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Author Topic: [ANN] [MINT] Mintcoin (POS / 5%) [NO ICO] [Fair distro, community maintained]  (Read 1281727 times)
pringles1901
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June 12, 2015, 07:33:52 PM
 #17901

So come on own up who is killing Mintcoin on Cryptsy..... Huh
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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sambiohazard
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June 13, 2015, 02:22:35 AM
 #17902

@coolbeans

Your whole argument is that people with small amount of coins can never stake. This is incorrect. With POS 2.0 staking becomes like solo mining, you are guaranteed a stake but it will take much longer if you have less coin. Also as you accumulate coin age by being online the longer it takes for you to stake, bigger the reward. Its just that it will be less frequent with small amount of coins. Also with POS 1.0 people arent securing the network but still getting the rewards. You get rewards for processing transactions & securing the network, that happens only when you are actively staking.

Also one of the argument for POS 2.0 was that those who are investing large sums of money to back the coin are trumped in staking by others who just come online  to collect reward but provide no service for 99% of the time. Although i am not at all for big investors so this is not something i am worried about.

For those who are worried about keeping their PC on all the time, people are running nodes & minting PCs on Raspberry PI like computers which could be a good investment if you stake more than one coin.

Another way around low staking % is to create dedicated staking group from community members who create some reasonable weight say, 20-30% all the time during the 20 day staking cycle. This might not seem like a problem right now as we are in our infancy but if MINT goes big people will have incentive to fork the network.

Fluttercoin created a good scheme by paying people to keep their wallets open via a bounty fund. That is another way to incentivize people to stake. Thanks for keeping the discussion going. Smiley

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Mhr3io
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June 13, 2015, 03:35:41 AM
 #17903

how many total coins are mintcoin has, i didn't find?
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June 13, 2015, 03:48:38 AM
 #17904

Just to give you an idea of staking on POS 2.0, With just 0.0035% of total coin supply I staked 5(0.0165% of all blocks) times in last three weeks while whole network produced ~31000 blocks. I got 0.0024% of all new minted coins in that period. All these are approxiamte figures but you get the picture. It is still possible to stake competitively with POS 2.0. It is not detrimental to small stakeholders like me but it enhances security by discouraging rentseeking behavior.

There is one catch to this. I have no data on how many people were staking during this time but still this at least shows that staking with very small amount of coins is still possible. If we assume that only 20% of coins were staking still i have 0.0175% of coins which is very small portion and i am still staking successfully.

Also to encourage people to stake, some coins like vericoin & archcoin have interest rate tied to strength of staking weight on network. More people staking more interest everyone gets. There are many ways to solve this problem and IMO there is a problem if only 3% of people are staking at a time.

Regards

Sam Smiley

PS @Mhr3io
here you go https://chainz.cryptoid.info/mint/ Check the amount under "Outstanding", some 21.362 billion MINT.

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r3s
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June 13, 2015, 11:58:05 AM
 #17905

Apologies if this has been mentioned somewhere but i have been out of the loop for a while.

I updated my mintcoin wallet from last year and it shows me the coins that were transferred to my wallet but my wallet is empty without any withdrawals?

Is there something i have to do to reactivate my coins?

I will have the wallet staking 24/7 once it recognises my coins.

Thanks in advance.

Andrew
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June 13, 2015, 12:20:56 PM
 #17906

Apologies if this has been mentioned somewhere but i have been out of the loop for a while.

I updated my mintcoin wallet from last year and it shows me the coins that were transferred to my wallet but my wallet is empty without any withdrawals?

Is there something i have to do to reactivate my coins?

I will have the wallet staking 24/7 once it recognises my coins.

Thanks in advance.

Andrew

Good Morning!

Is it syncing by any chance?
r3s
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June 13, 2015, 12:32:09 PM
 #17907

Apologies if this has been mentioned somewhere but i have been out of the loop for a while.

I updated my mintcoin wallet from last year and it shows me the coins that were transferred to my wallet but my wallet is empty without any withdrawals?

Is there something i have to do to reactivate my coins?

I will have the wallet staking 24/7 once it recognises my coins.

Thanks in advance.

