[ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!!

[Kergekoin]

what you should do is cancel all the orders and return everyone their bitcoins. then do it right. let everyone make their bids then on the 27th of January say bidding is closed. then sell the coins from highest price to lowest price untill the coins are gone.
make this right. this coin deserves it.

+1

If something like that were to happen, all the current bidders would accuse him for being greedy. What's done is done, it was our fault that we weren't fast enough to bid. Now let's move..

So if you shopkeeper tells you that hes open until 9pm. You go to buy your milk at 2pm, but shop is already closed. Are you going to drink water now, because it was your fault that you didnt buy your milk in the morning or you go to another shop and buy your milk there?
 

[btc-mike]

what you should do is cancel all the orders and return everyone their bitcoins. then do it right. let everyone make their bids then on the 27th of January say bidding is closed. then sell the coins from highest price to lowest price untill the coins are gone.
make this right. this coin deserves it.

+1

If something like that were to happen, all the current bidders would accuse him for being greedy. What's done is done, it was our fault that we weren't fast enough to bid. Now let's move..

+1

it's done. move on.

[Evilish]

what you should do is cancel all the orders and return everyone their bitcoins. then do it right. let everyone make their bids then on the 27th of January say bidding is closed. then sell the coins from highest price to lowest price untill the coins are gone.
make this right. this coin deserves it.

+1

If something like that were to happen, all the current bidders would accuse him for being greedy. What's done is done, it was our fault that we weren't fast enough to bid. Now let's move..

So if you shopkeeper tells you that hes open until 9pm. You go to buy your milk at 2pm, but shop is already closed. Are you going to drink water now, because it was your fault that you didnt buy your milk in the morning or you go to another shop and buy your milk there?
 

Nice example.   But seriously, I'd also love to buy some coins but it's not possible now.

[bumface]

yeah but at 11 o clock 40 people came in and bought all the milk....then if the 1st customer comes back i cant just call the 11 o clock customer and ask for the milk back.And 98% of the milk will be available from milking on feb 1 , and pre milked milk will be for sale on the milk exchange

[Kergekoin]

yeah but at 11 o clock 40 people came in and bought all the milk....then if the 1st customer comes back i cant just call the 11 o clock customer and ask for the milk back.And 98% of the milk will be available from milking on feb 1 , and pre milked milk will be for sale on the milk exchange

In that case you should have said that shop is open until you run out of milk, not that its open until 9pm.
Anyway, im not interested in buying. Im just saying that it was not a "fair play" from you and you dissapointed many who wanted to buy.

[bumface]

yeah but at 11 o clock 40 people came in and bought all the milk....then if the 1st customer comes back i cant just call the 11 o clock customer and ask for the milk back.And 98% of the milk will be available from milking on feb 1 , and pre milked milk will be for sale on the milk exchange

In that case you should have said that shop is open until you run out of milk, not that its open until 9pm.
Anyway, im not interested in buying. Im just saying that it was not a "fair play" from you and you dissapointed many who wanted to buy.

we honestly thought it would go so slow that it would take untill the 27th, to allocate 1,6 million UTC.....we severely underestimated the community support.....

[Protagonus]

I must say I hadn't noticed the POS/POW in my first few posts;  suppose that's a good thing.  However, I have one conundrum and one question then.

Proof of Stake REQUIRES that the mining wallet MUST have coins to be considered "active" for that block.   I note that Ziggy corroborated this as well;  relating to this coin.

Please be so kind and share more details about PoS other than 3 letters in OP.

Lol, true. I don't understand that either.

to be more exact, ultracoin is a hybrid proof-of-work/proof-of-stake coin, whereby active nodes are involved in the mining of blocks if they hold utc.
this will give a strong incentive to a. hold coins and b. be an active node (e.g. have wallet open/running) on the network.

this means that, under certain circumstances, you may accrue 20% proof-of-stake interest per year on the coins you own.

a good source for more information is https://en.bitcoin.it/wiki/Proof_of_Stake

So then, at release, the ONLY people who can mine are those who purchased the stakeholder coins;  correct?  If, hypothetically, these were never sold;  No One could mine this coin outside of devs and stakeholders, correct?

  My conundrum then, is with the statement regarding the reason to offer stakeholder coins.

The reason we want to sell of coins during the launch is because not everybody has an ability to mine coins, this would give an unfair advantage to early miners.
They would get a fairly large amount of coins due to low difficulty, giving a great advantage over traders who have to wait until our coin is accepted on exchanges.

How does this statement hold true, that the intent was to help prevent an early advantage;  when only those who get these coins, get to be the early miners?

Shouldn't the statement read more like.....

The reason we want to sell of coins during the launch is because not everybody has Should have an ability to mine coins, this would give will ensure an unfair advantage to early miners stakeholders.  They would will get a fairly large amount of coins due to low difficulty and high coin holding percent, giving a great advantage over traders who have to wait until our coin is accepted on exchanges in order to mine their own.

So, with the conundrum out of the way, I'm left with a question;  or rather a re-phrasing of an earlier question.  (since that was before seeing POS/POW)

......
anyone think that 1MH will be enough to get a block?

The re-phrase is:   How many coins do I need to buy before I can mine with 1mH and get a reasonable chance for coins?

with 2 Million minted at release and 144k after the first day;  even a holding of 10,000 coins would only give a 0.46% chance for coins @ 24hr from release?..... am I figuring this right here?
 
Considering that:
-you must have coins to mine
-you must have "custom software"
-you must use specific pools
-info routed through api to website

IT does not feel like this follows much of the "Decentralized" philosophy....

Sorry to be bringing up less-positive aspects; but I would rather ask these earlier, than later.

[atomicchaos]

Very well put concerns.

