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

[DrFingol]

That's one of the things I love about BlackCoin, how it proves that you don't need a premine at all to make a solid coin. BlackCoin also goes above and beyond many coins with its well thought-out distribution model etc.

[StolenCoinSalesman]

Someone is massively dumping

Yup time to gobble up some more bc

[Zackgeno96]

yup i bought another 11k

[colinfx]

Just got an idea on the POS.. does this mean that i am only earning 1% of my total coins every year?

for example a coins worth 1,000 USD will have an interest of 10 USD per year? and the wallet should be left unlock and let it go POS mining?

if that's the case it's a very low profit on holding the coins for a long period of time.. or maybe my understanding is incorrect.
please enlighten me.

The 1% per year means the coin price only needs to rise 1% per year in order for your investment to not lose value. Compare with MINT, the price will have to rise 20% in first year for holders to break even due to higher coin inflation.

1% per annum coin inflation is a big positive feature of BlackCoin. There is no huge new supply of coins to be dumped. If someone wants the coins, they have to buy them at market rate.

Why would the price have to rise for me to break even? Math is hard, but the way I see it, the price of Mint can go down 20% and since I will have 20% more Mint after a year I will still breakeven after a 20% price drop. Why are you are saying the price needs to rise 20% for me to breakeven?

To keep same coin price a 20% inflationary coin has to rise by 20% otherwise the coin price drops. It is due to new coins being added to the supply. A coin with 1% inflation does not have this problem, only on a very tiny scale. If everyone always holds their coins it makes no difference. If everyone dumps their extra coins the price gets diluted downwards.

Colinfx well put. Too many people who mine and trade cryptocoins have a limited understanding of economics and inflation.

The 1% inflation will not suffice to dilute price. It will merely offset the inevitable deflationary process slightly. People will lose coins. People will hoard coins over lengthy periods. People will lose track of wallets, lose passwords, accidentally delete their wallet.dat lol.

Agreed - TBH 1% is almost borderline deflationary due to lost coins, wallets etc, it's a close call.

[Jabulon]

Someone is massively dumping

Yup time to gobble up some more bc

Yes please. Dump away.

[colinfx]

Someone is massively dumping

Blackcoin is up 100% in a few days, some are taking quick small profits, but really we are going much much further than this. It's hardly even the beginning. My coins are all safely sitting in my wallet, not even thinking about selling them - pump or no pump!

PS. The quality of posts in this thread are amazing compared to the dross you get in other coin threads

[brightlight]

I made some 3k accidentally Just for fun put 3 places higher sell offer, but it gone in seconds. Bought back later for lower price with little bonus

[brightlight]

Really smells like 2nd wave

[rbauer85]

Really smells like 2nd wave

Gotta wait until the pump and dumpers, dump the remainder of their coins.

[colinfx]

Really smells like 2nd wave

Gotta wait until the pump and dumpers, dump the remainder of their coins.

I really can't see that they got many coins, the exposure was really good for BlackCoin, but it doesn't need market manipulation, it's a good coin, so much has traded hands since the move up from 600 sat that our floor has to be very near the 1000 sat level - unless panic sellers sell at a loss

[Jabulon]

Someone is massively dumping

Blackcoin is up 100% in a few days, some are taking quick small profits, but really we are going much much further than this. It's hardly even the beginning. My coins are all safely sitting in my wallet, not even thinking about selling them - pump or no pump!

PS. The quality of posts in this thread are amazing compared to the dross you get in other coin threads

Yes. Probably before the end of 2014 Bitcoin will have a monumental resurgence as it continues to go mainstream. Inevitability, folks. The writing is on the wall on that one. The secondary/tertiary markets, in this case altcoin, will track upward with the primary market as they invariably do. A few standouts will reap the most benefit, and Blackcoin will be one of them. Altcoin awareness has grown enormously since the last Bitcoin surge. Vastly more miners, but not only. As the next wave of mania sets in for virtual currency in general there will be a great deal more spillover-effect into the altcoin market than any previous time has seen. Volume and liquidity of altcoin trade is trivial now compared to what it will be as investors and players stampede in, particularly those who are hungry and looking for greater risk/reward scenarios. And in an up-market, that means a lot of people, a lot of new money-flow. Blackcoin is a no-brainer for reasons mentioned many times on this thread and which I needn't bother repeating. I also foresee major marketing and branding initiatives coming into play on this coin as it evolves and matures. We have scarcely begun. There will be cocktail parties on yachts people. I look forward to seeing you there.

[colinfx]

Someone is massively dumping

Blackcoin is up 100% in a few days, some are taking quick small profits, but really we are going much much further than this. It's hardly even the beginning. My coins are all safely sitting in my wallet, not even thinking about selling them - pump or no pump!

PS. The quality of posts in this thread are amazing compared to the dross you get in other coin threads

Yes. Probably before the end of 2014 Bitcoin will have a monumental resurgence as it continues to go mainstream. Inevitability, folks. The writing is on the wall on that one. The secondary/tertiary markets, in this case altcoin, will track upward with the primary market as they invariably do. A few standouts will reap the most benefit, and Blackcoin will be one of them. Altcoin awareness has grown enormously since the last Bitcoin surge. Vastly more miners, but not only. As the next wave of mania sets in for virtual currency in general there will be a great deal more spillover-effect into the altcoin market than any previous time has seen. Volume and liquidity of altcoin trade is trivial now compared to what it will be as investors and players stampede in, particularly those who are hungry and looking for greater risk/reward scenarios. And in an up-market, that means a lot of people, a lot of new money-flow. Blackcoin is a no-brainer for reasons mentioned many times on this thread and which I needn't bother repeating. I also foresee major marketing and branding initiatives coming into play on this coin as it evolves and matures. We have scarcely begun. There will be cocktail parties on yachts people. I look forward to seeing you there.

