[ANN][THC] The Hempcoin (THC)

[with the lemons!]

And yet another thing on my mind; is a 45 day maturing period a good thing for Hempcoin ?  I understand the novelty behind choosing this period, but is it actually helpful for the coin ?

You really have to be long-term holder to get the stake. That's probably good. How I understand it, this feature (45 day min-age) is in Hempcoin just for this reason. To give some reward to long term holders.

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[fartbags]

I like the "migrate to NeoScrypt/POS coin" idea right now.

Just make sure that all wallets are forward compatible. Every wallet that someone has today should still work in 5 years and have their coins in it without them doing anything.

[with the lemons!]

I am dwelling beyond my understanding of the blockchain (so please tell me I am wrong if warranted), if the max coin age is capped it should not be capped too much so that actual interest earned is less than advertised/intended.  I know another coin that has a very low max coin age, but it seems to be lowering the interest earned since it is just about impossible for all my coin chunks to stake before hitting the max age.  It looks like once the coins hit the max age, they are no longer earning interest.

COINS * (AGE/365) * PERCENTAGE

this is formula for reward

so if you have 100 one day old coins and interest is 10%...

100 * 0.00273 * 0.1 = 0.0273 coin reward

if you have 7 days old coins...

100 * 0.0191 * 0.1 = 0.191 coin reward

if you have 365 days old coins

100 * 0.0191 * 0.1 = 0.191 coin reward because age is capped at 7 days

So...you kinda get less than advertised? But it's your fault, because you are not staking often enough. This is actually purpose of capping max age. To ensure that people stake often.

[with the lemons!]

I like the "migrate to NeoScrypt/POS coin" idea right now.

Just make sure that all wallets for forward compatible. Every wallet that someone has today should still work in 5 years and have their coins in it without them doing anything.

Me too. Making wallets forward compatible is easy, but... one would need to make script that will snapshot balance of all addresses and than send it to same addresses on upgraded wallet.

[fartbags]

I like the "migrate to NeoScrypt/POS coin" idea right now.

Just make sure that all wallets for forward compatible. Every wallet that someone has today should still work in 5 years and have their coins in it without them doing anything.

Me too. Making wallets forward compatible is easy, but... one would need to make script that will snapshot balance of all addresses and than send it to same addresses on upgraded wallet.

I would say @killsig would be the person to do this but I haven't seen him around here much. The block explorer is great and I'm sure he has way more knowledge on this topic than I have.

If he doesn't show up in the next week or 2, I will do it.

[with the lemons!]

I like the "migrate to NeoScrypt/POS coin" idea right now.

Just make sure that all wallets for forward compatible. Every wallet that someone has today should still work in 5 years and have their coins in it without them doing anything.

Me too. Making wallets forward compatible is easy, but... one would need to make script that will snapshot balance of all addresses and than send it to same addresses on upgraded wallet.

I would say killsig would be the person to do this but I haven't seen him around here much.

If he doesn't show up in the next week or 2, I will do it.

First step would probably be making XML (or whatever machine-readable) file with all non-zero balances. Then publishing this list, verifying it by community and then run another script that will send same amount to those addresses.

[Halofire]

The only problem I've seen with 100% PoS coins are mini-forks, although they do correct themselves, but isn't good for merchant adoption for transactions to get reversed if they are on the wrong chain. I'm not sure if this has been fixed or not, I haven't heard anything.

Yes, this is true. I personally wouldn't go for 100% POS. If think combination of POS and POW is best.

And yet another thing on my mind; is a 45 day maturing period a good thing for Hempcoin ?  I understand the novelty behind choosing this period, but is it actually helpful for the coin ?

You really have to be long-term holder to get the stake. That's probably good. How I understand it, this feature (45 day min-age) is in Hempcoin just for this reason. To give some reward to long term holders.

OC is 14 min 28 max and we have the problem of the mini-fork. Since April of 2014, we only had forking problems just recently, as yes it was due to a large amount staking as bocyaj was getting at. But we must prepare for that instance if 100% PoS. Having a longer min age would possibly cause the blockchain to stall for (possibly) days from lack of staking, as well. I agree PoW/PoS combo is best, we may need to have a real low block reward of 1 (or a few more?) THC when the real PoW is done, just to help ensure PoW stays active, while still mining for TX fees as the bonus.

