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

[bumblebee33]

Additional -

After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880

Thus your reward will be 2,880 / network hashrate * your hashrate per day.

The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day

Compare that with what you get from minting!

That's the bit I was trying to work out, how much you'd get from mining rather than minting. Thanks for the maths!

So If I left 1MH/s mining Zeit with the current 1.16GH/s network hashrate I'd be 2,880/1,160,000,000*1,000,000 = 2.5 Zeit/day?

But I'm going to guess the network hashrate will drop to something much smaller than 1.16GH/s won't it?

Yes, but even if you are the only one mining ZEIT, then you only get 2,880 ZEIT per day. I think you would be better off mining something else then and buying into ZEIT.

[bumblebee33]

I don't know why they bothered with even incorporating that 1 Zeit block rate tho, which of course leads me to another question:

If the network rate goes down to, say 10 MH/s, what's to stop someone with a huge rig setup from pointing their rig at the coin and doing a 51%+ attack with relatively little hash power? What is the network strength of the rest of the community's wallets?

Granted, they get nothing from the mining, but some people are malicious and do things "just to see if they can" (at other people's expense of course). Presumably I think it's the wallets that would make up the massive bulk of the network strength.

Good question!

Someone knows the answer to it?

[Matni]

Additional -

After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880

Thus your reward will be 2,880 / network hashrate * your hashrate per day.

The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day

Compare that with what you get from minting!

That's the bit I was trying to work out, how much you'd get from mining rather than minting. Thanks for the maths!

So If I left 1MH/s mining Zeit with the current 1.16GH/s network hashrate I'd be 2,880/1,160,000,000*1,000,000 = 2.5 Zeit/day?

But I'm going to guess the network hashrate will drop to something much smaller than 1.16GH/s won't it?

Yes, but even if you are the only one mining ZEIT, then you only get 2,880 ZEIT per day. I think you would be better off mining something else then and buying into ZEIT.

No doubt it would be better to mine something else, but do you not need some network has power? I know I'd lose out mining Zeit, but if you need some net hashpower then some people need to aim a miner at it just to keep it going.

[bumblebee33]

Additional -

After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880

Thus your reward will be 2,880 / network hashrate * your hashrate per day.

The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day

Compare that with what you get from minting!

That's the bit I was trying to work out, how much you'd get from mining rather than minting. Thanks for the maths!

So If I left 1MH/s mining Zeit with the current 1.16GH/s network hashrate I'd be 2,880/1,160,000,000*1,000,000 = 2.5 Zeit/day?

But I'm going to guess the network hashrate will drop to something much smaller than 1.16GH/s won't it?

Yes, but even if you are the only one mining ZEIT, then you only get 2,880 ZEIT per day. I think you would be better off mining something else then and buying into ZEIT.

No doubt it would be better to mine something else, but do you not need some network has power? I know I'd lose out mining Zeit, but if you need some net hashpower then some people need to aim a miner at it just to keep it going.

I think by people leaving their wallets open for minting, that's what keeps the network going.

[Matni]

Additional -

After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880

Thus your reward will be 2,880 / network hashrate * your hashrate per day.

The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day

Compare that with what you get from minting!

That's the bit I was trying to work out, how much you'd get from mining rather than minting. Thanks for the maths!

So If I left 1MH/s mining Zeit with the current 1.16GH/s network hashrate I'd be 2,880/1,160,000,000*1,000,000 = 2.5 Zeit/day?

But I'm going to guess the network hashrate will drop to something much smaller than 1.16GH/s won't it?

Yes, but even if you are the only one mining ZEIT, then you only get 2,880 ZEIT per day. I think you would be better off mining something else then and buying into ZEIT.

No doubt it would be better to mine something else, but do you not need some network has power? I know I'd lose out mining Zeit, but if you need some net hashpower then some people need to aim a miner at it just to keep it going.

I think by people leaving their wallets open for minting, that's what keeps the network going.

Ahh right, I thought it had to have some network hashrate. Well that solves the question of whether or not to leave 1MH/s on it. Cheers everyone, much appreciated.

Now, I need to go buy some more Zeit...

what to sell...

[atronite]

Just some random question.. How can a dev. change a coin while its already out? If dev. can do it cant a hackers also do it? sorry hope you understand my noob question.

Sure they can.....after convincing everyone in the community (or rather, the Devs, exchange people, pool operators and merchants and other stake holders, who make all the announcement that all the other sheep coin users/miners follow) that they need to upgrade to the new client that has the protocol changes. This is what's known as a "hard fork".

But, if everyone in the community doesn't upgrade to the new client in a timely manner (or the community splits), you'd end up with two separate but (presumably similar) coins. Those that upgraded cannot send to those who have not upgraded, and those that have not upgraded cannot send to those who have. Miners who don't upgrade will end up mining blocks that will never be recognized on the new network, and vise versa.

