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

[melosine]

I have a few questions about POS. I understand that it is better in that it doesn't cost as much energy as POW. I also understand that it is meant to reward those that support the system.
But what I don't understand is why will those that already own lots of coins get more coins during POS instead of those that use their coins instead of just hoarding them? Won't that cause exponential wealth for some and reduce the chances for others to get any coins and become part of the system? Won't that result in a situation similar to the one we have with the current monetary system, interest and compound interest?
Why wouldn't it be a better idea to reward those that actually use the coins and generate lots of transactions? Maybe I misunderstand something or I am missing something but I feel like that would be closer to a cash flow safe currency. And wouldn't that be a good thing?

[Oto3]

I have a few questions about POS. I understand that it is better in that it doesn't cost as much energy as POW. I also understand that it is meant to reward those that support the system.
But what I don't understand is why will those that already own lots of coins get more coins during POS instead of those that use their coins instead of just hoarding them? Won't that cause exponential wealth for some and reduce the chances for others to get any coins and become part of the system? Won't that result in a situation similar to the one we have with the current monetary system, interest and compound interest?
Why wouldn't it be a better idea to reward those that actually use the coins and generate lots of transactions? Maybe I misunderstand something or I am missing something but I feel like that would be closer to a cash flow safe currency. And wouldn't that be a good thing?

If you are concerned about PoS you should go and check out Fluttercoin and its Proof-Of-Block concept.

[melosine]

I'm not concerned, just trying to understand the reasoning behind it. I've seen there's also FreiCoin, but it uses demurrage instead of rewards. Will read up on proof of block now. Thank you.

Edit: The FlutterCoin thread describes POS as "variable interest based on coin age". Now that's different from an interest based on the amount of coins one owns. So I'm even more confused. Which is it?

[neoxxx]

FOOD FOR THOUGHT FOR THE MINERS ...

On my rig, I can mine at around 9,500 Zeit/hr this week.

HOWEVER

I can mine Doge at 250/hr.

As Doge is worth 77x as much as Zeit right now, that equates to around 19,000 Zeit/hr (assuming buying Zeit @ 2 sats)

THUS

By switching to mining Doge, selling them on Cryptsy, transferring them to MintPal & buying Zeit -

Now:

250 DOGE = BTC 0.00031281
0.00031281BTC / 0.00000002 = 15640.5 ZEIT/h

......but around a 1mh/s should do more than 9500 zeit/h, +/- 15000 zeit/h....

[FWBlack]

Do we know the number of Zeitcoins currently in circulation?  I know the spec says 99 billion total but how many are mined and premined at this point?  Just looking at the 1.4billion coins in the 1 sat buy orders at mintpal and wondering if there's even enough coins out there yet to fill them?  Is that what the block explorer will help with?

[neoxxx]

"getinfo" in debug console of zeit-wallet 

[ydrogios]

FOOD FOR THOUGHT FOR THE MINERS ...

On my rig, I can mine at around 9,500 Zeit/hr this week.

HOWEVER

I can mine Doge at 250/hr.

As Doge is worth 77x as much as Zeit right now, that equates to around 19,000 Zeit/hr (assuming buying Zeit @ 2 sats)

THUS

By switching to mining Doge, selling them on Cryptsy, transferring them to MintPal & buying Zeit -

1) I am getting double the Zeit for my hashing power.

2) I am generating 'trade volume' for Zeit.

3) I am amassing more Cryptsy points to vote Zeit with.

E2A

4) I'm taking Zeit off idiots who don't know what they have

Anyone agree & joining me?

I'm at DogeHouse.org

I follow you in doghouse too.That`s a good idea

[BeholdTheTrueWake]

And once again you blame the devs for something the exchange did... Grow up

Reminder: Please do not use full quotes when feeding the starving troll.
I understand the need for some entertainment, but let's try to avoid polluting the thread

Cheers,
- Myagui

seriously.
we already handled this yesterday with that guy, it's monotonous.
don't feed him, he clearly can't read a page before his post to see that action is being taken against CR.
he needs to get in contact with them and vanish otherwise,
just hit that little Ignore button and poof, gone.