Addition: if PoW/PoS combo, then min age doesn't make a difference.

[fartbags]

Another thought,

There are still lots of hempcoins left to be mined. I think this was really good. We can now extend the POW mining period for a long time. My thought is to decrease block reward to 10 coins for the next 3 years. Then 5 coins for awhile. Then back into a block halving.

I see some benefit to allowing miners to successfully mine coins for many years without there being a thought that they "missed out" because they didn't mine earlier.


future years on current schedule:
1 -> 62.5
2 -> 31.25
3 -> 15.625
4 -> 7.8125
5 -> 3.90625
6 -> 1.953125
7 -> 0.9765625
...
10 -> pretty much 0


I think cryptocoins are still 3 to 5 years away from being something huge. I want there to be something to mine at that time when hempcoin really needs POW miners.

[SecretsOfCrypto]

Another thought,

There are still lots of hempcoins left to be mined. I think this was really good. We can now extend the POW mining period for a long time. My thought is to decrease block reward to 10 coins for the next 3 years. Then 5 coins for awhile. Then back into a block halving.

I see some benefit to allowing miners to successfully mine coins for many years without there being a thought that they "missed out" because they didn't mine earlier.


future years on current schedule:
1 -> 62.5
2 -> 31.25
3 -> 15.625
4 -> 7.8125
5 -> 3.90625
6 -> 1.953125
7 -> 0.9765625
...
10 -> pretty much 0


I think cryptocoins are still 3 to 5 years away from being something huge. I want there to be something to mine at that time when hempcoin really needs POW miners.

I think halving is kind of a dumb idea. Why do people do it? at some point when we get down to 1 coin block reward it should never go below that. There should be a point where block halving stops. Sometimes people even increase the block rewards.

[fartbags]

I like the "migrate to NeoScrypt/POS coin" idea right now.

Just make sure that all wallets for forward compatible. Every wallet that someone has today should still work in 5 years and have their coins in it without them doing anything.

Me too. Making wallets forward compatible is easy, but... one would need to make script that will snapshot balance of all addresses and than send it to same addresses on upgraded wallet.

I would say killsig would be the person to do this but I haven't seen him around here much.

If he doesn't show up in the next week or 2, I will do it.

First step would probably be making XML (or whatever machine-readable) file with all non-zero balances. Then publishing this list, verifying it by community and then run another script that will send same amount to those addresses.

I found a blockparser for bitcoin that tells exactly this in one of the features:
https://bitcointalk.org/index.php?topic=940541.0

I wonder if it works for POS/POW coins though.

[fartbags]

Another thought,

There are still lots of hempcoins left to be mined. I think this was really good. We can now extend the POW mining period for a long time. My thought is to decrease block reward to 10 coins for the next 3 years. Then 5 coins for awhile. Then back into a block halving.

I see some benefit to allowing miners to successfully mine coins for many years without there being a thought that they "missed out" because they didn't mine earlier.


future years on current schedule:
1 -> 62.5
2 -> 31.25
3 -> 15.625
4 -> 7.8125
5 -> 3.90625
6 -> 1.953125
7 -> 0.9765625
...
10 -> pretty much 0


I think cryptocoins are still 3 to 5 years away from being something huge. I want there to be something to mine at that time when hempcoin really needs POW miners.

I think halving is kind of a dumb idea. Why do people do it? at some point when we get down to 1 coin block reward it should never go below that. There should be a point where block halving stops. Sometimes people even increase the block rewards.

Are you thinking that we should drop the POW block reward and extend mining more evenly over the next 20 years?

[compmaster]

Another thought,

There are still lots of hempcoins left to be mined. I think this was really good. We can now extend the POW mining period for a long time. My thought is to decrease block reward to 10 coins for the next 3 years. Then 5 coins for awhile. Then back into a block halving.