[ziggy909]

i was probably a little unclear in that post, protagonus. what i meant to say was that, in a pow/pos hybrid, there are proof of work and proof of stake miners. the proof of work mining works as usual. on top of that, active wallets which contain utc will also start to collect proof of stake rewards after a while. so to answer your first question: no, anyone can mine from launch day onwards, but active nodes with a positive balance will gain some additional 'interest' on them after a while, for reasons explained in the earlier post.

[Protagonus]

@ziggy909

     Thank you very much for the clarification!  Since I've not dealt with any alts (outside LTC), other than mostly perusing threads occasionally;  I was unaware of this.  Assume-ably this is, to some extent, known by many. 

IF you could also, out of curiosity;  what will be the wealth tax for inactive nodes / wallets per year? 5% ??

[michaela_elise]

As some of you know, I am new to this scene.  I currently mine LTC and have pretty good understanding of it but I am still unclear about how I can mine UTC.  I Do not wish to solo-mine.  What do I need to do to pool mine UTC?  I believe I read that a miner will be available upon the release date.  Will it be similar to cgminer in that I put my info in the conf file and run it?

Can you please make a response for just the steps to mine?  Thank you

[ziggy909]

As some of you know, I am new to this scene.  I currently mine LTC and have pretty good understanding of it but I am still unclear about how I can mine UTC.  I Do not wish to solo-mine.  What do I need to do to pool mine UTC?  I believe I read that a miner will be available upon the release date.  Will it be similar to cgminer in that I put my info in the conf file and run it?

Can you please make a response for just the steps to mine?  Thank you

yes, it will be a cgminer-like program with which you will connect to a pool. steps to mine are in the original post. if you're still having trouble pm me.

[atomicchaos]

I believe strongly that coin specific mining applications are not something the Crypto world needs or wants.

Of course I would highly doubt Bumface would be involved in something shady, as he has earned trust in the past, with mining apps released by devs for any coin, you introduce the possibility of multiple versions.. The version released to the general public, which could be throttled, and a different release that is better optimized.

Would love to hear from those better versed with coin creation to better support or deny the likelihood of this scenario.

[ziggy909]

@ziggy909

     Thank you very much for the clarification!  Since I've not dealt with any alts (outside LTC), other than mostly perusing threads occasionally;  I was unaware of this.  Assume-ably this is, to some extent, known by many. 

IF you could also, out of curiosity;  what will be the wealth tax for inactive nodes / wallets per year? 5% ??

there is no wealth tax, but the proof of stake bonus for active nodes will lead to a variable but small degree of inflation.

[vvvortex]

what you should do is cancel all the orders and return everyone their bitcoins. then do it right. let everyone make their bids then on the 27th of January say bidding is closed. then sell the coins from highest price to lowest price untill the coins are gone.
make this right. this coin deserves it.

+1

If something like that were to happen, all the current bidders would accuse him for being greedy. What's done is done, it was our fault that we weren't fast enough to bid. Now let's move..

So if you shopkeeper tells you that hes open until 9pm. You go to buy your milk at 2pm, but shop is already closed. Are you going to drink water now, because it was your fault that you didnt buy your milk in the morning or you go to another shop and buy your milk there?
 

Since ultracoins (milk) are the only thing that the shop sells, I think even though the shop is supposed to stay open until 9PM, if it sold all of it's milk by 2PM, closing up early make sense =)

[bumface]

@ 231 "So then, at release, the ONLY people who can mine are those who purchased the stakeholder coins;  correct?"

no, not correct, on feb 1 everybody will get the wallet, we are even delaying the launch on https://crypto-trade.com/ untill 1,6 million coins have been mined, so miners can catch up


@237, you can mine with more then what we supply, we just like to cover all bases, and your hypothesis of a steal wallet with hidden features borderlines on the paranoid

[spitefulgod]

I have ultracoin.info, ultracoin.co.uk, ultracoin.biz and ultracoin.eu hopefully your coin will take off and I can get some coins, the name is right I just hope I can get some coins mined and btc's transferred before the difficulty and price shoots up!

[jakiman]

no, not correct, on feb 1 everybody will get the wallet, we are even delaying the launch on https://crypto-trade.com/ untill 1,6 million coins have been mined, so miners can catch up

I have a number of friends who are waiting to buy immediately once launch after I told them it will be on crypto-trade.
I guess they have to wait now. I'm expecting at least a week for 1.6M to be mined. Is that correct?

[bumface]

no, not correct, on feb 1 everybody will get the wallet, we are even delaying the launch on https://crypto-trade.com/ untill 1,6 million coins have been mined, so miners can catch up

I have a number of friends who are waiting to buy immediately once launch after I told them it will be on crypto-trade.
I guess they have to wait now. I'm expecting at least a week for 1.6M to be mined. Is that correct?

probably about a week, it would not be fair if the stakeholders are the only people to be able to sell coins on feb 1, since the whole idea of stakeholders is to compensate for early miner advantage.

so we are going to balance it out, probably 1 week, depens on the hashpower people will utilise offcourse...


the devs at https://crypto-trade.com/ have done their work quit well and are standing by for the launch

[sakkosekk]

no, not correct, on feb 1 everybody will get the wallet, we are even delaying the launch on https://crypto-trade.com/ untill 1,6 million coins have been mined, so miners can catch up

I have a number of friends who are waiting to buy immediately once launch after I told them it will be on crypto-trade.
I guess they have to wait now. I'm expecting at least a week for 1.6M to be mined. Is that correct?

probably about a week, it would not be fair if the stakeholders are the only people to be able to sell cins on feb 1, since the whole idea of stakeholders is to compensate for early miner advantage.

so we are going to balance it out, probably 1 week, depens on the hashpower people will utilise offcourse...

Good to hear.