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

[thrgk]

is there a timer on the block halving? when it will happen? Also wasnt there a multipool annc coming?

[usdbagholder]

So here we go on the price trend. Let the whale take us up. Don't hold him back. Hold your coins.
Block halving in a matter of hours. 75% less coins than initial reward. Much easier to rise tomorrow
with the block reward going to 1250 coins (was 5000 just 8 days ago).

Should see a nice steady healthy rise to some degree through the weekend.

We'll still have some volatility, but hopefully we can get a base in the mid 20's.  We need to have strong hands and keep our FLT way past the 20's as I see it could be worth a dollar or two at the current BTC price. It would not be good to have millions of coins flooding the market due to the hype and quick rise this weekend. Where do you see FLT price ending up at end of year?

edit: added "at end of year"

[aguy]

is there a timer on the block halving? when it will happen? Also wasnt there a multipool annc coming?

"Timer" is built into network.  The last 5000 coin reward is whomever finds block 34,750.  Blocks after that are rewarded with 2,500 coins for each found block until the next halving, and so on...

Blocks are targeted to be solved every 2 minutes.  Regardless if there is 100 terahashes, or 100 kilohashes per second on the network in total.

Multipool is in beta and not currently open to the public.  They are hoping to open it on Saturaday to those who applied to the pool via email.

[FryguyUK]

"Hello,

You have been chosen to participate in the Fluttercoin Multipool beta! Our team appreciates you reaching out to us to get involved and we look forward to working together. Official details of the multipool will be released tomorrow and sent to you via email.

Thanks,
Fluttercoin Team"

Thanks chaps glad to help.

[YoyodyneSystems]

is there a timer on the block halving? when it will happen? Also wasnt there a multipool annc coming?

"Timer" is built into network.  The last 5000 coin reward is whomever finds block 34,750.  Blocks after that are rewarded with 2,500 coins for each found block until the next halving, and so on...

Blocks are targeted to be solved every 2 minutes.  Regardless if there is 100 terahashes, or 100 kilohashes per second on the network in total.

Multipool is in beta and not currently open to the public.  They are hoping to open it on Saturaday to those who applied to the pool via email.

Actually that is not entirely correct. We are going from 2500 which is the current reward now down to 1250 or 1/4th the original amount of 5000.
This will be the second weekly block halving.

39,742 is the current block so now only 49 blocks or 98 minutes till reward is 1250 (down from 5000 then 2500 now 1250)

Next halving is in 7 days and that will take us to 625 coins reward or 1/8th the original amount.

[Collegestudent]

Hows Multipool going kidcoin get read for a hell of a ride im not planning to sell either way

[Cohle]

With POT, what stops someone from having two wallets and setting up a bot to constantly transfer 500FLT back and forth 24/7 between the two wallets and thereby greatly increase the chances of landing the POT bonus?

This is what was posted earlier in the thread:


What is to stop several of us getting together to send coins back and forth, trying to get a PoB?

First, going forward it is refereed to as POT (proof-of-transaction)

2nd, its not that easy to achieve a match - if you send 100 transactions your odds are slim.

3rd Only the first match counts

4th it will not be active for POS or adjacent POS blocks (which will make it rarer)

5th its only active on blocks with a small number of TX's

6th in the next release, that will be fine-tuned even further to look within each TX

I am positive people have been trying this already as well...

I am also thinking of changing the reward structure as years go by etc



If anything has changed Kidcoin can elaborate further. I think it should be posted on the first page b/c this question comes up all the time.

thanks for the info, so based on the above, in all likelihood, you're more likely to get more coin via PoS than PoT? I thought PoT was the big innovation here, but it sounds like it will be very difficult to achieve the bonus. Sounds like PoT may be getting over hyped then? Isn't this coin expected to be 100% PoS at some point, so point 4 would render PoT useless?

Just trying to get some more solid answers before investing further into FLT. Thanks!

Of course its difficult.  If it were easy, it would be exploitable.  PoT blocks are hit all the time.  PoT IS the possibility of rewarding those spending - its not meant as a guaranteed cash-back system or a revenue stream like PoS.  Definitely not meant to reward whales or investors - meant to reward the common user (whales and large investors are rewarded via PoS & the markets already).

PoW will never end - and if it did for whatever reason PoT rewards would be modded to run on PoS - Its a very very easy thing to do.

