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

[bumface]

Once the coin is pure and full PoS, we believe it will go into a mad craze.
The current daily supply will reduce by factor 19.
We think people won't even care about the bag holders anymore because they just need to get their coins and they will pay top dollar for them.
This will lead to more exclusivity and an up going demand and price.
Have a look at some other coins that have done this before, they had a significant increase in value overnight.

this is the same reasoning that was used for reducing block reward.  and that didnt work as expected.
how does UTC become more exclusive with so much of it sitting on exchanges in sell orders?

The blockreward was not changed to affect price, it was done to repair an unsustainable system, in the original parameters, 100% of UTC would have been distributed in just 1 year

[funsponge]

Annoucing it on a Friday evening may not have been the best time

[utcminer]

dont go full PoS, its a very bad idea for UTC and kill this coin.  Keep it mixed PoW/PoS, but reduce the min age for PoS, would be much better improvement.
Full PoS is already falling out of favor as a buzzword to pump on,  if devs care about the coin it deserves better then the cheap pump price treatment of a widely misunderstood feature like Full PoS.

If not planned and properly set up in advance by users and dev team, UTC will go from being a fast coin to move funds with with to a really slow coin when there are no users with UTC in wallets to mine PoS blocks for you, and as alot are concerned about price it can be assumed most them are keeping their UTC on exchanges and not in wallets so they are not supporting the coin at all.  

Exchanges can not be depended on to support the blockchain as they will sweep their coins to one address/not keep them in deposit addresses long enough for any PoS to occur.  
Majority of users are interested in PoS for the interest and tend to make large single stakes in the wallet, so they can not be depended on to support blockchain.  There needs to be dedicated PoS miners/nodes created well in advance.

Without dedicated PoS miners/nodes, transaction times will be very slow, hours or even days without PoW. this affects multipool as well, as it will be dependent on PoS to carry its payouts to the multipool miners.  

Does dev team really believe there are enough people keeping UTC in wallets to support transactions or maintain a fast network?  The only people wanting full PoS it seems are those who do not understand what is it and/or are only care about price.  Stable price is better then pump and dumps for a coin that is promoted for arbitrage and fast transfers of value.

The price will not go up just because a coin becomes 100% PoS, but it will quite likely crash when people find their transactions are stuck or is no longer as fast as they are use to.  

i think devs should conisder your comments very carefully.
maybe we should reduce the reward of each block from 15 to 5,which make the output of every day reduce from 15000 to 5000
if this does not work, then  reduce the reward of each block from 5 to 1,which make the output of every day reduce from 5000 to 1000

[mizultra]

Once the coin is pure and full PoS, we believe it will go into a mad craze.
The current daily supply will reduce by factor 19.
We think people won't even care about the bag holders anymore because they just need to get their coins and they will pay top dollar for them.
This will lead to more exclusivity and an up going demand and price.
Have a look at some other coins that have done this before, they had a significant increase in value overnight.

this is the same reasoning that was used for reducing block reward.  and that didnt work as expected.
how does UTC become more exclusive with so much of it sitting on exchanges in sell orders?

The blockreward was not changed to affect price, it was done to repair an unsustainable system, in the original parameters, 100% of UTC would have been distributed in just 1 year

I like the idea of going full POS but only if the Dev's follow thru with the rest of the UTC initiatives they have in the pipeline like the Minecraft app and the Android wallet . Otherwise getting "free" UTC may not be enough of a value proposition in the long term.

So someone explain to me how UTC will be 100% POS but you can still mine it using x11 or does that even matter? Has the decision been made on how the POS will be paid out?

[SxC]

Once the coin is pure and full PoS, we believe it will go into a mad craze.
The current daily supply will reduce by factor 19.
We think people won't even care about the bag holders anymore because they just need to get their coins and they will pay top dollar for them.
This will lead to more exclusivity and an up going demand and price.
Have a look at some other coins that have done this before, they had a significant increase in value overnight.

this is the same reasoning that was used for reducing block reward.  and that didnt work as expected.
how does UTC become more exclusive with so much of it sitting on exchanges in sell orders?

