ranlo
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May 28, 2014, 10:03:20 PM |
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Quote from: Jeff Jefferson on May 27, 2014, 11:18:32 AM
hey guys, what about a MINTCOIN ONLINE BANK?
a simple site where you can login with an email and a password (possible anonymously using Tor). There you have your own Mintcoin account where you can send money to or withdraw money.
behind all this is a person/dev/institution/fund with a huge wallet running 24/7. they can charge you a bit for running the Bank but you will still get your annual interest.
advantages:
- simple for average users
- don't worry about your wallet not minting, wrong wallet, slow wallet or energy costs
- accessable via any PC, smartphone, tablet (also the apple products)
- anonymous
disadvantages:
- you have to trust the organisation/people running the bank
- network security (i still think a lot of people would run their own wallets)
I hope some people are interested in discussing this suggestion. I would give a LOT of my Mints as a bounty if this is really developed. I think it's even better than the android wallet.
Cheers
I think its a great idea! I have been thinking about this myself for some time now since i read that many people have their mints on exchanges because they dont want to install a wallet.
The problem i see is how to keep track of whos coins have minted and how mutch but i do have some ideas how to simplify this.
I might build something just to try it out.. The minting is easy enough. Just pay out minted coins relative to the deposits. It's the wallet that mints, so this is both fair and simple. Posted From bitcointalk.org Android App |
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"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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dille71
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May 28, 2014, 10:15:08 PM |
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Quote from: Jeff Jefferson on May 27, 2014, 11:18:32 AM
hey guys, what about a MINTCOIN ONLINE BANK?
a simple site where you can login with an email and a password (possible anonymously using Tor). There you have your own Mintcoin account where you can send money to or withdraw money.
behind all this is a person/dev/institution/fund with a huge wallet running 24/7. they can charge you a bit for running the Bank but you will still get your annual interest.
advantages:
- simple for average users
- don't worry about your wallet not minting, wrong wallet, slow wallet or energy costs
- accessable via any PC, smartphone, tablet (also the apple products)
- anonymous
disadvantages:
- you have to trust the organisation/people running the bank
- network security (i still think a lot of people would run their own wallets)
I hope some people are interested in discussing this suggestion. I would give a LOT of my Mints as a bounty if this is really developed. I think it's even better than the android wallet.
Cheers
I think its a great idea! I have been thinking about this myself for some time now since i read that many people have their mints on exchanges because they dont want to install a wallet.
The problem i see is how to keep track of whos coins have minted and how mutch but i do have some ideas how to simplify this.
I might build something just to try it out.. The minting is easy enough. Just pay out minted coins relative to the deposits. It's the wallet that mints, so this is both fair and simple. Posted From bitcointalk.org Android App Its based on coin age so one need to keep track on every coins age and staking is pretty random so it is alot to keep track on to know whos coins have staked what ammount if people withdraws/deposit every now and then. |
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dille71
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May 28, 2014, 10:16:47 PM |
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But as i said i have some ideas how to simplify it..
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ranlo
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Activity: 1974
Merit: 1007
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May 28, 2014, 10:26:02 PM |
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But as i said i have some ideas how to simplify it.. Can you share some more details and how you plan to simplify it? I think that it actually being over complicated a bit and coin age isn't relevant when you're dealing with exchanges anyways because they're constantly moving the coins back and forth between their own wallet and therefore there's no real way to see how much each person has earned regardless Posted From bitcointalk.org Android App |
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dille71
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May 28, 2014, 11:16:14 PM |
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But as i said i have some ideas how to simplify it.. Can you share some more details and how you plan to simplify it? I think that it actually being over complicated a bit and coin age isn't relevant when you're dealing with exchanges anyways because they're constantly moving the coins back and forth between their own wallet and therefore there's no real way to see how much each person has earned regardless Posted From bitcointalk.org Android App This is not about an exchange and moving coins within one wallet. So, yes it can be very simple i guess i miss read your first post. One have to require people to not move their coins in a certain time period that is a couple of days more then minimum coin age to ensure they stake. Maybe 30 days. If they move them before no interrest is payed. |
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Goattrading
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May 29, 2014, 12:50:42 AM |
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This is an awesome update!
