[ANN] [CHC] Chaincoin - Network Upgrade 16.3 - SegWit Activated

[ppguy]

can someone advise me how to withdraw my coins from the masternode

[1714903924]

1714903924

[1714903924]

1714903924

[1714903924]

1714903924

[bitjamz]

can someone advise me how to withdraw my coins from the masternode

use this command: chaincoind sendtoaddress <newaddr> <amount>

[sotarules]

can someone advise me how to withdraw my coins from the masternode

ppguy if your coins are in a VPS masternode, you can use this command line to send them to any address you choose.  For example:

chaincoind sendtoaddress CdaQ5zNe5271t8D838jpmoqN12Rq2xmgL2 1000.0

Would send your coins to the address shown.  

One special consideration comes up if you want to lock the original 1,000 coins and only transfer the generated CHC revenue.  If this is your goal, it is more convoluted, and I'd recommend that you import the private keys from your masternode(s) into Chaincoin-QT, the user-oriented wallet for Windows or MAC.

Once private keys are imported, it is very easy to unselect the original 1,000 coin masternode stakes as eligible inputs, then send only the masternode earnings from Chaincoin-QT to whatever address you choose in the usual manner.  When you unselect the 1,000 coins, the Chaincoin-QT Amount field will drop accordingly, so the only amount you'll see will be earned masternode income.

BTW in order to do this, you must go to Settings -> Options -> [Wallet] tab and check Enable coin control features.  Once you do this, go to the [Send] tab and you'll see a new button [Inputs...].  Press [Inputs...] and the system will display a tree of all unspent transaction outputs.  You can press [Select All] which will select all CHC in your wallet, then systematically de-select all 1,000 amounts.  What will be left is the masternode earnings only, and the Amount field on the Send panel will reflect this.

[Elder III]

Given that stability, imagine telling someone that they can reliably bring in at least 20% ROI of tax-free revenue on a very modest investment, along with upside potential that is unknown, but could be big, like winning a lottery.  Put another way, you could hold your $680.00 in a money market account and make say 1.6%, or you could hold it in CHC and make over 20% without having to worry about the state sucking capital gains tax out of you like a blood-sucking leech.

You still have to pay taxes on any crypto that you exchange into fiat (at least in the USA). So unless you never exchange any of your MasterNode earned CHC into fiat (where you can actually use it to pay bills etc...) your statement is not quite accurate.  *I think if you only "earned" a few hundred $ you might not have to report that since it would fall below the limit, although there are a plethora of other factors in our convoluted mess of a tax code. :/

Elder III thanks for the clarification, I'd like your opinion regarding taxes under unusual use case.

I have in my hand a SHIFT card from Coinbase.  This card allows you to spend BTC dynamically.  From the merchant POV this looks like a debit card, but what really happens is Coinbase dynamically converts BTC in your account into fiat at time of purchase.

So my idea is like this CHC->Cryptopia->BTC->Coinbase->SHIFT.  With such a convoluted approach do you have any sense of what the tax implications would be?

Well, I don't really understand how the tax code works 100% in regards to crypto (even the Govt hasn't figured out how they want to deal with it for sure just yet). My father works for H&R Block as a tax consultant and his best understanding of it was that it would considered as self employment income if you mine and exchange those coins into fiat. I haven't checked in recent years, but I think it used to be anything over $600 made in a year (from any type of work) had to be reported as self employed income. Depending on your income bracket the Govt might take anywhere from 20-35% of that. * sarcasm on*Isn't it great how the Govt encourages their citizens to work to better their lot in life? *sarcasm off*  Now if you took some money and invested it directly into buying altcoins, which then gave a profit that you later exchanged into fiat I think that "should" fall under capital gains tax, which is a different %.... someone with more experience as a trader (instead of a miner) would have to comment on how they report that come tax time.  When it comes to masternode income it seems to me that it should be considered a capital gains type of income, but I really don't know if the Govt has even thought about that yet.

