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

[4thKind]

Been lurking this thread since it was a few pages long and I'd like to keep encouraging the positive vibes here,

sirsmokesalot and Chronikka- these SENSIBLE posts are what the PotCoin community NEEDS!

As far as the attack goes, I actually commend the devs for working on it so fast. They've been traveling and working their asses off. To the few that are jumping ship because of it, please leave quietly. My god, you'd think the devs were diffusing a bomb or something, hell, you're like the people that freak out in front of the guy who's JOB it is to do that- it's not helping!

Anyways, yeah, implementing DigiShield is the way to go! look at all the other coins that did it. PotCoin is going to be just fine. This coin represents more than a quick buck...the legalization movement is gaining traction every day and, with it, this coin has accomplished a lot more than most at it's age. And as far as actual services and products I just want to remind people of this page: http://highonpotcoin.info/potcoin-directory/  

+1 and amen.

Everyone else...

Let the dev team handle the attacks.  Try to keep calm.  This community really needs to get it together.  A constant here has been that every time the coin isn't trading at all time highs everyone starts acting like a bunch of little bitches.   It really doesn't inspire confidence to new comers and makes us look like a bunch of clowns.  

To all those who say the community doesn't support halving the coin.  That's just not true.   Halving 4 times a year may be too much and we should discuss that but the coin needs to be halved or it will be almost mined out by this time next year.     Don't worry about hash power.  Hashrate is about to go parabolic with all the ASICs coming online by the end of summer.  On the reddit I proposed a tiered reduction in the block reward by the week a few months ago.   For some reason it didn't gain any traction but I thought it would be a brilliant way to halve the coin without the shock and mining exodus that occurs by doing it abruptly.   Tell me why its a bad idea.  
http://www.reddit.com/r/potcoin/comments/218k4d/the_ultimate_potcoin_halving_solution/


    

[vesperwillow]

Tell me why its a bad idea.  

They are halving the coin because it needs to be done. All 420 million coins mined in a year of existence is too fast.

With respect, can you scientifically and mathematically prove 'why it needs to be done'. Use references from the past 2 year's worth of currency data, and especially cross-reference coins which have changed rewards, including the ones which survived and the ones which didn't, and show correlation as to their end result.

Because it doesn't "need" to be done. Whether you're at maturity now, next week, or 5 years from now, there's one constant: no use for the coin.

[deanpreese66]

Been lurking this thread since it was a few pages long and I'd like to keep encouraging the positive vibes here,

sirsmokesalot and Chronikka- these SENSIBLE posts are what the PotCoin community NEEDS!

As far as the attack goes, I actually commend the devs for working on it so fast. They've been traveling and working their asses off. To the few that are jumping ship because of it, please leave quietly. My god, you'd think the devs were diffusing a bomb or something, hell, you're like the people that freak out in front of the guy who's JOB it is to do that- it's not helping!

Anyways, yeah, implementing DigiShield is the way to go! look at all the other coins that did it. PotCoin is going to be just fine. This coin represents more than a quick buck...the legalization movement is gaining traction every day and, with it, this coin has accomplished a lot more than most at it's age. And as far as actual services and products I just want to remind people of this page: http://highonpotcoin.info/potcoin-directory/  

Points appreciated and noted ...

However, I think there is good reason to freak out a bit.  

If you go back quite a few pages VLAD was very critical of the POT team. Many people, including myself, stood behind and supported the POT dev team and the merits of this coin. And I still believe there will be a Cannabis targeted coin that gains widespread adoption. Without adoption it is dead anyway.

Right now this coin is on the edge and needs some honest transparent conversation and feedback to and from the POT team on the exact status and at least a roadmap of where things are going. Honest, concise and complete.  We dont need to hear, "we hope", or "we believe". We need to hear, this is exactly what has happened, "XYZPDQ and here is whats next".  As an example -- the entire Denver trip.  It was hyped huge. We have heard bits an pieces.  

The outcome is less important than is the honest and clear communication and transparency of the outcome. There is a general sense that there is more (or less) to the story about Denver.  We are big boys and girll tell us straight. Quit blowing smoke up my ass, and let the chips fall as they may.  But stop teasing big things and then forget you ever said anything of the sort.

Finally - Many people (including myself) have also tried to make suggestions and offers to help with this coin ... this is not a halving problem or technical problem. (Technical issues are easy to solve and far easier to fix than people problems.)

