★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS]

[Johnny00]

So here are a couple of serious questions:

1) With the upcoming change to ultra low inflation and the fact that there are currently around 36.1 billion Zeit in existence, is there really a need to keep our total coinage at 90 billion? If it is even possible, how hard would it be, and more importantly, how much sense would it make, to change our total coinage to, say, 50 billion with the option to open it back up if/when we get a more massive, global adoption?

2) I can't currently log on to all of the exchanges where Zeit is traded, can anyone give an estimate of how many Zeit we currently have rotting away on the exchanges? The way I see it, there are about 14 Knights, and even if each of us only held the required 100 million, that is less than 2 billion Zeit between us. Unless we have many unknown whales, that means there is a possibility of over 30 billion either sitting in exchanges or lost in the ether.

The above leads me to think that 90 billion is just too many Zeit for the time being. I know it will be many years before those are all minted, especially with the change to ultra low inflation. But would the combination of ultra low and a total coinage cut almost in half make the coin a bit more appealing and possibly drive the price up naturally? Perhaps I just don't understand how the market works, so please correct me if I am off base or my thoughts make no sense.

Also, how much work would be involved with adding a messaging feature into the next wallet update? Would there be any interest in such a thing? I could imagine it being useful especially in the instance of users sending coins to one another for some future payment or service. The sender could message the receiver to say the transaction is coming. The receiver could then message the sender to say payment was received. Something along those lines, but obviously it could be used for other socializing as well.

i had over 100M ZEIT but sold it before the crash. So, i'm on the sidelines now.

[1715540301]

1715540301

[BiffyMcBifferstein]

Not even close to 100 million Zeit.    But I do have a lot.

[Rent_a_Ray]

A special version is ready for testing.
Please ask kiklo for the details.

Cheers,
Ray

[kiklo]

So here are a couple of serious questions:

1) With the upcoming change to ultra low inflation and the fact that there are currently around 36.1 billion Zeit in existence, is there really a need to keep our total coinage at 90 billion? If it is even possible, how hard would it be, and more importantly, how much sense would it make, to change our total coinage to, say, 50 billion with the option to open it back up if/when we get a more massive, global adoption?

2) I can't currently log on to all of the exchanges where Zeit is traded, can anyone give an estimate of how many Zeit we currently have rotting away on the exchanges? The way I see it, there are about 14 Knights, and even if each of us only held the required 100 million, that is less than 2 billion Zeit between us. Unless we have many unknown whales, that means there is a possibility of over 30 billion either sitting in exchanges or lost in the ether.

The above leads me to think that 90 billion is just too many Zeit for the time being. I know it will be many years before those are all minted, especially with the change to ultra low inflation. But would the combination of ultra low and a total coinage cut almost in half make the coin a bit more appealing and possibly drive the price up naturally? Perhaps I just don't understand how the market works, so please correct me if I am off base or my thoughts make no sense.

Also, how much work would be involved with adding a messaging feature into the next wallet update? Would there be any interest in such a thing? I could imagine it being useful especially in the instance of users sending coins to one another for some future payment or service. The sender could message the receiver to say the transaction is coming. The receiver could then message the sender to say payment was received. Something along those lines, but obviously it could be used for other socializing as well.

1: Ultra Low Inflation means less than 181,000 new coins per year
    It would be 20 years before even 3.6 million new coins are added.
    Their is no cap on our total # of coins, only a cap on the Maximum amount of coins that can be sent at 1 sending.

2. None of us will be alive to even see ZEIT reach 40 Billion, after the switch to Ultra Low Inflation,
    it will take over 5000 years for a Billion coins to be added.

Direct messaging means someone could spam your ZEIT Address with unwanted messages, or send you links trying to trick you into downloading a virus to steal your ZEIT coins .  While I must admit it would be convenient , it would only take a few bad apples to make it into a pain in the butt.
example: Windows used to allow direct messaging to IP address, the Spam became such a problem, it was deactivated on all PCs within 3 months after the spam started.

 


FYI:
Less than 2 Billion coins are listed on the sell orders  on the exchanges combined at the moment.

[Tarz]

I heard that pieter wuille is putting his paws on zeit, hes willing to acquire the entire supply if the need be. Rumor could be true or could be a mouthfart produced by envy idiots that possess billions of zeit and have their motives to push the value. Judge for urself whether its worthy to be noted. It sounds like an absurd to me because I am vietnam veteran and whatever media outlets say, I never take that as granted.

[podizzler3000]

So here are a couple of serious questions:

1) With the upcoming change to ultra low inflation and the fact that there are currently around 36.1 billion Zeit in existence, is there really a need to keep our total coinage at 90 billion? If it is even possible, how hard would it be, and more importantly, how much sense would it make, to change our total coinage to, say, 50 billion with the option to open it back up if/when we get a more massive, global adoption?

2) I can't currently log on to all of the exchanges where Zeit is traded, can anyone give an estimate of how many Zeit we currently have rotting away on the exchanges? The way I see it, there are about 14 Knights, and even if each of us only held the required 100 million, that is less than 2 billion Zeit between us. Unless we have many unknown whales, that means there is a possibility of over 30 billion either sitting in exchanges or lost in the ether.

