[ANN][RDD] Reddcoin The Social Currency [PoSV] Electrum Wallet 1.0.2

[unhooked]

Please give me some REDD

RufeTxd61pq6tWfVQHYwFYJWxwczKvYPLt

[MaxOnBit]

What is the minimum age should be coins in wallet to forge PoS-block ?
For example, Novacoin = 520 confirmations + 30 days, COMM = 50 confirmations+everyday and what about REDD ?

[omgnaro]

Hey guys dont forget that the ReddAPI contest is still running!

http://www.reddit.com/r/reddCoin/comments/22bi4v/giveaway_10_million_reddcoins_reddapi_app/

Over 10M reddcoin in prizes!!!!!!

[newuser01]

Any information about the 5% premine that now just got bumped up to ~20%?

This is crucial and needs to be addressed.. it will scare people off from buying reddcoins.

[Jacce]

Any information about the 5% premine that now just got bumped up to ~20%?

This is crucial and needs to be addressed.. it will scare people off from buying reddcoins.

At least the developers doesn't hold the RDD, it was/is being distributed rather fairly to the IPO investers. It would be a whole other story if all of the premine was controlled by a single entity.

[dogechode]

What is the minimum age should be coins in wallet to forge PoS-block ?
For example, Novacoin = 520 confirmations + 30 days, COMM = 50 confirmations+everyday and what about REDD ?

I thought they just said they aren't implementing any of that yet; I am pretty sure the current update is just to lower the block reward and their.... "POSV" concept isn't going in for a while yet.

[omgnaro]

I want to be excited about this POSV concept but I am failing to see what makes it better than just regular POS. In the reddit discussion, as users have pointed out, won't people just send coins back and forth to themself to increase their "velocity" or whatever it's called?

1) The minting process will be built into the wallet itself. you don't need to ping-poing between two wallets. your wallet sends your own coins to a designated address to consume coin age in exchange for potential discovery of valid blocks.
2) the specific coin-aging function we implement will encourage transactions but not so extreme that everyone desperately spams transactions all the time. There is also the transaction fee that prevents DDoS.
3) Blockchain bloat is not a unique problem. Look at Bitcoin. Blockchain grows in size when a cryptocurrency gains popularity. This is the very nature of a peer-to-peer distributed network. We foresee 3rd-party trustworthy service providers who provide online wallet + minting services for most Reddcoin users.

http://www.reddit.com/r/reddCoin/comments/249dnl/major_announcement_reddcoin_to_implement_new/ch50i95?context=3

The problem that I see is that points 1 and 2 contradict themselves. "you don't need to ping-poing between two wallets" but yet "....will encourage transactions" ... honestly it sounds like you are just very naively hoping that people will not abuse the system by sending to themselves by telling them that it is not necessary.

If they gain more coins by doing this, everyone will do it. If there is no benefit to doing it, then there won't be any benefit to doing more transactions, legitimate or otherwise, in which case the whole idea is pointless. I am not trying to be a jerk here just trying to understand.

Sorry it took me so long to reply, had to do some research first. In order to gain any type of reward you have to be minting. When you are minting you will get the most efficient coinage you can to get the highest rewards. I dont think you understand how POS works(To be completely fair, im not sure if i do 100% would be nice for someone more knowledgeable on the subject to drop in). in POS your stake is calculated by the coinage, so typically its possible to get coins and hoard them to let them age then mint them and you would be getting the same reward as someone who was minting daily even though they left them in cold-storage. However with reddcoin the longer you hold them the less coin-age they gain so in order to be most efficient with coins you will be minting them before the decay kicks in to get your maximum rewards. Yes you could theoretically open your wallet before that decay kicks in, shuffle them around a couple address, and the close it and forget about it till next time. HOWEVER this still benefits the network because you are minting while your wallets open and you are doing this (even for the miniscule amount you do). HOWEVER the true beauty behind this system is that if im a user who uses coins often im being rewarded more than the person who buys them and leaves them in cold-storage (not supporting the network).

Edit: For purpose of this post Mining and Minting refer to the same function of POS.

[sp00lin9]

Hi,

Just to let you know we just launched a new Reddcoin casino this morning!

http://www.ReddKing.com

GET 10,000 FREE REDD TO TRY IT OUT
Reply to this message with your ReddKing address and i will
credit 10,000 REDD on it.


## ABOUT ##
- Double, Triple, Quadruple your Reddcoins
- 1% House Edge
- Off the Blockchain
- Provably fair
- Instant withdraw

## REFERRAL PROGRAM ##
- Earn 50% on every profit
- No minimum payout
- Paid weekly in ReddCoins

Have fun and good luck!

