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

[BeholdTheTrueWake]

Whereas mining ZEIT and selling it at 2 satoshi gives me $32...

(slaps forehead)
to each his own.

[bumblebee33]

Whereas mining ZEIT and selling it at 2 satoshi gives me $32...

(slaps forehead)
to each his own.

I am not selling - this was an example for Mr. LionOfNarnia for which coin is more profitable at the moment. I have not sold any of my ZEIT.

[BeholdTheTrueWake]

ok then disregard lol  
I just saw it as counterproductive right now is all.

[bumblebee33]

ok then disregard lol  
I just saw it as counterproductive right now is all.

I just wanted to show him, that his calculations are off by more than 50%. By the way, I am fast approaching my 140 Million... Which means, because I did not sell/transfer to an exchange at all, that I will be minting in the next 20 days around 2 Million ZEIT.

Happy Weekend!!!

[Matni]

ok then disregard lol  
I just saw it as counterproductive right now is all.

I just wanted to show him, that his calculations are off by more than 50%. By the way, I am fast approaching my 140 Million... Which means, because I did not sell/transfer to an exchange at all, that I will be minting in the next 20 days around 2 Million ZEIT.

Happy Weekend!!!

140 million... Just how much hash power do you have??

[bumblebee33]

ok then disregard lol 
I just saw it as counterproductive right now is all.

I just wanted to show him, that his calculations are off by more than 50%. By the way, I am fast approaching my 140 Million... Which means, because I did not sell/transfer to an exchange at all, that I will be minting in the next 20 days around 2 Million ZEIT.

Happy Weekend!!!

140 million... Just how much hash power do you have??

I mined from the beginning but I bought for 2 BTC as well.

I am mining right now 2.4 Million per 24 hours with my 5.5 MH/s rigs. I estimate I mined up to now around 40 Million, the rest I bought.

[Rikkie7]

1,3 percent POS every 20 days. This is just superb. It looks like it works better than mintcoin (I mined that before Zeit), but I'm not sure if that is possible (as they probably have the same codebase).
Anyhow seeing the POS coming in is great.

[Matni]

ok then disregard lol  
I just saw it as counterproductive right now is all.

I just wanted to show him, that his calculations are off by more than 50%. By the way, I am fast approaching my 140 Million... Which means, because I did not sell/transfer to an exchange at all, that I will be minting in the next 20 days around 2 Million ZEIT.

Happy Weekend!!!

140 million... Just how much hash power do you have??

I mined from the beginning but I bought for 2 BTC as well.

Ahh BTC purchase, wish I could have done some of that. I've been mining from day one too and so far got 12.5 million in my wallet, I really need more power!

[LionOfNarnia]

Keej, it's Friday nite, so no krap-fest from me.

..except that you're totally ignoring my 2nd, and probably more important (for the future of the coin & all of us - ESPECIALLY those in the 100 mill club) reason which is that mining Zeits increases the supply, putting negative pressure on the price whilst buying increases demand, putting positive pressure on the price.

Would you rather have 160 million @ 3 satoshi or 200 million @ 1 satoshi?

[bumblebee33]

1,3 percent POS every 20 days. This is just superb. It looks like it works better than mintcoin (I mined that before Zeit), but I'm not sure if that is possible (as they probably have the same codebase).
Anyhow seeing the POS coming in is great.

From my personal experience, I saw that Mint has slight problems with Minting. The minting process is not as accurate as with ZEIT.

Whereas all of my mintings today with ZEIT were almost exactly after the sums aged for 20 days.

[bumblebee33]

Keej, it's Friday nite, so no krap-fest from me.

..except that you're totally ignoring my 2nd, and probably more important (for the future of the coin & all of us - ESPECIALLY those in the 100 mill club) reason which is that mining Zeits increases the supply, putting negative pressure on the price whilst buying increases demand, putting positive pressure on the price.

Would you rather have 160 million @ 3 satoshi or 200 million @ 1 satoshi?

