mr_random
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Merit: 1001
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March 02, 2014, 05:18:09 PM |
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Seems interesting at first sight but can someone explain the decentralised block size voting?
Why would any miner other than an IPO holder vote for less than the maximum block size? Doing otherwise would be like me going to my boss and asking for a pay cut?
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VanBreuk
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March 02, 2014, 05:47:05 PM |
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Heavycoin Public Key: 040d52d040141b7ba0a871e462843b78530ee7a21464df86bf1809aefa153d93fd7eebcfeb24ecb b30b713838ad305ff3ab077d011e531b249f21dff203b577504 Bitcoin Transaction ID: 3eb2bb7bf688632939cc3091481f98a634d25d7250f96434038160a20e3576a8 Amount Sent: 0.5001 BTC
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myhoho
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Activity: 1162
Merit: 1008
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March 02, 2014, 05:49:42 PM |
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Heavycoin Public Key: 044e4cfe1627ecb1e14d4b2c16f3fc0ae0c6b82e395a6fb23be98089863fd41688a1bd32792964f 85915c65620233b59e057d560f96826e2b52a14635e8e1f8efc Bitcoin Transaction ID: 27702cf2560120e8021a37551fe907175a5dd3e7af863ed3cac36c86e9d56241 Amount Sent: 0.12 BTC
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rayzor
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March 02, 2014, 05:54:56 PM Last edit: March 02, 2014, 06:07:10 PM by rayzor |
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bitcoin transaction id acfb5fe5cc59b5f38ff2c17cfbd04ec17a0e65b84d269f3d60d6281589f38f8a Heavycoin Public Key: 042f84fb3a969acff39f5a1fd9487a828526d5082e3b03cb12c42c6c43be882e510ca6afe9ca17e eb97d9b1c7494ce06162ff80cd49abaa99940669d65b12dcc86 sent 10.01 btc please confirm
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keccak512 (OP)
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March 02, 2014, 06:02:18 PM |
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Seems interesting at first sight but can someone explain the decentralised block size voting?
Why would any miner other than an IPO holder vote for less than the maximum block size? Doing otherwise would be like me going to my boss and asking for a pay cut?
Thanks. Your question is highly relevant. There actually seems to be quite a bit of disagreement over which way people are going to vote (see below). There has even been some concern that IPO stakeholders could try to suppress the money supply by intentionally voting for zero block reward; however, we think this would be extremely unlikely. Since we have touched on these questions earlier in this thread, I'm going to repost here for convenience. #1All though interesting, I don't believe block reward voting to be useful as everyone regardless of large or small stake will vote for the lowest possible block reward to increase the value of any coins mined. Increasing the coin supply does not increase the value. Likewise reducing the block reward increases the scarcity (value).
Why would anyone vote otherwise?
This is an interesting post, and I think it highlights why block reward voting is so interesting. As you say, there is a really strong argument for miners with _any_ stake to vote for 0 block reward. On the other hand, other users seem to think the opposite. I think that the voting for reward thing isn't going to work as you think it will... I don't see any reason for a miner to vote for a lower reward.
As ymer says, there's still a huge incentive for miners to vote for the maximum reward. We think this is especially true for miners without a stake or with a small stakes. Thus, already we have two users with two very different (actually opposing) ideas for how to vote. We think that the way these forces play out will be very interesting and could give rise to some surprising results! #2Am I missing something? With the variable block rewards, if the IPO investors all voted for a low number of coins it would keep the coin supply down and increase the value of the IPO holding?
Therefore the value of the original IPO would be much higher than suggested?
I guess what I am wondering is there a new paradigm of mining "low" to increase the value of your IPO? and if that is the case surely the IPO value must be higher that suggested?
Interesting idea. While it's theoretically possible for the supply of Heavycoin to be extremely rare (eg. minted extremely slowly due to aggressive zero-vote mining by IPO stakeholders), there will be other miners voting for a large (or maximum) block reward. So we don't think it will be that simple. Yes. We think Heavycoin will bring a new dynamic/paradigm where some miners will have incentive to vote for a low (or zero) block reward. During the 3 phases of voting we think it's likely we will see different (perhaps unexpected) strategies adopted by miners. It's going to be interesting to see what happens. We don't know what to expect, as this has never been done before. Regarding the value of the IPO pot, we have no idea. The free market will decide and we only hope for a good distribution. It already looks very good thanks to all the supporters on the forums.
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V8x8d
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March 02, 2014, 06:13:25 PM Last edit: March 02, 2014, 06:24:00 PM by V8x8d |
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I like CPU-only, waiting IPO and mining pool.
You like CPU Only? They are the worst coins. Instamine, botnets, CPU farms (which are way cheaper than GPU farms). MemoryCoin has failed in that regard, so will Heavycoin. Good luck with your IPO investment. Who needs luck when you can get 144.61282082+ BTC ($80k+) from the IPO investment (Ultracoin got dumped hard with only 80 Bitcoin). I feel like I've joined the moron convention (any coin not released should carry some risk). Still I invested because the Development team and coin are good.
