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

[Joebwan]

So with the compound staking myth dispelled, it leaves us with some interesting conclusions.
Try this one on for size: The TEKCON wallet is causing the micro-staking issue.  Whew! I said it, now let me explain:

When a pile of coins in your wallet is ready to stake, for a period of time while the staking is occurring, your balance subject to stake is not available while the whole magic happens behind the scenes. Then once everything is kosher, what re-appears in your wallet are 2 address, each equal to ½ of your original amount plus half stake. Cool eh?
Not so much if you were staking say.. .5 TEK.  If you received 40% on your half-a-TEK, you now have two wallet address, both with .35 TEK.  Let this ride for a while, and multiply the problem by thousands of folks with wallets, and hopefully you begin to get the picture.

Now for some good news: A hard fork to fix micro-staking may not be necessary.  We may be able to fix the whole issue with a.) education and b.) a wallet update.

In regards to the wallet update, if it could be modified such that the entire original balance plus the stake were deposited back into the original wallet address, this would help immensely.

I believe the community it's self can fix the issue if it chooses. Since we have shown that breaking your pile into several and staking daily has no financial advantage, if all the 'true believers' would take advantage of coin-control and just keep your coins in fewer piles, we could take care of the bulk of the problems ourselves.  Now that being said, there will always be bozos out there who refuse to be responsible and help the community at large.  That is were the proposed hard-fork would help out. Make it so balances under a particular size, say 5 TEK don't stake at all.

In the short term, I am not at all in favor of the hard fork.  (WHAT?) Again, let me explain.  We just got our tushes kicked by Big Vern at Craptsy. Before the Craptastraphy, we had decent volume on the exchange for our coin. Now, many folk have left, others are waiting to see, so volume isn't where it should be yet.

I believe the Micro-staking issue is actually acting in our favor by preventing coin balances from causing run-away inflation.  You see, I believe originally the thought was that enough folks would buy in to the eco-mint idea, and with enough players world wide, the difficulty would rise naturally and inflation would take care of it's self.  As things are today, we have a smaller group of serious stakers, and lots of folks with small holding. (check out the rich list!) The small number of folks with large numbers of coins, myself included, would benefit from large staking each month.

With the numbers of folks interested in TEK still on the rather small side, It would be quite easy for a few of us top 10%er to crash the coin buy staking multi-millions of the little suckers then dumping them on the exchanges.  Value would plummet.  Far better that the difficulty is high due to micro-staking, and our earnings are curbed until more interest in the coin is generated.

Once the price begins to rise, more people will want the coin, then difficulty will rise further, and percentages will drop even more. That will be the time to address micro-staking, not now.

So as a community we have work cut out for us.  1. Trade the coin! Have fun with it, do some day trading to get volume up on the existing exchanges. This will help with getting noticed by a larger exchange. Hopefully you make a few bucks in the process.  2. Become mouthy in a good way. Chat up TEK on the exchanges, don't lie, but be enthusiastic.  Get the word out. 3. Coin-control your stake piles into fewer, larger piles. This will help with the difficulty. While we don't want difficulty to go away, we don't want it to stifle the coin either. 4. Keep voting on exchanges where we are not listed.  Our ultimate goal should be Bittrex and Polo, but they want to see enthusiastic support, and volume. We have neither right now, and wishing and hoping are not going to get us there. We need active community involvement.

I have more add later, please comment on this, I would love to have some feedback!
Joebwan.

[1713483857]

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[1713483857]

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[1713483857]

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[Biomech]

So with the compound staking myth dispelled, it leaves us with some interesting conclusions.
Try this one on for size: The TEKCON wallet is causing the micro-staking issue.  Whew! I said it, now let me explain:

When a pile of coins in your wallet is ready to stake, for a period of time while the staking is occurring, your balance subject to stake is not available while the whole magic happens behind the scenes. Then once everything is kosher, what re-appears in your wallet are 2 address, each equal to ½ of your original amount plus half stake. Cool eh?
Not so much if you were staking say.. .5 TEK.  If you received 40% on your half-a-TEK, you now have two wallet address, both with .35 TEK.  Let this ride for a while, and multiply the problem by thousands of folks with wallets, and hopefully you begin to get the picture.

Now for some good news: A hard fork to fix micro-staking may not be necessary.  We may be able to fix the whole issue with a.) education and b.) a wallet update.

In regards to the wallet update, if it could be modified such that the entire original balance plus the stake were deposited back into the original wallet address, this would help immensely.

