G K G
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March 07, 2014, 01:10:09 PM |
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noob question: What does PoS mean? ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) thanks PoW: proof-of-work, mining, will stop after 6 weeks PoS: proof-of-stake, minting, coins are generated without mining based on the amount that you have in your wallet (for at least 20 days in this case) When you say " proof-of-stake, minting, coins are generated without mining based on the amount that you have in your wallet" you mean that i will have some extra coins added into my wallet without doing nothing at all, just for keeping the coins for at least 20 days? In wiki i read " Proof-of-stake is a method of securing a cryptocurrency network through requesting users to show ownership of a certain amount of currency." Sorry for my stupid questions but i cannot find someone to explain this to me. Regards Actually its both. actually POS is also a way of minting. but it doesn't take any of the cpu or other hardware's power. POS is a method of mining blocks called stake-blocks. In this case after 20 days a transaction is recieved, that transaction becomes eligible for POS minting. So instead of using the hashing power of your hardwares the POS minting uses the no.of coins and coin-age of that transaction to mint the Stake Block. The reward also depends upon the no.of coins and coin age, meaning when a transaction mints a Stake block it calulates the stake percentage for the transaction for the un-rewarded coin-age. In this case you'll recieve an average of 25% p.a during the first year
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G K G
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March 07, 2014, 01:15:50 PM |
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In wiki i read "Proof-of-stake is a method of securing a cryptocurrency network through requesting users to show ownership of a certain amount of currency."
Yes POS helps is a better method for securing the netwok because it is more resistant to 51% attack. In a POW minting , if one node has 51% or more of the network's hashing power, it can possibily perform a 51% attack. But to perform a 51% attack in POS system you'll need to have 51% of the total coins in circulation, which is highly impossible. In this case one needs to have more than 50billion coins to do a 51% atttack.
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SBOSS
Member
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Offline
Activity: 124
Merit: 10
Start your Own Cryptocurrency Exchange
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March 07, 2014, 02:15:59 PM |
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This coin will hit 400 billion market cap ![Huh](https://bitcointalk.org/Smileys/default/huh.gif)
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Jeezy911
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 07, 2014, 02:21:08 PM |
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noob question: What does PoS mean? ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) thanks It means you leave your wallet open and unlocked and it creates free coins based on the amount of coins you have. The more coins you have , the more Stake you receive.
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Jeezy911
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March 07, 2014, 02:27:11 PM |
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I will make a bet right now with anyone on here. Assuming something catastrophic doesn't happen ill wager 10k Zeit that this coin reaches at least 10 satoshi 1 time before week 6. Any takers?
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stevegreer
Legendary
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Activity: 1148
Merit: 1001
Official Zeitcoin community ambassador
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March 07, 2014, 02:27:49 PM |
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noob question: What does PoS mean? ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) thanks It means you leave your wallet open and unlocked and it creates free coins based on the amount of coins you have. The more coins you have , the more Stake you receive. My CPU is excited about this! I have been running that sucker hard and it needs a break!
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bumblebee33
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March 07, 2014, 02:37:07 PM |
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Anybody got any ZEIT transactions from cryptorush.in in the last 7 hours? Mine and several others are stuck for many hours.
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SBOSS
Member
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Offline
Activity: 124
Merit: 10
Start your Own Cryptocurrency Exchange
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March 07, 2014, 02:38:05 PM |
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I will make a bet right now with anyone on here. Assuming something catastrophic doesn't happen ill wager 10k Zeit that this coin reaches at least 10 satoshi 1 time before week 6. Any takers?