The blockreward was not changed to affect price, it was done to repair an unsustainable system, in the original parameters, 100% of UTC would have been distributed in just 1 year

I like the idea of going full POS but only if the Dev's follow thru with the rest of the UTC initiatives they have in the pipeline like the Minecraft app and the Android wallet . Otherwise getting "free" UTC may not be enough of a value proposition in the long term.

So someone explain to me how UTC will be 100% POS but you can still mine it using x11 or does that even matter? Has the decision been made on how the POS will be paid out?

You mine x11 coins on the multipool and that pays you in UTC which it does now

[Beave162]

The only people wanting full PoS it seems are those who do not understand what is it and/or are only care about price.  Stable price is better then pump and dumps for a coin that is promoted for arbitrage and fast transfers of value.

That is a nice way to describe 90% of the people who post on this thread.

[digit]

I like the idea of going full POS but only if the Dev's follow thru with the rest of the UTC initiatives they have in the pipeline like the Minecraft app and the Android wallet . Otherwise getting "free" UTC may not be enough of a value proposition in the long term.

So someone explain to me how UTC will be 100% POS but you can still mine it using x11 or does that even matter? Has the decision been made on how the POS will be paid out?

Multipool does not mine UTC, its mines other coins, sells them for BTC, and then buys UTC from exchanges to distribute to its miners.

PoS is basically another way to mine a coin and for transactions to be processed on the blockchain.  Instead of using hardware, you use the amounts of coins you hold in your wallet.  Each stake that occurs is 1 block, and has the same function as PoW block mined with hardware in PoW coin be it SHA, Scrypt or X11.  
The difference in PoS is the block reward is "interest" on how much is staked. It uses the entire input (eg 1 withdrawal to your wallet, that is kept unmoved for a week), which afterward then will take another week (or the min period for staking in coin specifications) before it happens again. So you can see that without some planning, the blockchain and transactions can become very slow or irregular if people are not supporting the network with their own inputs/balances in wallets.  Successful full PoS coins and their holders planned for this advance had good specifications to support Full PoS eg BC has 8 hour min stake age and low interest.

UTC if switched to full PoS would take at least a week before the blockchain got upto speed again as it unlikely there are many who keep their wallets open 24/7 for weekly interest, they only need to open once a week at minimum. So unless preparation is made in advance by holders now or better thought into the specifications and implementation of full PoS, it could really harm UTC network and as a result cause it to further devalue.  

UTC was created as PoW/PoS coin, and the specifications had it being an investment coin (as it was 1 year for a PoS block to occur) with PoW mining to support blockchain/transactions.  Now i believe that is changed to 1 week, so becoming full PoS is possible but I dont see how it improve the or create more interest in it as a currency.  Imho it would be better to switch the algo for PoW mining to X11 (more ASIC resistant) or Scrypt (better blockchain support from ASICs) with a lower block reward, and keep PoS as it is or adjustments to encourage saving and holding in wallets.  Then multipool and others may buy up larger amounts off exchanges to keep in their wallets, and allow the price to rise steadily.

[jacobshm]

i feel like maybe this is a mistake, it comes across as a last ditch effort

why cant we keep focusing on merchant acceptance, minecraft and wallets? when the multipool was running at peak, there was a very noticeable uptick in price everyday, we were on the right track. i think if we keep promoting the multipool along with the above mentioned projects, we can keep the POW/POS combo.

digit is correct in that just changing the coin to POS without some kind of a node/masternode system is not realistic

[bumface]

All things are being considered carefully , including the transaction speed

[RichardMiner]

ULTRACOIN IS GOING FULL POS

REMOVE your sell ORDERS!!!

