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

[slaphapii]

dumb question here, go easy on me gang. 

Do PoS and PoT have opposite incentives?   
As I understand it, PoS encourages holding, but PoT encourages spending. 
So are these forces cancelled out or diluted to half their strength (assuming they are equally rewarding for their respective loss of opportunity cost)? 

What you're saying makes sense. I think one answer is that both activities - saving and transacting - secure the block chain. So part of the benefit to the coin has to do with security, not necessarily the incentives for what coinholders will do with the coins.

But as far as the cross-incentives, I think it's possible to view both spending and saving as complementary activities that create value for the coin in different ways. What hurts the value is when the only way to "spend" the coins is to toss them into the latest pump and dump. But as more real-world opportunities for purchasing goods and services arise, PoT incentivizes using the coin as an actual currency, which is good for value. Essentially, I think you're right to say the coin incentivizes apparently contradictory activities - it's just that a healthy economy needs both savers and spenders. Fiat money doesn't simply multiply itself (PoS) unless you specifically put it into some kind of interest-bearing account, nor does it offer you any particular reward for spending (PoT) unless merchants do it through offering giveaways or prize promotions or whatever. But there are people who invest fiat in interest-bearing accounts and there are people who spend money whenever the local department store is holding a raffle. Building PoS and PoT into the coin simply takes these things that people already do with fiat money and makes it automatic. These are things that paper money can't do, so time will tell if it's just a gimmick, but again, I think the way to think of it is that these activities are complementary rather than canceling each other out.

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[mikeymillie]

dumb question here, go easy on me gang.  

Do PoS and PoT have opposite incentives?  
As I understand it, PoS encourages holding, but PoT encourages spending.  
So are these forces cancelled out or diluted to half their strength (assuming they are equally rewarding for their respective loss of opportunity cost)?  

well, look at it this way. PoS gives you coins just like any other PoS coin. but if you happen to send or spend the coins, and least you have PoT with this coin. not so with any other coin.

Basically it's a no-brainer if you have to choose whether to pay with this currency or another one. It's like would you pay with your Visa and have the chance to get your money back 2x or would you pay with your MasterCard and not have that chance?

Also FLT rewards both people who hold and who move the coins so you are having the same options like 1. Keep your money in the bank and get a monthly interest rate or 2. Make them your preferred choice of payment and get cash-backs. I am giving examples from current payment systems, hopefully people will be able to understand easier how this coin combines the 2 most important drivers for consumers when they select currency and payment method of their choice. It's just a matter of time before merchants start to warm about the idea as they get the same benefits as well, since PoT works when you receive a payment as well.

And by the way this is coming from a person with 6 years of background in Online Payments sales working on a C level with some of the biggest Games and Forex companies.

OKay I got that far. Thanks.  

Next question is, does doing any sort of transaction at all trigger a PoT reward?  Can I just send 1000 FLT back and forth between 4 or 5 wallets and collect endless PoT rewards?  Not that I would do this myself but I am trying to see if there is an obvious game-able aspect to this concept.

Side note:  Does transferring the FLT between wallets reset the PoS waiting period to the beginning so if it is, say, 6 weeks, you have to hold it a full 6 weeks after receiving it)?

[seattletu]

it's a minimum of 500 coins to qualify for PoT.

the dev has said many times you can't game the system by sending back and forth.

but we do have a pass the flutter thread on here, just playing around trying to hit a PoT

[freshmeat]

note for the owner of fluttercoin website ,

website is driven by wordpress + jupiter template from themeforest

flutter coin logo is too big for 4/3 screens . good for 16/9 but buggy with 4/3


you just have to reduce logo width and height .


and the windows wallet download link is dead



sorry for bad english ...

[mikeymillie]

the dev has said many times you can't game the system by sending back and forth.

Interesting - I'd like to read up on how this is prevented, since it seems you'd have to track who sent what to whom and add in some sort of 'PoT half life' that gradually reduces PoT rewards distributed over and over to the same addresses (or same wallets, though I am not sure how that would work).  

I am tempted to see if its possible to automate this as a kind of unit test of PoT, since if anything the last 30 years of computers has shown, if X is exploitable, X *will* get exploited so it's better to test it up front where you can see it than let it get tested in the dark where you won't know about it till something starts smoking.

[thekidcoin]

Just a heads up for the Dev. Have just noticed a dead link on the fluttercoin home page.. When i click the windows wallet. I get the following 404 :

https://github.com/thekidcoin/fluttercoin/releases/download/v0.4.5.5-flt/fluttercoin-0.4.5.5-windows.zip

D.

i'l fix

[thekidcoin]

the dev has said many times you can't game the system by sending back and forth.

