[ANN] FlutterCoin FLT Proof Of Transaction Cash Back for Sending & Recieving

[Alty]

Interesting volume.

Very difficult to pin a price on FLT because of all the variations in block rewards...

This is a fun coin to play with!

[1713428648]

1713428648

[1713428648]

1713428648

[scryptographer]

Thanks, no links to it I guess?  Kind of weird navigation on Bter.

There is a link to the FLT market on the front page, but you are right, there are no links from either the side bar or the top menu.

[Piotrsama]

I cant seem to sync my wallet! it has been stuck at 16 days for over 14 hours!

Are you using the last version?
Have you added the nodes from OP to the .conf?

[nakaone]

I think I saw a similar post in the thread before...

The thread tittle should (perhaps) be changed to something like:

Introducing NEW Proof of Transaction - FlutterCoin FLT - PoB / PoW / PoS

I'm sure lot's of people still think this is just another shitcoin

Looking forward to seeing website also.

+1

[1369]

This has to be the most bogus coin ever.

So what I got to do to earn coins is send coins to myself again and again fastest possible (once balance has been matured).

So I suggest, instead of mining, people just send coins to themselves to earn it.

dE! I take offence in that you haven't added Trollcoin as one of your Overrated coins! We thrive on bad press!

[dE_logics]

This has to be the most bogus coin ever.

So what I got to do to earn coins is send coins to myself again and again fastest possible (once balance has been matured).

So I suggest, instead of mining, people just send coins to themselves to earn it.

You really think you're the first to think of it, furthermore you think the dev didn't think of that?   You will eat up your bankroll in transaction fees more reliably than get rewards.

Does the wallet enforce the transaction fee on the miner's end? Cause there'll always be clients which don't enforce it.

[dE_logics]

This has to be the most bogus coin ever.

So what I got to do to earn coins is send coins to myself again and again fastest possible (once balance has been matured).

So I suggest, instead of mining, people just send coins to themselves to earn it.

dE! I take offence in that you haven't added Trollcoin as one of your Overrated coins! We thrive on bad press!

1) Trollcoin is not an overrated coin
2) Trollcoin's days have not come yet. It's not even in coinmarketcap.

[1369]

This has to be the most bogus coin ever.

So what I got to do to earn coins is send coins to myself again and again fastest possible (once balance has been matured).

So I suggest, instead of mining, people just send coins to themselves to earn it.

dE! I take offence in that you haven't added Trollcoin as one of your Overrated coins! We thrive on bad press!

1) Trollcoin is not an overrated coin
2) Trollcoin's days have not come yet. It's not even in coinmarketcap.

Good points, & that's bad press so I'm happy.
Now back to why we shouldn't mine FlutterScraps! The name is pretty cool tho... Ok, I'm in!

[Alty]

Can you explain the "Proof-of-Block" a little more? I don't get it? You can get coins when you make transactions? Or am I misunderstanding? Couldn't you just endlessly send coins to your self?

You could endlessly send coins to yourself sure, but fees would eat up your funds, its based on addresses in the previous block converted to a hex format, a snippet of that address then used to search the previous block hash for matches, if there is a match the address receives part of the mining subsidy.  Its not very easy to have a match.  Because of this, there is additional checking the verifies the coinbase transactions including address, value, size etc further securing the blockchain and eliminating the possibility of disabling the functionality.

Theoretical situation to understand this better.

Let's say, to improve my chances, I have a bot that controlled 2000 FLT wallets each one having a balance of 1000 flutters (or more).

The bot sends 1000 flutters to 1000 addresses (it controls also).

It repeats this process by sending them back and forward or scales it up by adding more addresses and more funds.

It now has an extremely high chance of one or some of those transactions finding a match and is rewarded a PoT for an amount of FLT that is greater than all of the transaction fees.


In that scenario, would it be possible for somebody to take advantage of the PoT reward?