MY ADVICE :

INDEED REMOVE YOUR SELL ORDERS AND WAIT TILL UTC HITS +0,002 OR +0,003 OR EVEN HIGHER!!!

I BELIEVE THAT IS REALY POSSIBLE ....

You will get terribly sorry and you will slap yourself in the face if you sell cheap now and this really appears to be happening soon....

[mizultra]

I like the idea of going full POS but only if the Dev's follow thru with the rest of the UTC initiatives they have in the pipeline like the Minecraft app and the Android wallet . Otherwise getting "free" UTC may not be enough of a value proposition in the long term.

So someone explain to me how UTC will be 100% POS but you can still mine it using x11 or does that even matter? Has the decision been made on how the POS will be paid out?

Multipool does not mine UTC, its mines other coins, sells them for BTC, and then buys UTC from exchanges to distribute to its miners.

PoS is basically another way to mine a coin and for transactions to be processed on the blockchain.  Instead of using hardware, you use the amounts of coins you hold in your wallet.  Each stake that occurs is 1 block, and has the same function as PoW block mined with hardware in PoW coin be it SHA, Scrypt or X11.  
The difference in PoS is the block reward is "interest" on how much is staked. It uses the entire input (eg 1 withdrawal to your wallet, that is kept unmoved for a week), which afterward then will take another week (or the min period for staking in coin specifications) before it happens again. So you can see that without some planning, the blockchain and transactions can become very slow or irregular if people are not supporting the network with their own inputs/balances in wallets.  Successful full PoS coins and their holders planned for this advance had good specifications to support Full PoS eg BC has 8 hour min stake age and low interest.

UTC if switched to full PoS would take at least a week before the blockchain got upto speed again as it unlikely there are many who keep their wallets open 24/7 for weekly interest, they only need to open once a week at minimum. So unless preparation is made in advance by holders now or better thought into the specifications and implementation of full PoS, it could really harm UTC network and as a result cause it to further devalue.  

UTC was created as PoW/PoS coin, and the specifications had it being an investment coin (as it was 1 year for a PoS block to occur) with PoW mining to support blockchain/transactions.  Now i believe that is changed to 1 week, so becoming full PoS is possible but I dont see how it improve the or create more interest in it as a currency.  Imho it would be better to switch the algo for PoW mining to X11 (more ASIC resistant) or Scrypt (better blockchain support from ASICs) with a lower block reward, and keep PoS as it is or adjustments to encourage saving and holding in wallets.  Then multipool and others may buy up larger amounts off exchanges to keep in their wallets, and allow the price to rise steadily.

Thanks a lot for that explanation, I completely forgot that the multipool was mining other coins and not UTC directly so at least now I see why it's a win-win from that perspective. I also agree that just changing UTC to 100% POS alone isn't going to create any demand for it.

Marketing UTC as a currency or investment isn't any different from marketing any other consumer product. Unless the Dev team can explain to people how the latest and ever-changing attributes of UTC 2.0 will benefit THEM or solve their problem/need, then the only thing it's going to be good for is speculation. The transaction speed is great, but unless you can show a specific way to leverage that speed, i.e the Minecraft or game plugin, with the ASIC-resistance compromised, all there is speculation and pump and dumps -full POS or not.

[Marnie1976]

ULTRACOIN IS GOING FULL POS

Dear UTC Community Members,

As management team we are pleased to announce the new direction of Ultracoin.

The last two weeks we were busy investigating this new direction and discussing it with our coin dev’s.

ULTRACOIN WILL BE CHANGING INTO FULL POS !

This means that from the full PoS update Ultracoin cannot be mined directly anymore.
Generation of new coins and the maintenance of the network are from that moment done through minting instead of mining.
This can be done perfectly through the Ultracoin Multipool.

Off course we don’t take this big decision lightly.

We realize we are giving up one of the prime features of Ultracoin, the asic resistance,
However, in this constantly and quick changing crypto world we don’t think the asic resistance alone will get Ultracoin to a price point where we need it to
be or where we all want it to go.
So after a lot of deliberation, careful thoughts and discourse we have decided to give this feature up to go full PoS.