I believe the community it's self can fix the issue if it chooses. Since we have shown that breaking your pile into several and staking daily has no financial advantage, if all the 'true believers' would take advantage of coin-control and just keep your coins in fewer piles, we could take care of the bulk of the problems ourselves.  Now that being said, there will always be bozos out there who refuse to be responsible and help the community at large.  That is were the proposed hard-fork would help out. Make it so balances under a particular size, say 5 TEK don't stake at all.

In the short term, I am not at all in favor of the hard fork.  (WHAT?) Again, let me explain.  We just got our tushes kicked by Big Vern at Craptsy. Before the Craptastraphy, we had decent volume on the exchange for our coin. Now, many folk have left, others are waiting to see, so volume isn't where it should be yet.

I believe the Micro-staking issue is actually acting in our favor by preventing coin balances from causing run-away inflation.  You see, I believe originally the thought was that enough folks would buy in to the eco-mint idea, and with enough players world wide, the difficulty would rise naturally and inflation would take care of it's self.  As things are today, we have a smaller group of serious stakers, and lots of folks with small holding. (check out the rich list!) The small number of folks with large numbers of coins, myself included, would benefit from large staking each month.

With the numbers of folks interested in TEK still on the rather small side, It would be quite easy for a few of us top 10%er to crash the coin buy staking multi-millions of the little suckers then dumping them on the exchanges.  Value would plummet.  Far better that the difficulty is high due to micro-staking, and our earnings are curbed until more interest in the coin is generated.

Once the price begins to rise, more people will want the coin, then difficulty will rise further, and percentages will drop even more. That will be the time to address micro-staking, not now.

So as a community we have work cut out for us.  1. Trade the coin! Have fun with it, do some day trading to get volume up on the existing exchanges. This will help with getting noticed by a larger exchange. Hopefully you make a few bucks in the process.  2. Become mouthy in a good way. Chat up TEK on the exchanges, don't lie, but be enthusiastic.  Get the word out. 3. Coin-control your stake piles into fewer, larger piles. This will help with the difficulty. While we don't want difficulty to go away, we don't want it to stifle the coin either. 4. Keep voting on exchanges where we are not listed.  Our ultimate goal should be Bittrex and Polo, but they want to see enthusiastic support, and volume. We have neither right now, and wishing and hoping are not going to get us there. We need active community involvement.

I have more add later, please comment on this, I would love to have some feedback!
Joebwan.

The wallet don't actually need updated for this. Just set the splitstakethreshold at whatever point you want (there is a max, and I don't recall what it its right now), and until you reach that large milestone, you don't need to worry. It won't split the stake.

If you got a fat wallet, you can either go with multiple blocks, OR you can just manually combine right after you stake. I think a script could be written for that real easy anyway. The API works just fine

EDIT: a strategy for the impatient: Break your stash in to three blocks, approximately ten days apart. Then you don't have to wait so long And it still reduces network traffic.

[bestsponsor]

Someone contacted the developer thundertoe? Livecoin.net Exchange is ready to put a Tekcoin.

[Joebwan]

Someone contacted the developer thundertoe? Livecoin.net Exchange is ready to put a Tekcoin.

Tie dude on the front of your webpage is a bit creepy....Just say'n.

[Joebwan]

The wallet don't actually need updated for this. Just set the splitstakethreshold at whatever point you want (there is a max, and I don't recall what it its right now), and until you reach that large milestone, you don't need to worry. It won't split the stake.

If you got a fat wallet, you can either go with multiple blocks, OR you can just manually combine right after you stake. I think a script could be written for that real easy anyway. The API works just fine

EDIT: a strategy for the impatient: Break your stash in to three blocks, approximately ten days apart. Then you don't have to wait so long And it still reduces network traffic.

[/quote]

Is this something done from the console or an added line in some .config file?  I did a 'help' on console, but did not see anything about splitstake.

you know what would be helpful is if the default configuration of the wallet once downloaded already had this value set fairly high...

I can muddle through some of this stuff. I am not much of a command line guy. I can figure things out and get through it, but it does not come naturally for me. Unfortunately there are lots of GUI idiots like me, and if Altcoins and Bitcoin are the wave of the future, we need a bit of accommodation. For us uneducated, a button on the screen that said "set the split stake value" with a useful value already input would be of great value.

[Trimegistus]

Add this line to tekcoin.conf:


Code:

splitthreshold=15000

or start TEK wallet with -splitthreshold=15000 option

It will keep blocks below 15000 from splitting.

I believe 15000 is the max, you can also set it to a lower amount.

