[TEK] TEKcoin Hi-PoS hybrid pos/pow no premine/ipo/ico

[kiklo]

I would propose a tiered approach to the max, instead of totally denying small blocks. This is off the top of my head, not well thought out, but something like this: 1000, max stake, 900 -10%, 800 -20%, 700 -30%, 600 -40%, 500 -50%, 400 -60%, 300 -70%,
200 or less, no stake.

This gives an incentive to the large holders to not game the system, and to the small holders to combine blocks as they stake.

As another possibility, put that in, but also make something that polls wallet.dat and if the whole balance is less than 200, let it stake at full power. That could be gamed, but it would take a lot of resources (multiple data directories, etc) and likely be unprofitable.

Whaddya think?

Was'nt the whole reason behind requiring a 1000 per block , to lower the difficulty so that , so people start getting 40% stakes again.
Allowing the smaller blocks to stay will kind of defeat that purpose of lowering the difficulty, so there would be no point in making the changes. 

 

[1714821500]

1714821500

[1714821500]

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[1714821500]

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[thefix]

I would propose a tiered approach to the max, instead of totally denying small blocks. This is off the top of my head, not well thought out, but something like this: 1000, max stake, 900 -10%, 800 -20%, 700 -30%, 600 -40%, 500 -50%, 400 -60%, 300 -70%,
200 or less, no stake.

This gives an incentive to the large holders to not game the system, and to the small holders to combine blocks as they stake.

As another possibility, put that in, but also make something that polls wallet.dat and if the whole balance is less than 200, let it stake at full power. That could be gamed, but it would take a lot of resources (multiple data directories, etc) and likely be unprofitable.

Whaddya think?

Great idea and it seems very reasonable and fair!

I would also try and future proof it since 1000 max today will be different in a year.

Maybe base stake size on a percentage of the total coin supply so as the total supply grows the min stake amount grows along with it.

A example for the min stake size for full reward would be (total supply x fixed percentage = stake size for full reward)  (41,668,083 x .000025 = 1041.70)

This would allow for dynamic growth with the coin supply

[Ztraven]

Whilst driving through a remote part South Wales with my family for a holiday, I stopped off at a cafe/restaurant with a very poor Internet connection. I was troubled by a series of posts on the HoboNickels Bitcointalk thread from vegasguy. He wanted to know how "to send many transactions to the same address in small amounts" - but was finding it difficult. He was thinking of using the 'sendmany' command. Here's a link to the Bitcointalk page in question: https://bitcointalk.org/index.php?topic=303749.msg11837695#msg11837695

A very capable member of the community replied to him by confirming that all Bitcoin-derived coins have the 'sendmany' capability. I tried to head vegasguy off from exploring further by trying to suggest that HoboNickels was different because it was a Scrypt-based coin - hoping that others would understand what I was trying to do and pick up upon it.

I wasn't concerned so much about lots of moderate amounts which can help the Network. I was concerned about flooding the system with micro-amounts which is a MASSIVE, theoretical security risk. Stopping the micro-amounts from staking is, to my mind, a very desirable property for TEK to have and should be adopted without further delay.

I think that we should accept a gradual, fair-to-all, falling POS percentage to put a break on an increasing coin supply. I don't think that it's crucial since, at the moment, the TEK coin supply at 42,000,000 is considerably less than most other established coins - surprising considering the amount of time that TEKcoin has been around.

Biomech's and thefix's suggestions seem reasonable to me, although I would prefer the POS return percentage to be simply and gradually, inversely-linked to the coin supply - possibly kicking in before we hit 75,000,000 ... I'm following Biomech's example of plucking a figure out of the air to get the ball rolling.

I agree with Kiklo's observation that "the whole point behind requiring a 1000 per block, was to lower the difficulty so that people could start getting 40% stakes again and allowing the smaller blocks to stay will kind of defeat that purpose". However, I would like to emphasise the security aspect as a further reason for action in this direction.

If nothing else is done, stopping micro-amounts from staking should be implemented as quickly as possible and would increase the security of TEKcoin tremendously.

[ScottyMcAuld]

Great to see a community coming together. Something needs to change seems to be the sentiment. It is a great shame that someones greed has caused this to raise it's head. Particularly after the dev pushed through some nice features in the most recent wallet update.