The supply is almost always the same. If less people are mining the difficulty drops and rounds get solved faster. So those people who kept on mining get more. It does not matter, if I or you won't mine, those people who keep on mining just get your missed share of the coin. That's why I make more this week than in the first week. Although payouts halved already twice.

And as I do not plan on selling in the first six weeks anyway, it does not matter if it reaches 1, 2 or 3 satoshi in that time. My goal is to collect as many coins as possible and wait for the future....

[Matni]

1,3 percent POS every 20 days. This is just superb. It looks like it works better than mintcoin (I mined that before Zeit), but I'm not sure if that is possible (as they probably have the same codebase).
Anyhow seeing the POS coming in is great.

From my personal experience, I saw that Mint has slight problems with Minting. The minting process is not as accurate as with ZEIT.

Whereas all of my mintings today with ZEIT were almost exactly after the sums aged for 20 days.

First time trying a POS coin and I really like the idea. I'm all set up with coins ready to go in my unlocked wallet. Sadly, today isn't the 20th day they've been in, still go a few days before that kicks in.

For mining post drop to 1 coin reward, did I read earlier in the thread it was expected to be 1000 Zeit/day for 1MH/s? And that if you had 10 Million Zeit that would be 6850 Zeit/day which would be equivalent of 6.85MH/s while minting in POS?

Are those numbers accurate or a complete guess on behalf of the poster?

[Rikkie7]

1,3 percent POS every 20 days. This is just superb. It looks like it works better than mintcoin (I mined that before Zeit), but I'm not sure if that is possible (as they probably have the same codebase).
Anyhow seeing the POS coming in is great.

From my personal experience, I saw that Mint has slight problems with Minting. The minting process is not as accurate as with ZEIT.

Whereas all of my mintings today with ZEIT were almost exactly after the sums aged for 20 days.

I remembered people shouting a couple of weeks ago that Zeitcoin was just an exact copy of Mint and that the devs were only wanting to get rich quick. This prooves again, Zeitcoin is the best coin there is.

[bumblebee33]

1,3 percent POS every 20 days. This is just superb. It looks like it works better than mintcoin (I mined that before Zeit), but I'm not sure if that is possible (as they probably have the same codebase).
Anyhow seeing the POS coming in is great.

From my personal experience, I saw that Mint has slight problems with Minting. The minting process is not as accurate as with ZEIT.

Whereas all of my mintings today with ZEIT were almost exactly after the sums aged for 20 days.

First time trying a POS coin and I really like the idea. I'm all set up with coins ready to go in my unlocked wallet. Sadly, today isn't the 20th day they've been in, still go a few days before that kicks in.

For mining post drop to 1 coin reward, did I read earlier in the thread it was expected to be 1000 Zeit/day for 1MH/s? And that if you had 10 Million Zeit that would be 6850 Zeit/day which would be equivalent of 6.85MH/s while minting in POS?

Are those numbers accurate or a complete guess on behalf of the poster?

You can calculate yourself: Take the sum of coins you have, multiply by 0.0684931 divide by 100. That is the payout for one day. You should multiply by 20 to get to the actual sum you acquire after every 20 days of minting. And by the way, those minted coins are also eligible for minting afterwards.

By the way, I don't think those numbers you read are accurate: If I mine today 2.4 Million ZEIT, then I get a PoS for them per day (actually need to be calculated for every 20 days - but just for the sake) of only 1643 ZEIT -for 5.5 MH/s - so 1 MH/s would be around 300.

The sum of 6850 ZEIT for 10 Million is correct, but where do you get the 6.85 MH/s from?

[Matni]

1,3 percent POS every 20 days. This is just superb. It looks like it works better than mintcoin (I mined that before Zeit), but I'm not sure if that is possible (as they probably have the same codebase).
Anyhow seeing the POS coming in is great.

From my personal experience, I saw that Mint has slight problems with Minting. The minting process is not as accurate as with ZEIT.

Whereas all of my mintings today with ZEIT were almost exactly after the sums aged for 20 days.