I see some benefit to allowing miners to successfully mine coins for many years without there being a thought that they "missed out" because they didn't mine earlier.


future years on current schedule:
1 -> 62.5
2 -> 31.25
3 -> 15.625
4 -> 7.8125
5 -> 3.90625
6 -> 1.953125
7 -> 0.9765625
...
10 -> pretty much 0


I think cryptocoins are still 3 to 5 years away from being something huge. I want there to be something to mine at that time when hempcoin really needs POW miners.

I think halving is kind of a dumb idea. Why do people do it? at some point when we get down to 1 coin block reward it should never go below that. There should be a point where block halving stops. Sometimes people even increase the block rewards.

Are you thinking that we should drop the POW block reward and extend mining more evenly over the next 20 years?

If it takes 5 years for THC to get popular... POW mining would look like a scam to me. After 10 years POW is just stupid. Better even out the block rewards over the next 15 years and have minimum 1 coin reward for the next 100 years.

[SecretsOfCrypto]

Another thought,

There are still lots of hempcoins left to be mined. I think this was really good. We can now extend the POW mining period for a long time. My thought is to decrease block reward to 10 coins for the next 3 years. Then 5 coins for awhile. Then back into a block halving.

I see some benefit to allowing miners to successfully mine coins for many years without there being a thought that they "missed out" because they didn't mine earlier.


future years on current schedule:
1 -> 62.5
2 -> 31.25
3 -> 15.625
4 -> 7.8125
5 -> 3.90625
6 -> 1.953125
7 -> 0.9765625
...
10 -> pretty much 0


I think cryptocoins are still 3 to 5 years away from being something huge. I want there to be something to mine at that time when hempcoin really needs POW miners.

I think halving is kind of a dumb idea. Why do people do it? at some point when we get down to 1 coin block reward it should never go below that. There should be a point where block halving stops. Sometimes people even increase the block rewards.

Are you thinking that we should drop the POW block reward and extend mining more evenly over the next 20 years?

If it takes 5 years for THC to get popular... POW mining would look like a scam to me. After 10 years POW is just stupid. Better even out the block rewards over the next 15 years and have minimum 1 coin reward for the next 100 years.

Yes I think have it more evenly spread because once crypto is mainstream there will be no mining left for THC.

[fartbags]

Another thought,

There are still lots of hempcoins left to be mined. I think this was really good. We can now extend the POW mining period for a long time. My thought is to decrease block reward to 10 coins for the next 3 years. Then 5 coins for awhile. Then back into a block halving.

I see some benefit to allowing miners to successfully mine coins for many years without there being a thought that they "missed out" because they didn't mine earlier.


future years on current schedule:
1 -> 62.5
2 -> 31.25
3 -> 15.625
4 -> 7.8125
5 -> 3.90625
6 -> 1.953125
7 -> 0.9765625
...
10 -> pretty much 0


I think cryptocoins are still 3 to 5 years away from being something huge. I want there to be something to mine at that time when hempcoin really needs POW miners.

I think halving is kind of a dumb idea. Why do people do it? at some point when we get down to 1 coin block reward it should never go below that. There should be a point where block halving stops. Sometimes people even increase the block rewards.

Are you thinking that we should drop the POW block reward and extend mining more evenly over the next 20 years?

If it takes 5 years for THC to get popular... POW mining would look like a scam to me. After 10 years POW is just stupid. Better even out the block rewards over the next 15 years and have minimum 1 coin reward for the next 100 years.

Yes I think have it more evenly spread because once crypto is mainstream there will be no mining left for THC.

THC is a valuable thing. We have to be smart about planning a 5 year, 10 year, 20 year, 50 year mining payment schedule.

I think there's something like 110,000,000 coins left to be mined. The non competitive low mining difficulty is already a large early adopter bonus.

assuming 500,000 POW blocks a year I like:

5 years at 10 coins = 25,000,000
+
10 years at 5 coins = 25,000,000
+
20 years at 2.5 coins = 25,000,000
+
that leaves 70 more years at 1 coin block reward.

[SecretsOfCrypto]

Another thought,

There are still lots of hempcoins left to be mined. I think this was really good. We can now extend the POW mining period for a long time. My thought is to decrease block reward to 10 coins for the next 3 years. Then 5 coins for awhile. Then back into a block halving.

