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

[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.

+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.

If you are staking coins (minting) then the client will automatically cycle your coins so there age is the best it can be. The only users who are "penalized" are the ones who would sit on the coin for months on months.

[omgnaro]

+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

There is no penalty system in POS in the way you and the person you are replying to are talking about. Either you are minting coins and they are being optimally aged by the system itself OR you are not doing anything with your coins, and the coin-age could be of less use to you.

[mottsimon]

Please explain why you have 21674 subscriptions on reddit but only 25 people online? And why you are banning people for asking the question on reddit? I'll keep asking this over and over until I get a response. People deserve to know the truth on this... It's misleading to lure people into believing you have that many subscribers when you don't... Suspect as hell.... Can someone give me a logical answer please. I'm not spreading FUD I just think your community should be honest with new adopters of this coin. An thus far there has been no explanation on this that I have seen. Feel free to inform me otherwise.

[Jha MemoKLK]

There's already a social currency. It's called DOGE

[billythekit8056]

Let us all vote every hour at MINTPAL. This will help to get the coin even further!! Don't forget, every hour to vote on Mintpal!

[dogechode]

Still no cogent response to why POSV is actually any better than regular POS, and no response to the questions about the reddit subscribers. We're waiting.

[skharrah]

Still no cogent response to why POSV is actually any better than regular POS, and no response to the questions about the reddit subscribers. We're waiting.

Out or curiosity I just did a quick peek on the a half dozen of the more popular subreddits to see what the ratio of subscribed folks vs. hanging around folks.   At the time of this response:

Litecoin: 20,845 subscribed, 25 users "here"
Bitcoin: 119,859 subscribed, 760 users "here"
Reddcoin: 21,671 subscribed, 32 users "here"
Technology: 5,040,169 subscribed, 1,753 users "here"
Electronics: 34,252 subscribed, 27 users "here"


Reddcoin's #'s aren't out of whack if you look at a slew of other subreddits, including some from other coins (Why I chose Litecoin and Bitcoin) and few random other popular ones (Technology and Electronics).

[DidiMidi]

Still no cogent response to why POSV is actually any better than regular POS, and no response to the questions about the reddit subscribers. We're waiting.

Out or curiosity I just did a quick peek on the a half dozen of the more popular subreddits to see what the ratio of subscribed folks vs. hanging around folks.   At the time of this response:

Litecoin: 20,845 subscribed, 25 users "here"
Bitcoin: 119,859 subscribed, 760 users "here"
Reddcoin: 21,671 subscribed, 32 users "here"
Technology: 5,040,169 subscribed, 1,753 users "here"
Electronics: 34,252 subscribed, 27 users "here"


Reddcoin's #'s aren't out of whack if you look at a slew of other subreddits, including some from other coins (Why I chose Litecoin and Bitcoin) and few random other popular ones (Technology and Electronics).

I'm surprised he didn't do his own research. I simply passed to reply. But since we're at it please take a look at coingeko if you still don't believe it. RDD is #8, but if you look at posts and comments per hour ON REDDIT, it's only surpased by BTC and Ð. That's it. Also, i know that fake twitter followers were bought (they're dirt-cheap, and devs didn't buy them... they're not dumb), but do a quick search for #reddCoin and you'll see that it's also on par, if not above other cryptos. Only Ð and BTC can beat RDD, again.

And we're at 8 sats already, price is slowly but surely going up.

As for PoSV, please also do your own research. You may not like it, but i highly doubt that a SOCIAL CURRENCY will be gamed by that many people for a few pennies... most adresses hold between 10k and 1mil RDD. Would your average Joe keep shuffling coins for a measly 5% per year? You gotta be kidding me.

[dogechode]

As for PoSV, please also do your own research. You may not like it, but i highly doubt that a SOCIAL CURRENCY will be gamed by that many people for a few pennies... most adresses hold between 10k and 1mil RDD. Would your average Joe keep shuffling coins for a measly 5% per year? You gotta be kidding me.

No one is talking about the guy that has 1 mil rdd. We are talking about the many, many people with a whole lot more of them (myself included.)

[omgnaro]

As for PoSV, please also do your own research. You may not like it, but i highly doubt that a SOCIAL CURRENCY will be gamed by that many people for a few pennies... most adresses hold between 10k and 1mil RDD. Would your average Joe keep shuffling coins for a measly 5% per year? You gotta be kidding me.

No one is talking about the guy that has 1 mil rdd. We are talking about the many, many people with a whole lot more of them (myself included.)

