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

[kiklo]

If you want to change pos rate to 1% . Than do it better in 1 year .

Thanks for your comments.

1% is still too high,
ZEIT is such a massive coin that even 1% would be over 6½ million coins per month. (At current staking rates)
That in 1 month is six times the total supply of other coins.

We would have to go down to 0.0005% (0.000005) per year,
that would leave us only gaining ~ 180,000 new coins per year (basically ~15000 new coins per month).

The stronger we tackle the inflation issue, the sooner our value per coin can begin to increase.
Even if we did it today, it is still going to takes months before it has a noticeable effect in the markets.

Lion brought up a good point that in TRW, 5% interest on Bank accounts was the norm.
However the reason the banks were able to do that is they were loaning out multiple times the amount of their deposits and Charging Higher interest rates on those loan above the 5%, we have no such system in place here, which is why we have to control inflation to offset the damage that an ever increasing supply can cause.

 

FYI:
It all comes back to this,
Do you want a coin with very little inflation , that the Price can rise per coin?
or
Do you want a coin with 5% inflation, that the price is always in decline?
You have more coins but each coin has less value as time goes on.

FYI2:
Look at all of the people buying up BTC, just to hold receiving 0% interest,
we have to go ultra low inflation , if we are going to beat BTC. (There is just no other way around it.)

FYI3:
Monday BTC generated only 1,728 new coins
Monday ZEIT generated 8,623,833 new coins.
Our price will forever be crushed by the inflation, unless we switch ,

After the switch to an ultra low inflation rate of 0.0005% per year,
BTC still generates 1,728 new coins
ZEIT generate only ~500 coins per day.
Our price verses BTC & Fiat would rise.  

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[Redrover]

If you want to change pos rate to 1% . Than do it better in 1 year .

Thanks for your comments.

1% is still too high,
ZEIT is such a massive coin that even 1% would be over 6½ million coins per month. (At current staking rates)
That in 1 month is six times the total supply of other coins.

We would have to go down to 0.0005% (0.000005) per year,
that would leave us only gaining ~ 180,000 new coins per year (basically ~15000 new coins per month).

The stronger we tackle the inflation issue, the sooner our value per coin can begin to increase.
Even if we did it today, it is still going to takes months before it has a noticeable effect in the markets.

Lion brought up a good point that in TRW, 5% interest on Bank accounts was the norm.
However the reason the banks were able to do that is they were loaning out multiple times the amount of their deposits and Charging Higher interest rates on those loan above the 5%, we have no such system in place here, which is why we have to control inflation to offset the damage that an ever increasing supply can cause.

 

FYI:
It all comes back to this,
Do you want a coin with very little inflation , that the Price can rise per coin?
or
Do you want a coin with 5% inflation, that the price is always in decline?
You have more coins but each coin has less value as time goes on.

FYI2:
Look at all of the people buying up BTC, just to hold receiving 0% interest,
we have to go ultra low inflation , if we are going to beat BTC. (There is just no other way around it.)

FYI3:
Monday BTC generated only 1,728 new coins
Monday ZEIT generated 8,623,833 new coins.
Our price will forever be crushed by the inflation, unless we switch ,

After the switch to an ultra low inflation rate of 0.0005% per year,
BTC still generates 1,728 new coins
ZEIT generate only ~500 coins per day.
Our price verses BTC & Fiat would rise.  

Sounds like a good plan that needs to be implemented sooner rather than later.
Isn't this one of the reasons the Knights were created?  Make it so Knights.

[r0cinante]

   

1% is still too high,
ZEIT is such a massive coin that even 1% would be over 6½ million coins per month. (At current staking rates)
That in 1 month is six times the total supply of other coins...

 i would not have a problem with the change, but we need to be practical; who is going to run the wallet to support the network for 0.0005%?
an incentiveized node network might work tho
look at fluttercoin, for example

https://i.imgur.com/SoYUltH.png

https://i.imgur.com/mI3qodT.png

Zeightknights might volunteer to keep nodes up also   

[kiklo]

   

1% is still too high,
ZEIT is such a massive coin that even 1% would be over 6½ million coins per month. (At current staking rates)
That in 1 month is six times the total supply of other coins...

 i would not have a problem with the change, but we need to be practical; who is going to run the wallet to support the network for 0.0005%?
an incentiveized node network might work tho
look at fluttercoin, for example

Zeightknights might volunteer to keep nodes up also  

Thanks for the comments , r0cinante .

If everyone agrees to the ultra low inflation, I would keep my node running 24x7 , which I do any way.
But if no one else is willing to help, then we will also have to drop the minimum stake age to 1 day and remove the block spliting, so I can keep the network running without help. Although if people would help they would receive their % and fees when they process transactions.
(Also if the people don't keep their wallet synced they can't send or receive any coins.)

