[ANN] Blacknet BLN | Staking | Future of zApp & ZeFi

[SCryptoMiners]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

+1

http://en.wikipedia.org/wiki/Proof-of-stake

Thanks for the link

[Miner232432]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

[rsx19]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

so the rich will get richer?

[TrollboxChamp]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

so the rich will get richer?

If thats how you wanna look at it

[artiface]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

It has been explained several times in the thread.

After 10000 blocks there will be no more mining rewards.  From that point all blocks will be generated via proof-of-stake.  

[The] proof-of-stake system is based around the concept of "coin age," a measure of the product of the currency amount held times the amount of time it has been held for. When generating a proof-of-stake block, the user sends some money to themselves, consuming their coin age in exchange for a preset reward. This minting transaction becomes more likely to succeed over time until a valid block is found, generating a new block on the blockchain and a payout for the proving user. This process secures the network and gradually produces new coins over time without consuming significant computational power.

In this coin you coins are eligible to produce 1% stake interest every 8 hours.  

so we send coins to oursselves to make 1%? i dont get it

All you have to do is keep your wallet running with coins in it.  Coins will automatically attempt to generate stake until they succeed.  The staked coins and the newly generated coins will then go to the stake line in your wallet until the stake is confirmed after 520 blocks then they will return to your balance.  Any coin that has been in your wallet for more 8 hours will be eligible to generate stake.  This process will replace mining and generate 1% interest compounded as much as every 8 hours.

rat4 said 1% nominal interest, but when compounding at 8 hour intervals the real interest rate will be much higher.   But you have to have coins in your wallet to stake.  And after about 5.5 more days  no more coins will be mined so the only way to get coins will be to buy them.

[Jeezy911]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

When you say connected to network, you mean just having the coins in your storage? If so, does this require the wallet to be open and unlocked at all times?

[jdh015232]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

so the rich will get richer?

see:PPC

[WalkerLi]

Dev, still no POS block as the block explorer, why?

[Miner232432]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

When you say connected to network, you mean just having the coins in your storage? If so, does this require the wallet to be open and unlocked at all times?

It needs to be connected to the network as in your wallet is running and your PC is on the internet. Anything offline will not be entered into the mining lottery

[slavo]

can you explain the concept of 1% interest compounded ?

i don't undetstand what it means.

how it is different from 1% yearly interest ?

thanks.

[SCryptoMiners]

SCryptoMiners BlackCoin Pool (1.4 gh/s)

http://bc.scryptominers.com

PPLNS (Pay Per Last N Shares) reward system
Round earnings credited after 520 confirms.
All block transaction fees are passed along to miners.
Minimum payout is 1 BlackCoin.
We process payouts every 60 seconds.

We run multiple mining pools that can be seen in my signature. You will be safe mining with us.

[Jeezy911]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

When you say connected to network, you mean just having the coins in your storage? If so, does this require the wallet to be open and unlocked at all times?

It needs to be connected to the network as in your wallet is running and your PC is on the internet. Anything offline will not be entered into the mining lottery

That's pretty crazy, this coin is insane haha.

[TrollboxChamp]

Dev, still no POS block as the block explorer, why?

PoW is not done yet.

[artiface]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

When you say connected to network, you mean just having the coins in your storage? If so, does this require the wallet to be open and unlocked at all times?

Yes your wallet must be open and unlocked.  You can unlock it for staking only.  

in the console type:
walletpassphrase <password> 9999999 true


9999999 or however many seconds you want to unlock to generate stake
true to unlock for staking only

If you unlock for staking only you still need to enter the passphrase for transactions

[hashfever]

BE VERY CAREFUL WITH HASHFEVER POOLS

They don't payout. Scam pools?

I had a 100mh/s rig on there. Not anymore.

Same problem, and they tend to disconnect my rigs. Where do you switched? (60mh here)

People say they pay out, so you should be fine. I just read about HashFever here and got very scared (mined more than 30k)..

https://bitcointalk.org/index.php?topic=475160.msg5363261#msg5363261

Alternatives:

Greekpool. Registration closed, unfortunately. (That's where I mine, 1.5Ghz)
Trademybit. Registration also closed.
Scryptominers are good.
Use a P2Pool?

@y3804
https://bitcointalk.org/index.php?topic=475160.msg5367997#msg5367997

and
https://bitcointalk.org/index.php?topic=475160.msg5374875#msg5374875
and
https://bitcointalk.org/index.php?topic=475160.msg5375220#msg5375220


Regards
HashFever

[tabnk]

Seriously, I'm missed this boat. NET HASH @ 11GH/s now .

[artiface]

can you explain the concept of 1% interest compounded ?

i don't undetstand what it means.

how it is different from 1% yearly interest ?

thanks.

If you generate 1% in a year on 10,000 coins you would have 10,100 coins.

If you generate 1% every 8 hours for example, you would have
10100
10201
10303.01
10406.0401
10510.1005
10615.20151
10721.35352
10828.56706
10936.85273
11046.22125
11156.68347
etc..


you see how compound interest grows quickly.  of course all your coins are not going to stake every 8 hours.  

[Miner232432]

can you explain the concept of 1% interest compounded ?

i don't undetstand what it means.

how it is different from 1% yearly interest ?

thanks.

1% yearly interest is still compounded interest

All compounded means is once you receive your interest that amount becomes a part of your total assets to accumulate interest

[TrollboxChamp]

This coin is gonna blow up once people realize they can mine it just by holding it in their wallet 

How does that work exactly though ? I think that needs to be in the OP.

Basically it's a lottery, each coin you hold can be considered a ticket. Every 60 seconds a "ticket" will be drawn to be the miner and the miner gets his reward. The probability of having one of your coins picked depends on amount of coins you hold and amount of total coins minted, for the start of POS it would be n/1bil * 100 where n = coins held

If you're not connected to the network then you can't have the chance for your coins to be picked and it will roll over to another coin on the network

When you say connected to network, you mean just having the coins in your storage? If so, does this require the wallet to be open and unlocked at all times?

Yes your wallet must be open and unlocked.  You can unlock it for staking only.  

in the console type:
walletpassphrase <password> 9999999 true


9999999 or however many seconds you want to unlock to generate stake
true to unlock for staking only

If you unlock for staking only you still need to enter the passphrase for transactions

Just set this up. Thanks a bunch!

[splitting]

How's this for getting in an hour after launch?