Our motivation is as follow :

The reason why we are now here in the leads is to change things into the positive for Ultracoin.
In a landscape with new coins emerging every day, our coin needs to be made exclusive if we want it to survive.
It`s that simple....

Currently in today’s society people are not so focused on the meaning of a coin, but mostly to the desire or the limitation of a coin.
Unfortunately our coin has the "curse" of actually being well developed and people don't care much about that.
Scrypt-Chacha is a great algorithm, but it’s not very easy to configure because miners have to change settings constantly, and it runs hot.
This has chased away some people, and that is undesirable.
It's just too much effort for a miner when they can simply go and mine X11 instead and have a lower power bill and increase the life of their GPU.

Next to that, a coin that is 100% asic resistant and high in energy consumption will never be mined to its peak.
Even if PoS rewards are being implemented, it will still not drive the popularity up to a level we aspire to.
Not now at 5,2% PoS but also not at 10% or even at 15% or 20% PoS.

Without trying to sound too negative about our coin, but with allot of opinion asking last weeks, this is how the crypto community feels about our UTC coin.

We feel that for UTC to be a success, we need to tease people more and more with it.
And what could be better than a super-fast Ultracoin which has limited availability !
Not only traders and investors would love this super-fast future but also the web shop owners.

Currently we have some bag holders that have a large amount of UTC and it's not moving around in the market at all.
This is one of our biggest concerns since we want UTC to be a real currency with a healthy market.

Once the coin is pure and full PoS, we believe it will go into a mad craze.
The current daily supply will reduce by factor 19.
We think people won't even care about the bag holders anymore because they just need to get their coins and they will pay top dollar for them.
This will lead to more exclusivity and an up going demand and price.
Have a look at some other coins that have done this before, they had a significant increase in value overnight.

So bottom line: Off course the future has to proof it but we believe that in the long run full PoS will be the right decision for our coin if the lead up to its implementation is correct.

Although we have not responded to the last pages of the forum, we did read everybody's opinion carefully and we have observed that the response was very positive.

Our management team is now busy with our coin dev’s to finalize the investigation and the test to make Ultracoin a full PoS coin.
Since nobody has ever done this with a scrypt chacha coin before this needs some time and fine tuning.
If everything goes as planned then the full PoS of Ultracoin will roughly start within one month or so much sooner as possible.

Please stay tuned for more updates !

Regards,
Ultracoin Management Team


PS-1: we want to ask all of you to help and to spread this great news to as much as chat boxes and troll boxes around. Let everybody knows about Ultracoin is going pure and full pos !    


PS-2: We are also busy with the Minecraft plugin, an android wallet and the CoinPayments regulation in web shops so we are trying to take big steps for Ultracoin.

This is not really a surprise.
I had been expecting this.
Frankly speaking, in my opinion, there are not really many other options for UTC.
So to everybody, please look serious to the pros and cons.
I know they are there.
Big pros and big cons.
But look at the long term.
Only reducing blockrewards to 10, 8 or even 5 is not the magic word.
Full pos isn't it also but it is, in my opinion the best for UTC's future.
And about asic resistant... don't believe after the asics arrived everybody will go and mine UTC with their GPU because UTC is so special.
The majority will go and mine at the different x11 multipools that are around and will not even take a look at UTC or the UTC multipool

I personally like to target a high price.
Of course as high as possible.
But stability and continuity for UTC is more important to me.
More important then a high price.
But let us all agree, the price now is to low.
Much to low.

I think/believe full pos brings UTC stability and a higher price.
Hopefully higher as $0,75 or $1 or even higher.
Off course this is only possible if the dev team also go full on Minecraft and the android wallet and finally marketing UTC professional.

Call me a believer.
Call me stupid.
Call me a noob.
But this is what I believe in.