Here is the path we and every other coin is on, PoS or PoW, we keep increasing our # of coins daily, while BTC keeps decreasing its # every 4 years.
It is deflationary while we are inflationary , it's price will always rise compared to ours unless we go to an ultra low inflation.

If we want to win we have to choose ultra low inflation, or we fail like sprouts & Tek and the others.
What good is our coin if the price keeps dropping, an infinity of Zero , is still ZERO.

Our current mk is $217,200 , what is funny is that everyone likes to pretend we have a choice here.

The Truth is there is no choice, we stop the coin inflation or it stops us.
Choice
1.  We move to ultra low inflation , Live & Thrive & Prosper
or
2. We stay in the hyper inflated path like all of the other Crypto knuckle heads , and we suffer the same fate as them.
Sprouts is a prime example.
https://www.cryptopia.co.nz/Exchange?market=SPRTS_BTC
They almost about to fall out of the litcoin market to doge only
https://www.cryptopia.co.nz/Exchange?market=SPRTS_LTC  

 

[kiklo]

Sounds like a good plan that needs to be implemented sooner rather than later.
Isn't this one of the reasons the Knights were created?  Make it so Knights.

Thanks for the comments,   

 

[kiklo]

If incentive to stake is required while the ultra low inflation fixes our price per coin.

I will paid up to 8 users 250 thousand ZEIT each , every month that they agree to stake 24x7 and act as a node.
So they would receive that plus their small interest plus whatever fees they collect from processing transactions.

Would send the 250 thousand ZEIT payment at the start of each month.

Although I would hope the Knights would continue staking to Protect the coin until prices rise , until the utra low interest makes staking worthwhile again.


 

FYI:
If the 15 Knights keep staking and the 8 users, I would pay.
It would give us 23 Nodes online ~24x7.
More than enough until our price builds.

[msdoter7]

If incentive to stake is required while the ultra low inflation fixes our price per coin.

I will paid up to 8 users 250 thousand ZEIT each , every month that they agree to stake 24x7 and act as a node.
So they would receive that plus their small interest plus whatever fees they collect from processing transactions.

Would send the 250 thousand ZEIT payment at the start of each month.

Although I would hope the Knights would continue staking to Protect the coin until prices rise , until the utra low interest makes staking worthwhile again.


 

FYI:
If the 15 Knights keep staking and the 8 users, I would pay.
It would give us 23 Nodes online ~24x7.
More than enough until our price builds.

lol , that not good idea  . I have now from pos 300k zeit .Ok from 5% it will be around 100k and it is also good. But what are you trying to do now is to save your tons Zeitcoins from price dumping .And now zeitcoin is like another fork and no more .I think if you will do it ,0.0005% per year. We will see huge dump and price will be not more 1 sat , because people who bought zeitcoins  thougth about 5% pos . They will not wait a long time to dump their bags, if they cant pos zeitcoin.

[FWBlack]

If incentive to stake is required while the ultra low inflation fixes our price per coin.

I will paid up to 8 users 250 thousand ZEIT each , every month that they agree to stake 24x7 and act as a node.
So they would receive that plus their small interest plus whatever fees they collect from processing transactions.

Would send the 250 thousand ZEIT payment at the start of each month.

Although I would hope the Knights would continue staking to Protect the coin until prices rise , until the utra low interest makes staking worthwhile again.


 

FYI:
If the 15 Knights keep staking and the 8 users, I would pay.
It would give us 23 Nodes online ~24x7.
More than enough until our price builds.

I would do this.  I already keep 2 wallets running from 2 different IPs almost 24x7 (except when I forget to start them after restarts). 

[kiklo]

lol , that not good idea   . I have now from pos 300k zeit .Ok from 5% it will be around 100k and it is also good. But what are you trying to do now is to save your tons Zeitcoins from price dumping .And now zeitcoin is like another fork and no more .I think if you will do it ,0.0005% per year. We will see huge dump and price will be not more 1 sat , because people who bought zeitcoins  thougth about 5% pos . They will not wait a long time to dump their bags, if they cant pos zeitcoin.

Then give me a better idea, because ultra low inflation is the only thing I can see that will work.
Have you looked at the markets today, the high inflation has already dropped us to $209,419  .

Look at Sprouts , Tekcoin, Turbostake , what good has been having stakers , when there price heads toward Zero.

Explain to me , how are we going to increase in Price against BTC when these are the Numbers we face.
Monday BTC generated only 1,728 new coins
Monday ZEIT generated 8,623,833 new coins.

We are better that BTC on every level , Except Inflation.

