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

[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.

Dont worry its quite simple.
The software package of the wallet will be changed by the development team and officially distributed (on the main website etc.) to all (most) of the people participating in that coin. That is how it "changes". The minority that didnt do the update will most likely have a wallet that does not sync correctly anymore and so they will have to update as well at some point.

To make sure its not a chaos of different wallets during that change, a fixed block number is being announced as well that is know by the wallet software so that every installation switched from old to new behaviour at the same time synchronously. I think BTC and many of the altcoins have done that several times now. Works quite nicely.

Yes, it would be very irresponsible for the "recognized Devs" to jump out with a new wallet update without warning and then people are downloading the client and possibly mining blocks or sending transactions that just aren't correct. Even a decentralized community has a core of "tribal elders" or an established "Illuminati" to guide it. In this respect, the Developers are the cryptocoin-community equivalent of a federal reserve, while pool operators (and their "paid workers") are the favored power brokers that receive the money first (such as Goldman "ball" Sachs, Citigroup, Government, etc), while the crypto-exchanges (and everyone who trades on them) are the digital equivalent of Wall Street.

It's ironic, but the crypto community is starting to behave very much like an unregulated, libertarian version of our established financial institutions. Only problem is, even the "elders" (such as the hated Mt. Gox CEO) are still newbs compared to the established fiat financial institutions of today, not dissimilar to what we saw in banking over 100 years ago actually. It's actually quite scary that history appears to be rhyming (as Mark Twain would put it)!!!  

[he-man]

hey, another noobish question.
Lets say I have 5 mill Zeit in my wallet and they have just been in my wallet for 20 days. Then I buy 5 more mill and put them in my wallet. Then price rises and I want to sell 5 mill of my now 10 mill coins. How can I make my wallet not take from my minting coins?

[atronite]

Very nice guys, thx for the awesome answers

You're welcome. Anything to add value to this thread for new folks.

Feel free to tip a few hundred zeit to show your appreciation. It's not even a penny so it's not like I actually GAIN anything, but it's the thought that counts!

[808shark]

Like many others I have been scammed by cryptorush.in and lost a considerable balance of Zeit coin. I am tiered of all these bitcoin / altcoin scams and I will not let this one go. I do not care about the flaw in the wallet, in my opinion the only responsible is cryptorush. I sent my bitcoins to them and they should be responsible for this.

Despite their public statement and their terms and conditions on their website they are still running an online business and there are laws and regulations that protect users and consumers against abuse and fraud.

We have made a preliminary due diligence and found the following:

1. The owner of the website is believed to be Patrick Austin, residing in Sloe Lane, Crundale, Kent, Great Britain. This could be a registrar name - but a legal action would easily disclose the real name
2. At least one of the employees, called Robert Keith Christopher Jr is residing in Lake City, Florida, USA
3. The fraud involves at least 2 billion Zeit coins which at current market rate means 60 BTC or almost USD 40,000

I Invite all users who suffered damage from cryptorush to:

1. send an e-mail to: zeit.against.cryptorush@gmail.com with your contact details, proof of damage ( print screen, transaction history, etc ).

2. File an official complaint for fraud to:
- FBI Internet Crime Complaint Center: http://www.ic3.gov/default.aspx
- UK Police Internet Crime Unit: http://www.actionfraud.police.uk/report_fraud 

What actions we are willing to take:

1. File an official complaint signed by all users who suffered damage from cryptorush to FBI, UK Police ( internet crime units ) and tax authorities in both countries ( IRS and HMRC )for fraud and running a business without any registration or license
2. File an official complaint to the hosting provider
3. Take legal actions against Patrick Austin and Robert Keith Christopher Jr both in UK and US. If none of them is the real owner of cryptorush they will be forced to reveal his identity
4. After correctly identifying the owners of the website, sue them and ask for compensation against suffered loss at the maximum price Zeit coin had since the incidend which was 0.00000005 BTC, but could be more in next days

Anyone who want to support this action and make a stand in stopping cryptocurrency related frauds can make a donation at the following addresses:

[atronite]

hey, another noobish question.
Lets say I have 5 mill Zeit in my wallet and they have just been in my wallet for 20 days. Then I buy 5 more mill and put them in my wallet. Then price rises and I want to sell 5 mill of my now 10 mill coins. How can I make my wallet not take from my minting coins?

I'm not really sure as I have no direct knowledge, but I think I could make a logical assessment based on the knowledge I have. Bottom line up front: My logic would suggest that the coins would operate on a First-in First-out (FIFO) basis, much like in bitcoin.

My basis for this assessment: if you have 1 bitcoin, but then you receive 2 bitcoin today, but then the same day you send out 1 bitcoin, you aren't charged a fee. But if you send out an additional 1 bitcoin, then you are charged a network fee equivalent to around 6 cents at today's exchange rates. This implies a first-in, first-out system of accounting (similar to a bird feeder dispensary where you put the feed in at the top and it comes out in a trickle at the bottom as the birds eat it, which means that the seeds at the bottom are less "fresh" than those on top).

Using this knowledge, if you were to trade zeit actively and put coins in and out of an exchange constantly, it would seem then that you will not really benefit from the proof of stake. Zeit appears to be something of a buy-and-hold-for-20-days coin, as opposed to black coin where you only have to hold for 8 hours before you see gains. Thus you have to balance the short term gains with the long term gains.

The best way to treat this coin, then, if you were ever able to spend it like bitcoin, would be to keep a long term "savings wallet" and a short term "spending/trading wallet", and only "withdraw" after 20 days, or put deposits of equal amounts into the wallet every single day (for 20 days) and withdraw up to the same amount per day so as to ensure a constant stream of income instead of a constant block of minting every 20 days.