 The most important thing is that you do report it someway. My father (from H&R Block) says that you won't get into trouble if you file it incorrectly (ie the IRS says, "No that's not the right category" and you may get a letter saying it was filed incorrectly and you either owe them more $ or they send you a check because you paid too much. Where you do get in big trouble is if you don't report anything and they find out that you didn't even make an effort to report it... that's when you run the risk of getting arrested and charged with breaking various laws.  Better safe then sorry imo.

tldr - If you exchange crypto into fiat you do owe the Govt taxes, but how that needs to be filed might not be the same depending on how you acquired the coins which you exchanged.

[Paltus]

I'll HODL and keep masternodes till 100$ 

[Temporel]

I'll HODL and keep masternodes till 100$ 

make sure you have a Plan B 

[bakmaita]

I think I understand what you mean, Random does have a kind of youthful exuberance, and he seems to sometimes trip over himself like a puppy trying to find his legs. Yet, I do trust Random. If he is a scam artist, then he would be one of the best con-men I've ever seen in my life.  I just don't think you can fake the emotional roller-coast ride that he has gone through with CHC, on the air, with his followers.  

all "youtubers" are actors, with half of them trying to be clowns, thats why i can't stand watching them and certainly wouldn't take any advice from them, even more in something as unstable as altcoins are.

idk random, but from the very little i saw of max vids and seeing how his attitude has changed over time in the chc discord, he seems to be scumbag, im glad latey at least part of his sheep has realized it and feel sorry for people who have put a lot of money into this.

i also truly hope devs can pull it together and eventually make something worthy from the coin, brakmic seemed like nice guy.

[sotarules]

Proposal to Improve CHC Price and Viability

Each 90 seconds, Chaincoin network creates a new block with rewards as follows:

2 CHC -> Master Nodes
6 CHC -> Miners

This is simple and elegant and something that should not be meddled with lightly, so please understand that I'm not making this proposal in a flippant manner, but rather thinking about how to change the narrative to allow CHC price to rise.

DASH has implemented a revolutionary idea: decentralized governance.  With DASH, part of each block reward is allocated to a treasury that builds up over time.  In DASH block rewards are allocated as follows:

45% Miners
45% Master Nodes
10% Treasury

The treasury can be used for anything, but one important use is development.  At this time, our lead developer brakmic has stated flatly that he doesn't want to be paid anything, that he works 100% free (open source), so development cost isn't currently a huge concern.  However, treasury funds can be used for anything the community deems appropriate, and DASH has used this to help catapult the coin to higher valuation using a time-tested technique called marketing.  Note that DASH is supporting a lot of podcasts, and has commercials.  CHC could follow in DASH's footsteps, using treasury funds to do good-old-fashioned marketing, both traditional (e.g., radio) and content marketing on the web.

CHC could become the Litecoin equivalent of DASH

This is a reasonably good elevator pitch, and answers the question "Why CHC?"  I believe that achieving modest and achievable recognition as the next-best-thing-to-DASH could realistically push CHC valuation to $10 dollars or higher.

But how would this be done?  Well, my understanding is that it would require changes to the CHC consensus rules.  Technically, it would require brakmic and his helpers to port the treasury governance subsystems from DASH to CHC (assuming they are not already present), and a majority of the nodes would signal their agreement by running the new code.

My recommendation would be to do this in two steps.  The first step would be to enable the DASH-like governance system to give us a structured way of voting on features and initiatives without doing anything to the mining and master node percentages. Once that system is in place, we could start taking proposals for how to modify the percentages to introduce the idea of a treasury.  To be fair, it might make sense as follows:

20% Master Nodes
70% Miners
10% Treasury

This change in allocation would distribute the pain equally between Master Nodes and Miners, giving 10% of all block rewards to treasury.  If my math is right, this change would start accumulating 576 CHC/day into the treasury, which should build up quickly into a war chest.

There are two benefits to doing this.  First, we can use treasury funds for marketing and for any programming that brakmic isn't willing to do for free.  This is clearly an advantage, and DASH has already proven that this isn't blue sky, it really works.

But perhaps most importantly, such a change to the long-dormant CHC consensus rules would itself be newsworthy, disrupting the status quo.  Such a change would be perceived favorably by the crypto community, and that new faith would be reflected into the CHC price. It would signal that CHC is no longer a dead coin (one of the most popular objections), but a new coin, a coin with a plan.  Even the potential for such change could affect the narrative, giving the price of CHC a better chance to rise.