This is a problem with communication, transparency and community building

Inconclusive responses or getting the brush off does not serve this purpose well. This coin needs champions, this coin needs an effort in community building across here at BTCTalk and Reddit as well as a website than layes out the vision, and how its hoped to be achieved along with who is doing the work (EMC2 for example lists who is on the board with pictures and bios -- if POT is being run like a business, then it needs to act like it)

Many of us are trying our best to support and champion this coin.  Unfortunately it feels like we are swimming a bit upstream.

So, yes, there is reason to freak out a bit.

[vesperwillow]

This is a problem with communication, transparency and community building

Inconclusive responses or getting the brush off does not serve this purpose well. This coin needs champions, this coin needs an effort in community building across here at BTCTalk and Reddit as well as a website than layes out the vision, and how its hoped to be achieved along with who is doing the work (EMC2 for example lists who is on the board with pictures and bios -- if POT is being run like a business, then it needs to act like it)

Many of us are trying our best to support and champion this coin.  Unfortunately it feels like we are swimming a bit upstream.

So, yes, there is reason to freak out a bit.

Excellent input, and the bold text is critical to any cryptocurrency movement.

[dogechode]

This is a problem with communication, transparency and community building

Yes there have been communication and transparency issues from the beginning. Remember the fork early on where no one knew it was coming and a bunch of pools lost much of the day's worth of work because they didn't know the coin had been forked by a mandatory update?

The claims of "we have private investors" have never been proven as far as I know, which also has caused a bit of controversy.

Devs, don't get me wrong I support this coin. I was an early adopter who mined when you first started and have been holding coins for a long time. I didn't even sell any when the price spiked.

But, there have been a lot of scams and broken promises in the crypto world so trust is not that easily earned or kept. It might be time to share a bit more detail with the community.

[4thKind]

Tell me why its a bad idea.  

They are halving the coin because it needs to be done. All 420 million coins mined in a year of existence is too fast.

With respect, can you scientifically and mathematically prove 'why it needs to be done'. Use references from the past 2 year's worth of currency data, and especially cross-reference coins which have changed rewards, including the ones which survived and the ones which didn't, and show correlation as to their end result.

Because it doesn't "need" to be done. Whether you're at maturity now, next week, or 5 years from now, there's one constant: no use for the coin.

You can't prove it scientifically or mathematically with reference to other coins because it's apples and oranges.   Almost every coin including bitcoin and litecoin have halving schedules that were coded in from the genesis block.    Potcoin's block reward schedule was flawed at its creation.  Show me a coin that is all mined out that isn't proof of stake.   Halving the coin is about giving us more time for adoption so there are uses for the coin by the time its all mined out.  The only other alternative I can think of is to increase the total coin supply and implement proof of stake so people holding up until now can retain their positions.  Either way, the mining phase must be extended or it's toast.

[vesperwillow]

You can't prove it scientifically or mathematically with reference to other coins because it's apples and oranges.   Almost every coin including bitcoin and litecoin have halving schedules that were coded in from the genesis block.

Yes, exactly. They weren't hard forked because people feared the supply of coins. I'm asking for research on coins which were forked because people feared the supply was the problem, and halving needed to be implemented.

Halving the coin is about giving us more time for adoption so there are uses for the coin by the time its all mined out.  The only other alternative I can think of is to increase the total coin supply and implement proof of stake so people holding up until now can retain their positions.  Either way, the mining phase must be extended or it's toast.

You're still dealing with the supply either way, but you did touch on the bigger issue: adoption. If anyone really wants to see this coin work, leave it alone, ride it out and get adoption and use.

Go research KDC. They had a more active community, merchants which were actually using the coin (you could buy food.. even gold and silver with it). It was working fine. The market value slumped somewhat because it's backed by BTC, which also slumped. This caused panic. People demanded the supply be changed. They did.

They may as well have driven a pool net through the chest of the dev team. It killed the coin, because the market value hadn't changed and people were getting even less for their mining efforts.

Look at StarCoin, the infamous zombie of all coins. Its corpse continues to roll down the highway somehow. Major changes were for checkpoint and wallet bug fixes. It continues to go because the community keeps it going.


Just beating a dead horse here. I'm sure PotCoin understands this. Where's the wallet which was supposed to be released recently (yesterday?) Where's his addressing of these factual issues? Like others point out, he's beating a drum about hopes and faith but he isn't delivering. I didn't kill this coin, you didn't kill this coin--he did.



Edit: Also, you CAN prove it scientifically and mathematically. How do you think I, and others, evaluate when it's good and when it's bad to be in on a coin? I stopped mining prior to the original attacks. Why? Because I saw them coming, and because I knew the coin had plateau'd. The proof is readily available. If you can't see it, you're not looking.

