NobleCoin[NOBL] - 8% PoS | 1Yr+ | MARKETPLACE | PAY | GIFT | CHARITIES/MERCHANTS

[james6546]

My Social Media Action Campaigning system at promoplugs.com is now complete, and it is ready for NOBL to set up a campaign.
Example Campaign: http://promoplugs.com/Campaign.aspx?CID=32

Funds will need to be raised to handle the payouts.

Their are two forms of campaigns. the 1st is a Raffle system, where a select few (as few as 1) are selected to earn a moderately large sum at the end of the campaign. If you choose this kind of campaign, I would be happy to run it for a small fee. Alternatively, and generally with better results, you can choose to pay out a small sum for every actions performed. This type of campaign takes a significant amount of management, 50-100 addresses to pay out a day on a good campaign. I could not manage this campaign myself, and so we would need to find someone trustworthy within your community to handle the payouts and Campaign funds. Let me know which option you choose.


If someone wants to volunteer to run the 2nd type, Post here.

If you'd like to pledge towards the Campaign pool, post here how much. Once we reach 1000,00 NOBL pledged, I'll either give the go-ahead for a volunteer to set up the 2nd type of campaign, or if no volunteer comes forward I'll set up the Raffle type campaign.  Once we hit 100,000, a Campaign pool address will be posted by the campaign manager (me or whoever volunteers to help out).

The free campaign will be 3 days long.

TOTAL Pledged: 0 NOBL
Needed: 100,000 NOBL

I suggest we take 100,000 from the leftovers of the community fund to get this started. Let me know an address and Ill transfer the 100,000.

If we decide on the raffle, then i'll just have you pay out the winners. If someone else wants to manage the other type of campaign, I'll have them post an address.
Also, 100,000 was just the minimum i felt would be needed to keep this going for 3 days (based on our previous action campaign). More is always welcome, especially if we go with the 'pay out all actions' campaign type.

I'll give 100,000. It was good last time.

I also volunteer to do the legwork for the PoA campaign. Reckon we should wait for PoS before kicking it off though.

[1714027015]

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[eagleflies]

I think such attack could be mitigated with typical PoS if we used quite low Max Stake Age e.g. 1 week? And Min Stake Age of couple of hours? This way it does not matter if someone keeps staking for months since Weight will be capped.

Yep, tweaking can help, but it's all a matter of compromise and making it "harder" to attack.

For instance, even with stake age and other tweaks, you could envision someone stashing coins in thousandths of wallet addresses, distributing them in dozens of cloud VMs with a client modified for the purpose of the attack, and then starting them all at once, thus take over the chain.

If the attack is timed well enough, the above may not even be that costly: each address would need to hold the bare minimum for staking, and each VM would only need to run as long as necessary for the attack. Using digital ocean f.i., you could have 60 VMs (and daemons) up for 12 hour for just $5, which would be quite enough to overwhelm any low-volume PoS chain. You could even DDOS the few "friendly" top-staking nodes for good measure.

Preparation for such an attack would be very obvious if not planned well in advance (lots of transactions to distribute coins), and would be very obvious when it's running (lots of new nodes in the network), but would likely happen faster than anyone could react.

AFAIK the only protection against this would the be PoS difficulty retarget, but if that diff starts too low, it would not be able to move higher fast enough, as an attacker can throw a lot of cheap staking power.

If MinAge and MaxAge are low enough this should make such an attack much more costly.

Do you think Magi Coin's PoS should be resistant to such an attack? If yes, why?

[eagleflies]

I am not concerned about attacks with significant amounts of coins. Big holders have to spend a lot to purchase these coins. It is unlikely someone will be willing to invest heavily into a coin just to attack it.

This is about right; there could be many possibilities to make it happen though, for example, unintentional staking with big amount because of the "greed", let alone pool staking is happening. More or less this is a security hole.

Joe, I would like to understand how Magi Coin's PoS works, could you tell roughly how many coins will be minted by:

- wallet with 1 Magi Coin
- wallet with 10 Magi Coins
- 100, 1000, 10000, 100000 coins?

Let us presume these wallets are online all the time for a month.