How difficult would it be to create a QR scanner app in the design of Mintcoin?
Would be another cross promo avenue... if possible.
What do you mean? Wallet currently has a built-in QR scanner (provided by another application I suppose), and it doesn't have any branding on it -- just a full screen camera view. Yes but the wallet QR is only for the wallet right? Creating a MintCoin QR branded app that can be used for general QR purpose would be another item that promotes (reminds people) Mintcoin. Recreating a Mintcoin brand on like currently highly used apps in general would do the same. Creating functionality out of the mintcoin brand outside of the currently small Altcoin adapted community of which Mintcoin is again just a part of. Spreading the brand and expanding the reach... Just a thought. |
“I never ask a man what his business is, for it never interests me. What I ask him about are his thoughts and dreams.”
― H.P. Lovecraft
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ranlo
Legendary
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Activity: 1974
Merit: 1007
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May 29, 2014, 01:19:23 AM |
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But as i said i have some ideas how to simplify it.. Can you share some more details and how you plan to simplify it? I think that it actually being over complicated a bit and coin age isn't relevant when you're dealing with exchanges anyways because they're constantly moving the coins back and forth between their own wallet and therefore there's no real way to see how much each person has earned regardless Posted From bitcointalk.org Android App This is not about an exchange and moving coins within one wallet. So, yes it can be very simple i guess i miss read your first post. One have to require people to not move their coins in a certain time period that is a couple of days more then minimum coin age to ensure they stake. Maybe 30 days. If they move them before no interrest is payed. Yeah, the problem is exchanges don't keep coins in the same addresses you deposit them into. ie. I make a deposit of 100k MINT right now. That's put in Address A. Later on, when the hotwallet hits 500k (due to 4 other depositors), 350k coins are going to be moved to the exchange's cold wallet, Address F (including coins of mine, B, C, D and E) From time to time the hot wallet will need replenished. This means coins are moving back from F to another address for sending out. When we make the deposits is irrelevant because the exchange is going to be shifting things back and forth between hot/cold wallets and addresses for paying out. |
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acceptance2
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May 29, 2014, 05:35:43 AM |
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Persistence pays off! Well done and thanks for the communication. |
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acceptance2
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May 29, 2014, 05:36:45 AM |
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As soon as the Android wallet is available, we will organize a big giveaway! Everyone posting a screenshot of their phone along with their address on Twitter, FB or Reddit will receive coins!
Excellent idea! |
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dille71
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May 29, 2014, 08:55:57 AM |
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But as i said i have some ideas how to simplify it.. Can you share some more details and how you plan to simplify it? I think that it actually being over complicated a bit and coin age isn't relevant when you're dealing with exchanges anyways because they're constantly moving the coins back and forth between their own wallet and therefore there's no real way to see how much each person has earned regardless Posted From bitcointalk.org Android App This is not about an exchange and moving coins within one wallet. So, yes it can be very simple i guess i miss read your first post. One have to require people to not move their coins in a certain time period that is a couple of days more then minimum coin age to ensure they stake. Maybe 30 days. If they move them before no interrest is payed. Yeah, the problem is exchanges don't keep coins in the same addresses you deposit them into. ie. I make a deposit of 100k MINT right now. That's put in Address A. Later on, when the hotwallet hits 500k (due to 4 other depositors), 350k coins are going to be moved to the exchange's cold wallet, Address F (including coins of mine, B, C, D and E) From time to time the hot wallet will need replenished. This means coins are moving back from F to another address for sending out. When we make the deposits is irrelevant because the exchange is going to be shifting things back and forth between hot/cold wallets and addresses for paying out. I can't see the connection between the banking idea and an exchange? |
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ranlo
Legendary
Offline
Activity: 1974
Merit: 1007
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May 29, 2014, 08:58:43 AM |
