[ANN] ¤ DMD Diamond 3.0 | Scarce ¤ Valuable ¤ Secure | PoS 3.0 | Masternodes 65%

[pokeytex]

bed time in austria close to 02:00 in morning

thx reactor u stole my night 

emails will be answered tomorrow

Gnite Crypto - sleep tight...

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[Hilux74]

This looks like an awful idea.

First off, even if starting with legit intentions, it opens an interesting can of worms about trust in a supposed trustless system.  How is the 'special' wallet with modified core parameters coexisting on the same network?  Shouldn't everything that wallet produces get rejected by the network?  I can't just compile my own client with a 10000% POS rate and have it function normally.

Looks like a preamble to get a pump going, trying to get people rushing to buy DMD and buy Mining shares so they can be part of the rich get richer elite by being part of the Reactor club.  If you were not trying to intentionally pump the price the proper thing to do would be to release the news once it is actually functional, not 'a few weeks away'.

[pokeytex]

This looks like an awful idea.

First off, even if starting with legit intentions, it opens an interesting can of worms about trust in a supposed trustless system.  How is the 'special' wallet with modified core parameters coexisting on the same network?  Shouldn't everything that wallet produces get rejected by the network?  I can't just compile my own client with a 10000% POS rate and have it function normally.

Looks like a preamble to get a pump going, trying to get people rushing to buy DMD and buy Mining shares so they can be part of the rich get richer elite by being part of the Reactor club.  If you were not trying to intentionally pump the price the proper thing to do would be to release the news once it is actually functional, not 'a few weeks away'.

Since POS takes a bit to warm up I believe they are having us submit to the wallet in which they already added foundation funds to.  I believe this is for the sole purpose of starting coinage.  If I understand correctly my 1500 dmd is going to be swapped with 1500 dmd that is already aging in the wallet essentially giving me and others instant POS rewards.  I am not sure I see the problem.  Can you explain why you think this is not going to work?  It makes total sense to me.  What even weirder is that I have never seen you in this forum before.  Are you even a Diamond investor?

[utahjohn]

If I understood correctly there will be a new MANDATORY wallet release for all on network to handle correctly this "special case" wallet.

[chilo]

This looks like an awful idea.

First off, even if starting with legit intentions, it opens an interesting can of worms about trust in a supposed trustless system.  How is the 'special' wallet with modified core parameters coexisting on the same network?  Shouldn't everything that wallet produces get rejected by the network?  I can't just compile my own client with a 10000% POS rate and have it function normally.

Looks like a preamble to get a pump going, trying to get people rushing to buy DMD and buy Mining shares so they can be part of the rich get richer elite by being part of the Reactor club.  If you were not trying to intentionally pump the price the proper thing to do would be to release the news once it is actually functional, not 'a few weeks away'.

Hi Hilux74

My reply is only from a normal community members best understanding and should be taken as such.

To your first point, I don't know anything about wallet mechanics, but I understand the Reactor wallet is built by the coin developer. Whether it is not possible as you suggest I am not sure, but I am positive this announcement wouldn't have been made if thorough testing wasn't already complete.

To the second point, the wallet needs to be filled and deposits need to gather coin age so that once it runs live POS rewards are functional. Part of the result will be that many coins are pulled off the markets and are unable to be dumped, like a term deposit. The diamond foundation will have substantial coins in here, they will not be dumping.

Whether this has a 'pump' effect on DMD market prices and whether private investors dump their own coins cannot be controlled by the community or the diamond foundation.

Kind Regards

chilo

[utahjohn]

The only dumb question is the one unasked ... hehehehe

[pokeytex]

The only dumb question is the one unasked ... hehehehe

True

[chilo]

In my thinking the net return on 4x reactor is actually only 3x as u would be getting 1x pos if the coins in personal wallet ...

Yes I believe you are correct, but it is four times the standard POS

[cryptonit]

If I understood correctly there will be a new MANDATORY wallet release for all on network to handle correctly this "special case" wallet.

didnt find sleep had to announce it on linkedin too
https://www.linkedin.com/pulse/dmd-diamond-reactor-helmut-siedl

yes it requires a mandatory wallet upgrade for everybody
so basical any wallet in network have the code integrated that says
yes this special address can sign  POS blocks a 4x normal reward rate and its perfect fine

no weakness no modified wallets which could abuse something

security is one of our main focus topics

thats the reason why we not adopted shitload of the endless existing gimmicks for bitcoin based wallets

simple is beautiful
AND
simple is secure!

[utahjohn]

will my remaining 2 slots still be open to me when reactor goes online ... I prefer to wait to see how it works out before adding 1000 more ...

[Hilux74]

Since POS takes a bit to warm up I believe they are having us submit to the wallet in which they already added foundation funds to.  I believe this is for the sole purpose of starting coinage.  If I understand correctly my 1500 dmd is going to be swapped with 1500 dmd that is already aging in the wallet essentially giving me and others instant POS rewards.  I am not sure I see the problem.  Can you explain why you think this is not going to work?  It makes total sense to me.  What even weirder is that I have never seen you in this forum before.  Are you even a Diamond investor?

I have been mining DMD since switch to Grostl algo, even though the amount of DMD I own has no relevance to the issue I mentioned and by bringing that as a roadblock to a valid concern makes little sense.  I watch the DMD thread as it is a coin of interest of mine obviously but I guess up until now I haven't had any comments that were not already covered by others.  In fact your entire response has nothing to do with my comment so I must ask can you even read english and why did you bother responding??

