[POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦

[rdyoung]

I'd like to understand this payout system a bit better - I see the 5-6% mentioned all the time, but is that per block of staked coins, or what?   I've only got a small number of potcoins, about 30k, and in the last 24 hours, I think I've gotten barely 1 or 2 potcoins - is this to be expected?  And if not, what am I doing wrong?

The concept seems cool, but in practice I find it pretty non-obvious what the return is.

Thanks!

The 5-6% is yearly return for supporting the network. From what I can tell the returns are not what they should be, yet. This is due to the network taking time to get up to speed, mainly because we don't have cryptsy and bittrex online yet, those 2 have the most potcoin of all the exchanges that support it. We have had some lag getting the transition to POSv up and running at full speed. When the network is finally moving the way it should be you will notice that 5-6% is the inflation rate on the total money supply and your local stake rate is much higher than that. There might also be an issue with the code that needs tweaked, the devs are aware of it and looking into it.

[fonzerrellie]

Thank you for that!!! My only concern is those that are splitting manually have a major advantage over those of us that keep our funds in 1 wallet address. While guys like me wait for this fix, if I wanted to manually spilt the coins into many different wallets, I know how to make loads of new wallet addresess and move coins, but what else? Thats the part I dont get. People that are making 40 wallet addresses and moving their coins are losing all of their coin age and weight, so I dont see how they are making this work!??!?

I know that POSV is "proof of stake velocity" as has to do with moving coins to generate stake, but then at the same time , the coin weight resets back to 0 when moved. Very confusing.

Vegas

The velocity has to do with the rate at which the coins age after they are moved. They mature at a faster rate than the standard 1:1 of other POS algos.
The first 2 weeks the coins gain age faster, after which they start to slowdown. This is incentive to actually transact in the coin as you know that your coins will age faster if they are moved.

Those of us that are doing a ton of individual addresses are NOT doing it for our gain, IE, we don't expect to make more coins staking this way from the beginning. We are doing to help get the network up to speed and minting a block every 40s on average like it should be.

POSv1.0 was designed so that the base rate was 5% with upwards of 6% possible if you staked 24/7/365. POSv2.0 splits the the total 5-6% of the total money supply with the coins actively staking. If 50% of the coins are active then the stake rate is 10%+.

some staking info /\

it's a minimum of 5%, so daily pos finds wont be big but they will add up over time... keeps inflation to a minimum 

[rdyoung]

Thank you for that!!! My only concern is those that are splitting manually have a major advantage over those of us that keep our funds in 1 wallet address. While guys like me wait for this fix, if I wanted to manually spilt the coins into many different wallets, I know how to make loads of new wallet addresess and move coins, but what else? Thats the part I dont get. People that are making 40 wallet addresses and moving their coins are losing all of their coin age and weight, so I dont see how they are making this work!??!?

I know that POSV is "proof of stake velocity" as has to do with moving coins to generate stake, but then at the same time , the coin weight resets back to 0 when moved. Very confusing.

Vegas

The velocity has to do with the rate at which the coins age after they are moved. They mature at a faster rate than the standard 1:1 of other POS algos.
The first 2 weeks the coins gain age faster, after which they start to slowdown. This is incentive to actually transact in the coin as you know that your coins will age faster if they are moved.

Those of us that are doing a ton of individual addresses are NOT doing it for our gain, IE, we don't expect to make more coins staking this way from the beginning. We are doing to help get the network up to speed and minting a block every 40s on average like it should be.

POSv1.0 was designed so that the base rate was 5% with upwards of 6% possible if you staked 24/7/365. POSv2.0 splits the the total 5-6% of the total money supply with the coins actively staking. If 50% of the coins are active then the stake rate is 10%+.

some staking info /\

it's a minimum of 5%, so daily pos finds wont be big but they will add up over time... keeps inflation to a minimum 

Damn I feel honored...

As I responded to markaz, the returns are not YET correct for most of us staking. My 100k address is staking less than 1%/apr while my 21k address is getting upwards of 16%.
redrhino and I have been attempting to figure out why and I think I know, but we won't know if I am right until we have several times the current blocks/addresses fighting to stake.
In short, I believe that coin age grows exponentially for the first 14 days and when you stake as often as we have been because of the few # of blocks of coins to keep the network moving, you cut off the compounding effect before it can give you an optimal return.

