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

[groggin]

doenst matter if it is undervalued it and its crashing again we will see what happens will it reach havens or will it go straight to hell

  we are into this for the long haul my friend. if you have enough pls fasten your seatbelt and enjoy the ride, otherwise it is time to buy ...

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[kiklo]

Due to our recent price spike a month or so ago.

Their are many members that feel going to ULI , is unnecessary and want to stay at the 5% forever.

It has come to my attention, that some of those plan a split (like ETH/ETC) once ULI goes into effect , basically causing a civil war in the Zeit community.

I personally feel ULI would have helped ZEIT reach its Destiny sooner than staying at the 5% rate.
However due to my inability to actually get the ULI activated and the possibility of splitting this great community in half.

I have no choice but to withdraw my future efforts to get ULI activated.
From here on out , my only purpose here will be keeping the snapshot updated.

I asked Zeitcoin to remove the ULI from the OP as no one will be attempting it's activation now,
and the 5% rate will be Final and Forever as originally intended.

I still Believe ZEIT will reach it's goals with the help of the Knights, it will just be at a slower pace.

Good Day, everyone.


 

[solarion]

Well that seems a shame as I think we do need a cut to new supply to stabilize Zeitcoin's exchange rates. Even if that means a simple interest rate cut to say 1% or .5% and staking parameters remain the same, it should be undertaken imo.

To that end I'd be willing to contribute to a fund to get this accomplished. ULI was voted upon and seemed to be overwhelmingly supported, it's a shame to let it go after some have cited this initiative specifically as a primary incentive for increasing their stack of Zeit.

What say other knights and holders of Zeitcoin on this?

[FWBlack]

Due to our recent price spike a month or so ago.

Their are many members that feel going to ULI , is unnecessary and want to stay at the 5% forever.

It has come to my attention, that some of those plan a split (like ETH/ETC) once ULI goes into effect , basically causing a civil war in the Zeit community.

I personally feel ULI would have helped ZEIT reach its Destiny sooner than staying at the 5% rate.
However due to my inability to actually get the ULI activated and the possibility of splitting this great community in half.

I have no choice but to withdraw my future efforts to get ULI activated.
From here on out , my only purpose here will be keeping the snapshot updated.

I asked Zeitcoin to remove the ULI from the OP as no one will be attempting it's activation now,
and the 5% rate will be Final and Forever as originally intended.

I still Believe ZEIT will reach it's goals with the help of the Knights, it will just be at a slower pace.

Good Day, everyone.


 

I support the ULI.  I have had enough Zeit to become a Knight but have not.  If this is something that the Knights control, then if becoming one I will when the window opens again.

[luckytimes]

Due to our recent price spike a month or so ago.

Their are many members that feel going to ULI , is unnecessary and want to stay at the 5% forever.

It has come to my attention, that some of those plan a split (like ETH/ETC) once ULI goes into effect , basically causing a civil war in the Zeit community.

I personally feel ULI would have helped ZEIT reach its Destiny sooner than staying at the 5% rate.
However due to my inability to actually get the ULI activated and the possibility of splitting this great community in half.

I have no choice but to withdraw my future efforts to get ULI activated.
From here on out , my only purpose here will be keeping the snapshot updated.

I asked Zeitcoin to remove the ULI from the OP as no one will be attempting it's activation now,
and the 5% rate will be Final and Forever as originally intended.

I still Believe ZEIT will reach it's goals with the help of the Knights, it will just be at a slower pace.

Good Day, everyone.


 

I support the ULI.  I have had enough Zeit to become a Knight but have not.  If this is something that the Knights control, then if becoming one I will when the window opens again.

What is a ULI? Would that cut down the total number of coins each person owns? Just curious. If someone owns 500k coins, would it potentially become 250k? Just wondering how this would work. Thanks

[Redrover]

Due to our recent price spike a month or so ago.

Their are many members that feel going to ULI , is unnecessary and want to stay at the 5% forever.

It has come to my attention, that some of those plan a split (like ETH/ETC) once ULI goes into effect , basically causing a civil war in the Zeit community.

