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

[NorrisK]

Let me know when You have a "noob friendly" test wallet available and Ill see if I can do some testing

[1715108891]

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[1715108891]

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[1715108891]

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[1715108891]

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[1715108891]

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[eagleflies]

Let me know when You have a "noob friendly" test wallet available and Ill see if I can do some testing

which OS? windows?

[eagleflies]

No penalty to large holders

I have been asking questions about "penalty to bigger wallets" with Magi Coin's PoS for some time and received nice explanation from Joe yesterday.

In short: there is no penalty. The only thing that someone with big wallet has to do is to split his big transactions into several smaller ones. The main reason being security.

[morphtrust]

what my wonder was, is if it penalizes you for having a huge wallet staked, what would stop you from making dozens of wallets and staking them all with smaller increments ? and if this was possible would it not help to at least appear to be more stable and safe to everyone else since no one would automatically know how many wallets one person was in possession of? meanwhile a person who heavily invested in noble would still be fine with making profit off staking.

[fairglu]

what my wonder was, is if it penalizes you for having a huge wallet staked, what would stop you from making dozens of wallets and staking them all with smaller increments ?

Nothing, and doing so would be a Good Thing (tm) for the network security, which is the whole point

The problem with "normal" PoS is that you have no incentive to do the above, under normal PoS, you get the same interest if you have all your coins in a single wallet and stake a few hours once a month, than if you have your coins spread over several wallets that stake 24/7.

However, if you stake once in a month with a big wallet, you run a high risk of forking the chain, while if you stake 24/7 over several wallet, you contribute to the chain stability and security.

Under PoS miners are stakers, but the chain is not absolved from the need to "mine" 24/7, which means enough wallets need to be staking with enough coins in them 24/7.

In terms of stability and security, a whale staking once in a month has the same effect for a "normal PoS" chain as a big multipool jumping in once in a month has on a PoW coin. Unless you want the network to be unstable and insecure, you want to discourage whales from staking once in a month, and encourage them to stake 24/7.

PoS does not just changes the inflation, it changes the responsibility for network security.

[NorrisK]

Let me know when You have a "noob friendly" test wallet available and Ill see if I can do some testing

which OS? windows?

Yeah

[eagleflies]

what my wonder was, is if it penalizes you for having a huge wallet staked, what would stop you from making dozens of wallets and staking them all with smaller increments ? and if this was possible would it not help to at least appear to be more stable and safe to everyone else since no one would automatically know how many wallets one person was in possession of? meanwhile a person who heavily invested in noble would still be fine with making profit off staking.

nothing. but this way you would be strenghtening the network.

anyway, no need to do this since you only need to divide large transactions into several smaller ones. all of them can sit on the same wallet.

[eagleflies]

Update 2015-01-26

We have been performing tests with james6546 of various PoS parameters recently and I have come to conclusion it makes sense for Noble to reach middle ground between "standard PoS" and "Magi Coin's PoS". The idea is to overcome some deficiencies present in standard PoS while trying to minimize risk of running too much fresh code.

Joe is preparing customized wallet for Noble using code base from Magi Coin. It should be available this week.

When wallet is ready I will call for more testers to join our efforts to verify everything is working as it should.

Few details about PoS wallet:
- We will be both PoW and PoS mining for about a month. Then PoW will be switched off. So at the beginning we will be closer to Magi Coin, then will move closer to general PoS
- We will use code from Magi Coin which provides an incentive for big holders to split huge transactions into several smaller ones. This allows them to generate same interest rate as everyone else (so no penalty) and also ensures network is efficiently secured.
- We will not use dynamic interest rate.

[NorrisK]

Update 2015-01-26

We have been performing tests with james6546 of various PoS parameters recently and I have come to conclusion it makes sense for Noble to reach middle ground between "standard PoS" and "Magi Coin's PoS". The idea is to overcome some deficiencies present in standard PoS while trying to minimize risk of running too much fresh code.

Joe is preparing customized wallet for Noble using code base from Magi Coin. It should be available this week.