I setup an investment system to support ZEIT, it has been pulling millions off of the markets all year, which is why we did not crash with BTC spiked.
That investment system has been turned off, it is unable to match the growing inflation, there is no point to it , until we become an ultra low inflation coin.
Then it will take time, but it can start to make a dent in the sell walls and increase the price of ZEIT for everyone.

We can change the minimum stake age down to 1 day, and even if no else will help, I alone will keep the network running.
Our situation is that dire. How long are you going to stake your 5% when ZEIT is only 1 Litoshi?

 

FYI:
We are still at 15%, we have not moved to the 5% yet.

[kiklo]

If incentive to stake is required while the ultra low inflation fixes our price per coin.

I will paid up to 8 users 250 thousand ZEIT each , every month that they agree to stake 24x7 and act as a node.
So they would receive that plus their small interest plus whatever fees they collect from processing transactions.

Would send the 250 thousand ZEIT payment at the start of each month.

Although I would hope the Knights would continue staking to Protect the coin until prices rise , until the utra low interest makes staking worthwhile again.


 

FYI:
If the 15 Knights keep staking and the 8 users, I would pay.
It would give us 23 Nodes online ~24x7.
More than enough until our price builds.

I would do this.  I already keep 2 wallets running from 2 different IPs almost 24x7 (except when I forget to start them after restarts). 

Thanks Fred,   


 

[lxxtikk]

lol , that not good idea   . I have now from pos 300k zeit .Ok from 5% it will be around 100k and it is also good. But what are you trying to do now is to save your tons Zeitcoins from price dumping .And now zeitcoin is like another fork and no more .I think if you will do it ,0.0005% per year. We will see huge dump and price will be not more 1 sat , because people who bought zeitcoins  thougth about 5% pos . They will not wait a long time to dump their bags, if they cant pos zeitcoin.

Then give me a better idea, because ultra low inflation is the only thing I can see that will work.
Have you looked at the markets today, the high inflation has already dropped us to $209,419  .

Look at Sprouts , Tekcoin, Turbostake , what good has been having stakers , when there price heads toward Zero.

Explain to me , how are we going to increase in Price against BTC when these are the Numbers we face.
Monday BTC generated only 1,728 new coins
Monday ZEIT generated 8,623,833 new coins.

We are better that BTC on every level , Except Inflation.

I setup an investment system to support ZEIT, it has been pulling millions off of the markets all year, which is why we did not crash with BTC spiked.
That investment system has been turned off, it is unable to match the growing inflation, there is no point to it , until we become an ultra low inflation coin.
Then it will take time, but it can start to make a dent in the sell walls and increase the price of ZEIT for everyone.

We can change the minimum stake age down to 1 day, and even if no else will help, I alone will keep the network running.
Our situation is that dire. How long are you going to stake your 5% when ZEIT is only 1 Litoshi?

 

FYI:
We are still at 15%, we have not moved to the 5% yet.

I think you are rigth , than do it  pos to  0.0005% per year .

[msdoter7]

lol , that not good idea   . I have now from pos 300k zeit .Ok from 5% it will be around 100k and it is also good. But what are you trying to do now is to save your tons Zeitcoins from price dumping .And now zeitcoin is like another fork and no more .I think if you will do it ,0.0005% per year. We will see huge dump and price will be not more 1 sat , because people who bought zeitcoins  thougth about 5% pos . They will not wait a long time to dump their bags, if they cant pos zeitcoin.

Then give me a better idea, because ultra low inflation is the only thing I can see that will work.
Have you looked at the markets today, the high inflation has already dropped us to $209,419  .

Look at Sprouts , Tekcoin, Turbostake , what good has been having stakers , when there price heads toward Zero.

Explain to me , how are we going to increase in Price against BTC when these are the Numbers we face.
Monday BTC generated only 1,728 new coins
Monday ZEIT generated 8,623,833 new coins.

We are better that BTC on every level , Except Inflation.

I setup an investment system to support ZEIT, it has been pulling millions off of the markets all year, which is why we did not crash with BTC spiked.
That investment system has been turned off, it is unable to match the growing inflation, there is no point to it , until we become an ultra low inflation coin.
Then it will take time, but it can start to make a dent in the sell walls and increase the price of ZEIT for everyone.

We can change the minimum stake age down to 1 day, and even if no else will help, I alone will keep the network running.
Our situation is that dire. How long are you going to stake your 5% when ZEIT is only 1 Litoshi?

 

FYI:
We are still at 15%, we have not moved to the 5% yet.

Ok, try to find better way .If it help ,than do pos 0.000005% like for  an ultra low inflation coin

[amalgal]

wow , great to hear it . When are you going to change pos ?  Need to buy now Zeitcoins because price can go till 100 sat .And we will see Bittrex or poloniex than . After that update we can start twitting bittrex and polo to add zeitcoins to their exchange .  

