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

[seattletu]

i think we have to remember that adoption and use is way more important than price. and, just because the price on bter was really high at the beginning, doesn't mean that's the price is was supposed to stay at. if the price started and hovered around 200 satoshi, we would all be saying the coin is pretty stable.

it just takes time, we will need more people to join the coin. can't rush it, just promote it to other people and let them know about proof of transaction.

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[thekidcoin]

Working on some improvements to make it easier to view the status of POS minting.

Would you please help me understand what are the exact rewards for POS minting and what's needed in order to mint? May be also put it in the op, so it's easier for newcomers to come on board

For the moment I am keeping my flutter on bter mainly because of lack of information.

You need to do nothing other than run yoru wallet and make sure its either unlocked, or unlocked for minting only. 

[seattletu]

it's hard for anyone to really know what's best. kidcoin is competent and i say it's his coin, he can do what he likes.

[thekidcoin]

i think we have to remember that adoption and use is way more important than price. and, just because the price on bter was really high at the beginning, doesn't mean that's the price is was supposed to stay at. if the price started and hovered around 200 satoshi, we would all be saying the coin is pretty stable.

it just takes time, we will need more people to join the coin. can't rush it, just promote it to other people and let them know about proof of transaction.

People also need to remember that it's not my job to spend my own money and time 24/7 on this project.  I continually get nasty emails and pm's at 3am with people demanding this or that, or like that guy writing a novel - if they have such grand ideas - implement them.  

But he has nothin.

Coin been around for what, a month?

This coin is far more innovative than 99% of coins.  Maybe a ridiculous name and slogan is what we need.

[seattletu]

Don't let it get to you, your hard work is appreciated.

[thekidcoin]

I have been actually thinking of forking the coin so that it halves every month for the first year then halves every year after.

Or dropping the reward to 50 or 100 and halving every 2 years or something.

It would only help the coin and investors.

[Halofire]

Kidcoin, I can't wait to see what you have in store for us. Don't be bothered by the fud but don't discount feedback either.

[pille]

Does it make sense to let the wallet running & unlocked 24/7 for PoS minting?

[thekidcoin]

What it it decreases a little with each block?  Linear decrease

[thekidcoin]

kidcoin you're doing your thing and I support you. Much appreciated for all your hard work.

My express of thought is not an attack on anyone. It's to share my thoughts and get a feedback from the community to see if we can spark up some ideas to get something going.

Wasn't referring to you FYI lol

Your ideas are what I've been thinking for a while now pretty much

[thekidcoin]

Does it make sense to let the wallet running & unlocked 24/7 for PoS minting?

Yep, unlocked for minting only

[pille]

Latest Fluttercoin binaries for ARM (Raspberry Pi) - low energy minting

https://www.dropbox.com/s/vna8afet3n0htt5/fluttercoin-0.4.5.4-linux-arm.tar.gz

quick guide:

cd
wget https://www.dropbox.com/s/vna8afet3n0htt5/fluttercoin-0.4.5.4-linux-arm.tar.gz
tar -xzf fluttercoin-0.4.5.4-linux-arm.tar.gz
cd fluttercoin
mkdir ~/.fluttercoin
mv fluttercoin.conf ~/.fluttercoin
./fluttercoind -daemon
you will have to wait some time until you can use commands
./fluttercoind help      shows all available commands
./fluttercoind getinfo      most important infos
./fluttercoind walletpassphrase 'yourWalletPasswd' 9999999 true      unlocks encrypted wallet for PoS minting

wallet folder is ~/.fluttercoin

Tested on Raspberry Pi model b only. Not official. Use at your own risk.

[YoyodyneSystems]

What if it decreases a little with each block?  Linear decrease

Correct. That was my point - to summarize the novel to TLDR : Lower block reward over time equals increased value.
Exactly the same thing "godwits" would like to see.


Example 1 ::::

Block halving in 15 days (45 since coin launched). Then every 30, 60, or 90 days after that. 60 seems reasonable.

