[ANN][NYAN] NyanCoin - ★★★V1.2 Released! Now Listed on Cryptsy! ★★★

[Nyan-Coin]

Please make your final votes on the algorithm changes.

The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.

Poll will close in 48 hours and then implementation will begin.

If POS wins out, then there is ~41 million total, so i do not see any issue with doing this.  What kind of a return on POS for staking, and stake time were you looking at. Also, was there a total number if coins you were looking at getting from staking in the end.  Might be to early for these questions, just alot to ponder!

In the event that we implement POS with a reduced supply constraint, we will discuss carefully with the community the actual parameters before full implementation. The whole process is planned to be as transparent and community involved as possible.

[Aosilu Houdali]

We need to change the algo to POS. That way the network will give rewards to those that prove stake instead of prove work. There is no traditional mining in pure POS, but can think of anyone with a wallet as a "miner" with a hash rate equal to the number of coins they have.

[braxx]

We need to change the algo to POS. That way the network will give rewards to those that prove stake instead of prove work. There is no traditional mining in pure POS, but can think of anyone with a wallet as a "miner" with a hash rate equal to the number of coins they have.

time to buy in cheap

[Ivan195]

Please make your final votes on the algorithm changes.

The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.

Poll will close in 48 hours and then implementation will begin.

Can we go from POW to POS?

[atheistftwins]

Please make your final votes on the algorithm changes.

The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.

Poll will close in 48 hours and then implementation will begin.

Can we go from POW to POS?

Yeah, it would require a hard fork and significant changes to the coin's code, but it is possible.

[Ivan195]

Please make your final votes on the algorithm changes.

The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.

Poll will close in 48 hours and then implementation will begin.

Can we go from POW to POS?

Yeah, it would require a hard fork and significant changes to the coin's code, but it is possible.

Can I hear your concept implementation of POS? Because NXT is 100% premine coin.

[atheistftwins]

Please make your final votes on the algorithm changes.

The options have been narrowed down based on the previous votes. Because of points brought up by atheistftwins, we feel it is not productive to try to implement a hybrid model. Therefore, the choices will be split between X11 and pure POS. Additionally, the the community should vote on whether to decrease supply of the coin going forward, thus making the current amount of NYAN the bulk of the expected coins. If this is done, then only POS is feasible as POW would not be able to sustain a high enough hash rate.

Poll will close in 48 hours and then implementation will begin.

Can we go from POW to POS?

Yeah, it would require a hard fork and significant changes to the coin's code, but it is possible.

Can I hear your concept implementation of POS? Because NXT is 100% premine coin.

I think we should discuss that as a community if that's what is voted in the end. I think that's what the dev is planning as well. I personally think we should cut it off at block 133700 or something and just make it POS 2% yearly inflation after that.

[Bl4ckw00d]

I agree with Atheist.  If we were to cut it at block 133700 and make it pure POS after that.   We could start a few pools which would mine other profitable coins and sell those coins for nyan.

[mrjoker]

 +1 POS

[atheistftwins]

I agree with Atheist.  If we were to cut it at block 133700 and make it pure POS after that.   We could start a few pools which would mine other profitable coins and sell those coins for nyan.

That's a great idea, this way miners can still mine to get NYAN and at the same time, it would increase the value of the coin.

[Bl4ckw00d]

I agree with Atheist.  If we were to cut it at block 133700 and make it pure POS after that.   We could start a few pools which would mine other profitable coins and sell those coins for nyan.

That's a great idea, this way miners can still mine to get NYAN and at the same time, it would increase the value of the coin.

It is a similar model to that of blackcoin which mined everything inside the first few weeks.  By having a "multipool" hash other profitable coins and take that btc to buy nyan it will both drive up the price of nyan as well as increase volume on exchanges.

 

[Ivan195]

Now I agree with blackcoin model.

[Anubite]

I don't want another Blackcoin clone...jesus, can't we be original?

"If only we market like doge," "if only we PoS/multipool for nyan," "maybe we should have an alt to nyan exchange."

That said. x11 is best. With no mining comes no interest, especially if I have to hold huge amounts for long periods in an untouchable wallet (like some PoS) to make any more nyan.

Also, why x11 and even distribution? Can't we get a block halving much sooner? Say block 133700?

Also also, make block confirmation take 6-12 hours!

[dersonlwd]

pure POS with decreased supply 

[atheistftwins]

I don't want another Blackcoin clone...jesus, can't we be original?