+1

I'm holding long. I look forward to cracking open some bottles of champagne and looking back at these early days with you guys on that yacht

[colinfx]

Someone is massively dumping

Yup time to gobble up some more bc

Yes please. Dump away.

Some whales maybe do not realise the value in BlackCoin, so their dump tactics are not going to work like on other coins, those with half a brain will just collect up the cheap blackcoin that they dump - we're not seeing the 500/600 sat level again, I am sure of that.

In fact, whales need cheap coins to profit, they might try to get weak hands to dump by saying things, after all, it is in their nature to manipulate to make money. But if there are few sellers, there are no cheap coins, they'll have to pay the going rate - or just bail and move on to another target.

Blackcoin is not like other coins

[yannis7777]

Someone is massively dumping

Blackcoin is up 100% in a few days, some are taking quick small profits, but really we are going much much further than this. It's hardly even the beginning. My coins are all safely sitting in my wallet, not even thinking about selling them - pump or no pump!

PS. The quality of posts in this thread are amazing compared to the dross you get in other coin threads

Yes. Probably before the end of 2014 Bitcoin will have a monumental resurgence as it continues to go mainstream. Inevitability, folks. The writing is on the wall on that one. The secondary/tertiary markets, in this case altcoin, will track upward with the primary market as they invariably do. A few standouts will reap the most benefit, and Blackcoin will be one of them. Altcoin awareness has grown enormously since the last Bitcoin surge. Vastly more miners, but not only. As the next wave of mania sets in for virtual currency in general there will be a great deal more spillover-effect into the altcoin market than any previous time has seen. Volume and liquidity of altcoin trade is trivial now compared to what it will be as investors and players stampede in, particularly those who are hungry and looking for greater risk/reward scenarios. And in an up-market, that means a lot of people, a lot of new money-flow. Blackcoin is a no-brainer for reasons mentioned many times on this thread and which I needn't bother repeating. I also foresee major marketing and branding initiatives coming into play on this coin as it evolves and matures. We have scarcely begun. There will be cocktail parties on yachts people. I look forward to seeing you there.

I find that argument optimistic albeit I hope it comes true lol.

[brightlight]

Someone is massively dumping

Yup time to gobble up some more bc

Yes please. Dump away.

Some whales maybe do not realise the value in BlackCoin, so their dump tactics are not going to work like on other coins, those with half a brain will just collect up the cheap blackcoin that they dump - we're not seeing the 500/600 sat level again, I am sure of that.

In fact, whales need cheap coins to profit, they might try to get weak hands to dump by saying things, after all, it is in their nature to manipulate to make money. But if there are few sellers, there are no cheap coins, they'll have to pay the going rate - or just bail and move on to another target.

Blackcoin is not like other coins

From your mouth to others ear. We can expect 100% gain in nearest future

[rat4]

Notice how ComputeNextStakeModifier typically includes PoW blocks; you can visualise this if you turn on the debug flags.

By the way, comment in code says it should favor PoS blocks  

kernel.cpp:

Code:

        // the selection hash is divided by 2**32 so that proof-of-stake block
        // is always favored over proof-of-work block. this is to preserve
        // the energy efficiency property

What could happen when you don't include PoW blocks and you're only using entropy bits from PoS blocks (GetStakeEntropyBit() from main.cpp)?  Especially if you're producing most of the previous PoS blocks?

If attakers are producing most of blocks they can double spend and so on. If not then chanches to influence to the modifier are too low.

I don't think there's any easy fix not including PoW, and if you make the chain completely PoS you run into the forking issue (that miners can mine both forks of a chain easily and without consequence, so when forks are started they continue to propagate forever).

Nodes do not propagate double stakes.

Okay; how do you select which chain is the correct one?

The longest in terms of cumulative difficulty.

[yannis7777]

BTW guys mint have come up with a beautiful logo. We will need something distinctive and competitive. Just my two mBC. 

[tacotime]

What could happen when you don't include PoW blocks and you're only using entropy bits from PoS blocks (GetStakeEntropyBit() from main.cpp)?  Especially if you're producing most of the previous PoS blocks?

If attakers are producing most of blocks they can double spend and so on. If not then chanches to influence to the modifier are too low.

Unless the attackers start with a small percentage of stake and then progressively begin to burn more of it.

By the way, comment in code says it should favor PoS blocks  

kernel.cpp:

Code:

        // the selection hash is divided by 2**32 so that proof-of-stake block
        // is always favored over proof-of-work block. this is to preserve
        // the energy efficiency property

Yes, but no where does it say to completely remove PoW.

Okay; how do you select which chain is the correct one?

The longest in terms of cumulative difficulty.

You see no issue with this at all?  What would happen to Bitcoin if the cost of generating PoW blocks was negligible and an orphan was generated?

[colinfx]

There's a big pump tonight coming up on MintPal, let's hope it isn't BlackCoin, it just gives a coin a bad rep.

[brightlight]

people, who sold recently, are trying to buy back