[deanpreese66]

Tell me why its a bad idea.  

They are halving the coin because it needs to be done. All 420 million coins mined in a year of existence is too fast.

With respect, can you scientifically and mathematically prove 'why it needs to be done'. Use references from the past 2 year's worth of currency data, and especially cross-reference coins which have changed rewards, including the ones which survived and the ones which didn't, and show correlation as to their end result.

Because it doesn't "need" to be done. Whether you're at maturity now, next week, or 5 years from now, there's one constant: no use for the coin.

You can't prove it scientifically or mathematically with reference to other coins because it's apples and oranges.   Almost every coin including bitcoin and litecoin have halving schedules that were coded in from the genesis block.    Potcoin's block reward schedule was flawed at its creation.  Show me a coin that is all mined out that isn't proof of stake.   Halving the coin is about giving us more time for adoption so there are uses for the coin by the time its all mined out.  The only other alternative I can think of is to increase the total coin supply and implement proof of stake so people holding up until now can retain their positions.  Either way, the mining phase must be extended or it's toast.

The unfortunate reality is that we are having this conversation. This conversation should have never had to happen.

The block time is 40 seconds ... who thought that was a good idea -- its one of the shortest out there.
420,000,000 coins ... again .... who thought that was a good idea 00 one of the largest out there.

420,000,000 coins is more than LTC, DRK and VTC    -- all of which I find pretty solid and reputable -- POT is larger than all of them combined !!!!   So lots of bad choices were made at the beginning for sake of novelty and the use of 420 ??  At this point water long under the bridge.  

How does it get back on track ..... and can it get back on track?  There are a finite set of possibilities and options.

IDEAS:

• Increase blocktime to 80 seconds   2x
  Halve the reward  to  210
  Get radical change the reward to 42 instead of 420
  Do some combniation of the above
  

Some of the above will deter the miners a bit. That's OK .... slow things down a bit. In the end .. adoption is EVERYTHING .... miners and trading is not the end game we need to be playing.  But in order to keep playing, and in order to provide time for adoption, the coin has to serve miners too and give hope for it growing into what it hope to be.

NOW-- DEVS need to listen up

You can continue down this path of dictating direction and policy; you can continue to put out ideas that never materialize; you can continue to OWN this coin and try to control its every wish.  Go for it !!!  If you do, I bet my life savings, it will fail and fail quickly.

Crypto lives and breathes based on Communication, Transparency and Community ..... the community can as easily burn it to the ground with words and bad PR as it can take it to the moon with words and great PR.

[MKMiner49er]

I've decided to stop mining this coin. After reading all the drama and lack of response from the devs. I'm losing faith in the people in charge. 

I think i'm joining your decision bye bye potcoin.

Net hashrate is collapsing further.
http://www.coinwarz.com/network-hashrate-charts/potcoin-network-hashrate-chart

P2Pool for the coin is dead already. Zero.
Congrats for fucking it all up. What a bunch of clueless stoners.

When I dumped my holdings yesterday it also showed again how useless the coin is for real world transactions.
Confirmations took almost 15 minutes. Could you imagine a customer hanging around 15 minutes at an ATM or a point of sales counter?
Its just one more shitty clone, and a poor one.

Thanks for your drama. You are part of the problem.

The P2Pool network is NOT dead. Last time I checked it was 55MHs. Down of course from it's all time high, but still kicking with all us die hards.

The reason for the 15 minute validation was the network recovering from the attack. It's back to normal now. But once again, thanks for your drama!
 

[dragonseer]

I think there is good reason to freak out a bit.  

Right now this coin is on the edge...

I don't think so. Potcoin looks to be in the lead when it comes to partnering with the legal cannabis trade, that hasn't changed in the last few days. I get tired of seeing posters act like they want developers to act like counselors too and post here every few hours just to re-assure people, it's kinda sad 

[deanpreese66]

I think there is good reason to freak out a bit.  

Right now this coin is on the edge...

I don't think so. Potcoin looks to be in the lead when it comes to partnering with the legal cannabis trade, that hasn't changed in the last few days. I get tired of seeing posters act like they want developers to act like counselors too and post here every few hours just to re-assure people, it's kinda sad 

For the record ... I have been investing/trading in virtually every market, Stock, commodity, Futures, FOREX... for over 20 years. I also own my own software/web development company that specializes in writing algorithms that trade the aforementioned markets. A rookie I am not. This is not about needing emotional support; for me at least, its not about coin price. In fact if you notice in all my references and posts ... I have never mentioned price. 