[sotarules]

I think I understand what you mean, Random does have a kind of youthful exuberance, and he seems to sometimes trip over himself like a puppy trying to find his legs. Yet, I do trust Random. If he is a scam artist, then he would be one of the best con-men I've ever seen in my life.  I just don't think you can fake the emotional roller-coast ride that he has gone through with CHC, on the air, with his followers.  

all "youtubers" are actors, with half of them trying to be clowns, thats why i can't stand watching them and certainly wouldn't take any advice from them, even more in something as unstable as altcoins are.

idk random, but from the very little i saw of max vids and seeing how his attitude has changed over time in the chc discord, he seems to be scumbag, im glad latey at least part of his sheep has realized it and feel sorry for people who have put a lot of money into this.

i also truly hope devs can pull it together and eventually make something worthy from the coin, brakmic seemed like nice guy.

Yes brakmic is the real deal, he insists on doing this work for free, he's open-source through and through. In Random Tandem's most recent webcast, HighOnCoins (Max) came into the chat room and mentioned that his mods have un-banned brakmic so he is welcome to return to #clubhodl discord.  brakmic politely declined.

[gottabit]

can someone advise me how to withdraw my coins from the masternode

ppguy if your coins are in a VPS masternode, you can use this command line to send them to any address you choose.  For example:

chaincoind sendtoaddress CdaQ5zNe5271t8D838jpmoqN12Rq2xmgL2 1000.0

Would send your coins to the address shown.  

One special consideration comes up if you want to lock the original 1,000 coins and only transfer the generated CHC revenue.  If this is your goal, it is more convoluted, and I'd recommend that you import the private keys from your masternode(s) into Chaincoin-QT, the user-oriented wallet for Windows or MAC.

Once private keys are imported, it is very easy to unselect the original 1,000 coin masternode stakes as eligible inputs, then send only the masternode earnings from Chaincoin-QT to whatever address you choose in the usual manner.  When you unselect the 1,000 coins, the Chaincoin-QT Amount field will drop accordingly, so the only amount you'll see will be earned masternode income.

BTW in order to do this, you must go to Settings -> Options -> [Wallet] tab and check Enable coin control features.  Once you do this, go to the [Send] tab and you'll see a new button [Inputs...].  Press [Inputs...] and the system will display a tree of all unspent transaction outputs.  You can press [Select All] which will select all CHC in your wallet, then systematically de-select all 1,000 amounts.  What will be left is the masternode earnings only, and the Amount field on the Send panel will reflect this.

I'd like to know more details.  You do a dumprivkey on the masternode.  How do import into the qt wallet?

[Dahman El_Harrachi]

How do I take my earnings from my masternode? Can I just stop it, remove everything except for 1000chc and then restart It? Or am I going to have to withdraw everything then resend 1000chc back?

[sotarules]

can someone advise me how to withdraw my coins from the masternode

ppguy if your coins are in a VPS masternode, you can use this command line to send them to any address you choose.  For example:

chaincoind sendtoaddress CdaQ5zNe5271t8D838jpmoqN12Rq2xmgL2 1000.0

Would send your coins to the address shown.  

One special consideration comes up if you want to lock the original 1,000 coins and only transfer the generated CHC revenue.  If this is your goal, it is more convoluted, and I'd recommend that you import the private keys from your masternode(s) into Chaincoin-QT, the user-oriented wallet for Windows or MAC.

Once private keys are imported, it is very easy to unselect the original 1,000 coin masternode stakes as eligible inputs, then send only the masternode earnings from Chaincoin-QT to whatever address you choose in the usual manner.  When you unselect the 1,000 coins, the Chaincoin-QT Amount field will drop accordingly, so the only amount you'll see will be earned masternode income.

BTW in order to do this, you must go to Settings -> Options -> [Wallet] tab and check Enable coin control features.  Once you do this, go to the [Send] tab and you'll see a new button [Inputs...].  Press [Inputs...] and the system will display a tree of all unspent transaction outputs.  You can press [Select All] which will select all CHC in your wallet, then systematically de-select all 1,000 amounts.  What will be left is the masternode earnings only, and the Amount field on the Send panel will reflect this.

I'd like to know more details.  You do a dumprivkey on the masternode.  How do import into the qt wallet?