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But as i said i have some ideas how to simplify it.. Can you share some more details and how you plan to simplify it? I think that it actually being over complicated a bit and coin age isn't relevant when you're dealing with exchanges anyways because they're constantly moving the coins back and forth between their own wallet and therefore there's no real way to see how much each person has earned regardless Posted From bitcointalk.org Android App This is not about an exchange and moving coins within one wallet. So, yes it can be very simple i guess i miss read your first post. One have to require people to not move their coins in a certain time period that is a couple of days more then minimum coin age to ensure they stake. Maybe 30 days. If they move them before no interrest is payed. Yeah, the problem is exchanges don't keep coins in the same addresses you deposit them into. ie. I make a deposit of 100k MINT right now. That's put in Address A. Later on, when the hotwallet hits 500k (due to 4 other depositors), 350k coins are going to be moved to the exchange's cold wallet, Address F (including coins of mine, B, C, D and E) From time to time the hot wallet will need replenished. This means coins are moving back from F to another address for sending out. When we make the deposits is irrelevant because the exchange is going to be shifting things back and forth between hot/cold wallets and addresses for paying out. I can't see the connection between the banking idea and an exchange? I figured the bank would be doing things safely. This means moving coins to cold storage instead of having them all in the hot wallet. If this is wrong, that's a HUGE liability and I'd recommend avoiding it. If you deal with cold storage, you're moving coins around from cold->hot->cold as needed to meet the demands of depositors. This means coins are being moved from one address to another. If I deposit 1k coins today, those won't be minting from that address since you'd be merging them with others through the hot->cold process. |
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Jeff Jefferson
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May 29, 2014, 10:22:41 AM |
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But as i said i have some ideas how to simplify it.. Can you share some more details and how you plan to simplify it? I think that it actually being over complicated a bit and coin age isn't relevant when you're dealing with exchanges anyways because they're constantly moving the coins back and forth between their own wallet and therefore there's no real way to see how much each person has earned regardless Posted From bitcointalk.org Android App This is not about an exchange and moving coins within one wallet. So, yes it can be very simple i guess i miss read your first post. One have to require people to not move their coins in a certain time period that is a couple of days more then minimum coin age to ensure they stake. Maybe 30 days. If they move them before no interrest is payed. Yeah, the problem is exchanges don't keep coins in the same addresses you deposit them into. ie. I make a deposit of 100k MINT right now. That's put in Address A. Later on, when the hotwallet hits 500k (due to 4 other depositors), 350k coins are going to be moved to the exchange's cold wallet, Address F (including coins of mine, B, C, D and E) From time to time the hot wallet will need replenished. This means coins are moving back from F to another address for sending out. When we make the deposits is irrelevant because the exchange is going to be shifting things back and forth between hot/cold wallets and addresses for paying out. I can't see the connection between the banking idea and an exchange? I figured the bank would be doing things safely. This means moving coins to cold storage instead of having them all in the hot wallet. If this is wrong, that's a HUGE liability and I'd recommend avoiding it. If you deal with cold storage, you're moving coins around from cold->hot->cold as needed to meet the demands of depositors. This means coins are being moved from one address to another. If I deposit 1k coins today, those won't be minting from that address since you'd be merging them with others through the hot->cold process. That can be easily solved by the coin control features already integrated in the mintcoin wallet. I already use only the recent coins for transactions while my older coins are staking. I think people will understand if their coins are staking so they can't use them instantaneously. Or that they lose their coin age by moving the coins. Most people will just put the money in their wallet and let it there and collect interest. Just like a bank. |
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David Latapie
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May 29, 2014, 03:14:14 PM |
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why aren't exchanges actually minting? is it included in the protocol?  of course centralization will be gained by such a bank but i think there are still a lot of people who will still use their own wallets. the idea is just a centralized web wallet. no lending or selling financial products. 15-20% interest rate annually is already more than any bank can offer. Exchanges don't mint because it would create a fractional reserve. If everyone wanted to withdraw at once, they couldn't because coins would be reserved for the minting process. This would cause issues. it's the only reason? what do you mean by reserved for minting? in the wallet the coins are available for transaction. except for when they're being staked. but they are not staked for long and then become available for transactions. i don't think that this causes much problems. worst case you get a message "you're coins are being staked right now, wait x min before you can make a transaction". or am i wrong? Minting means a lot of complication because it reduces fungibility (coin age) and works bad with hotwallet. The main issue it technical, I'd say A mintcoin bank is a good idea and the fact that Reddit likes it goes the same way. It could even be like "5% of minting goes to the server cost and Mintcoin Fund". Our present list of developpers is: mintcointeam Paspi (congratulations on your progress!) Kergekoin unek (?) Some people I've forgot? guys, beside the android wallet is anything going on? any PR campaigns? what is/are the devs up to? any thoughts on adding anonymity features? they seem to be fancy right now.