[binaryclock]

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[mentosmint]

Hey guys,

I am working on a thread translated to Dutch,

If you are interested in maybe donating, you can send some to: FSJSx3mfDhfMA4k7YQJGbsURzFPhGaupTL in FLT, 1Go7KMJELSnkyzPe1LxSt2S2PKx9W6NYq5 for BTC and LeFyvy6gy7UoDdvHHCxPJeskstTgWzajR4 for LTC.

Stay tuned!

[moonpool]

Can you explain the "Proof-of-Block" a little more? I don't get it? You can get coins when you make transactions? Or am I misunderstanding? Couldn't you just endlessly send coins to your self?

You could endlessly send coins to yourself sure, but fees would eat up your funds, its based on addresses in the previous block converted to a hex format, a snippet of that address then used to search the previous block hash for matches, if there is a match the address receives part of the mining subsidy.  Its not very easy to have a match.  Because of this, there is additional checking the verifies the coinbase transactions including address, value, size etc further securing the blockchain and eliminating the possibility of disabling the functionality.

Theoretical situation to understand this better.

Let's say, to improve my chances, I have a bot that controlled 2000 FLT wallets each one having a balance of 1000 flutters (or more).

The bot sends 1000 flutters to 1000 addresses (it controls also).

It repeats this process by sending them back and forward or scales it up by adding more addresses and more funds.

It now has an extremely high chance of one or some of those transactions finding a match and is rewarded a PoT for an amount of FLT that is greater than all of the transaction fees.


In that scenario, would it be possible for somebody to take advantage of the PoT reward?

Their cpu power would be better off being sent to mining, they would end up more coin than spamming transactions. That's the whole point of Proof Of Transaction. It's pointless to botnet it.

[Alty]

Can you explain the "Proof-of-Block" a little more? I don't get it? You can get coins when you make transactions? Or am I misunderstanding? Couldn't you just endlessly send coins to your self?

You could endlessly send coins to yourself sure, but fees would eat up your funds, its based on addresses in the previous block converted to a hex format, a snippet of that address then used to search the previous block hash for matches, if there is a match the address receives part of the mining subsidy.  Its not very easy to have a match.  Because of this, there is additional checking the verifies the coinbase transactions including address, value, size etc further securing the blockchain and eliminating the possibility of disabling the functionality.

Theoretical situation to understand this better.

Let's say, to improve my chances, I have a bot that controlled 2000 FLT wallets each one having a balance of 1000 flutters (or more).

The bot sends 1000 flutters to 1000 addresses (it controls also).

It repeats this process by sending them back and forward or scales it up by adding more addresses and more funds.

It now has an extremely high chance of one or some of those transactions finding a match and is rewarded a PoT for an amount of FLT that is greater than all of the transaction fees.


In that scenario, would it be possible for somebody to take advantage of the PoT reward?

Their cpu power would be better off being sent to mining, they would end up more coin than spamming transactions. That's the whole point of Proof Of Transaction. It's pointless to botnet it.

Correct me if I'm wrong, but I doubt it takes anywhere near as much CPU power to fire off multiple transactions as it does to mine.

Would be nice to hear the devs opinion on this.

[kikeda]

Can you explain the "Proof-of-Block" a little more? I don't get it? You can get coins when you make transactions? Or am I misunderstanding? Couldn't you just endlessly send coins to your self?

You could endlessly send coins to yourself sure, but fees would eat up your funds, its based on addresses in the previous block converted to a hex format, a snippet of that address then used to search the previous block hash for matches, if there is a match the address receives part of the mining subsidy.  Its not very easy to have a match.  Because of this, there is additional checking the verifies the coinbase transactions including address, value, size etc further securing the blockchain and eliminating the possibility of disabling the functionality.

Theoretical situation to understand this better.

Let's say, to improve my chances, I have a bot that controlled 2000 FLT wallets each one having a balance of 1000 flutters (or more).

The bot sends 1000 flutters to 1000 addresses (it controls also).