[LionOfNarnia]

I still think that it's too early to make such a drastic change to the 'essentials' of the coin, and also the wrong way to go about doing it.

We should plan to let the 5% rate run for a full year, and consider over that time the future direction to take.

- Hearing from everybody involved, especially Ray, then having a COMMUNITY decision about it.

The drop to 5% will reduce 'inflation' by 200%, the biggest drop in our history, so to me it makes sense to give THAT change a fair chance before deciding on a hyper-drastic change.

The thing that worries me most is that under the proposed change, there will be NO incentive for peeps to keep coins in their wallets, so won't they then just park the lot on the exchanges?

- And you can't keep a network going with a handful of nodes.

Final thought (for now) I feel this should have been proposed & discussed within the Knights long before it was 'announced' here.

- That's just NOT the way things are supposed to be done 

[kiklo]

Every Day we postpone is another few million ZEIT , dividing the coin's value verses BTC.

We do need Ray , as the Dev he has Veto power or the power to make the program updates.
So the Final decision will be his.
I PM him , when I made the 1st post about going ultra low, real world may tie him up for a month or so, before he can check in.
Which is why now is a good time for discussions , so we work out exactly what needs to be done.

As far as the exchanges, if people are crazy enough to keep all of their coins on the exchange, and the exchange goes under, or loses their coins,
then that just decrease the supply of coins and raises the value for the ones that are left.

Something this big should be decided by all of the community.
Ultra Low inflation is the only Solution , I can see that will raise our price per coin.
I have asked the entire community if they have a better idea , that allows us to absorb millions of new coins each day without losing value,
Then Please Share it, but I don't see any other method that will work except going ultra low.

The Knights have to stake to support their investment,
I will pay out of my pocket 250 thousand ZEIT per month to anyone (up to 8 ) that will run a staking node 24X7)
And I am exploring other incentives on a weekly basis, such as ZEIT Block Jousting where the winner receives 120 thousand ZEIT every week they win the joust.

15 Knights & 8 Paid = 23 Nodes
Plus whoever joints the Joust Contests.

 

FYI:
After 1 year  , our price will probably be so high, that these additional incentives will no longer be needed.
Plus the Paid nodes are a good way for Aspiring Knights to earn their knighthood by protecting the coin.  

[kiklo]

Once we make the move to an Ultra Low Inflation coin.

ZEIT Weekly Block Jousts Tournaments could begin.

1st Joust Which ever ZEIT address with the Highest Difficulty # for the week , would receive 120,000 ZEIT

2nd Joust Which ever ZEIT address with the Most Transactions in one block for the week , would receive 120,000 ZEIT

3rd Joust  Which ever ZEIT address with the Smallest Staked Amount per block for the week , would receive 120,000 ZEIT


 

[gregofdoom]

kiklo, my wallet is open 24h/7

 

[kiklo]

kiklo, my wallet is open 24h/7

 

Well Done,  Sir Knight.   


 

[kiklo]

@msdoter7

In reference to the incentive to stake question.

The Knights will have to stake to protect their investment.

I will pay 250,000 ZEIT every month to 8 nodes (non knights) that will stake 24x7.

In addition , the ZEIT Joust Game will pay out a 120,000 ZEIT per week to the three addresses that win the Block Joust.
(Anyone can win, even exchanges)

So is this not enough incentive to stake, plus the facts the price of the coin will no longer go down in price only Up.

So those that do accept the 250,000 per month, if they wait til ZEIT reaches a penny would have received $2500 for staking monthly. 

One year of doing this will cost me ~42 million ZEIT directly out of my pocket and I will do it gladly so we can defeat BTC.
And if needed, I have enough coins to go a 2nd year, before it would compromise my status as a Knight.

So msdoter7 what do you think?

 

[msdoter7]

@msdoter7

In reference to the incentive to stake question.

The Knights will have to stake to protect their investment.

I will pay 250,000 ZEIT every month to 8 nodes (non knights) that will stake 24x7.

In addition , the ZEIT Joust Game will pay out a 120,000 ZEIT per week to the three addresses that win the Block Joust.
(Anyone can win, even exchanges)

So is this not enough incentive to stake, plus the facts the price of the coin will no longer go down in price only Up.

So those that do accept the 250,000 per month, if they wait til ZEIT reaches a penny would have received $2500 for staking monthly. 

One year of doing this will cost me ~42 million ZEIT directly out of my pocket and I will do it gladly so we can defeat BTC.
And if needed, I have enough coins to go a 2nd year, before it would compromise my status as a Knight.

So msdoter7 what do you think?

 

Lets try .it will be interesing to see what will happen next year than.