To import into Chaincon-QT wallet, do Tools -> Debug Console then enter the following command:

importprivkey <privkey> <label>

where

<privkey> is your masternode private key
<label> is a label that should be the name your masternode from which the private key came

Example:

importprivkey Q7WGfhYKnxDnubD2TVJPXEbzREhtzXLE8JZBwsT9XcM1rw7Aw5vU Chaincoin1

If you have multiple masternodes, <label> is super helpful, because it becomes the account field for incoming transactions.  The net effect is when you look at the Transactions panel, you'll see your <label> in the Addressfield, so if you are getting a bunch of income from different masternodes, you can tell which nodes are receiving that income.

In my case <label> is one of the following:

Chaincoin1
Chaincoin2
Chaincoin3
Chaincoin4
Chaincoin5

So, since I have five nodes, I had to import five keys.

Some helpful information about wallet consolidation can be found here:

https://www.dash.org/forum/threads/reubens-start-multiple-masternodes-from-one-wallet-guide-start-many.4034/

Even though this post is for DASH, the concepts are exactly the same for CHC.

Caveat emptor: although I believe this should work perfectly for you, in my case, I didn't actually use Chaincoin-QT.  Insteady, I consolidated my keys into a wallet on an Ubuntu machine using the command line, then copied my wallet.dat from Ubuntu to windows.  This proved that wallet.dat format is completely compatible between Ubuntu and Windows, but that was probably the more cumbersome way to do it.  You should be able to import the private keys into Chaincoin-QT using Debug Console.

[gottabit]

can someone advise me how to withdraw my coins from the masternode

ppguy if your coins are in a VPS masternode, you can use this command line to send them to any address you choose.  For example:

chaincoind sendtoaddress CdaQ5zNe5271t8D838jpmoqN12Rq2xmgL2 1000.0

Would send your coins to the address shown.  

One special consideration comes up if you want to lock the original 1,000 coins and only transfer the generated CHC revenue.  If this is your goal, it is more convoluted, and I'd recommend that you import the private keys from your masternode(s) into Chaincoin-QT, the user-oriented wallet for Windows or MAC.

Once private keys are imported, it is very easy to unselect the original 1,000 coin masternode stakes as eligible inputs, then send only the masternode earnings from Chaincoin-QT to whatever address you choose in the usual manner.  When you unselect the 1,000 coins, the Chaincoin-QT Amount field will drop accordingly, so the only amount you'll see will be earned masternode income.

BTW in order to do this, you must go to Settings -> Options -> [Wallet] tab and check Enable coin control features.  Once you do this, go to the [Send] tab and you'll see a new button [Inputs...].  Press [Inputs...] and the system will display a tree of all unspent transaction outputs.  You can press [Select All] which will select all CHC in your wallet, then systematically de-select all 1,000 amounts.  What will be left is the masternode earnings only, and the Amount field on the Send panel will reflect this.

I'd like to know more details.  You do a dumprivkey on the masternode.  How do import into the qt wallet?

To import into Chaincon-QT wallet, do Tools -> Debug Console then enter the following command:

importprivkey <privkey> <label>

where

<privkey> is your masternode private key
<label> is a label that should be the name your masternode from which the private key came

Example:

importprivkey Q7WGfhYKnxDnubD2TVJPXEbzREhtzXLE8JZBwsT9XcM1rw7Aw5vU Chaincoin1

If you have multiple masternodes, <label> is super helpful, because it becomes the account field for incoming transactions.  The net effect is when you look at the Transactions panel, you'll see your <label> in the Addressfield, so if you are getting a bunch of income from different masternodes, you can tell which nodes are receiving that income.

In my case <label> is one of the following:

Chaincoin1
Chaincoin2
Chaincoin3
Chaincoin4
Chaincoin5

So, since I have five nodes, I had to import five keys.

Some helpful information about wallet consolidation can be found here:

https://www.dash.org/forum/threads/reubens-start-multiple-masternodes-from-one-wallet-guide-start-many.4034/

Even though this post is for DASH, the concepts are exactly the same for CHC.