"If only we market like doge," "if only we PoS/multipool for nyan," "maybe we should have an alt to nyan exchange."

That said. x11 is best. With no mining comes no interest, especially if I have to hold huge amounts for long periods in an untouchable wallet (like some PoS) to make any more nyan.

Also, why x11 and even distribution? Can't we get a block halving much sooner? Say block 133700?

We don't have the hash to sustain block halving. If we decrease supply with POW, anybody who feels like it can come by and do a 51% attack on us at the current market cap.

If we were a bigger coin, sure I'd agree that we can change the supply and use X11. However, we don't have that luxury. If you want to change supply, we use POS. If not, then X11 is fine. Though, if we don't change supply, I see nothing that will really turn the current trend around...

Edit: Also, I'm all for original ideas. Do you have any?

Also also, make block confirmation take 6-12 hours!

Wait what? Care to elaborate on how this helps the coin?

[braxx]

Also also, make block confirmation take 6-12 hours!

Wait what? Care to elaborate on how this helps the coin?

I think he means that that now it is 120 minutes (120 confirms / 1 minute block)  somebody can quickly dump... but when it is 12 hr you cannot dump until you wait for a half day...

[Anubite]

I don't want another Blackcoin clone...jesus, can't we be original?

"If only we market like doge," "if only we PoS/multipool for nyan," "maybe we should have an alt to nyan exchange."

That said. x11 is best. With no mining comes no interest, especially if I have to hold huge amounts for long periods in an untouchable wallet (like some PoS) to make any more nyan.

Also, why x11 and even distribution? Can't we get a block halving much sooner? Say block 133700?

We don't have the hash to sustain block halving. If we decrease supply with POW, anybody who feels like it can come by and do a 51% attack on us at the current market cap.

If we were a bigger coin, sure I'd agree that we can change the supply and use X11. However, we don't have that luxury. If you want to change supply, we use POS. If not, then X11 is fine. Though, if we don't change supply, I see nothing that will really turn the current trend around...

Edit: Also, I'm all for original ideas. Do you have any?

Also also, make block confirmation take 6-12 hours!

Wait what? Care to elaborate on how this helps the coin?

Why can we not reduce block rewards with X11? Seriously? I don't get it in the slightest why we don't have "the luxury" to do so. What does hashrate even have to do with the reward? Nothing I'm pretty certain.

The only reason our hashrate sucks is because there is nothing to spend nyan o, a lack of any certain future, no promotional campaign, little dev activity, and no public knowledge the nyancat dev actually cares for the coin and wants it to succeed. It seemed like heels were being dragged until just now.

PoS suffers from timestamp exploits more-so than PoW as well. It would not be hard too corrupt.

Increasing block maturity to such levels effectively eliminates "profitability miners" from the picture. No miner who cares about nyan needs his coins sooner.

[atheistftwins]

I don't want another Blackcoin clone...jesus, can't we be original?

"If only we market like doge," "if only we PoS/multipool for nyan," "maybe we should have an alt to nyan exchange."

That said. x11 is best. With no mining comes no interest, especially if I have to hold huge amounts for long periods in an untouchable wallet (like some PoS) to make any more nyan.

Also, why x11 and even distribution? Can't we get a block halving much sooner? Say block 133700?

We don't have the hash to sustain block halving. If we decrease supply with POW, anybody who feels like it can come by and do a 51% attack on us at the current market cap.

If we were a bigger coin, sure I'd agree that we can change the supply and use X11. However, we don't have that luxury. If you want to change supply, we use POS. If not, then X11 is fine. Though, if we don't change supply, I see nothing that will really turn the current trend around...

Edit: Also, I'm all for original ideas. Do you have any?

Also also, make block confirmation take 6-12 hours!

Wait what? Care to elaborate on how this helps the coin?

Why can we not reduce block rewards with X11? Seriously? I don't get it in the slightest why we don't have "the luxury" to do so. What does hashrate even have to do with the reward? Nothing I'm pretty certain.

The only reason our hashrate sucks is because there is nothing to spend nyan on and the certain future, no promotional campaign, little dev activity, and no public knowledge the nyancat dev actually cares for the coin and wants it to succeed. It seemed like heels were being dragged until just now.

PoS suffers from timestamp exploits more-so than PoW as well. It would not be hard too corrupt.

Increasing block maturity to such levels effectively eliminates "profitability miners" from the picture. No miner who cares about nyan needs his coins sooner.