[MarkAz]

POSv1.0 was designed so that the base rate was 5% with upwards of 6% possible if you staked 24/7/365. POSv2.0 splits the the total 5-6% of the total money supply with the coins actively staking. If 50% of the coins are active then the stake rate is 10%+.

Interesting - so if I understand this correctly, the 5-6% is of total coins, so for argument sake let's say there are 1m coins in the system, then the total interest paid in 1 year would be 50k coins, or basically 136 coins/day.

Then the actual coins that are awarded to staking is based on the active amount of stakers/wallets running - so let's say there is 100k staking (10% of total), this means that their EFFECTIVE interest rate is 10x of normal (since the majority in my example is not staking), or 50%, because if they were the only ones all year, they would receive 50k coins for their 100k stake.

Is this correct?

If so, that's interesting because it would seem to negatively incentivize you to NOT tell people to stake coins, because the less staking, the more interest you'll accrue.  On the flip side, this also means that the whole network still benefits from dead or unused coins, because they add to the total interest rate of the network.

I appreciate everyone taking the time to answer my questions - still wrapping my brain around POSV...

[rdyoung]

POSv1.0 was designed so that the base rate was 5% with upwards of 6% possible if you staked 24/7/365. POSv2.0 splits the the total 5-6% of the total money supply with the coins actively staking. If 50% of the coins are active then the stake rate is 10%+.

Interesting - so if I understand this correctly, the 5-6% is of total coins, so for argument sake let's say there are 1m coins in the system, then the total interest paid in 1 year would be 50k coins, or basically 136 coins/day.

Then the actual coins that are awarded to staking is based on the active amount of stakers/wallets running - so let's say there is 100k staking (10% of total), this means that their EFFECTIVE interest rate is 10x of normal (since the majority in my example is not staking), or 50%, because if they were the only ones all year, they would receive 50k coins for their 100k stake.

Is this correct?

If so, that's interesting because it would seem to negatively incentivize you to NOT tell people to stake coins, because the less staking, the more interest you'll accrue.  On the flip side, this also means that the whole network still benefits from dead or unused coins, because they add to the total interest rate of the network.

I appreciate everyone taking the time to answer my questions - still wrapping my brain around POSV...

You hit the nail on the head. Yes, it sort of incentivizes people to tell others not to stake, but at the same time it incentivizes people to actively stake 24/7 and not store their funds at at an exchange. I doubt we will ever see anything more than 50%-75% of the coins actively staking, likely closer to 50%, this means that our individual effective rate will likely however around 10%. There are however 2 factors that work against your "negative incentive", first we need actively staking wallets to secure the network and keep it moving, this is achieved by onboarding others to the coin, the second is we need people buying the coin so that we have somewhere to sell our coin for those of us that can't spend it on weed or other merchandise like food .

[MarkAz]

You hit the nail on the head. Yes, it sort of incentivizes people to tell others not to stake, but at the same time it incentivizes people to actively stake 24/7 and not store their funds at at an exchange. I doubt we will ever see anything more than 50%-75% of the coins actively staking, likely closer to 50%, this means that our individual effective rate will likely however around 10%. There are however 2 factors that work against your "negative incentive", first we need actively staking wallets to secure the network and keep it moving, this is achieved by onboarding others to the coin, the second is we need people buying the coin so that we have somewhere to sell our coin for those of us that can't spend it on weed or other merchandise like food .

Awesome, I've got a handle on it... So right now there's 211m potcoins total, so the interest up for grabs per day (assuming we're running at 5%) is ~29k... So when I make 1pot/day, it's because the other ~93 people who are staking (according to the block explorer) make up substantially larger holdings. 

Right now that means my interest rate is closer to 1%, not 5% - but I also imagine just like with mining, there's variance that happens, so sometimes it's going to be higher, sometimes lower, but at the end of the year it will be ~5%.