First time trying a POS coin and I really like the idea. I'm all set up with coins ready to go in my unlocked wallet. Sadly, today isn't the 20th day they've been in, still go a few days before that kicks in.

For mining post drop to 1 coin reward, did I read earlier in the thread it was expected to be 1000 Zeit/day for 1MH/s? And that if you had 10 Million Zeit that would be 6850 Zeit/day which would be equivalent of 6.85MH/s while minting in POS?

Are those numbers accurate or a complete guess on behalf of the poster?

You can calculate yourself: Take the sum of coins you have, multiply by 0.0684931 divide by 100. That is the payout for one day. You should multiply by 20 to get to the actual sum you acquire after every 20 days of minting. And by the way, those minted coins are also eligible for minting afterwards.

By the way, I don't think those numbers you read are accurate: If I mine today 2.4 Million ZEIT, then I get a PoS for them per day (actually need to be calculated for every 20 days - but just for the sake) of only 1643 ZEIT.

Yeah I did the numbers to work out how much I would Mint in my wallet. It was more the expected 1000 Zeit/day per 1MH/s mining I was asking about. From my understanding you do still need people mining and I was trying to work out what price Zeit would have to be for me to leave 1MH/s mining and still pay the power man and hopefully allow a nice build up of additional coins over time.  

[Edit] so if I left 1MH/s on when the reward drops to 1 I should expect 300 coins for the day from mining and of course the coins from minting?

[LionOfNarnia]

1,3 percent POS every 20 days. This is just superb. It looks like it works better than mintcoin (I mined that before Zeit), but I'm not sure if that is possible (as they probably have the same codebase).
Anyhow seeing the POS coming in is great.

From my personal experience, I saw that Mint has slight problems with Minting. The minting process is not as accurate as with ZEIT.

Whereas all of my mintings today with ZEIT were almost exactly after the sums aged for 20 days.

First time trying a POS coin and I really like the idea. I'm all set up with coins ready to go in my unlocked wallet. Sadly, today isn't the 20th day they've been in, still go a few days before that kicks in.

For mining post drop to 1 coin reward, did I read earlier in the thread it was expected to be 1000 Zeit/day for 1MH/s? And that if you had 10 Million Zeit that would be 6850 Zeit/day which would be equivalent of 6.85MH/s while minting in POS?

Are those numbers accurate or a complete guess on behalf of the poster?

You can calculate yourself: Take the sum of coins you have, multiply by 0.0684931 divide by 100. That is the payout for one day. You should multiply by 20 to get to the actual sum you acquire after every 20 days of minting. And by the way, those minted coins are also eligible for minting afterwards.

By the way, I don't think those numbers you read are accurate: If I mine today 2.4 Million ZEIT, then I get a PoS for them per day (actually need to be calculated for every 20 days - but just for the sake) of only 1643 ZEIT.

Additional -

After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880

Thus your reward will be 2,880 / network hashrate * your hashrate per day.

The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day

Compare that with what you get from minting!

[Matni]

Additional -

After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880

Thus your reward will be 2,880 / network hashrate * your hashrate per day.

The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day

Compare that with what you get from minting!

That's the bit I was trying to work out, how much you'd get from mining rather than minting. Thanks for the maths!

So If I left 1MH/s mining Zeit with the current 1.16GH/s network hashrate I'd be 2,880/1,160,000,000*1,000,000 = 2.5 Zeit/day?

But I'm going to guess the network hashrate will drop to something much smaller than 1.16GH/s won't it?

[atronite]

1,3 percent POS every 20 days. This is just superb. It looks like it works better than mintcoin (I mined that before Zeit), but I'm not sure if that is possible (as they probably have the same codebase).
Anyhow seeing the POS coming in is great.

From my personal experience, I saw that Mint has slight problems with Minting. The minting process is not as accurate as with ZEIT.

Whereas all of my mintings today with ZEIT were almost exactly after the sums aged for 20 days.

