HoboNickels - HBN - High Fast Stake - Version 2.0! More Secure, Less Intensive

[Makitaki]

Sorry guys, you made it even harder for me to understand. Let's clear this up once again.

I do understand that a larger block has priority over a smaller block at the same stake age. But...

Tranz said: "All blocks can generate stakes up to the current yearly interest rate." Yearly, not monthly. And the yearly PoS interest right now is 100%.

That's why please be more precise this time (just for dummies like me). 

If I have a locked HBN wallet and hold it (for example) for 90 days, what PoS % will I get?

A. 5-6% (as for 30 days, all days above 30 are ignored) or
B. 15-18% (as for 30 + 30 + 30 days)?

[unick]

Sorry guys, you made it even harder for me to understand. Let's clear this up once again.

I do understand that a larger block has priority over a smaller block at the same stake age. But...

Tranz said: "All blocks can generate stakes up to the current yearly interest rate." Yearly, not monthly. And the yearly PoS interest right now is 100%.

That's why please be more precise this time (just for dummies like me). 

If I have a locked HBN wallet and hold it (for example) for 90 days, what PoS % will I get?

A. 5-6% (as for 30 days, all days above 30 are ignored) or
B. 15-18% (as for 30 + 30 + 30 days)?

I'd say B. (Tranz could confirm that for us).

You are not losing interest, but you are missing on the compound effect of your interest.

In your example, if you open your wallet every 30 days, you get compounded interest of 3 times at ~6% each time, if you open only once (at the end of 90 days) you will get 1 time the ~18% interest. Mind you, PoS is based on luck, you will lose even more compound if you consider that you can earn interest every 10 days.  I don't have a compound interest calculator handy but you will miss about 9 period of interest in that 90 days period.

coin age is really used to prioritized the blocks of PoS on the network. It's used in the stake weight formula to set that priority. Once you get your PoS reward, the block is splitted and the cycle restarts fresh.

If you have small blocks, chances are very slim that you will stake right at the 10 days mark since their weight won't be enough against bigger blocks. After 30 days, then it's just a matter of time but you will eventually get your PoS rewards. For larger blocks, if you wait longer to open your wallet, you will certainly lose more on that compound effect, since those blocks usually stake near 10 days.

Hope it clarifies things for you

have you looked at: http://wiki.hobonickels.info/index.php?title=Proof_of_Stake

[Tranz]

Correct.

Some coins have imposed a hard limit on the reward for Stake. Whether it be from 1 very large block, or a very old block.  HBN does not have that restriction. It is worth discussing if it should or not.

[Makitaki]

unick and Tranz, thanks for the answers! Now everything is crystal clear to me.

Tranz, as I said earlier, HBN has the best wallet in the crypto world, thank you for all your work. Those clickable icons with info tabs in the latest release are simply fantastic as well as many other useful features. BTW, do you plan to finally change HOBO to HBN in your wallet?

[Tranz]

unick and Tranz, thanks for the answers! Now everything is crystal clear to me.

Tranz, as I said earlier, HBN has the best wallet in the crypto world, thank you for all your work. Those clickable icons with info tabs in the latest release are simply fantastic as well as many other useful features. BTW, do you plan to finally change HOBO to HBN in your wallet?

I don't know, it was originally HBN, then it was changed by another dev to Hobo. I've left it. I think HBN is more professional, but Hobo is more fun.  So I'd leave it up to you guys.

I can change it to HBN for release 1.4, what say you all?

[unick]

unick and Tranz, thanks for the answers! Now everything is crystal clear to me.

Tranz, as I said earlier, HBN has the best wallet in the crypto world, thank you for all your work. Those clickable icons with info tabs in the latest release are simply fantastic as well as many other useful features. BTW, do you plan to finally change HOBO to HBN in your wallet?

No problem, glad to have helped.

@Tranz... I really don't mind the HOBO, but for consistency sake (and maybe profesionalism) with the exchanges, I think we should go with HBN.

[presstab]

My vote is HBN.  But if it is difficult or will cause any potential problems, it hasn't bothered me enough to make Tranz go through all the trouble.

[forzendiablo]

i vote HBN too!

[Tranz]

Sounds like a consensus to me. I'll do this for 1.4.

[Gabri]

Yea, HBN better 

[93under93]

Now I can't tell people I keep hobos hiding in my computer. :p

[Tranz]

Now I can't tell people I keep hobos hiding in my computer. :p

You can say my computer is minting nickels..

Ya I'm just mint'n nicks now...