PoT has a lot of innovation, and adds a lot of security to the blockchain.  PoT is always evolving as well and is not a finalized protocol, it will only improve.

I think I am starting to arrive at a simple and logical way to explain what PoT is to people who are only loosely familiar with mining (which is most bitcoiners and many alt people as well). 

Proof of Transaction serves the same beneficial function that mining does: it secures the blockchain by confirming transactions. Except instead of rewarding an energy-wasting and rapidly centralizing arms race between miners solving useless busywork calculations, it rewards the actual end users of the coin for doing a useful service that they naturally would do anyway, which is spending it.   Mining serves well its purpose to bootstrap the coin but like training wheels on a bicycle, once the coin matures and gets used heavily, mining starts to cause more problems than it solves as seen by the enormous cost of running the Bitcoin network as well as its tendency for mining to become centralized over time. All workarounds, such as ASIC resistance, which still preserve the role of mining as the only securing proof system, only serve to delay the problem. They do not attempt to fundamentally solve it in the way that a PoT/PoS coin maturity life cycle (such as the one Flutter has created) does. 

A bit wordy still, but it makes more sense to me as someone trying to explain why PoT is worth a look, than just telling people it gives you 'cash rewards' - while this is technically true it draws comparisons to cash-back rewards cards - and then people get disappointed when they discover that not every transaction generates a PoT reward.  PoT is really a form of mining that gives control back to end users and to predictable economic incentives.  Just like in 'real' money systems, with PoT - the more the users spend, the healthier the economy gets as it increases the velocity of money which thus transmits pricing signals more efficiently, etc.  It's like caffeine for money.

I like this explanation. It's simple and concise and serves to highlight FLT's distinguishing feature.

[SL1M]

woke up this morning and fluttercoin is doing nice on the charts 1500+!  me like.

[zbaby2007]

Can you explain the "Proof-of-Block" a little more?

[YoyodyneSystems]

Total Blocks:
    39,791Blocks

Ding! One block to go.

We are at 1250 reward now down from 2500 which in turn was down from 5000 about 8 days ago.

[One Six]

Price value will drop, don't buy now .....

i agree, i'll wait for the pullback.

Sorry aint gonna happen. Look how its getting hyped on twitter. This will get goood

I hope you are happy now as the price came back to normal. Next time do not go all-in. FLT looks positive.

[exoton]

when does the multipool launch to the public ?

[unamis76]

I've also been accepted to the multipool Looking forward to point my mining rig there!

[mikeymillie]

Can you explain the "Proof-of-Block" a little more?

Proof of Block is now refferd to as Proof of Transaction - they are the same thing.   Dev decided Proof of Transaction  made more sense.  I think it could be made even clearer by calling it "Proof by Transaction"  but that wouldn't fit with the   PoW/PoT/PoS   holy trinity

[kikeda]

Can you explain the "Proof-of-Block" a little more?

Proof of Block is now refferd to as Proof of Transaction - they are the same thing.   Dev decided Proof of Transaction  made more sense.  I think it could be made even clearer by calling it "Proof by Transaction"  but that wouldn't fit with the   PoW/PoT/PoS   holy trinity

haha holy trinity.

[jdebunt]

A fresh FLT article !

http://www.cryptoarticles.com/crypto-news/2014/4/26/fluttercoin-multipool-launching-today

Share, Like, and Donations are welcome too

[lounge]

A fresh FLT article !

http://www.cryptoarticles.com/crypto-news/2014/4/26/fluttercoin-multipool-launching-today

Share, Like, and Donations are welcome too

Good News!

[FryguyUK]

Gah miners left because the price was static. I did say yesterday

Fortunately its one of the most profitable still at 1400 so miners will hopefully come back.



-If you don't play this smart guys your coin will die.

[Gunther]

Gah miners left because the price was static. I did say yesterday

Fortunately its one of the most profitable still at 1400 so miners will hopefully come back.



-If you don't play this smart guys your coin will die.

Wait till the launch of the MP, price will be pushed up. The more people will mine, the better.

[Cohle]

Ironic isn't it? Miners reaping high block rewards helped dumped FLT to 1000 sat, and now that block reward has halved they need FLT to be more valuable for it to be profitable to mine.

Can we vote to end PoW and forever shut out miners once PoT is active enough to secure the blockchain alongside PoS?