Thanks!! RbhmYxSnvTGwibc3YxwRMDkcSPFPEphoxE

[dogechode]

Sorry it took me so long to reply, had to do some research first. In order to gain any type of reward you have to be minting. When you are minting you will get the most efficient coinage you can to get the highest rewards. I dont think you understand how POS works(To be completely fair, im not sure if i do 100% would be nice for someone more knowledgeable on the subject to drop in). in POS your stake is calculated by the coinage, so typically its possible to get coins and hoard them to let them age then mint them and you would be getting the same reward as someone who was minting daily even though they left them in cold-storage. However with reddcoin the longer you hold them the less coin-age they gain so in order to be most efficient with coins you will be minting them before the decay kicks in to get your maximum rewards. Yes you could theoretically open your wallet before that decay kicks in, shuffle them around a couple address, and the close it and forget about it till next time. HOWEVER this still benefits the network because you are minting while your wallets open and you are doing this (even for the miniscule amount you do). HOWEVER the true beauty behind this system is that if im a user who uses coins often im being rewarded more than the person who buys them and leaves them in cold-storage (not supporting the network).

Edit: For purpose of this post Mining and Minting refer to the same function of POS.

My point is, the whole 'amazing new idea' part of this (according to what they are presenting) is supposed to be that it benefits people who actively use the coin. In fact there does not seem to be any difference between real users and people just shuffling coins between their own wallets/addresses. Thus, this sounds like POS with a pain-in-the-ass "oh I have to move my coins around every so often" factor. I don't think that's going to make it more popular than other POS coins. Thus, I think just POS and not "POSV" would be a better solution.

[mikeymillie]

Sorry it took me so long to reply, had to do some research first. In order to gain any type of reward you have to be minting. When you are minting you will get the most efficient coinage you can to get the highest rewards. I dont think you understand how POS works(To be completely fair, im not sure if i do 100% would be nice for someone more knowledgeable on the subject to drop in). in POS your stake is calculated by the coinage, so typically its possible to get coins and hoard them to let them age then mint them and you would be getting the same reward as someone who was minting daily even though they left them in cold-storage. However with reddcoin the longer you hold them the less coin-age they gain so in order to be most efficient with coins you will be minting them before the decay kicks in to get your maximum rewards. Yes you could theoretically open your wallet before that decay kicks in, shuffle them around a couple address, and the close it and forget about it till next time. HOWEVER this still benefits the network because you are minting while your wallets open and you are doing this (even for the miniscule amount you do). HOWEVER the true beauty behind this system is that if im a user who uses coins often im being rewarded more than the person who buys them and leaves them in cold-storage (not supporting the network).

Edit: For purpose of this post Mining and Minting refer to the same function of POS.

My point is, the whole 'amazing new idea' part of this (according to what they are presenting) is supposed to be that it benefits people who actively use the coin. In fact there does not seem to be any difference between real users and people just shuffling coins between their own wallets/addresses. Thus, this sounds like POS with a pain-in-the-ass "oh I have to move my coins around every so often" factor. I don't think that's going to make it more popular than other POS coins. Thus, I think just POS and not "POSV" would be a better solution.

+1 Winner!

PoSV is a great example of understanding a problem that few recognize (the need to incentivise transactions or people will just mine-dump, speculate, or hoard coins until they stake and then dump them, just another form of mine-dumping), which is indeed commendable - but coming up with the wrong solution to fix it.

You need to incentivise actual transactions, not penalize the lack of them by forcing users to keep track of accounting games being played with their staked coins.  PoSV is looking at this problem through the wrong end of the telescope.

Fluttercoin had the right idea here, with it's Proof of Transaction / PoS two pronged approach.  With PoT, spending transactions both secure the blockchain (and thus provide a useful network support service) as well as pay a random mining reward according to a number of adjustable, balanced incentive parameters. The final balancing of these parameters still being fine tuned as the dev team sees how PoT is behaving in the wild, but it's real, it exists now, and it addresses the problem with a carrot rather than a stick.

[omgnaro]

Sorry it took me so long to reply, had to do some research first. In order to gain any type of reward you have to be minting. When you are minting you will get the most efficient coinage you can to get the highest rewards. I dont think you understand how POS works(To be completely fair, im not sure if i do 100% would be nice for someone more knowledgeable on the subject to drop in). in POS your stake is calculated by the coinage, so typically its possible to get coins and hoard them to let them age then mint them and you would be getting the same reward as someone who was minting daily even though they left them in cold-storage. However with reddcoin the longer you hold them the less coin-age they gain so in order to be most efficient with coins you will be minting them before the decay kicks in to get your maximum rewards. Yes you could theoretically open your wallet before that decay kicks in, shuffle them around a couple address, and the close it and forget about it till next time. HOWEVER this still benefits the network because you are minting while your wallets open and you are doing this (even for the miniscule amount you do). HOWEVER the true beauty behind this system is that if im a user who uses coins often im being rewarded more than the person who buys them and leaves them in cold-storage (not supporting the network).

Edit: For purpose of this post Mining and Minting refer to the same function of POS.

My point is, the whole 'amazing new idea' part of this (according to what they are presenting) is supposed to be that it benefits people who actively use the coin. In fact there does not seem to be any difference between real users and people just shuffling coins between their own wallets/addresses. Thus, this sounds like POS with a pain-in-the-ass "oh I have to move my coins around every so often" factor. I don't think that's going to make it more popular than other POS coins. Thus, I think just POS and not "POSV" would be a better solution.