So please be careful parsing my statements and choosing what to hear. While I hope POT still has a future and a bright future, my concerns are not about price in the least. As a result I still own a chunk (and will continue to hold until it becomes valuable or goes to zero). My points are related to clarity,  communication and adoption. The folks running POT are not very transparent and forth coming with information when questions are asked and are not very responsive to criticism or even suggestion.

So the question is ... how is POT being run?

There are two base models I see that POT (or any project like this) can be run, and successfully run ...

1)  As a business -- all control, PR and effort is dictated by the people in charge of POT.    This can work if the pockets are deep enough to support developing , marketing and PR efforts.  In the end its just software and there are countless examples of how to run a software company.  Think Microsoft.

2)  Partner with the community -- final decisions are made by the controlling interest but are made based on a solid clear communication and feedback from the community of supporters and users.  Think Wordpress, or virtually any strong open source project.


I work under the assumption that POT wants to partner with and build the community.  And I choose to become part of the community dialogue and try to offer criticism as well as solutions.  No one has all the right answers, however, with a strong community, POT stands a much better chance at widespread success. 


If in reality, POT is trying to operate under the "as a business" model ... then I will personally rethink my stance.  But we have been given no indication of how POT is operating. Again ... communication and transparency.

[PotCoin]

I think there is good reason to freak out a bit.  

Right now this coin is on the edge...

I don't think so. Potcoin looks to be in the lead when it comes to partnering with the legal cannabis trade, that hasn't changed in the last few days. I get tired of seeing posters act like they want developers to act like counselors too and post here every few hours just to re-assure people, it's kinda sad  

For the record ... I have been investing/trading in virtually every market, Stock, commodity, Futures, FOREX... for over 20 years. I also own my own software/web development company that specializes in writing algorithms that trade the aforementioned markets. A rookie I am not. This is not about needing emotional support; for me at least, its not about coin price. In fact if you notice in all my references and posts ... I have never mentioned price.  


So please be careful parsing my statements and choosing what to hear. While I hope POT still has a future and a bright future, my concerns are not about price in the least. As a result I still own a chunk (and will continue to hold until it becomes valuable or goes to zero). My points are related to clarity,  communication and adoption. The folks running POT are not very transparent and forth coming with information when questions are asked and are not very responsive to criticism or even suggestion.

So the question is ... how is POT being run?

There are two base models I see that POT (or any project like this) can be run, and successfully run ...

1)  As a business -- all control, PR and effort is dictated by the people in charge of POT.    This can work if the pockets are deep enough to support developing , marketing and PR efforts.  In the end its just software and there are countless examples of how to run a software company.  Think Microsoft.

2)  Partner with the community -- final decisions are made by the controlling interest but are made based on a solid clear communication and feedback from the community of supporters and users.  Think Wordpress, or virtually any strong open source project.


I work under the assumption that POT wants to partner with and build the community.  And I choose to become part of the community dialogue and try to offer criticism as well as solutions.  No one has all the right answers, however, with a strong community, POT stands a much better chance at widespread success.  


If in reality, POT is trying to operate under the "as a business" model ... then I will personally rethink my stance.  But we have been given no indication of how POT is operating. Again ... communication and transparency.

1st.  Community is first always, this coin was built on a good fun loving community and we want to continue to build a positive relationship with everyone.
We do want the everyone to participate how they can and offer help by creating tools for the community and if we can help out, let us know via email.

2nd. We want to be more transparent and have the communities input when making choices that will effect both miners and regular users.  Since the community seems to be split on the Halving of the coin, i think its fair to do a POLL that will go out to the WHOLE community, all social networks and everyone can get a chance to voice their opinion. Our main concern was that the coin was going to be finish mining in a little more than 1 year and that we wanted to extend the mining life of the coin since we are thinking long term.

3rd We believe adoptions is the number 1 priority and we have been working on it by:
  
a.  Potcoin king Calling dispensaries for the last 2 months and entering all the leads into our CRM and we are getting new people in montreal to call also.
b.  Going to denver for Cannabis cup and 4.20 to meet as many companies as possible and promote potcoin.
c.  Creating strategic partnerships with the TOP dispensaries in Colorado - We Met with River rock - medicine man - live well.  We are now working with river rock to place our ATM's and making a marketing plan to give away 100,000 via paper wallets and cards. We believe they will be leaders in their industry and that others will follow once they see River Rock accepting Potcoins and giving them away to clients.
d. We have a potcoin team member living in named Russell Denver that will be working with dispensaries to help them integrate potcoin into their daily transactions.