Andrew

Good Morning!

Is it syncing by any chance?


Silly me, yes i should have mentioned, it says up to date.

currently on block 1600897 in the client, does that sound right?

my address book is blank, could that be my problem?

This is the receive coins address  MnbNhUruyUy5UL7sRnE75RpFxr86K8CUYh if that helps.
cryptomommy
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June 13, 2015, 12:34:24 PM
 #17908

Apologies if this has been mentioned somewhere but i have been out of the loop for a while.

I updated my mintcoin wallet from last year and it shows me the coins that were transferred to my wallet but my wallet is empty without any withdrawals?

Is there something i have to do to reactivate my coins?

I will have the wallet staking 24/7 once it recognises my coins.

Thanks in advance.

Andrew

Good Morning!

Is it syncing by any chance?

We currently are running on 1.17 found here: https://drive.google.com/folderview?id=0ByiwIYtArulmNS0yZ3BDWHlZTlk&usp=sharing#list

Can you verify you are running this wallet?
(on the home screen you will see a feature that says "Total ever minted"
Silly me, yes i should have mentioned, it says up to date.

currently on block 1600897 in the client, does that sound right?
r3s
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June 13, 2015, 12:38:02 PM
 #17909

I edited my other post sorry, yes it is that version, the total ever minted is around 75269 Mint

i should have around 3m or so MINT, updated my Netcoin Wallet in exactly the same way and it worked perfectly Sad
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June 13, 2015, 12:39:16 PM
 #17910

https://chainz.cryptoid.info/mint/address.dws?MnbNhUruyUy5UL7sRnE75RpFxr86K8CUYh.htm

this shows around 2.4m Mint should be there :/
cryptomommy
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June 13, 2015, 12:52:00 PM
 #17911

Click on Help > Check Wallet

Also go into the console and type repairwallet

Then restart your wallet
r3s
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June 13, 2015, 12:58:38 PM
 #17912

Click on Help > Check Wallet

Also go into the console and type repairwallet

Then restart your wallet

Worked a treat, thank you very much, post up your MINT address and i will send you 50k Smiley
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June 13, 2015, 01:00:58 PM
 #17913

Click on Help > Check Wallet

Also go into the console and type repairwallet

Then restart your wallet

Worked a treat, thank you very much, post up your MINT address and i will send you 50k Smiley

Any support for the Mintcoin Guardians is greatly appreciated:
Support Mintcoin Developments - Mt6nEG8Pp7kyimcHEp3gFqdjDPQqXas5Ae

We use all funds to grow the community Smiley
r3s
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June 13, 2015, 01:29:20 PM
 #17914

Done, thanks again.


Status: 0/unconfirmed, broadcast through 6 nodes
Date: 6/13/2015 23:28
To: Mt6nEG8Pp7kyimcHEp3gFqdjDPQqXas5Ae
Debit: -50000.00 MINT
Transaction fee: -0.50 MINT
Net amount: -50000.50 MINT
Transaction ID: 92443b703a0c33ee95cd891660d182c5bbe39f9778daebec1122dda1e89e46b9
Flyskyhigh
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Ezekiel 34:11, John 10:25-30


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June 13, 2015, 02:28:47 PM
 #17915

Isn't there a possibility that a bunch of mintcoins were lost? Like the total supply is really a lot less.

Sick of mining?  Start minting!  5% per year!  Mintcoin "MINT"
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June 13, 2015, 02:38:54 PM
 #17916

@coolbeans

Your whole argument is that people with small amount of coins can never stake. This is incorrect. With POS 2.0 staking becomes like solo mining, you are guaranteed a stake but it will take much longer if you have less coin. Also as you accumulate coin age by being online the longer it takes for you to stake, bigger the reward. Its just that it will be less frequent with small amount of coins. Also with POS 1.0 people arent securing the network but still getting the rewards. You get rewards for processing transactions & securing the network, that happens only when you are actively staking.

Also one of the argument for POS 2.0 was that those who are investing large sums of money to back the coin are trumped in staking by others who just come online  to collect reward but provide no service for 99% of the time. Although i am not at all for big investors so this is not something i am worried about.