I dont think you read my post.


Yes you could theoretically open your wallet before that decay kicks in, shuffle them around a couple address, and the close it and forget about it till next time. HOWEVER this still benefits the network because you are minting while your wallets open and you are doing this (even for the miniscule amount you do). HOWEVER the true beauty behind this system is that if im a user who uses coins often im being rewarded more than the person who buys them and leaves them in cold-storage (not supporting the network).

[dogechode]

I dont think you read my post.


Yes you could theoretically open your wallet before that decay kicks in, shuffle them around a couple address, and the close it and forget about it till next time. HOWEVER this still benefits the network because you are minting while your wallets open and you are doing this (even for the miniscule amount you do). HOWEVER the true beauty behind this system is that if im a user who uses coins often im being rewarded more than the person who buys them and leaves them in cold-storage (not supporting the network).

You just don't get it, maybe you don't want to. No one gives a shit about "supporting the network" by opening your wallet for a few hours or a day and making a few transactions guerilla-style to game up the system. Any benefit from this would be negligible at best. And that's not what they are trying to say/do. They are trying to say that this POSV stuff will encourage people to actually use the coin more ie for real transactions which help grow the coin's economy. You know, stuff like tipping people, buying stuff from merchants, etc. Sending coins between your own addresses has ZERO impact on that.

[agxio]

ReddCoin Community: Did you know you can trade RDD/BTC at Austin Global Exchange? We've rolled out feature enhancements over the last week including updates to Chat, Markets, and more. You can automate your ReddCoin trading via our Trade API - just generate your unique API Key via your AGX Profile Manager and check out api.agx.io for documentation details. We've also launched a referral bonus: Get 15 free trades for each friend you refer! Your friends get 15 free trades for signing up too!

Come check out Austin Global Exchange at agx.io!

- The Austin Global Team

Find us at:
agx.io
bitcointalk.org/index.php?topic=507474
bitcointalk handles: "agxio," "AustinGlobal"
twitter.com/AustinGlobalX
austinglobal.tumblr.com

[peggy2jj]

Hi,

Just to let you know we just launched a new Reddcoin casino this morning!

http://www.ReddKing.com

GET 10,000 FREE REDD TO TRY IT OUT
Reply to this message with your ReddKing address and i will
credit 10,000 REDD on it.


## ABOUT ##
- Double, Triple, Quadruple your Reddcoins
- 1% House Edge
- Off the Blockchain
- Provably fair
- Instant withdraw

## REFERRAL PROGRAM ##
- Earn 50% on every profit
- No minimum payout
- Paid weekly in ReddCoins

Have fun and good luck!

Rp2NmLohrPenKReKf9YK5HNJ31KJhn2jMd   
It looks fun

[Mathy]

Please read the FAQ for your questions on the minting and "gaming" the system, especially #3.

http://goo.gl/QvvcZ0

If you want more details, read the entire paper.

http://goo.gl/W3IUBN

[dogechode]

Please read the FAQ for your questions on the minting and "gaming" the system, especially #3.

http://goo.gl/QvvcZ0

If you want more details, read the entire paper.

http://goo.gl/W3IUBN

I looked over them before, as I said. If you can't explain why I'm wrong in 2-3 brief sentences, it might be because I'm not wrong about this. (I am holding a bunch of this coin so believe me I want it to succeed. But I don't believe for 3 seconds that this POSV solution is the answer.)

[btc-facebook]

I am here and have been looking at, it will be better

[MatthewBCF]

+1 Winner!

PoSV is a great example of understanding a problem that few recognize (the need to incentivise transactions or people will just mine-dump, speculate, or hoard coins until they stake and then dump them, just another form of mine-dumping), which is indeed commendable - but coming up with the wrong solution to fix it.

You need to incentivise actual transactions, not penalize the lack of them by forcing users to keep track of accounting games being played with their staked coins.  PoSV is looking at this problem through the wrong end of the telescope.

Fluttercoin had the right idea here, with it's Proof of Transaction / PoS two pronged approach.  With PoT, spending transactions both secure the blockchain (and thus provide a useful network support service) as well as pay a random mining reward according to a number of adjustable, balanced incentive parameters. The final balancing of these parameters still being fine tuned as the dev team sees how PoT is behaving in the wild, but it's real, it exists now, and it addresses the problem with a carrot rather than a stick.

+1 And superbly put.  A penalty system will only frustrate or confuse.  The POT in FLT was a brilliant solution using existing marketing tactics like reward points on a credit card.  

What I would like to see in velocity is => The more you spend the faster your remaining coins gain age.. Now that would be velocity, not penalty, and would motivate movement w/o a downside for anyone.  You could sit on the coins and still get stake in fair time - But if you give/spend them then your remaining coins will do better POS than if left alone staking.

See how quick we can solve our problems

[englishbad]

you are really cool, I expect more features

[altj]

woah, so quiet all of a sudden.