wow looks like it makes a lot of security problems to consider an app. i don't realy like the third-party idea but you know... i have no idea how security on an iphone works so.
Glad to see you had your time thinking about it tought, that's good to me.

Awesome that you have a guide on the way, because that pos thing is like dark magic when it comes to understanding (well to me at least XD ) .
nice job overall, do you  consider your stones as a good investment mean? (i doubt it was the main purpose but honestly i'm considering investing in it as i would invest in a bond or something similar)

[Palmdetroit]

wow looks like it makes a lot of security problems to consider an app. i don't realy like the third-party idea but you know... i have no idea how security on an iphone works so.
Glad to see you had your time thinking about it tought, that's good to me.

Awesome that you have a guide on the way, because that pos thing is like dark magic when it comes to understanding (well to me at least XD ) .
nice job overall, do you  consider your stones as a good investment mean? (i doubt it was the main purpose but honestly i'm considering investing in it as i would invest in a bond or something similar)

I love PoS in general, and it's been great. You think about mining and work hard for a 50% (or better yet now 10-20%) profit margin if you're lucky, not to mention ROI.  Once you get some PoS , its 99% profit margin (little to no electric costs, you can run the clients on your mining rigs for example, even a shitty laptop can generate thousands of coins no problem).  Not to mention the footprint is so small (IE no mad rush for more and more power hungry miners). Remember 1 ghash of scrypt mining is what a megawatt wasted for nothing? how many coal plants.....all the time,.. always increasing? you add in that you can get rid of those loud fans and heat... And sit back and collect your Stake.

Yes there is risks in cryptos, but there is risks going to work everyday too, it reminds me of high yield bonds/investments.

 You can skip your extra value meal today and pick up 200-300 PHS, or a tank of gas and grab what, 1500-2000 PHS? and have an income producing asset paying you at least twice a month. And of course stake pays on stake.

[DKdance]

OMG just downloaded hbn wallet, it's taking ages to sync, i'd be dead by the time it's ove
i like how the hbn price moved on the last outbreak tought and anyway pos coin are my new hobby i think

for DKdance: how did you get your wallet to have different colors (looks cool)

For the orphans, the Tx is stated as Generated but won't be confirmed. To avoid it. When you reach some amounts, send your stones away, fully, as your exchange or another wallet you own. Then RE send it by 100, 500 or 1000. This way the POS happens on 100, 500 or 1000, instead of 21.12035120 / 7.26225621 / 4.10000000 ...

The colors of my wallet are determined by usual windows settings ^^

Abt investment check https://www.cryptsy.com/markets/view/86  you'll see a buying race, not a selling race ;]

[Palmdetroit]

OMG just downloaded hbn wallet, it's taking ages to sync, i'd be dead by the time it's ove
i like how the hbn price moved on the last outbreak tought and anyway pos coin are my new hobby i think

for DKdance: how did you get your wallet to have different colors (looks cool)

For the orphans, the Tx is stated as Generated but won't be confirmed. To avoid it. When you reach some amounts, send your stones away, fully, as your exchange or another wallet you own. Then RE send it by 100, 500 or 1000. This way the POS happens on 100, 500 or 1000, instead of 21.12035120 / 7.26225621 / 4.10000000 ...

The colors of my wallet are determined by usual windows settings ^^

Abt investment check https://www.cryptsy.com/markets/view/86  you'll see a buying race, not a selling race ;]

You can also use coin control to send the coins to a new address in same wallet (and pick which TX to use to do this). This remedies dust issues too and organizes your stones.  Bottom of this post for coin control how-to:

https://bitcointalk.org/index.php?topic=292720.msg3134829#msg3134829

Interesting post on using Coincontrol to help comply with new IRS regulations.

(coin control is standard in PHS 1.3.5 and up)

https://bitcointalk.org/index.php?topic=531135.0

[Cryptokk]

http://www.cryptokk.com/gfx/votes/phs.png

PHS has been added to the new Cryptokk's vote list.