It should be hard to implement But it's novel Let a person very curious Will be handy If we can implement it is very nice  PR campaign is the Mintcoin Fund. I made significant progress on it today. Unfortunately, the French Administration is closed until Monday. |
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ranlo
Legendary
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Activity: 1974
Merit: 1007
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May 29, 2014, 03:24:45 PM |
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That can be easily solved by the coin control features already integrated in the mintcoin wallet. I already use only the recent coins for transactions while my older coins are staking. I think people will understand if their coins are staking so they can't use them instantaneously. Or that they lose their coin age by moving the coins. Most people will just put the money in their wallet and let it there and collect interest. Just like a bank.
I see what you mean now... I wonder if there's a way to implement something that will basically tell the wallet which transactions were staked (or at least which address it was from). This would help if the bank were to give each person only the coins they themselves were staking. I don't believe this happens right now though, but may be worth looking into if equality is really that important with this. |
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dille71
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May 29, 2014, 03:38:05 PM |
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That can be easily solved by the coin control features already integrated in the mintcoin wallet. I already use only the recent coins for transactions while my older coins are staking. I think people will understand if their coins are staking so they can't use them instantaneously. Or that they lose their coin age by moving the coins. Most people will just put the money in their wallet and let it there and collect interest. Just like a bank.
I see what you mean now... I wonder if there's a way to implement something that will basically tell the wallet which transactions were staked (or at least which address it was from). This would help if the bank were to give each person only the coins they themselves were staking. I don't believe this happens right now though, but may be worth looking into if equality is really that important with this. Thats why i think its a good idea to require them to leave the coins untouched for a couple of days more than minimum coin age. It would give a higher possibillity to stake and one wouldnt need to keep track on whos coins actually staked. Simple and safe |
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ranlo
Legendary
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Activity: 1974
Merit: 1007
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May 29, 2014, 03:44:51 PM |
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That can be easily solved by the coin control features already integrated in the mintcoin wallet. I already use only the recent coins for transactions while my older coins are staking. I think people will understand if their coins are staking so they can't use them instantaneously. Or that they lose their coin age by moving the coins. Most people will just put the money in their wallet and let it there and collect interest. Just like a bank.
I see what you mean now... I wonder if there's a way to implement something that will basically tell the wallet which transactions were staked (or at least which address it was from). This would help if the bank were to give each person only the coins they themselves were staking. I don't believe this happens right now though, but may be worth looking into if equality is really that important with this. Thats why i think its a good idea to require them to leave the coins untouched for a couple of days more than minimum coin age. It would give a higher possibillity to stake and one wouldnt need to keep track on whos coins actually staked. Simple and safe This could cause issues with members. I couldn't imagine a bank saying "you made your deposit but we're not going to let you touch it for a week." Actually, in some cases I guess this happens (most banks will do cash deposits instantly, though some are still delayed a few days). But for cryptos, the point is breaking away from this cycle. |
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dille71
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May 29, 2014, 04:04:23 PM |
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That can be easily solved by the coin control features already integrated in the mintcoin wallet. I already use only the recent coins for transactions while my older coins are staking. I think people will understand if their coins are staking so they can't use them instantaneously. Or that they lose their coin age by moving the coins. Most people will just put the money in their wallet and let it there and collect interest. Just like a bank.
