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

[cryptonit]

@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?

answer Q1 2015 but we hope to manage finish all parts in a few weeks maybe end of feburary
(Q1 runs until end of month 3)

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

answer the 3 slots we hand out to each existing shareholder of >100 shares are avaiable as long reactor isnt full (100000)
later on all slots have to be earned in a weekly competition

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?

answer the size of transactions have nothing to do with the slots slot tracking will be done in database the wallet itself just run POS mode and end of each week the amount of coins above 100000 in the wallet is split following the reactor rules

answer: the reason why we already filled part of reactor with coins to start grow coin age
if the whole reactor fills until launch with cloudmining investors DMD then there will be only foundation DMD in for the first 10 weeks (25000 dmd)
we cant hand out that low duration slots as reward for longterm dmd supporter
if reactor dont fill up with following the stated rules sets we will find ways to give interested people a chance to place in more coins
i understand there are people following the mindset we send coins the last day possible (which involve always the risc that late might be to late)
basical that is abuse the other people who send earlier and help the reactor build up coin-age
same like a last day of month investment into DMD cloudmining to get the full month reinvest shares
but thats the way some humans are we cant change mankind...

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?

answer the plan is that reactor pos works same as other pos only higher rewards
a change in POS blocktime will be dicussed maybe we go from 600sec to 300 sec
initial we chose the high blocktime to make sure there will be ablways wallets who have unspend coin-age who try to create a POS block
as we see now that a lot people support the POS security of network with 24/7 wallets we consider to decrease blocktime a bit to raise the percentage of POS blocks at coin extraction

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.

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

answer typo 40 weeks (the rest i answered already before)

[cryptonit]

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

as explained there is a calculated coin rolloutplan for DMD for the next 30 years
and the real network coin rollout produce less coins so by fill this rollout gap
we full stick with original coinrollout plan

VISUALIZATION OF DIAMOND ROLL-OUT PLAN
(TOTAL COINS AND POW/POS COINS PER MONTH)



RED LINE = new coins each month produced by POW (numbers on right side)
GREEN LINE = new coins produced each month by POS (numbers on right side)
TOTAL COINS (numbers on left side)
numbers on bottom of graphic are the months (the graphic represent a 30 year timeline)

keep a closer eye on coin specs and check how coin roll-out will develop over next 30 years

beginning with total coins 450000 a 50% POS will be simultaneous active with the 1 DMD POW reward each block
and start the diamond rush (BLUE CIRCLE) on pic

if u analyze that u can see that this POW mining paradise only last a few months
(to be exact until 1 million total diamond are existing)
later most of coins are produced by POS  (GREEN ARROW) and to do so u need to have diamonds

everyone who sell 1 diamonds instant lose like at least 2 diamonds.....
because every diamond u mine now would at least double if u keep holding and pos it over time

the whole design of diamond is to be a wealth storage coin aimed to be a good investment

i  hope this visualization of coin specs long-term effect of  on coin roll-out
can help u realize how valuable diamonds will be once POW is reduced by 90%
and high POS will be main source of coin creation

that coins are required to create more coins (POS)
will be the reason for lower availability of coins on exchanges and increasing prices
remember only coins in ur wallet gather coin-age and can generate POS rewards

basical in the rollout plan above the green line POS coin rollout is weaker than estimated
(why POS coinrollout is weaker than estimated is because less people use POS and stake their coins than expected
and more coin-age is burned in transactions of "aged" coins than expected)
the reactor fill the gap so the coin rollout stay as planned



more infos are in this already given answer
https://bitcointalk.org/index.php?topic=580725.msg10294527#msg10294527

[cryptonit]

i think what most people dont see is that we try design it as fair as possible
and give small dmd cloudmining same amount of slots as big investors who hold a few thousend shares

we dont follow the make rich even richer scheme
we aim to give normal people a chance to become rich

but we wont force u to accept the chance  

if get ur hands on 100 dmd cloudmining shares (100$) and 1500 DMD (around 1 BTC at actual marketprices so)

so below 500$ is out of scope as a new investor
then u have more urgent things to care about than crypto business


and most of existing investors have all the required parts (shares and coins) already


and one more thing: we talking here about a chance and that we the whole DMD team is working hard to make it happen
but we cant gurantee success so only go for it if u accept the involved risc

[pallas]

You really need to hurry the new wallet or pos on the reactor address will be orphaned.
Until most nodes have upgraded, and it might take weeks, the 200% pos blocks will be rejected.