As a large holder I do sympathize with those new to the coin who have smaller blocks, but it's not a lot to ask for 500 or better yet 1000 minimum block sizes to stop one or two greedy people gaming the system. Any changes will need to be carefully thought out so as not to dump the value of this time tested winner.

The biggest pain about all this for me is that I staked everyday in blocks of no less than 5k which I have shown to the dev to prove it wasn't me being the gamer. That had the effect of not dumping masses of coins onto Cryptsy and therefore holding the value of the coin. I now have 1 block which is near 50% of my holding thanks to this. If a fix occurs I will compound these blocks and go back to daily staking.

Keep the ideas coming folks so that we have a better chance of rectifying this short term problem, and good luck ushering through the required changes.

[Enema]

......

I think that we should accept a gradual, fair-to-all, falling POS percentage to put a break on an increasing coin supply. I don't think that it's crucial since, at the moment, the TEK coin supply at 42,000,000 is considerably less than most other established coins - surprising considering the amount of time that TEKcoin has been around.

Biomech's and thefix's suggestions seem reasonable to me, although I would prefer the POS return percentage to be simply and gradually, inversely-linked to the coin supply - possibly kicking in before we hit 75,000,000 ... I'm following Biomech's example of plucking a figure out of the air to get the ball rolling.

........

As asked before :
https://bitcointalk.org/index.php?topic=320404.msg12532483#msg12532483

Why not using coin supply instead of network load to adjust % ?
Doing that would eliminate the problem of big guys manipulating the staking and ensure a gradual/smoother adjustment.

[vancefox]

Whilst driving through a remote part South Wales with my family for a holiday, I stopped off at a cafe/restaurant with a very poor Internet connection. I was troubled by a series of posts on the HoboNickels Bitcointalk thread from vegasguy. He wanted to know how "to send many transactions to the same address in small amounts" - but was finding it difficult. He was thinking of using the 'sendmany' command. Here's a link to the Bitcointalk page in question: https://bitcointalk.org/index.php?topic=303749.msg11837695#msg11837695

A very capable member of the community replied to him by confirming that all Bitcoin-derived coins have the 'sendmany' capability. I tried to head vegasguy off from exploring further by trying to suggest that HoboNickels was different because it was a Scrypt-based coin - hoping that others would understand what I was trying to do and pick up upon it.

I wasn't concerned so much about lots of moderate amounts which can help the Network. I was concerned about flooding the system with micro-amounts which is a MASSIVE, theoretical security risk. Stopping the micro-amounts from staking is, to my mind, a very desirable property for TEK to have and should be adopted without further delay.

I think that we should accept a gradual, fair-to-all, falling POS percentage to put a break on an increasing coin supply. I don't think that it's crucial since, at the moment, the TEK coin supply at 42,000,000 is considerably less than most other established coins - surprising considering the amount of time that TEKcoin has been around.

Biomech's and thefix's suggestions seem reasonable to me, although I would prefer the POS return percentage to be simply and gradually, inversely-linked to the coin supply - possibly kicking in before we hit 75,000,000 ... I'm following Biomech's example of plucking a figure out of the air to get the ball rolling.

I agree with Kiklo's observation that "the whole point behind requiring a 1000 per block, was to lower the difficulty so that people could start getting 40% stakes again and allowing the smaller blocks to stay will kind of defeat that purpose". However, I would like to emphasise the security aspect as a further reason for action in this direction.

If nothing else is done, stopping micro-amounts from staking should be implemented as quickly as possible and would increase the security of TEKcoin tremendously.

Actually the other side of the "coin" is for those of us that make a purchase of, say, 50k coins and want to split that single block into 50 1k blocks...  just an fyi...

[cryptonit]

consider to get in touch with https://staisybit.com
great new service that allow webwallets that are able to stake for POS able coins

for now its just a webwallet that can stake

but later on it will be linked with android apps and marketplaces too

i think now when this company is in the startup phase its maybe possible even a small coin can get added

later on it will be very difficult for small coins get a slot i guess

[vancefox]

Advertising across all the PoS coins...

