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

[rfisher1968]

Just a question, would it be a good thing if a exchange would stake a POS coin and give a % back to the trader based on time the coins where on the exchange?

[m33]

Biomech , do you know the command to stop the split of coin in hyp?

I don't remember, but it's in the last few posts in the thread and there's a wikia entry. Why here?

Sry my bad posted in wrong place was reading something you said in the another forum

[dickwhite]

I have a couple of questions:

1)  Where do I find documentation for using console of wallet?  I'm not alien to consoles but this wallet has real money in it so I don't want any mistakes.  What I aim to do is to lock my wallet, since I can't from the GUI and I don't want to change my passphrase.  Secondly, I want to check difficulty without starting wallet as I will reach a maturity date soon but difficulty is very high.  Finally, does using the console "open" the wallet (ie: will my coins start staking if I use the console?)?

2)  Do coins in the wallet I have on Cryptsy stake if they sit there for 30 days, untouched.  What if they are sitting, untouched, in a sell order?

Thanks in advance for the help.  In four days or so when my coins stake I will send a tip to that dude who helped us out.

1. https://en.bitcoin.it/wiki/Original_Bitcoin_client/API_Calls_list
 You must start the wallet to access the console but it will not stake until you manually unlock it (assuming you encrypted first) from the menu bar. Hope that answers your question.

2. If they do stake, Crypsy keeps it.

Cheers.

[dickwhite]

Just a question, would it be a good thing if a exchange would stake a POS coin and give a % back to the trader based on time the coins where on the exchange?

I would assume this would present a significant security risk. If I was running an exchange, I would keep as many coins as practical in cold storage where they won't stake.

[rfisher1968]

Sent tekcoins to Cryptsy and currently the confirmations are at 44. Still no coins in my account.

[gribgo]

Just a question, would it be a good thing if a exchange would stake a POS coin and give a % back to the trader based on time the coins where on the exchange?

I would assume this would present a significant security risk. If I was running an exchange, I would keep as many coins as practical in cold storage where they won't stake.

another reason could be that exchanges will need to run too many wallets for each client?no?

[rfisher1968]

Why would there be a security risk? please explain?

Just a question, would it be a good thing if a exchange would stake a POS coin and give a % back to the trader based on time the coins where on the exchange?

I would assume this would present a significant security risk. If I was running an exchange, I would keep as many coins as practical in cold storage where they won't stake.

[gribgo]

Sent tekcoins to Cryptsy and currently the confirmations are at 44. Still no coins in my account.

please keep us updated on  the number of confirms needed for deposit

[rfisher1968]

I'm not say do this for existing exchanges, but a new exchange just for POS coins.

Just a question, would it be a good thing if a exchange would stake a POS coin and give a % back to the trader based on time the coins where on the exchange?

I would assume this would present a significant security risk. If I was running an exchange, I would keep as many coins as practical in cold storage where they won't stake.

another reason could be that exchanges will need to run too many wallets for each client?no?

[rfisher1968]

spoke to soon, its in there now.

Sent tekcoins to Cryptsy and currently the confirmations are at 44. Still no coins in my account.

please keep us updated on  the number of confirms needed for deposit

[Biomech]

Why would there be a security risk? please explain?

Just a question, would it be a good thing if a exchange would stake a POS coin and give a % back to the trader based on time the coins where on the exchange?

I would assume this would present a significant security risk. If I was running an exchange, I would keep as many coins as practical in cold storage where they won't stake.

because the wallet needs to be unlocked to mint. An exchange with a brain will always have their wallets locked except for that brief moment when they do a send. In addition, most would have reservebalance set ridiculously large to make sure that no block can stake.

Most of the trades at an exchange are ledger balance deals. It's only when you withdraw from their system that the wallet needs to be unlocked.

[rfisher1968]

Well what if you have 2 wallets with the same wallet.dat file running at 2 different locations. The first one is at a secure location with the wallet not locked so that it can stake. The second wallet is accessible to the exchange and is only unlocked to withdraw coins.

Also I don't know what you mean by "most would have reservebalance set ridiculously large to make sure that no block can stake"

Just trying to learn.

because the wallet needs to be unlocked to mint. An exchange with a brain will always have their wallets locked except for that brief moment when they do a send. In addition, most would have reservebalance set ridiculously large to make sure that no block can stake.