4th. We are all working together to make this coin a success, but everyone needs to their part in helping out and mainly staying positive even when things are not the best. With anything in life there are ups and downs but we just need to keep working together and getting the word of potcoin out. I'm all for constructive criticisms and listening to the community, deanpresse66 has some very good point and this is the type or response we like to get.

5th. Traveling for 1 month between NYC and Denver caused me to focus on what was at hand and meetings with dispensaries and not being able to tend to the online community as much as before and im very sorry for the lack of communication while we where traveling in the USA.  I have since gotten a DENVER CELL phone with A data plan allowing me to work and communicate better while traveling.  

6th. We understand that we need to communicate more efficiently and we have decided to add an OFFICIAL BLOG on the potcoin website that we will post all news from now on. From there we will go to all the social media outlets and post the link to the blog with our official statements. We are also looking at doing this weekly so that everyone knows that Potcoin Update News comes out once week on FRIDAYS.

7th. We know we have lots of work ahead and we have lots of great ideas and projects in the pipeline but we need to focus on what communities needs are now. We want to release a timeline of things we would like to do and ideas and get feedback from the community and what they feel is important so that we can make a list of priorities chosen by everyone.

8th. The potcoin network is releasing coins at rate of approx 600k to 900k and since jan 21 st we have created over 100 million coins and there is only approx 1 year left of mining left.  We feel that we need to extend the life of the coin, but we do not want to extend the block time since this will be used for daily transactions that need to be confirmed quickly. We are open to suggestions and we would like to hear your solutions to extended the life of mining the coin.

9th. Coinwarz lists Potcoin as profitable and that means multipools will still be wanting to mine our coins then dumping them.. not the best for the price
We are also concerned about ASIC's coming out and the recent time warp attack on the KGW, we would also like to hear about your ideas and solutions from the community members.

10th. The best way to contact the Potcoin team is to email us at dev@potcoin.info or smokemon@potcoin.info or call 1.844.Pot.Coin and if i dont pick up leave a message and i will get an email with your voice mail.  Please give 24 - 48 hours for a response.  

Sincerely Smokemon and The Potcoin Team


  

[deanpreese66]

I think there is good reason to freak out a bit.  

Right now this coin is on the edge...

I don't think so. Potcoin looks to be in the lead when it comes to partnering with the legal cannabis trade, that hasn't changed in the last few days. I get tired of seeing posters act like they want developers to act like counselors too and post here every few hours just to re-assure people, it's kinda sad  

For the record ... I have been investing/trading in virtually every market, Stock, commodity, Futures, FOREX... for over 20 years. I also own my own software/web development company that specializes in writing algorithms that trade the aforementioned markets. A rookie I am not. This is not about needing emotional support; for me at least, its not about coin price. In fact if you notice in all my references and posts ... I have never mentioned price.  


So please be careful parsing my statements and choosing what to hear. While I hope POT still has a future and a bright future, my concerns are not about price in the least. As a result I still own a chunk (and will continue to hold until it becomes valuable or goes to zero). My points are related to clarity,  communication and adoption. The folks running POT are not very transparent and forth coming with information when questions are asked and are not very responsive to criticism or even suggestion.

So the question is ... how is POT being run?

There are two base models I see that POT (or any project like this) can be run, and successfully run ...

1)  As a business -- all control, PR and effort is dictated by the people in charge of POT.    This can work if the pockets are deep enough to support developing , marketing and PR efforts.  In the end its just software and there are countless examples of how to run a software company.  Think Microsoft.

2)  Partner with the community -- final decisions are made by the controlling interest but are made based on a solid clear communication and feedback from the community of supporters and users.  Think Wordpress, or virtually any strong open source project.


I work under the assumption that POT wants to partner with and build the community.  And I choose to become part of the community dialogue and try to offer criticism as well as solutions.  No one has all the right answers, however, with a strong community, POT stands a much better chance at widespread success.  


If in reality, POT is trying to operate under the "as a business" model ... then I will personally rethink my stance.  But we have been given no indication of how POT is operating. Again ... communication and transparency.

1st.  Community is first always, this coin was built on a good fun loving community and we want to continue to build a positive relationship with everyone.
We do want the everyone to participate how they can and offer help by creating tools for the community and if we can help out, let us know via email.