Caveat emptor: although I believe this should work perfectly for you, in my case, I didn't actually use Chaincoin-QT.  Insteady, I consolidated my keys into a wallet on an Ubuntu machine using the command line, then copied my wallet.dat from Ubuntu to windows.  This proved that wallet.dat format is completely compatible between Ubuntu and Windows, but that was probably the more cumbersome way to do it.  You should be able to import the private keys into Chaincoin-QT using Debug Console.

thanks mate!  by chance, would you know what the reward (fraction/percentage of the .0001 transaction fee) would be if an mn participated in the darksend mixing?  Can't find anything in DASH docs. 

[sotarules]

thanks mate!  by chance, would you know what the reward (fraction/percentage of the .0001 transaction fee) would be if an mn participated in the darksend mixing?  Can't find anything in DASH docs.  

No, sorry I don't know the rules, but I suspect that I have received some, because many of my incoming masternode rewards are slightly higher than 2 CHC.  Like I'm looking at one right now and it is 2.000025, 2.000175 and so on.  Looks like it is always a multiple of .000025 though, that may be a clue.

[sotarules]

How do I take my earnings from my masternode? Can I just stop it, remove everything except for 1000chc and then restart It? Or am I going to have to withdraw everything then resend 1000chc back?

Dahman, in an earlier post today, I explained to another HODLer how to "lock" the original 1,000 CHC to make it off limits, so you can safely send only your earnings out of your masternode. 

[cryptoninjapanda]

thanks mate!  by chance, would you know what the reward (fraction/percentage of the .0001 transaction fee) would be if an mn participated in the darksend mixing?  Can't find anything in DASH docs.  

No, sorry I don't know the rules, but I suspect that I have received some, because many of my incoming masternode rewards are slightly higher than 2 CHC.  Like I'm looking at one right now and it is 2.000025, 2.000175 and so on.  Looks like it is always a multiple of .000025 though, that may be a clue.

In addition to 2 CHC you get as 25% of the block reward you also get 25% of the fee for processing transactions.

[cryptoninjapanda]

Proposal to Improve CHC Price and Viability

Each 90 seconds, Chaincoin network creates a new block with rewards as follows:

2 CHC -> Master Nodes
6 CHC -> Miners

This is simple and elegant and something that should not be meddled with lightly, so please understand that I'm not making this proposal in a flippant manner, but rather thinking about how to change the narrative to allow CHC price to rise.

DASH has implemented a revolutionary idea: decentralized governance.  With DASH, part of each block reward is allocated to a treasury that builds up over time.  In DASH block rewards are allocated as follows:

45% Miners
45% Master Nodes
10% Treasury

The treasury can be used for anything, but one important use is development.  At this time, our lead developer brakmic has stated flatly that he doesn't want to be paid anything, that he works 100% free (open source), so development cost isn't currently a huge concern.  However, treasury funds can be used for anything the community deems appropriate, and DASH has used this to help catapult the coin to higher valuation using a time-tested technique called marketing.  Note that DASH is supporting a lot of podcasts, and has commercials.  CHC could follow in DASH's footsteps, using treasury funds to do good-old-fashioned marketing, both traditional (e.g., radio) and content marketing on the web.

CHC could become the Litecoin equivalent of DASH

This is a reasonably good elevator pitch, and answers the question "Why CHC?"  I believe that achieving modest and achievable recognition as the next-best-thing-to-DASH could realistically push CHC valuation to $10 dollars or higher.

But how would this be done?  Well, my understanding is that it would require changes to the CHC consensus rules.  Technically, it would require brakmic and his helpers to port the treasury governance subsystems from DASH to CHC (assuming they are not already present), and a majority of the nodes would signal their agreement by running the new code.

My recommendation would be to do this in two steps.  The first step would be to enable the DASH-like governance system to give us a structured way of voting on features and initiatives without doing anything to the mining and master node percentages. Once that system is in place, we could start taking proposals for how to modify the percentages to introduce the idea of a treasury.  To be fair, it might make sense as follows:

20% Master Nodes
70% Miners
10% Treasury

This change in allocation would distribute the pain equally between Master Nodes and Miners, giving 10% of all block rewards to treasury.  If my math is right, this change would start accumulating 576 CHC/day into the treasury, which should build up quickly into a war chest.

There are two benefits to doing this.  First, we can use treasury funds for marketing and for any programming that brakmic isn't willing to do for free.  This is clearly an advantage, and DASH has already proven that this isn't blue sky, it really works.

