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

[G K G]

noob question:

What does PoS mean? 

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]

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.

[danny-rr]

2 Satoshi level is reached.

Be aware of marked manipulators.
They work like this: https://www.dropbox.com/s/juo3aeskh6sflhc/god.pdf

[SBOSS]

This coin will hit 400 billion market cap 

[Jeezy911]

noob question:

What does PoS mean? 

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.

[Jeezy911]

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?

[stevegreer]

noob question:

What does PoS mean? 

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!

[bumblebee33]

Anybody got any ZEIT transactions from cryptorush.in in the last 7 hours? Mine and several others are stuck for many hours.

[SBOSS]

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

[VarDiff]

Zeitcoin added to altcoins database
Good luck, miners

[sammy007]

The following markets have been added:  UTC, MZC, FLAP, & TAK

We suck

[locopao]

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? 

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!

[MTJ151]

I've got over 3 mil stick in cryptorush too

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.

[rkfig]

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...?

[ateneto]

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?

[MTJ151]

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?

[locopao]

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

[luckyguy2807]

Tomorrow is the halving?

[FaSan]

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 :

Code:

zeitcoind importprivkey <privkey>

Thank you



FaSan

[Spekkoper]

It looks like we are down to 2 satoshi!! sell!!!!!