First time trying a POS coin and I really like the idea. I'm all set up with coins ready to go in my unlocked wallet. Sadly, today isn't the 20th day they've been in, still go a few days before that kicks in.

For mining post drop to 1 coin reward, did I read earlier in the thread it was expected to be 1000 Zeit/day for 1MH/s? And that if you had 10 Million Zeit that would be 6850 Zeit/day which would be equivalent of 6.85MH/s while minting in POS?

Are those numbers accurate or a complete guess on behalf of the poster?

You can calculate yourself: Take the sum of coins you have, multiply by 0.0684931 divide by 100. That is the payout for one day. You should multiply by 20 to get to the actual sum you acquire after every 20 days of minting. And by the way, those minted coins are also eligible for minting afterwards.

By the way, I don't think those numbers you read are accurate: If I mine today 2.4 Million ZEIT, then I get a PoS for them per day (actually need to be calculated for every 20 days - but just for the sake) of only 1643 ZEIT.

Additional -

After week 6, the reward is 1 Z/block, the blocktime is app. 30s so the total Zeit/day is 2*60*24 = 2,880

Thus your reward will be 2,880 / network hashrate * your hashrate per day.

The current net rate is 1.16 Gh/s so if you have 1.45 Mh/s (I do) that's 2,880/1,160,000,000*1,450,000 = 3.6 Zeit/day

Compare that with what you get from minting!

I don't know why they bothered with even incorporating that 1 Zeit block rate tho, which of course leads me to another question:

If the network rate goes down to, say 10 MH/s, what's to stop someone with a huge rig setup from pointing their rig at the coin and doing a 51%+ attack with relatively little hash power? What is the network strength of the rest of the community's wallets?

Granted, they get nothing from the mining, but some people are malicious and do things "just to see if they can" (at other people's expense of course). Presumably I think it's the wallets that would make up the massive bulk of the network strength.

[Bluemustang]

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.

Sure they can.....after convincing everyone in the community (or rather, the Devs, exchange people, pool operators and merchants and other stake holders, who make all the announcement that all the other sheep coin users/miners follow) that they need to upgrade to the new client that has the protocol changes. This is what's known as a "hard fork".

But, if everyone in the community doesn't upgrade to the new client in a timely manner (or the community splits), you'd end up with two separate but (presumably similar) coins. Those that upgraded cannot send to those who have not upgraded, and those that have not upgraded cannot send to those who have. Miners who don't upgrade will end up mining blocks that will never be recognized on the new network, and vise versa.

In fact, if everyone ran both versions of the client simultaneously, but with the same wallet.dat file, and you received coins to the wallet in both versions from people who used one client or the other, then you will end up seeing two separate balances. Similarly, if you decided to go on vacation and left your mining rig going (possibly in a solo mining situation with several hundred mega hashes), and then 3 days later the community found a huge security risk in the coin wallet that needed to be fixed with hard fork, then for the next 27 days you will end up mining blocks on a network that was been largely abandoned by the rest of the community (resulting, effectively, in a loss since no exchanges or merchants one will accept coins from the old network).

Hence, if you have any coin holdings or you are mining, it behooves you to maintain awareness of any news surrounding the coin that may arise. While extremely rare, and quite drastic, it does occasionally happen and you need to know what to do when the scenario occurs (generally achieved by reading what others are saying and go with the general consensus).

Yes this applies to mining.  But id certainly imagine, say for example you have your wallet with x amount of coins and you forget about it for a year and the wallet changes, even multiple times.  The wallet.dat file should always remain compatible so when you do return to claim your coins you should simply be able to update the wallet, copy your wallet.dat file and retain your coins right?

[anarchyx914]

Has anyone considered the extra PoS blocks into the block halving equation?

With Mintcoin and Blackcoin, the 1-reward blocks both came about a week earlier than anticipated. This was because the amount of PoS blocks generated was not factored into the original PoW calculations...

Was this factored in, or are we to expect something similar of Zeit?

I have a large stake in Zeit, Im just hoping we can get out of this 1 satoshi rut damnit! Ive been minting Zeit since last night