If you decide to constantly trade this coin, you will simply not benefit from the PoS benefit while it is trapped in the exchange (unless the exchange allows it, of course, which Mintpal does not).

[atronite]

hey, another noobish question.
Lets say I have 5 mill Zeit in my wallet and they have just been in my wallet for 20 days. Then I buy 5 more mill and put them in my wallet. Then price rises and I want to sell 5 mill of my now 10 mill coins. How can I make my wallet not take from my minting coins?

I'm not really sure as I have no direct knowledge, but I think I could make a logical assessment based on the knowledge I have. Bottom line up front: My logic would suggest that the coins would operate on a First-in First-out (FIFO) basis, much like in bitcoin.

My basis for this assessment: if you have 1 bitcoin, but then you receive 2 bitcoin today, but then the same day you send out 1 bitcoin, you aren't charged a fee. But if you send out an additional 1 bitcoin, then you are charged a network fee equivalent to around 6 cents at today's exchange rates. This implies a first-in, first-out system of accounting (similar to a bird feeder dispensary where you put the feed in at the top and it comes out in a trickle at the bottom as the birds eat it, which means that the seeds at the bottom are less "fresh" than those on top).

Using this knowledge, if you were to trade zeit actively and put coins in and out of an exchange constantly, it would seem then that you will not really benefit from the proof of stake. Zeit appears to be something of a buy-and-hold-for-20-days coin, as opposed to black coin where you only have to hold for 8 hours before you see gains. Thus you have to balance the short term gains with the long term gains.

The best way to treat this coin, then, if you were ever able to spend it like bitcoin, would be to keep a long term "savings wallet" and a short term "spending/trading wallet", and only "withdraw" after 20 days, or put deposits of equal amounts into the wallet every single day (for 20 days) and withdraw up to the same amount per day so as to ensure a constant stream of income instead of a constant block of minting every 20 days.

If you decide to constantly trade this coin, you will simply not benefit from the PoS benefit while it is trapped in the exchange (unless the exchange allows it, of course, which Mintpal does not).

Now if the Devs want to make the coin more "spend friendly", then they need to make the Proof-of-stake accounting more FiLo (First In, Last Out) oriented instead. But this would be complicated, require a hard fork, and requires community consensus. 

[he-man]

Thx, again for a nice answer. Im gonna tip you some for sure, when I get my zeit. Atm, im just floating the fluttercoin boat. In a hope to sell out at top and then Invest in Zeit before the 2....2...2..2.2.2 satoshi train goes..

[Matni]

Now if the Devs want to make the coin more "spend friendly", then they need to make the Proof-of-stake accounting more FiLo (First In, Last Out) oriented instead. But this would be complicated, require a hard fork, and requires community consensus. 

Switching to FiLo would get my vote. Being able to leave a bulk in POS and spend the extras without it effecting the POS would be great.

[he-man]

At the start of Zeitcoin , I read that it there was a command line for it, am I right?

[stevegreer]

So do we use getinfo in the debug console to see if our wallets are minting? I still show nothing, but that may be due to the fact that I was at work when the coin launched and wasn't able to start mining until much later in the day on the 1st. I don't remember exactly, but I think it was almost into the 2nd before I had any coins in my wallet.... (stupid slow CPU mining).

[ydrogios]

Again at 1 sat Zeitcoin!!!

[LionOfNarnia]

Again at 1 sat Zeitcoin!!!

I'm doing my best to keep it at 2 but I can't do it alone.

BUY ZEIT

@ 2

In small chunks

For the next 24 hours, anyway.

[ydrogios]

I`m with you

[mitsarasss]

me too!!! Buy at 2

[Morecoins]

Morecoins.org perfect pool for you!

Our benefits:

Stable and fast SSD cloud hosting
Stratum with VARDIFF
Proportional payments
E-mail notification
Skilled technical support 24/7

[stevegreer]

Morecoins.org perfect pool for you!

Our benefits:

Stable and fast SSD cloud hosting
Stratum with VARDIFF
Proportional payments
E-mail notification
Skilled technical support 24/7

Round Shares 
Est. Shares 30,560 (done: 4563.49%)
Pool Valid 1,394,602
Your Valid 599
Pool Invalid 33,725 (2.36%)
Your Invalid 2 (0.33%)
 
ZEIT Estimates
Block 293.96193811
Fees 0.00000000
Donation 0.00000000
Payout 293.96193811
 
Network Info
Difficulty 7.46082690
Est Next Difficulty 7.60662045 (Change in 1 Blocks)
Est. Avg. Time per Block 29 seconds

Think you should fix your pool before you come in here trying to pimp it out again. I mined on that round for over a week straight, and it looks like it is still stuck on it now.

[newra]

Now its Coinader's turn to lose bitcoins ! sigh !!

[LionOfNarnia]

HAPPY FRIDAY

... Just thought I'd let y'all know that my wallet has started PoS/Minting a few minutes ago. Exciting!

[stevegreer]

HAPPY FRIDAY

... Just thought I'd let y'all know that my wallet has started PoS/Minting a few minutes ago. Exciting!

Lucky! I posted a question about that earlier this morning, but alas, no answers. It appears my question was overlooked. I was just wondering how you tell if your wallet is minting? Do you use the getinfo command in the debug console?

[newra]

HAPPY FRIDAY

... Just thought I'd let y'all know that my wallet has started PoS/Minting a few minutes ago. Exciting!

Congrats Lion !
I've to wait for another 3 days (can't wait !!)