It's a bit difficult to estimate a month staking. In general, reward = coinage * APR / 365. To be simple, coinage is about linearly increasing with staking days (within the first four days). As an example, 100 XMG staking gets reward in the 3rd day, then reward = (100*3) * 2.6% / 365 = 0.021 XMG; 1000 XMG will get reward within half day: (100*0.5) * 2.6% / 365 = 0.036 XMG. For 10000, 100000 coins in staking barely gets reward. I assumed above coins are staked in a transaction. One can split 10000 over 10 transactions, that will lead to 10 times of staking with 1000 coins.

Thank you for your answer. It is perfect. I am trying to understand one aspect, please correct me if I am wrong:
1. miners with 0 or small amount of coins will get nothing
2. miners with 100-1000 coins will get best results
3. miners with more than 1000 coins will be penalized and the more coins someone holds (in one transaction) the harsher penalty

My question is about holders with more coins than 1000. Is it correct that such holder will get smaller reward than someone staking 1000 coins (in one transaction)? Is such a reward going to drop almost to 0 for big enough stashes?

[jawitech]

I am not concerned about attacks with significant amounts of coins. Big holders have to spend a lot to purchase these coins. It is unlikely someone will be willing to invest heavily into a coin just to attack it.

This is about right; there could be many possibilities to make it happen though, for example, unintentional staking with big amount because of the "greed", let alone pool staking is happening. More or less this is a security hole.

Joe, I would like to understand how Magi Coin's PoS works, could you tell roughly how many coins will be minted by:

- wallet with 1 Magi Coin
- wallet with 10 Magi Coins
- 100, 1000, 10000, 100000 coins?

Let us presume these wallets are online all the time for a month.

It's a bit difficult to estimate a month staking. In general, reward = coinage * APR / 365. To be simple, coinage is about linearly increasing with staking days (within the first four days). As an example, 100 XMG staking gets reward in the 3rd day, then reward = (100*3) * 2.6% / 365 = 0.021 XMG; 1000 XMG will get reward within half day: (100*0.5) * 2.6% / 365 = 0.036 XMG. For 10000, 100000 coins in staking barely gets reward. I assumed above coins are staked in a transaction. One can split 10000 over 10 transactions, that will lead to 10 times of staking with 1000 coins.

Thank you for your answer. It is perfect. I am trying to understand one aspect, please correct me if I am wrong:
1. miners with 0 or small amount of coins will get nothing
2. miners with 100-1000 coins will get best results
3. miners with more than 1000 coins will be penalized and the more coins someone holds (in one transaction) the harsher penalty

My question is about holders with more coins than 1000. Is it correct that such holder will get smaller reward than someone staking 1000 coins (in one transaction)? Is such a reward going to drop almost to 0 for big enough stashes?

I wouldn't call it penalty. Just taking away the advantage against the smaller coin holders. This way, a usual miner with a lower amount of coins wouldn't have a huge disadvantage against exchanges, PoS pools, miners with huge hashpower or investors with a lot of coins who would get much bigger staking amounts usually.

[sid7039]

I am not concerned about attacks with significant amounts of coins. Big holders have to spend a lot to purchase these coins. It is unlikely someone will be willing to invest heavily into a coin just to attack it.

This is about right; there could be many possibilities to make it happen though, for example, unintentional staking with big amount because of the "greed", let alone pool staking is happening. More or less this is a security hole.

Joe, I would like to understand how Magi Coin's PoS works, could you tell roughly how many coins will be minted by:

- wallet with 1 Magi Coin
- wallet with 10 Magi Coins
- 100, 1000, 10000, 100000 coins?

Let us presume these wallets are online all the time for a month.

It's a bit difficult to estimate a month staking. In general, reward = coinage * APR / 365. To be simple, coinage is about linearly increasing with staking days (within the first four days). As an example, 100 XMG staking gets reward in the 3rd day, then reward = (100*3) * 2.6% / 365 = 0.021 XMG; 1000 XMG will get reward within half day: (100*0.5) * 2.6% / 365 = 0.036 XMG. For 10000, 100000 coins in staking barely gets reward. I assumed above coins are staked in a transaction. One can split 10000 over 10 transactions, that will lead to 10 times of staking with 1000 coins.