I see what you mean now... I wonder if there's a way to implement something that will basically tell the wallet which transactions were staked (or at least which address it was from). This would help if the bank were to give each person only the coins they themselves were staking. I don't believe this happens right now though, but may be worth looking into if equality is really that important with this. Thats why i think its a good idea to require them to leave the coins untouched for a couple of days more than minimum coin age. It would give a higher possibillity to stake and one wouldnt need to keep track on whos coins actually staked. Simple and safe This could cause issues with members. I couldn't imagine a bank saying "you made your deposit but we're not going to let you touch it for a week." Actually, in some cases I guess this happens (most banks will do cash deposits instantly, though some are still delayed a few days). But for cryptos, the point is breaking away from this cycle. Well, they can withdraw it but then no interrest is payed. Just like when you move your coins in your wallet. |
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ranlo
Legendary
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Activity: 1974
Merit: 1007
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May 29, 2014, 04:09:34 PM |
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That can be easily solved by the coin control features already integrated in the mintcoin wallet. I already use only the recent coins for transactions while my older coins are staking. I think people will understand if their coins are staking so they can't use them instantaneously. Or that they lose their coin age by moving the coins. Most people will just put the money in their wallet and let it there and collect interest. Just like a bank.
I see what you mean now... I wonder if there's a way to implement something that will basically tell the wallet which transactions were staked (or at least which address it was from). This would help if the bank were to give each person only the coins they themselves were staking. I don't believe this happens right now though, but may be worth looking into if equality is really that important with this. Thats why i think its a good idea to require them to leave the coins untouched for a couple of days more than minimum coin age. It would give a higher possibillity to stake and one wouldnt need to keep track on whos coins actually staked. Simple and safe This could cause issues with members. I couldn't imagine a bank saying "you made your deposit but we're not going to let you touch it for a week." Actually, in some cases I guess this happens (most banks will do cash deposits instantly, though some are still delayed a few days). But for cryptos, the point is breaking away from this cycle. Well, they can withdraw it but then no interrest is payed. Just like when you move your coins in your wallet. This is an interesting concept. I think it'd be somewhat easy to implement as well, assuming one uses a database to store the deposit/withdrawal information. It doesn't really tell whether or not coins were staked, though (there are some coins that have sat for months before without staking on PoS due to its randomization). |
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Jeff Jefferson
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May 29, 2014, 07:25:58 PM |
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why aren't exchanges actually minting? is it included in the protocol? of course centralization will be gained by such a bank but i think there are still a lot of people who will still use their own wallets. the idea is just a centralized web wallet. no lending or selling financial products. 15-20% interest rate annually is already more than any bank can offer. Exchanges don't mint because it would create a fractional reserve. If everyone wanted to withdraw at once, they couldn't because coins would be reserved for the minting process. This would cause issues. it's the only reason? what do you mean by reserved for minting? in the wallet the coins are available for transaction. except for when they're being staked. but they are not staked for long and then become available for transactions. i don't think that this causes much problems. worst case you get a message "you're coins are being staked right now, wait x min before you can make a transaction". or am i wrong? Minting means a lot of complication because it reduces fungibility (coin age) and works bad with hotwallet. The main issue it technical, I'd say A mintcoin bank is a good idea and the fact that Reddit likes it goes the same way. It could even be like "5% of minting goes to the server cost and Mintcoin Fund". Our present list of developpers is: mintcointeam Paspi (congratulations on your progress!) Kergekoin unek (?) Some people I've forgot? guys, beside the android wallet is anything going on? any PR campaigns? what is/are the devs up to? any thoughts on adding anonymity features? they seem to be fancy right now.
It should be hard to implement But it's novel Let a person very curious Will be handy If we can implement it is very nice PR campaign is the Mintcoin Fund. I made significant progress on it today. Unfortunately, the French Administration is closed until Monday. So how about an official bounty post for this online wallet? Could you organize it David? Or beaverslayer just the way it happened with the Android wallet? I pledge 300k 5% for the service seems reasonable. I really would like to hear the opinion of people who can actually program such a thing whether it can be done. |
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Xpedite
Sr. Member
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DRAMA: Dumb Retards Asking More Attention
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May 29, 2014, 07:39:28 PM |
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5 % might seem reasonable now but what in three years ?
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