The above leads me to think that 90 billion is just too many Zeit for the time being. I know it will be many years before those are all minted, especially with the change to ultra low inflation. But would the combination of ultra low and a total coinage cut almost in half make the coin a bit more appealing and possibly drive the price up naturally? Perhaps I just don't understand how the market works, so please correct me if I am off base or my thoughts make no sense.

Also, how much work would be involved with adding a messaging feature into the next wallet update? Would there be any interest in such a thing? I could imagine it being useful especially in the instance of users sending coins to one another for some future payment or service. The sender could message the receiver to say the transaction is coming. The receiver could then message the sender to say payment was received. Something along those lines, but obviously it could be used for other socializing as well.

1: Ultra Low Inflation means less than 181,000 new coins per year
    It would be 20 years before even 3.6 million new coins are added.
    Their is no cap on our total # of coins, only a cap on the Maximum amount of coins that can be sent at 1 sending.

2. None of us will be alive to even see ZEIT reach 40 Billion, after the switch to Ultra Low Inflation,
    it will take over 5000 years for a Billion coins to be added.

Direct messaging means someone could spam your ZEIT Address with unwanted messages, or send you links trying to trick you into downloading a virus to steal your ZEIT coins .  While I must admit it would be convenient , it would only take a few bad apples to make it into a pain in the butt.
example: Windows used to allow direct messaging to IP address, the Spam became such a problem, it was deactivated on all PCs within 3 months after the spam started.

 


FYI:
Less than 2 Billion coins are listed on the sell orders  on the exchanges combined at the moment.

steve makes a good point ive seen many times people freak out about the notion of 'no total coin cap' it might be worth putting an arbitrary limit on it

[kiklo]

steve makes a good point ive seen many times people freak out about the notion of 'no total coin cap' it might be worth putting an arbitrary limit on it

Their are a lot of people that freak out, mainly because they are unaware of all of the details.
Just because they are unaware of the consequences , does not mean we should make a mistake that would harm the coin in the future.

There is a whole article on how BTC will collapse after the block rewards are zero.
https://freedom-to-tinker.com/2016/10/21/bitcoin-is-unstable-without-the-block-reward/

Removing all inflation would have the exact same harmful effects on ZEIT ,
there has to be a small amount created to help offset those harmful effects.

Example: Nxt does not create any new coins, forging only receives transaction fees alone.
But when you monitor their block explorer, you will notice they don't have transactions in every block yet.
So there are multiple blocks found every day with absolutely ZERO rewards , no interest and no transaction fees,
Literally no reason for the majority to forge/stake.
At ZEIT even if a staked blocks does not have any transaction fees, you will still receive some interest, not zero like NXT,
so there is still incentive to stake.


 

[stevegreer]

All good answers, kiklo. Thanks! So if there have been over 36 billion coins mined/minted since its release into the wild, Knights own around $3 billion +/- a billion, and there are about 2 billion currently on exchanges, where are the rest of the coins? Are there secret whales we don't know about? That is worrisome because if one or two people are holding over 51% of coins in existence they could cause a complete or irreparable collapse. Maybe I'm just being paranoid and overly protective.

You did put it into perspective though, kiklo. 181,000 new coins per year and 20 years to mint 3.6 million? Wow! That definitely ups the appeal for me. Maybe I'm still looking at it from the wrong perspective, but still, an unlimited supply of Zeit sounds a bit too much like fiat currency to me. But yeah, I see what you mean about the messaging, though. I didn't really think of it that way. It would be way too easy for users to get harassed or spammed. Makes sense.

[kiklo]

All good answers, kiklo. Thanks! So if there have been over 36 billion coins mined/minted since its release into the wild, Knights own around $3 billion +/- a billion, and there are about 2 billion currently on exchanges, where are the rest of the coins? Are there secret whales we don't know about? That is worrisome because if one or two people are holding over 51% of coins in existence they could cause a complete or irreparable collapse. Maybe I'm just being paranoid and overly protective.

You did put it into perspective though, kiklo. 181,000 new coins per year and 20 years to mint 3.6 million? Wow! That definitely ups the appeal for me. Maybe I'm still looking at it from the wrong perspective, but still, an unlimited supply of Zeit sounds a bit too much like fiat currency to me. But yeah, I see what you mean about the messaging, though. I didn't really think of it that way. It would be way too easy for users to get harassed or spammed. Makes sense.

No Worries, 

I put it to you like this,
51% attack on a PoW coin can destroy a PoW coin , however they still have the asics to mine another coin of the same algo.
51% attack on a PoS coin is the same as setting your ASICS on Fire, you're done, game over.

As far as Number of coins out there, the richest address has ~900 million coins only 2.52% of the total.
https://chainz.cryptoid.info/zeit/#!rich

Even if we had a rogue 51% attacker at ZEIT , he does not keep the 51% like an asics would 24x7, every time he stakes his % drops,
after he stakes 2% , he is now below the controlling 51%. Plus you got the fact ZEIT has a max stake age of 20 days, meaning if you don't stake for 40 days.
Your amount of coins block weight is equal to 20X the amount of coins in that block.
With ZEIT Coin Weight matters more than the amount of coins.
Rent_A_Ray said it best, ZEIT is Protected by Chaos itself.
Since not only the # of coins are varied, but the 20X coin age is also varied, makes it extremely difficult to maintain any long term control even if you have 51%.