Thank you for your answer. It is perfect. I am trying to understand one aspect, please correct me if I am wrong:
1. miners with 0 or small amount of coins will get nothing
2. miners with 100-1000 coins will get best results
3. miners with more than 1000 coins will be penalized and the more coins someone holds (in one transaction) the harsher penalty

My question is about holders with more coins than 1000. Is it correct that such holder will get smaller reward than someone staking 1000 coins (in one transaction)? Is such a reward going to drop almost to 0 for big enough stashes?

I wouldn't call it penalty. Just taking away the advantage against the smaller coin holders. This way, a usual miner with a lower amount of coins wouldn't have a huge disadvantage against exchanges, PoS pools, miners with huge hashpower or investors with a lot of coins who would get much bigger staking amounts usually.

This way it will be suitable coin for everyone. Not only for big holders manipulating the market but for everyone.
This is/was the problem for the Bitcoin - big holders and large mining farms were doing what they wanted. Now the price is low it's too low for large mining operations but  also more affordable for "normal" people.

[Honeypot]

I see the merits of pos-ii, and at the same time I wish it was an option with longer proven feedbacks. It does sound very promising, but as we should all know, every new tech and innovation can use additional time to stand the test of scrutiny and time. I wish to err on the side of caution and keep a good eye on this, while initially stabilizing our transition by using a proven general POS option.

Long ago we had many discussions about merits of Merged Mining and I had hoped such a path would be open and possible. As far as I know, DMD offer was the closest we had to achieving that goal, but at the moment it seems it did not materialize as the torch was passed on to palmdetroit for a general pos wallet (and he has not responded afte a month and a half now).

We have dedicated community members working on both of general pos and pos-ii options, so once it is ready the community should review both options and agree on the best course to take for the foreseeable future. Once again, I advocate for the general pos swap as the immediate course of action, and perhaps pos-ii at a later date should it stand the test of scrutiny and proven its stability with test of time. It would be highly risky to risk the future of Noblecoin on something so new so quickly, and basic improved security of the blockchain (removing multipools and large hashrates from conducting further 51% attacks) is paramount and immediate concern.

One step at a time, so we can get this done right for the good of all and Noblecoin itself

[GBattaglia]

If anyone is interested, I will be willing to redo my infographic when a new legitimate PoS wallet becomes legitimate and functional.
It is sad to see Noblecoin now trading for only 6 satoshis, but I understand the reasoning and no one is to be blamed really.

[fairglu]

If MinAge and MaxAge are low enough this should make such an attack much more costly.

Do you think Magi Coin's PoS should be resistant to such an attack? If yes, why?

Min/Max Age will influence how many coin stashes (addresses) you need, and the the minimum number of coins you need for staking an address influence costs dramatically as well.
For instance if the minimum stash is 10 noble, you can have tens of thousandths of stashes for next to nothing, but everyone will be able to stake, while if the minimum stash is 1 M noble, having many stashes will be expensive, but too few will be able to stake... so a balance needs to be found.

But in the grand scheme of things, this attack is PoS's version of 51%, and if you have a low PoS diff, you're just as vulnerable as if you have with a low PoW diff anyway.

So while the parameters can make it more costly/difficult, the real protection is difficulty: ie. how many friendly wallets are staking 24/7. Parameters should encourage friendly staking wallets (and I think Magi's parameters do), and discourage "offline staking".

Good parameters make the "basic" attack more expensive and encourage more 24/7 staking, which makes attacks more difficult.

[eagleflies]

I am not concerned about attacks with significant amounts of coins. Big holders have to spend a lot to purchase these coins. It is unlikely someone will be willing to invest heavily into a coin just to attack it.

This is about right; there could be many possibilities to make it happen though, for example, unintentional staking with big amount because of the "greed", let alone pool staking is happening. More or less this is a security hole.

Joe, I would like to understand how Magi Coin's PoS works, could you tell roughly how many coins will be minted by:

- wallet with 1 Magi Coin
- wallet with 10 Magi Coins
- 100, 1000, 10000, 100000 coins?

Let us presume these wallets are online all the time for a month.