Most of the trades at an exchange are ledger balance deals. It's only when you withdraw from their system that the wallet needs to be unlocked.

[Biomech]

Well what if you have 2 wallets with the same wallet.dat file running at 2 different locations. The first one is at a secure location with the wallet not locked so that it can stake. The second wallet is accessible to the exchange and is only unlocked to withdraw coins.

Also I don't know what you mean by "most would have reservebalance set ridiculously large to make sure that no block can stake"

Just trying to learn.

because the wallet needs to be unlocked to mint. An exchange with a brain will always have their wallets locked except for that brief moment when they do a send. In addition, most would have reservebalance set ridiculously large to make sure that no block can stake.

Most of the trades at an exchange are ledger balance deals. It's only when you withdraw from their system that the wallet needs to be unlocked.

Oh, sorry. I should learn to be more explicit. You can set a command in your tekcoin.conf file (true of most if not all POS coins, actually) called reservebalance. It excepts a certain number of coins from stake eligibility so that they can always be traded. When the coins go into minting, they are unavailable for a fair amount of time. I don't recall how many blocks for TEK, but until the stake is finished, they are unavailable. To avoid that situation, you add the following line to your tekcoin.conf file:
reservebalance=999999
The number is arbitrary for this post. It can be any legitimate value. That many coins will not stake. Exchanges need to be able to move coins at a moments notice, so would likely have that set to a very high number to avoid anything staking. They make their money on the trades, not on POS. Now, if they reserved a certain amount to stake (and made it unavailable for trade) that would be a different thing. As a concept, this might be a good idea. A certificate of deposit sort of thing, perhaps with a basket of POS coins, where the depositor is paid a share of the earnings in exchange for giving up their coins for a specified period. It's something I've been thinking about for a while. Just not sure how to implement it, though Kushed's "hyperpool" looks like a good implementation. But for general exchange trades, the security and time risks are too great.

[aSmallChild666]

Thanks for trying to answer my questions but I have not gotten an answer that works.  I encrypted my wallet in the last version, so it is already encrypted.  I unlocked the wallet (new version) to stake.  Now the icon in the bottom right says it's unlocked. There is no "lock" button or menu item.  The encrypt button is grayed out so I can't encrypt it; it is already encrypted.
So...  how do I access the console and where would I find some instructions on what I can do with it or how do I use it?

Please and thank you.

[thundertoe]

PPCoin Proof of Stake Minting Setup Guide

One of the unique features of PPCoin is the concept of "Proof of Stake" which allows stakeholders (essentially anyone with PPC in their wallet) to generate "interest" on their reserves.  Since I could not find an easy to read guide I have written one myself so that you can start collecting "Proof of Stake" on your PPCoin balance as well!

Step One:

As with all Crypto Coins is to encrypt your wallet... so run the PPCoin-Qt go to the options menu and encrypt your wallet with a strong password.  DO NOT LOSE THE PASSWORD OR YOU LOSE ALL YOUR COINS... FOREVER!!!!  Sorry to be melodramatic but it's important!

Step Two:

Go to your %appdata% folder (usually something like C:\Users\Admin\AppData\Roaming\PPCoin) and create a PPCoin.conf text file as follows.

Code:

#ppcoin.conf
# JSON-RPC options (for controlling a running ppcoind process)

#Server mode allows Qt to accept JSON-RPC commands
server=1

# You must set rpcuser and rpcpassword to secure the JSON-RPC api
rpcuser=<A username>
rpcpassword=<A random password>

#The reserve balance field is the minimum amount of coins you want to have available and NOT put up as stake.  
#The reason for this is that if you are generating proof of stake you cannot spend those coins for 520 blocks.
#reservebalance=10000

Note that the username and password can be anything it doesn't matter (it is NOT your wallet password and you should not make it your wallet password for security reasons) so make it something long and obnoxious.

For more info on reservebalance check the FAQ -> https://github.com/ppcoin/ppcoin/wiki/FAQ

Step Three

Now run the PPCoin-Qt program and open your wallet.  Go to wherever PPCoin is installed:  Usually it's C:\Program Files (x86)\PPCoin\, in that folder you will see PPCoin-Qt.exe along with a daemon folder.  Within the "daemon" folder create a batch file called "mint.bat".