But perhaps most importantly, such a change to the long-dormant CHC consensus rules would itself be newsworthy, disrupting the status quo.  Such a change would be perceived favorably by the crypto community, and that new faith would be reflected into the CHC price. It would signal that CHC is no longer a dead coin (one of the most popular objections), but a new coin, a coin with a plan.  Even the potential for such change could affect the narrative, giving the price of CHC a better chance to rise.

There is talk about this since May when the idea was to move to 45/45/10 and also to implement v0.12 Dash which supports the budgeting system. But then there was a change and team has stopped working on v0.12 until they resolve all the bugs of current v0.9. Last we heard from roli on slack that temporary solution might be to move to 35/65 nodes/miners. Completely agree with you that budgeting/voting system and especially dev fund is the most important update team can make. That money can then be used to further develop the coin and pay for services like for example processors like coinpayments.net . Which charges $7000 to get new coin listed but would give CHC a real life use in all online shops that have coinpayments. We can't expect roli to pay for everything from his pocket.

[m33]

really hope this coin can pull it together , btw have not been getting payment in a long time ...

[cryptoninjapanda]

I think I understand what you mean, Random does have a kind of youthful exuberance, and he seems to sometimes trip over himself like a puppy trying to find his legs. Yet, I do trust Random. If he is a scam artist, then he would be one of the best con-men I've ever seen in my life.  I just don't think you can fake the emotional roller-coast ride that he has gone through with CHC, on the air, with his followers.  

all "youtubers" are actors, with half of them trying to be clowns, thats why i can't stand watching them and certainly wouldn't take any advice from them, even more in something as unstable as altcoins are.

idk random, but from the very little i saw of max vids and seeing how his attitude has changed over time in the chc discord, he seems to be scumbag, im glad latey at least part of his sheep has realized it and feel sorry for people who have put a lot of money into this.

i also truly hope devs can pull it together and eventually make something worthy from the coin, brakmic seemed like nice guy.

Yes brakmic is the real deal, he insists on doing this work for free, he's open-source through and through. In Random Tandem's most recent webcast, HighOnCoins (Max) came into the chat room and mentioned that his mods have un-banned brakmic so he is welcome to return to #clubhodl discord.  brakmic politely declined.

First priority for web devs should definitely be to bring back team page with the updated list of team members since team has many new members. There has been so much FUD about the team and all that could have been avoided if there was a list of team members on the website. They don't have to put their real names if they don't want to but people have to know who devs are. Many scammers are also taking advantage of the situation.

Core dev team members are roli (lead developer), brakmic and atriviss. And there are at least 10 - 15 people involved with the team.

Large team is one of the major advantages that CHC has over other masternode coins so why not show it on the website. It would surely kill all the FUD concerning the team.      

[sotarules]

There is talk about this since May when the idea was to move to 45/45/10 and also to implement v0.12 Dash which supports the budgeting system. But then there was a change and team has stopped working on v0.12 until they resolve all the bugs of current v0.9. Last we heard from roli on slack that temporary solution might be to move to 35/65 nodes/miners. Completely agree with you that budgeting/voting system and especially dev fund is the most important update team can make. That money can then be used to further develop the coin and pay for services like for example processors like coinpayments.net . Which charges $7000 to get new coin listed but would give CHC a real life use in all online shops that have coinpayments. We can't expect roli to pay for everything from his pocket.

CryptoNinjaPanda, do you know whether there exists an infrastructure like the BIP protocol for CHC, someplace where we can write proposals to improve things?  If not, we should get that set up as well, some way to more formalize these changes.

I had no idea that there were so many developers, and my apologies to Roli (lead), I was under the impression that brakmic was essentially the sole developer. This is a symptom of the problem you indicated, namely no list of developers.  That would be such an easy thing to do to bolster confidence.

But given there has already been talk of implementing DASH-style budgeting, and there is a sense that this isn't an idea perceived as way out in left field, I'm going to quietly start accumulating more CHC, because if any of this comes together, combined with continuing increases in masternode lock-in percentage, I don't want to look back on this as a missed opportunity: a community-driven coin for people that would rather HODL than scam one another.