2nd. We want to be more transparent and have the communities input when making choices that will effect both miners and regular users.  Since the community seems to be split on the Halving of the coin, i think its fair to do a POLL that will go out to the WHOLE community, all social networks and everyone can get a chance to voice their opinion. Our main concern was that the coin was going to be finish mining in a little more than 1 year and that we wanted to extend the mining life of the coin since we are thinking long term.

3rd We believe adoptions is the number 1 priority and we have been working on it by:
  
a.  Potcoin king Calling dispensaries for the last 2 months and entering all the leads into our CRM and we are getting new people in montreal to call also.
b.  Going to denver for Cannabis cup and 4.20 to meet as many companies as possible and promote potcoin.
c.  Creating strategic partnerships with the TOP dispensaries in Colorado - We Met with River rock - medicine man - live well.  We are now working with river rock to place our ATM's and making a marketing plan to give away 100,000 via paper wallets and cards. We believe they will be leaders in their industry and that others will follow once they see River Rock accepting Potcoins and giving them away to clients.
d. We have a potcoin team member living in named Russell Denver that will be working with dispensaries to help them integrate potcoin into their daily transactions.

4th. We are all working together to make this coin a success, but everyone needs to their part in helping out and mainly staying positive even when things are not the best. With anything in life there are ups and downs but we just need to keep working together and getting the word of potcoin out. I'm all for constructive criticisms and listening to the community, deanpresse66 has some very good point and this is the type or response we like to get.

5th. Traveling for 1 month between NYC and Denver caused me to focus on what was at hand and meetings with dispensaries and not being able to tend to the online community as much as before and im very sorry for the lack of communication while we where traveling in the USA.  I have since gotten a DENVER CELL phone with A data plan allowing me to work and communicate better while traveling.  

6th. We understand that we need to communicate more efficiently and we have decided to add an OFFICIAL BLOG on the potcoin website that we will post all news from now on. From there we will go to all the social media outlets and post the link to the blog with our official statements. We are also looking at doing this weekly so that everyone knows that Potcoin Update News comes out once week on FRIDAYS.

7th. We know we have lots of work ahead and we have lots of great ideas and projects in the pipeline but we need to focus on what communities needs are now. We want to release a timeline of things we would like to do and ideas and get feedback from the community and what they feel is important so that we can make a list of priorities chosen by everyone.

8th. The potcoin network is releasing coins at rate of approx 600k to 900k and since jan 21 st we have created over 100 million coins and there is only approx 1 year left of mining left.  We feel that we need to extend the life of the coin, but we do not want to extend the block time since this will be used for daily transactions that need to be confirmed quickly. We are open to suggestions and we would like to hear your solutions to extended the life of mining the coin.

9th. Coinwarz lists Potcoin as profitable and that means multipools will still be wanting to mine our coins then dumping them.. not the best for the price
We are also concerned about ASIC's coming out and the recent time warp attack on the KGW, we would also like to hear about your ideas and solutions from the community members.

10th. The best way to contact the Potcoin team is to email us at dev@potcoin.info or smokemon@potcoin.info or call 1.844.Pot.Coin and if i dont pick up leave a message and i will get an email with your voice mail.  Please give 24 - 48 hours for a response.  

Sincerely Smokemon and The Potcoin Team


  

Great Response ... Thank You for outlining things

[ny2cafuse]

8th. The potcoin network is releasing coins at rate of approx 600k to 900k and since jan 21 st we have created over 100 million coins and there is only approx 1 year left of mining left.  We feel that we need to extend the life of the coin, but we do not want to extend the block time since this will be used for daily transactions that need to be confirmed quickly. We are open to suggestions and we would like to hear your solutions to extended the life of mining the coin.

One good example of a coin with a longer block time:  NLG has a block time of 150 seconds.  It's being used in Subway sandwich shops in the Netherlands for daily transactions that need to be confirmed quickly.  Daily transactions with coins don't need to be tied to block times.  If someone is buying something, are they waiting around for the confirmations to complete, or is the vendor seeing the transaction and completing the sale?  By saying you want to extend mining, but you don't want to extend block time, you're basically saying that you're going to do halving.

The other option of course is to increase difficulty, which may help throw off the multipools for a bit.

The third is cutting the network hashrate on purpose by driving miners away from POT.  More on this below.

9th. Coinwarz lists Potcoin as profitable and that means multipools will still be wanting to mine our coins then dumping them.. not the best for the price
We are also concerned about ASIC's coming out and the recent time warp attack on the KGW, we would also like to hear about your ideas and solutions from the community members.