When wallet is ready I will call for more testers to join our efforts to verify everything is working as it should.

Few details about PoS wallet:
- We will be both PoW and PoS mining for about a month. Then PoW will be switched off. So at the beginning we will be closer to Magi Coin, then will move closer to general PoS
- We will use code from Magi Coin which provides an incentive for big holders to split huge transactions into several smaller ones. This allows them to generate same interest rate as everyone else (so no penalty) and also ensures network is efficiently secured.
- We will not use dynamic interest rate.

What is the Current rate of interest?

[eagleflies]

Update 2015-01-26

We have been performing tests with james6546 of various PoS parameters recently and I have come to conclusion it makes sense for Noble to reach middle ground between "standard PoS" and "Magi Coin's PoS". The idea is to overcome some deficiencies present in standard PoS while trying to minimize risk of running too much fresh code.

Joe is preparing customized wallet for Noble using code base from Magi Coin. It should be available this week.

When wallet is ready I will call for more testers to join our efforts to verify everything is working as it should.

Few details about PoS wallet:
- We will be both PoW and PoS mining for about a month. Then PoW will be switched off. So at the beginning we will be closer to Magi Coin, then will move closer to general PoS
- We will use code from Magi Coin which provides an incentive for big holders to split huge transactions into several smaller ones. This allows them to generate same interest rate as everyone else (so no penalty) and also ensures network is efficiently secured.
- We will not use dynamic interest rate.

What is the Current rate of interest?

By current you mean the interest in PoS wallet? I'm thinking about 8% now.

[electronicfactura]

I have noble coin since last year that time price was up and now I bought again so I am in win win position as my cost came down. Noble is traded on daily basis and can  replace doge this year. It is best and secure investment.

[NorrisK]

Update 2015-01-26

We have been performing tests with james6546 of various PoS parameters recently and I have come to conclusion it makes sense for Noble to reach middle ground between "standard PoS" and "Magi Coin's PoS". The idea is to overcome some deficiencies present in standard PoS while trying to minimize risk of running too much fresh code.

Joe is preparing customized wallet for Noble using code base from Magi Coin. It should be available this week.

When wallet is ready I will call for more testers to join our efforts to verify everything is working as it should.

Few details about PoS wallet:
- We will be both PoW and PoS mining for about a month. Then PoW will be switched off. So at the beginning we will be closer to Magi Coin, then will move closer to general PoS
- We will use code from Magi Coin which provides an incentive for big holders to split huge transactions into several smaller ones. This allows them to generate same interest rate as everyone else (so no penalty) and also ensures network is efficiently secured.
- We will not use dynamic interest rate.

What is the Current rate of interest?

By current you mean the interest in PoS wallet? I'm thinking about 8% now.

Yep, and i like 8%!

[RD965]

You guys still discussing pos? Is anyone into action?

[joelao95]

Update 2015-01-26
We have been performing tests with james6546 of various PoS parameters recently and I have come to conclusion it makes sense for Noble to reach middle ground between "standard PoS" and "Magi Coin's PoS". The idea is to overcome some deficiencies present in standard PoS while trying to minimize risk of running too much fresh code.

...

- We will use code from Magi Coin which provides an incentive for big holders to split huge transactions into several smaller ones. This allows them to generate same interest rate as everyone else (so no penalty) and also ensures network is efficiently secured.

Hi eagleflies, thanks for the update. Wondered: are we saying the PoS-II, regarding the above point? I will do whatever NOBL core team / community tells me , but seems like some clarifications are needed.

You guys still discussing pos? Is anyone into action?

Real action is on. To boost the process toward PoS, I think better to do both general version PoS and PoS-II version (from my point of view) to make things settled quickly, and community test both (particular PoS-II test is needed in order to confirm the stability of the PoS-II modification as team pointed out). From NOBL community of view, simply go with the one you decided, though I can provide opinions, but that's none significant.