For those who are worried about keeping their PC on all the time, people are running nodes & minting PCs on Raspberry PI like computers which could be a good investment if you stake more than one coin.

Another way around low staking % is to create dedicated staking group from community members who create some reasonable weight say, 20-30% all the time during the 20 day staking cycle. This might not seem like a problem right now as we are in our infancy but if MINT goes big people will have incentive to fork the network.

Fluttercoin created a good scheme by paying people to keep their wallets open via a bounty fund. That is another way to incentivize people to stake. Thanks for keeping the discussion going. Smiley

How can you say that PoS 1.0 people are not securing the network, but getting rewards? In order to get reward, you need to find a block, and you are securing the network when you do this. Granted it may be for a brief period of time, since a block on mintcoin is about 28 seconds or so. But you are helping to secure it.

Sick of mining?  Start minting!  5% per year!  Mintcoin "MINT"
Ofan
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June 13, 2015, 03:52:24 PM
 #17917

@coolbeans

Your whole argument is that people with small amount of coins can never stake. This is incorrect. With POS 2.0 staking becomes like solo mining, you are guaranteed a stake but it will take much longer if you have less coin. Also as you accumulate coin age by being online the longer it takes for you to stake, bigger the reward. Its just that it will be less frequent with small amount of coins. Also with POS 1.0 people arent securing the network but still getting the rewards. You get rewards for processing transactions & securing the network, that happens only when you are actively staking.

Also one of the argument for POS 2.0 was that those who are investing large sums of money to back the coin are trumped in staking by others who just come online  to collect reward but provide no service for 99% of the time. Although i am not at all for big investors so this is not something i am worried about.

For those who are worried about keeping their PC on all the time, people are running nodes & minting PCs on Raspberry PI like computers which could be a good investment if you stake more than one coin.

Another way around low staking % is to create dedicated staking group from community members who create some reasonable weight say, 20-30% all the time during the 20 day staking cycle. This might not seem like a problem right now as we are in our infancy but if MINT goes big people will have incentive to fork the network.

Fluttercoin created a good scheme by paying people to keep their wallets open via a bounty fund. That is another way to incentivize people to stake. Thanks for keeping the discussion going. Smiley


Just to chip in, keeping 24/7 wallet uptime is not a hardware limitation for me, it is due to circumstances that frankly need no elaboration save to say that they render it an impossibility, even if that were not the case the mere suggestion of having to buy dedicated hardware to leave running constantly is huge turn off, and will be for a lot of people.

You say "but if MINT goes big" however a system that requires constant uptime will be a good reason why for an "average" or "uneducated" user it will not, because most will not care about security considerations but will focus more on convenience and practicality. There has to be a certain amount of pragmatism involved in considering this.
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June 13, 2015, 10:27:47 PM
 #17918

@coolbeans

Your whole argument is that people with small amount of coins can never stake. This is incorrect. With POS 2.0 staking becomes like solo mining, you are guaranteed a stake but it will take much longer if you have less coin. Also as you accumulate coin age by being online the longer it takes for you to stake, bigger the reward. Its just that it will be less frequent with small amount of coins. Also with POS 1.0 people arent securing the network but still getting the rewards. You get rewards for processing transactions & securing the network, that happens only when you are actively staking.

Also one of the argument for POS 2.0 was that those who are investing large sums of money to back the coin are trumped in staking by others who just come online  to collect reward but provide no service for 99% of the time. Although i am not at all for big investors so this is not something i am worried about.

For those who are worried about keeping their PC on all the time, people are running nodes & minting PCs on Raspberry PI like computers which could be a good investment if you stake more than one coin.

Another way around low staking % is to create dedicated staking group from community members who create some reasonable weight say, 20-30% all the time during the 20 day staking cycle. This might not seem like a problem right now as we are in our infancy but if MINT goes big people will have incentive to fork the network.

Fluttercoin created a good scheme by paying people to keep their wallets open via a bounty fund. That is another way to incentivize people to stake. Thanks for keeping the discussion going. Smiley

How can you say that PoS 1.0 people are not securing the network, but getting rewards? In order to get reward, you need to find a block, and you are securing the network when you do this. Granted it may be for a brief period of time, since a block on mintcoin is about 28 seconds or so. But you are helping to secure it.