I'm certainly interested to see how this plays out... One value of mining, even when they don't hold the coins is that they create transactions - even if it is just to sell.  It also was substantially more 'fun' to solomine Pot before, because you'd find blocks and it would feel like you had accomplished something, whereas now I'm obviously doing substantially less 'work', but it also doesn't feel overly satisfying.  But that's purely from a mining perspective, not a use perspective - so as people have pointed out before on the thread, now it's more about uses of the coin.

[rdyoung]

You hit the nail on the head. Yes, it sort of incentivizes people to tell others not to stake, but at the same time it incentivizes people to actively stake 24/7 and not store their funds at at an exchange. I doubt we will ever see anything more than 50%-75% of the coins actively staking, likely closer to 50%, this means that our individual effective rate will likely however around 10%. There are however 2 factors that work against your "negative incentive", first we need actively staking wallets to secure the network and keep it moving, this is achieved by onboarding others to the coin, the second is we need people buying the coin so that we have somewhere to sell our coin for those of us that can't spend it on weed or other merchandise like food .

Awesome, I've got a handle on it... So right now there's 211m potcoins total, so the interest up for grabs per day (assuming we're running at 5%) is ~29k... So when I make 1pot/day, it's because the other ~93 people who are staking (according to the block explorer) make up substantially larger holdings. 

Right now that means my interest rate is closer to 1%, not 5% - but I also imagine just like with mining, there's variance that happens, so sometimes it's going to be higher, sometimes lower, but at the end of the year it will be ~5%.

I'm certainly interested to see how this plays out... One value of mining, even when they don't hold the coins is that they create transactions - even if it is just to sell.  It also was substantially more 'fun' to solomine Pot before, because you'd find blocks and it would feel like you had accomplished something, whereas now I'm obviously doing substantially less 'work', but it also doesn't feel overly satisfying.  But that's purely from a mining perspective, not a use perspective - so as people have pointed out before on the thread, now it's more about uses of the coin.

Yes, you have it nailed down 99%. Based on some tests I have done with varying the time between stakes on one of my wallets, I am 99% certain that I am right.
I will try and explain it the best I can, you seem like you can handle the "big" words so I won't simplify anything.

Why I think the stake rate isn't correct for some of us, yet.
The amount of coins earned from a staked block is based on several factors. The total money supply, the weight of your coins against the total actively staking coins and the coin age of that block. What I think is happening is that we are staking blocks too fast for the blocks to age enough to be paid what they should for a staked block. POSv has accelerated aging for the first 14 days, it appears that
The solution? More blocks/addresses staking. To average 2160 blocks/day we need 720 active blocks of coins trying to mint a block and get some coin in return, what we have is close to 800 actively staking addresses, we also have an 8 hour maturity based on 40s block times. If we had 2160 addresses trying to mint we would all stake once per day on average. I am actively increasing the time between my stakes by locking my wallet, I also have a sheet setup to track the stakes and give me metrics for tracking. My goal is to figure out exactly where the exponential growth stops/slows down/reverses/etc. I have also been discussion with redrhino about this, he actually brought it to me asking me to pull my coins for a few hours and see if the payout would increase for me like it did for him.


Ok, ranting reply over. More beer for me. Everyone in the states or elsewhere who celebrates labor day, have a beer or shot on me

[MarkAz]

Why I think the stake rate isn't correct for some of us, yet.
The amount of coins earned from a staked block is based on several factors. The total money supply, the weight of your coins against the total actively staking coins and the coin age of that block. What I think is happening is that we are staking blocks too fast for the blocks to age enough to be paid what they should for a staked block. POSv has accelerated aging for the first 14 days, it appears that
The solution? More blocks/addresses staking. To average 2160 blocks/day we need 720 active blocks of coins trying to mint a block and get some coin in return, what we have is close to 800 actively staking addresses, we also have an 8 hour maturity based on 40s block times. If we had 2160 addresses trying to mint we would all stake once per day on average. I am actively increasing the time between my stakes by locking my wallet, I also have a sheet setup to track the stakes and give me metrics for tracking. My goal is to figure out exactly where the exponential growth stops/slows down/reverses/etc. I have also been discussion with redrhino about this, he actually brought it to me asking me to pull my coins for a few hours and see if the payout would increase for me like it did for him.

hehe, your laborday is like mine. 