Ok if you have alot of coins you must care for the coin right? So support the coin by minting and you will get your maximum rewards


Dont mint, dont gain




Edit: Looks like the coin going up again, higher buy orders then sell order on cryptsy!

[btccoffee]

As for PoSV, please also do your own research. You may not like it, but i highly doubt that a SOCIAL CURRENCY will be gamed by that many people for a few pennies... most adresses hold between 10k and 1mil RDD. Would your average Joe keep shuffling coins for a measly 5% per year? You gotta be kidding me.

No one is talking about the guy that has 1 mil rdd. We are talking about the many, many people with a whole lot more of them (myself included.)

Ok if you have alot of coins you must care for the coin right? So support the coin by minting and you will get your maximum rewards


Dont mint, dont gain




Edit: Looks like the coin going up again, higher buy orders then sell order on cryptsy!

agree

[cacahouette]

fyi please see the important update following hard fork

http://www.reddit.com/r/reddCoin/comments/25956g/wallet_v120/

Due to the hard fork, make sure everyone is on the correct wallet. Modify your reddcoin.conf file and add the following as the ONLY NODE STATEMENTS;
addnode=188.226.135.184
addnode=188.226.135.181
addnode=107.170.253.235
addnode=198.199.75.10
addnode=162.243.209.188
addnode=108.174.49.42
maxconnections=6
These nodes are using the correct wallet daemon.
Come to IRC and speak with /u/laudney - and don't panic.
reddcoin.conf locations;
Windows XP C:\Documents and Settings<username>\Application Data\reddcoin\reddcoin.conf
Windows 7/8 C:\Users<username>\AppData\Roaming\reddcoin\reddcoin.conf
Linux /home/<username>/.reddcoin/reddcoin.conf
Mac OSX /Users/<username>/Library/Application Support/reddcoin/reddcoin.conf

[Jonesd]

fyi please see the important update following hard fork

http://www.reddit.com/r/reddCoin/comments/25956g/wallet_v120/

Due to the hard fork, make sure everyone is on the correct wallet. Modify your reddcoin.conf file and add the following as the ONLY NODE STATEMENTS;
addnode=188.226.135.184
addnode=188.226.135.181
addnode=107.170.253.235
addnode=198.199.75.10
addnode=162.243.209.188
addnode=108.174.49.42
maxconnections=6
These nodes are using the correct wallet daemon.
Come to IRC and speak with /u/laudney - and don't panic.
reddcoin.conf locations;
Windows XP C:\Documents and Settings<username>\Application Data\reddcoin\reddcoin.conf
Windows 7/8 C:\Users<username>\AppData\Roaming\reddcoin\reddcoin.conf
Linux /home/<username>/.reddcoin/reddcoin.conf
Mac OSX /Users/<username>/Library/Application Support/reddcoin/reddcoin.conf

What happened?

[Mathy]

It seems some major pools didn't update their wallet creating a bit of a mess, but it'll be sorted since all the major exchanges already updated.

[niceman]

Looks like coin forked? What is correct chain? Block exploreres as block 140,964 my wallet and pools at 140778.
Daemon shows:
 "errors" : "Warning: Displayed transactions may not be correct! You may need to upgrade, or other nodes may need to upgrade."

[btcprice]

As for PoSV, please also do your own research. You may not like it, but i highly doubt that a SOCIAL CURRENCY will be gamed by that many people for a few pennies... most adresses hold between 10k and 1mil RDD. Would your average Joe keep shuffling coins for a measly 5% per year? You gotta be kidding me.

No one is talking about the guy that has 1 mil rdd. We are talking about the many, many people with a whole lot more of them (myself included.)

Ok if you have alot of coins you must care for the coin right? So support the coin by minting and you will get your maximum rewards


Dont mint, dont gain




Edit: Looks like the coin going up again, higher buy orders then sell order on cryptsy!

Any reason for this? Any news?

Looks like a continual gradual increase in price.

[Angelie1LTC]

This coin would make a great source of data for exploring game theory.

[Tyke]

I am pleased to announce that I have written the preliminary section for Reddcoin RDD.  If there are any important dates that I have missed or stated incorrectly, please say.  Reddcoin is now part of my book (instead of VOLT) which will be finished by this summer.  Any donations towards the final project are highly appreciated.


RcKcF8LcaHiCNr3yhPawaVJ4JujUX8426s

[makishart]

nice!

[niceman]

Some big pool mine on wrong chain. And wrong chain difficulty is higher than main chain.