In fact, if everyone ran both versions of the client simultaneously, but with the same wallet.dat file, and you received coins to the wallet in both versions from people who used one client or the other, then you will end up seeing two separate balances. Similarly, if you decided to go on vacation and left your mining rig going (possibly in a solo mining situation with several hundred mega hashes), and then 3 days later the community found a huge security risk in the coin wallet that needed to be fixed with hard fork, then for the next 27 days you will end up mining blocks on a network that was been largely abandoned by the rest of the community (resulting, effectively, in a loss since no exchanges or merchants one will accept coins from the old network).

Hence, if you have any coin holdings or you are mining, it behooves you to maintain awareness of any news surrounding the coin that may arise. While extremely rare, and quite drastic, it does occasionally happen and you need to know what to do when the scenario occurs (generally achieved by reading what others are saying and go with the general consensus).

Yes this applies to mining.  But id certainly imagine, say for example you have your wallet with x amount of coins and you forget about it for a year and the wallet changes, even multiple times.  The wallet.dat file should always remain compatible so when you do return to claim your coins you should simply be able to update the wallet, copy your wallet.dat file and retain your coins right?

As long as you didn't do anything, your coins will remain the same. But if a scammer using the same outdated client as you were to pay you in the outdated currency and you shipped product without knowing about the mandatory update, then you're pretty screwed.

Basically, you can take the exact same wallet.dat file and end up with two separate balances: 1 that exchanges and most other people are using, and 1 the few people will ever use or mine on ever again.

So if the update took effect at block 100k lets say, then the coins up to that point will be the same. But if for sh*ts and giggles you were to still have a copy of the old client after several years, you would find that you still have those old coins and can trade them to anyone else who still mined on it (or even mine it yourself solo, probably for next to no difficulty).

Even more interesting is that if the new wallet had some fatal error in coding that completely messed up the coin, the community can always revert back to the old client with minimal issues.

Something to think about.

[alekzander]

i placed 1btc on buy order at 1 satoshi 4 days ago and it still hasnt gone through, so all this volume is people buying at 2 satoshi

[atronite]

Additional -

After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880

Thus your reward will be 2,880 / network hashrate * your hashrate per day.

The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day

Compare that with what you get from minting!

That's the bit I was trying to work out, how much you'd get from mining rather than minting. Thanks for the maths!

So If I left 1MH/s mining Zeit with the current 1.16GH/s network hashrate I'd be 2,880/1,160,000,000*1,000,000 = 2.5 Zeit/day?

But I'm going to guess the network hashrate will drop to something much smaller than 1.16GH/s won't it?

Yes, but even if you are the only one mining ZEIT, then you only get 2,880 ZEIT per day. I think you would be better off mining something else then and buying into ZEIT.

No doubt it would be better to mine something else, but do you not need some network has power? I know I'd lose out mining Zeit, but if you need some net hashpower then some people need to aim a miner at it just to keep it going.

I think by people leaving their wallets open for minting, that's what keeps the network going.

So that begs my question then:

what would the network strength be after all the miners are gone? Whatever that number is, divided by half, wouldn't that be how much hash power you'd need to pull a 51% attack? How much network power does a single wallet have?

We all decry ASICs, but the one thing you can't deny is that ASICs make it nearly impossible for an outside party to deliberately mess up without enriching someone else in the process (mining machine manufacturers, for instance). If you traveled into the future and brought a 3 TH/s machine back to the early days of bitcoin, you would have almost certainly have had the power to kill the coin and the miners single handedly because no one would have had the tech to battle you.

Of course, it's nothing a hard fork with change in the algorithm couldn't fix, but it would be a huge headache.

[yodoberman]

Pos proof of stake, someone would have to own 51% of the total coins. Then he/she could make a 51% attack. But why would he/she do that wile owning 51% of the coins

[stevegreer]

So if I understand this POS correctly, and by looking at the block explorer, I see that the oldest deposit into my wallet was on 3/2 at 12:16. So does that mean that I should see some minting going on around that same time tomorrow? Hopefully someone in the know will answer my question this time. 

[bumblebee33]

So if I understand this POS correctly, and by looking at the block explorer, I see that the oldest deposit into my wallet was on 3/2 at 12:16. So does that mean that I should see some minting going on around that same time tomorrow? Hopefully someone in the know will answer my question this time. 

Yes, that is exactly what happened with all my Stakes today.

Btw., just look into your wallet under transactions and scroll down - maybe easier than block explorer.

[TuxNut]

ZEIT'S going to be listed on Cryptsy tonight!

This is WAY too soon, bad bad move IMO by whoever orchestrated it!

Page ready for the switch to be thrown

Additional.

LYC (which I've been waiting to arrive there) has been top of the list all week in the votes, Zeit's been really low, Zeit's being listed, LYC is now.

Cryptsy's just really unnerved me with this,.