Yeah, I suspect something is off as well... My calculations are assuming 100% of the coins were being staked - and while the block explorer I used shows the number of clients, it doesn't show the actual amount of coins staked.  I suspect you could estimate this by just summing the total value of the blocks for 1 day, since my understanding is your stake is part of the new block.  There would be some error in this (anything being done in the block that isn't the stake), but it would give a good ballpark. 

Roaming around some websites, it looks like the average might be in the $500 range, which would mean about 500k potcoins staked... So based on that the multiple should be 422x the default, since the vast vast vast majority of coins aren't staked.  Am I off on any of this, or is this just illustrating the problem you've been looking into?

[rdyoung]

Why I think the stake rate isn't correct for some of us, yet.
The amount of coins earned from a staked block is based on several factors. The total money supply, the weight of your coins against the total actively staking coins and the coin age of that block. What I think is happening is that we are staking blocks too fast for the blocks to age enough to be paid what they should for a staked block. POSv has accelerated aging for the first 14 days, it appears that
The solution? More blocks/addresses staking. To average 2160 blocks/day we need 720 active blocks of coins trying to mint a block and get some coin in return, what we have is close to 800 actively staking addresses, we also have an 8 hour maturity based on 40s block times. If we had 2160 addresses trying to mint we would all stake once per day on average. I am actively increasing the time between my stakes by locking my wallet, I also have a sheet setup to track the stakes and give me metrics for tracking. My goal is to figure out exactly where the exponential growth stops/slows down/reverses/etc. I have also been discussion with redrhino about this, he actually brought it to me asking me to pull my coins for a few hours and see if the payout would increase for me like it did for him.

hehe, your laborday is like mine. 

Yeah, I suspect something is off as well... My calculations are assuming 100% of the coins were being staked - and while the block explorer I used shows the number of clients, it doesn't show the actual amount of coins staked.  I suspect you could estimate this by just summing the total value of the blocks for 1 day, since my understanding is your stake is part of the new block.  There would be some error in this (anything being done in the block that isn't the stake), but it would give a good ballpark. 

Roaming around some websites, it looks like the average might be in the $500 range, which would mean about 500k potcoins staked... So based on that the multiple should be 422x the default, since the vast vast vast majority of coins aren't staked.  Am I off on any of this, or is this just illustrating the problem you've been looking into?

https://chainz.cryptoid.info/pot/#!extraction is the best place I have found to get detailed info on the coins they support.
Right now about 26% of coins are actively staking, so about 55million give or take. This # was as low as 21% early today/late yesterday.

Yes, you have pretty much summed up what redrhino asked me about for verification of his findings. This also explains why my 21k address is staking a larger % than my 100k. With the 48hr'ish window between the last 2 stakes it brought my extrapolated return up to 1.71% from less than 1. This pretty much confirms that I what I think is happening is indeed the case. If I am correct, we will all see our relative earnings increase as soon as the exchanges open up and more people can get their coins out and staking as well as when potlabs starts an advertising push to get potcoin into more peoples hands.

[fyubr]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

[Razerglass]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

really long list, is there a tldr ^_^ because its kinda general not really specific

[rdyoung]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

really long list, is there a tldr ^_^ because its kinda general not really specific

TLDR for a list of "things to do" would defeat the purpose of the list, dont ya think?

[Razerglass]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

really long list, is there a tldr ^_^ because its kinda general not really specific

TLDR for a list of "things to do" would defeat the purpose of the list, dont ya think?

Its just most of the things on that list are super general. lets use the first item on the to-do list for a example "Get the Potcoin Tipbot back up Reddit."

Wheres the old one? Whats the story behind it?

Or "Raise money/Find someone to code a social media tipbot for: Youtube/Facebook/Twitter"   Ok social media tipbot. thats not specific at all tipbot you can tip users thats cool and all.. but what will trigger the tips?

lol can I speak to the manager?
 I see you guys have alot of work to do, but this is like a shopping list that looks like " get ingrediants for cookies" " get drinks for the party "    the person shopping is gonna say wtf     I like coding stuff for cryptos but theres not really anything to work off this list at the moment

[rdyoung]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

really long list, is there a tldr ^_^ because its kinda general not really specific

TLDR for a list of "things to do" would defeat the purpose of the list, dont ya think?