Votes are free ! You can vote 1 time, every 2 hours, per account.

http://www.cryptokk.com/?p=votes
CTRL+F (search) -> PHS

[mighty jol]

bunch off cool stuff happening i see^^

i will look into coin control as i get more blocks (only got two right now^^)
hbn is at 30% synched, not bad but feels really long

You can skip your extra value meal today and pick up 200-300 PHS, or a tank of gas and grab what, 1500-2000 PHS? and have an income producing asset paying you at least twice a month. And of course stake pays on stake.

honestly it s not that simple, for example if i want to buy bitcoin then buy phs, i have to go do an international transfer to some guy i found on local bitcoin and wait a week for confirmation (not cool)
if i was able to buy phs straight with my euros i could do that buying-investing-thing (cool)
i don t understand why pools don t offer hand to hand exchanges with the phs they mine, would be even more profitable than just converting stones to btc then selling thoses btc

[Palmdetroit]

bunch off cool stuff happening i see^^

i will look into coin control as i get more blocks (only got two right now^^)
hbn is at 30% synched, not bad but feels really long

You can skip your extra value meal today and pick up 200-300 PHS, or a tank of gas and grab what, 1500-2000 PHS? and have an income producing asset paying you at least twice a month. And of course stake pays on stake.

honestly it s not that simple, for example if i want to buy bitcoin then buy phs, i have to go do an international transfer to some guy i found on local bitcoin and wait a week for confirmation (not cool)
if i was able to buy phs straight with my euros i could do that buying-investing-thing (cool)
i don t understand why pools don t offer hand to hand exchanges with the phs they mine, would be even more profitable than just converting stones to btc then selling thoses btc

Yes this is true I keep hoping the exchanges will make this easier as time goes on. I am aiming to have USD > PHS and PHS > USD direct soon, not sure of Euro, however.

There is an idea in development to have a pool mine other coins to convert into PHS, sort of like a multipool which mines the more profitable coin then converts into and pays in PHS, as PHS has become quite hard to mine now.   This also will put some more orders on the buy side. Not to mention the eventual goal is to remove PoW from PHS entirely.

[mighty jol]

yeah i just said euro because i use euros ^^ usd is fine, it's not that difficult to get them
what i meant is i can t just buy btc 10$ by 10$ because i pay internationnal fees each time so investing piece by piece is a nice concept but undoable right now because of the lack of freedom we have on thoses exchanges

hope this changes soon too, anyway stakes are attractive on phs. i just don t understand why some coins have only 1% sakes a year (which doesn t even cover inflation at the point we are in economy)

[Palmdetroit]

yeah i just said euro because i use euros ^^ usd is fine, it's not that difficult to get them
what i meant is i can t just buy btc 10$ by 10$ because i pay internationnal fees each time so investing piece by piece is a nice concept but undoable right now because of the lack of freedom we have on thoses exchanges

hope this changes soon too, anyway stakes are attractive on phs. i just don t understand why some coins have only 1% sakes a year (which doesn t even cover inflation at the point we are in economy)

Yes I will talk to atmoic trade and see when we can get USD/PHS up and running.


The % is based on many factors, 1% is typically deflationary on PoS coins with coin destruction, but these usually have a higher PoW inflation rate to offset this (ie mining), but you also have to look at the fees.

As far as PHS is concerned , 1 transfer destroys .01 PHS minimum and larger transfers can destroy multiple stones, I posted a mid range example in the beginning posts if you want to see that aspect. This is a deflationary force to offset the 50%.

With PHS the plan is to have a vote of stakeholders sometime in the future to adjust the PoS rate downwards, perhaps 25% or more after a fair initial distribution to early adopters, an adjustment would add stakeholder value.

[kingscrown]

im with u not form long but loving this coin. came from HBN foundation - so similar concept.

[deuce65]

What does stake have to do with it?  Yet another term included in the wallet that there is no documentation of.  5 days, 10 days, 20 days....which is it?  And why?  And when does stake go up?  I have twice as many stones as in your example, have waited twice as long, and have 0 stake still.  When will this number change?  What does it do when it does change?