[BeholdTheTrueWake]

FOOD FOR THOUGHT FOR THE MINERS ...

On my rig, I can mine at around 9,500 Zeit/hr this week.

HOWEVER

I can mine Doge at 250/hr.

As Doge is worth 77x as much as Zeit right now, that equates to around 19,000 Zeit/hr (assuming buying Zeit @ 2 sats)

THUS

By switching to mining Doge, selling them on Cryptsy, transferring them to MintPal & buying Zeit -

I follow you in doghouse too.That`s a good idea

i'll give this a shot.

[yodoberman]

Maybe someone could set up a multipool for this. Ill go mine there

[gimmezeit]

Please dont quote bigc1984
He is on many ignore lists. 

[LionOfNarnia]

FOOD FOR THOUGHT FOR THE MINERS ...

On my rig, I can mine at around 9,500 Zeit/hr this week.

HOWEVER

I can mine Doge at 250/hr.

As Doge is worth 77x as much as Zeit right now, that equates to around 19,000 Zeit/hr (assuming buying Zeit @ 2 sats)

THUS

By switching to mining Doge, selling them on Cryptsy, transferring them to MintPal & buying Zeit -

I follow you in doghouse too.That`s a good idea

i'll give this a shot.

UPDATE

Over the last 9 hours, I've averaged 255.5 Doge/hr @ DogeHouse

Current selling price for Doge on MintPal is 125 sats

255.5*125 = 31944 sat

/2 = 15,972 Zeit/hr

The direct Zeit mining figure I quoted earlier was from 12 hours on the 'YourMine' pool, which has stats as good as anybody else.

The real point I am trying to get over, to those who are into the long-term future of this coin, is that if you are mining Zeit, you are increasing the supply of the coin, which puts DOWNWARDS pressure on the price, whereas if you are mining something else & using the proceeds to buy already-existing Zeit you are effectively increasing the demand, thus putting UPWARDS pressure on the price.

It would be worth doing for that alone, but coupled with the fact that I am making 6,500 Zeit/hr MORE for my hashpower (+68%) makes it a no-brainer.

- at least until Zeit goes above 3 sats

[14aristokrat]

Nobody knows at all there is with problem solving Coinex or not but then I have there in the account 18 LTC

[stevegreer]

Nobody knows at all there is with problem solving Coinex or not but then I have there in the account 18 LTC

Better get them out of there just to be on the safe side.

[jomama22]

Man, zeit is going to be hot as hell soon. Just got a strong feeling. Once we start approaching cryptsy it will be a real treat.

[14aristokrat]

Man, zeit is going to be hot as hell soon. Just got a strong feeling. Once we start approaching cryptsy it will be a real treat.

If I do not have time buy because of Zeitcoin the exchanger Coinex to them is worse because the reputation of the tricky thing you can lose her forever

[jomama22]

well coinex isnt exactly a major exchange thankfully. not much anyone can do about that. One we get our fill @ 1 satoshi, it will be off to the races

[stevegreer]

Man, zeit is going to be hot as hell soon. Just got a strong feeling. Once we start approaching cryptsy it will be a real treat.

If I do not have time buy because of Zeitcoin the exchanger Coinex to them is worse because the reputation of the tricky thing you can lose her forever

Yep. You definitely don't want to lose her. 

[14aristokrat]

Man, zeit is going to be hot as hell soon. Just got a strong feeling. Once we start approaching cryptsy it will be a real treat.

If I do not have time buy because of Zeitcoin the exchanger Coinex to them is worse because the reputation of the tricky thing you can lose her forever

Yep. You definitely don't want to lose her. 

I'm talking about reputation coinex

[stevegreer]

I know what you mean man. Just messing with you.