Code:

@echo off
@echo Enter PPC password...
SET /P variable=Password : 
ppcoind walletpassphrase %variable% 9999999 true

This batch file will ask you for your wallet password and will unlock your wallet for minting purposes only, any transfers will still require your password to be initiated.  This must be run each time the client is restarted.  

If you did everything correctly you can hover over the lock icon in the lower right corner and it will say "Wallet is encrypted and currently unlocked for block minting only".  In theory you could just have a shortcut or batch file with the password entered but then you'd have a shortcut that has your wallet password sitting in plaintext on your computer which is a terrible idea!

Step Four

Sit back and relax.  

Once you have the client running and you are getting the "unlocked for block minting only" message over the lock you just sit back (for a long time) and let the interest accrue.  

It will be approximately 1% per year on your PPC balance.  Note that it takes a while for freshly minted coins to mature so you will not see interest generated right away.

Extra Information:
The current release of the client will send coins without a password while in minting mode (this may be changed in a future update).

Proof of Stake Important Concepts
Coin-Age:  I receive 10 coins from Person X and hold them for 30 days, those particular coins have a combined coin age of 300 coin-days.
Generating A Coinstake:  Once minting is unlocked you can generate a coinstake which consumes your coin age in exchange for generating a block with profit.  The greater the coin age the higher probability that the proof of stake will be generated, if you are offline for a couple years for example when you reconnect you will probably generate a proof of stake almost immediately however you may have missed opportunities for compounding earlier.
Transferring coins to another person: Destroys all coin-age attached... only static coins gain age.

For detailed info please review the ppcoin whitepaper -> http://www.ppcoin.org/static/ppcoin-paper.pdf


Questions / Comments
If you have any questions post here and I'll try and update this guide with any needed information!

If you found this guide helpful my Tip addresses are:
PPC: PXWSoRA2c6qbiy6o4pS4tt68S6jtssEGQU BTC: 1HujuRGYtFgj7Em1pnhX22KAYnY9sxGAR6 LTC: LPiK3W3F7uqDHsBumArby7akVf7zW9UrhG

this might help, TEK is built around ppc code

[dickwhite]

Thanks for trying to answer my questions but I have not gotten an answer that works.  I encrypted my wallet in the last version, so it is already encrypted.  I unlocked the wallet (new version) to stake.  Now the icon in the bottom right says it's unlocked. There is no "lock" button or menu item.  The encrypt button is grayed out so I can't encrypt it; it is already encrypted.
So...  how do I access the console and where would I find some instructions on what I can do with it or how do I use it?

Please and thank you.

No, there is no lock option in the wallet menu. Maybe in a future update. For now, go to menu Help > Debug window > Console tab, type in walletlock and hit enter. Now your wallet is locked again. This and many other commands are in the API call list:
https://en.bitcoin.it/wiki/Original_Bitcoin_client/API_Calls_list

[aSmallChild666]

No, there is no lock option in the wallet menu. Maybe in a future update. For now, go to menu Help > Debug window > Console tab, type in walletlock and hit enter. Now your wallet is locked again. This and many other commands are in the API call list:
https://en.bitcoin.it/wiki/Original_Bitcoin_client/API_Calls_list

Thank You.

[thundertoe]

Hi guys, Now Cryptsy Added to them voting list.  Thanks to BitJhon - cryptsy Admin

Great news, thank you!

Please vote for TRK at Cryptsy!

voted!

Voted! and  thanks  Noise23 for amazing work

Help out a PoS coin, Support the Noise!

[ElTomeko27]

Hi guys, Now Cryptsy Added to them voting list.  Thanks to BitJhon - cryptsy Admin

Great news, thank you!

Please vote for TRK at Cryptsy!

voted!

Voted! and  thanks  Noise23 for amazing work

Help out a PoS coin, Support the Noise!

YEE Another high POS coin is needed badly!! So let's PUMP TRK!!!... And then DUMP

[PressF1]

Hi Guys, it seems the TEK block explorer http://tek.blockx.info/ is down for quite some time now.
Probably due to the recent hick-ups I guess. Any idea when it will be available again?