[bestsponsor]

Tie dude on the front of your webpage is a bit creepy....Just say'n.

This is not so important. You look at the functional exchange, Deposits and Withdrawals methods.
It is sad that the developer does not get in touch with them.
Someone contacted the developer thundertoe? Livecoin.net Exchange is ready to put a Tekcoin.

[JudgeDredd_]

We dont need microstakers, ban them.

Monthly pos rate is not even 10% now.

[walkdev]

We dont need microstakers, ban them.

Monthly pos rate is not even 10% now.

Just looking at the latest PoS block on presstab's site... 23TEK... And virtually all the blocks for that address (and there are plenty of blocks) are that sort of size - the largest block for that particular address was 33TEK, I think...

I can't see any other reason for it to be that way than sheer bloody laziness in not combining blocks...

[Joebwan]

Tie dude on the front of your webpage is a bit creepy....Just say'n.

This is not so important. You look at the functional exchange, Deposits and Withdrawals methods.
It is sad that the developer does not get in touch with them.
Someone contacted the developer thundertoe? Livecoin.net Exchange is ready to put a Tekcoin.

You know,  YOU can PM him. He is good about getting back to people.

[Joebwan]

Add this line to tekcoin.conf:


Code:

splitthreshold=15000

or start TEK wallet with -splitthreshold=15000 option

It will keep blocks below 15000 from splitting.

I believe 15000 is the max, you can also set it to a lower amount.

Thanks Trimegistus!

[bestsponsor]

[You know,  YOU can PM him. He is good about getting back to people.

I wrote to him immediately. He does not answer. I do not understand why.

[Couldbe]

[You know,  YOU can PM him. He is good about getting back to people.

I wrote to him immediately. He does not answer. I do not understand why.

Perhaps he has a life! Is Tekcoin a ball and chain?

I don't understand why people think that he should be their beck and call all the time. To address him publicly in such a negative way is disrespectful. I'm sure he'll attend to business in his own good time, like he has done throughout the history of this coin. Over the years, he has successfully maintained Tekcoin using his own resources. He regularly posts here and replies to PMs, so give him a chance.

[bestsponsor]

I wrote to him (thundertoe) two days ago. He does not answer.
Exchange of us will not wait, they will add other coins.
Check out the last few pages - everything written about the need to add coins to the other exchanges.
Is not that what everyone wanted?

[JudgeDredd_]

I wrote to him (thundertoe) two days ago. He does not answer.
Exchange of us will not wait, they will add other coins.
Check out the last few pages - everything written about the need to add coins to the other exchanges.
Is not that what everyone wanted?

Why do you even need to contact him to add the coin? The owner can add it without contacting him.

[Abiky]

Someone contacted the developer thundertoe? Livecoin.net Exchange is ready to put a Tekcoin.

That would definitely be ideal for TEK, but sometimes I wonder why dev isn't that active on the forums. Still, I think it would be just fine if we could contact the exchange owner for the addition to happen. I will give it a shot and see if it could hopefully be added. 

As for now, I am patiently waiting for the new wallet release as it would probably have some better fixes or GUI improvements (which I would like to see mostly, like changing the old TEK logo to the new one) 

[Joebwan]

I wrote to him (thundertoe) two days ago. He does not answer.
Exchange of us will not wait, they will add other coins.
Check out the last few pages - everything written about the need to add coins to the other exchanges.
Is not that what everyone wanted?

I believe we as a community are grateful for any new exposure. That being said, if this new exchange cannot wait and needs to move on, we understand.

reading back at the last few pages, we are looking for exchanges with more volume, C-CEX Bittrex and Polo are in our sights. We mean no disrespect, but getting listed on another low volume exchange is not going to make or break TEK. 

Again, we are not saying we are not interested in being listed, but if the timing is bad for you, we can re-apply later when our DEV team has had an opportunity to check out the exchange.  If Thundertoe is not getting back to you in a timely manner, either he is unavailable or uninterested. I doubt it is the latter, but I cannot speak for him.

[Joebwan]

Some updates have been made to the TEKcoin github(Thanks Noise23) including the addition of the new logo(thanks LadyWhaleCoin). Hopefully we can round up some compiles for everyone soon.

As far as recent updates, Thunder posted this not long ago.

[mmfiore]

Has something changed in the staking algorithm? I last staked 20 days ago and my wallet still says I have 26 days to go. I am at 2.3.0.0

[JudgeDredd_]

We need volume on yobit...remember guys it was 2-5k sat on cryptsy for a year time. That is solid..