I personally feel ULI would have helped ZEIT reach its Destiny sooner than staying at the 5% rate.
However due to my inability to actually get the ULI activated and the possibility of splitting this great community in half.

I have no choice but to withdraw my future efforts to get ULI activated.
From here on out , my only purpose here will be keeping the snapshot updated.

I asked Zeitcoin to remove the ULI from the OP as no one will be attempting it's activation now,
and the 5% rate will be Final and Forever as originally intended.

I still Believe ZEIT will reach it's goals with the help of the Knights, it will just be at a slower pace.

Good Day, everyone.


 

I support the ULI.  I have had enough Zeit to become a Knight but have not.  If this is something that the Knights control, then if becoming one I will when the window opens again.

What is a ULI? Would that cut down the total number of coins each person owns? Just curious. If someone owns 500k coins, would it potentially become 250k? Just wondering how this would work. Thanks

Link to your own post answering this question a month ago.  Ultra Low Inflation.
https://bitcointalk.org/index.php?topic=487814.msg19147771#msg19147771

It would not affect the amount of coins you currently have.

[huige007]

The coin has no innovative technology, and development must do this.

[oleksii777]

June 1 has long come. It is necessary to introduce new technologies into the coin. Only after that will there be active coin growth!
-------------
The Dev Rent_a_Ray is working on an update to Zeitcoin's specs.

Update to a Ultra Low Inflation Coin

1.  Interest rate change to 0.0005% (0.000005) per year.
2.  Minimum Stake Age Changed to 1 Day, (24 Hours)
3.  Blocks only Split , if they stake within 25 hours of being created, all blocks older than 25 hours would not split, just add the additional amount to the block.

* This will end the excess inflation that is keeping our price low, after it is activated,
Prices will stabilize and then begin a gradual but continuous increase in price per coin,*

Supply of new coins , at the old 5% rate was ~1 million per day , after the switch to Ultra Low Inflation less than 181,000 new coins will be created per year.
By moving to a minimum stake age of 24 hours instead of 20 days, we dramatically increase our network security.
By harnessing the law of supply & demand, it will cause the price of existing coins to increase due to the decrease in new coins created.
It also changes us to a PoST coin, as you will be able to earn more zeitcoins from processing Transactions per block than the interest earned.
Due to this ULI update , and the nature of random transactions fees, You have the highest earning potential by leaving your wallet running 24x7 after the new specs are active. In the past some users only synced and supported the network a few hours every month or so, and they can continue doing that if they wish, but it will decrease their earning potential if they don't run daily. So increased incentive for full time nodes and daily staking.  Smiley

Dev is working hard to make these changes happen, and will announce more information ~June 1st as far as the scheduling of the hard fork.

[killkingsoldier]

i think the Ultra Low Inflation is really needed otherwise this coin will stay at 4 sat and will never reach 0.01$

[solarion]

I think without a lower rate of inflation, Zeitcoin will not stay at 4 sats, but will continue to decline.

[warbird023]

Due to our recent price spike a month or so ago.

Their are many members that feel going to ULI , is unnecessary and want to stay at the 5% forever.

It has come to my attention, that some of those plan a split (like ETH/ETC) once ULI goes into effect , basically causing a civil war in the Zeit community.

I personally feel ULI would have helped ZEIT reach its Destiny sooner than staying at the 5% rate.
However due to my inability to actually get the ULI activated and the possibility of splitting this great community in half.

I have no choice but to withdraw my future efforts to get ULI activated.
From here on out , my only purpose here will be keeping the snapshot updated.

I asked Zeitcoin to remove the ULI from the OP as no one will be attempting it's activation now,
and the 5% rate will be Final and Forever as originally intended.

I still Believe ZEIT will reach it's goals with the help of the Knights, it will just be at a slower pace.

Good Day, everyone.


 

I think ULI is the right way.
and if its not possible in one Step, lower the Inflation Rate to
I say 1% first and doing the remaining Work later.

