UPDATE REGARDING PENNIES/CENTFirst of all I would like to ensure users that our decision to end trading in know way means the coin is "dead" as some are saying. It is still traded at other exchanges and we hope it has a bright future. It seems to have a very active developer who is working on any issues it has. But at the present time we have decided it best we end trading of the currency for the reasons I will describe below.
I believe we can all agree CENT is certainly a unique coin and with that comes its own unique set of challenges.
Input Buildup:The original block reward for CENT was only 1 coin. and was meant to be non divisible meaning they could not be broken down further than 1 coin. No decimal places. This would not cause a problem if the amount of inflation was steady as predicted but rather CENT has gone through what can be best described as "Hyper Inflation" due to its exponential returns on POS minting. This causes problem with input buildup.
Lets say we average 1,000 transactions a day in our CENT wallet.
Now when the chain was still mined via Proof of work the total supply was pretty low so for the start we can average 10 coins per transaction. It stayed like this for some time until the stake started to build up on the network. Lets say 30 days after we listed, roughly 60 days into the chain. Thats 30,000 inputs of 10 coins each in our wallet at that time
Fast forward 6 months.
The network has gone through hyper inflation and there are now trillions of coins. Lets say now the average withdrawal is 1 billion coins. We now have hundreds of thousands of inputs and outputs in our wallets of varying ages and sizes.
So lets try to build a withdrawal of 1 billion coins. Thats a lot of inputs
30,000 x 10 = 300,000 coins (first month transactions )
30,000 x 1000 = 30,000,000 ( maybe 30 days later )
If the wallet trys to use older inputs you can see how this can be an issue. Only so many inputs can fit into a block before it becomes to large and is rejected. Usually this limit is a few hundred to 1000 inputs
1 billion / 1000 = 1,000,000
The average input size would need to be 1 million coins to fit inside of a block. So we reduce the maximum withdrawal amount to prevent transactions from being rejected and having to be resent. This leads to the next issue
Support issues:As noted above the withdrawal limited has had to be drastically reduced. Which in one way reduces out CENT related tickets ( Stuck withdrawals) But on the other creates more ( Customers upset it takes a lenghty amount of time and patience to withdrawal their funds.
We had overwhelming support tickets with users who have missing deposits. Either by them not being on the correct chain and not being able to sync with us our our wallet getting on on the wrong chain again
We find ourselves redownloading and rebuilding the wallet far too often. We are unable to ensure users funds can be deposited and withdrawal reliably. And our main goal is to ensure the safety of our users funds And their ability to access them reliably
As you can see theses are issues that can and are being addressed by the development team. The input build up is onf no concern to the average user. But for us would take time to fix and clear the inputs. It just does not fit well with our system or future plans for the exchange
Keeping up with CENT updates:There has been some confusion about this. We have monitored the github repository and updated cryptsy wallets to all of the latest versions as they were released.
I had previously instructed users to use my block crawler at
http://altexplorer.info/chains/CENT/block_crawler.php as a reference to where cryptsys wallet was. I did some server upgrades and restored from a previous backup. Turns out the backup used had an out of date penniesd which may have caused this confusion. It has been corrected now
Conflicts with future update to trade engine/ balance storage system:The sheer number of coins and the fact they are not divisible conflicts with some major updates we have planned for the exchange. We feel these updates will greatly improve the overall user experience and a number of things about the existing platform had to be changed for CENT and would not work as is with the new system
No customers funds will be taken from this situation Withdrawals are open and will remain until Friday Feb 28th 2014 . Once the wallet is taken offline the process will be manual and will take much longer. We HIGHLY advise you to remove your funds before this date to avoid frustration from a lengthy recovery timeThere are several other exchanges trading CENT as well as various online services if you do not want to withdrawal funds to a local wallet. Although a local wallet is always the most secure.
We ensure you this was not an easy decision and much thought was put into it. We wish nothing but the best for the minters, traders and the currency itself. We are open to reevaluating the situation in the future.