It repeats this process by sending them back and forward or scales it up by adding more addresses and more funds.

It now has an extremely high chance of one or some of those transactions finding a match and is rewarded a PoT for an amount of FLT that is greater than all of the transaction fees.


In that scenario, would it be possible for somebody to take advantage of the PoT reward?

Their cpu power would be better off being sent to mining, they would end up more coin than spamming transactions. That's the whole point of Proof Of Transaction. It's pointless to botnet it.

Correct me if I'm wrong, but I doubt it takes anywhere near as much CPU power to fire off multiple transactions as it does to mine.

Would be nice to hear the devs opinion on this.

Maybe you could test it then..

Kid explained it countless of times on cryptocointalk, maybe try digging it there.

[seattletu]

He has said many times the tx fee would eat up your coins before it would be worth it trying to hit a pot reward.

[Alty]

Ok, I just finished reading every post on the cryptocointalk thread.

There were about 2 mentions related to PoT and the potential exploits.

To sum up.

1. Kid said that if somebody was to spam multiple transactions they would be able to identify them. It would then be easy to agree to up the transaction fees to combat the problem rendering the spamming unprofitable

2. He designed it to be very much a game of chance in order for a PoT reward to take place. Therefore it is very difficult to get PoT reward via normal day to day transacting.

Conclusion.

I really do think there needs to be further testing using bots or these questions are going to come up time and time again.

If any dev is capable of putting together a bot capable of spamming FLT transactions using multiple wallet addresses I will provide a bounty for the sake of discovery.

[Gelbstich]

If anyone's interested in a pool with 0% fee, flt.bitember.com is currently making a promotion for the first 100 people to reply to there reddit post: http://www.reddit.com/r/fluttercoin/comments/20ycl9/limited_offer_for_permanent_0_fees_join_our_flt/

Usually they take 3% fee, but I've already tested it and it works. You are mining without any pool fees applied and you are not donating.

[moonpool]

If anyone's interested in a pool with 0% fee, flt.bitember.com is currently making a promotion for the first 100 people to reply to there reddit post: http://www.reddit.com/r/fluttercoin/comments/20ycl9/limited_offer_for_permanent_0_fees_join_our_flt/

Usually they take 3% fee, but I've already tested it and it works. You are mining without any pool fees applied and you are not donating.

My pool over at http://flutter.miningwith.us has always and will always be 0% fees, without having to post in any reddit thread.
Would be awesome if more people would check it out.
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[seattletu]

Do u guys think the flt price has gone down because all Cryptos are down now, or do u think if btc had been stable flt would have still gone down anyways?

[thekidcoin]

Can you explain the "Proof-of-Block" a little more? I don't get it? You can get coins when you make transactions? Or am I misunderstanding? Couldn't you just endlessly send coins to your self?

You could endlessly send coins to yourself sure, but fees would eat up your funds, its based on addresses in the previous block converted to a hex format, a snippet of that address then used to search the previous block hash for matches, if there is a match the address receives part of the mining subsidy.  Its not very easy to have a match.  Because of this, there is additional checking the verifies the coinbase transactions including address, value, size etc further securing the blockchain and eliminating the possibility of disabling the functionality.

Theoretical situation to understand this better.

Let's say, to improve my chances, I have a bot that controlled 2000 FLT wallets each one having a balance of 1000 flutters (or more).

The bot sends 1000 flutters to 1000 addresses (it controls also).

It repeats this process by sending them back and forward or scales it up by adding more addresses and more funds.

It now has an extremely high chance of one or some of those transactions finding a match and is rewarded a PoT for an amount of FLT that is greater than all of the transaction fees.


In that scenario, would it be possible for somebody to take advantage of the PoT reward?

Will be more caps on # of addresses in a tx, after the stratum issue is fixed (I'm having to mod stratum-mining) - and also there is a cap (will be raised with fix above) on # of tx's.