I have three questions that are pretty stupid, but everyone here is so friendly that I thought I would ask.
I know everyone is probably thinking, “This is cryptocoin 101. Why doesn't he know this?”
I don't know it because I never asked because I didn't want to sound like a noob.
thx for asking this questions
because the answers will be helpful for those who didnt ask too.....
1. Can you explain the auction in more detail. What is being auctioned? 100 DMD? Something to do with cloud mining? The auction posts are very confusing to me.
people bid with how much BTC they gona invest in DMD Cloudmining (for that investment the get the normal DMD Cloudmining shares
which is calculated that way: $ value of ur BTC investment (cryptsy BTC:$ market) = amount of DMD Cloudmining shares
the winner of the auction get the bounty of 100DMD (or after 16.06 the bounty calculated with the forumar) additional to the cloud shares he bought
2. I know that I should know this but I have never quite understood what happens when all of any cryptocoins have been mined, or staked. What happens then? Transaction fees are give to the miners? Are transaction fees given to stakers? What keeps everyone mining and staking to increase the security when that happens? Are parts of the transaction fees given to the developers?
DMD Diamond is one of the coins with a longterm coinrollout plan
the times when POW rewards and POS would be zero are ~30 years away
we expect the DMD Diamond even in 5 years to be a lot different from now
dont even think about 30 years
not the cornerstones of coinrolloutplan
max amount of coins and so on
this will stay
but lot additional services will come up and they will generate income too
and far longterm this income will be used to reward people who secure the network
POW for example i can see to end total in a few years when we decide for a exqual path of
increase POS with hybrid security
u have to see DMD Diamond as not technology linked project
if we see new technology that fit our needs allow recreate coinrollout mechzanics
there is absolute no reason we could not change to that
u have to see DMD Diamond as a brand and a package of services and abilities
and a ruleset of important cornerstones for investors like a know coinrolloutplan and a max amount of coins
thats all above the technology layer so on technology layer we are very flexible and can always use state of the art technology
for now bitcoin/peercoin codebase with some adaption for our needs fulfill the needs but we are not bound to it we can
switch to another code branch or even a total other codebase not bitcoin based
3. We pay a voluntary transaction fee of whatever we want that is charged by KB. Why is it voluntary? I have no problem paying a small fee to have my transaction processed. I actually want the miners and stakers to get part of the fee because I want them to help secure the network. Their gear isn't free, so it needs to get paid for in some way. Why isn't there a minimum transaction fee? Also, why by KB? Why not by actual transaction instead of by how much data it uses?
all bitcoin code based coins have a limited size of a block (u can follow actual discussions about bitcoin itself to raise that size) thats the reason why people by
KB sized fees should be motivated not to waste size
yes its easy to change code ruleset and allow bigger blocks
but that mean blockchain size grow a lot mor bandwith useage for nodes
such steps have to be considered
DMD Diamond have not the troubles of bitcoin because we produce over 10x more blocks in the same timeframe so we can
without any codechange already now proccess 10x more data in the same time
about rules regarding fees as income source for gear who support the network we can think when there is a need
for now active nodes are rewarded by POS rewards active miners with mining rewards
and both kind of rewards will be for lot years a nice compensation of time and effort to secure the network
as explained in answer before dont think to limited focused on biotcoin based technology
we not bound to technology we bound to a ruleset we guarantee investors and thats linked to coinrollout speed
constant decrease of inflation and a hardcap of max amount of coins
this from investor view are the important hardfacts
development of inflation and how "rare" DMD Diamonds will be inthe future
and for both the answers exist already