Please, please, please, please don't start thinking about changing the algorithm because you're scared of ASICs.  Unless you're going to develop your own algorithm, most of the ones out right now will be able to be ASIC mined come Q3/Q4.

However, you could always play this out to your advantage for the next few months, and the foreseeable future, by changing the algo right now.  That would probably drive a good percentage of your miners away, and drop the total net hash rate.  Thereby extending your mining time for a little bit and save you from the big, bad ASICs... until of course they came out with one that did that algorithm.

TLDR version:

Extend the block time and up the difficulty.  It's less drastic, and kills two birds with one stone- multipools and mining depletion.

-Fuse

(I know I said I'd keep my mouth shut, but I'm a glutton for punishment)

[sirsmokesalot]

The unfortunate reality is that we are having this conversation. This conversation should have never had to happen.

The block time is 40 seconds ... who thought that was a good idea -- its one of the shortest out there.
420,000,000 coins ... again .... who thought that was a good idea 00 one of the largest out there.

420,000,000 coins is more than LTC, DRK and VTC    -- all of which I find pretty solid and reputable -- POT is larger than all of them combined !!!!   So lots of bad choices were made at the beginning for sake of novelty and the use of 420 ??  At this point water long under the bridge.  

How does it get back on track ..... and can it get back on track?  There are a finite set of possibilities and options.

IDEAS:

• Increase blocktime to 80 seconds   2x
  Halve the reward  to  210
  Get radical change the reward to 42 instead of 420
  Do some combniation of the above
  

Some of the above will deter the miners a bit. That's OK .... slow things down a bit. In the end .. adoption is EVERYTHING .... miners and trading is not the end game we need to be playing.  But in order to keep playing, and in order to provide time for adoption, the coin has to serve miners too and give hope for it growing into what it hope to be.

Well said!

The novelty of the number rings true in my mind. Not that it isn't fixable, just having these things for the sake of 420, it is cute and all, but meehhh. I think the devs have mad progress, and i would love to go to my local dispensaries and try to convince them on the merits of accepting potcoin, if there were any to be found in PA. The other interesting thing affecting utility is how limited the market is. Targeting head shops and shit for the time being as those markets are much farther reaching, but it isn't borocoin, it is potcoin.

When i got into the coin i planned for the long term. Unlike a lot of coins out there, if you like the dev or not, he is active, and i can only believe what he says to be true. He hasn't lied about anything. Embellishments are a little different. 

I have not been mining the coin, i only have 3 750ti cards and with the difficulty of 20 it doesn't get me anything, i am better off mining other coins to sell and trade for potcoin. That being said if the difficulty drops low enough i won't have an issue turning my cards over to mine me some potcoin. I still have faith that as long as the devs keep working at this stuff, he said he did quit his job to do this  that things will be alright.

Please, please, please, please don't start thinking about changing the algorithm because you're scared of ASICs.  Unless you're going to develop your own algorithm, most of the ones out right now will be able to be ASIC mined come Q3/Q4.

However, you could always play this out to your advantage for the next few months, and the foreseeable future, by changing the algo right now.  That would probably drive a good percentage of your miners away, and drop the total net hash rate.  Thereby extending your mining time for a little bit and save you from the big, bad ASICs... until of course they came out with one that did that algorithm.

TLDR version:

Extend the block time and up the difficulty.  It's less drastic, and kills two birds with one stone- multipools and mining depletion.

-Fuse

(I know I said I'd keep my mouth shut, but I'm a glutton for punishment)

I completely agree with you on the not changing algo out of fear of asics. It was silly when it was first mentioned waaayyy back when and just as silly now.

There wouldn't be an issue in my mind about extending times. That is, until the use of crypto is so prevalent that people have devised clever and easy ways to cheat the system, making it so the merchants want faster validation times due to them being screwed so often in the past. Long long way before we get there though i think.  You know cutting the reward or jacking up the difficulty is the same thing though. Either it takes you twice as long to find a block or you get half the reward for finding the block just as fast. Half dozen of one, six of the other? Yeah, you can control the flow a little better by adjusting difficulty, but it seems like that would be much more intense to code and stuff, much more thought and testing required, just changing the block reward seems like it would be a little easier. I could be wrong though.

But what is the difference between the two, halving and upping the difficulty, now i am curious.

[ny2cafuse]

Imagine if you half the reward and the difficulty goes up anyway(multipool hammering or 300MH asics)?  Now you're talking about it being doubly hard to produce coins.  Increasing the difficulty curve doesn't alter the reward in any way.  It just slows it down.  As does extending the block time.  The two could be done in one fell swoop, and be less drastic than halving 4 times a year.