So I support going pure pos !!

[musicmaker613]

So I put a couple of Scrypt ASICs on the multipool today.  The hashrate at the pool is right, but the worker dashboard says 0 scrypt shares.  However, for some reason, I have a lot of SHA256 shares?  I'm using port 3333 in cgminer.  Is this normal or is something wrong with my setup?

[Thiago1]

So I put a couple of Scrypt ASICs on the multipool today.  The hashrate at the pool is right, but the worker dashboard says 0 scrypt shares.  However, for some reason, I have a lot of SHA256 shares?  I'm using port 3333 in cgminer.  Is this normal or is something wrong with my setup?

hey buddy look hére www.cryptotrain.net/gettingstarted.  The port for
SCRYPT is (3333) for SHA256 (5555) and X11(3332)

[derBruchpilotPro]

The only people wanting full PoS it seems are those who do not understand what is it and/or are only care about price.  Stable price is better then pump and dumps for a coin that is promoted for arbitrage and fast transfers of value.

That is a nice way to describe 90% of the people who post on this thread.

I disagree.
I believe in PoS cause wasting energy with mining cannot be desirable solution for the future.
Cutting down the unsustainable supply of new coins is a nice side effect. We see that other PoS coins has problems too, so I think its
getting even harder and harder for PoW coins.

Going to PoS shouldn't be a pump, its a adjustment to the current altcoin environment.

[primouno]

ULTRACOIN IS GOING FULL POS

...
...
Currently in today’s society people are not so focused on the meaning of a coin, but mostly to the desire or the limitation of a coin.
Unfortunately our coin has the "curse" of actually being well developed and people don't care much about that.
Scrypt-Chacha is a great algorithm, but it’s not very easy to configure because miners have to change settings constantly, and it runs hot.
This has chased away some people, and that is undesirable.
It's just too much effort for a miner when they can simply go and mine X11 instead and have a lower power bill and increase the life of their GPU.

Next to that, a coin that is 100% asic resistant and high in energy consumption will never be mined to its peak.
Even if PoS rewards are being implemented, it will still not drive the popularity up to a level we aspire to.
Not now at 5,2% PoS but also not at 10% or even at 15% or 20% PoS.
...
...

I disagree that miners have to change their settings too often. In one week time we will change factor from 13 to 14 and that means mining will cost less (lower power consumption) maybe it will equal to x11 power consumption. This factor is supposed to last for 6 months - 6 months of mining without any interruptions on our stable pools. Than in january the last factor change, and that's it

Only time can tell if this is the right choice. I hope so you know what you are doing

[MrBlacky]

POS is the end of UTC.

The last pump and dump before its end.

I really liked this coin and I thought it had a future right there next to DRK, VTC and BC.
But I guess the developers have other plans.

[allyouracid]

POS is the end of UTC.

The last pump and dump before its end.

I really liked this coin and I thought it had a future right there next to DRK, VTC and BC.
But I guess the developers have other plans.

Can you maybe deliver some arguments to substantiate your theory instead of just throwing buzzwords, please?

[fabietech]

Dear Community Members,

Thanks for all your comments and well-meant advice.

Obviously there are many positive and negative things to say, but let
we as a community just focus on the positive side for a better and stronger Ultracoin.

The Full POS is a well-considered decision that is consulted with many experts in the cryptoworld
We have also heard now some good and well respected opinions from you community members.

As we said in the announcement, we are now at an advanced stage of  testing Full POSS.
If there will be any problems like issues with the transaction speed or other well-documented questions that are posted this 24Hours we will take this in consideration.

But for now all ideas and services are now developed rapidly with the launch of:
- Minecraft plugin
- Acceptance of webshops

We ask the community to help us and to spread the word positive on all platforms as cryptsy, facebook, twitter, reddit, etc.

Regards,
Fabietech

[Uggle]

I'm skeptical but intrigued at the same time. Interesting times