[zombie007]

So if I understand this POS correctly, and by looking at the block explorer, I see that the oldest deposit into my wallet was on 3/2 at 12:16. So does that mean that I should see some minting going on around that same time tomorrow? Hopefully someone in the know will answer my question this time. 

Yes, that is exactly what happened with all my Stakes today.

Btw., just look into your wallet under transactions and scroll down - maybe easier than block explorer.

i just upped my wallet to 1.0.1.0
is it a problem ? i can see 0 at Stake. i am mining from t0, sitting on 60MZeit

[LionOfNarnia]

Additional -

After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880

Thus your reward will be 2,880 / network hashrate * your hashrate per day.

The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day

Compare that with what you get from minting!

That's the bit I was trying to work out, how much you'd get from mining rather than minting. Thanks for the maths!

So If I left 1MH/s mining Zeit with the current 1.16GH/s network hashrate I'd be 2,880/1,160,000,000*1,000,000 = 2.5 Zeit/day?

But I'm going to guess the network hashrate will drop to something much smaller than 1.16GH/s won't it?

Yes, but even if you are the only one mining ZEIT, then you only get 2,880 ZEIT per day. I think you would be better off mining something else then and buying into ZEIT.

No doubt it would be better to mine something else, but do you not need some network has power? I know I'd lose out mining Zeit, but if you need some net hashpower then some people need to aim a miner at it just to keep it going.

I think by people leaving their wallets open for minting, that's what keeps the network going.

Ahh right, I thought it had to have some network hashrate. Well that solves the question of whether or not to leave 1MH/s on it. Cheers everyone, much appreciated.

Now, I need to go buy some more Zeit...

what to sell...

Yeah, that's one of the key questions - what will the net hash be after week 6.

Here's an optimistic way of looking at it. Actually I still find the numbers pretty bloody scary & wonder if I'm missing something major by thinking that a lot of people are total ignorant morons thinking that planning on selling at 6, 12, 18 satoshi ... is a good idea.

IF the coin is to become an 'accepted' mainstream crypto, then it HAS TO BE around the same daily profitability as say litecoin, dogecoin etc to maintain a healthy hashrate.

That's currently between 3 - 5 GBP/day/1.5Mh/s for any of the 'top thirty' on CoinWarz.

Rounding up the numbers A LOT, that means the price of a single Zeit needs to be around ONE GBP

That's .0027 BTC each.

If you're not shitting yourself at this point, go back and read it again.

Think that's over-optimistic do you?

Lets take a look at how the cryptos that have low rewards/block are doing right now, shall we?

NAME              REWARD            PRICE

MinCoin                 2                   .0004
AnonCoin              5                   .00235
RonPaulCoin          1                   .00091
Diamond               1                   .00019

I honestly believe that these are the kind of levels we should by flying at in a month or two.

If I'm out by a factor of 100, that is still .00002 or, 2,000 satoshi each.

Still wanna sell when it hits 6?

Not me, baby!

[Matni]

ZEIT'S going to be listed on Cryptsy tonight!

This is WAY too soon, bad bad move IMO by whoever orchestrated it!

Page ready for the switch to be thrown

Additional.

LYC (which I've been waiting to arrive there) has been top of the list all week in the votes, Zeit's been really low, Zeit's being listed, LYC is now.

Cryptsy's just really unnerved me with this,.

How the hell did that happen?? Not good, far too soon!

[Edit] - I guess that explains why the network hashrate just doubled then.... 3.13GH/s and about to be difficulty 21...

[TuxNut]

How the hell did that happen?? Not good, far too soon!

Because they want a piece of the pie apparently.

That's fair enough I GUESS (though they should get permission from the dev, I don't know if that's happened), but why are LYC and KDC being ignored? They've got the votes, many paid for but they ignore it.

What's the damn pointing of a voting system if you ignore the damn votes (LYC should have been on last week as well).

[BeholdTheTrueWake]

i hope cryptsy is not too much too soon.   

[Matni]

Well the bulk of my coins are staying where they are, I'm not wrecking my 20 days again from greed, I've learned from that mistake.

[wisdom]

Great !  I get POS on my wallet.  It's working, but I don't understand how it work? all I know 25% compound interest after 20 days holding zeitcoin.  Any clock countdown for zeitcoin of POW finish anyone?  

[anarchyx914]

ZEIT'S going to be listed on Cryptsy tonight!

This is WAY too soon, bad bad move IMO by whoever orchestrated it!

Page ready for the switch to be thrown

Additional.

LYC (which I've been waiting to arrive there) has been top of the list all week in the votes, Zeit's been really low, Zeit's being listed, LYC is now.

Cryptsy's just really unnerved me with this,.

How the hell did that happen?? Not good, far too soon!

[Edit] - I guess that explains why the network hashrate just doubled then.... 3.13GH/s and about to be difficulty 21...

Where are you guys seeing this? Im on cryptsy's twitter and its no where on it.