"So at day 6 you have 600 mint-weight and can generate less than 1 stone (will show as 0).
at day 8 you should have 800 which means you can generate 1 stone."

Well that may be how it is supposed to work but that isn't how it does work.  I have twice as many stones as that, have waited twice as long, and have not minted anything.  And my mintweight has actually now gone down from 87 to 83 in the time it took to write this.  beloweight went down again also, to 155 despite not doing anything. 

Same, Do you unlock your wallet for minting ?

It is unlocked and says it is minting.  But nothing happens; the numbers go up and down seemingly at random and never actually do anything.

[deuce65]

Nice one Dkdance, mine just staked too in less than 2 weeks so i'm really hapy with it ^^ (how do i know if it's an orphan block? how can i avoid producing them?)

to deuce95: actually i understand your confusion as i go trough it myself, pos is a really complicated process and being in for a few days does'nt allow you to get evry piece of the mechanism at first glance.
Since palmdetroit seems to be actively seeking better ways to improve the wallet and those "minting information" (don't know how to call it); i guess all you have to do is sit on your stones and wait for them to mint whatever the numbers say....

From what i got in all the pos coins forums, the stake adjusts themselves accordingly to the time youkeep your coins/stones so it doesn't matter if it stakes in 10-20-30 days because you will be rewarded accordingly.

like pow there is a "random" factor that comes play with the equations (but honestly we wouldn't be in alt-coins if a little uncertainty were to kill our hopes all around )

Just sit on the coins and wait, in some times from now a new wallet with better interface will pop up and we'll all be smarter about this :p

good saturday all

Thanks for the response.  I appreciate the attempt at helping me.  It is just extremely frustrating that no one at all seems to know how this is supposed to work.  Even if it did work, how would I know if it is working correctly, since no one knows what is supposed to happen? 
Anyways, I guess I'll just leave the 200 stones in the wallet and check it in a month just to satisfy my own curiosity and sell all the ones I have bought that are still on cryptsy.  Only good news I guess is that I did end up making a nice profit at least!  I'm done with this coin though; there are hundreds of coins on the market no sense in wasting money\time\electricity on a coin when the people selling it can't even explain what it is or how it works.  Thanks all, for everyone that tried to explain.

[mighty jol]

wel deuce 95 the fact that you (or me, or anyone new to it) doesn't understand the pos process doesn't mean noone understands it.

It's kind of like saying "yeah i don't know how my savings interest are calculated or on what basis they are modified. And since my banker can't tell me exactly how and when it's going to happen, well i might as well not have a saving account". And actually most banker don't have any clue what is going on most of the time XD.

at least the devs exactly nknow whay's going on, that's a sure thing. most people being into pos coins since the start i guess; and (of course) any programmer with some knowledge of the subject since it's all opensource.

Moreover, you don't have to understand a product to "sell" it (which is not the point of this thread, nowhere in the official post you can see stuff like "buy phs because blahblahblah" people come here because they are interested about it). If you ask a car salesman how the explosion engine works, I m pretty sure he wouldn't be able to answer precisely.

[forcefedvr6]

Saw this unfortunate news today,  pool is being shut down 04/01/14.


http://pool.phsblocks.com

It would be nice to have one decent PHS pool to hash with.

[Palmdetroit]

Saw this unfortunate news today,  pool is being shut down 04/01/14.


http://pool.phsblocks.com

It would be nice to have one decent PHS pool to hash with.

Posted this on thread and in news, I know Trip was looking for a new owner so if anyone wants to take over the pool contact him ASAP.

Thanks

And you can always set up to solo mine.

[forcefedvr6]

And you can always set up to solo mine.

I'm not sure that I have the hashpower to solo effectively, I have been throwing ~500khs towards PHS.

Plus I'm not too familiar with how to solo mine through the wallet.

With that type of hashpower,  do you think it would be worth it for me to figure out how to do it?

[tokyoghetto]

is PHS still paying out 3.44% per month/ 50% per year or has that changed?

I am pretty excited to see what the block reward halving will do.