[cryptonit]

You really need to hurry the new wallet or pos on the reactor address will be orphaned.
Until most nodes have upgraded, and it might take weeks, the 200% pos blocks will be rejected.

reactor dont will run minting active before new wallet is released
all coin age gathered in reactor will be converted into full 4x POS rewards

[pallas]

You really need to hurry the new wallet or pos on the reactor address will be orphaned.
Until most nodes have upgraded, and it might take weeks, the 200% pos blocks will be rejected.

reactor dont will run minting active before new wallet is released
all coin age gathered in reactor will be converted into full 4x POS rewards

yes but the reactor will not be able to mint when the new wallet is released, but some weeks after that, because the network will need to upgrade...
that's what I was saying.

[cryptonit]

https://chainz.cryptoid.info/dmd/#!rich

reactor now easy visible tagged in blockexplorer

[cryptonit]

You really need to hurry the new wallet or pos on the reactor address will be orphaned.
Until most nodes have upgraded, and it might take weeks, the 200% pos blocks will be rejected.

reactor dont will run minting active before new wallet is released
all coin age gathered in reactor will be converted into full 4x POS rewards

yes but the reactor will not be able to mint when the new wallet is released, but some weeks after that, because the network will need to upgrade...
that's what I was saying.

the wallet will be a mandatory upgrade we might change other stuff too example POS blocktime
that require anyone to upgrade his wallet asap

i dont see here a few weeks until people upgraded
a few days sounds more realistic


biggest uncertain part is cryptsy
we did learn in the past they not exactly the fastest in upgrading wallets.....

[cryptonit]

i expect that same questions that i answered already will come again and again in this thread

please people who did grasp the idea already
and remember my former answers please help me answer questions posted here

thx for all helping hands in advance

[cryptonit]

in case someone missed the announcement:

DIAMND
REACTR

                                     
  Pre launch announcement  
                                     

*		*
	Why and what? Coin rollout plan is behind the schedule. There are fewer people generating coins through Proof of Stake than it was initially assumed. We have decided to introduce a mechanism that will make sure we stick to the original rollout plan. Diamond Reactor is a special wallet (A SERVICE, NOT A PERSONAL CLIENT) that can stake x4 the normal rate, which at this rollout phase is 200% per annum instead of 50%. Who can use it and how? Diamond Reactor is designed to be a part of Diamond Stabilisation Mechanism, very much interwoven with Diamond Cloud Mining and Diamond Multipool. Apart form obvious role of increased coin generation, it will be employed as an incentive to existing and future Diamond investors wishing to make the core feature of price guarantee more robust and effective. Diamond Reactor is an empty pool (address) able too accommodate 100,000 coins. That amount is divided into slots of 500 coins each. However, depending on how coin rollout unfolds, we we could increase or decrease the amount of Slots we open in the reactor. Reactor's address will be fully transparent, so anyone will be able to audit it at any given time. In the initial stage, any person who mines for shares through Diamond Multipool or invested in Diamond Cloud Mining and owns at least 100 shares has a right to use 3 slots (1500DMDs in total). Each slot has to be filled with exact amount not less not more. Sent coins will reside at that wallet for the period from 10 to 40 weeks, generating interest for slot holders. The interest generated that will be paid out is 100% per annum, which means that after 40 weeks time it would almost double your holdings. Payouts will be made every week and when Slot time runs out, the coins will be send back to the owner.   The remaining 100% will be fed into Diamond Cloud Mining payouts making it even more attractive option to investors. What happens next? After the first coins from the initial phase are returned, there will be 5 slots to be filled with new coins each week (and held for another 40 weeks). The winners of slot places will be those who had invested the most in Diamond Cloud Mining within the period of 7 days (each week). Investment can be made directly with BTC or through mining for shares at Diamond Multipool. Owners of 100+ shares, who want to fill their Slots, please email us at: cloud@bit.diamonds What are the aims? Making sure we stick to original coin rollout plan by putting more coins into circulation. Ensuring Diamond Stabilisation Mechanism gets bigger and better. Increasing the unique strength of DMD's POS² (Proof of Stake+ Proof of Shares). Providing fantastic ROI opportunity to those who are committed the most to long term success of Diamond. Securing the network with massive staking power, making any PoS attacks very costly.
*		*

We encourage you to ask us question if something is not clear or you want to learn more about the Reactor in greater detail.

[mitache365]

Difficulty 24h: 203.233
hmm.. why ?