Thx Ultrajohn and cryptonit for providing useful information on how the special case wallet will be handled with a mandatory update.

[vegasguy]

So clearly the wallet is online, and not in cold storage. What if the wallet gets hacked and emptied? It can and does happen daily in crypto. Who is responsible for stolen dmd?

Vegas

[utahjohn]

So clearly the wallet is online, and not in cold storage. What if the wallet gets hacked and emptied? It can and does happen daily in crypto. Who is responsible for stolen dmd?

Vegas

already 35500 DMD in it ... will be largest wallet when it hits 100000 ...
https://chainz.cryptoid.info/dmd/address.dws?107821.htm

[LTCMAXMYR]

the hash rate is amazing 
let's wait 100K sat in few days

[pokeytex]

Since POS takes a bit to warm up I believe they are having us submit to the wallet in which they already added foundation funds to.  I believe this is for the sole purpose of starting coinage.  If I understand correctly my 1500 dmd is going to be swapped with 1500 dmd that is already aging in the wallet essentially giving me and others instant POS rewards.  I am not sure I see the problem.  Can you explain why you think this is not going to work?  It makes total sense to me.  What even weirder is that I have never seen you in this forum before.  Are you even a Diamond investor?

I have been mining DMD since switch to Grostl algo, even though the amount of DMD I own has no relevance to the issue I mentioned and by bringing that as a roadblock to a valid concern makes little sense.  I watch the DMD thread as it is a coin of interest of mine obviously but I guess up until now I haven't had any comments that were not already covered by others.  In fact your entire response has nothing to do with my comment so I must ask can you even read english and why did you bother responding??

Thx Ultrajohn and cryptonit for providing useful information on how the special case wallet will be handled with a mandatory update.

Hilux - Ok - first let me apologize.  No offense was intended but I can see how my comment got you on edge.  I have been dealing with trolls/fudsters all week in another thread.  Your question was sounding like the beginning of a negative rant and I just jumped at you.  Not fair on my part.  With that said - yes I speak english - born and raised in the garden state.  I am not a mechanic nor do I understand the programming aspects of running a coin.  Ultimately I am a believer in all this coin has to offer as a storage of wealth and one day a transfer of wealth.  I too have been mining it since it was a scrypt coin.  I believe in Cryptonit, Popshot, and Danbi and put full trust in them.  I have sent multiple payments to Cryptonit to purchase cloud mining shares and he has always been nothing but a pleasure to deal with.  I know you are looking for more technical but I am not that type of investor.  I have seen DMD implemented and the way it works.  I trust in the team(people) running it and some might say it is blind faith but I say it is trusting in people that have a stake in the game.  Anyway welcome aboard.  I was genuine in asking if you could explain why you were concerned that it wouldn't work? 

[utahjohn]

@pokeytex
we could use your help with some hashrate getting http://dmd.donkeypool.com:808 up to speed

[pokeytex]

@pokeytex
we could use your help with some hashrate getting http://dmd.donkeypool.com:808 up to speed

Ah - At the moment I am aggressively mining Spreadcoin.  I have no GPU's to send.  Once the masternodes go into effect I will send some GPU's your way.

[big_coins]

i dont like the sound of this 'special' block of addresses.

It means there are now 2 tiers of diamond users.

This means some block addresses are now effectively worth more than others. Are they going to be traded on a different market ?

So if you are a 'normal' DMD owner the foundation has just devalued your holding for you.

I'm yet to see an upside of this. It seems only to advantage Helmut's mining service ?

Now if EVERY wallet was allocated one of these addresses it would be ok, but just giving one person an unfair advantage over the whole community doesn't sit ok with me.

[hallared]

@Cryptonit and Popshot

Thanks for interesting information regarding "glowing blue" However some questions arose;

The announcement does not provide a timeframe, so when will this reactor start to stake?

When will the mandatory update of the wallet occur?

When do I, as part of cloudmining, have to decide if I would like to take advantage of any slots?

The earlier provided reactor staking adress does already contain DMD. Most of them were transfered to the adress before Popshots announcement. Do those coins belong to DMD foundation? In the announcement the size for each slot were said to be 500, how come there are other size of amounts on the adress?

Cryptonit, you said

yes it requires a mandatory wallet upgrade for everybody
so basical any wallet in network have the code integrated that says
yes this special address can sign  POS blocks a 4x normal reward rate and its perfect fine

Does that mean that in the new mandatory wallet update, the only changes to the POS code is the acceptans of this new "reactorstaker adress"? Does is mean that the amount of POS blocks will be the same as they are today? Or will there be a larger amount of POS blocks?

Will the reactor stake under the same conditions as all other "normal" wallets, eg split stake, groupstake mechanism, maturity time etc? Or are there any differences in the reactorstaking mechanism compared to what you previous stated here?

http://bit.diamonds/community/index.php/topic,46.msg376.html#msg376


Cryptonit, could you please explain in other words what you mean in your quote below. I do not understand what you mean by 100 weeks and so on.

ANSWER there are some miss understandings or lets say bad explained by us

we now fill the reactor no one did go through a competition for slots so noone have  guranteed 40 weeks time in reactor

in fact we start with 100000 dmd  in reactor but already after 1 weeks 5 slots will be replaced

that first we slots with duration below 100 weeks we fill with foundation DMD so noone is frustrated his time in reactor was so short....

the other slots are filled by round robin

[mitache365]

I dont like the idea any address to stake with 200% or 4x than mine. sounds like inflation.