I see some benefit to allowing miners to successfully mine coins for many years without there being a thought that they "missed out" because they didn't mine earlier.


future years on current schedule:
1 -> 62.5
2 -> 31.25
3 -> 15.625
4 -> 7.8125
5 -> 3.90625
6 -> 1.953125
7 -> 0.9765625
...
10 -> pretty much 0


I think cryptocoins are still 3 to 5 years away from being something huge. I want there to be something to mine at that time when hempcoin really needs POW miners.

I think halving is kind of a dumb idea. Why do people do it? at some point when we get down to 1 coin block reward it should never go below that. There should be a point where block halving stops. Sometimes people even increase the block rewards.

Are you thinking that we should drop the POW block reward and extend mining more evenly over the next 20 years?

If it takes 5 years for THC to get popular... POW mining would look like a scam to me. After 10 years POW is just stupid. Better even out the block rewards over the next 15 years and have minimum 1 coin reward for the next 100 years.

Yes I think have it more evenly spread because once crypto is mainstream there will be no mining left for THC.

THC is a valuable thing. We have to be smart about planning a 5 year, 10 year, 20 year, 50 year mining payment schedule.

I think there's something like 110,000,000 coins left to be mined. The non competitive low mining difficulty is already a large early adopter bonus.

assuming 500,000 POW blocks a year I like:

5 years at 10 coins = 25,000,000
+
10 years at 5 coins = 25,000,000
+
20 years at 2.5 coins = 25,000,000
+
that leaves 70 more years at 1 coin block reward.

I like that, the long term block rewards make sense to me.

[fartbags]

Another thought,

There are still lots of hempcoins left to be mined. I think this was really good. We can now extend the POW mining period for a long time. My thought is to decrease block reward to 10 coins for the next 3 years. Then 5 coins for awhile. Then back into a block halving.

I see some benefit to allowing miners to successfully mine coins for many years without there being a thought that they "missed out" because they didn't mine earlier.


future years on current schedule:
1 -> 62.5
2 -> 31.25
3 -> 15.625
4 -> 7.8125
5 -> 3.90625
6 -> 1.953125
7 -> 0.9765625
...
10 -> pretty much 0


I think cryptocoins are still 3 to 5 years away from being something huge. I want there to be something to mine at that time when hempcoin really needs POW miners.

I think halving is kind of a dumb idea. Why do people do it? at some point when we get down to 1 coin block reward it should never go below that. There should be a point where block halving stops. Sometimes people even increase the block rewards.

Are you thinking that we should drop the POW block reward and extend mining more evenly over the next 20 years?

If it takes 5 years for THC to get popular... POW mining would look like a scam to me. After 10 years POW is just stupid. Better even out the block rewards over the next 15 years and have minimum 1 coin reward for the next 100 years.

Yes I think have it more evenly spread because once crypto is mainstream there will be no mining left for THC.

THC is a valuable thing. We have to be smart about planning a 5 year, 10 year, 20 year, 50 year mining payment schedule.

I think there's something like 110,000,000 coins left to be mined. The non competitive low mining difficulty is already a large early adopter bonus.

assuming 500,000 POW blocks a year I like:

5 years at 10 coins = 25,000,000
+
10 years at 5 coins = 25,000,000
+
20 years at 2.5 coins = 25,000,000
+
that leaves 70 more years at 1 coin block reward.

I like that, the long term block rewards make sense to me.

This might have a negative effect on the short time mining over the next year though. The mining difficulty of 3 might drop to 0.3. There would need to be POS blocks confirming that the POW blocks are not trying to do one of those 51% attacks.

[Halofire]

That means we need to compliment the reward schedule with a reason (like investing in actual tangible hemp or futures) for the price to be competing for the MP's attention. That's when you know the coin is popular and stable enough.

[fartbags]

That means we need to compliment the reward schedule with a reason (like investing in actual tangible hemp or futures) for the price to be competing for the MP's attention. That's when you know the coin is popular and stable enough.

I'm sure this will happen one day. It might take years.... might happen tomorrow.

[89keys]

has anyone contacted bittrex?
i dont think volume is enough

[with the lemons!]

has anyone contacted bittrex?
i dont think volume is enough

Volume is indeed not high enough. Someone should buy or sell some THC.