Its just most of the things on that list are super general. lets use the first item on the to-do list for a example "Get the Potcoin Tipbot back up Reddit."

Wheres the old one? Whats the story behind it?

Or "Raise money/Find someone to code a social media tipbot for: Youtube/Facebook/Twitter"   Ok social media tipbot. thats not specific at all tipbot you can tip users thats cool and all.. but what will trigger the tips?

lol can I speak to the manager?
 I see you guys have alot of work to do, but this is like a shopping list that looks like " get ingrediants for cookies" " get drinks for the party "    the person shopping is gonna say wtf     I like coding stuff for cryptos but theres not really anything to work off this list at the moment

Then say this in that thread. Your right, they need someone to start boiling it down and get some details for people to work with.
I believe that post was made by a regular joe/jane, not someone from potlabs.

[dragonseer]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

really long list, is there a tldr ^_^ because its kinda general not really specific

Quote:  "best coders for the price for the social media tipbot, mobile wallets, lite wallet, etc"

If you are looking for merchant adoption then I would put the mobile wallet as the top priority when it comes to development, both the iOS and android wallets are listing as 'Coming Soon!' but it's rather vague what state of development they are at, I assume some assistance from coders is needed.  I don't think you would need a mobile wallet capable of staking, otherwise it may get tied up in development forever.

On the merchant end, you could work with shapeshift.io towards developing a specific API, this would make it easy to implement in store, otherwise businesses  can just use their service with a calculator to take payments.

Then, between the mobile wallet and a merchant API, you could have a customer bring their phone to the store, and pay with Potcoin.

A lot of time and energy has gone into converting to POSv, that's fine, but it's hard to approach a business without this simple process ready to go.

[rdyoung]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

really long list, is there a tldr ^_^ because its kinda general not really specific

Quote:  "best coders for the price for the social media tipbot, mobile wallets, lite wallet, etc"

If you are looking for merchant adoption then I would put the mobile wallet as the top priority when it comes to development, both the iOS and android wallets are listing as 'Coming Soon!' but it's rather vague what state of development they are at, I assume some assistance from coders is needed.  I don't think you would need a mobile wallet capable of staking, otherwise it may get tied up in development forever.

On the merchant end, you could work with shapeshift.io towards developing a specific API, this would make it easy to implement in store, otherwise businesses  can just use their service with a calculator to take payments.

Then, between the mobile wallet and a merchant API, you could have a customer bring their phone to the store, and pay with Potcoin.

A lot of time and energy has gone into converting to POSv, that's fine, but it's hard to approach a business without this simple process ready to go.

I believe they are working on potwallet.com to be a merchant gateway of sorts. Have people use the online wallet. The idea is to have everyone using POTcoin with no need to convert it between Fiat or other cryptos.

[dragonseer]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

really long list, is there a tldr ^_^ because its kinda general not really specific

Quote:  "best coders for the price for the social media tipbot, mobile wallets, lite wallet, etc"

If you are looking for merchant adoption then I would put the mobile wallet as the top priority when it comes to development, both the iOS and android wallets are listing as 'Coming Soon!' but it's rather vague what state of development they are at, I assume some assistance from coders is needed.  I don't think you would need a mobile wallet capable of staking, otherwise it may get tied up in development forever.

On the merchant end, you could work with shapeshift.io towards developing a specific API, this would make it easy to implement in store, otherwise businesses  can just use their service with a calculator to take payments.

Then, between the mobile wallet and a merchant API, you could have a customer bring their phone to the store, and pay with Potcoin.

A lot of time and energy has gone into converting to POSv, that's fine, but it's hard to approach a business without this simple process ready to go.

I believe they are working on potwallet.com to be a merchant gateway of sorts. Have people use the online wallet. The idea is to have everyone using POTcoin with no need to convert it between Fiat or other cryptos.

I'll put it another way. There's no way I would approach a business and expect them to kick the fiat system to the curb and start speculating on holding Potcoin. I don't see how anyone else can rationally have this conversation with a business that pays expenses in fiat either. The online Potwallet has no buyers or sellers I can see, whereas shapeshift.io can convert pretty much instantly.