Before week 6? In this day and age, if a coin doesn't go big within 4 weeks, it's dead
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sammy007
Legendary
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Activity: 1904
Merit: 1003
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March 07, 2014, 02:54:29 PM |
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The following markets have been added: UTC, MZC, FLAP, & TAK We suck ![Sad](https://bitcointalk.org/Smileys/default/sad.gif)
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locopao
Legendary
Offline
Activity: 910
Merit: 1000
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March 07, 2014, 03:02:26 PM |
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Yes POS helps is a better method for securing the netwok because it is more resistant to 51% attack. In a POW minting , if one node has 51% or more of the network's hashing power, it can possibily perform a 51% attack. But to perform a 51% attack in POS system you'll need to have 51% of the total coins in circulation, which is highly impossible. In this case one needs to have more than 50billion coins to do a 51% atttack.
noob question: What does PoS mean? ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) thanks PoW: proof-of-work, mining, will stop after 6 weeks PoS: proof-of-stake, minting, coins are generated without mining based on the amount that you have in your wallet (for at least 20 days in this case) When you say " proof-of-stake, minting, coins are generated without mining based on the amount that you have in your wallet" you mean that i will have some extra coins added into my wallet without doing nothing at all, just for keeping the coins for at least 20 days? In wiki i read " Proof-of-stake is a method of securing a cryptocurrency network through requesting users to show ownership of a certain amount of currency." Sorry for my stupid questions but i cannot find someone to explain this to me. Regards Actually its both. actually POS is also a way of minting. but it doesn't take any of the cpu or other hardware's power. POS is a method of mining blocks called stake-blocks. In this case after 20 days a transaction is recieved, that transaction becomes eligible for POS minting. So instead of using the hashing power of your hardwares the POS minting uses the no.of coins and coin-age of that transaction to mint the Stake Block. The reward also depends upon the no.of coins and coin age, meaning when a transaction mints a Stake block it calulates the stake percentage for the transaction for the un-rewarded coin-age. In this case you'll recieve an average of 25% p.a during the first year Thanks a lot!
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MTJ151
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March 07, 2014, 03:14:50 PM |
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I've got over 3 mil stick in cryptorush too ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) Weird thing is I don't think I had that much in there! Probably explains why the withdrawal is not working. Although the coins I deposited are stuck until this is sorted out (I hope they will sort it out). I have raised a ticket and await response since bout 9 hours ago.
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rkfig
Newbie
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Activity: 11
Merit: 0
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March 07, 2014, 03:23:12 PM |
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Anyone else using hashfever pool? Miner is still going fine, but I'm getting a 504 Gateway Timeout trying to load the website. Wondering if anyone knew about planned maintenance or something that I had missed...?
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ateneto
Newbie
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Activity: 49
Merit: 0
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March 07, 2014, 03:30:58 PM |
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It would really be nice to be able to trade on a decent exchange. At the moment I don't trade because I don't want to open an account on these exchanges. Any ideas which is the best exchange at the moment to trade Zeit?
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MTJ151
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
March 07, 2014, 03:35:04 PM |
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The exchanges I've seen are cryptorush & coinex.
As per my last post cryptorush is having problems with my withdrawal atm. I think coinex should be fine?
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locopao
Legendary
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Activity: 910
Merit: 1000
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March 07, 2014, 03:45:11 PM |
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one last thing...
everytime i open my wallet, it's locked and i have to manually unlock it. Is this normal?
i use this: walletpassphrase "yourpasswordhere" 9999999 true
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luckyguy2807
Full Member
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Activity: 266
Merit: 100
Crypto Enthusiast
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March 07, 2014, 03:51:23 PM |
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Tomorrow is the halving?
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FaSan
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March 07, 2014, 04:13:18 PM |
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About the OnLine Wallet, we have some problems yet. Few accounts receive coins but cannot SEND. I still to look how fix it.During this time, if people need to SEND coins, they can use this trick : - backup your wallet from the website - use this scripts for decrypt the private keys : https://github.com/eugeneware/coinpunk-tools- import the privkeys on your local wallet : zeitcoind importprivkey <privkey> Thank you FaSan
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Spekkoper
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March 07, 2014, 04:18:54 PM |
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It looks like we are down to 2 satoshi!! sell!!!!!
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