[Rent_a_Ray]

I don't understand the actual discussion. ULI was voted by most of the active members. We should continue with ULI.
My vote 'against' ULI (and all necessary code changes beside ULI) based on security concerns.
Additionally I had no time for the testing of all possible attack scenarios.
It wasn't a vote against the economic advantage.

This version (2.0.2.0):
https://github.com/zeitcoin/zeitcoin/tree/527aca946344dce14de33f2fc0f127c305f16856
is the latest with most of the ULI features before the rollback to 2.0.1.7
There are some issues - but nothing that can't fixed by someone who knows what to do.

I want to apologise for my absence in the last months and in the coming months, but I have to manage some important things in my real life.

We should hire someone who is able to improve the code changes.
And 'We' means 'The Knights' - not any single person. 

Cheers,
Ray

[solarion]

Thanks for the clarification Ray. Confusion seems to be the order of the day and this post definitely goes a ways toward dispelling it.

So it seems, we need to find a dev to complete the work begun by Ray.

I'm in for 5m Zeitcoin or equivalents. More if needed to get this done in a timely fashion.

[Rent_a_Ray]

Of course I'll have a look over the code changes. Pollforall should commit his changes to the official git.
Once if the version has been tested successfully by the Knights, I will add some version related stuff.

Cheers,
Ray

FYI:
https://bitcointalk.org/index.php?topic=734614.0

Good choice as far as I can see.

[stevegreer]

Ray, never think that what you do and have done for us in unappreciated. We are forever in your debt. 

[huige007]

People have been selling ZEIT
Prices only go down

[FWBlack]

Ray, never think that what you do and have done for us in unappreciated. We are forever in your debt. 

True!

[atronite2]

Due to our recent price spike a month or so ago.

Their are many members that feel going to ULI , is unnecessary and want to stay at the 5% forever.

It has come to my attention, that some of those plan a split (like ETH/ETC) once ULI goes into effect , basically causing a civil war in the Zeit community.

I personally feel ULI would have helped ZEIT reach its Destiny sooner than staying at the 5% rate.
However due to my inability to actually get the ULI activated and the possibility of splitting this great community in half.

I have no choice but to withdraw my future efforts to get ULI activated.
From here on out , my only purpose here will be keeping the snapshot updated.

I asked Zeitcoin to remove the ULI from the OP as no one will be attempting it's activation now,
and the 5% rate will be Final and Forever as originally intended.

I still Believe ZEIT will reach it's goals with the help of the Knights, it will just be at a slower pace.

Good Day, everyone.


 

Who is going to do this? Who opposes ULI?

Maybe we can come to another solution. I mean maybe we could continue to scale down inflation over time. Sort of like how bitcoin halves inflation every so many years, we do the same with zeitcoin. We had the right idea going from 20% to 5%, but we just have to keep going where it goes to 2.5%, then 1.25%, and so forth until we reach that ULI rate. And make it over a period of years so that the decrease is gradual and expected.

I mean where is the proof that this is even being planned as a thing? Are there bitcoin talk threads? Is this based on a conversation on the slack channel?

Here's the thing, bitcoin keeps going up because not only is there an upper limit to where it could go, but bitcoin's INFLATION rate also keeps going down because of "halving". Because miners have huge costs, they have to constantly manipulate bitcoin prices so that they can continue to be profitable and have the same income.

Same thing here, people who own coins will want the price to go up as the inflation rate goes down over time, and it makes people see value in the coin because they know that if they keep holding then it will grow in value over time. So instead of going there all at once, why not ease on into it instead? It's all about the journey, not the destination with these things right?

[KikloV]

The Community & Knights have spoken these last few pages.  
Their Support for ULI is strong and unwavering in the face of any obstacle.
Therefore the ULI will be implemented.

Aztek, PM me that the code from Pollforall , should be available for testing in the next few days.

Thanks to Rent_A_Ray helping with the testing and github, we should be able to lay out a time frame for the ULI update in the next 2 or 3 weeks.


 

[solarion]

Good stuff guys.

Thanks for your efforts, Ray, Kiklo, & AztekPhoenix. I see the ULI initiative as just what Zeitcoin needs to take the next step.