[rdyoung]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

really long list, is there a tldr ^_^ because its kinda general not really specific

Quote:  "best coders for the price for the social media tipbot, mobile wallets, lite wallet, etc"

If you are looking for merchant adoption then I would put the mobile wallet as the top priority when it comes to development, both the iOS and android wallets are listing as 'Coming Soon!' but it's rather vague what state of development they are at, I assume some assistance from coders is needed.  I don't think you would need a mobile wallet capable of staking, otherwise it may get tied up in development forever.

On the merchant end, you could work with shapeshift.io towards developing a specific API, this would make it easy to implement in store, otherwise businesses  can just use their service with a calculator to take payments.

Then, between the mobile wallet and a merchant API, you could have a customer bring their phone to the store, and pay with Potcoin.

A lot of time and energy has gone into converting to POSv, that's fine, but it's hard to approach a business without this simple process ready to go.

I believe they are working on potwallet.com to be a merchant gateway of sorts. Have people use the online wallet. The idea is to have everyone using POTcoin with no need to convert it between Fiat or other cryptos.

I'll put it another way. There's no way I would approach a business and expect them to kick the fiat system to the curb and start speculating on holding Potcoin. I don't see how anyone else can rationally have this conversation with a business that pays expenses in fiat either. The online Potwallet has no buyers or sellers I can see, whereas shapeshift.io can convert pretty much instantly.

Your missing a very large part of the picture. You also aren't aware that legal weed shops don't use normal POS systems, they can't because no one will do business with them. They are a cash only business with very high risk of theft because of it.  The push will be to get people to use the potwallet site as well as mobile sites and apps for merchants and customers to transact, as well as closing the loop and getting the growers to accept it as well. Potlabs will also be giving away a very large # of potcoins to merchants for them to use as rewards with their customers.

Are you here to actually help? Or are you here to shit on what potcoin is trying to achieve while also feigning superiority despite your clear lack of knowledge on the subject at hand?

[dragonseer]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

really long list, is there a tldr ^_^ because its kinda general not really specific

Quote:  "best coders for the price for the social media tipbot, mobile wallets, lite wallet, etc"

If you are looking for merchant adoption then I would put the mobile wallet as the top priority when it comes to development, both the iOS and android wallets are listing as 'Coming Soon!' but it's rather vague what state of development they are at, I assume some assistance from coders is needed.  I don't think you would need a mobile wallet capable of staking, otherwise it may get tied up in development forever.

On the merchant end, you could work with shapeshift.io towards developing a specific API, this would make it easy to implement in store, otherwise businesses  can just use their service with a calculator to take payments.

Then, between the mobile wallet and a merchant API, you could have a customer bring their phone to the store, and pay with Potcoin.

A lot of time and energy has gone into converting to POSv, that's fine, but it's hard to approach a business without this simple process ready to go.

I believe they are working on potwallet.com to be a merchant gateway of sorts. Have people use the online wallet. The idea is to have everyone using POTcoin with no need to convert it between Fiat or other cryptos.

I'll put it another way. There's no way I would approach a business and expect them to kick the fiat system to the curb and start speculating on holding Potcoin. I don't see how anyone else can rationally have this conversation with a business that pays expenses in fiat either. The online Potwallet has no buyers or sellers I can see, whereas shapeshift.io can convert pretty much instantly.

Your missing a very large part of the picture. You also aren't aware that legal weed shops don't use normal POS systems, they can't because no one will do business with them. They are a cash only business with very high risk of theft because of it.  The push will be to get people to use the potwallet site as well as mobile sites and apps for merchants and customers to transact. Potlabs will also be giving away a very large # of potcoins to merchants for them to use as rewards with their customers.

Are you here to actually help? Or are you here to shit on what potcoin is trying to achieve while also feigning superiority despite your clear lack of knowledge on the subject at hand?

There's no need to be hostile, there are legal weed shops with POS systems, and the law is in a state of flux on this issue. Cash only weed shops that have been ostracised from the banking system shouldn't be the only applicable scenario here. Being realistic, it doesn't matter what potcoin is 'trying to achieve' if the people behind it are only interested in implementing potcoin if both parties for transactions forgo any other forms of currency. Other than that, I've had followed Potcoin and have owned an amount since just after the launch, so I certainly don't need to justify 'why I'm here' to you.