[AforAmethyst]

Perhaps some of you experienced Tek holders could clarify this for me.

Tekcoin pays a % variable rate of POS interest on coins in your wallet that have not been moved for over 30 days. The % of POS payable depends on the difficulty at the time of successful mining.

Here's my question: Say for instance the interest due to the difficulty is constantly 10% and your stake is 10,000 Tek. Would you only get 10% of your actual stake (10% of 10,000 Tek = 1,000 Tek) no matter whether you had been staking for 30 days, or say 40 days, or even 70 days? A 1,000 Tek payout regardless of the number of days staking?

In other words, is it correct that the only thing that matters is the percentage due to difficulty, or do the number of days over the 30 days maturation count as well towards the final payout?

[ryanb]

you will be paid interest passed the 30 days so if your unlock your wallet after 35 days whatever the PoS rate at the time you will be paid for 35 days.

[Woody20285]

So the choices are: Keep ypur wallet locked and get a higher interest in the future when the difficulty changes
                             Or, get paid at 30 days but get compound interest on the funds received at a lower interest rate.
                             flip a coin and pick your poison

[AforAmethyst]

you will be paid interest passed the 30 days so if your unlock your wallet after 35 days whatever the PoS rate at the time you will be paid for 35 days.

Thanks for clearing that up Ryan. It wasn't clear in the description of the coin on page 1.

So the choices are: Keep ypur wallet locked and get a higher interest in the future when the difficulty changes
                             Or, get paid at 30 days but get compound interest on the funds received at a lower interest rate.
                             flip a coin and pick your poison

It certainly feels like poison after getting an easy max % on my first stake last month! Still, the % is still good even at the lower levels.


***LATER EDIT 14 Oct 2015: The lower percentages are not as good as I thought when you take into account that the price of Tek has been falling. I noticed it fell by over 5% at one point today. That cuts into any POS % which you have to build up to for over 30 days. I'm starting to rethink my position on this coin.

[skunk]

could somebody please tell me with what formula was the staking percentage graph on op drawed?
is 15% at 0.003 the lowest interest or may it decrease even more?
thank you!  

[johan11]

could somebody please tell me with what formula was the staking percentage graph on op drawed?
is 15% at 0.003 the lowest interest or may it decrease even more?
thank you!  

https://bitcointalk.org/index.php?topic=320404.0     look OP

[skunk]

could somebody please tell me with what formula was the staking percentage graph on op drawed?
is 15% at 0.003 the lowest interest or may it decrease even more?
thank you!  

https://bitcointalk.org/index.php?topic=320404.0     look OP

there're no answers to the above questions on op...

[OSMIUMCOIN]

Hi please help why still my wallet no POS how many confirm ?
please see screen shot , thanks for help

[OSMIUMCOIN]

Hi please help why still my wallet no POS how many confirm ?
please see screen shot , thanks for help

You have to wait 30 full days dude...

must be a open wallet 30 days running? or you can turn off and turn after 30 days

[Woody20285]

Hi please help why still my wallet no POS how many confirm ?
please see screen shot , thanks for help

You have to wait 30 full days dude...

must be a open wallet 30 days running? or you can turn off and turn after 30 days

The days accumulate whether your wallet is unlocked, open and locked or closed.
Best wishes

[OSMIUMCOIN]

Hi please help why still my wallet no POS how many confirm ?
please see screen shot , thanks for help

You have to wait 30 full days dude...

must be a open wallet 30 days running? or you can turn off and turn after 30 days

The days accumulate whether your wallet is unlocked, open and locked or closed.
Best wishes

So I have to wait because I wanted to buy some TEK, thanks for the reply

[AforAmethyst]

So I have to wait because I wanted to buy some TEK, thanks for the reply

Yeha, it's very passive, but hte payout after 30 days is very good.

Tekcoin is going down a lot in price and hte all time low was around 1000 satoshis per TEK, so might be a great time soon to buy.

Q. Will the diminishing POS % be enough to cover the consistent % fall in the price?

Tekcoin is becoming increasingly centralised for the benefit of a few who are manipulating the difficulty and gaming the system. Not good in my humble opinion. Thundertoe, pull your finger out and do something!