Side note , one of the changes with the Ultra Low inflation change is the new 24 hours staking,
so instead of waiting 20 days to stake , you only have to wait 24 hours, this will increase the Number of active coins staking by a factor of 20 , which will give a massive increase in security. After this change we will be one of the most bullet proof coins in existence.   


 

[stevegreer]

Kiklo, you are a wealth of information my friend! Might be a good idea to put some of that information on the OP so that newcomers can read all about it without having to search through 757 pages of information. I'm in the Networking/Cybersecurity field, so all this programming jargon confuses me to no end. Thanks for putting it in layman's terms!

[kiklo]

Kiklo, you are a wealth of information my friend! Might be a good idea to put some of that information on the OP so that newcomers can read all about it without having to search through 757 pages of information. I'm in the Networking/Cybersecurity field, so all this programming jargon confuses me to no end. Thanks for putting it in layman's terms!

 , Good idea, once we finish the Ultra Low Update, I'll find some time to add some info to the OP.

I heard that pieter wuille is putting his paws on zeit, hes willing to acquire the entire supply if the need be. Rumor could be true or could be a mouthfart produced by envy idiots that possess billions of zeit and have their motives to push the value. Judge for urself whether its worthy to be noted. It sounds like an absurd to me because I am vietnam veteran and whatever media outlets say, I never take that as granted.

LOL, that is a heck of a rumor, BTC core would be after Sipa with Pitch Forks if that was ever verified.

ZEIT is a kind of Magic,  Success is not an if , but a When.  
https://www.youtube.com/watch?v=0p_1QSUsbsM


 

[stevegreer]

I heard that pieter wuille is putting his paws on zeit, hes willing to acquire the entire supply if the need be. Rumor could be true or could be a mouthfart produced by envy idiots that possess billions of zeit and have their motives to push the value. Judge for urself whether its worthy to be noted. It sounds like an absurd to me because I am vietnam veteran and whatever media outlets say, I never take that as granted.

Where did you hear this?

[stevegreer]

Has anyone tried loading the Linux wallet on a Raspberry Pi?

[FWBlack]

Seems like I recall that being discussed and it does not have enough memory.

[Rent_a_Ray]

Has anyone tried loading the Linux wallet on a Raspberry Pi?

I've tried it and it runs out of memory. (1.2-1.5 GB of free memory for zeicoind needed)

Cheers,
Ray

[stevegreer]

Has anyone tried loading the Linux wallet on a Raspberry Pi?

I've tried it and it runs out of memory. (1.2-1.5 GB of free memory for zeicoind needed)

Cheers,
Ray

Ok, thanks FWBlack and Ray. That sucks that even the Pi 3 has only 1GB of memory and no way to increase it at all. Oh well, I was just thinking of things to tinker with on mine.

[roidudisco]

I heard that pieter wuille is putting his paws on zeit, hes willing to acquire the entire supply if the need be. Rumor could be true or could be a mouthfart produced by envy idiots that possess billions of zeit and have their motives to push the value. Judge for urself whether its worthy to be noted. It sounds like an absurd to me because I am vietnam veteran and whatever media outlets say, I never take that as granted.

Where did you hear this?

If it's true man this coin go to the Moon. But where did u hear this ?

[darslander]

I heard that pieter wuille is putting his paws on zeit, hes willing to acquire the entire supply if the need be. Rumor could be true or could be a mouthfart produced by envy idiots that possess billions of zeit and have their motives to push the value. Judge for urself whether its worthy to be noted. It sounds like an absurd to me because I am vietnam veteran and whatever media outlets say, I never take that as granted.

Where did you hear this?

If it's true man this coin go to the Moon. But where did u hear this ?

That is an old coin  . Why it will go to the moon . Nobody need zeitcoin . If you have billions of zeitcoins it doesnt mean it will go to the moon. Better to invest in startups not in coins .

[podizzler3000]

sounds like some people are getting nervous about zeitcoin already! 

[stevegreer]

I heard that pieter wuille is putting his paws on zeit, hes willing to acquire the entire supply if the need be. Rumor could be true or could be a mouthfart produced by envy idiots that possess billions of zeit and have their motives to push the value. Judge for urself whether its worthy to be noted. It sounds like an absurd to me because I am vietnam veteran and whatever media outlets say, I never take that as granted.

Where did you hear this?

If it's true man this coin go to the Moon. But where did u hear this ?

That is an old coin  . Why it will go to the moon . Nobody need zeitcoin . If you have billions of zeitcoins it doesnt mean it will go to the moon. Better to invest in startups not in coins .

Alright! We haven't had a FUD'er in our midst in a while! Things are definitely looking up! Hey, using your logic, Bitcoin is even older than we are, so why invest in it? I bet the people who got in when BTC was under $300 and held on aren't complaining right about now.