The difficulty would be as easy as implementing a multiplier to the algorithm that just says the difficulty is just 1.1 times what it should be, or whatever value is decided on.  Block time is just as easy to change.  If I remember correctly it's just one variable... although I could be wrong.  I haven't looked at the POT code in depth.

-Fuse

[Chronikka]

Imagine if you half the reward and the difficulty goes up anyway(multipool hammering or 300MH asics)?  Now you're talking about it being doubly hard to produce coins.  Increasing the difficulty curve doesn't alter the reward in any way.  It just slows it down.  As does extending the block time.  The two could be done in one fell swoop, and be less drastic than halving 4 times a year.

The difficulty would be as easy as implementing a multiplier to the algorithm that just says the difficulty is just 1.1 times what it should be, or whatever value is decided on.  Block time is just as easy to change.  If I remember correctly it's just one variable... although I could be wrong.  I haven't looked at the POT code in depth.

-Fuse

This is all just moving numbers around. The number of coins released over a period of time still decreases. I don't understand why you think this is any better than halving the reward. You could up the difficulty, increase block times and still get hammered by large multipools just the same.

I think your biggest concern isn't necessarily halving the coin, its halving it 4 times over the next year like they proposed. That I would agree with you is excessive.

[CartmanSPC]

Perhaps I shouldn't be commenting since I do not believe it "smoking" pot for any reason
(I hear you can get the same medical benefits from consumption in various forms (pills) but it's not for me personally as I even avoid taking aspirin. Good thing I don't get headaches I guess. I personally don't care enough to become informed as I will never consume it and don't care enough to research if it actually has any benefits. I feel most take advantage of supposed medical benefits for recreational use.)

...but still want to see this coin succeed as a payment method for those that choose to do so. From the start it was apparent that the coin specifics where chosen for "fun". If this coin is to be utilized for actual payment processing perhaps it's time to address this and choose parameters that are more suited for such a thing. Do away with the silly 420 anything and choose things based on what may work best.

Time between blocks should be chosen based on it being fast enough to confirm retail transactions but not too fast as to bloat the blockchain (on top of other drawbacks).
Block reward depends on how much you want each coin to be valued. Smaller block rewards yield higher value.
Total  supply also determines value as does halving.
Difficulty algorithm need to confirm that everything is operating as intended regardless of network hashrate.

All of these are hard to nail down correctly and I would like to see someone with a masters in economics handle them as they are way beyond me or im sure 99% of the people posting here. Perhaps hire some people who really know their stuff to help out with these things.

I don't know if it's too late to fix this or if the currently supply creates an issue. I initially thought that it was a good idea to have a coin for this specific market but the more I think about it...it actually limits it's use only for this specific market. Any coin created specifically for retail could function and not have the (potentially) bad stigma associated with being tied to pot. The crypto coin community's efforts would likely be better spent supporting one unified retail coin across all markets.

Sorry for rambling  

[anyone4u]

I've decided to stop mining this coin. After reading all the drama and lack of response from the devs. I'm losing faith in the people in charge. 

I think i'm joining your decision bye bye potcoin.

Net hashrate is collapsing further.
http://www.coinwarz.com/network-hashrate-charts/potcoin-network-hashrate-chart

P2Pool for the coin is dead already. Zero.
Congrats for fucking it all up. What a bunch of clueless stoners.

When I dumped my holdings yesterday it also showed again how useless the coin is for real world transactions.
Confirmations took almost 15 minutes. Could you imagine a customer hanging around 15 minutes at an ATM or a point of sales counter?
Its just one more shitty clone, and a poor one.

Translation:
Ohh wow, I expected to get rich fast and didn't do so. I dumped my coins during an attack and they didn't get almost immediately conferment. My nickname is Negative Nancy. I need a lollypop. Can someone wipe my ass for me? I will be going now because I'm a whiner and don't contribute much to anything besides being negative. Can I haz a prize?

[Dabs]

My humble opinions:

Block Time = between 5 to 10 minutes. I think 2.5 minutes is the absolute minimum (which is Litecoin's block time).
Block Rewards = 42 still looks fun, and halving rate should be more gradual, over time, and not a straight 50% of previous value.

Just my opinions.

Remember that good transactions broadcasted more than 10 seconds ago have been seen by 90% of the network, and with the minimum fee, and no double spend attempts, are most likely to be confirmed soon, in the next block or two.

That is why bitpay will process your transaction after 20 seconds of sending. They don't wait for a block.