[FlungSpun]

With the spread of gridseed and yesterdays announcement from KNC for the 100Mh Titan Scrypt miner are there any plans to fork HBN to a more resistant POW?

[presstab]

With the spread of gridseed and yesterdays announcement from KNC for the 100Mh Titan Scrypt miner are there any plans to fork HBN to a more resistant POW?

My vote is keep the HBN structure the same. My reasoning is simple. If Scrypt asics make the network hash rate rise, then PoW difficulty will rise to the appropriate rate to continue to produce 30 second blocks. After the increase in PoW difficulty, our stakes will be equivalent to a higher hash rate than they were before asics hit the market. My reasoning tells me that the increased PoW diff will make it so our stakes are equivalent to more hashing power.  So.... load up on HBN now while it is still cheap, at least that is my plan.

[unick]

With the spread of gridseed and yesterdays announcement from KNC for the 100Mh Titan Scrypt miner are there any plans to fork HBN to a more resistant POW?

My vote is keep the HBN structure the same. My reasoning is simple. If Scrypt asics make the network hash rate rise, then PoW difficulty will rise to the appropriate rate to continue to produce 30 second blocks. After the increase in PoW difficulty, our stakes will be equivalent to a higher hash rate than they were before asics hit the market. My reasoning tells me that the increased PoW diff will make it so our stakes are equivalent to more hashing power.  So.... load up on HBN now while it is still cheap, at least that is my plan.

I agree... This is the beauty of PoS, IMHO! You can still earn BTC at a reasonable rate and with no messing around with hardware.  And with difficulty of PoW rising up... the value of holding PoS coins can only go up.  Not to mention depreciation of the hardware that is considerably high...

If only people knew/realized that, PoS coins wouldn't be so cheap.  Yep! Loading up while we can 

[FlungSpun]

Yes agreed, we are still in early adopter/evolution stages at the moment and these coins are going to get much harder to come by via POW and sooner than expected this year.
I say that with a slight smile as I have a wallet with my first HBN solo POW block dated 24-07-2013 - wish I could say I've mined continuously but ...

I suppose we will also need to account for the inevitable migration of GPUs away from the LTC and other currently profitable straight scrypt coins also beefing up the nethash on other coin.

It will be interesting to see how various implementations of POS holds up against the possibility of 51% when we consider just 3 of these "Titans" will produce more hash rate than the current HBN network.

Anyways I'm just wondering out loud because I know I need to know more.

*edit And as I type the nethash of HBN goes to 374 .. so call it a round 4 "Titans"

[unick]

Yes agreed, we are still in early adopter/evolution stages at the moment and these coins are going to get much harder to come by via POW and sooner than expected this year.
I say that with a slight smile as I have a wallet with my first HBN solo POW block dated 24-07-2013 - wish I could say I've mined continuously but ...

I suppose we will also need to account for the inevitable migration of GPUs away from the LTC and other currently profitable straight scrypt coins also beefing up the nethash on other coin.

It will be interesting to see how various implementations of POS holds up against the possibility of 51% when we consider just 3 of these "Titans" will produce more hash rate than the current HBN network.

Anyways I'm just wondering out loud because I know I need to know more.

*edit And as I type the nethash of HBN goes to 374 .. so call it a round 4 "Titans"

lol :p yes it will be nice to see the impact of all those Titan like miners on the network this year. it's completely crazy to say that just 4 titan can push more power thant the entire HBN network... Agreed it's not a big network, but still impressive :p

I am surely holding on to my HBN and glad to be in before all hell break lose 

[MarketNeutral]

Barring a force majeure-equivalent event, I emphatically support keeping Hobonickels as is. sCrypt ASICs or rising PoS difficulty are not such events. Generally, consistency is vital to the long-term health of any cryptocurrency.

Keep up the good work, Tranz. Your wallet development is outstanding.

I have no doubt great things await they who use and hodl hobonickels. 

[presstab]

It will be interesting to see how various implementations of POS holds up against the possibility of 51% when we consider just 3 of these "Titans" will produce more hash rate than the current HBN network.

This is actually one of the best parts about HBN, for a successful 51% attack you would need at least 51% of PoW as well as a large share of the PoS stake weight. This means that the attacker would be attacking their own holdings, how would it be profitable to attack a coin that you have a large holding in?  Makes it much more unlikely to happen, especially when there are lots of smaller blocks competing for stake.

[Tranz]

Yes there is very little chance that HBN will be changed to another algo. It would be a pretty hard, hard fork to pull off.