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rsclark3
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Activity: 9
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March 02, 2014, 06:13:49 PM |
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Heavycoin Public Key: 04e6c7d30fe35aae7094de2b2b3cfdea71a501d489315564315a36b6b5bddf6f6b665fd527c1c9a cddbf1c944c432ff7434327eaa145fbaa5d8b41ceb620851086 Bitcoin Transaction ID: 616d28a229e5dd2af397ac40223b8999de0b4adbb1f635ba8d54bc18af2f8a10 Amount Sent: 0.20 BTC
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rayo
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Activity: 1
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March 02, 2014, 06:26:08 PM |
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Bitcoin txn ID: 62e619810ceed1dd731f6104ba15bd8c10719b3ef409c044d04ea4f1d0489adf
Amount sent: 0.1 BTC
Thanks!
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keccak512 (OP)
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March 02, 2014, 06:50:20 PM |
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Heavycoin Public Key: 04e6c7d30fe35aae7094de2b2b3cfdea71a501d489315564315a36b6b5bddf6f6b665fd527c1c9a cddbf1c944c432ff7434327eaa145fbaa5d8b41ceb620851086 Bitcoin Transaction ID: 616d28a229e5dd2af397ac40223b8999de0b4adbb1f635ba8d54bc18af2f8a10 Amount Sent: 0.20 BTC
got it! thanks. you are confirmed.
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keccak512 (OP)
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March 02, 2014, 06:51:02 PM |
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Bitcoin txn ID: 62e619810ceed1dd731f6104ba15bd8c10719b3ef409c044d04ea4f1d0489adf
Amount sent: 0.1 BTC
Thanks!
Thanks for joining the Heavycoin IPO. We will send you a PM with further info later today.
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Trivelius
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March 02, 2014, 07:01:30 PM |
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Bitcoin txn ID: 503896119563f86d6c0d0baf315d40944d798fd79cda7b5acbb12cbfea9b1b06
Amount sent: 0.1 BTC
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kuperis
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March 02, 2014, 07:01:39 PM |
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small addon
Bitcoin Transaction ID: : 18aac8edfb4e1b9501ebf5c2143bcbf7fd3c8bc9b8f29f8f87c0836501024092
Heavycoin Public Key: 04945018f2589025aece51e8f45fee0f1998076cbaaa3d715e77bd9a bb378be8cb7b23dda28d71af993aa2262807ffdfd0bfcae3846366c34f8b86556927c5e58e
Amount Sent: 0.14081879 BTC
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Domino
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March 02, 2014, 07:05:10 PM |
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Just 5 more hours to go
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bleach-craft
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March 02, 2014, 07:17:41 PM |
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Heavycoin Public Key: 04ced134f2b48280bd0066d85257f02b36dcd820c9db8ce627f8d9e6b03d1ffb09ffe7c2b88b066 57c88e4ebd742047c6f04051da8e15a0dea394284af8340579f Bitcoin Transaction ID: d5394f442350af6a47d8a4260a8f3bd121aaa3474df541ee4d07f8ecf2537aac Amount sent: 3 BTC
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instacalm
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March 02, 2014, 07:22:33 PM Last edit: March 02, 2014, 07:39:01 PM by instacash |
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Total IPO investment received so far: 145.12163961 BTC
Project looking fine, looking forward to it.
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theironman
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March 02, 2014, 07:33:42 PM |
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Heavycoin Public Key: 043a2e7c741b194fa988b11dea060b8e7e8bc1ca49a82338958a14f650a30b9a67c6d81a5233b55 f0f59444815e22be1a0c05e998d05d8e8515bf5139b35000bd8 Bitcoin Transaction ID: d91aa24e7832b5bdf98b8734fe5e072b801e4d4091c9678f6bbc7c2f55f6764e Amount sent: 0.1 BTC
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K7
Newbie
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Activity: 12
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March 02, 2014, 07:56:38 PM |
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Heavycoin Public Key: 045d1c9d519e35930b659aab08f3f589e75704c59aecf30c10ca6f6b42a46e91085f0b99f58d533 b9acfea7836bf1511a4c9a99776ec746972a01c945f967c39aa Bitcoin Transaction ID: e4bc4fdfac411ae00dc96189f14c6799012430f99202b4452a8624c9e433f697 Amount sent: 2 BTC
Please confirm when you get the chance.
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keccak512 (OP)
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March 02, 2014, 08:09:19 PM |
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Bitcoin txn ID: 503896119563f86d6c0d0baf315d40944d798fd79cda7b5acbb12cbfea9b1b06
Amount sent: 0.1 BTC
confirmed. thanks!. We will send you a PM with more details later.
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keccak512 (OP)
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March 02, 2014, 08:09:56 PM |
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small addon
Bitcoin Transaction ID: : 18aac8edfb4e1b9501ebf5c2143bcbf7fd3c8bc9b8f29f8f87c0836501024092
Heavycoin Public Key: 04945018f2589025aece51e8f45fee0f1998076cbaaa3d715e77bd9a bb378be8cb7b23dda28d71af993aa2262807ffdfd0bfcae3846366c34f8b86556927c5e58e
Amount Sent: 0.14081879 BTC
confirmed - thanks!
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