It's a bit difficult to estimate a month staking. In general, reward = coinage * APR / 365. To be simple, coinage is about linearly increasing with staking days (within the first four days). As an example, 100 XMG staking gets reward in the 3rd day, then reward = (100*3) * 2.6% / 365 = 0.021 XMG; 1000 XMG will get reward within half day: (100*0.5) * 2.6% / 365 = 0.036 XMG. For 10000, 100000 coins in staking barely gets reward. I assumed above coins are staked in a transaction. One can split 10000 over 10 transactions, that will lead to 10 times of staking with 1000 coins.

Thank you for your answer. It is perfect. I am trying to understand one aspect, please correct me if I am wrong:
1. miners with 0 or small amount of coins will get nothing
2. miners with 100-1000 coins will get best results
3. miners with more than 1000 coins will be penalized and the more coins someone holds (in one transaction) the harsher penalty

My question is about holders with more coins than 1000. Is it correct that such holder will get smaller reward than someone staking 1000 coins (in one transaction)? Is such a reward going to drop almost to 0 for big enough stashes?

I wouldn't call it penalty. Just taking away the advantage against the smaller coin holders. This way, a usual miner with a lower amount of coins wouldn't have a huge disadvantage against exchanges, PoS pools, miners with huge hashpower or investors with a lot of coins who would get much bigger staking amounts usually.

I think that idea behind this decision is to discourage PoS pools from staking. However if there is a PoS pool which wants to stake Magi Coin they have resources to automatically divide their wallet into number of addresses each holding between 100-1000 coins so they will still maximize amount of coins they receive.

On the other hand for an individual who would like to invest significant amount of money into Magi Coin this may be a bad news and there is risk he may decide to look for investment opportunity somewhere else. Not everyone is tech savy who wants to spend time tinkering with his wallet.

[RD965]

RIP Noblecoin, I use to like it a lot

[james6546]

RIP Noblecoin, I use to like it a lot

Not the end, call it a new chapter...

A lot of other coins have been better than before by being run by the community, so rather than spreading FUD, why don't you help out and make Noble even better than before?

[eagleflies]

If anyone is interested, I will be willing to redo my infographic when a new legitimate PoS wallet becomes legitimate and functional.
It is sad to see Noblecoin now trading for only 6 satoshis, but I understand the reasoning and no one is to be blamed really.

Sounds good to me. We could definitely use it.

[eagleflies]

Rofo,

I would like to let you know that not everyone here is angry at you.

Most people who post to this thread still highly value the effort you put into Noblecoin. I fully understand you want to have a break. Shouting at you is not going to make things better. Feel free to take a break and come back later if you decide to still show some support for Noblecoin.

My only request is - could you please bring noblemovement website up? Or if you do not want to do it please consider handing it over to someone from this thread.

Thanks and good luck Rofo!

[HKBvM]

This one?

https://www.noblemovement.com/

seems up to me. I am not 100% sure but does it look differently since I last visited it?

[Wesiematic]

Rofo,

I would like to let you know that not everyone here is angry at you.

Most people who post to this thread still highly value the effort you put into Noblecoin. I fully understand you want to have a break. Shouting at you is not going to make things better. Feel free to take a break and come back later if you decide to still show some support for Noblecoin.

My only request is - could you please bring noblemovement website up? Or if you do not want to do it please consider handing it over to someone from this thread.

Thanks and good luck Rofo!

I was a bit surprised of one of your lasts posts, but really understand it.
Sometimes it is better to take a break, then to let things burn you out.

best wishes

[RD965]

RIP Noblecoin, I use to like it a lot

Not the end, call it a new chapter...

A lot of other coins have been better than before by being run by the community, so rather than spreading FUD, why don't you help out and make Noble even better than before?

Of course, Im hoping for more desilusion in the markets so I can get em cheaper 

[jawitech]

RIP Noblecoin, I use to like it a lot

Not the end, call it a new chapter...

A lot of other coins have been better than before by being run by the community, so rather than spreading FUD, why don't you help out and make Noble even better than before?

Of course, Im hoping for more desilusion in the markets so I can get em cheaper 

Cheaper than 6 satoshi? 
I'm gonna start accumulating. I'm sure with the help of Joe Lao NOBL will stay alive and a good addition to my PoS coin collection.

[RD965]

RIP Noblecoin, I use to like it a lot

Not the end, call it a new chapter...

A lot of other coins have been better than before by being run by the community, so rather than spreading FUD, why don't you help out and make Noble even better than before?