The problem is right now people are securing the network for few hours or maybe a day when they open wallet to receive their minted block but leaving it vulnerable for rest of the 20 day period. If your wallet is not open then your coins dont count towards the network weight which is like total hashrate for a POW coin. If for a POW coin like bitcoin hashrate is too low then a big miner can attack the network, similarly POS coin can be attacked if network weight is too low. Continuing with the same analogy, if a miner turns on his miner for a day every 20 days and collects rewards that he would have received only if he hashed for 20 days continuously then he is kind of gaming the system. That is what happens when people open their wallet every 20 days.

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sambiohazard
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June 13, 2015, 10:34:00 PM
 #17919

@coolbeans

Your whole argument is that people with small amount of coins can never stake. This is incorrect. With POS 2.0 staking becomes like solo mining, you are guaranteed a stake but it will take much longer if you have less coin. Also as you accumulate coin age by being online the longer it takes for you to stake, bigger the reward. Its just that it will be less frequent with small amount of coins. Also with POS 1.0 people arent securing the network but still getting the rewards. You get rewards for processing transactions & securing the network, that happens only when you are actively staking.

Also one of the argument for POS 2.0 was that those who are investing large sums of money to back the coin are trumped in staking by others who just come online  to collect reward but provide no service for 99% of the time. Although i am not at all for big investors so this is not something i am worried about.

For those who are worried about keeping their PC on all the time, people are running nodes & minting PCs on Raspberry PI like computers which could be a good investment if you stake more than one coin.

Another way around low staking % is to create dedicated staking group from community members who create some reasonable weight say, 20-30% all the time during the 20 day staking cycle. This might not seem like a problem right now as we are in our infancy but if MINT goes big people will have incentive to fork the network.

Fluttercoin created a good scheme by paying people to keep their wallets open via a bounty fund. That is another way to incentivize people to stake. Thanks for keeping the discussion going. Smiley


Just to chip in, keeping 24/7 wallet uptime is not a hardware limitation for me, it is due to circumstances that frankly need no elaboration save to say that they render it an impossibility, even if that were not the case the mere suggestion of having to buy dedicated hardware to leave running constantly is huge turn off, and will be for a lot of people.

You say "but if MINT goes big" however a system that requires constant uptime will be a good reason why for an "average" or "uneducated" user it will not, because most will not care about security considerations but will focus more on convenience and practicality. There has to be a certain amount of pragmatism involved in considering this.

Well its not absolutely necessary to be online 24/7. You will still get your rewards if you remain online for few hours but it will take longer to get your reward. Also you have to do something more than just sitting on your coins to get reward. I mean why even come online for a little time every 20 days, just get your rewards for creating a wallet. Current POS system is dumb, thats why i called it rent seeking as people aren't helping the network but keeping coins just to get free rewards.

Rent Rigs @ MiningRigRentals: https://www.miningrigrentals.com/register?ref=9685 | Mine Zcash, X11, ETH, BTC, LTC hashrate available @ Genesis Mining: 9yx2ib (Promo Code for 3% off)
Sell & Buy/Rent hashing power @ Nicehash.com: https://www.nicehash.com/?refby=63551
Trade BTCINR on Coinsecure.in (Global trade available: http://blog.coinsecure.in/post/153309186530/coinsecure-goes-global-by-reducing-the-barrier-for): https://coinsecure.in/signup/z5ehHIOLvHN5sWAq3wTu
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June 14, 2015, 03:03:16 PM
 #17920

Well its not absolutely necessary to be online 24/7. You will still get your rewards if you remain online for few hours but it will take longer to get your reward. Also you have to do something more than just sitting on your coins to get reward. I mean why even come online for a little time every 20 days, just get your rewards for creating a wallet. Current POS system is dumb, thats why i called it rent seeking as people aren't helping the network but keeping coins just to get free rewards.

I maintain three wallets that I take turns keeping up 24/7 I know there are several other community members that are keeping theirs up 24/7 as well.
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