Example 2 ::::

Block halving in 15 days (45 since coin launched). Linear reduction per block after that.

Example 3 ::::

Linear reduction per block starting in X days.



I would say execute something soon to create a noticable drop in production (1/2 would double value in theory if demand maintains as it is) but then after that a more slow decline over time
so that future miners are excited and rewarded but their value is protected as well.

Keep up the good work guys.

[Halofire]

changing the amount of the reward does nothing if we don't have buyers. I think that's the root of all this, hand in hand, with huge reward as of now too. then again, price is stable.

[seattletu]

If the change in reward is too drastic, people will accuse the coin of being essentially premined.

I think a linear decrease is good but we need more early adopters to really want to back the coin. Too fast a decrease will stifle the number of people that want to get in on the ground floor.

[thekidcoin]

wondering if instead of p.o.s., what would it be like if the inflation came only from p.o.t.
that would be quite interesting...

can you imagine no p.o.s? only a reward system that would be active for p.o.t. users. then it would only reward users for spending their coins. thought that was an interesting idea. something about leaving the wallet unlocked for the pos feels too unsafe.

I had a dream during my nap that i want to share..lol

basically it was our fluttercoin, which was the first coin to not rely on exchanges. You could openly trade bitcoin / litecoin on our wallets. LOL. the idea basically was based on P.O.T. but there was an exchange infrastructure which was funded by all the transactions going back and forth from all the flutter users. I don't quite remember the details but I thought it was a fun dream. haha

yo seattle, let's share what our fluttercoin rigs look like. show me yours and i'll show you mine!

Can't be done unfortunately, there would be no incentive for the network to run...

[thekidcoin]

If the change in reward is too drastic, people will accuse the coin of being essentially premined.

I think a linear decrease is good but we need more early adopters to really want to back the coin. Too fast a decrease will stifle the number of people that want to get in on the ground floor.

I personally think the way to go is to decrease rewards every 7 days or 14 days - to ramp down production and still allow mining on a higher reward system for a while. 

So, here is my rough plan - and this will be the final protocol change hard fork save for possible stake changes down the road which can be done via soft forks I think. 

Preliminary (based on 7 day reductions):

Block 33,000: reward 2500
Block 35,500: reward 1250
Block 38,000: reward 625
Block 40,000: reward 312.50
Block 42,500: reward 156.25
Block 45,000: reward 78.125
Block 47,500: reward 39.0625
over Block 50,000: reward 20
halve the reward every 1 years afterwards

Preliminary (based on 14 day reductions):

Block 33,000: reward 2500
Block 38,000: reward 1250
Block 43,000: reward 625
Block 48,000: reward 312.50
Block 53,000: reward 156.25
Block 58,000: reward 78.125
Block 63,000: reward 39.0625
over Block 68,000: reward 20
halve the reward every 1 year afterwards

[seattletu]

I don't know, I think its a pretty fast change. However, bitcoin had a slow decrease over time because it kind of needed to, since it was the first coin. With so many people knowing about crypto already, it may be okay to accelerate the rate of decreasing reward.

I don't know of any coin that has attempted this, so there's no reference point on which to base the decision.

Cryptos have so many variables, who really knows how it would play out.

[thekidcoin]

Ignore my block math it's roughly 5k blocks per 7 days and 10k blocks per 14 days

[thekidcoin]

I don't know, I think its a pretty fast change. However, bitcoin had a slow decrease over time because it kind of needed to, since it was the first coin. With so many people knowing about crypto already, it may be okay to accelerate the rate of decreasing reward.

I don't know of any coin that has attempted this, so there's no reference point on which to base the decision.

Cryptos have so many variables, who really knows how it would play out.

CGB did it, all initial coins were mined in the first year.  Started at 10 reward, then halved I think every month or two.

The halving if the reward didn't start until roughly 1 - 2 months after launch