The whole idea of a coin is as a currency...did you forget? Changing block confirmations to 6-12 hours makes it impossible to use NYAN to buy anything...What if you wanted to buy a coffee but it took 6 hours just to confirm your credit card? That long of a block time defeats the whole point of crypto.

That aside, the reason we can't afford to lower block rewards with X11 is because however much we lower it is however much less miners we will have. Lets say block rewards become 10% of what they are now. Then we will have ~10 Mh/s as our network hashrate. Well guess what? I myself have roughly 9 Mh/s under my control. I would then be able to go in and kill the coin with a 51% whenever I wanted to. Is that a vulnerability you want the coin to have?

POS will not suffer this problem since anybody can just open up their wallet and leave it open. Therefore, many more people will be able to hold NYAN and protect the network. It also costs very little from an electricity point of view to do so. Miners have obligations to meet, they won't stick around in our network providing hashes to protect us just for fun.

[Anubite]

The whole idea of a coin is as a currency...did you forget? Changing block confirmations to 6-12 hours makes it impossible to use NYAN to buy anything...What if you wanted to buy a coffee but it took 6 hours just to confirm your credit card? That long of a block time defeats the whole point of crypto.

That aside, the reason we can't afford to lower block rewards with X11 is because however much we lower it is however much less miners we will have. Lets say block rewards become 10% of what they are now. Then we will have ~10 Mh/s as our network hashrate. Well guess what? I myself have roughly 9 Mh/s under my control. I would then be able to go in and kill the coin with a 51% whenever I wanted to. Is that a vulnerability you want the coin to have?

POS will not suffer this problem since anybody can just open up their wallet and leave it open. Therefore, many more people will be able to hold NYAN and protect the network. It also costs very little from an electricity point of view to do so. Miners have obligations to meet, they won't stick around in our network providing hashes to protect us just for fun.

Even with the 120 block maturity, my nyancoin are sent from wallet to wallet and usable within 3-10 minutes. New block maturity does not have a significant effect on the usability of the coins. This is a long held misconception. Doge is at 4 hours right now.

How does lowering reward magically lower hashrate? What lowers hashrate is less miners.

So I need to open my wallet and leave it running to collect coins with PoS? Talk about ass pain favoring bagholders, with possibly corruption by said people when most dont want to leave a wallet with a few thousnd nyan open on a pc 24/7 only to make nearly jack shit returns.

[atheistftwins]

The whole idea of a coin is as a currency...did you forget? Changing block confirmations to 6-12 hours makes it impossible to use NYAN to buy anything...What if you wanted to buy a coffee but it took 6 hours just to confirm your credit card? That long of a block time defeats the whole point of crypto.

That aside, the reason we can't afford to lower block rewards with X11 is because however much we lower it is however much less miners we will have. Lets say block rewards become 10% of what they are now. Then we will have ~10 Mh/s as our network hashrate. Well guess what? I myself have roughly 9 Mh/s under my control. I would then be able to go in and kill the coin with a 51% whenever I wanted to. Is that a vulnerability you want the coin to have?

POS will not suffer this problem since anybody can just open up their wallet and leave it open. Therefore, many more people will be able to hold NYAN and protect the network. It also costs very little from an electricity point of view to do so. Miners have obligations to meet, they won't stick around in our network providing hashes to protect us just for fun.

Even with the 120 minute confirms, my nyancoin are sent from wallet to wallet and usable within 3-10 minutes. New block confirmation time does not have a significant effect on the usability of the coins. This is a long held misconception. Doge is at 4 hours right now.

How does lowering reward magically lower hashrate? What lowers hashrate is less miners.

So I need to open my wallet and leave it running to collect coins with PoS? Talk about ass pain favoring bagholders, with possibly corruption by said people when most dont want to leave a wallet with a few thousnd nyan open on a pc 24/7 only to make nearly jack shit returns.

What you said is straight up false. DOGE has 4 hour difficulty retarget time. Its block confirmation time is 60 seconds. Difficulty retarget time doesn't do much for us since we have KGW. I don't know what you are talking about, but it certainly is not fact.

Miners leave when the profit is less. There's nothing magical about it. Give less rewards and that many less miners will stick around. If we drop supply by half, then to keep the same number of miners, the price will have to double. The real question you should ask is, what will magically cause the price to double?

As for obtaining NYAN, that's why we were suggesting a pool which buys NYAN with whatever coins are mined. In fact, you don't need a special pool for this...if you want NYAN, you can mine anything and then convert it to NYAN on the market whenever you like.