Of course, Im hoping for more desilusion in the markets so I can get em cheaper 

Cheaper than 6 satoshi? 
I'm gonna start accumulating. I'm sure with the help of Joe Lao NOBL will stay alive and a good addition to my PoS coin collection.

You can akways get them cheaper 

[eagleflies]

--- Update 2015-01-21 ---

Last couple of days I have been testing both standard PoS and PoS from Magi Coin. Joe from Magi Coin was really helpful and prepared test code for Magi Coin's PoS

What worked so far is generating premine of about 2 000 000 000 coins which will be used on new blockchain to be distributed to current owners. This way we can achieve 1:1 swap of coins. Also mining using PoW works. We need to use PoW mining at the very beginning of new blockchain to allow PoS to stabilize and start working.

What did not work - I have not seen yet any block generated using PoS. It is quite possible I need to wait longer to see it. Right now there is 193 blocks generated on Magi Coin's testnet.

---

I would like to get more data on people's preferences

--- Poll ---

1. Do you prefer typical PoS or PoS from Magi Coin? Typical PoS is better tested as it is used by more coins out there. Unfortunately this also means there is number of attacks which were researched and which are possible especially against coins with low capitalisation. Magi Coin's PoS has several enhancements which Joe developed in order to mitigate some of know PoS problems. However since code is quite new it may cause us some headaches later. On the other hand if we choose Joe's code we can probably count on much better support from him.

Another factor is if we choose typical PoS and Noble will be successfully attacked e.g. due to low number of people having wallets open we may be forced to do hard fork and to either fix our code or to switch to Magi Coin's PoS. But if we choose Magi Coin's PoS and after some time a flaw is discovered we may also be forced to do hard fork to fix it. So not an easy choice.

2. How often should blocks be generated? 60/90/120/other_value sec? All values have cons and pros. The lower value the faster blocks will be generated so transaction is quicker confirmed which is good if to pay for something at shop etc. On the other side the lower value means blockchain will be bigger and this potentially means gigabytes of data.

3. What interest yearly? Lower interest means noble looks as more stable currency e.g. PPC. However if interest is too low there is huge risk almost nobody will keep their wallets open which means it is easier to attack the coin. Some coins chose falues higher than 100% which attracted many people to staking these coins. However after some time inflation levels are too high which causes price to fall down severely. We should choose some middle ground probably.

4. Any other comments?

[james6546]

--- Poll ---

1. Do you prefer typical PoS or PoS from Magi Coin? Typical PoS is better tested as it is used by more coins out there. Unfortunately this also means there is number of attacks which were researched and which are possible especially against coins with low capitalisation. Magi Coin's PoS has several enhancements which Joe developed in order to mitigate some of know PoS problems. However since code is quite new it may cause us some headaches later. On the other hand if we choose Joe's code we can probably count on much better support from him.

Another factor is if we choose typical PoS and Noble will be successfully attacked e.g. due to low number of people having wallets open we may be forced to do hard fork and to either fix our code or to switch to Magi Coin's PoS. But if we choose Magi Coin's PoS and after some time a flaw is discovered we may also be forced to do hard fork to fix it. So not an easy choice.

2. How often should blocks be generated? 60/90/120/other_value sec? All values have cons and pros. The lower value the faster blocks will be generated so transaction is quicker confirmed which is good if to pay for something at shop etc. On the other side the lower value means blockchain will be bigger and this potentially means gigabytes of data.

3. What interest yearly? Lower interest means noble looks as more stable currency e.g. PPC. However if interest is too low there is huge risk almost nobody will keep their wallets open which means it is easier to attack the coin. Some coins chose falues higher than 100% which attracted many people to staking these coins. However after some time inflation levels are too high which causes price to fall down severely. We should choose some middle ground probably.

4. Any other comments?

I'll go first:
1. Magi Coin PoS. I think we need to pull something slightly less normal out of the bag in order for Noble to achieve more support and growth
2. I don't really know enough about this to make a decision, in my eyes the lower values are better but would like to see what other people think.
3. 10% minimum, I would like 12%
4. If you want me to help test drop me a PM and I will see what I can set up. I think I speak for the community when I say thanks for all your effort myeagleflies