[cryptonit]

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

the wallet run on a maschine that does nothing else there are no port open towards network beside the DMD Network port
a statefull inspection firewall will addtional protect that port

the ip address of the server will be masked

u cant hack remote what u cant locate via IP
u cant hack physical when u dont know the physical location of the server

it will not run on alex laptop where he play solitaire at his lunch breaks
and he doesnt lock the screen when he walk away for some minutes....

regarding responsible if coins lost its clear the same risc as when u are minting at home in ur own wallet
its the risc of the coin owner

in case u think u can mint at home more secure than with diamond reactor
then u should prefer this solution or split risc and only use some and not all of ur coins in reactor if u qualified for slots

[popshot]

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

the ip address of the server will be masked

regarding responsible if coins lost its clear the same risc as when u are mining at home in ur own wallet
its the risc of the coin owner

in case u think u can mint at home more secure than with diamond reactor
then u should prefer this solution or split risc and only use some and not all of ur coins in reactor if u qualified for slots

What is understandable, the bigger the pot of honey the more tempting it is to get it.

Obviously, the wallet will be better protected in other ways than simple IP masking, but for security reasons we're not going to describe the security framework in great detail.

[Mister1k]

we wouldnt have created reactor if we didnt belive that it is a major step forward for the coin stability mechanism of DMD

there where other options how we could have react to the gap in coin rollout

we could have readjust the POW rate after 1000000
we could have increased the POS for everyone a bit
we could have accept that our 4.3 million coins need more than 30 years to be generated

none of the above would have any real positive effect for DMD longterm

SO we choose to go a path that is unique and in the way we do it never done before
and its a path that support coin stability by secure the network with a big 24/7 staking wallet
and the price by give dmd cloudmining investors a incentive and additional rewards

Thankx for the Diff increase for the regular Joe miner.
All the little "could have" s you could of done.
And the diamond community as a whole could have benefited .
I see the coin rollout plan didn't go as scheduled and only qualified ones will benefit.
I see you had other options. Any one of those options would have benefited all.
But when the plan needs to change only qualified holders get to reap the rewards.
The regular diamond holder doesn't even get a bit. He gets a diff increase.
Even a regular diamond holder is an investor!
Could have increased POS to 100 percent for non cloud miners.
Could have increased POS to 200 percent to cloud miners. U still have an incentive...
Could have increased POW @ 1000000 to .25 - .5
Any combination of the above suggestions would benefit all.
You state that none of "could have" any long term positive effects for DMD.
Hows that??
Maybe next time the plan is under schedule you'll include us.

[cryptonit]

special for mister1k:

"we choose to go a path that support coin stability"

none of the other option would have any impact on coin stability

reactor do

our goal as dev team is not to support shortterm mining goals
or flood market with increased POS coins

our goal as dev team is focus on mechanics that support buypressure
attract new dmd cloudmining investments and reward dmd cloudmining investors
and bind coins longterm (shortening avaiable coins on market)

i full understand that miner mindset people might love other paths

but we try to avoid feed the miner swarm who move from coin to coin

instead we feed the loyal supporter of dmd diamond  and its stability mechanics

and special for miners we implemented the mine for shares option so people who didnt invest a single dollar
have also the chance earn 100 dmd cloudmining shares just with mining

regarding effect of reactor announcement on mining diff u have to enlight me

u mean that we attracted more people and more interest on DMD and so also new miners

and u consider that as bad?

[Sneaking]

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.

Exactly my toughts of this too. I want to handle my coins myself and now You say I should send my coins away to get more POS. I am happy to my 50% and forcing this "engine thing" is just can of worms to me. My coin value is not The same anymore if I don't support engine and cloudmining. Hence forcing. Just makes me ask why? You should give freedom of choice back to community. Make another coin for Your engine choudmining support and stay away from devaluing our walletstakes.
-Sneaking

[mitache365]

I dont like the way that DmD team are manipulate me and other dmd supporters to invest in their DmD shares/cloudmining. So I will stake much less as the ''VIP'' users. Boys are you sure you are doing this right ?

Yes. market will show this!
29.01.2015 - 50k sats.
lets see.

[mitache365]

instead we feed the loyal supporter of dmd diamond  and its stability mechanics

ppl who are just mining and staking are not loyal supporters ?

[MadGhost]

instead we feed the loyal supporter of dmd diamond  and its stability mechanics

ppl who are just mining and staking are not loyal supporters ?

Miners are the loyal supporters.

[elbandi]

I dont like the way that DmD team are manipulate me and other dmd supporters to invest in their DmD shares/cloudmining. So I will stake much less as the ''VIP'' users. Boys are you sure you are doing this right ?

Yes. market will show this!
29.01.2015 - 50k sats.
lets see.

and decentralisation will be gone... if there is a place where it worth to store the coins, then many ppl will store their coins there. (only little miner wont, because they havent enough coins.)