[rdyoung]

By the way for any coders out there who are interested in possible pay for good work check out

https://www.reddit.com/r/potcoin/comments/3it48g/community_todo_list_d/cutq1kj

really long list, is there a tldr ^_^ because its kinda general not really specific

Quote:  "best coders for the price for the social media tipbot, mobile wallets, lite wallet, etc"

If you are looking for merchant adoption then I would put the mobile wallet as the top priority when it comes to development, both the iOS and android wallets are listing as 'Coming Soon!' but it's rather vague what state of development they are at, I assume some assistance from coders is needed.  I don't think you would need a mobile wallet capable of staking, otherwise it may get tied up in development forever.

On the merchant end, you could work with shapeshift.io towards developing a specific API, this would make it easy to implement in store, otherwise businesses  can just use their service with a calculator to take payments.

Then, between the mobile wallet and a merchant API, you could have a customer bring their phone to the store, and pay with Potcoin.

A lot of time and energy has gone into converting to POSv, that's fine, but it's hard to approach a business without this simple process ready to go.

I believe they are working on potwallet.com to be a merchant gateway of sorts. Have people use the online wallet. The idea is to have everyone using POTcoin with no need to convert it between Fiat or other cryptos.

I'll put it another way. There's no way I would approach a business and expect them to kick the fiat system to the curb and start speculating on holding Potcoin. I don't see how anyone else can rationally have this conversation with a business that pays expenses in fiat either. The online Potwallet has no buyers or sellers I can see, whereas shapeshift.io can convert pretty much instantly.

Your missing a very large part of the picture. You also aren't aware that legal weed shops don't use normal POS systems, they can't because no one will do business with them. They are a cash only business with very high risk of theft because of it.  The push will be to get people to use the potwallet site as well as mobile sites and apps for merchants and customers to transact. Potlabs will also be giving away a very large # of potcoins to merchants for them to use as rewards with their customers.

Are you here to actually help? Or are you here to shit on what potcoin is trying to achieve while also feigning superiority despite your clear lack of knowledge on the subject at hand?

There's no need to be hostile, there are legal weed shops with POS systems, and the law is in a state of flux on this issue. Cash only weed shops that have been ostracised from the banking system shouldn't be the only applicable scenario here. Being realistic, it doesn't matter what potcoin is 'trying to achieve' if the people behind it are only interested in implementing potcoin if both parties for transactions forgo any other forms of currency. Other than that, I've had followed Potcoin and have owned an amount since just after the launch, so I certainly don't need to justify 'why I'm here' to you.

You clearly have no real clue whats going on. Weedshops in general can't get setup with bank accounts and normal POS systems, companies like paypal or others that offer mobile card readers may be willing to work with them but they have no where to put those funds once they have them. Banks in general won't deal with head shops legal or not because of the simple fact that marijuana is still a schedule 1 controlled substance. Any weed shops that are hooked with a standard POS system likely fight like hell to keep it, otherwise they would get their account shuttered, same as "adult video" stores or websites that sell crypto.

The ultimate goal for any crypto is to close the loop and have suppliers, merchants and customers all using it. This will be the push for potlabs. Redrhino filled me in on their plans and strategy so far. The first move will be to create a "pot lane" or "pot town", focus on a small area in colorado, I think, and get businesses there onboarded to accept potcoin from customers, as I already said, they have set aside several million coins to be used as rewards and giveaways by willing businesses @100k/business, this lets businesses get on board with virtually no cost to them.

I don't care how long you have held potcoin or how long you have been doing X,Y or Z. I asked you why you were here? Many of us are here because we want to see crypto in general succeed and more importantly the few coins that have some potential. Your second post in this thread was based on a false premise as well as not having all the facts. Next time might I suggest shutting up and listening, rather than telling people what they are doing wrong before you have all the relevant info.
Where your getting this idea that anyone would want or try to get a shop to oust normal fiat for potcoin only, I have no clue, but your way off base.

I will be creating a skype channel and or a slack channel for those wanting to help get the push going for potcoin. If your willing to help, I will bring you into the discussion, if your not, no big deal.