Interesting - I'd like to read up on how this is prevented, since it seems you'd have to track who sent what to whom and add in some sort of 'PoT half life' that gradually reduces PoT rewards distributed over and over to the same addresses (or same wallets, though I am not sure how that would work).  

I am tempted to see if its possible to automate this as a kind of unit test of PoT, since if anything the last 30 years of computers has shown, if X is exploitable, X *will* get exploited so it's better to test it up front where you can see it than let it get tested in the dark where you won't know about it till something starts smoking.

No, just truncate large transactions or outputs from being considered - impossible to automate - impossible to exploit unless your lucky

Send over 10 outputs and only the 5 are considered, and only 10 tx's are considered.

And the transaction must be over 500 FLT

Good luck

[thekidcoin]

note for the owner of fluttercoin website ,

website is driven by wordpress + jupiter template from themeforest

flutter coin logo is too big for 4/3 screens . good for 16/9 but buggy with 4/3


you just have to reduce logo width and height .


and the windows wallet download link is dead



sorry for bad english ...

Thanks I will take a look and fix

[freshmeat]

note for the owner of fluttercoin website ,

website is driven by wordpress + jupiter template from themeforest

flutter coin logo is too big for 4/3 screens . good for 16/9 but buggy with 4/3


you just have to reduce logo width and height .


and the windows wallet download link is dead



sorry for bad english ...

Thanks I will take a look and fix

screenshot from my 4/3 screen

[thekidcoin]

OKay I got that far. Thanks.  

Next question is, does doing any sort of transaction at all trigger a PoT reward?  Can I just send 1000 FLT back and forth between 4 or 5 wallets and collect endless PoT rewards?  Not that I would do this myself but I am trying to see if there is an obvious game-able aspect to this concept.

Side note:  Does transferring the FLT between wallets reset the PoS waiting period to the beginning so if it is, say, 6 weeks, you have to hold it a full 6 weeks after receiving it)?

POT doesn't work that way, check out the whitepaper, there is no way to game the system without extreme luck, which is fine.

Yes, transferring FLT between wallets resets the POS aging process.  Its 30 days.

[freshmeat]

congrats for your innovative coin and ur professionnal work > thekidcoin

[thekidcoin]

note for the owner of fluttercoin website ,

website is driven by wordpress + jupiter template from themeforest

flutter coin logo is too big for 4/3 screens . good for 16/9 but buggy with 4/3


you just have to reduce logo width and height .


and the windows wallet download link is dead



sorry for bad english ...

Thanks I will take a look and fix

Thanks!  that helps... I did notice that the other day on my nix laptop, just hadn't had time to fix

screenshot from my 4/3 screen

[thekidcoin]

congrats for your innovative coin and ur professionnal work > thekidcoin

thanks!

[raskul]

OKay I got that far. Thanks.  

Next question is, does doing any sort of transaction at all trigger a PoT reward?  Can I just send 1000 FLT back and forth between 4 or 5 wallets and collect endless PoT rewards?  Not that I would do this myself but I am trying to see if there is an obvious game-able aspect to this concept.

Side note:  Does transferring the FLT between wallets reset the PoS waiting period to the beginning so if it is, say, 6 weeks, you have to hold it a full 6 weeks after receiving it)?

POT doesn't work that way, check out the whitepaper, there is no way to game the system without extreme luck, which is fine.

Yes, transferring FLT between wallets resets the POS aging process.  Its 30 days.

very well put together, quite an innovation, well done.

[Djinou94]

When FLT become POS please?

[maxsinner]

When FLT become POS please?

It is already POS, your coins just need to mature for 30 days.

[Djinou94]

When FLT become POS please?

It is already POS, your coins just need to mature for 30 days.

Oh i thought 100% pos

[thekidcoin]

When FLT become POS please?

It is already POS, your coins just need to mature for 30 days.

Oh i thought 100% pos

100% interest?? no, 5% yearly

[kikeda]

Some people might hate me for bringing the news earlier than expected but check these urls:

http://www.fluttercoinpool.com/
http://www.flutterpool.com/


The people who are doing this were professional enough to pin down both domain names.

Can't wait for this.

Probably each domain cater different algo that's why there's 2 pools.

[freshmeat]

Some people might hate me for bringing the news earlier than expected but check these urls:

http://www.fluttercoinpool.com/
http://www.flutterpool.com/


The people who are doing this were professional enough to pin down both domain names.

Can't wait for this.

Probably each domain cater different algo that's why there's 2 pools.

No 2 pool , domain http://www.flutterpool.com/ redirected to http://www.fluttercoinpool.com/