[CRYPTONAIRE]

what my wonder was, is if it penalizes you for having a huge wallet staked, what would stop you from making dozens of wallets and staking them all with smaller increments ? and if this was possible would it not help to at least appear to be more stable and safe to everyone else since no one would automatically know how many wallets one person was in possession of? meanwhile a person who heavily invested in noble would still be fine with making profit off staking.

nothing. but this way you would be strenghtening the network.

anyway, no need to do this since you only need to divide large transactions into several smaller ones. all of them can sit on the same wallet.

Hi Eagleflies. 

Just to clarify; are you saying that, for a large NOBL holder, the entire 'bag' can be kept in one wallet on one PC/laptop, so long as the total amount is 'split' between a number of different addresses generated by the staker?

And, if this is indeed the case, what amount qualifies as a 'large' bag?  And what is the recommended upper limit of NOBL per address?   

[Hueristic]

GL to all you original guys, I can't watch this anymore.

[eagleflies]

Update 2015-01-26
We have been performing tests with james6546 of various PoS parameters recently and I have come to conclusion it makes sense for Noble to reach middle ground between "standard PoS" and "Magi Coin's PoS". The idea is to overcome some deficiencies present in standard PoS while trying to minimize risk of running too much fresh code.

...

- We will use code from Magi Coin which provides an incentive for big holders to split huge transactions into several smaller ones. This allows them to generate same interest rate as everyone else (so no penalty) and also ensures network is efficiently secured.

Hi eagleflies, thanks for the update. Wondered: are we saying the PoS-II, regarding the above point? I will do whatever NOBL core team / community tells me , but seems like some clarifications are needed.

You guys still discussing pos? Is anyone into action?

Real action is on. To boost the process toward PoS, I think better to do both general version PoS and PoS-II version (from my point of view) to make things settled quickly, and community test both (particular PoS-II test is needed in order to confirm the stability of the PoS-II modification as team pointed out). From NOBL community of view, simply go with the one you decided, though I can provide opinions, but that's none significant.

Joe,

we had a poll regarding PoS / PoS-II before. Take a look and check people's opinions. 80-90% of people was in favor of Magi Coin's codebase.

I do not want to go into this again If we are going to start discussion from scratch every 7 days we are never going to finish.

After spending some time testing Magi Coin's PoS I think it makes sense for Noble to cherry-pick some things from Magi Coin and keep few things from standard PoS. This way Noblecoin will not be just a clone.

Could you provide an estimate when you will be able to deliver the code with modifications we agreed over IRC, please?

The plan is you make the modifications, then wallet is tested gathering as many people as possible. We look into any problems exchange opinions and after all this decide if we want to use Magi Coin's codebase or if we want to start testing standard PoS.

[eagleflies]

what my wonder was, is if it penalizes you for having a huge wallet staked, what would stop you from making dozens of wallets and staking them all with smaller increments ? and if this was possible would it not help to at least appear to be more stable and safe to everyone else since no one would automatically know how many wallets one person was in possession of? meanwhile a person who heavily invested in noble would still be fine with making profit off staking.

nothing. but this way you would be strenghtening the network.

anyway, no need to do this since you only need to divide large transactions into several smaller ones. all of them can sit on the same wallet.

Hi Eagleflies.  

Just to clarify; are you saying that, for a large NOBL holder, the entire 'bag' can be kept in one wallet on one PC/laptop, so long as the total amount is 'split' between a number of different addresses generated by the staker?

And, if this is indeed the case, what amount qualifies as a 'large' bag?  And what is the recommended upper limit of NOBL per address?  

I confirm you can keep all the coins in a single wallet - this is a feature from Magi Coin's PoS which we want to cherry-pick.

What matters is amount of coins in a transaction. I cannot confirm the specific numbers yet but this will be announced just before the tests commence so you will have plenty of time to split any bigger transactions into several smaller ones.

[Geenstijl]

GL to all you original guys, I can't watch this anymore.

Don't lose faith!

[joelao95]

eagleflies, check PM, let me know ASAP; it sounds a bit off what we talked. I will try to deliver this week, but also I got many things to do.